<PAGE>

                                                                    EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:           (301) 815-6600
         FAX:                 (301) 315-6660

                                SMT SERIES 2005-1
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate
                      Class     Pass-Through       Beginning          Interest     Principal       Current
Class    CUSIP     Description      Rate      Certificate Balance   Distribution  Distribution  Realized Loss
-----   ---------  -----------  ------------  -------------------  -------------  ------------  -------------
<S>     <C>        <C>          <C>           <C>                  <C>            <C>           <C>
  A-1   81744FGM#      SEN        3.08000%      290,513,274.21       745,650.74   8,457,228.88       0.00
  A-2   81744FGN1      SEN        3.16875%       98,407,712.00       259,857.86   1,400,557.00       0.00
  X-A   81744FGP6       IO        0.52317%                0.00       169,558.83           0.00       0.00
  X-B   81744FGS0       IO        0.20827%                0.00         1,359.09           0.00       0.00
  B-1   81744FGQ4      SUB        3.27000%        7,067,000.00        19,257.58           0.00       0.00
  B-2   81744FGR2      SUB        3.55000%        3,949,000.00        11,682.46           0.00       0.00
  B-3   81744FGU5      SUB        4.10000%        2,495,000.00         8,524.58           0.00       0.00
  B-4   81744FGV3      SUB        3.62582%        1,455,000.00         4,396.31           0.00       0.00
  B-5   81744FGW1      SUB        3.62582%          831,000.00         2,510.88           0.00       0.00
  B-6   81744FGX9      SUB        3.62582%        1,871,544.03         5,654.90           0.00       0.00
  A-R   81744FGT8      RES        3.66283%                0.00             0.55           0.00       0.00
                                  -------       --------------     ------------   ------------       ----
Totals                                          406,589,530.24     1,228,453.78   9,857,785.88       0.00
                                  -------       --------------     ------------   ------------       ----

<CAPTION>
                   Ending Certificate      Total         Cumulative
Class    CUSIP           Balance        Distribution   Realized Loss
-----   ---------  ------------------   -------------  -------------
<S>     <C>        <C>                  <C>            <C>
  A-1   81744FGM#   282,056,045.33       9,202,879.62       0.00
  A-2   81744FGN1    97,007,155.00       1,660,414.86       0.00
  X-A   81744FGP6             0.00         169,558.83       0.00
  X-B   81744FGS0             0.00           1,359.09       0.00
  B-1   81744FGQ4     7,067,000.00          19,257.58       0.00
  B-2   81744FGR2     3,949,000.00          11,682.46       0.00
  B-3   81744FGU5     2,495,000.00           8,524.58       0.00
  B-4   81744FGV3     1,455,000.00           4,396.31       0.00
  B-5   81744FGW1       831,000.00           2,510.88       0.00
  B-6   81744FGX9     1,871,544.03           5,654.90       0.00
  A-R   81744FGT8             0.00               0.55       0.00
                    --------------      -------------       ----
Totals              396,731,744.36      11,086,239.66       0.00
                    --------------      -------------       ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning       Scheduled   Unscheduled
        Original Face    Certificate      Principal    Principal               Realized  Total Principal
Class       Amount         Balance      Distribution  Distribution  Accretion  Loss (1)     Reduction
-----   --------------  ------------    ------------  ------------  ---------  --------  ---------------
<S>     <C>             <C>             <C>           <C>           <C>        <C>       <C>
  A-1   298,055,000.00  290,513,274.21      0.00      8,457,228.88     0.00      0.00      8,457,228.88
  A-2   100,000,000.00   98,407,712.00      0.00      1,400,557.00     0.00      0.00      1,400,557.00
  X-A             0.00            0.00      0.00              0.00     0.00      0.00              0.00
  X-B             0.00            0.00      0.00              0.00     0.00      0.00              0.00
  B-1     7,067,000.00    7,067,000.00      0.00              0.00     0.00      0.00              0.00
  B-2     3,949,000.00    3,949,000.00      0.00              0.00     0.00      0.00              0.00
  B-3     2,495,000.00    2,495,000.00      0.00              0.00     0.00      0.00              0.00
  B-4     1,455,000.00    1,455,000.00      0.00              0.00     0.00      0.00              0.00
  B-5       831,000.00      831,000.00      0.00              0.00     0.00      0.00              0.00
  B-6     1,871,544.03    1,871,544.03      0.00              0.00     0.00      0.00              0.00
  A-R           100.00            0.00      0.00              0.00     0.00      0.00              0.00
        --------------  --------------      ----      ------------     ----      ----      ------------
Totals  415,723,644.03  406,589,530.24      0.00      9,857,785.88     0.00      0.00      9,857,785.88
        --------------  --------------      ----      ------------     ----      ----      ------------

<CAPTION>
        Ending Certificate  Ending Certificate  Total Principal
Class        Balance            Percentage       Distribution
-----   ------------------  ------------------  ---------------
<S>     <C>                 <C>                 <C>
  A-1     282,056,045.33        0.94632214        8,457,228.88
  A-2      97,007,155.00        0.97007155        1,400,557.00
  X-A               0.00        0.00000000                0.00
  X-B               0.00        0.00000000                0.00
  B-1       7,067,000.00        1.00000000                0.00
  B-2       3,949,000.00        1.00000000                0.00
  B-3       2,495,000.00        1.00000000                0.00
  B-4       1,455,000.00        1.00000000                0.00
  B-5         831,000.00        1.00000000                0.00
  B-6       1,871,544.03        1.00000000                0.00
  A-R               0.00        0.00000000                0.00
          --------------        ----------
Totals    396,731,744.36        0.95431605
          --------------        ----------
</TABLE>

(1)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled   Unscheduled
         Original Face   Certificate     Principal    Principal                 Realized   Total Principal
Class       Amount         Balance     Distribution  Distribution   Accretion   Loss (3)      Reduction
-----   --------------  -------------  ------------  ------------  ----------  ----------  ---------------
<S>     <C>             <C>            <C>           <C>           <C>         <C>         <C>
  A-1   298,055,000.00   974.69686538   0.00000000    28.37472574  0.00000000  0.00000000    28.37472574
  A-2   100,000,000.00   984.07712000   0.00000000    14.00557000  0.00000000  0.00000000    14.00557000
  X-A             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  B-1     7,067,000.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  B-2     3,949,000.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  B-3     2,495,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  B-4     1,455,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  B-5       831,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  B-6     1,871,544.03  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
  A-R           100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000

<CAPTION>
                               Ending
         Ending Certificate  Certificate  Total Principal
Class          Balance        Percentage    Distribution
-----   ------------------   -----------  ---------------
<S>     <C>                  <C>          <C>
  A-1       946.32213964     0.94632214     28.37472574
  A-2       970.07155000     0.97007115     14.00557000
  X-A         0.00000000     0.00000000      0.00000000
  X-B         0.00000000     0.00000000      0.00000000
  B-1      1000.00000000     1.00000000      0.00000000
  B-2      1000.00000000     1.00000000      0.00000000
  B-3      1000.00000000     1.00000000      0.00000000
  B-4      1000.00000000     1.00000000      0.00000000
  B-5      1000.00000000     1.00000000      0.00000000
  B-6      1000.00000000     1.00000000      0.00000000
  A-R         0.00000000     0.00000000      0.00000000
</TABLE>

(3)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                   Payment of                Non-
                                           Certificate/     Current       Unpaid     Current    Supported
         Original Face      Current          Notional       Accrued      Interest    Interest    Interest
Class        Amount     Certificate Rate     Balance        Interest    Shortfall   Shortfall   Shortfall
-----   --------------  ----------------  --------------  ------------  ----------  ----------  ---------
<S>     <C>             <C>               <C>             <C>           <C>         <C>         <C>
A-1     298,055,000.00      3.08000%      290,513,274.01    745,650.74     0.00        0.00        0.00
A-2     100,000,000.00      3.16875%       98,407,712.00    259,857.86     0.00        0.00        0.00
X-A               0.00      0.52317%       98,407,712.00    169,558.83     0.00        0.00        0.00
X-B               0.00      0.20827%      388,920,986.21      2,344.99     0.00        0.00        0.00
B-1       7,067,000.00      3.27000%       13,511,000.00     19,257.58     0.00        0.00        0.00
B-2       3,949,000.00      3.55000%        7,067,000.00     11,682.46     0.00        0.00        0.00
B-3       2,495,000.00      4.10000%        3,949,000.00      8,524.58     0.00        0.00        0.00
B-4       1,455,000.00      3.62582%        2,495,000.00      4,396.31     0.00        0.00        0.00
B-5         831,000.00      3.62582%        1,455,000.00      2,510.88     0.00        0.00        0.00
B-6       1,871,544.03      3.62582%        1,871,544.03      5,654.90     0.00        0.00        0.00
A-R             100.00      3.66283%                0.00          0.00     0.00        0.00        0.00
        --------------      -------       --------------  ------------     ----        ----        ----
Totals  415,723,644.03                                    1,229,439.13     0.00        0.00        0.00
        --------------      -------       --------------  ------------     ----        ----        ----

<CAPTION>
                                  Remaining     Ending
                                   Unpaid     Certificate/
        Realized  Total Interest   Interest    Notational
Class   Loss (4)   Distribution   Shortfall     Balance
-----   --------  --------------  ---------  --------------
<S>     <C>       <C>             <C>        <C>
  A-1     0.00       745,650.74      0.00    282,056,045.33
  A-2     0.00       259,857.86      0.00     97,007,155.00
  X-A     0.00       169,558.83      0.00    379,063,200.33
  X-B     0.00         1,359.09      0.00     13,511,000.00
  B-1     0.00        19,257.58      0.00      7,067,000.00
  B-2     0.00        11,682.46      0.00      3,949,000.00
  B-3     0.00         8,524.58      0.00      2,495,000.00
  B-4     0.00         4,396.31      0.00      1,455,000.00
  B-5     0.00         2,510.88      0.00        831,000.00
  B-6     0.00         5,654.90      0.00      1,871,544.03
  A-R     0.00             0.55      0.00              0.00
          ----     ------------      ----    --------------
Totals    0.00     1,228,453.78      0.00
          ----     ------------      ----    --------------
</TABLE>

(4)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of                Non-
                         Current       Beginning                        Unpaid      Current    Supported
Class   Original Face  Certificate    Certificate/    Current Accrued  Interest     Interest    Interest
 (5)       Amount          Rate     Notional Balance      Interest     Shortfall   Shortfall   Shortfall
-----  --------------- -----------  ----------------  ---------------  ----------  ----------  ----------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>
 A-1   298,055,000.00    3.08000%      974.69686538      2.50172196    0.00000000  0.00000000  0.00000000
 A-2   100,000,000.00    3.16875%      984.07712000      2.59857860    0.00000000  0.00000000  0.00000000
 X-A             0.00    0.52317%      977.05338762      0.42596835    0.00000000  0.00000000  0.00000000
 X-B             0.00    0.20827%     1000.00000000      0.17356154    0.00000000  0.00000000  0.00000000
 B-1     7,067,000.00    3.27000%     1000.00000000      2.72500071    0.00000000  0.00000000  0.00000000
 B-2     3,949,000.00    3.55000%     1000.00000000      2.95833376    0.00000000  0.00000000  0.00000000
 B-3     2,495,000.00    4.10000%     1000.00000000      3.41666533    0.00000000  0.00000000  0.00000000
 B-4     1,455,000.00    3.62582%     1000.00000000      3.02151890    0.00000000  0.00000000  0.00000000
 B-5       831,000.00    3.62582%     1000.00000000      3.02151625    0.00000000  0.00000000  0.00000000
 B-6     1,871,544.03    3.62582%     1000.00000000      3.02151588    0.00000000  0.00000000  0.00000000
 A-R           100.00    3.66283%        0.00000000      0.00000000    0.00000000  0.00000000  0.00000000

<CAPTION>
                                   Remaining
                                    Unpaid
Class   Realized   Total Interest   Interest   Ending Certificate/
 (5)    Loss (6)    Distribution   Shortfall    Notational Balance
-----  ----------  --------------  ----------  -------------------
<S>    <C>         <C>             <C>         <C>
 A-1   0.00000000    2.50172196    0.00000000      946.32213964
 A-2   0.00000000    2.59857860    0.00000000      970.07155000
 X-A   0.00000000    0.42596835    0.00000000      952.28850367
 X-B   0.00000000    0.10059137    0.00000000     1000.00000000
 B-1   0.00000000    2.72500071    0.00000000     1000.00000000
 B-2   0.00000000    2.95833376    0.00000000     1000.00000000
 B-3   0.00000000    3.41666533    0.00000000     1000.00000000
 B-4   0.00000000    3.02151890    0.00000000     1000.00000000
 B-5   0.00000000    3.02151625    0.00000000     1000.00000000
 B-6   0.00000000    3.02151588    0.00000000     1000.00000000
 A-R   0.00000000    5.50000000    0.00000000        0.00000000
</TABLE>

(5)  Per $1 denomination

(6)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                           <C>
Beginning Balance                                                      0.00

Deposits
   Payments of Interest and Principal                         11,242,082.86
   Liquidations, Insurance Proceeds, Reserve Funds                     0.00
   Proceeds from Repurchased Loans                                     0.00
   Other Amounts (Servicer Advances)                              15,006.67
   Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
   Prepayment Penalties                                                0.00
                                                              -------------
Total Deposits                                                11,257,089.53

Withdrawals
   Reimbursement for Servicer Advances                            39,486.97
   Payment of Service Fee                                        131,362.90
   Payment of Interest and Principal                          11,086,239.66
                                                              -------------
Total Withdrawals (Pool Distribution Amount)                  11,257,089.53

Ending Balance                                                         0.00
                                                              =============
</TABLE>

<PAGE>

                   PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                           <C>
Total Prepayment/Curtailment Interest Shortfall                        0.00
                                                              -------------
Servicing Fee Support                                                  0.00

Non-Supported Prepayment Curtailment Interest Shortfall                0.00
                                                              =============
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                           <C>
Gross Servicing Fee                                              127,127.59
Master Servicing Fee                                               4,235.31
Supported Prepayment/Curtailment Interest Shortfall                    0.00
                                                              -------------

Net Servicing Fee                                                131,362.90
                                                              =============
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                         Beginning   Current      Current    Ending
      Account Type         Balance  Withdrawals   Deposits   Balance
      ------------       ---------  -----------   --------  --------
<S>                      <C>        <C>           <C>       <C>
X-A Pool 1 Reserve Fund   4,500.00      0.00         0.00   4,500.00
X-A Pool 2 Reserve Fund   4,500.00      0.00         0.00   4,500.00
X-B Reserve Fund          1,000.00    985.90       985.90   1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                     FORECLOSURE
-----------------------------------  -------------------------------  ------------------------------
             No. of     Principal                No. of    Principal              No. of   Principal
             Loans       Balance                  Loans     Balance                Loans     Balance
<S>        <C>        <C>            <C>        <C>        <C>        <C>        <C>       <C>
0-29 Days          0          0.00   0-29 Days         0       0.00   0-29 Days         0      0.00
30 Days            5  3,754,434.43   30 Days           0       0.00   30 Days           0      0.00
60 Days            1    740,172.89   60 Days           0       0.00   60 Days           0      0.00
90 Days            0          0.00   90 Days           0       0.00   90 Days           0      0.00
120 Days           0          0.00   120 Days          0       0.00   120 Days          0      0.00
150 Days           0          0.00   150 Days          0       0.00   150 Days          0      0.00
180+ Days          0          0.00   180+ Days         0       0.00   180+ Days         0      0.00
           ---------  ------------              --------   --------              --------  --------
                   6  4,494,607.32                     0       0.00                     0      0.00


             No. of     Principal                No. of    Principal              No. of   Principal
             Loans       Balance                  Loans     Balance                Loans     Balance

0-29 Days  0.000000%      0.000000%  0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.428816%      0.946329%  30 Days    0.000000%  0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.085763%      0.186565%  60 Days    0.000000%  0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.000000%      0.000000%  90 Days    0.000000%  0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000%      0.000000%  120 Days   0.000000%  0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000%      0.000000%  150 Days   0.000000%  0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000%      0.000000%  180+ Days  0.000000%  0.000000%  180+ Days  0.000000% 0.000000%
           --------   ------------              --------   --------              --------  --------
           0.514580%      1.132894%             0.000000%  0.000000%             0.000000% 0.000000%

<CAPTION>
             REO                                 TOTAL
-------------------------------  -----------------------------------
            No. of    Principal              No. of     Principal
             Loans     Balance                Loans      Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days         0       0.00   0-29 Days         0           0.00
30 Days           0       0.00   30 Days           5   3,754,434.43
60 Days           0       0.00   60 Days           1     740,172.89
90 Days           0       0.00   90 Days           0           0.00
120 Days          0       0.00   120 Days          0           0.00
150 Days          0       0.00   150 Days          0           0.00
180+ Days         0       0.00   180+ Days         0           0.00
           --------   --------              --------   ------------
                  0       0.00                     6   4,494,607.32


            No. of    Principal              No. of      Principal
             Loans     Balance                Loans       Balance

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%      0.000000%
30 Days    0.000000%  0.000000%  30 Days    0.428816%      0.946329%
60 Days    0.000000%  0.000000%  60 Days    0.085763%      0.186565%
90 Days    0.000000%  0.000000%  90 Days    0.000000%      0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000%      0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%      0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%      0.000000%
           --------   --------              --------   ------------
           0.000000%  0.000000%             0.514580%      1.132894%
</TABLE>

<TABLE>
<S>                                         <C>    <C>                                           <C>    <C>               <C>
Current Period Class A Insufficient Funds:  0.00   Principal Balance of Contaminated Properties  0.00   Periodic Advance  15,006.67
</TABLE>

<TABLE>
<CAPTION>
             Original $    Original%     Current $     Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    17,668,544.03  4.25006956%  17,668,544.03  4.45352415%     95.546476%      0.000000%
Class B-1  10,601,544.03  2.55014219%  10,601,544.03  2.67221975%      1.781304%     39.997636%
Class B-2   6,652,544.03  1.60023230%   6,652,544.03  1.67683684%      0.995383%     23.350455%
Class B-3   4,157,544.03  1.00007399%   4,157,544.03  1.04794842%      0.628888%     14.121141%
Class B-4   2,702,544.03  0.65008187%   2,702,544.03  0.68120186%      0.366747%      8.234974%
Class B-5   1,871,544.03  0.45018946%   1,871,544.03  0.47174043%      0.209461%      4.703274%
Class B-6           0.00  0.00000000%           0.00  0.00000000%      0.471740%     10.592520%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
           DELINQUENT                          BANKRUPTCY                        FORECLOSURE
----------------------------------   --------------------------------  --------------------------------
GROUP ONE    No. of    Principal                 No. of     Principal              No. of     Principal
             Loans      Balance                   Loans      Balance                Loans      Balance
<S>        <C>        <C>            <C>         <C>        <C>        <C>        <C>         <C>
0-29 Days         0           0.00   0-29 Days          0       0.00   0-29 Days         0        0.00
30 Days           3   1,454,916.67   30 Days            0       0.00   30 Days           0        0.00
60 Days           1     740,172.89   60 Days            0       0.00   60 Days           0        0.00
90 Days           0           0.00   90 Days            0       0.00   90 Days           0        0.00
120 Days          0           0.00   120 Days           0       0.00   120 Days          0        0.00
150 Days          0           0.00   150 Days           0       0.00   150 Days          0        0.00
180+ Days         0           0.00   180+ Days          0       0.00   180+ Days         0        0.00
           --------   ------------              ---------   --------              --------    --------
                  4   2,195,089.56                      0       0.00                     0        0.00

             No. of    Principal                 No. of     Principal              No. of     Principal
             Loans      Balance                   Loans      Balance                Loans      Balance

0-29 Days  0.000000%      0.000000%  0-29 Days   0.000000%  0.000000%  0-29 Days  0.000000%   0.000000%
30 Days    0.346821%      0.492711%  30 Days     0.000000%  0.000000%  30 Days    0.000000%   0.000000%
60 Days    0.115607%      0.250661%  60 Days     0.000000%  0.000000%  60 Days    0.000000%   0.000000%
90 Days    0.000000%      0.000000%  90 Days     0.000000%  0.000000%  90 Days    0.000000%   0.000000%
120 Days   0.000000%      0.000000%  120 Days    0.000000%  0.000000%  120 Days   0.000000%   0.000000%
150 Days   0.000000%      0.000000%  150 Days    0.000000%  0.000000%  150 Days   0.000000%   0.000000%
180+ Days  0.000000%      0.000000%  180+ Days   0.000000%  0.000000%  180+ Days  0.000000%   0.000000%
           --------   ------------              ---------   --------              --------    --------
           0.462428%      0.743372%              0.000000%  0.000000%             0.000000%   0.000000%

<CAPTION>
            REO                                 TOTAL
-------------------------------  -----------------------------------
            No. of    Principal              No. of       Principal
            Loans      Balance                Loans        Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days         0       0.00   0-29 Days      0               0.00
30 Days           0       0.00   30 Days        3       1,454,916.67
60 Days           0       0.00   60 Days        1         740,172.89
90 Days           0       0.00   90 Days        0               0.00
120 Days          0       0.00   120 Days       0               0.00
150 Days          0       0.00   150 Days       0               0.00
180+ Days         0       0.00   180+ Days      0               0.00
           --------   --------              --------    ------------
                  0       0.00                  4       2,195,089.56

            No. of    Principal              No. of       Principal
             Loans     Balance                Loans        Balance

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%       0.000000%
30 Days    0.000000%  0.000000%  30 Days    0.346821%       0.492711%
60 Days    0.000000%  0.000000%  60 Days    0.115607%       0.250661%
90 Days    0.000000%  0.000000%  90 Days    0.000000%       0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000%       0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%       0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%       0.000000%
           --------   --------              --------    ------------
           0.000000%  0.000000%             0.462428%       0.743372%
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                            BANKRUPTCY                      FORECLOSURE
----------------------------------   --------------------------------  --------------------------------
GROUP TWO                                       1.183654%
             No. of     Principal                 No. of    Principal              No. of     Principal
             Loans       Balance                   Loans     Balance                Loans      Balance
<S>        <C>        <C>            <C>         <C>        <C>        <C>        <C>         <C>
0-29 Days         0           0.00   0-29 Days          0       0.00   0-29 Days         0        0.00
30 Days           2   2,299,517.76   30 Days            0       0.00   30 Days           0        0.00
60 Days           0           0.00   60 Days            0       0.00   60 Days           0        0.00
90 Days           0           0.00   90 Days            0       0.00   90 Days           0        0.00
120 Days          0           0.00   120 Days           0       0.00   120 Days          0        0.00
150 Days          0           0.00   150 Days           0       0.00   150 Days          0        0.00
180+ Days         0           0.00   180+ Days          0       0.00   180+ Days         0        0.00
           --------   ------------              ---------   --------              --------    --------
                  2   2,299,517.76                      0       0.00                     0        0.00

             No. of       Principal               No. of    Principal              No. of    Principal
             Loans         Balance                 Loans     Balance                Loans      Balance

0-29 Days  0.000000%      0.000000%  0-29 Days   0.000000%  0.000000%  0-29 Days  0.000000%   0.000000%
30 Days    0.664452%      2.266687%  30 Days     0.000000%  0.000000%  30 Days    0.000000%   0.000000%
60 Days    0.000000%      0.000000%  60 Days     0.000000%  0.000000%  60 Days    0.000000%   0.000000%
90 Days    0.000000%      0.000000%  90 Days     0.000000%  0.000000%  90 Days    0.000000%   0.000000%
120 Days   0.000000%      0.000000%  120 Days    0.000000%  0.000000%  120 Days   0.000000%   0.000000%
150 Days   0.000000%      0.000000%  150 Days    0.000000%  0.000000%  150 Days   0.000000%   0.000000%
180+ Days  0.000000%      0.000000%  180+ Days   0.000000%  0.000000%  180+ Days  0.000000%   0.000000%
           --------   ------------              ---------   --------              --------    --------
           0.664452%      2.266687%              0.000000%  0.000000%             0.000000%   0.000000%

<CAPTION>
              REO                               TOTAL
-------------------------------  -----------------------------------
            No. of    Principal              No. of       Principal
             Loans     Balance                Loans        Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days         0       0.00   0-29 Days      0               0.00
30 Days           0       0.00   30 Days        2       2,299,517.76
60 Days           0       0.00   60 Days        0               0.00
90 Days           0       0.00   90 Days        0               0.00
120 Days          0       0.00   120 Days       0               0.00
150 Days          0       0.00   150 Days       0               0.00
180+ Days         0       0.00   180+ Days      0               0.00
           --------   --------              --------    ------------
                  0       0.00                  2       2,299,517.76

            No. of    Principal              No. of        Principal
             Loans     Balance                Loans         Balance

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%       0.000000%
30 Days    0.000000%  0.000000%  30 Days    0.664452%       2.266687%
60 Days    0.000000%  0.000000%  60 Days    0.000000%       0.000000%
90 Days    0.000000%  0.000000%  90 Days    0.000000%       0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000%       0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%       0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%       0.000000%
           --------   --------              --------    ------------
           0.000000%  0.000000%             0.664452%       2.266687%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
            Collateral Description                  Mixed ARM
<S>                                               <C>
Weighted Average Gross Coupon                           4.013335%
Weighted Average Net Coupon                             3.638133%
Weighted Average Pass-Through Rate                      3.625633%
Weighted Average Maturity (Stepdown Calculation)             333

Beginning Scheduled Collateral Loan Count                  1,184
Number of Loans Paid in Full                                  18
Ending Scheduled Collateral Loan Count                     1,166

Beginning Scheduled Collateral Balance            406,589,530.24
Ending Scheduled Collateral Balance               396,731,744.36
Ending Actual Collateral Balance at 31-Mar-2005   396,736,696.74

Monthly P&I Constant                                1,359,816.51
Special Servicing Fee                                       0.00
Prepayment Penalties                                        0.00
Realization Loss Amount                                     0.00
Cumulative Realized Loss                                    0.00

Class A Optimal Amount                             11,031,867.41

Scheduled Principal                                         0.00
Unscheduled Principal                               9,857,785.88
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                               <C>
Pro Rata Senior Percent                           95.654452%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           GROUP                    POOL ONE         POOL TWO           TOTAL
<S>                              <C>             <C>                <C>
Collateral Description                Mixed ARM  6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate           4.040774           3.932297        4.013335
Weighted Average Net Rate              3.665640           3.556893        3.638133
Pass-Through Rate                      3.653140           3.544393        3.625633
Weighted Average Maturity                   332                337             333
Record Date                          03/31/2005         03/31/2005      03/31/2005
Principal and Interest Constant    1,022,797.55         337,018.96    1,359,816.51
Beginning Loan Count                        878                306           1,184
Loans Paid in Full                           13                  5              18
Ending Loan Count                           865                301           1,166
Beginning Scheduled Balance      303,743,080.19     102,846,450.05  406,589,530.24
Ending Scheduled Balance         295,285,851.31     101,445,893.05  396,731,744.36
Scheduled Principal                        0.00               0.00            0.00
Unscheduled Principal              8,457,228.88       1,400,557.00    9,857,785.88
Scheduled Interest                 1,022,797.55         337,018.96    1,359,816.51
Servicing Fee                         94,953.46          32,174.13      127,127.59
Master Servicing Fee                   3,163.99           1,071.32        4,235.31
Trustee Fee                                0.00               0.00            0.00
FRY Amount                                 0.00               0.00            0.00
Special Hazard Fee                         0.00               0.00            0.00
Other Fee                                  0.00               0.00            0.00
Pool Insurance Fee                         0.00               0.00            0.00
Spread 1                                   0.00               0.00            0.00
Spread 2                                   0.00               0.00            0.00
Spread 3                                   0.00               0.00            0.00
Net Interest                         924,680.10         303,773.51    1,228,453.61
Realized Loss Amount                       0.00               0.00            0.00
Cumulative Realized Loss                   0.00               0.00            0.00
Percentage of Cumulative Losses            0.00               0.00            0.00
Prepayment Penalties                       0.00               0.00            0.00
Special Servicing Fee                      0.00               0.00            0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Group Pool One
One Month Libor Loan Balance     150,159,574.76
Six Month Libor Loan Balance     144,694,276.55
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00

Group Pool Two
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00
</TABLE>