<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 2004-9
                         RECORD DATE: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                    Certificate Class     Certificate          Beginning         Interest      Principal      Current
Class      CUSIP       Description     Pass-Through Rate  Certificate Balance  Distribution  Distribution  Realized Loss
-----    ---------  -----------------  -----------------  -------------------  ------------  ------------  -------------
<S>      <C>        <C>                <C>                <C>                  <C>           <C>           <C>
 A-1     81744FDV6         SEN             2.18000%         453,364,000.00       576,527.89  3,460,314.75       0.00
 A-2     81744FDW4         SEN             2.53000%         296,310,000.00       437,304.18  2,255,802.20       0.00
 X-A     81744FDX2          IO             1.37866%                   0.00       861,288.81          0.00       0.00
 X-B     81744FDY0          IO             1.26431%                   0.00        24,398.11          0.00       0.00
 B-1     81744FEA1         SUB             2.35000%          14,915,000.00        20,445.98          0.00       0.00
 B-2     81744FEB9         SUB             2.72000%           8,242,000.00        13,077.31          0.00       0.00
 B-3     81744FEC7         SUB             3.00150%           4,318,000.00        10,800.39          0.00       0.00
 B-4     81744FED5         SUB             3.00150%           2,355,000.00         5,890.44          0.00       0.00
 B-5     81744FEE3         SUB             3.00150%           1,962,000.00         4,907.45          0.00       0.00
 B-6     81744FEF0         SUB             3.00150%           3,533,134.00         8,837.24          0.00       0.00
 A-R     81744FDZ7         SEN             2.90595%                 100.00             1.44        100.00       0.00
                                                            --------------     ------------  ------------       ----
Totals                                                      784,999,234.00     1,963,479.24  5,716,216.95       0.00
                                                            --------------     ------------  ------------       ----

<CAPTION>
               Ending            Total        Cumulative
Class   Certificate Balance  Distribution   Realized Loss
-----   -------------------  ------------   -------------
<S>     <C>                  <C>            <C>
 A-1       449,903,685.25    4,036,842.64        0.00
 A-2       294,054,197.80    2,693,106.38        0.00
 X-A                 0.00      861,288.81        0.00
 X-B                 0.00       24,398.11        0.00
 B-1        14,915,000.00       20,445.98        0.00
 B-2         8,242,000.00       13,077.31        0.00
 B-3         4,318,000.00       10,800.39        0.00
 B-4         2,355,000.00        5,890.44        0.00
 B-5         1,962,000.00        4,907.45        0.00
 B-6         3,533,134.00        8,837.24        0.00
 A-R                 0.00          101.44        0.00
           --------------    ------------        ----
Totals     779,283,017.05    7,679,696.19        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                                 Total
                Original Face      Certificate        Principal       Principal                    Realized     Principal
  Class            Amount            Balance         Distribution    Distribution     Accretion    Loss (1)     Reduction
--------       --------------     --------------     ------------    ------------     ---------    --------    ------------
<S>            <C>                <C>                <C>             <C>              <C>          <C>         <C>
    A-1        453,364,000.00     453,364,000.00       1,865.05      3,458,449.70        0.00         0.00     3,460,314.75
    A-2        296,310,000.00     296,310,000.00           0.00      2,255,802.20        0.00         0.00     2,255,802.20
    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         14,915,000.00      14,915,000.00           0.00              0.00        0.00         0.00             0.00
    B-2          8,242,000.00       8,242,000.00           0.00              0.00        0.00         0.00             0.00
    B-3          4,318,000.00       4,318,000.00           0.00              0.00        0.00         0.00             0.00
    B-4          2,355,000.00       2,355,000.00           0.00              0.00        0.00         0.00             0.00
    B-5          1,962,000.00       1,962,000.00           0.00              0.00        0.00         0.00             0.00
    B-6          3,533,134.00       3,533,134.00           0.00              0.00        0.00         0.00             0.00
    A-R                100.00             100.00           0.05             99.95        0.00         0.00           100.00
               --------------     --------------     ----------      ------------     -------     --------     ------------
Totals         784,999,234.00     784,999,234.00       1,865.10      5,714,351.85        0.00         0.00     5,716,216.95
               --------------     --------------     ----------      ------------     -------     --------     ------------

<CAPTION>
                 Ending                Ending
               Certificate           Certificate      Total Principal
  Class          Balance             Percentage        Distribution
--------      --------------         -----------      ---------------
<S>           <C>                    <C>              <C>
    A-1       449,903,685.25          0.99236747       3,460,314.75
    A-2       294,054,197.80          0.99238702       2,255,802.20
    X-A                 0.00          0.00000000               0.00
    X-B                 0.00          0.00000000               0.00
    B-1        14,915,000.00          1.00000000               0.00
    B-2         8,242,000.00          1.00000000               0.00
    B-3         4,318,000.00          1.00000000               0.00
    B-4         2,355,000.00          1.00000000               0.00
    B-5         1,962,000.00          1.00000000               0.00
    B-6         3,533,134.00          1.00000000               0.00
    A-R                 0.00          0.00000000             100.00
              --------------         -----------      -------------
Totals        779,283,017.05          0.99271819       5,716,216.95
              --------------         -----------      -------------
</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                                    Total
                Original Face       Certificate       Principal       Principal                     Realized      Principal
Class              Amount             Balance       Distribution    Distribution    Accretion       Loss (3)      Reduction
-----          --------------      -------------    ------------    ------------    ----------     ----------    ------------
<S>            <C>                 <C>              <C>             <C>             <C>            <C>           <C>
A-1            453,364,000.00      1000.00000000     0.00411380       7.62841712    0.00000000     0.00000000       7.63253092
A-2            296,310,000.00      1000.00000000     0.00000000       7.61298032    0.00000000     0.00000000       7.61298032
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             14,915,000.00      1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
B-2              8,242,000.00      1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
B-3              4,318,000.00      1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
B-4              2,355,000.00      1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
B-5              1,962,000.00      1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
B-6              3,533,134.00      1000.00000000     0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
A-R                    100.00      1000.00000000     0.50000000     999.50000000    0.00000000     0.00000000    1000.00000000

<CAPTION>
                  Ending                Ending
                Certificate           Certificate      Total Principal
Class             Balance              Percentage       Distribution
-----          --------------         -----------      ---------------
<S>            <C>                    <C>              <C>
A-1              992.36746908          0.99236747         7.63253092
A-2              992.38701968          0.99238702         7.61298032
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      1000.00000000
</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-
                                      Current     Certificate/      Current        Unpaid       Current      Supported
                Original Face       Certificate     Notional        Accrued       Interest      Interest     Interest     Realized
  Class             Amount             Rate         Balance        Interest      Shortfall     Shortfall     Shortfall    Loss (4)
--------       --------------       -----------  --------------   ------------   -----------   ---------     ---------    --------
<S>            <C>                  <C>          <C>              <C>            <C>           <C>           <C>          <C>
   A-1         453,364,000.00         2.18000%   453,364,000.00     576,527.89       0.00          0.00         0.00        0.00
   A-2         296,310,000.00         2.53000%   296,310,000.00     437,304.18       0.00          0.00         0.00        0.00
   X-A                   0.00         1.37866%   749,674,000.00     861,288.81       0.00          0.00         0.00        0.00
   X-B                   0.00         1.26431%    23,157,000.00      24,398.11       0.00          0.00         0.00        0.00
   B-1          14,915,000.00         2.35000%    14,915,000.00      20,445.98       0.00          0.00         0.00        0.00
   B-2           8,242,000.00         2.72000%     8,242,000.00      13,077.31       0.00          0.00         0.00        0.00
   B-3           4,318,000.00         3.00150%     4,318,000.00      10,800.39       0.00          0.00         0.00        0.00
   B-4           2,355,000.00         3.00150%     2,355,000.00       5,890.44       0.00          0.00         0.00        0.00
   B-5           1,962,000.00         3.00150%     1,962,000.00       4,907.45       0.00          0.00         0.00        0.00
   B-6           3,533,134.00         3.00150%     3,533,134.00       8,837.24       0.00          0.00         0.00        0.00
   A-R                 100.00         2.90595%           100.00           0.24       0.00          0.00         0.00        0.00
               --------------                                     ------------       ----          ----         ----        ----
 Totals        784,999,234.00                                     1,963,478.04       0.00          0.00         0.00        0.00
               --------------                                     ------------       ----          ----         ----        ----

<CAPTION>
                                Remaining         Ending
                                  Unpaid        Certificate/
               Total Interest    Interest       Notational
  Class         Distribution    Shortfall         Balance
--------       --------------   ---------     --------------
<S>            <C>              <C>           <C>
   A-1           576,527.89        0.00       449,903,685.25
   A-2           437,304.18        0.00       294,054,197.80
   X-A           861,288.81        0.00       743,957,883.05
   X-B            24,398.11        0.00        23,157,000.00
   B-1            20,445.98        0.00        14,915,000.00
   B-2            13,077.31        0.00         8,242,000.00
   B-3            10,800.39        0.00         4,318,000.00
   B-4             5,890.44        0.00         2,355,000.00
   B-5             4,907.45        0.00         1,962,000.00
   B-6             8,837.24        0.00         3,533,134.00
   A-R                 1.44        0.00                 0.00
               ------------        ----
 Totals        1,963,479.24        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      Realized
   (5)           Amount         Rate       Notional Balance      Interest        Shortfall    Shortfall    Shortfall       Loss (6)
--------     --------------  -----------   ----------------   ---------------   ----------   ----------    ----------     ----------
<S>          <C>             <C>           <C>                <C>               <C>          <C>           <C>            <C>
   A-1       453,364,000.00    2.18000%     1000.00000000        1.27166667     0.00000000   0.00000000    0.00000000     0.00000000
   A-2       296,310,000.00    2.53000%     1000.00000000        1.47583335     0.00000000   0.00000000    0.00000000     0.00000000
   X-A                 0.00    1.37866%     1000.00000000        1.14888446     0.00000000   0.00000000    0.00000000     0.00000000
   X-B                 0.00    1.26431%     1000.00000000        1.05359546     0.00000000   0.00000000    0.00000000     0.00000000
   B-1        14,915,000.00    2.35000%     1000.00000000        1.37083339     0.00000000   0.00000000    0.00000000     0.00000000
   B-2         8,242,000.00    2.72000%     1000.00000000        1.58666707     0.00000000   0.00000000    0.00000000     0.00000000
   B-3         4,318,000.00    3.00150%     1000.00000000        2.50124826     0.00000000   0.00000000    0.00000000     0.00000000
   B-4         2,355,000.00    3.00150%     1000.00000000        2.50124841     0.00000000   0.00000000    0.00000000     0.00000000
   B-5         1,962,000.00    3.00150%     1000.00000000        2.50124873     0.00000000   0.00000000    0.00000000     0.00000000
   B-6         3,533,134.00    3.00150%     1000.00000000        2.50124677     0.00000000   0.00000000    0.00000000     0.00000000
   A-R               100.00    2.90595%     1000.00000000        2.40000000     0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                             Remaining
                               Unpaid
  Class     Total Interest    Interest    Ending Certificate/
   (5)       Distribution     Shortfall   Notational Balance
--------    --------------   -----------  -------------------
<S>         <C>              <C>          <C>
   A-1          1.27166667   0.00000000       992.36746908
   A-2          1.47583335   0.00000000       992.38701968
   X-A          1.14888446   0.00000000       992.37519649
   X-B          1.05359546   0.00000000      1000.00000000
   B-1          1.37083339   0.00000000      1000.00000000
   B-2          1.58666707   0.00000000      1000.00000000
   B-3          2.50124826   0.00000000      1000.00000000
   B-4          2.50124841   0.00000000      1000.00000000
   B-5          2.50124873   0.00000000      1000.00000000
   B-6          2.50124677   0.00000000      1000.00000000
   A-R         14.40000000   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                                   7,930,937.49
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                            0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                7,930,937.49

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 251,241.31
         Payment of Interest and Principal                                    7,679,696.18
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  7,930,937.49

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                                                 245,680.90
Master Servicing Fee                                                  5,560.41
Supported Prepayment/Curtailment Interest Shortfall                       0.00
                                                                    ----------

Net Servicing Fee                                                   251,241.31
                                                                    ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                 Beginning          Current          Current       Ending
                Account Type                      Balance         Withdrawals       Deposits       Balance
                ------------                     ---------        -----------       --------      --------
<S>                                              <C>              <C>               <C>           <C>
Class X-A Pool 1 Comp Sub Account                4,500.00            0.00             0.00        4,500.00
Class X-A Pool 2 Comp Sub Account                4,500.00            0.00             0.00        4,500.00
Class X-B Sub Account                            1,000.00            0.00             0.00        1,000.00
</TABLE>
<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
<S>                <C>           <C>
0-29 Days             0             0.00
30 Days               0             0.00
60 Days               0             0.00
90 Days               0             0.00
120 Days              0             0.00
150 Days              0             0.00
180+ Days             0             0.00
                    ---             ----
                      0             0.00
</TABLE>

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
<S>               <C>            <C>
0-29 Days         0.000000%      0.000000%
30 Days           0.000000%      0.000000%
60 Days           0.000000%      0.000000%
90 Days           0.000000%      0.000000%
120 Days          0.000000%      0.000000%
150 Days          0.000000%      0.000000%
180+ Days         0.000000%      0.000000%
                  --------       --------
                  0.000000%      0.000000%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>         <C>
0-29 Days          0            0.00
30 Days            0            0.00
60 Days            0            0.00
90 Days            0            0.00
120 Days           0            0.00
150 Days           0            0.00
180+ Days          0            0.00
                 ---          ------
                   0            0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.000000%     0.000000%
60 Days        0.000000%     0.000000%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               0.000000%     0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>         <C>
0-29 Days          0            0.00
30 Days            0            0.00
60 Days            0            0.00
90 Days            0            0.00
120 Days           0            0.00
150 Days           0            0.00
180+ Days          0            0.00
                 ---            ----
                   0            0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.000000%     0.000000%
60 Days        0.000000%     0.000000%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               0.000000%     0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                 No. of       Principal
                  Loans        Balance
<S>              <C>          <C>
0-29 Days           0           0.00
30 Days             0           0.00
60 Days             0           0.00
90 Days             0           0.00
120 Days            0           0.00
150 Days            0           0.00
180+ Days           0           0.00
                 ----           ----
                    0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of       Principal
                  Loans        Balance
<S>             <C>           <C>
0-29 Days       0.000000%     0.000000%
30 Days         0.000000%     0.000000%
60 Days         0.000000%     0.000000%
90 Days         0.000000%     0.000000%
120 Days        0.000000%     0.000000%
150 Days        0.000000%     0.000000%
180+ Days       0.000000%     0.000000%
                --------      --------
                0.000000%     0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>              <C>           <C>
0-29 Days          0              0.00
30 Days            0              0.00
60 Days            0              0.00
90 Days            0              0.00
120 Days           0              0.00
150 Days           0              0.00
180+ Days          0              0.00
                 ---              ----
                   0              0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>            <C>             <C>
0-29 Days      0.000000%       0.000000%
30 Days        0.000000%       0.000000%
60 Days        0.000000%       0.000000%
90 Days        0.000000%       0.000000%
120 Days       0.000000%       0.000000%
150 Days       0.000000%       0.000000%
180+ Days      0.000000%       0.000000%
               --------        --------
               0.000000%       0.000000%
</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   0.00
</TABLE>

<TABLE>
<CAPTION>
                  Original $         Original%       Current $        Current %        Current Class %     Prepayment %
                -------------       ----------     -------------     ----------        ---------------     ------------
<S>             <C>                 <C>            <C>               <C>               <C>                 <C>
Class A         35,325,134.00       4.50002146%    35,325,134.00     4.53303013%         95.466970%          0.000000%
Class B-1       20,410,134.00       2.60001961%    20,410,134.00     2.61909134%          1.913939%         42.222062%
Class B-2       12,168,134.00       1.55008228%    12,168,134.00     1.56145248%          1.057639%         23.331829%
Class B-3        7,850,134.00       1.00001805%     7,850,134.00     1.00735340%          0.554099%         12.223591%
Class B-4        5,495,134.00       0.70001775%     5,495,134.00     0.70515254%          0.302201%          6.666641%
Class B-5        3,533,134.00       0.45008120%     3,533,134.00     0.45338265%          0.251770%          5.554119%
Class B-6                0.00       0.00000000%             0.00     0.00000000%          0.453383%         10.001757%
</TABLE>

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

<PAGE>

                          DELINQUENCY STATUS BY GROUP

                                   DELINQUENT

POOL ONE

<TABLE>
<CAPTION>
                    No. of       Principal
                    Loans         Balance
<S>                 <C>          <C>
0-29 Days             0             0.00
30 Days               0             0.00
60 Days               0             0.00
90 Days               0             0.00
120 Days              0             0.00
150 Days              0             0.00
180+ Days             0             0.00
                    ---             ----
                      0             0.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of       Principal
                    Loans         Balance
<S>               <C>            <C>
0-29 Days         0.000000%      0.000000%
30 Days           0.000000%      0.000000%
60 Days           0.000000%      0.000000%
90 Days           0.000000%      0.000000%
120 Days          0.000000%      0.000000%
150 Days          0.000000%      0.000000%
180+ Days         0.000000%      0.000000%
                  --------       --------
                  0.000000%      0.000000%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>         <C>
0-29 Days          0           0.00
30 Days            0           0.00
60 Days            0           0.00
90 Days            0           0.00
120 Days           0           0.00
150 Days           0           0.00
180+ Days          0           0.00
                  --           ----
                   0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.000000%     0.000000%
60 Days        0.000000%     0.000000%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               0.000000%     0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>         <C>
0-29 Days          0           0.00
30 Days            0           0.00
60 Days            0           0.00
90 Days            0           0.00
120 Days           0           0.00
150 Days           0           0.00
180+ Days          0           0.00
                 ---           ----
                   0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.000000%     0.000000%
60 Days        0.000000%     0.000000%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               0.000000%     0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                 No. of       Principal
                  Loans        Balance
<S>              <C>          <C>
0-29 Days           0           0.00
30 Days             0           0.00
60 Days             0           0.00
90 Days             0           0.00
120 Days            0           0.00
150 Days            0           0.00
180+ Days           0           0.00
                  ---           ----
                    0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of       Principal
                  Loans        Balance
<S>             <C>           <C>
0-29 Days       0.000000%     0.000000%
30 Days         0.000000%     0.000000%
60 Days         0.000000%     0.000000%
90 Days         0.000000%     0.000000%
120 Days        0.000000%     0.000000%
150 Days        0.000000%     0.000000%
180+ Days       0.000000%     0.000000%
                --------      --------
                0.000000%     0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>              <C>           <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                 ---             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>            <C>             <C>
0-29 Days      0.000000%       0.000000%
30 Days        0.000000%       0.000000%
60 Days        0.000000%       0.000000%
90 Days        0.000000%       0.000000%
120 Days       0.000000%       0.000000%
150 Days       0.000000%       0.000000%
180+ Days      0.000000%       0.000000%
               --------        --------
               0.000000%       0.000000%
</TABLE>

                                   DELINQUENT

POOL TWO

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
<S>                <C>           <C>
0-29 Days             0             0.00
30 Days               0             0.00
60 Days               0             0.00
90 Days               0             0.00
120 Days              0             0.00
150 Days              0             0.00
180+ Days             0             0.00
                    ---             ----
                      0             0.00
</TABLE>

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
<S>               <C>            <C>
0-29 Days         0.000000%      0.000000%
30 Days           0.000000%      0.000000%
60 Days           0.000000%      0.000000%
90 Days           0.000000%      0.000000%
120 Days          0.000000%      0.000000%
150 Days          0.000000%      0.000000%
180+ Days         0.000000%      0.000000%
                  --------       --------
                  0.000000%      0.000000%
</TABLE>

                                   BANKRUPTCY
                                    1.183654%

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>         <C>
0-29 Days          0            0.00
30 Days            0            0.00
60 Days            0            0.00
90 Days            0            0.00
120 Days           0            0.00
150 Days           0            0.00
180+ Days          0            0.00
                 ---            ----
                   0            0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.000000%     0.000000%
60 Days        0.000000%     0.000000%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               0.000000%     0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>         <C>
0-29 Days          0           0.00
30 Days            0           0.00
60 Days            0           0.00
90 Days            0           0.00
120 Days           0           0.00
150 Days           0           0.00
180+ Days          0           0.00
                 ---           ----
                   0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.000000%     0.000000%
60 Days        0.000000%     0.000000%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               0.000000%     0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                 No. of       Principal
                  Loans        Balance
<S>              <C>          <C>
0-29 Days           0           0.00
30 Days             0           0.00
60 Days             0           0.00
90 Days             0           0.00
120 Days            0           0.00
150 Days            0           0.00
180+ Days           0           0.00
                  ---           ----
                    0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of       Principal
                  Loans        Balance
<S>             <C>           <C>
0-29 Days       0.000000%     0.000000%
30 Days         0.000000%     0.000000%
60 Days         0.000000%     0.000000%
90 Days         0.000000%     0.000000%
120 Days        0.000000%     0.000000%
150 Days        0.000000%     0.000000%
180+ Days       0.000000%     0.000000%
                --------      --------
                0.000000%     0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>              <C>           <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                 ---             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>            <C>             <C>
0-29 Days      0.000000%       0.000000%
30 Days        0.000000%       0.000000%
60 Days        0.000000%       0.000000%
90 Days        0.000000%       0.000000%
120 Days       0.000000%       0.000000%
150 Days       0.000000%       0.000000%
180+ Days      0.000000%       0.000000%
               --------        --------
               0.000000%       0.000000%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                            <C>
Collateral Description                                              Mixed Arm

Weighted Average Gross Coupon                                        3.385563%
Weighted Average Net Coupon                                          3.009999%
Weighted Average Pass-Through Rate                                   3.001499%
Weighted Average Maturity (Stepdown Calculation)                          336

Beginning Scheduled Collateral Loan Count                               2,265
Number of Loans Paid in Full                                               12
Ending Scheduled Collateral Loan Count                                  2,253

Beginning Scheduled Collateral Balance                         784,999,234.00
Ending Scheduled Collateral Balance                            779,283,017.94
Ending Actual Collateral Balance at 30-Sept-2004               779,281,917.24

Monthly P&I Constant                                             2,216,585.26
Special Servicing Fee                                                    0.00
Prepayment Penalties                                                     0.00
Realization Loss Amount                                                  0.00
Cumulative Realized Loss                                                 0.00

Class A Optimal Amount                                           7,591,338.07

Scheduled Principal                                                  1,865.10
Unscheduled Principal                                            5,714,351.85
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
               GROUP                      POOL 1               POOL 2                 TOTAL
<S>                                 <C>                   <C>                     <C>
Collateral Description              1 Month LIBOR ARM     6 Month LIBOR ARM            Mixed ARM
Weighted Average Coupon Rate                 3.289983              3.531803             3.385563
Weighted Average Net Rate                    2.914452              3.156189             3.009999
Pass-Through Rate                            2.905952              3.147689             3.001499
Weighted Average Maturity                         337                   336                  336
Record Date                                09/30/2004            09/30/2004           09/30/2004
Principal and Interest Constant          1,303,401.68            913,183.58         2,216,585.26
Beginning Loan Count                            1,327                   938                2,265
Loans Paid in Full                                  7                     5                  122
Ending Loan Count                               1,320                   933                2,253
Beginning Scheduled Balance            474,727,010.88        310,272,224.01       784,999,234.89
Ending Scheduled Balance               471,266,596.13        308,016,421.81       779,283,017.94
Scheduled Principal                          1,865.10                  0.00             1,865.10
Unscheduled Principal                    3,458,549.65          2,255,802.20         5,714,351.85
Scheduled Interest                       1,301,536.58            913,183.58         2,214,720.16
Servicing Fee                              148,562.20             97,118.70           245,680.90
Master Servicing Fee                         3,362.65              2,197.76             5,560.41
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                             1,149,611.73            813,867.12         1,963,478.85
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 One

Principal Transfer Amount             0.00
Interest Transfer Amount              0.00
Pro Rata Senior Percent          95.499959%
Senior Percent                  100.000000%
Senior Prepayment Percent       100.000000%
Subordinate Percent               0.000000%
Subordinate Prepayment Percent    0.000000%

Group Two

Principal Transfer Amount             0.00
Interest Transfer Amount              0.00
Pro Rata Senior Percent          95.500008%
Senior Percent                  100.000000%
Senior Prepayment Percent       100.000000%
Subordinate Percent               0.000000%
Subordinate Prepayment Percent    0.000000%
</TABLE>