<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 2004-7
                         RECORD DATE: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                               Certificate     Certificate
                                 Class            Pass-              Beginning               Interest         Principal
 Class        CUSIP           Description      Through Rate      Certificate Balance       Distribution      Distribution
 -----        -----           -----------    ---------------     -------------------       ------------      ------------
<S>         <C>               <C>            <C>                 <C>                      <C>                <C>
  A-1       81744FCV7             SEN            2.93417%           489,616,573.55         1,197,181.73      2,276,376.12
  A-2       81744FCW5             SEN            2.12125%           247,872,014.92           438,165.43      2,398,664.61
 A-3-A      81744FCX3             SEN            2.28500%           243,324,061.93           463,329.57      2,864,235.68
 A-3-B      81744FDH7             SEN            2.51000%             3,883,384.26             8,122.75         45,712.40
  X-A       81744FCY1             IO             0.76087%                     0.00           313,908.31              0.00
  X-B       81744FCZ8             IO             0.44505%                     0.00            11,098.34              0.00
  B-1       81744FDB0             SUB            2.36125%            18,900,000.00            37,189.69              0.00
  B-2       81744FDC8             SUB            2.75125%            11,025,000.00            25,277.11              0.00
  B-3       81744FDD6             SUB            2.94998%             6,300,000.00            15,487.40              0.00
  B-4       81744FDE4             SUB            2.94998%             3,150,000.00             7,743.70              0.00
  B-5       81744FDF1             SUB            2.94998%             2,625,000.00             6,453.08              0.00
  B-6       81744FDG9             SUB            2.94998%             5,250,582.74            12,907.60              0.00
  A-R       81744FDA2             RES            2.92778%                     0.00                 1.65              0.00
                                                                  ----------------         ------------      ------------
Totals                                                            1,031,946,617.40         2,536,866.36      7,584,988.81
                                                                  ================         ============      ============

<CAPTION>
                   Current       Ending Certificate          Total         Cumulative
 Class          Realized Loss         Balance            Distribution     Realized Loss
 -----          -------------    ------------------    -----------------  -------------
<S>             <C>              <C>                   <C>                <C>
  A-1               0.00           487,340,197.43         3,473,557.85         0.00
  A-2               0.00           245,473,350.31         2,836,830.04         0.00
 A-3-A              0.00           240,459,826.26         3,327,565.25         0.00
 A-3-B              0.00             3,837,671.85            53,835.15         0.00
  X-A               0.00                     0.00           313,908.31         0.00
  X-B               0.00                     0.00            11,098.34         0.00
  B-1               0.00            18,900,000.00            37,189.69         0.00
  B-2               0.00            11,025,000.00            25,277.11         0.00
  B-3               0.00             6,300,000.00            15,487.40         0.00
  B-4               0.00             3,150,000.00             7,743.70         0.00
  B-5               0.00             2,625,000.00             6,453.08         0.00
  B-6               0.00             5,250,582.74            12,907.60         0.00
  A-R               0.00                     0.00                 1.65         0.00
                    ----         ----------------        -------------         ----
Totals              0.00         1,024,361,628.59        10,121,855.17         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
 Class               Amount                Balance                Distribution   Distribution          Accretion      Loss (1)
-------         ----------------      ----------------            ------------   ------------          ---------      --------
<S>               <C>                   <C>                       <C>            <C>                   <C>            <C>
  A-1             498,828,000.00        489,616,573.55                0.00       2,276,376.12             0.00          0.00
  A-2             252,102,000.00        247,872,014.92                0.00       2,398,664.61             0.00          0.00
 A-3-A            247,874,000.00        243,324,061.93                0.00       2,864,235.68             0.00          0.00
 A-3-B              3,956,000.00          3,883,384.26                0.00          45,712.40             0.00          0.00
  X-A                       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
  B-1              18,900,000.00         18,900,000.00                0.00               0.00             0.00          0.00
  B-2              11,025,000.00         11,025,000.00                0.00               0.00             0.00          0.00
  B-3               6,300,000.00          6,300,000.00                0.00               0.00             0.00          0.00
  B-4               3,150,000.00          3,150,000.00                0.00               0.00             0.00          0.00
  B-5               2,625,000.00          2,625,000.00                0.00               0.00             0.00          0.00
  B-6               5,250,582.74          5,250,582.74                0.00               0.00             0.00          0.00
  A-R                     100.00                  0.00                0.00               0.00             0.00          0.00
                ----------------      ----------------                ----       ------------             ----          ----
Totals          1,050,010,682.74      1,031,946,617.40                0.00       7,584,988.81             0.00          0.00
                ================      ================                ====       ============             ====          ====

<CAPTION>
               Total Principal     Ending Certificate    Ending Certificate       Total Principal
 Class            Reduction             Balance              Percentage            Distribution
------         ---------------     ------------------    ------------------       ---------------
<S>            <C>                 <C>                   <C>                      <C>
  A-1            2,276,376.12         487,340,197.43         0.97697041             2,276,376.12
  A-2            2,398,664.61         245,473,350.31         0.97370648             2,398,664.61
 A-3-A           2,864,235.68         240,459,826.26         0.97008894             2,864,235.68
 A-3-B              45,712.40           3,837,671.85         0.97008894                45,712.40
  X-A                    0.00                   0.00         0.00000000                     0.00
  X-B                    0.00                   0.00         0.00000000                     0.00
  B-1                    0.00          18,900,000.00         1.00000000                     0.00
  B-2                    0.00          11,025,000.00         1.00000000                     0.00
  B-3                    0.00           6,300,000.00         1.00000000                     0.00
  B-4                    0.00           3,150,000.00         1.00000000                     0.00
  B-5                    0.00           2,625,000.00         1.00000000                     0.00
  B-6                    0.00           5,250,582.74         1.00000000                     0.00
  A-R                    0.00                   0.00         0.00000000                     0.00
                 ------------       ----------------         ----------             ------------
Totals           7,584,988.81       1,024,361,628.59         0.97557258             7,584,988.81
                 ============       ================         ==========             ============
</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
Class               Amount              Balance          Distribution       Distribution      Accretion         Loss (3)
-----           --------------       -------------       ------------       ------------     ----------        ----------
<S>             <C>                  <C>                 <C>                <C>              <C>               <C>
 A-1            498,828,000.00        981.53386247        0.00000000          4.56344896     0.00000000        0.00000000
 A-2            252,102,000.00        983.22113637        0.00000000          9.51465919     0.00000000        0.00000000
A-3-A           247,874,000.00        981.64414957        0.00000000         11.55520821     0.00000000        0.00000000
A-3-B             3,956,000.00        981.64415066        0.00000000         11.55520728     0.00000000        0.00000000
 X-A                      0.00          0.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 X-B                      0.00          0.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-1             18,900,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-2             11,025,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-3              6,300,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-4              3,150,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-5              2,625,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-6              5,250,582.74       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 A-R                    100.00          0.00000000        0.00000000          0.00000000     0.00000000        0.00000000

<CAPTION>
           Total Principal     Ending Certificate       Ending Certificate       Total Principal
Class         Reduction             Balance                 Percentage              Distribution
-----      ---------------     ------------------       ------------------       ---------------
<S>        <C>                 <C>                      <C>                      <C>
 A-1          4.56344896          976.97041351              0.97697041              4.56344896
 A-2          9.51465919          973.70647718              0.97370648              9.51454919
A-3-A        11.55520821          970.08894140              0.97008894             11.55520821
A-3-B        11.55520728          970.08894085              0.97008894             11.55520728
 X-A          0.00000000            0.00000000              0.00000000              0.00000000
 X-B          0.00000000            0.00000000              0.00000000              0.00000000
 B-1          0.00000000         1000.00000000              1.00000000              0.00000000
 B-2          0.00000000         1000.00000000              1.00000000              0.00000000
 B-3          0.00000000         1000.00000000              1.00000000              0.00000000
 B-4          0.00000000         1000.00000000              1.00000000              0.00000000
 B-5          0.00000000         1000.00000000              1.00000000              0.00000000
 B-6          0.00000000         1000.00000000              1.00000000              0.00000000
 A-R          0.00000000            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 Accrued     Unpaid      Current     Supported
              Original            Current          Notional          Accrued        Interest    Interest      Interest   Realized
 Class       Face Amount      Certificate Rate      Balance         Interest        Shortfall   Shortfall    Shortfall   Loss (4)
------    ----------------    ----------------  --------------   ---------------   ----------   ---------    ---------   --------
<S>       <C>                 <C>               <C>              <C>               <C>          <C>          <C>         <C>
  A-1       498,828,000.00       2.93417%       489,616,573.55    1,197,181.73        0.00        0.00         0.00        0.00
  A-2       252,102,000.00       2.12125%       247,872,014.92      438,165.43        0.00        0.00         0.00        0.00
 A-3-A      247,874,000.00       2.28500%       243,324,061.93      463,329.57        0.00        0.00         0.00        0.00
 A-3-B        3,956,000.00       2.51000%         3,883,384.26        8,122.75        0.00        0.00         0.00        0.00
  X-A                 0.00       0.76087%       495,079,461.11      313,908.31        0.00        0.00         0.00        0.00
  X-B                 0.00       0.44505%        29,925,000.00       11,098.34        0.00        0.00         0.00        0.00
  B-1        18,900,000.00       2.36125%        18,900,000.00       37,189.69        0.00        0.00         0.00        0.00
  B-2        11,025,000.00       2.75125%        11,025,000.00       25,277.11        0.00        0.00         0.00        0.00
  B-3         6,300,000.00       2.94998%         6,300,000.00       15,487.40        0.00        0.00         0.00        0.00
  B-4         3,150,000.00       2.94998%         3,150,000.00        7,743.70        0.00        0.00         0.00        0.00
  B-5         2,625,000.00       2.94998%         2,625,000.00        6,453.08        0.00        0.00         0.00        0.00
  B-6         5,250,582.74       2.94998%         5,250,582.74       12,907.60        0.00        0.00         0.00        0.00
  A-R               100.00       2.92778%                 0.00            0.00        0.00        0.00         0.00        0.00
          ----------------                                        ------------        ----        ----         ----        ----
Totals    1,050,010,682.74                                        2,536,864.71        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        1,197,181.73           0.00          487,340,197.43
  A-2          438,165.43           0.00          245,473,350.31
 A-3-A         463,329.57           0.00          240,459,826.26
 A-3-B           8,122.75           0.00            3,837,671.85
  X-A          313,908.31           0.00          489,770,848.42
  X-B           11,098.34           0.00           29,925,000.00
  B-1           37,189.69           0.00           18,900,000.00
  B-2           25,277.11           0.00           11,025,000.00
  B-3           15,487.40           0.00            6,300,000.00
  B-4            7,743.70           0.00            3,150,000.00
  B-5            6,453.08           0.00            2,625,000.00
  B-6           12,907.60           0.00            5,250,582.74
  A-R                1.65           0.00                    0.00
             ------------           ----
Totals       2,536,866.36           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    498,828,000.00      2.93417%      981.53386247       2.39998903     0.00000000     0.00000000    0.00000000    0.00000000
  A-2    252,102,000.00      2.12125%      983.22113637       1.73804821     0.00000000     0.00000000    0.00000000    0.00000000
 A-3-A   247,874,000.00      2.28500%      981.64414957       1.86921408     0.00000000     0.00000000    0.00000000    0.00000000
 A-3-B     3,956,000.00      2.51000%      981.64415066       2.05327351     0.00000000     0.00000000    0.00000000    0.00000000
  X-A              0.00      0.76087%      982.43306857       0.62291799     0.00000000     0.00000000    0.00000000    0.00000000
  X-B              0.00      0.44505%     1000.00000000       0.37087185     0.00000000     0.00000000    0.00000000    0.00000000
  B-1     18,900,000.00      2.36125%     1000.00000000       1.96770847     0.00000000     0.00000000    0.00000000    0.00000000
  B-2     11,025,000.00      2.75125%     1000.00000000       2.29270839     0.00000000     0.00000000    0.00000000    0.00000000
  B-3      6,300,000.00      2.94998%     1000.00000000       2.45831746     0.00000000     0.00000000    0.00000000    0.00000000
  B-4      3,150,000.00      2.94998%     1000.00000000       2.45831746     0.00000000     0.00000000    0.00000000    0.00000000
  B-5      2,625,000.00      2.94998%     1000.00000000       2.45831619     0.00000000     0.00000000    0.00000000    0.00000000
  B-6      5,250,582.74      2.94998%     1000.00000000       2.45831761     0.00000000     0.00000000    0.00000000    0.00000000
  A-R            100.00      2.92778%        0.00000000       0.00000000     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         3.49998903     0.00000000         976.97041351
  A-2         1.73804821     0.00000000         973.70647718
 A-3-A        1.86921408     0.00000000         970.08894140
 A-3-B        2.05327351     0.00000000         970.08894085
  X-A         0.62291799     0.00000000         971.89868558
  X-B         0.37087185     0.00000000        1000.00000000
  B-1         1.96770847     0.00000000        1000.00000000
  B-2         2.29270839     0.00000000        1000.00000000
  B-3         2.45831746     0.00000000        1000.00000000
  B-4         2.45831746     0.00000000        1000.00000000
  B-5         2.45831619     0.00000000        1000.00000000
  B-6         2.45831761     0.00000000        1000.00000000
  A-R        16.50000000     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                               10,449,317.49
           Liquidations, Insurance Proceeds, Reserve Funds                           0.00
           Proceeds from Repurchased Loans                                           0.00
           Other Amounts (Servicer Advances)                                     5,180.47
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                 0.00
           Prepayment Penalties                                                      0.00
                                                                            -------------
Total Deposits                                                              10,454,497.96

Withdrawals
           Reimbursement for Servicer Advances                                   3,950.43
           Payment of Service Fee                                              328,692.39
           Payment of Interest and Principal                                10,121,855.14
                                                                            -------------
Total Withdrawals (Pool Distribution Amount)                                10,454,497.96

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                                                323,962.64
Master Servicing Fee                                                 4,729.75
Supported Prepayment/Curtailment Interest Shortfall                      0.00
                                                                   ----------
Net Servicing Fee                                                  328,692.39
                                                                   ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                         Beginning     Current     Current     Ending
Account Type              Balance    Withdrawals  Deposits     Balance
------------              -------    -----------  --------     -------
<S>                      <C>         <C>          <C>         <C>
Reserve Fund              4,500.00      0.00        0.00      4,500.00
Reserve Fund              4,500.00      0.00        0.00      4,500.00
Reserve Fund              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            6        2,059,523.45
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
                  ---       ------------
                   6        2,059,523.45
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.195631%     0.201054%
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%
               --------      --------
               0.195631%     0.201054%
</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            6      2,059,523.45
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
                  ---     ------------
                   6      2,059,523.45
</TABLE>

<TABLE>
<CAPTION>
                No. of        Principal
                Loans          Balance
<S>            <C>           <C>
0-29 Days      0.000000%      0.000000%
30 Days        0.195631%      0.201054%
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%
               --------      ---------
               0.195631%      0.201054%
</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  5,180.47
</TABLE>

<TABLE>
<CAPTION>
             Original $       Original%         Current $      Current %       Current Class %   Prepayment %
           -------------     ----------      -------------    ----------       --------------    ------------
<S>        <C>               <C>             <C>              <C>              <C>               <C>
Class A    47,250,582.74     4.50000972%     47,250,582.74    4.61268574%        95.387314%        0.000000%
Class B-1  28,350,582.74     2.70002803%     28,350,582.74    2.76763420%         1.845052%       39.999507%
Class B-2  17,325,582.74     1.65003871%     17,325,582.74    1.69135413%         1.076280%       23.333046%
Class B-3  11,025,582.74     1.05004482%     11,025,582.74    1.07633695%         0.615017%       13.333169%
Class B-4   7,875,582.74     0.75004787%      7,875,582.74    0.76882836%         0.307509%        6.666584%
Class B-5   5,250,582.74     0.50005041%      5,250,582.74    0.51257120%         0.256257%        5.555487%
Class B-6           0.00     0.00000000%              0.00    0.00000000%         0.512571%       11.112207%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

                                   DELINQUENT

GROUP ONE

<TABLE>
<CAPTION>
                            No. of                    Principal
                             Loans                     Balance
<S>                         <C>                      <C>
0-29 Days                      0                           0.00
30 Days                        2                     573,023.50
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
                            ----                     ----------
                               2                     573,023.50
</TABLE>

<TABLE>
<CAPTION>
                            No. of              Principal
                             Loans               Balance
<S>                        <C>                  <C>
0-29 Days                  0.000000%            0.000000%
30 Days                    0.132538%            0.112172%
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%
                           --------             --------
                           0.132538%            0.112172%
</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                     2                       573,023.50
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
                          ---                       ----------
                            2                       573,023.50
</TABLE>

<TABLE>
<CAPTION>
                         No. of                Principal
                          Loans                 Balance
<S>                     <C>                   <C>
0-29 Days               0.000000%             0.000000%
30 Days                 0.132538%             0.112172%
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%
                        --------              --------
                        0.132538%             0.112172%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                            No. of                   Principal
                             Loans                    Balance
<S>                         <C>                      <C>
0-29 Days                      0                           0.00
30 Days                        1                     220,000.00
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
                            ----                     ----------
                               1                     220,000.00
</TABLE>

<TABLE>
<CAPTION>
                            No. of              Principal
                             Loans               Balance
<S>                        <C>                  <C>
0-29 Days                  0.000000%            0.000000%
30 Days                    0.136240%            0.085486%
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%
                           --------             --------
                           0.136240%            0.085486%
</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                     1                       220,000.00
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
                         ----                       ----------
                            1                       220,000.00
</TABLE>

<TABLE>
<CAPTION>
                         No. of                Principal
                          Loans                 Balance
<S>                     <C>                   <C>
0-29 Days               0.000000%             0.000000%
30 Days                 0.136240%             0.085486%
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%
                        --------              --------
                        0.136240%             0.085486%
</TABLE>

<PAGE>

                                   DELINQUENT

GROUP THREE

<TABLE>
<CAPTION>
                            No. of                   Principal
                             Loans                    Balance
<S>                         <C>                    <C>
0-29 Days                      0                           0.00
30 Days                        3                   1,266,499.95
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
                            ----                   ------------
                               3                   1,266,499.95
</TABLE>

<TABLE>
<CAPTION>
                            No. of              Principal
                             Loans               Balance
<S>                        <C>                  <C>
0-29 Days                  0.000000%            0.000000%
30 Days                    0.364078%            0.494408%
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%
                           --------             --------
                           0.364078%            0.494408%
</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                     3                     1,266,499.95
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
                          ---                     ------------
                            3                     1,266,499.95
</TABLE>

<TABLE>
<CAPTION>
                         No. of               Principal
                          Loans                Balance
<S>                     <C>                   <C>
0-29 Days               0.000000%             0.000000%
30 Days                 0.364078%             0.494408%
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%
                        --------              --------
                        0.364078%             0.494408%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                            3.333100%
Weighted Average Net Coupon                                              2.956379%
Weighted Average Pass-Through Rate                                       2.950879%
Weighted Average Maturity (Stepdown Calculation)                              340

Beginning Scheduled Collateral Loan Count                                   3,082
Number of Loans Paid in Full                                                   15
Ending Scheduled Collateral Loan Count                                      3,067

Beginning Scheduled Collateral Balance                           1,031,946,617.40
Ending Scheduled Collateral Balance                              1,024,361,628.59
Ending Actual Collateral Balance at 30-Sept-2004                 1,024,362,138.01

Monthly P&I Constant                                                 2,866,317.34
Special Servicing Fee                                                        0.00
Prepayment Penalties                                                         0.00
Realization Loss Amount                                                      0.00
Cumulative Realized Loss                                                     0.00

Class A Optimal Amount                                              10,005,696.59

Scheduled Principal                                                          0.00
Unscheduled Principal                                                7,584,988.81
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepayment Event                                  NO

<PAGE>

<TABLE>
<CAPTION>
              GROUP                  GROUP ONE        GROUP TWO        GROUP THREE            TOTAL
<S>                              <C>                <C>             <C>                 <C>
Collateral Description           6 Month LIBOR ARM       Mixed ARM  6 Month LIBOR ARM          Mixed ARM
Weighted Average Coupon Rate              3.318520        3.367367           3.327619           3.333100
Weighted Average Net Rate                 2.941446        2.991300           2.950944           2.956379
Pass-Through Rate                         2.935946        2.985800           2.945444           2.950879
Weighted Average Maturity                      339             337                345                340
Record Date                             09/30/2004      09/30/2004         09/30/2004         09/30/2004
Principal and Interest Constant       1,419,003.54      728,896.66         718,417.14       2,866,317.34
Beginning Loan Count                         1,517             738                827              3,082
Loans Paid in Full                               8               4                  3                 15
Ending Loan Count                            1,509             734                824              3,067
Beginning Scheduled Balance         513,121,580.08  259,750,746.89     259,074,290.43   1,031,946,617.40
Ending Scheduled Balance            510,845,203.96  257,352,082.28     256,164,342.35   1,024,361,628.59
Scheduled Principal                           0.00            0.00               0.00               0.00
Unscheduled Principal                 2,276,376.12    2,398,664.61       2,909,948.08       7,584,988.81
Scheduled Interest                    1,419,003.54      728,896.66         718,417.14       2,866,317.34
Servicing Fee                           161,237.18       81,403.05          81,322.41         323,962.64
Master Servicing Fee                      2,351.81        1,190.52           1,187.42           4,729.75
Trustee Fee                                   0.00            0.00               0.00               0.00
FRY Amount                                    0.00            0.00               0.00               0.00
Special Hazard Fee                            0.00            0.00               0.00               0.00
Other Fee                                     0.00            0.00               0.00               0.00
Pool Insurance Fee                            0.00            0.00               0.00               0.00
Spread 1                                      0.00            0.00               0.00               0.00
Spread 2                                      0.00            0.00               0.00               0.00
Spread 3                                      0.00            0.00               0.00               0.00
Net Interest                          1,255,414.55      646,303.09         635,907.31       2,537,624.95
Realized Loss Amount                          0.00            0.00               0.00               0.00
Cumulative Realized Loss                      0.00            0.00               0.00               0.00
Percentage of Cumulative Losses               0.00            0.00               0.00               0.00
Prepayment Penalties                          0.00            0.00               0.00               0.00
Special Servicing Fee                         0.00            0.00               0.00               0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                       <C>
Group One

Principal Transfer Amount                           0.00
Pro-Rata Senior Percent                        95.419213%
Senior Percentage                             100.000000%
Senior Prepayment Percentage                  100.000000%
Subordinate Percentage                          0.000000%
Subordinate Prepayment Percentage               0.000000%
Interest Transfer Amount                            0.00

Group Two

One-Month LIBOR Loan Balance              176,502,135.41
Six-Month LIBOR Loan Balance               80,849,946.87
Principal Transfer Amount                           0.00
Pro-Rata Senior Percent                        95.426873%
Senior Percentage                             100.000000%
Senior Prepayment Percentage                  100.000000%
Subordinate Percentage                          0.000000%
Subordinate Prepayment Percentage               0.000000%
Interest Transfer Amount                            0.00

Group Three

Principal Transfer Amount                           0.00
Pro-Rate Senior Percent                        95.419521%
Senior Percentage                             100.000000%
Senior Prepayment Percentage                  100.000000%
Subordinate Percentage                          0.000000%
Subordinate Prepayment Percentage               0.000000%
Interest Transfer Amount                            0.00
</TABLE>