<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 2004-5
                         RECORD DATE: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate     Beginning
                      Class        Pass-       Certificate      Interest     Principal
Class     CUSIP    Description  Through Rate     Balance      Distribution  Distribution
------  ---------  -----------  ------------  --------------  ------------  -------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>
 A-1    81744FBS5      SEN        2.80611%    521,542,025.68  1,219,588.18   9,530,863.64
 A-2    81744FBT3      SEN        2.07125%    179,511,037.07    309,843.52   3,072,690.20
 A-3    81744FCF2      SEN        1.86250%     72,435,277.81    112,425.59   1,239,874.56
 X-1    81744FBU0       IO        0.80000%              0.00    149,616.25           0.00
 X-2    81744FBV8       IO        0.15847%              0.00     33,271.90           0.00
 X-B    81744FBX4       IO        0.39384%              0.00      7,671.00           0.00
 B-1    81744FBZ9      SUB        2.29125%     14,874,000.00     28,400.04           0.00
 B-2    81744FCA3      SUB        2.69125%      8,499,000.00     19,060.78           0.00
 B-3    81744FCB1      SUB        2.83054%      4,674,000.00     11,024.95           0.00
 B-4    81744FCC9      SUB        2.83054%      2,124,000.00      5,010.05           0.00
 B-5    81744FCD7      SUB        2.83054%      2,124,000.00      5,010.05           0.00
 B-6    81744FCE5      SUB        2.83054%      3,830,447.31      9,035.19           0.00
 A-R    81744FBY2      RES        2.78089%              0.00          0.00           0.00
                                              --------------  ------------  -------------
Totals                                        809,613,787.87  1,909,957.50  13,843,428.40

<CAPTION>
                                         Ending
                         Current       Certificate           Total         Cumulative
Class     CUSIP       Realized Loss      Balance           Distribution  Realized Loss
------  ---------     -------------  --------------       -------------  -------------
<S>     <C>           <C>            <C>                  <C>            <C>
 A-1    81744FBS5         0.00       512,011,162.04       10,750,451.82      0.00
 A-2    81744FBT3         0.00       176,438,346.87        3,382,533.72      0.00
 A-3    81744FCF2         0.00        71,195,403.25        1,352,300.15      0.00
 X-1    81744FBU0         0.00                 0.00          149,616.25      0.00
 X-2    81744FBV8         0.00                 0.00           33,271.90      0.00
 X-B    81744FBX4         0.00                 0.00            7,671.00      0.00
 B-1    81744FBZ9         0.00        14,874,000.00           28,400.04      0.00
 B-2    81744FCA3         0.00         8,499,000.00           19,060.78      0.00
 B-3    81744FCB1         0.00         4,674,000.00           11,024.95      0.00
 B-4    81744FCC9         0.00         2,124,000.00            5,010.05      0.00
 B-5    81744FCD7         0.00         2,124,000.00            5,010.05      0.00
 B-6    81744FCE5         0.00         3,830,447.31            9,035.19      0.00
 A-R    81744FBY2         0.00                 0.00                0.00      0.00
                          ----       --------------       -------------      ----
Totals                    0.00       795,770,359.47       15,753,385.90      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    553,000,000.00  521,542,025.68   17,997.80     9,512,865.84    0.00       0.00
 A-2    185,867,000.00  179,511,037.07    1,401.25     3,071,288.95    0.00       0.00
 A-3     75,000,000.00   72,435,277.81      565.42     1,239,309.14    0.00       0.00
 X-1              0.00            0.00        0.00             0.00    0.00       0.00
 X-2              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     14,874,000.00   14,874,000.00        0.00             0.00    0.00       0.00
 B-2      8,499,000.00    8,499,000.00        0.00             0.00    0.00       0.00
 B-3      4,674,000.00    4,674,000.00        0.00             0.00    0.00       0.00
 B-4      2,124,000.00    2,124,000.00        0.00             0.00    0.00       0.00
 B-5      2,124,000.00    2,124,000.00        0.00             0.00    0.00       0.00
 B-6      3,830,447.31    3,830,447.31        0.00             0.00    0.00       0.00
 A-R            100.00            0.00        0.00             0.00    0.00       0.00
        --------------  --------------   ---------    -------------    ----       ----
Totals  849,992,547.31  809,613,787.87   19,964.47    13,823,463.93    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      9,530,863.64     512,011,162.04         0.92587914        9,530,863.64
 A-2      3,072,690.20     176,438,346.87         0.94927204        3,072,690.20
 A-3      1,239,874.56      71,195,403.25         0.94927204        1,239,874.56
 X-1              0.00               0.00         0.00000000                0.00
 X-2              0.00               0.00         0.00000000                0.00
 X-B              0.00               0.00         0.00000000                0.00
 B-1              0.00      14,874,000.00         1.00000000                0.00
 B-2              0.00       8,499,000.00         1.00000000                0.00
 B-3              0.00       4,674,000.00         1.00000000                0.00
 B-4              0.00       2,124,000.00         1.00000000                0.00
 B-5              0.00       2,124,000.00         1.00000000                0.00
 B-6              0.00       3,830,447.31         1.00000000                0.00
 A-R              0.00               0.00         0.00000000                0.00
         -------------     --------------         ----------       -------------
Totals   13,843,428.40     795,770,359.47         0.93620863       13,843,428.40
</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   553,000,000.00   943.11397049   0.03254575    17.20228904  0.00000000  0.00000000
 A-2   185,867,000.00   965.80370410   0.00753899    16.52412182  0.00000000  0.00000000
 A-3    75,000,000.00   965.80370413   0.00753893    16.52412187  0.00000000  0.00000000
 X-1             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-2             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    14,874,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-2     8,499,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-3     4,674,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-4     2,124,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-5     2,124,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-6     3,830,447.31  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        Ending        Ending
        Principal    Certificate   Certificate  Total Principal
Class   Reduction      Balance      Percentage   Distribution
-----  -----------  -------------  -----------  ---------------
<S>    <C>          <C>            <C>          <C>
 A-1   17.23483479   925.87913570   0.92587914    17.23483479
 A-2   16.53166081   949.27204329   0.94927204    16.53166081
 A-3   16.53166080   949.27204333   0.94927204    16.53166080
 X-1    0.00000000     0.00000000   0.00000000     0.00000000
 X-2    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-
                           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    553,000,000.00     2.80611%   521,542,025.68  1,219,588.19     0.00        0.00      0.01       0.00
 A-2    185,867,000.00     2.07125%   179,511,037.07    309,843.53     0.00        0.00      0.00       0.00
 A-3     75,000,000.00     1.86250%    72,435,277.81    112,425.59     0.00        0.00      0.00       0.00
 X-1              0.00     0.80000%   224,424,375.42    149,616.25     0.00        0.00      0.00       0.00
 X-2              0.00     0.15847%   251,946,314.88     33,271.90     0.00        0.00      0.00       0.00
 X-B              0.00     0.39384%    23,373,000.00      7,671.00     0.00        0.00      0.00       0.00
 B-1     14,874,000.00     2.29125%    14,874,000.00     28,400.04     0.00        0.00      0.00       0.00
 B-2      8,499,000.00     2.69125%     8,499,000.00     19,060.78     0.00        0.00      0.00       0.00
 B-3      4,674,000.00     2.83054%     4,674,000.00     11,024.95     0.00        0.00      0.00       0.00
 B-4      2,124,000.00     2.83054%     2,124,000.00      5,010.05     0.00        0.00      0.00       0.00
 B-5      2,124,000.00     2.83054%     2,124,000.00      5,010.05     0.00        0.00      0.00       0.00
 B-6      3,830,447.31     2.83054%     3,830,447.31      9,035.19     0.00        0.00      0.00       0.00
 A-R            100.00     2.78089%             0.00          0.00     0.00        0.00      0.00       0.00
        -------------                                 ------------     ----        ----      ----       ----
Totals  849,992,547.31                                1,909,957.52     0.00        0.00      0.01       0.00

<CAPTION>
                        Remaining     Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
Class    Distribution   Shortfall      Balance
------  --------------  ---------  --------------
<S>     <C>             <C>        <C>
 A-1     1,219,588.18      0.00    512,011,162.04
 A-2       309,843.52      0.00    176,438,346.87
 A-3       112,425.59      0.00     71,195,403.25
 X-1       149,616.25      0.00    216,102,432.59
 X-2        33,271.90      0.00    247,633,750.12
 X-B         7,671.00      0.00     23,373,000.00
 B-1        28,400.04      0.00     14,874,000.00
 B-2        19,060.78      0.00      8,499,000.00
 B-3        11,024.95      0.00      4,674,000.00
 B-4         5,010.05      0.00      2,124,000.00
 B-5         5,010.05      0.00      2,124,000.00
 B-6         9,035.19      0.00      3,830,447.31
 A-R             0.00      0.00              0.00
         ------------      ----
Totals   1,909,957.50      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    553,000,000.00    2.80611%      943.11397049      2.20540360    0.00000000  0.00000000  0.00000000  0.00000000
 A-2    185,867,000.00    2.07125%      965.80370410      1.66701744    0.00000000  0.00000000  0.00000000  0.00000000
 A-3     75,000,000.00    1.86250%      965.80370413      1.49900787    0.00000000  0.00000000  0.00000000  0.00000000
 X-1              0.00    0.80000%      860.30189875      0.57353460    0.00000000  0.00000000  0.00000000  0.00000000
 X-2              0.00    0.15847%      965.80370411      0.12754354    0.00000000  0.00000000  0.00000000  0.00000000
 X-B              0.00    0.39384%     1000.00000000      0.32819920    0.00000000  0.00000000  0.00000000  0.00000000
 B-1     14,874,000.00    2.29125%     1000.00000000      1.90937475    0.00000000  0.00000000  0.00000000  0.00000000
 B-2      8,499,000.00    2.69125%     1000.00000000      2.24270855    0.00000000  0.00000000  0.00000000  0.00000000
 B-3      4,674,000.00    3.83054%     1000.00000000      2.35878263    0.00000000  0.00000000  0.00000000  0.00000000
 B-4      2,124,000.00    3.83054%     1000.00000000      2.35878060    0.00000000  0.00000000  0.00000000  0.00000000
 B-5      2,124,000.00    3.83054%     1000.00000000      2.35878060    0.00000000  0.00000000  0.00000000  0.00000000
 B-6      3,830,447.31    3.83054%     1000.00000000      2.35878196    0.00000000  0.00000000  0.00000000  0.00000000
 A-R            100.00    2.78089%        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      2.20540358    0.00000000     925.87913570
 A-2      1.66701738    0.00000000     949.27204329
 A-3      1.49900787    0.00000000     949.27024333
 X-1      0.57353460    0.00000000     828.40080420
 X-2      0.12754354    0.00000000     949.27204330
 X-B      0.32819920    0.00000000    1000.00000000
 B-1      1.90937475    0.00000000    1000.00000000
 B-2      2.24270855    0.00000000    1000.00000000
 B-3      2.35878263    0.00000000    1000.00000000
 B-4      2.35878060    0.00000000    1000.00000000
 B-5      2.35878060    0.00000000    1000.00000000
 B-6      2.35878196    0.00000000    1000.00000000
 A-R      0.00000000    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                           16,005,642.05
         Liquidations, Insurance Proceeds, Reserve Funds                       0.00
         Proceeds from Repurchased Loans                                       0.00
         Other Amounts (Servicer Advances)                                25,515.92
         Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
         Prepayment Penalties                                                  0.00
                                                                      -------------
Total Deposits                                                        16,031,157.97

Withdrawals

         Reimbursement for Servicer Advances                              18,466.43
         Payment of Service Fee                                          259,305.64
         Payment of Interest and Principal                            15,753,385.90
                                                                      -------------
Total Withdrawals (Pool Distribution Amount)                          16,031,157.97

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

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<CAPTION>
<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>
<CAPTION>
<S>                                                  <C>
Gross Servicing Fee                                  253,206.11
Master Servicing Fee                                   1,039.43
PMI                                                    5,060.10
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                     ----------
Net Servicing Fee                                    259,305.64
                                                     ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                         Beginning     Current      Current    Ending
     Account Type         Balance    Withdrawals    Deposits   Balance
---------------------    ---------   -----------    --------   --------
<S>                      <C>         <C>            <C>        <C>
Class X-1 Sub Account     4,500.00      0.00          0.00     4,500.00
Class X-2 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       31       8,780,311.32
60 Days        3       1,120,649.98
90 Days        0               0.00
120 Days       0               0.00
150 Days       0               0.00
180+ Days      0               0.00
            ------     ------------
              34       9,900,961.30
</TABLE>

<TABLE>
<CAPTION>
            No. of       Principal
             Loans        Balance
<S>        <C>           <C>
0-29 Days  0.000000%     0.000000%
30 Days    1.334481%     1.103372%
60 Days    0.129143%     0.140826%
90 Days    0.000000%     0.000000%
120 Days   0.000000%     0.000000%
150 Days   0.000000%     0.000000%
180+ Days  0.000000%     0.000000%
           --------      --------
           1.463625%     1.244198%
</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        31      8,780,311.32
60 Days         3      1,120,649.98
90 Days         0              0.00
120 Days        0              0.00
150 Days        0              0.00
180+ Days       0              0.00
             ------    ------------
               34      9,900,961.30
</TABLE>

<TABLE>
<CAPTION>
             No. of      Principal
             Loans        Balance
<S>          <C>         <C>
0-29 Days   0.000000%    0.000000%
30 Days     1.334481%    1.103372%
60 Days     0.129143%    0.140826%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            --------     --------
            1.463625%    1.244198%
</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  25,515.92
</TABLE>

<TABLE>
<CAPTION>
             Original $    Original%     Current $     Current %   Current Class %  Prepayment %
             ----------    ---------     ---------     ---------   ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    36,125,447.31  4.25008989%  36,125,447.31  4.53968244%    95.460318%       0.000000%
Class X-1  36,125,447.31  4.25008989%  36,124,447.31  4.53968244%     0.000000%       0.000000%
Class X-2  36,125,447.31  4.25008989%  36,125,447.31  4.53968244%     0.000000%       0.000000%
Class B-1  21,251,447.31  2.50019219%  21,251,447.31  2.67055025%     1.869132%      41.173193%
Class B-2  12,752,447.31  1.50030107%  12,752,447.31  1.60252856%     1.068022%      23.526352%
Class B-3   8,078,447.31  0.95041390%   8,078,447.31  1.01517319%     0.587355%      12.938248%
Class B-4   5,954,447.31  0.70052936%   5,954,447.31  0.74826201%     0.266911%       5.879512%
Class B-5   3,830,447.31  0.45064481%   3,830,447.31  0.48135084%     0.266911%       5.879512%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.481351%      10.603183%
</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       22      5,726,282.93
60 Days        3      1,120,649.98
90 Days        0              0.00
120 Days       0              0.00
150 Days       0              0.00
180+ Days      0              0.00
             ------  -------------
              25      6,846,932.91
</TABLE>

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>        <C>          <C>
0-29 Days  0.000000%    0.000000%
30 Days    1.357187%    1.067227%
60 Days    0.185071%    0.208859%
90 Days    0.000000%    0.000000%
120 Days   0.000000%    0.000000%
150 Days   0.000000%    0.000000%
180+ Days  0.000000%    0.000000%
           --------     --------
           1.542258%    1.276087%
</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       22       5,726,282.93
60 Days        3       1,120,649.98
90 Days        0               0.00
120 Days       0               0.00
150 Days       0               0.00
180+ Days      0               0.00
            ------     ------------
              25       6,846,932.91
</TABLE>

<TABLE>
<CAPTION>
            No. of      Principal
            Loans        Balance
<S>        <C>         <C>
0-29 Days  0.000000%    0.000000%
30 Days    1.357187%    1.067227%
60 Days    0.185071%    0.208859%
90 Days    0.000000%    0.000000%
120 Days   0.000000%    0.000000%
150 Days   0.000000%    0.000000%
180+ Days  0.000000%    0.000000%
           --------     --------
           1.542258%    1.276087%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
            No. of       Principal
             Loans        Balance
<S>         <C>        <C>
0-29 Days      0               0.00
30 Days        9       3,054,028.39
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
            ------     ------------
               9       3,054,028.39
</TABLE>

<TABLE>
<CAPTION>
            No. of       Principal
             Loans        Balance
<S>        <C>           <C>
0-29 Days  0.000000%     0.000000%
30 Days    1.282051%     1.178189%
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%
           --------      --------
           1.282051%     1.178189%

</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
           1.183654%
            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        9       3,054,028.39
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
            ------     ------------
               9       3,054,028.39
</TABLE>

<TABLE>
<CAPTION>
            No. of      Principal
             Loans       Balance
<S>        <C>          <C>
0-29 Days  0.000000%    0.000000%
30 Days    1.282051%    1.178189%
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%
           --------     --------
           1.282051%    1.178189%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                   Mixed Arm
<S>                                                 <C>
Weighted Average Gross Coupon                             3.215256%
Weighted Average Net Coupon                               2.839957%
Weighted Average Pass-Through Rate                        2.830917%
Weighted Average Maturity (Stepdown Calculation)               338

Beginning Scheduled Collateral Loan Count                    2,357
Number of Loans Paid in Full                                    34
Ending Scheduled Collateral Loan Count                       2,323

Beginning Scheduled Collateral Balance              809,613,787.87
Ending Scheduled Collateral Balance                 795,770,359.47
Ending Actual Collateral Balance at 30-Sept-2004    795,770,841.48

Monthly P&I Constant                                  2,189,227.58
Special Servicing Fee                                         0.00
Prepayment Penalties                                          0.00
Realization Loss Amount                                       0.00
Cumulative Realized Loss                                      0.00

Class A Optimal Amount                               15,668,173.85

Ending Scheduled Balance for Premium Loans          795,770,359.47

Scheduled Principal                                      19,964.47
Unscheduled Principal                                13,823,463.93
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
         GROUP                        GROUP ONE         GROUP TWO          TOTAL
<S>                               <C>                 <C>             <C>
Collateral Description            6 Month LIBOR ARM       Mixed ARM        Mixed ARM
Weighted Average Coupon Rate               3.190501        3.266554         3.215256
Weighted Average Net Rate                  2.815058        2.891554         2.839957
Pass-Through Rate                          2.806113        2.882315         2.830917
Weighted Average Maturity                       340             333              338
Record Date                              09/30/2004      09/30/2004       09/30/2004
Principal and Interest Constant        1,469,909.04      719,318.54     2,189,227.58
Beginning Loan Count                          1,646             711            2,357
Loans Paid in Full                               25               9               34
Ending Loan Count                             1,621             702            2,323
Beginning Scheduled Balance          546,087,696.43   63,526,091.44   809,613,787.87
Ending Scheduled Balance             536,556,832.79   59,213,526.68   795,770,359.47
Scheduled Principal                       17,997.80        1,966.67        19,964.47
Unscheduled Principal                  9,512,865.84    4,310,598.09    13,823,463.93
Scheduled Interest                     1,451,911.24      717,351.87     2,169,263.11
Servicing Fee                            170,854.18       82,351.93       253,206.11
Master Servicing Fee                       3,413.06        1,647.04         5,060.10
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                                    657.57          381.86         1,039.43
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                           1,276,986.43      632,971.04     1,909,957.47
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

Six-Month Libor Loan Balance         536,556,832.79
Interest Transfer Amount                       0.00
Principal Transfer Amount                      0.00
Prorata Senior Percentage                 95.505178%
Senior Percentage                        100.000000%
Senior Prepayment Percentage             100.000000%
Subordinate Percentage                     0.000000%
Subordinate Prepayment Percentage          0.000000%

Group Two

One-Month Libor Loan Balance         143,968,118.65
Six-Month Libor Loan Balance         115,245,408.03
Interest Transfer Amount                       0.00
Principal Transfer Amount                      0.00
Prorata Senior Percentage                 95.605833%
Senior Percentage                        100.000000%
Senior Prepayment Percentage             100.000000%
Subordinate Percentage                     0.000000%
Subordinate Prepayment Percentage          0.000000%
</TABLE>