<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 2003-8
                         RECORD DATE: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate     Beginning
                      Class     Pass-Through   Certificate      Interest      Principal
Class     CUSIP    Description      Rate         Balance      Distribution  Distribution
------  ---------  -----------  ------------  --------------  ------------  -------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>
 A-1    81743PDX1      SEN        2.13125%    706,041,926.76  1,253,959.88   9,425,881.70
 X-1    81743PDZ6       IO        0.48773%              0.00    273,145.20           0.00
 A-2    81743PDY9      SEN        2.21063%    136,270,301.18    251,036.01   1,587,626.48
 X-2    81743PEA0       IO        0.09824%              0.00     68,956.85           0.00
 B-1    81743PED4      SUB        2.40125%     14,166,000.00     28,346.76           0.00
 X-B    81743PEB8       IO        0.14523%              0.00          0.00           0.00
 B-2    81743PEE2      SUB        3.06125%      8,304,000.00     21,183.85           0.00
 B-3    81743PEF9      SUB        2.63162%      4,884,000.00     10,710.68           0.00
 B-4    81743PEG7      SUB        2.63162%      2,443,000.00      5,357.53           0.00
 B-5    81743PEH5      SUB        2.63162%      1,465,000.00      3,212.77           0.00
 B-6    81743PEJ1      SUB        2.63162%      3,908,267.00      8,570.89           0.00
 A-R    81743PEC6      RES        2.56188%              0.00          0.00           0.00
                                              --------------  ------------  -------------
Totals                                        877,482,494.94  1,924,480.42  11,013,508.18
                                              --------------  ------------  -------------

<CAPTION>
                                      Ending
                      Current       Certificate       Total        Cumulative
Class     CUSIP    Realized Loss      Balance      Distribution   Realized Loss
------  ---------  -------------  --------------  -------------   -------------
<S>     <C>        <C>            <C>             <C>             <C>
 A-1    81743PDX1       0.00      696,616,045.06  10,679,841.58       0.00
 X-1    81743PDZ6       0.00                0.00     273,145.20       0.00
 A-2    81743PDY9       0.00      134,682,674.70   1,838,662.49       0.00
 X-2    81743PEA0       0.00                0.00      68,956.85       0.00
 B-1    81743PED4       0.00       14,166,000.00      28,346.76       0.00
 X-B    81743PEB8       0.00                0.00           0.00       0.00
 B-2    81743PEE2       0.00        8,304,000.00      21,183.85       0.00
 B-3    81743PEF9       0.00        4,884,000.00      10,710.68       0.00
 B-4    81743PEG7       0.00        2,443,000.00       5,357.53       0.00
 B-5    81743PEH5       0.00        1,465,000.00       3,212.77       0.00
 B-6    81743PEJ1       0.00        3,908,267.00       8,570.89       0.00
 A-R    81743PEC6       0.00                0.00           0.00       0.00
                   ---------      --------------  -------------   --------
Totals                  0.00      866,468,986.76  12,937,988.60       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    791,768,000.00  706,041,926.76      0.00       9,425,881.70    0.00       0.00
 X-1              0.00            0.00      0.00               0.00    0.00       0.00
 A-2    150,000,000.00  136,270,301.18      0.00       1,587,626.48    0.00       0.00
 X-2              0.00            0.00      0.00               0.00    0.00       0.00
 B-1     14,166,000.00   14,166,000.00      0.00               0.00    0.00       0.00
 X-B              0.00            0.00      0.00               0.00    0.00       0.00
 B-2      8,304,000.00    8,304,000.00      0.00               0.00    0.00       0.00
 B-3      4,884,000.00    4,884,000.00      0.00               0.00    0.00       0.00
 B-4      2,443,000.00    2,443,000.00      0.00               0.00    0.00       0.00
 B-5      1,465,000.00    1,465,000.00      0.00               0.00    0.00       0.00
 B-6      3,908,267.00    3,908,267.00      0.00               0.00    0.00       0.00
 A-R            100.00            0.00      0.00               0.00    0.00       0.00
------  --------------  --------------  --------      -------------  ------     ------
Totals  976,938,367.00  877,482,494.94      0.00      11,013,508.18    0.00       0.00
------  --------------  --------------  --------      -------------  ------     ------

<CAPTION>
           Total          Ending         Ending
          Principal     Certificate    Certificate  Total Principal
Class     Reduction       Balance       Percentage   Distribution
------  -------------  --------------  -----------  ---------------
<S>     <C>            <C>             <C>          <C>
 A-1     9,425,881.70  696,616,045.06   0.87982344    9,425,881.70
 X-1             0.00            0.00   0.00000000            0.00
 A-2     1,587,626.48  134,682,674.70   0.89788450    1,587,626.48
 X-2             0.00            0.00   0.00000000            0.00
 B-1             0.00   14,166,000.00   1.00000000            0.00
 X-B             0.00            0.00   0.00000000            0.00
 B-2             0.00    8,304,000.00   1.00000000            0.00
 B-3             0.00    4,884,000.00   1.00000000            0.00
 B-4             0.00    2,443,000.00   1.00000000            0.00
 B-5             0.00    1,465,000.00   1.00000000            0.00
 B-6             0.00    3,908,267.00   1.00000000            0.00
 A-R             0.00            0.00   0.00000000            0.00
------  -------------  --------------  -----------  --------------
Totals  11,013,508.18  866,468,986.76   0.88692288   11,013,508.18
------  -------------  --------------  -----------  --------------
</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   791,768,000.00   891.72829258   0.00000000    11.90485306  0.00000000  0.00000000
 X-1             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 A-2   150,000,000.00   908.46867453   0.00000000    10.58417653  0.00000000  0.00000000
 X-2             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-1    14,166,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-2     8,304,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-3     4,884,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-4     2,443,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-5     1,465,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-6     3,908,267.00  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   11.90485306   879.82343952   0.87982344    11.90485306
 X-1    0.00000000     0.00000000   0.00000000     0.00000000
 A-2   10.58417653   897.88449800   0.89788450    10.58417653
 X-2    0.00000000     0.00000000   0.00000000     0.00000000
 B-1    0.00000000  1000.00000000   1.00000000     0.00000000
 X-B    0.00000000     0.00000000   0.00000000     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
                          Current     Certificate/     Current       Unpaid     Current   Non-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    791,768,000.00    2.13125%   706,041,926.76  1,253,959.88     0.00        0.00        0.00         0.00
 X-1              0.00    0.48773%   672,045,904.98    273,145.20     0.00        0.00        0.00         0.00
 A-2    150,000,000.00    2.21063%   136,270,301.18    251,036.01     0.00        0.00        0.00         0.00
 X-2              0.00    0.09824%   842,312,227.94     68,956.85     0.00        0.00        0.00         0.00
 B-1     14,166,000.00    2.40125%    14,166,000.00     28,346.76     0.00        0.00        0.00         0.00
 X-B              0.00    0.14523%    22,470,000.00      2,719.49     0.00        0.00        0.00         0.00
 B-2      8,304,000.00    3.06125%     8,304,000.00     21,183.85     0.00        0.00        0.00         0.00
 B-3      4,884,000.00    2.63162%     4,884,000.00     10,710.68     0.00        0.00        0.00         0.00
 B-4      2,443,000.00    2.63162%     2,443,000.00      5,357.53     0.00        0.00        0.00         0.00
 B-5      1,465,000.00    2.63162%     1,465,000.00      3,212.77     0.00        0.00        0.00         0.00
 B-6      3,908,267.00    2.63162%     3,908,267.00      8,570.89     0.00        0.00        0.00         0.00
 A-R            100.00    2.56188%             0.00          0.00     0.00        0.00        0.00         0.00
------  --------------                               ------------  -------     --------   --------       ------
Totals  976,938,367.00                               1,927,199.91     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      1,253,959.88      0.00     696,616,045.06
 X-1        273,145.20      0.00     647,108,144.32
 A-2        251,036.01      0.00     134,682,674.70
 X-2         68,956.85      0.00     831,298,719.76
 B-1         28,346.76      0.00      14,166,000.00
 X-B              0.00      0.00      22,470,000.00
 B-2         21,183.85      0.00       8,304,000.00
 B-3         10,710.68      0.00       4,884,000.00
 B-4          5,357.53      0.00       2,443,000.00
 B-5          3,212.77      0.00       1,465,000.00
 B-6          8,570.89      0.00       3,908,267.00
 A-R              0.00      0.00               0.00
------   -------------   -------
Totals    1,924,480.42      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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                           Payment of
                            Current        Beginning                         Unpaid      Current   Non-Supported
            Original Face  Certificate    Certificate/    Current Accrued   Interest    Interest     Interest      Realized
Class (5)       Amount        Rate      Notional Balance      Interest     Shortfall    Shortfall   Shortfall      Loss (6)
---------  --------------  -----------  ----------------  ---------------  ----------  ----------  -------------  ----------
<S>        <C>             <C>          <C>               <C>              <C>         <C>         <C>            <C>
   A-1     791,768,000.00    2.13125%      891.72829258     1.58374660     0.00000000  0.00000000    0.00000000   0.00000000
   X-1               0.00    0.48773%      713.60027627     0.29003449     0.00000000  0.00000000    0.00000000   0.00000000
   A-2     150,000,000.00    2.21063%      908.46867453     1.67357340     0.00000000  0.00000000    0.00000000   0.00000000
   X-2               0.00    0.09824%      894.39461517     0.07322063     0.00000000  0.00000000    0.00000000   0.00000000
   B-1      14,166,000.00    2.40125%     1000.00000000     2.00104193     0.00000000  0.00000000    0.00000000   0.00000000
   X-B               0.00    0.14523%     1000.00000000     0.12102759     0.00000000  0.00000000    0.00000000   0.00000000
   B-2       8,304,000.00    3.06125%     1000.00000000     2.55104167     0.00000000  0.00000000    0.00000000   0.00000000
   B-3       4,884,000.00    2.63162%     1000.00000000     2.19301392     0.00000000  0.00000000    0.00000000   0.00000000
   B-4       2,443,000.00    2.63162%     1000.00000000     2.19301269     0.00000000  0.00000000    0.00000000   0.00000000
   B-5       1,465,000.00    2.63162%     1000.00000000     2.19301706     0.00000000  0.00000000    0.00000000   0.00000000
   B-6       3,908,267.00    2.63162%     1000.00000000     2.19301547     0.00000000  0.00000000    0.00000000   0.00000000
   A-R             100.00    2.56188%        0.00000000     0.00000000     0.00000000  0.00000000    0.00000000   0.00000000

<CAPTION>
                           Remaining
                             Unpaid
           Total Interest   Interest   Ending Certificate/
Class (5)   Distribution   Shortfall   Notational Balance
---------  --------------  ----------  -------------------
<S>        <C>             <C>         <C>
   A-1       1.58374660    0.00000000     879.82343952
   X-1       0.29003449    0.00000000     687.12054808
   A-2       1.67357340    0.00000000     897.88449800
   X-2       0.07322063    0.00000000     882.70011272
   B-1       2.00104193    0.00000000    1000.00000000
   X-B       0.00000000    0.00000000    1000.00000000
   B-2       2.55104167    0.00000000    1000.00000000
   B-3       2.19301392    0.00000000    1000.00000000
   B-4       2.19301269    0.00000000    1000.00000000
   B-5       2.19301706    0.00000000    1000.00000000
   B-6       2.19301547    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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

         Payments of Interest and Principal                         13,219,581.90
         Liquidations, Insurance Proceeds, Reserve Funds                   253.57
         Proceeds from Repurchased Loans                                     0.00
         Other Amounts (Servicer Advances)                               9,046.95
         Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
         Prepayment Penalties                                                0.00
                                                                    -------------
Total Deposits                                                      13,228,882.42

Withdrawals

         Reimbursement for Servicer Advances                            10,738.95
         Payment of Service Fee                                        280,154.87
         Payment of Interest and Principal                          12,937,988.60
                                                                    -------------
Total Withdrawals (Pool Distribution Amount)                        13,228,882.42
Ending Balance                                                               0.00
                                                                    =============
</TABLE>

                    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                                      276,133.10
Master Servicing Fee                                       4,021.77
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------
Net Servicing Fee                                        280,154.87
                                                         ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                 Beginning    Current      Current   Ending
         Account Type             Balance   Withdrawals   Deposits  Balance
-------------------------------  ---------  -----------   --------  --------
<S>                              <C>        <C>           <C>       <C>
Class 1-A Companion Sub Account   4,000.00       0.00         0.00  4,000.00
Class 1-A NAS Sub Account         1,000.00       0.00         0.00  1,000.00
Class 2-A Companion Sub Account   2,000.00       0.00         0.00  2,000.00
Class 2-A NAS Sub Account           500.00       0.00         0.00    500.00
Class X-B Sub Account             2,500.00   2,973.06     2,719.49  2,246.43
</TABLE>

             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         13       4,047,386.53
60 Days          0.              0.00
90 Days          0               0.00
120 Days         1         100,000.00
150 Days         0               0.00
180+ Days        0               0.00
              -----      ------------
                 14      4,147,386.53
</TABLE>

<TABLE>
<CAPTION>
              No. of       Principal
               Loans        Balance
<S>          <C>           <C>
0-29 Days    0.000000%     0.000000%
30 Days      0.504854%     0.467112%
60 Days      0.000000%     0.000000%
90 Days      0.000000%     0.000000%
120 Days     0.038835%     0.011541%
150 Days     0.000000%     0.000000%
180+ Days    0.000000%     0.000000%
             --------      --------
             0.543689%     0.478653%
</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         13       4,047,386.53
60 Days          0.              0.00
90 Days          0               0.00
120 Days         1         100,000.00
150 Days         0               0.00
180+ Days        0               0.00
               ---       ------------
                14       4,147,386.53
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>          <C>           <C>
0-29 Days    0.000000%     0.000000%
30 Days      0.504854%     0.467112%
60 Days      0.000000%     0.000000%
90 Days      0.000000%     0.000000%
120 Days     0.038835%     0.011541%
150 Days     0.000000%     0.000000%
180+ Days    0.000000%     0.000000%
             --------      --------
             0.543689%     0.478653%
</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  9,046.95
</TABLE>

<PAGE>

     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
                                   PERCENTAGE

<TABLE>
<CAPTION>
             Original $    Original%     Current $     Current %   Current Class %   Prepayment %
           -------------  -----------  -------------  -----------  ---------------   ------------
<S>        <C>            <C>          <C>            <C>          <C>               <C>
Class A    35,170,267.00  3.60004973%  35,170,267.00  4.05903356%    95.940966%        0.000000%
Class X-1  35,170,267.00  3.60004973%  35,170,267.00  4.05903356%     0.000000%        0.000000%
Class X-2  35,170,267.00  3.60004973%  35,170,267.00  4.05903356%     0.000000%        0.000000%
Class B-1  21,004,267.00  2.15000943%  21,004,267.00  2.42412219%     1.634911%       40.278341%
Class B-2  12,700,267.00  1.30000698%  12,700,267.00  1.46574975%     0.958372%       23.610853%
Class B-3   7,816,267.00  0.80007780%   7,816,267.00  0.90208272%     0.563667%       13.886730%
Class B-4   5,373,267.00  0.55001085%   5,373,267.00  0.62013379%     0.281949%        6.946208%
Class B-5   3,908,267.00  0.40005257%   3,908,267.00  0.45105677%     0.169077%        4.165450%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.451057%       11.112418%
</TABLE>

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

                          DELINQUENCY STATUS BY GROUP

                                   DELINQUENT

POOL 1 -- 1 MO LIBOR

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

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

                                   BANKRUPTCY

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

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

                                   FORECLOSURE

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

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

                                       REO

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

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

                                      TOTAL

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

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

<PAGE>

                                   DELINQUENT

POOL 1 -- 6 MO LIBOR

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>          <C>        <C>
0-29 Days       0               0.00
30 Days         9       2,892,130.18
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       2,892,130.18
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.471204%     0.470894%
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%
            --------      --------
            0.471204%     0.470894%
</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         9       2,892,130.18
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       2,892,130.18
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.471204%     0.470894%
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%
            --------      --------
            0.471204%     0.470894%
</TABLE>

                                   DELINQUENT

POOL 2

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>           <C>       <C>
0-29 Days       0               0.00
30 Days         4       1,155,256.35
60 Days         0               0.00
90 Days         0               0.00
120 Days        1         100,000.00
150 Days        0               0.00
180+ Days       0               0.00
              ---       ------------
                5       1,255,256.35
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.904977%     0.823504%
60 Days     0.000000%     0.000000%
90 Days     0.000000%     0.000000%
120 Days    0.226244%     0.071283%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            1.131222%     0.894788%
</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         4       1,155,256.35
60 Days         0               0.00
90 Days         0               0.00
120 Days        1         100,000.00
150 Days        0               0.00
180+ Days       0               0.00
              ---       ------------
                5       1,255,256.35
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.904977%     0.823504%
60 Days     0.000000%     0.000000%
90 Days     0.000000%     0.000000%
120 Days    0.226244%     0.071283%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            1.131222%     0.894788%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                     Mixed Arm
<S>                                                   <C>
Weighted Average Gross Coupon                               3.014599%
Weighted Average Net Coupon                                 2.636974%
Weighted Average Pass-Through Rate                          2.631474%
Weighted Average Maturity (Stepdown Calculation)                 313

Beginning Scheduled Collateral Loan Count                      2,603
Number of Loans Paid in Full                                      28
Ending Scheduled Collateral Loan Count                         2,575

Beginning Scheduled Collateral Balance                877,482,495.89
Ending Scheduled Collateral Balance                   866,468,987.71
Ending Actual Collateral Balance at 30-Sept-2004      866,471,075.07

Monthly P&I Constant                                    2,204,381.76
Special Servicing Fee                                           0.00
Prepayment Penalties                                            0.00
Realized Loss Amount                                            0.00
Cumulative Realized Loss                                        0.00

Class A Optimal Amount                                 12,857,886.63

Ending Scheduled Balance for Premium Loans            866,468,987.71

Scheduled Principal                                             0.00
Unscheduled Principal                                  11,013,508.18
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
         GROUP                   POOL 1 -- 1 MO LIBOR   POOL 1 -- 6 MO LIBOR        POOL 2              TOTAL
<S>                              <C>                    <C>                   <C>                  <C>
Collateral Description             1 Month LIBOR ARM      6 Month LIBOR ARM   6 Month LIBOR ARM         Mixed ARM
Weighted Average Coupon Rate                3.165788               2.998993            2.963053          3.014599
Weighted Average Net Rate                   2.774540               2.623619            2.586358          2.636974
Pass-Through Rate                           2.769040               2.618119            2.580858          2.631474
Weighted Average Maturity                        298                    315                 314               313
Record Date                               09/30/2004             09/30/2004          09/30/2004        09/30/2004
Principal and Interest Constant           297,246.92           1,556,820.59          350,314.25      2,204,381.76
Beginning Loan Count                             227                  1,930                 446             2,603
Loans Paid in Full                                 4                     20                   4                28
Ending Loan Count                                223                  1,910                 442             2,575
Beginning Scheduled Balance           112,672,186.07         622,937,347.62      141,872,962.20    877,482,495.89
Ending Scheduled Balance              112,007,404.08         614,176,247.91      140,285,335.72    866,468,987.71
Scheduled Principal                             0.00                   0.00                0.00              0.00
Unscheduled Principal                     664,781.99           8,761,099.71        1,587,626.48     11,013,508.18
Scheduled Interest                        297,246.92           1,556,820.59          350,314.25      2,204,381.76
Servicing Fee                              36,735.64             194,861.78           44,535.68        276,133.10
Master Servicing Fee                          516.40               2,855.12              650.25          4,021.77
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                              259,994.88           1,359,103.69          305,128.32      1,924,226.89
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>
<CAPTION>
<S>                                         <C>
Group Pool 1 -- 1 Mo LIBOR
      Interest Transfer Amount                    0.00
      Principal Transfer Amount                   0.00
      Prorata Senior Percent                 95.980530%
      Senior Percentage                     100.000000%
      Senior Prepayment Percentage          100.000000%
      Subordinate Percentage                  0.000000%
      Subordinate Prepayment Percentage       0.000000%

Group Pool 1 -- 6Mo LIBOR
      Interest Transfer Amount                    0.00
      Principal Transfer Amount                   0.00
      Prorata Senior Percent                 96.050931%
      Senior Percentage                     100.000000%
      Senior Prepayment Percentage          100.000000%
      Subordinate Percentage                  0.000000%
      Subordinate Prepayment Percentage       0.000000%

</TABLE>