<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: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate     Beginning
                      Class     Pass-Through   Certificate      Interest
Class     CUSIP    Description      Rate         Balance      Distribution
------  ---------  -----------  ------------  --------------  ------------
<S>     <C>        <C>          <C>           <C>             <C>
 A-1    81743PDX1      SEN        2.23000%    696,616,045.06  1,294,544.82
 X-1    81743PDZ6       IO        0.56876%              0.00    306,705.07
 A-2    81743PDY9      SEN        2.21063%    134,682,674.70    248,111.30
 X-2    81743PEA0       IO        0.12594%              0.00     87,247.00
 B-1    81743PED4      SUB        2.50000%     14,166,000.00     29,512.50
 X-B    81743PEB8       IO        0.18640%              0.00        715.63
 B-2    81743PEE2      SUB        3.16000%      8,304,000.00     21,867.20
 B-3    81743PEF9      SUB        2.79567%      4,884,000.00     11,378.37
 B-4    81743PEG7      SUB        2.79567%      2,443,000.00      5,691.52
 B-5    81743PEH5      SUB        2.79567%      1,465,000.00      3,413.05
 B-6    81743PEJ1      SUB        2.79567%      3,908,267.00      9,105.18
 A-R    81743PEC6      RES        2.56137%              0.00          0.00
                                              --------------  ------------
Totals                                        866,468,986.76  2,018,291.64
                                              --------------  ------------

<CAPTION>
                                            Ending
            Principal       Current      Certificate       Total         Cumulative
Class     Distribution   Realized Loss     Balance      Distribution    Realized Loss
------    -------------  -------------  --------------  -------------   -------------
<S>       <C>            <C>            <C>             <C>             <C>
 A-1      10,324,261.85      0.00       686,291,783.21  11,618,806.67       0.00
 X-1               0.00      0.00                 0.00     306,705.07       0.00
 A-2         621,440.34      0.00       134,061,234.36     869,551.64       0.00
 X-2               0.00      0.00                 0.00      87,247.00       0.00
 B-1               0.00      0.00        14,166,000.00      29,512.50       0.00
 X-B               0.00      0.00                 0.00         715.63       0.00
 B-2               0.00      0.00         8,304,000.00      21,867.20       0.00
 B-3               0.00      0.00         4,884,000.00      11,378.37       0.00
 B-4               0.00      0.00         2,443,000.00       5,691.52       0.00
 B-5               0.00      0.00         1,465,000.00       3,413.05       0.00
 B-6               0.00      0.00         3,908,267.00       9,105.18       0.00
 A-R               0.00      0.00                 0.00           0.00       0.00
          -------------  -------------  --------------  -------------   --------
Totals    10,945,702.19      0.00       855,523,284.57  12,963,993.83       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  696,616,045.06     0.00       10,324,261.85     0.00      0.00
 X-1              0.00            0.00     0.00                0.00     0.00      0.00
 A-2    150,000,000.00  134,682,674.70     0.00          621,440.34     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  866,468,986.76     0.00       10,945,702.19     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    10,324,261.85  686,291,783.21   0.86678394    10,324,261.85
 X-1             0.00            0.00   0.00000000             0.00
 A-2       621,440.34  134,061,234.36   0.89374156       621,440.34
 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  10,945,702.19  855,523,284.57   0.87571879    10,945,702.19
------  -------------  --------------  -----------  ---------------
</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   879.82343952   0.00000000    13.03950381  0.00000000  0.00000000
 X-1             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 A-2   150,000,000.00   897.88449800   0.00000000     4.14293560  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     13.03950381   866.78393571   0.86678394    13.03950381
 X-1      0.00000000     0.00000000   0.00000000     0.00000000
 A-2      4.14293560   893.74156240   0.89374156     4.14293560
 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                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   791,768,000.00    2.23000%   696,616,045.06  1,294,544.82     0.00        0.00       0.00      0.00
  X-1             0.00    0.56876%   647,108,144.32    306,705.07     0.00        0.00       0.00      0.00
  A-2   150,000,000.00    2.21063%   134,682,674.70    248,111.30     0.00        0.00       0.00      0.00
  X-2             0.00    0.12594%   831,298,719.76     87,247.00     0.00        0.00       0.00      0.00
  B-1    14,166,000.00    2.50000%    14,166,000.00     29,512.50     0.00        0.00       0.00      0.00
  X-B             0.00    0.18640%    22,470,000.00      3,490.37     0.00        0.00       0.00      0.00
  B-2     8,304,000.00    3.16000%     8,304,000.00     21,867.20     0.00        0.00       0.00      0.00
  B-3     4,884,000.00    2.79567%     4,884,000.00     11,378.37     0.00        0.00       0.00      0.00
  B-4     2,443,000.00    2.79567%     2,443,000.00      5,691.52     0.00        0.00       0.00      0.00
  B-5     1,465,000.00    2.79567%     1,465,000.00      3,413.05     0.00        0.00       0.00      0.00
  B-6     3,908,267.00    2.79567%     3,908,267.00      9,105.18     0.00        0.00       0.00      0.00
  A-R           100.00    2.56137%             0.00          0.00     0.00        0.00       0.00      0.00
------  --------------                               ------------  -------     -------    -------    ------
Totals  976,938,367.00                               2,021,066.38     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      1,294,544.82      0.00    686,291,783.21
  X-1        306,705.07      0.00    623,049,735.60
  A-2        248,111.30      0.00    134,061,234.36
  X-2         87,247.00      0.00    820,353,017.57
  B-1         29,512.50      0.00     14,166,000.00
  X-B            715.63      0.00     22,470,000.00
  B-2         21,867.20      0.00      8,304,000.00
  B-3         11,378.37      0.00      4,884,000.00
  B-4          5,691.52      0.00      2,443,000.00
  B-5          3,413.05      0.00      1,465,000.00
  B-6          9,105.18      0.00      3,908,267.00
  A-R              0.00      0.00              0.00
------    -------------   -------
Totals     2,018,291.64      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                 Non-
                             Current        Beginning                        Unpaid     Current    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    2.23000%     879.82343952      1.63500523     0.00000000  0.00000000  0.00000000  0.00000000
   X-1               0.00    0.56876%     687.12054808      0.32566945     0.00000000  0.00000000  0.00000000  0.00000000
   A-2     150,000,000.00    2.21063%     897.88449800      1.65407533     0.00000000  0.00000000  0.00000000  0.00000000
   X-2               0.00    0.12594%     882.70011272      0.09264171     0.00000000  0.00000000  0.00000000  0.00000000
   B-1      14,166,000.00    2.50000%    1000.00000000      2.08333333     0.00000000  0.00000000  0.00000000  0.00000000
   X-B               0.00    0.18640%    1000.00000000      0.15533467     0.00000000  0.00000000  0.00000000  0.00000000
   B-2       8,304,000.00    3.16000%    1000.00000000      2.63333333     0.00000000  0.00000000  0.00000000  0.00000000
   B-3       4,884,000.00    2.79567%    1000.00000000      2.32972359     0.00000000  0.00000000  0.00000000  0.00000000
   B-4       2,443,000.00    2.79567%    1000.00000000      2.32972575     0.00000000  0.00000000  0.00000000  0.00000000
   B-5       1,465,000.00    2.79567%    1000.00000000      2.32972696     0.00000000  0.00000000  0.00000000  0.00000000
   B-6       3,908,267.00    2.79567%    1000.00000000      2.32972312     0.00000000  0.00000000  0.00000000  0.00000000
   A-R             100.00    2.56317%       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         1.63500523    0.00000000      866.78393571
   X-1         0.32566945    0.00000000      661.57454447
   A-2         1.65407533    0.00000000      893.74156240
   X-2         0.09264171    0.00000000      871.07760889
   B-1         2.08333333    0.00000000     1000.00000000
   X-B         0.03184824    0.00000000     1000.00000000
   B-2         2.63333333    0.00000000     1000.00000000
   B-3         2.32972359    0.00000000     1000.00000000
   B-4         2.32972575    0.00000000     1000.00000000
   B-5         2.32972696    0.00000000     1000.00000000
   B-6         2.32972312    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                            13,239,094.92
         Liquidations, Insurance Proceeds, Reserve Funds                        0.00
         Proceeds from Repurchased Loans                                        0.00
         Other Amounts (Servicer Advances)                                 10,606.49
         Realized Losses (Gains, Subsequent Expenses & Recoveries)              0.00
         Prepayment Penalties                                                   0.00
                                                                       -------------
Total Deposits                                                         13,249,701.41

Withdrawals
         Reimbursement for Servicer Advances                                9,046.95
         Payment of Service Fee                                           276,660.63
         Payment of Interest and Principal                             12,963,993.83
                                                                       -------------
Total Withdrawals (Pool Distribution Amount)                           13,249,701.41

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                                       272,689.31
Master Servicing Fee                                        3,971.32
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------
Net Servicing Fee                                         276,660.63
                                                          ==========
</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                2,246.43    2,521.17     2,774.74   2,500.00

</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        18      4,512,069.92
60 Days        0.              0.00
90 Days         0              0.00
120 Days       0.              0.00
150 Days        1        100,000.00
180+ Days       0              0.00
             ----      ------------
               19      4,612,069.92
</TABLE>

<TABLE>
<CAPTION>
             No. of      Principal
             Loans        Balance
<S>         <C>          <C>
0-29 Days   0.000000%    0.000000%
30 Days     0.707269%    0.527404%
60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.039293%    0.011689%
180+ Days   0.000000%    0.000000%
            --------     --------
            0.746562%    0.539092%
</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        18      4,512,069.92
60 Days        0.              0.00
90 Days         0              0.00
120 Days       0.              0.00
150 Days        1        100,000.00
180+ Days       0              0.00
              ---      ------------
               19      4,612,069.92
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>         <C>        <C>
0-29 Days   0.000000%  0.000000%
30 Days     0.707269%  0.527404%
60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%
150 Days    0.039293%  0.011689%
180+ Days   0.000000%  0.000000%
            --------   --------
            0.746562%  0.539092%
</TABLE>

<TABLE>
<S>                                        <C>   <C>                                           <C>                     <C>
Current Period Class A Insufficient Funds  0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  10,606.49
</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  4.11096549%     95.889034%      0.000000%
Class X-1  35,170,267.00  3.60004973%  35,170,267.00  4.11096549%      0.000000%      0.000000%
Class X-2  35,170,267.00  3.60004973%  35,170,267.00  4.11096549%      0.000000%      0.000000%
Class B-1  21,004,267.00  2.15000943%  21,004,267.00  2.45513680%      1.655829%     40.278341%
Class B-2  12,700,267.00  1.30000698%  12,700,267.00  1.48450279%      0.970634%     23.610853%
Class B-3   7,816,267.00  0.80007780%   7,816,267.00  0.91362411%      0.570879%     13.886730%
Class B-4   5,373,267.00  0.55001085%   5,373,267.00  0.62806788%      0.285556%      6.946208%
Class B-5   3,908,267.00  0.40005257%   3,908,267.00  0.45682766%      0.171240%      4.165450%
Class B-6           0.00  0.00000000%           0.00  0.00000000%      0.456828%     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         2     932,000.00
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
             ----     ----------
                2     932,000.00
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>         <C>        <C>
0-29 Days   0.000000%  0.000000%
30 Days     0.904977%  0.838185%
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%
            --------   --------
            0.904977%  0.838185%
</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      932,000.00
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
             ----      ----------
                2      932,000.00
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>         <C>        <C>
0-29 Days   0.000000%  0.000000%
30 Days     0.904977%  0.838185%
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%
            --------   --------
            0.904977%  0.838185%
</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      2,031,594.31
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      2,031,594.31
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
              Loans     Balance
<S>         <C>        <C>
0-29 Days   0.000000%  0.000000%
30 Days     0.477707%  0.335985%
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%
            --------   --------
            0.477707%  0.335985%
</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      2,031,594.31
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      2,031,594.31
</TABLE>

<TABLE>
<CAPTION>
              No. of   Principal
              Loans     Balance
<S>         <C>        <C>
0-29 Days   0.000000%  0.000000%
30 Days     0.477707%  0.335985%
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%
            --------   --------
            0.477707%  0.335985%
</TABLE>

                                   DELINQUENT

POOL 2

<TABLE>
<CAPTION>
             No. of      Principal
              Loans       Balance
<S>          <C>       <C>
0-29 Days       0              0.00
30 Days         7      1,548,475.61
60 Days         0              0.00
90 Days         0              0.00
120 Days        0              0.00
150 Days        1        100,000.00
180+ Days       0              0.00
             ----      ------------
                8      1,648,475.61
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
              Loans     Balance
<S>         <C>        <C>
0-29 Days   0.000000%  0.000000%
30 Days     1.590909%  1.108716%
60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%
150 Days    0.227273%  0.071600%
180+ Days   0.000000%  0.000000%
            --------   --------
            1.818182%  1.180316%
</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         7      1,548,475.61
60 Days         0              0.00
90 Days         0              0.00
120 Days        0              0.00
150 Days        1        100,000.00
180+ Days       0              0.00
             ----      ------------
                8      1,648,475.61
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
              Loans     Balance
<S>         <C>        <C>
0-29 Days   0.000000%  0.000000%
30 Days     1.590909%  1.108716%
60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%
150 Days    0.227273%  0.071600%
180+ Days   0.000000%  0.000000%
            --------   --------
            1.818182%  1.180316%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                    Mixed Arm
<S>                                                     <C>
Weighted Average Gross Coupon                                 3.178702%
Weighted Average Net Coupon                                   2.801046%
Weighted Average Pass-Through Rate                            2.795546%
Weighted Average Maturity (Stepdown Calculation)                   312

Beginning Scheduled Collateral Loan Count                        2,575
Number of Loans Paid in Full                                        30
Ending Scheduled Collateral Loan Count                           2,545

Beginning Scheduled Collateral Balance                  866,468,987.71
Ending Scheduled Collateral Balance                     855,523,285.52
Ending Actual Collateral Balance at 29-Oct-2004         855,524,802.60

Monthly P&I Constant                                      2,295,205.81
Special Servicing Fee                                             0.00
Prepayment Penalties                                              0.00
Realized Loss Amount                                              0.00
Cumulative Realized Loss                                          0.00

Class A Optimal Amount                                   12,879,353.64

Ending Scheduled Balance for Premium Loans              855,523,285.52

Scheduled Principal                                               0.00
Unscheduled Principal                                    10,945,702.19
</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 MonthLIBOR ARM         Mixed ARM
Weighted Average Coupon Rate                 3.294406              3.166817             3.138358          3.178702
Weighted Average Net Rate                    2.903062              2.791439             2.761657          2.801046
Pass-Through Rate                            2.897562              2.785939             2.756157          2.795546
Weighted Average Maturity                         297                   314                  313               312
Record Date                                10/29/2004            10/29/2004           10/29/2004        10/29/2004
Principal and Interest Constant            307,498.25          1,620,819.57           366,887.99      2,295,205.81
Beginning Loan Count                              223                 1,910                  442             2,575
Loans Paid in Full                                  2                    26                    2                30
Ending Loan Count                                 221                 1,884                  440             2,545
Beginning Scheduled Balance            112,007,404.08        614,176,247.91       140,285,335.72    866,468,987.71
Ending Scheduled Balance               111,192,589.78        604,666,800.36       139,663,895.38    855,523,285.52
Scheduled Principal                              0.00                  0.00                 0.00              0.00
Unscheduled Principal                      814,814.30          9,509,447.55           621,440.34     10,945,702.19
Scheduled Interest                         307,498.25          1,620,819.57           366,887.99      2,295,205.81
Servicing Fee                               36,527.90            192,123.36            44,038.05        272,689.31
Master Servicing Fee                           513.37              2,814.98               642.97          3,971.32
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                               270,456.98          1,425,881.23           322,206.97      2,018,545.18
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 Pool 1 -- 1 Mo LIBOR
            Interest Transfer Amount                   0.00
            Principal Transfer Amount                  0.00
            Prorata Senior Percent                95.928357%
            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                96.006239%
            Senior Percentage                    100.000000%
            Senior Prepayment Percentage         100.000000%
            Subordinate Percentage                 0.000000%
            Subordinate Prepayment Percentage      0.000000%
</TABLE>