<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                                SMT SERIES 2004-9
                          RECORD DATE: 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   81744FDV6     SEN       2.25000%   449,903,685.25   843,569.41
 A-2   81744FDW4     SEN       2.53000%   294,054,197.80   619,964.27
 X-A   81744FDX2      IO       0.68762%             0.00   426,299.61
 X-B   81744FDY0      IO       0.49660%             0.00     9,583.13
 B-1   81744FEA1     SUB       2.42000%    14,915,000.00    30,078.58
 B-2   81744FEB9     SUB       2.79000%     8,242,000.00    19,162.65
 B-3   81744FEC7     SUB       3.04829%     4,318,000.00    10,968.76
 B-4   81744FED5     SUB       3.04829%     2,355,000.00     5,982.27
 B-5   81744FEE3     SUB       3.04829%     1,962,000.00     4,983.95
 B-6   81744FEF0     SUB       3.04829%     5,533,134.00     8,975.01
 A-R   81744FDZ7     SEN       3.11815%             0.00         1.08
       ---------     ---     ---------    -------------- ------------
Totals                                    779,283,017.05 1,979,568.72
       ---------     ---     ---------    -------------- ------------

<CAPTION>
                                      Ending
         Principal     Current     Certificate      Total       Cumulative
Class  Distribution Realized Loss     Balance    Distribution  Realized Loss
-----  ------------ ------------- -------------- ------------- -------------
<S>    <C>          <C>           <C>            <C>           <C>
 A-1   3,840,285.40      0.00     446,063,399.85  4,683,854.81      0.00
 A-2   1,964,214.76      0.00     292,089,983.04  2,584,179.03      0.00
 X-A           0.00      0.00               0.00    426,299.61      0.00
 X-B           0.00      0.00               0.00      9,583.13      0.00
 B-1           0.00      0.00      14,915,000.00     30,078.58      0.00
 B-2           0.00      0.00       8,242,000.00     19,162.65      0.00
 B-3           0.00      0.00       4,318,000.00     10,968.76      0.00
 B-4           0.00      0.00       2,355,000.00      5,982.27      0.00
 B-5           0.00      0.00       1,962,000.00      4,983.95      0.00
 B-6           0.00      0.00       5,533,134.00      8,975.01      0.00
 A-R           0.00      0.00               0.00          1.08      0.00
       ------------      ----     -------------- -------------      ----
Totals 5,804,500.16      0.00     773,478,516.89  7,784,068.88      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
  Class           Amount            Balance       Distribution      Distribution      Accretion
  -----       --------------     --------------   -------------     ------------      ---------
<S>           <C>                <C>              <C>               <C>               <C>
   A-1        453,364,000.00     449,903,685.25   (1,066,153.90)    4,906,439.31        0.00
   A-2        296,310,000.00     294,054,197.80     (583,250.00)    2,547,464.76        0.00
   X-A                  0.00               0.00            0.00             0.00        0.00
   X-B                  0.00               0.00            0.00             0.00        0.00
   B-1         14,915,000.00      14,915,000.00            0.00             0.00        0.00
   B-2          8,242,000.00       8,242,000.00            0.00             0.00        0.00
   B-3          4,318,000.00       4,318,000.00            0.00             0.00        0.00
   B-4          2,355,000.00       2,355,000.00            0.00             0.00        0.00
   B-5          1,962,000.00       1,962,000.00            0.00             0.00        0.00
   B-6          3,533,134.00       3,533,134.00            0.00             0.00        0.00
   A-R                100.00               0.00            0.00             0.00        0.00
              --------------     --------------   -------------     ------------        ----
Totals        784,999,234.00     779,283,017.05   (1,649,403.90)    7,453,904.07        0.00
              --------------     --------------   -------------     ------------        ----

<CAPTION>
                            Total             Ending                 Ending
              Realized    Principal         Certificate           Certificate     Total Principal
  Class       Loss (1)    Reduction           Balance              Percentage       Distribution
  -----       --------   ------------      --------------          ----------       ------------
<S>           <C>        <C>               <C>                    <C>             <C>
   A-1          0.00     3,840,285.40      446,063,399.85          0.98389682       3,840,285.40
   A-2          0.00     1,964,214.76      292,089,983.04          0.98575810       1,964,214.76
   X-A          0.00             0.00                0.00          0.00000000               0.00
   X-B          0.00             0.00                0.00          0.00000000               0.00
   B-1          0.00             0.00       14,915,000.00          1.00000000               0.00
   B-2          0.00             0.00        8,242,000.00          1.00000000               0.00
   B-3          0.00             0.00        4,318,000.00          1.00000000               0.00
   B-4          0.00             0.00        2,355,000.00          1.00000000               0.00
   B-5          0.00             0.00        1,962,000.00          1.00000000               0.00
   B-6          0.00             0.00        3,533,134.00          1.00000000               0.00
   A-R          0.00             0.00                0.00          0.00000000               0.00
                ----     ------------      --------------          ----------       ------------
Totals          0.00     5,804,500.16      773,478,516.89          0.98532391       5,804,500.16
                ----     ------------      --------------          ----------       ------------
</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
Class          Amount            Balance       Distribution    Distribution   Accretion
-----      --------------     -------------    -----------     ------------   ----------
<S>        <C>                <C>              <C>             <C>            <C>
 A-1       453,364,000.00      992.36746908    (2.35165099)    10.82229579    0.00000000
 A-2       296,310,000.00      992.38701968    (1.96837771)     8.59729594    0.00000000
 X-A                 0.00        0.00000000     0.00000000      0.00000000    0.00000000
 X-B                 0.00        0.00000000     0.00000000      0.00000000    0.00000000
 B-1        14,915,000.00     1000.00000000     0.00000000      0.00000000    0.00000000
 B-2         8,242,000.00     1000.00000000     0.00000000      0.00000000    0.00000000
 B-3         4,318,000.00     1000.00000000     0.00000000      0.00000000    0.00000000
 B-4         2,355,000.00     1000.00000000     0.00000000      0.00000000    0.00000000
 B-5         1,962,000.00     1000.00000000     0.00000000      0.00000000    0.00000000
 B-6         3,533,134.00     1000.00000000     0.00000000      0.00000000    0.00000000
 A-R               100.00     1000.00000000     0.50000000      0.00000000    0.00000000

<CAPTION>
                                 Total             Ending
               Realized        Principal         Certificate       Ending Certificate  Total Principal
Class          Loss (3)        Reduction           Balance             Percentage        Distribution
-----         ----------       ----------       -------------          ----------        ------------
<S>           <C>              <C>              <C>                <C>                 <C>
 A-1          0.00000000       8.47064478        983.89682430          0.98389682         8.47064478
 A-2          0.00000000       6.62891823        985.75810145          0.98575810         6.62891823
 X-A          0.00000000       0.00000000          0.00000000          0.00000000         0.00000000
 X-B          0.00000000       0.00000000          0.00000000          0.00000000         0.00000000
 B-1          0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-2          0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-3          0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-4          0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-5          0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-6          0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 A-R          0.00000000       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
               Original Face       Certificate    Notional         Accrued           Interest
 Class            Amount              Rate         Balance         Interest          Shortfall
 -----        --------------       -----------  --------------   ------------       ----------
<S>           <C>                  <C>          <C>              <C>                <C>
  A-1         453,364,000.00         2.25000%   449,903,685.25     843,569.41          0.00
  A-2         296,310,000.00         2.53000%   294,054,197.80     619,964.27          0.00
  X-A                   0.00         0.68762%   743,957,883.05     426,299.61          0.00
  X-B                   0.00         0.49660%    23,157,000.00       9,583.13          0.00
  B-1          14,915,000.00         2.42000%    14,915,000.00      30,078.58          0.00
  B-2           8,242,000.00         2.79000%     8,242,000.00      19,162.65          0.00
  B-3           4,318,000.00         3.04829%     4,318,000.00      10,968.76          0.00
  B-4           2,355,000.00         3.04829%     2,355,000.00       5,982.27          0.00
  B-5           1,962,000.00         3.04829%     1,962,000.00       4,983.95          0.00
  B-6           3,533,134.00         3.04829%     3,533,134.00       8,975.01          0.00
  A-R                 100.00         3.11815%             0.00           0.00          0.00
              --------------         -------    --------------   ------------          ----
Totals        784,999,234.00                                     1,979,567.64          0.00
              --------------         -------    --------------   ------------          ----

<CAPTION>
                                                                          Remaining       Ending
                  Current   Non-Supported                                  Unpaid      Certificate/
                  Interest     Interest     Realized  Total Interest      Interest      Notational
 Class           Shortfall     Shortfall    Loss (4)   Distribution       Shortfall      Balance
 -----           ---------    -----------    -------  -------------       ---------   --------------
<S>              <C>        <C>             <C>       <C>                 <C>         <C>
  A-1               0.00         0.00         0.00       843,569.41          0.00     446,063,399.85
  A-2               0.00         0.00         0.00       619,964.27          0.00     292,089,983.04
  X-A               0.00         0.00         0.00       426,299.61          0.00     738,153,382.89
  X-B               0.00         0.00         0.00         9,583.13          0.00      23,157,000.00
  B-1               0.00         0.00         0.00        30,078.58          0.00      14,915,000.00
  B-2               0.00         0.00         0.00        19,162.65          0.00       8,242,000.00
  B-3               0.00         0.00         0.00        10,968.76          0.00       4,318,000.00
  B-4               0.00         0.00         0.00         5,982.27          0.00       2,355,000.00
  B-5               0.00         0.00         0.00         4,983.95          0.00       1,962,000.00
  B-6               0.00         0.00         0.00         8,975.01          0.00       3,533,134.00
  A-R               0.00         0.00         0.00             1.08          0.00               0.00
                    ----         ----         ----     ------------          ----
Totals              0.00         0.00         0.00     1,979,568.72          0.00
                    ----         ----         ----     ------------          ----
</TABLE>

(4)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                Payment of
                               Current        Beginning                          Unpaid       Current
             Original Face   Certificate     Certificate/      Current Accrued   Interest    Interest
Class (5)       Amount          Rate       Notional Balance       Interest      Shortfall    Shortfall
---------       ------          ----       ----------------       --------      ---------    ---------
<S>          <C>             <C>           <C>                 <C>              <C>          <C>
   A-1       453,364,000.00    2.25000%      992.36746908        1.86068900     0.00000000   0.00000000
   A-2       296,310,000.00    2.53000%      992.38701968        2.09228264     0.00000000   0.00000000
   X-A                 0.00    0.68762%      992.37519649        0.56864665     0.00000000   0.00000000
   X-B                 0.00    0.49660%     1000.00000000        0.41383297     0.00000000   0.00000000
   B-1        14,915,000.00    2.42000%     1000.00000000        2.01666644     0.00000000   0.00000000
   B-2         8,242,000.00    2.79000%     1000.00000000        2.32500000     0.00000000   0.00000000
   B-3         4,318,000.00    3.04829%     1000.00000000        2.54024085     0.00000000   0.00000000
   B-4         2,355,000.00    3.04829%     1000.00000000        2.54024204     0.00000000   0.00000000
   B-5         1,962,000.00    3.04829%     1000.00000000        2.54023955     0.00000000   0.00000000
   B-6         3,533,134.00    3.04829%     1000.00000000        2.54024048     0.00000000   0.00000000
   A-R               100.00    3.11815%        0.00000000        0.00000000     0.00000000   0.00000000

<CAPTION>
                  Non-                                       Remaining
               Supported                                      Unpaid
               Interest       Realized      Total Interest   Interest       Ending Certificate/
Class (5)      Shortfall      Loss (6)       Distribution    Shortfall      Notational Balance
---------      ---------      --------       ------------    ---------      ------------------
<S>           <C>            <C>            <C>             <C>             <C>
   A-1        0.00000000     0.00000000        1.86068900   0.00000000         983.89682430
   A-2        0.00000000     0.00000000        2.09228264   0.00000000         985.75810145
   X-A        0.00000000     0.00000000        0.56864665   0.00000000         984.63249745
   X-B        0.00000000     0.00000000        0.41383297   0.00000000        1000.00000000
   B-1        0.00000000     0.00000000        2.01666644   0.00000000        1000.00000000
   B-2        0.00000000     0.00000000        2.32500000   0.00000000        1000.00000000
   B-3        0.00000000     0.00000000        2.54024085   0.00000000        1000.00000000
   B-4        0.00000000     0.00000000        2.54024204   0.00000000        1000.00000000
   B-5        0.00000000     0.00000000        2.54023955   0.00000000        1000.00000000
   B-6        0.00000000     0.00000000        2.54024048   0.00000000        1000.00000000
   A-R        0.00000000     0.00000000      10.800000000   0.00000000           0.00000000
</TABLE>

(5)   Per $1 denomination

(6)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

         Payments of Interest and Principal                                   8,002,692.86
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       30,790.36
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                8,033,483.22

Withdrawals

         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 249,414.33
         Payment of Interest and Principal                                    7,784,068.89
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  8,033,483.22

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

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----
Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    243,894.41
Master Servicing Fee                                                     5,519.92
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      249,414.33
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

              DELINQUENT

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days          0               0.00
30 Days           37      11,733,596.22
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
                  --      -------------
                  37      11,733,596.22
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               ---------    --------
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.647373%    1.516986%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               ---------    --------
               1.647373%    1.516986%
</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      37       11,733,596.22
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
            ---       -------------
             37       11,733,596.22
</TABLE>

<TABLE>
<CAPTION>
            No. of       Principal
            Loans         Balance
            -----         -------
<S>        <C>           <C>
0-29 Days  0.000000%     0.000000%
30 Days    1.647373%     1.516986%
60 Days    0.000000%     0.000000%
90 Days    0.000000%     0.000000%
120 Days   0.000000%     0.000000%
150 Days   0.000000%     0.000000%
180+ Days  0.000000%     0.000000%
---------  ---------     ---------
           1.647373%     1.516986%
</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 30,790.36
</TABLE>

<TABLE>
<CAPTION>
                                 Original $                     Original%                Current $
                                 ----------                     ---------                ---------
<S>                             <C>                            <C>                     <C>
Class A                         35,325,134.00                  4.50002146%             35,325,134.00
Class B-1                       20,410,134.00                  2.60001961%             20,410,134.00
Class B-2                       12,168,134.00                  1.55008228%             12,168,134.00
Class B-3                        7,850,134.00                  1.00001805%              7,850,134.00
Class B-4                        5,495,134.00                  0.70001775%              5,495,134.00
Class B-5                        3,533,134.00                  0.45008120%              3,533,134.00
Class B-6                                0.00                  0.00000000%                      0.00

<CAPTION>
                             Current %                Current Class %           Prepayment %
                             ---------                ---------------           ------------
<S>                         <C>                       <C>                       <C>
Class A                     4.56704785%                 95.432952%               0.000000%
Class B-1                   2.63874607%                  1.928302%              42.222062%
Class B-2                   1.57317206%                  1.065576%              23.331829%
Class B-3                   1.01491300%                  0.558257%              12.223591%
Class B-4                   0.71044429%                  0.304469%               6.666641%
Class B-5                   0.45678502%                  0.253659%               5.554119%
Class B-6                   0.00000000%                  0.456785%              10.001757%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

              DELINQUENT

POOL ONE

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
                 -----     ------------
<S>              <C>       <C>
0-29 Days           0               0.00
30 Days            19       7,340,373.18
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
                 ----       ------------
                   19       7,340,373.18
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
                 -----      --------
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.442673%    1.570375%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               1.442673%    1.570375%
</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         19      7,340,373.18
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
              ----      ------------
                19      7,340,373.18
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
            --------     --------
<S>         <C>          <C>
0-29 Days   0.000000%    0.000000%
30 Days     1.442673%    1.570375%
60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            --------     --------
            1.442673%    1.570375%
</TABLE>

              DELINQUENT

POOL TWO

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
                 -----     ------------
<S>              <C>       <C>
0-29 Days          0               0.00
30 Days           18       4,393,223.04
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
                 ---       ------------
                  18       4,393,223.04
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
               --------     --------
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.937567%    1.435446%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               1.937567%    1.435446%
</TABLE>

           BANKRUPTCY
            1.183654%

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

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

           FORECLOSURE

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

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

                REO

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

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

                 TOTAL

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
              -----     ------------

<S>           <C>       <C>
0-29 Days       0               0.00
30 Days        18       4,393,223.04
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
              ---       ------------
               18       4,393,223.04
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
              -----       -------
<S>         <C>          <C>
0-29 Days   0.000000%    0.000000%
30 Days     1.937567%    1.435446%
60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            --------     --------
            1.937567%    1.435446%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
        Collateral Description                                  Mixed Arm
<S>                                                          <C>
Weighted Average Gross Coupon                                      3.426117%
Weighted Average Net Coupon                                        3.050550%
Weighted Average Pass-Through Rate                                 3.042050%
Weighted Average Maturity (Stepdown Calculation)                        335

Beginning Scheduled Collateral Loan Count                             2,253
Number of Loans Paid in Full                                              7
Ending Scheduled Collateral Loan Count                                2,246

Beginning Scheduled Collateral Balance                       779,283,017.94
Ending Scheduled Collateral Balance                          773,478,517.78
Ending Actual Collateral Balance at 29-Oct-2004              773,480,902.45

Monthly P&I Constant                                           2,231,344.82
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realization Loss Amount                                                0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                         7,694,333.45

Scheduled Principal                                                6,415.55
Unscheduled Principal                                          5,798,084.67
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
               GROUP                          POOL 1                 POOL 2                 TOTAL
               -----                          ------                 ------                 -----
<S>                                     <C>                    <C>                     <C>
Collateral Description                  1 Month LIBOR ARM      6 Month LIBOR ARM            Mixed ARM
Weighted Average Coupon Rate                     3.353664               3.536971             3.426117
Weighted Average Net Rate                        2.978130               3.161353             3.050550
Pass-Through Rate                                2.969630               3.152853             3.042050
Weighted Average Maturity                             336                    335                  335
Record Date                                    10/29/2004             10/29/2004           10/29/2004
Principal and Interest Constant              1,321,713.70             909,631.12         2,231,344.82
Beginning Loan Count                                1,320                    933                2,253
Loans Paid in Full                                      3                      4                    7
Ending Loan Count                                   1,317                    929                2,246
Beginning Scheduled Balance                471,266,596.13         308,016,421.81       779,283,017.94
Ending Scheduled Balance                   467,426,310.73         306,052,207.05       773,478,517.78
Scheduled Principal                              4,655.47               1,760.08             6,415.55
Unscheduled Principal                        3,835,629.97           1,962,454.70         5,798,084.67
Scheduled Interest                           1,317,058.23             907,871.04         2,224,929.27
Servicing Fee                                  147,480.66              96,413.75           243,894.41
Master Servicing Fee                             3,338.14               2,181.78             5,519.92
Trustee Fee                                          0.00                   0.00                 0.00
FRY Amount                                           0.00                   0.00                 0.00
Special Hazard Fee                                   0.00                   0.00                 0.00
Other Fee                                            0.00                   0.00                 0.00
Pool Insurance Fee                                   0.00                   0.00                 0.00
Spread 1                                             0.00                   0.00                 0.00
Spread 2                                             0.00                   0.00                 0.00
Spread 3                                             0.00                   0.00                 0.00
Net Interest                                 1,166,239.43             809,275.51         1,975,514.94
Realized Loss Amount                                 0.00                   0.00                 0.00
Cumulative Realized Loss                             0.00                   0.00                 0.00
Percentage of Cumulative Losses                      0.00                   0.00                 0.00
Prepayment Penalties                                 0.00                   0.00                 0.00
Special Servicing Fee                                0.00                   0.00                 0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                        <C>
Group One
Principal Transfer Amount                        0.00
Interest Transfer Amount                         0.00
Pro Rata Senior Percent                     95.466916%
Senior Percent                             100.000000%
Senior Prepayment Percent                  100.000000%
Subordinate Percent                          0.000000%
Subordinate Prepayment Percent               0.000000%

Group Two
Principal Transfer Amount                        0.00
Interest Transfer Amount                         0.00
Pro Rata Senior Percent                     95.467052%
Senior Percent                             100.000000%
Senior Prepayment Percent                  100.000000%
Subordinate Percent                          0.000000%
Subordinate Prepayment Percent               0.000000%
</TABLE>