<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 2004-10
                          RECORD DATE: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
                   Certificate  Certificate
                      Class     Pass-Through       Beginning          Interest      Principal     Current      Ending Certificate
Class     CUSIP    Description      Rate      Certificate Balance   Distribution  Distribution  Realized Loss        Balance
------  ---------  -----------  ------------  -------------------  -------------  ------------  -------------  ------------------
<S>     <C>        <C>          <C>           <C>                   <C>           <C>           <C>            <C>
 A-1A   81744FET0      SEN        2.26875%       110,000,000.00      152,510.42     849,212.27       0.00        109,150,787.73
 A-1B   81744FEU7      SEN        2.32875%        12,225,000.00       17,397.70      94,378.36       0.00         12,130,621.64
 A-2    81744FEV5      SEN        2.27875%       203,441,000.00      283,305.72   1,570,587.21       0.00        201,870,412.79
 A-3A   81744FEW3      SEN        2.57000%       180,000,000.00      282,700.00   2,528,995.32       0.00        177,471,004.68
 A-3B   81744FEX1      SEN        2.63000%        20,000,000.00       32,144.44     280,999.48       0.00         19,719,000.52
 A-4    81744FEY9      SEN        2.58000%       126,799,000.00      199,919.76   1,781,522.66       0.00        125,017,477.34
 X-A    81744FEZ6       IO        1.31740%                 0.00      716,298.12           0.00       0.00                  0.00
 X-B    81744FFA0       IO        1.21049%                 0.00       21,073.54           0.00       0.00                  0.00
 B-1    81744FFC6      SUB        2.45875%        14,042,000.00       21,099.08           0.00       0.00         14,042,000.00
 B-2    81744FFD4      SUB        2.80875%         6,849,000.00       11,756.02           0.00       0.00          6,849,000.00
 B-3    81744FFE2      SUB        3.09772%         3,767,000.00        9,724.24           0.00       0.00          3,767,000.00
 B-4    81744FFF9      SUB        3.09772%         3,081,000.00        7,953.38           0.00       0.00          3,081,000.00
 B-5    81744FFG7      SUB        3.09772%         1,711,000.00        4,416.83           0.00       0.00          1,711,000.00
 B-6    81744FFH5      SUB        3.09772%         3,097,055.38        7,994.83           0.00       0.00          3,097,055.38
 A-R    81744FFB8      RES        2.99300%               100.00           16.28         100.00       0.00                  0.00
------  ---------      ---        -------        --------------    ------------   ------------       ----        --------------
Totals                                           685,012,155.38    1,768,310.36   7,105,795.30       0.00        677,906,360.08
------  ---------      ---        -------        --------------    ------------   ------------       ----        --------------

<CAPTION>
            Total       Cumulative
Class   Distribution  Realized Loss
------  ------------  -------------
<S>     <C>           <C>
 A-1A   1,001,722.69       0.00
 A-1B     111,776.06       0.00
 A-2    1,853,892.93       0.00
 A-3A   2,811,695.32       0.00
 A-3B     313,143.92       0.00
 A-4    1,981,442.42       0.00
 X-A      716,298.12       0.00
 X-B       21,073.54       0.00
 B-1       21,099.08       0.00
 B-2       11,756.02       0.00
 B-3        9,724.24       0.00
 B-4        7,953.38       0.00
 B-5        4,416.83       0.00
 B-6        7,994.83       0.00
 A-R          116.28       0.00
------  ------------       ----
Totals  8,874,105.66       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  Total Principal  Ending Certificate
 Class      Amount         Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction          Balance
------  --------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>     <C>             <C>             <C>           <C>            <C>        <C>       <C>              <C>
 A-1A   110,000,000.00  110,000,000.00      0.00         849,212.27     0.00      0.00       849,212.27      109,150,787.73
 A-1B    12,225,000.00   12,225,000.00      0.00          94,378.36     0.00      0.00        94,378.36       12,130,621.64
 A-2    203,441,000.00  203,441,000.00      0.00       1,570,587.21     0.00      0.00     1,570,587.21      201,870,412.79
 A-3A   180,000,000.00  180,000,000.00      0.00       2,528,995.32     0.00      0.00     2,528,995.32      177,471,004.68
 A-3B    20,000,000.00   20,000,000.00      0.00         280,999.48     0.00      0.00       280,999.48       19,719,000.52
 A-4    126,799,000.00  126,799,000.00      0.00       1,781,522.66     0.00      0.00     1,781,522.66      125,017,477.34
 X-A              0.00            0.00      0.00               0.00     0.00      0.00             0.00                0.00
 X-B              0.00            0.00      0.00               0.00     0.00      0.00             0.00                0.00
 B-1     14,042,000.00   14,042,000.00      0.00               0.00     0.00      0.00             0.00       14,042,000.00
 B-2      6,849,000.00    6,849,000.00      0.00               0.00     0.00      0.00             0.00        6,849,000.00
 B-3      3,767,000.00    3,767,000.00      0.00               0.00     0.00      0.00             0.00        3,767,000.00
 B-4      3,081,000.00    3,081,000.00      0.00               0.00     0.00      0.00             0.00        3,081,000.00
 B-5      1,711,000.00    1,711,000.00      0.00               0.00     0.00      0.00             0.00        1,711,000.00
 B-6      3,097,055.38    3,097,055.38      0.00               0.00     0.00      0.00             0.00        3,097,055.38
 A-R            100.00          100.00      0.00             100.00     0.00      0.00           100.00                0.00
------  --------------  --------------      ----       ------------     ----      ----     ------------      --------------
Totals  685,012,155.38  685,012,155.38      0.00       7,105,795.30     0.00      0.00     7,105,795.30      677,906,360.08
------  --------------  --------------      ----       ------------     ----      ----     ------------      --------------

<CAPTION>
        Ending Certificate  Total Principal
 Class      Percentage       Distribution
------  ------------------  ---------------
<S>     <C>                 <C>
 A-1A       0.99227989         849,212.27
 A-1B       0.99227989          94,378.36
 A-2        0.99227989       1,570,587.21
 A-3A       0.98595003       2,528,995.32
 A-3B       0.98595003         280,999.48
 A-4        0.98595003       1,781,522.66
 X-A        0.00000000               0.00
 X-B        0.00000000               0.00
 B-1        1.00000000               0.00
 B-2        1.00000000               0.00
 B-3        1.00000000               0.00
 B-4        1.00000000               0.00
 B-5        1.00000000               0.00
 B-6        1.00000000               0.00
 A-R        0.00000000             100.00
------      ----------       ------------
Totals      0.98962676       7,105,795.30
------      ----------       ------------
</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   Total Principal  Ending Certificate
Class       Amount         Balance      Distribution   Distribution  Accretion    Loss (3)      Reduction           Balance
------  --------------  --------------  ------------  -------------  ----------  ----------  ---------------  ------------------
<S>     <C>             <C>             <C>           <C>            <C>         <C>         <C>              <C>
 A-1A   110,000,000.00   1000.00000000   0.00000000      7.72011155  0.00000000  0.00000000      7.72011155      992.27988845
 A-1B    12,225,000.00   1000.00000000   0.00000000      7.72011125  0.00000000  0.00000000      7.72011125      992.27988875
 A-2    203,441,000.00   1000.00000000   0.00000000      7.72011153  0.00000000  0.00000000      7.72011153      992.27988847
 A-3A   180,000,000.00   1000.00000000   0.00000000     14.04997400  0.00000000  0.00000000     14.04997400      985.95002600
 A-3B    20,000,000.00   1000.00000000   0.00000000     14.04997400  0.00000000  0.00000000     14.04997400      985.95002600
 A-4    126,799,000.00   1000.00000000   0.00000000     14.04997405  0.00000000  0.00000000     14.04997405      985.95002595
 X-A              0.00      0.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000        0.00000000
 X-B              0.00      0.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000        0.00000000
 B-1     14,042,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-2      6,849,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-3      3,767,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-4      3,081,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-5      1,711,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-6      3,097,055.38   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 A-R            100.00   1000.00000000   0.00000000   1000.00000000  0.00000000  0.00000000   1000.00000000        0.00000000

<CAPTION>
          Ending
        Certificate  Total Principal
Class    Percentage    Distribution
------  -----------  ---------------
<S>     <C>          <C>
 A-1A   0.99227989       7.72011155
 A-1B   0.99227989       7.72011125
 A-2    0.99227989       7.72011153
 A-3A   0.98595003      14.04997400
 A-3B   0.98595003      14.04997400
 A-4    0.98595003      14.04997405
 X-A    0.00000000       0.00000000
 X-B    0.00000000       0.00000000
 B-1    1.00000000       0.00000000
 B-2    1.00000000       0.00000000
 B-3    1.00000000       0.00000000
 B-4    1.00000000       0.00000000
 B-5    1.00000000       0.00000000
 B-6    1.00000000       0.00000000
 A-R    0.00000000    1000.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                           Beginning                   Payment of                 Non-
                                          Certificate/     Current       Unpaid     Current     Supported
        Original Face      Current          Notional       Accrued      Interest    Interest    Interest   Realized  Total Interest
Class      Amount      Certificate Rate     Balance        Interest    Shortfall   Shortfall    Shortfall  Loss (4)   Distribution
------  -------------- ----------------  --------------  ------------  ----------  ----------  ----------  --------- --------------
<S>     <C>            <C>               <C>             <C>           <C>         <C>         <C>         <C>       <C>
A-1A    110,000,000.00     2.26875%      110,000,000.00    152,510.42     0.00         0.00       0.00       0.00      152,510.42
A-1B     12,225,000.00     2.32875%       12,225,000.00     17,397.70     0.00         0.00       0.00       0.00       17,397.70
 A-2    203,441,000.00     2.27875%      203,441,000.00    283,305.72     0.00         0.00       0.00       0.00      283,305.72
A-3A    180,000,000.00     2.57000%      180,000,000.00    282,700.00     0.00         0.00       0.00       0.00      282,700.00
A-3B     20,000,000.00     2.63000%       20,000,000.00     32,144.44     0.00         0.00       0.00       0.00       32,144.44
 A-4    126,799,000.00     2.58000%      126,799,000.00    199,919.76     0.00         0.00       0.00       0.00      199,919.76
 X-A              0.00     1.31740%      652,465,000.00    716,298.12     0.00         0.00       0.00       0.00      716,298.12
 X-B              0.00     1.21049%       20,891,000.00     21,073.54     0.00         0.00       0.00       0.00       21,073.54
 B-1     14,042,000.00     2.45875%       14,042,000.00     21,099.08     0.00         0.00       0.00       0.00       21,099.08
 B-2      6,849,000.00     0.80875%        6,849,000.00     11,756.02     0.00         0.00       0.00       0.00       11,756.02
 B-3      3,767,000.00     3.09772%        3,767,000.00      9,724.24     0.00         0.00       0.00       0.00        9,724.24
 B-4      3,081,000.00     3.09772%        3,081,000.00      7,953.38     0.00         0.00       0.00       0.00        7,953.38
 B-5      1,711,000.00     3.09772%        1,711,000.00      4,416.83     0.00         0.00       0.00       0.00        4,416.83
 B-6      3,097,055.38     3.09772%        3,097,055.38      7,994.83     0.00         0.00       0.00       0.00        7,994.83
 A-R            100.00     2.99300%              100.00          0.25     0.00         0.00       0.00       0.00           16.28
------  --------------     -------       --------------  ------------     ----         ----       ----       ----    ------------
Totals  685,012,155.38                                   1,768,294.33     0.00         0.00       0.00       0.00    1,768,310.36
------  --------------     -------       --------------  ------------     ----         ----       ----       ----    ------------

<CAPTION>
        Remaining        Ending
          Unpaid       Certificate/
        Interest       Notational
Class   Shortfall        Balance
------  ----------   ---------------
<S>     <C>          <C>
A-1A        0.00     109,150,787.73
A-1B        0.00      12,130,621.64
 A-2        0.00     201,870,412.79
A-3A        0.00     177,471,004.68
A-3B        0.00      19,719,000.52
 A-4        0.00     125,017,477.34
 X-A        0.00     645,359,304.70
 X-B        0.00      20,891,000.00
 B-1        0.00      14,042,000.00
 B-2        0.00       6,849,000.00
 B-3        0.00       3,767,000.00
 B-4        0.00       3,081,000.00
 B-5        0.00       1,711,000.00
 B-6        0.00       3,097,055.38
 A-R        0.00               0.00
------      ----     --------------
Totals      0.00
------      ----     --------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                            Payment of                     Non-
                            Current       Beginning                           Unpaid        Current     Supported
Class     Original Face    Certificate   Certificate/    Current Accrued     Interest      Interest      Interest      Realized
 (5)          Amount          Rate     Notional Balance      Interest        Shortfall     Shortfall    Shortfall      Loss (6)
 ---      -------------    ----------  ----------------  ---------------     ---------     ---------    ---------      --------
<S>       <C>              <C>         <C>               <C>                <C>           <C>           <C>            <C>
A-1A       110,000,000.00    2.26875%    1000.00000000      1.38645836      0.00000000    0.00000000    0.00000000     0.00000000
A-1B        12,225,000.00    2.32875%    1000.00000000      1.42312474      0.00000000    0.00000000    0.00000000     0.00000000
 A-2       203,441,000.00    2.27875%    1000.00000000      1.39256944      0.00000000    0.00000000    0.00000000     0.00000000
A-3A       180,000,000.00    2.57000%    1000.00000000      1.57055556      0.00000000    0.00000000    0.00000000     0.00000000
A-3B        20,000,000.00    2.63000%    1000.00000000      1.60722200      0.00000000    0.00000000    0.00000000     0.00000000
 A-4       126,799,000.00    2.58000%    1000.00000000      1.57666669      0.00000000    0.00000000    0.00000000     0.00000000
 X-A                 0.00    1.31740%    1000.00000000      1.09783378      0.00000000    0.00000000    0.00000000     0.00000000
 X-B                 0.00    1.21049%    1000.00000000      1.00873773      0.00000000    0.00000000    0.00000000     0.00000000
 B-1        14,042,000.00    2.45875%    1000.00000000      1.50256943      0.00000000    0.00000000    0.00000000     0.00000000
 B-2         6,849,000.00    2.80875%    1000.00000000      1.71645788      0.00000000    0.00000000    0.00000000     0.00000000
 B-3         3,767,000.00    3.09772%    1000.00000000      2.58142819      0.00000000    0.00000000    0.00000000     0.00000000
 B-4         3,081,000.00    3.09772%    1000.00000000      2.58142811      0.00000000    0.00000000    0.00000000     0.00000000
 B-5         1,711,000.00    3.09772%    1000.00000000      2.58143191      0.00000000    0.00000000    0.00000000     0.00000000
 B-6         3,097,055.38    3.09772%    1000.00000000      2.58142946      0.00000000    0.00000000    0.00000000     0.00000000
 A-R               100.00    2.99300%    1000.00000000      2.50000000      0.00000000    0.00000000    0.00000000     0.00000000

<CAPTION>
                              Remaining
                               Unpaid
Class       Total Interest    Interest    Ending Certificate/
 (5)         Distribution     Shortfall   Notational Balance
 ---         ------------     ---------   ------------------
<S>          <C>              <C>         <C>
A-1A           1.38645836     0.00000000      992.27988845
A-1B           1.42312474     0.00000000      992.27988875
 A-2           1.39256944     0.00000000      992.27988847
A-3A           1.57055556     0.00000000      985.95002600
A-3B           1.60722200     0.00000000      985.95002600
 A-4           1.57666669     0.00000000      985.95002595
 X-A           1.09783378     0.00000000      989.10946135
 X-B           1.00873773     0.00000000     1000.00000000
 B-1           1.50256943     0.00000000     1000.00000000
 B-2           1.71645788     0.00000000     1000.00000000
 B-3           2.58142819     0.00000000     1000.00000000
 B-4           2.58142811     0.00000000     1000.00000000
 B-5           2.58143191     0.00000000     1000.00000000
 B-6           2.58142946     0.00000000     1000.00000000
 A-R         162.80000000     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                                   9,094,658.59
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                            0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                9,094,658.59

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 220,552.93
         Payment of Interest and Principal                                    8,874,105.66
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  9,094,658.59

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                                           214,844.50
Master Servicing Fee                                            5,708.43
Supported Prepayment/Curtailment Interest Shortfall                 0.00
                                                              ----------
Net Servicing Fee                                             220,552.93
                                                              ==========
</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 Amount                4,500.00            0.00             0.00        4,500.00
Class X-A Pool 2 Comp. Sub Amount                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            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>

<TABLE>
<S>                                        <C>       <C>                                           <C>        <C>               <C>
Current Period Class A Insufficient Funds: 0.00      Principal Balance of Contaminated Properties  0.00       Periodic Advance  0.00
</TABLE>

<TABLE>
<CAPTION>
              Original $         Original%      Current $        Current %      Current Class %      Prepayment %
              ----------         ---------      ---------        ---------      ---------------      ------------
<S>         <C>                 <C>           <C>               <C>             <C>                  <C>
Class A     32,547,055.38       4.75131063%   32,547,055.38     4.80111374%       95.198886%          0.000000%
Class B-1   18,505,055.38       2.70142000%   18,505,055.38     2.72973621%        2.071378%         43.143688%
Class B-2   11,656,055.38       1.70158373%   11,656,055.38     1.71941968%        1.010317%         21.043378%
Class B-3    7,889,055.38       1.15166648%    7,889,055.38     1.16373822%        0.555681%         11.574012%
Class B-4    4,808,055.38       0.70189344%    4,808,055.38     0.70925067%        0.454488%          9.466294%
Class B-5    3,097,055.38       0.45211685%    3,097,055.38     0.45685593%        0.252395%          5.257004%
Class B-6            0.00       0.00000000%            0.00     0.00000000%        0.456856%          9.515624%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                   DELINQUENT
GROUP  ONE

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>              <C>        <C>
0-29 Days          0          0.00
30 Days            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>

              DELINQUENT

GROUP TWO

<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
              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         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>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                    Mixed Arm
<S>                                                                  <C>
Weighted Average Gross Coupon                                              3.484078%
Weighted Average Net Coupon                                                3.107715%
Weighted Average Pass-Through Rate                                         3.097715%
Weighted Average Maturity (Stepdown Calculation)                                340

Beginning Scheduled Collateral Loan Count                                     1,933
Number of Loans Paid in Full                                                      7
Ending Scheduled Collateral Loan Count                                        1,926

Beginning Scheduled Collateral Balance                               685,012,155.38
Ending Scheduled Collateral Balance                                  677,906,360.08
Ending Actual Collateral Balance at 29-Oct-2004                      677,913,261.15

Monthly P&I Constant                                                   1,988,863.04
Special Servicing Fee                                                          0.00
Prepayment Penalties                                                           0.00
Realization Loss Amount                                                        0.00
Cumulative Realized Loss                                                       0.00

Class A Optimal Amount                                                 8,790,071.71

Scheduled Principal                                                            0.00
Unscheduled Principal                                                  7,105,795.30
</TABLE>

MISCELLANEOUS REPORTING
Rapid Prepay Event                             NO

<PAGE>

<TABLE>
<CAPTION>
        GROUP                                        GROUP ONE              GROUP TWO                    TOTAL
<S>                                               <C>                   <C>                         <C>
Collateral Description                                 Mixed ARM        6 Month LIBOR ARM                Mixed ARM
Weighted Average Coupon Rate                            3.378825                 3.588963                 3.484078
Weighted Average Net Rate                               3.002999                 3.212064                 3.107715
Pass-Through Rate                                       2.992999                 3.202064                 3.097715
Weighted Average Maturity                                    336                      343                      340
Record Date                                           10/29/2004               10/29/2004               10/29/2004
Principal and Interest Constant                       962,702.57             1,026,160.47             1,988,863.04
Beginning Loan Count                                         907                    1,026                    1,933
Loans Paid in Full                                             1                        6                        7
Ending Loan Count                                            906                    1,020                    1,926
Beginning Scheduled Balance                       341,906,746.44           343,105,408.94           685,012,155.38
Ending Scheduled Balance                          339,392,468.44           338,513,891.48           677,906,360.08
Scheduled Principal                                         0.00                     0.00                     0.00
Unscheduled Principal                               2,514,277.84             4,591,517.46             7,105,795.30
Scheduled Interest                                    962,702.57             1,026,106.47             1,988,863.04
Servicing Fee                                         107,081.11               107,763.39               214,844.50
Master Servicing Fee                                    2,849.22                 2,859.21                 5,708.43
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                                          852,772.24               915,537.87             1,768,310.11
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>

<TABLE>
<S>                                                              <C>
MISCELLANEOUS REPORTING

Group One
One Month Libor Loan Balance                                     241,252,279.60
Six Month Libor Loan Balance                                      98,140,188.10
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               95.249978%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%

Group Two
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               95.247405%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
</TABLE>