<PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2004-5
                         RECORD DATE: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                       Beginning
                     Class      Certificate Pass-   Certificate      Interest
Class     CUSIP    Description     Through Rate       Balance      Distribution
------  ---------  -----------  -----------------  --------------  ------------
<S>     <C>        <C>          <C>                <C>             <C>
 A-1    81744FBS5      SEN          3.17406%       512,011,162.04  1,354,293.89
 A-2    81744FBT3      SEN          2.17000%       176,438,346.87    319,059.34
 A-3    81744FCF2      SEN          1.86250%        71,195,403.25    110,501.20
 X-1    81744FBU0       IO          0.80000%                 0.00    144,068.29
 X-2    81744FBV8       IO          0.31777%                 0.00     65,576.53
 X-B    81744FBX4       IO          0.61407%                 0.00     11,960.52
 B-1    81744FBZ9      SUB          2.39000%        14,874,000.00     29,624.05
 B-2    81744FCA3      SUB          2.79000%         8,499,000.00     19,760.17
 B-3    81744FCB1      SUB          3.14952%         4,674,000.00     12,267.37
 B-4    81744FCC9      SUB          3.14952%         2,124,000.00      5,574.65
 B-5    81744FCD7      SUB          3.14952%         2,124,000.00      5,574.65
 B-6    81744FCE5      SUB          3.14952%         3,830,447.31     10,053.39
 A-R    81744FBY2      RES          3.02344%                 0.00          0.00
                                                   --------------  ------------
Totals                                             795,770,359.47  2,088,314.05
                                                   --------------  ------------

<CAPTION>
         Principal       Current      Ending Certificate     Total        Cumulative
Class   Distribution   Realized Loss        Balance       Distribution   Realized Loss
------  -------------  -------------  ------------------  -------------  -------------
<S>     <C>            <C>            <C>                 <C>            <C>
 A-1    15,913,369.43      0.00           496,097,792.61  17,267,663.32      0.00
 A-2     2,874,331.14      0.00           173,564,015.73   3,193,390.48      0.00
 A-3     1,159,833.84      0.00            70,035,569.41   1,270,335.04      0.00
 X-1             0.00      0.00                     0.00     144,068.29      0.00
 X-2             0.00      0.00                     0.00      65,576.53      0.00
 X-B             0.00      0.00                     0.00      11,960.52      0.00
 B-1             0.00      0.00            14,874,000.00      29,624.05      0.00
 B-2             0.00      0.00             8,499,000.00      19,760.17      0.00
 B-3             0.00      0.00             4,674,000.00      12,267.37      0.00
 B-4             0.00      0.00             2,124,000.00       5,574.65      0.00
 B-5             0.00      0.00             2,124,000.00       5,574.65      0.00
 B-6             0.00      0.00             3,830,447.31      10,053.39      0.00
 A-R             0.00      0.00                     0.00           0.00      0.00
        -------------      ----           --------------  -------------      ----
Totals  19,947,534.41      0.00           775,822,825.06  22,035,848.46      0.00
        -------------      ----           --------------  -------------      ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning       Scheduled    Unscheduled
         Original Face   Certificate      Principal     Principal               Realized
Class       Amount         Balance      Distribution  Distribution   Accretion   Loss (1)
------  --------------  --------------  ------------  -------------  ---------  ---------
<S>     <C>             <C>             <C>           <C>            <C>        <C>
 A-1    553,000,000.00  512,011,162.04     23,482.72  15,889,886.71    0.00        0.00
 A-2    185,867,000.00  176,438,346.87      2,039.05   2,872,292.09    0.00        0.00
 A-3     75,000,000.00   71,195,403.25        822.79   1,159,011.05    0.00        0.00
 X-1              0.00            0.00          0.00           0.00    0.00        0.00
 X-2              0.00            0.00          0.00           0.00    0.00        0.00
 X-B              0.00            0.00          0.00           0.00    0.00        0.00
 B-1     14,874,000.00   14,874,000.00          0.00           0.00    0.00        0.00
 B-2      8,499,000.00    8,499,000.00          0.00           0.00    0.00        0.00
 B-3      4,674,000.00    4,674,000.00          0.00           0.00    0.00        0.00
 B-4      2,124,000.00    2,124,000.00          0.00           0.00    0.00        0.00
 B-5      2,124,000.00    2,124,000.00          0.00           0.00    0.00        0.00
 B-6      3,830,447.31    3,830,447.31          0.00           0.00    0.00        0.00
 A-R            100.00            0.00          0.00           0.00    0.00        0.00
        --------------  --------------     ---------  -------------    ----        ----
Totals  849,992,547.31  795,770,359.47     26,344.56  19,921,189.85    0.00        0.00
        --------------  --------------     ---------  -------------    ----        ----

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction           Balance           Percentage       Distribution
------  ---------------  ------------------  ------------------  ---------------
<S>     <C>              <C>                 <C>                 <C>
 A-1      15,913,369.43      496,097,792.61          0.89710270    15,913,369.43
 A-2       2,874,331.14      173,564,015.73          0.93380759     2,874,331.14
 A-3       1,159,833.84       70,035,569.41          0.93380759     1,159,833.84
 X-1               0.00                0.00          0.00000000             0.00
 X-2               0.00                0.00          0.00000000             0.00
 X-B               0.00                0.00          0.00000000             0.00
 B-1               0.00       14,874,000.00          1.00000000             0.00
 B-2               0.00        8,499,000.00          1.00000000             0.00
 B-3               0.00        4,674,000.00          1.00000000             0.00
 B-4               0.00        2,124,000.00          1.00000000             0.00
 B-5               0.00        2,124,000.00          1.00000000             0.00
 B-6               0.00        3,830,447.31          1.00000000             0.00
 A-R               0.00                0.00          0.00000000             0.00
          -------------      --------------          ----------    -------------
Totals    19,947,534.41      775,822,825.06          0.91274074    19,947,534.41
          -------------      --------------          ----------    -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled     Unscheduled
        Original Face    Certificate     Principal      Principal               Realized
Class       Amount         Balance      Distribution  Distribution   Accretion   Loss (3)
------  --------------  --------------  ------------  -------------  ---------  ----------
<S>     <C>             <C>             <C>           <C>            <C>        <C>
 A-1    553,000,000.00    925.87913570    0.04246423   28.73397235  0.00000000  0.00000000
 A-2    185,867,000.00    949.27204329    0.01097048   15.45348066  0.00000000  0.00000000
 A-3     75,000,000.00    949.27204333    0.01097053   15.45348067  0.00000000  0.00000000
 X-1              0.00      0.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 X-2              0.00      0.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 X-B              0.00      0.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 B-1     14,874,000.00   1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 B-2      8,499,000.00   1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 B-3      4,674,000.00   1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 B-4      2,124,000.00   1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 B-5      2,124,000.00   1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 B-6      3,830,447.31   1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 A-R            100.00      0.00000000    0.00000000    0.00000000  0.00000000  0.00000000

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction           Balance            Percentage       Distribution
------  ---------------  ------------------  ------------------  ---------------
<S>     <C>              <C>                 <C>                 <C>
 A-1        28.77643658        897.10269911          0.89710270      28.77643658
 A-2        15.46445114        933.80759215          0.93380759      15.46445114
 A-3        15.46445120        933.80759213          0.93380759      15.46445120
 X-1         0.00000000          0.00000000          0.00000000       0.00000000
 X-2         0.00000000          0.00000000          0.00000000       0.00000000
 X-B         0.00000000          0.00000000          0.00000000       0.00000000
 B-1         0.00000000       1000.00000000          1.00000000       0.00000000
 B-2         0.00000000       1000.00000000          1.00000000       0.00000000
 B-3         0.00000000       1000.00000000          1.00000000       0.00000000
 B-4         0.00000000       1000.00000000          1.00000000       0.00000000
 B-5         0.00000000       1000.00000000          1.00000000       0.00000000
 B-6         0.00000000       1000.00000000          1.00000000       0.00000000
 A-R         0.00000000          0.00000000          0.00000000       0.00000000
</TABLE>

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

<PAGE>

                        INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                             Beginning                  Payment of
                                           Certificate/     Current       Unpaid
        Original Face       Current          Notional       Accrued      Interest
 Class     Amount       Certificate Rate     Balance        Interest    Shortfall
------  --------------  ----------------  --------------  ------------  ----------
<S>     <C>             <C>               <C>             <C>           <C>
  A-1   553,000,000.00      3.17406%      512,011,162.04  1,354,293.89     0.00
  A-2   185,867,000.00      2.17000%      176,438,346.87    319,059.34     0.00
  A-3    75,000,000.00      1.86250%       71,195,403.25    110,501.20     0.00
  X-1             0.00      0.80000%      216,102,432.59    144,068.29     0.00
  X-2             0.00      0.31777%      247,633,750.12     65,576.53     0.00
  X-B             0.00      0.61407%       23,373,000.00     11,960.52     0.00
  B-1    14,874,000.00      2.39000%       14,874,000.00     29,624.05     0.00
  B-2     8,499,000.00      2.79000%        8,499,000.00     19,760.17     0.00
  B-3     4,674,000.00      3.14952%        4,674,000.00     12,267.37     0.00
  B-4     2,124,000.00      3.14952%        2,124,000.00      5,574.65     0.00
  B-5     2,124,000.00      3.14952%        2,124,000.00      5,574.65     0.00
  B-6     3,830,447.31      3.14952%        3,830,447.31     10,053.39     0.00
  A-R           100.00      3.02344%                0.00          0.00     0.00
        --------------                                    ------------     ----
Totals  849,992,547.31                                    2,088,314.05     0.00
        --------------                                    ------------     ----

<CAPTION>
                     Non-                               Remaining       Ending
         Current   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      1,354,293.89     0.00     496,097,792.61
  A-2     0.00        0.00      0.00        319,059.34     0.00     173,564,015.73
  A-3     0.00        0.00      0.00        110,501.20     0.00      70,035,569.41
  X-1     0.00        0.00      0.00        144,068.29     0.00     208,073,936.97
  X-2     0.00        0.00      0.00         65,576.53     0.00     243,599,585.14
  X-B     0.00        0.00      0.00         11,960.52     0.00      23,373,000.00
  B-1     0.00        0.00      0.00         29,624.05     0.00      14,874,000.00
  B-2     0.00        0.00      0.00         19,760.17     0.00       8,499,000.00
  B-3     0.00        0.00      0.00         12,267.37     0.00       4,674,000.00
  B-4     0.00        0.00      0.00          5,574.65     0.00       2,124,000.00
  B-5     0.00        0.00      0.00          5,574.65     0.00       2,124,000.00
  B-6     0.00        0.00      0.00         10,053.39     0.00       3,830,447.31
  A-R     0.00        0.00      0.00              0.00     0.00               0.00
          ----        ----      ----      ------------     ----
Totals    0.00        0.00      0.00      2,088,314.05     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
Class   Original Face   Certificate     Certificate/   Current Accrued   Interest
 (5)       Amount          Rate      Notional Balance     Interest       Shortfall
------  --------------  -----------  ----------------  ---------------  ----------
<S>     <C>             <C>          <C>               <C>              <C>
 A-1    553,000,000.00     3.17406%      925.87913570       2.44899438  0.00000000
 A-2    185,867,000.00     2.17000%      949.27204329       1.71660026  0.00000000
 A-3     75,000,000.00     1.86250%      949.27204333       1.47334933  0.00000000
 X-1              0.00     0.80000%      828.40080420       0.55226721  0.00000000
 X-2              0.00     0.31777%      949.27204330       0.25137917  0.00000000
 X-B              0.00     0.61407%     1000.00000000       0.51172378  0.00000000
 B-1     14,874,000.00     2.39000%     1000.00000000       1.99166667  0.00000000
 B-2      8,499,000.00     2.79000%     1000.00000000       2.32499941  0.00000000
 B-3      4,674,000.00     3.14952%     1000.00000000       2.62459777  0.00000000
 B-4      2,124,000.00     3.14952%     1000.00000000       2.62459981  0.00000000
 B-5      2,124,000.00     3.14952%     1000.00000000       2.62459981  0.00000000
 B-6      3,830,447.31     3.14952%     1000.00000000       2.62459948  0.00000000
 A-R            100.00     3.02344%        0.00000000       0.00000000  0.00000000

<CAPTION>
                        Non-                                  Remaining
          Current    Supported                                 Unpaid
Class    Interest    Interest     Realized   Total Interest   Interest   Ending Certificate/
 (5)     Shortfall   Shortfall    Loss (6)    Distribution    Shortfall   Notational Balance
------  ----------  -----------  ----------  --------------  ----------  -------------------
<S>     <C>         <C>          <C>         <C>             <C>         <C>
 A-1    0.00000000   0.00000000  0.00000000      2.44899438  0.00000000         897.10269911
 A-2    0.00000000   0.00000000  0.00000000      1.71660026  0.00000000         933.80759215
 A-3    0.00000000   0.00000000  0.00000000      1.47334933  0.00000000         933.80759213
 X-1    0.00000000   0.00000000  0.00000000      0.55226721  0.00000000         797.62460169
 X-2    0.00000000   0.00000000  0.00000000      0.25137917  0.00000000         933.80759214
 X-B    0.00000000   0.00000000  0.00000000      0.51172378  0.00000000        1000.00000000
 B-1    0.00000000   0.00000000  0.00000000      1.99166667  0.00000000        1000.00000000
 B-2    0.00000000   0.00000000  0.00000000      2.32499941  0.00000000        1000.00000000
 B-3    0.00000000   0.00000000  0.00000000      2.62459777  0.00000000        1000.00000000
 B-4    0.00000000   0.00000000  0.00000000      2.62459981  0.00000000        1000.00000000
 B-5    0.00000000   0.00000000  0.00000000      2.62459981  0.00000000        1000.00000000
 B-6    0.00000000   0.00000000  0.00000000      2.62459948  0.00000000        1000.00000000
 A-R    0.00000000   0.00000000  0.00000000      0.00000000  0.00000000           0.00000000
</TABLE>

(5) Per $1 denomination

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

                      CERTIFICATEHOLDER ACCOUNT STATEMENT

                              CERTIFICATE ACCOUNT

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

Deposits
              Payments of Interest and Principal                              22,296,633.62
              Liquidations, Insurance Proceeds, Reserve Funds                          0.00
              Proceeds from Repurchased Loans                                          0.00
              Other Amounts (Servicer Advances)                                   19,622.82
              Realized Losses (Gains, Subsequent Expenses & Recoveries)                0.00
              Prepayment Penalties                                                     0.00
                                                                              -------------
Total Deposits                                                                22,316,256.44

Withdrawals

              Reimbursement for Servicer Advances                                 25,515.92
              Payment of Service Fee                                             254,892.06
              Payment of Interest and Principal                               22,035,848.46
                                                                              -------------
Total Withdrawals (Pool Distribution Amount)                                  22,316,256.44

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                                        248,879.82
Master Servicing Fee                                         1,038.67
PMI                                                          4,973.57
Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                           ----------

Net Servicing Fee                                          254,892.06
                                                           ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
             No. of      Principal
             Loans        Balance
<S>          <C>       <C>
0-29 Days       0              0.00
30 Days        20      6,584,111.80
60 Days         1        243,699.99
90 Days         0              0.00
120 Days        0              0.00
150 Days        0              0.00
180+ Days       0              0.00
               --      ------------
               21      6,827,811.79
</TABLE>

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>         <C>         <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.876040%     0.848660%
60 Days     0.043802%     0.031412%
90 Days     0.000000%     0.000000%
120 Days    0.000000%     0.000000%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            0.919842%     0.880072%
</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        20     6,584,111.80
60 Days         1       243,699.99
90 Days         0             0.00
120 Days        0             0.00
150 Days        0             0.00
180+ Days       0             0.00
               --     ------------
               21     6,827,811.79
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
0-29 Days  0.000000%     0.000000%
30 Days    0.876040%     0.848660%
60 Days    0.043802%     0.031412%
90 Days    0.000000%     0.000000%
120 Days   0.000000%     0.000000%
150 Days   0.000000%     0.000000%
180+ Days  0.000000%     0.000000%
           --------      --------
           0.919842%     0.880072%
</TABLE>

<TABLE>
<S>                                                                     <C>
Current Period Class A Insufficient Funds:                              0.00
</TABLE>

<TABLE>
<S>                                                                     <C>
Principal Balance of Contaminated Properties                            0.00
</TABLE>

<TABLE>
<S>                                                                <C>
Periodic Advance                                                   19,622.82
</TABLE>

<TABLE>
<CAPTION>
            Original $       Original%      Current $        Current %    Current Class %  Prepayment %
            ----------       ---------      ---------        ---------    ---------------  ------------
<S>        <C>              <C>           <C>               <C>             <C>              <C>
Class A    36,125,447.31    4.25008989%   36,125,447.31     4.65640429%     95.343596%       0.000000%
Class X-1  36,125,447.31    4.25008989%   36,125,447.31     4.65640429%      0.000000%       0.000000%
Class X-2  36,125,447.31    4.25008989%   36,125,447.31     4.65640429%      0.000000%       0.000000%
Class B-1  21,251,447.31    2.50019219%   21,251,447.31     2.73921398%      1.917190%      41.173193%
Class B-2  12,752,447.31    1.50030107%   12,752,447.31     1.64373191%      1.095482%      23.526352%
Class B-3   8,078,447.31    0.95041390%    8,078,447.31     1.04127477%      0.602457%      12.938248%
Class B-4   5,954,447.31    0.70052936%    5,954,447.31     0.76750092%      0.273774%       5.879512%
Class B-5   3,830,447.31    0.45064481%    3,830,447.31     0.49372707%      0.273774%       5.879512%
Class B-6           0.00    0.00000000%            0.00     0.00000000%      0.493727%      10.603183%
</TABLE>

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

<PAGE>

                          DELINQUENCY STATUS BY GROUP

                                   DELINQUENT
GROUP ONE

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>          <C>       <C>
0-29 Days      0               0.00
30 Days       15       4,874,272.46
60 Days        1         243,699.99
90 Days        0               0.00
120 Days       0               0.00
150 Days       0               0.00
180+ Days      0               0.00
               --      ------------
              16       5,117,972.45
</TABLE>

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>         <C>         <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.943990%     0.936201%
60 Days     0.062933%     0.046807%
90 Days     0.000000%     0.000000%
120 Days    0.000000%     0.000000%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            1.006923%     0.983008%
</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        15     4,874,272.46
60 Days        1        243,699.99
90 Days        0              0.00
120 Days       0              0.00
150 Days       0              0.00
180+ Days      0              0.00
               --     ------------
               16     5,117,972.45
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>          <C>       <C>
0-29 Days  0.000000%     0.000000%
30 Days    0.943990%     0.936201%
60 Days    0.062933%     0.046807%
90 Days    0.000000%     0.000000%
120 Days   0.000000%     0.000000%
150 Days   0.000000%     0.000000%
180+ Days  0.000000%     0.000000%
           --------      --------
           1.006923%     0.983008%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>          <C>       <C>
0-29 Days      0               0.00
30 Days        5       1,709,839.34
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
               -       ------------
               5       1,709,839.34
</TABLE>

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>         <C>         <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.720461%     0.670052%
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%
            --------      --------
            0.720461%     0.670052%
</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        5      1,709,839.34
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
               -      ------------
               5      1,709,839.34
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
0-29 Days  0.000000%     0.000000%
30 Days    0.720461%     0.670052%
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%
           --------      --------
           0.720461%     0.670052%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                          <C>
Collateral Description                                          Mixed Arm

Weighted Average Gross Coupon                                     3.533491%
Weighted Average Net Coupon                                       3.158187%
Weighted Average Pass-Through Rate                                3.149121%
Weighted Average Maturity (Stepdown Calculation)                        337

Beginning Scheduled Collateral Loan Count                             2,323
Number of Loans Paid in Full                                             40
Ending Scheduled Collateral Loan Count                                2,283

Beginning Scheduled Collateral Balance                       795,770,359.47
Ending Scheduled Collateral Balance                          775,822,825.06
Ending Actual Collateral Balance at 29-Oct-2004              775,824,005.42

Monthly P&I Constant                                           2,369,550.66
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realization Loss Amount                                                0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                        21,941,033.66

Ending Scheduled Balance for Premium Loans                   775,822,825.06

Scheduled Principal                                               26,344.56
Unscheduled Principal                                         19,921,189.85
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                          GROUP ONE            GROUP TWO             TOTAL
<S>                                  <C>                    <C>                <C>
Collateral Description               6 Month LIBOR ARM           Mixed ARM          Mixed ARM
Weighted Average Coupon Rate                  3.558477            3.481771           3.533491
Weighted Average Net Rate                     3.183026            3.106771           3.158187
Pass-Through Rate                             3.174057            3.097504           3.149121
Weighted Average Maturity                          339                 332                337
Record Date                                 10/29/2004          10/29/2004         10/29/2004
Principal and Interest Constant           1,614,587.03          754,963.63       2,369,550.66
Beginning Loan Count                             1,621                 702              2,323
Loans Paid in Full                                  32                   8                 40
Ending Loan Count                                1,589                 694              2,283
Beginning Scheduled Balance             536,556,832.79      259,213,526.68     795,770,359.47
Ending Scheduled Balance                520,643,463.36      255,179,361.70     775,822,825.06
Scheduled Principal                          23,482.72            2,861.84          26,344.56
Unscheduled Principal                    15,889,886.71        4,031,303.14      19,921,189.85
Scheduled Interest                        1,591,104.31          752,101.79       2,343,206.10
Servicing Fee                               167,875.59           81,004.23         248,879.82
Master Servicing Fee                          3,353.49            1,620.08           4,973.57
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                                       656.88              381.79           1,038.67
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                              1,419,218.35          669,095.69       2,088,314.04
Realized Loss Amount                              0.00                0.00               0.00
Cumulative Realized Loss                          0.00                0.00               0.00
Percentage of Cumulative Losses                   0.00                0.00               0.00
Prepayment Penalties                              0.00                0.00               0.00
Special Servicing Fee                             0.00                0.00               0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                              <C>
Group One
Six-Month Libor Loan Balance                     520,643,463.36
Interest Transfer Amount                                   0.00
Principal Transfer Amount                                  0.00
Prorata Senior Percentage                            95.425336%
Senior Percentage                                   100.000000%
Senior Prepayment Percentage                        100.000000%
Subordinate Percentage                                0.000000%
Subordinate Prepayment Percentage                     0.000000%

Group Two
One-Month Libor Loan Balance                     142,433,120.26
Six-Month Libor Loan Balance                     112,746,241.44
Interest Transfer Amount                                   0.00
Principal Transfer Amount                                  0.00
Prorata Senior Percentage                            95.532727%
Senior Percentage                                   100.000000%
Senior Prepayment Percentage                        100.000000%
Subordinate Percentage                                0.000000%
Subordinate Prepayment Percentage                     0.000000%
</TABLE>