<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 2004-8
                          RECORD DATE: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate
                     Class   Pass-Through      Beginning        Interest
Class    CUSIP   Description     Rate     Certificate Balance  Distribution
-----  --------- ----------- ------------ ------------------- -------------
<S>    <C>       <C>         <C>          <C>                 <C>
 A-1   81744FDJ3     SEN       2.26000%      353,986.674.62     666,674.90
 A-2   81744FDK0     SEN       2.35000%      411,059,775.91     804,992.06
 X-A   81744FDL8      IO       0.71574%                0.00     456,313.31
 X-B   81744FDM6      IO       0.46705%                0.00       9,574.59
 B-1   81744FDP9     SUB       2.43000%       16,400,000.00      33,210.00
 B-2   81744FDQ7     SUB       2.81000%        8,200,000.00      19,201.67
 B-3   81744FDR5     SUB       3.02372%        4,100,000.00      10,331.04
 B-4   81744FDS3     SUB       3.02372%        2,460,000.00       6,198.63
 B-5   81744FDT1     SUB       3.02372%        2,050,000.00       5,165.52
 B-6   81744FDU8     SUB       3.02372%        3,690,645.34       9,299.56
 A-R   81744FDN4     SEN       2.97736%                0.00           1.09
                                             --------------   ------------
Totals                                       801,947,095.87   2,020,962.37

<CAPTION>
         Principal     Current    Ending Certificate    Total      Cumulative
Class  Distribution Realized Loss       Balance      Distribution Realized Loss
-----  ------------ ------------- ------------------ ------------ -------------
<S>    <C>          <C>           <C>                <C>          <C>
 A-1   1,531,769.04     0.00        352,454,905.58   2,198,443.94     0.00
 A-2   4,307,279.48     0.00        406,752,496.43   5,112,271.54     0.00
 X-A           0.00     0.00                  0.00     456,313.31     0.00
 X-B           0.00     0.00                  0.00       9,574.59     0.00
 B-1           0.00     0.00         16,400,000.00      33,210.00     0.00
 B-2           0.00     0.00          8,200,000.00      19,201.67     0.00
 B-3           0.00     0.00          4,100,000.00      10,331.04     0.00
 B-4           0.00     0.00          2,460,000.00       6,198.63     0.00
 B-5           0.00     0.00          2,050,000.00       5,165.52     0.00
 B-6           0.00     0.00          3,690,645.34       9,299.56     0.00
 A-R           0.00     0.00                  0.00           1.09     0.00
       ------------     ----        --------------   ------------     ----
Totals 5,839,048.52     0.00        796,108,047.35   7,860,010.89     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    365,049,000.00  353,986,674.62      0.00    1,531,769.04        0.00         0.00
 A-2    418,050,000.00  411,059,775.91    223.95    4,307,055.53        0.00         0.00
 X-A              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     16,400,000.00   16,400,000.00      0.00            0.00        0.00         0.00
 B-2      8,200,000.00    8,200,000.00      0.00            0.00        0.00         0.00
 B-3      4,100,000.00    4,100,000.00      0.00            0.00        0.00         0.00
 B-4      2,460,000.00    2,460,000.00      0.00            0.00        0.00         0.00
 B-5      2,050,000.00    2,050,000.00      0.00            0.00        0.00         0.00
 B-6      3,690,645.34    3,690,645.34      0.00            0.00        0.00         0.00
 A-R            100.00            0.00      0.00            0.00        0.00         0.00
        --------------  --------------    ------    ------------        ----         ----
Totals  819,999,745.34  801,947,095.87    223.95    5,838,824.57        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    1,531,769.04      352,454,905.58          0.96550026       1,531,769.04
 A-2    4,307,279.48      406,752,496.43          0.97297571       4,307,279.48
 X-A            0.00                0.00          0.00000000               0.00
 X-B            0.00                0.00          0.00000000               0.00
 B-1            0.00       16,400,000.00          1.00000000               0.00
 B-2            0.00        8,200,000.00          1.00000000               0.00
 B-3            0.00        4,100,000.00          1.00000000               0.00
 B-4            0.00        2,460,000.00          1.00000000               0.00
 B-5            0.00        2,050,000.00          1.00000000               0.00
 B-6            0.00        3,690,645.34          1.00000000               0.00
 A-R            0.00                0.00          0.00000000               0.00
        ------------      --------------          ----------       ------------
Totals  5,839,048.52      796,108,047.35          0.97086377       5,839,048.52
</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       365,049,000.00      969.69632740    0.00000000       4.19606420    0.00000000     0.00000000
 A-2       418,050,000.00      983.27897598    0.00053570      10.30272821    0.00000000     0.00000000
 X-A                 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        16,400,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-2         8,200,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-3         4,100,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-4         2,460,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-5         2,050,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-6         3,690,645.34     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          4.19606420        965.50026320          0.96550026         4.19606420
 A-2         10.30326392        972.97571207          0.97297571        10.30326392
 X-A          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                     Non-
                                                Certificate/       Current        Unpaid       Current      Supported
              Original Face         Current        Notional        Accrued       Interest      Interest     Interest     Realized
Class            Amount        Certificate Rate    Balance         Interest      Shortfall     Shortfall    Shortfall    Loss (4)
-----        --------------    ---------------- --------------   ------------   ----------     ---------    ---------    --------
<S>          <C>               <C>              <C>              <C>            <C>            <C>          <C>          <C>
 A-1         365,049,000.00         2.26000%    353,986,674.62     666,674.90      0.00          0.00         0.00         0.00
 A-2         418,050,000.00         2.35000%    411,059,775.91     804,992.06      0.00          0.00         0.00         0.00
 X-A                   0.00         0.71574%    765,046,450.53     456,313.31      0.00          0.00         0.00         0.00
 X-B                   0.00         0.46705%     24,600,000.00       9,574.59      0.00          0.00         0.00         0.00
 B-1          16,400,000.00         2.43000%     16,400,000.00      33,210.00      0.00          0.00         0.00         0.00
 B-2           8,200,000.00         2.81000%      8,200,000.00      19,201.67      0.00          0.00         0.00         0.00
 B-3           4,100,000.00         3.02372%      4,100,000.00      10,331.04      0.00          0.00         0.00         0.00
 B-4           2,460,000.00         3.02372%      2,460,000.00       6,198.63      0.00          0.00         0.00         0.00
 B-5           2,050,000.00         3.02372%      2,050,000.00       5,165.52      0.00          0.00         0.00         0.00
 B-6           3,690,645.34         3.02372%      3,690,645.34       9,299.56      0.00          0.00         0.00         0.00
 A-R                 100.00         2.97736%              0.00           0.00      0.00          0.00         0.00         0.00
             --------------                                      ------------      ----          ----         ----         ----
Totals       819,999,745.34                                      2,020,961.28      0.00          0.00         0.00         0.00

<CAPTION>
                             Remaining       Ending
                              Unpaid       Certificate/
         Total Interest      Interest      Notational
Class     Distribution       Shortfall       Balance
-----    --------------      ---------   --------------
<S>      <C>                 <C>         <C>
 A-1        665,674.90          0.00     352,454,905.58
 A-2        804,992.06          0.00     406,752,496.43
 X-A        456,313.31          0.00     759,207,402.01
 X-B          9,574.59          0.00      24,600,000.00
 B-1         33,210.00          0.00      16,400,000.00
 B-2         19,201.67          0.00       8,200,000.00
 B-3         10,331.04          0.00       4,100,000.00
 B-4          6,198.63          0.00       2,460,000.00
 B-5          5,165.52          0.00       2,050,000.00
 B-6          9,299.56          0.00       3,690,645.34
 A-R              1.09          0.00               0.00
          ------------          ----
Totals    2,020,962.37          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-1         365,049,000.00    2.26000%      969.69632740        1.82626141     0.00000000   0.00000000    0.00000000     0.00000000
 A-2         418,050,000.00    2.35000%      983.27897598        1.92558799     0.00000000   0.00000000    0.00000000     0.00000000
 X-A                   0.00    0.71574%      976.94729597        0.58270194     0.00000000   0.00000000    0.00000000     0.00000000
 X-B                   0.00    0.46705%     1000.00000000        0.38921098     0.00000000   0.00000000    0.00000000     0.00000000
 B-1          16,400,000.00    2.43000%     1000.00000000        2.02500000     0.00000000   0.00000000    0.00000000     0.00000000
 B-2           8,200,000.00    2.81000%     1000.00000000        2.34166707     0.00000000   0.00000000    0.00000000     0.00000000
 B-3           4,100,000.00    3.02372%     1000.00000000        2.51976585     0.00000000   0.00000000    0.00000000     0.00000000
 B-4           2,460,000.00    3.02372%     1000.00000000        2.51976829     0.00000000   0.00000000    0.00000000     0.00000000
 B-5           2,050,000.00    3.02372%     1000.00000000        2.51976585     0.00000000   0.00000000    0.00000000     0.00000000
 B-6           3,690,645.34    3.02372%     1000.00000000        2.51976528     0.00000000   0.00000000    0.00000000     0.00000000
 A-R                 100.00    2.97736%        0.00000000        0.00000000     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-1           1.82626141     0.00000000         965.50026320
 A-2           1.92558799     0.00000000         972.97571207
 X-A           0.58270194     0.00000000         969.49096093
 X-B           0.38921098     0.00000000        1000.00000000
 B-1           2.02500000     0.00000000        1000.00000000
 B-2           2.34166707     0.00000000        1000.00000000
 B-3           2.51976585     0.00000000        1000.00000000
 B-4           2.51976829     0.00000000        1000.00000000
 B-5           2.51976585     0.00000000        1000.00000000
 B-6           2.51976528     0.00000000        1000.00000000
 A-R          10.90000000     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                                   7,978,390.38
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                      139,719.78
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                8,118,110.16

Withdrawals
         Reimbursement for Servicer Advances                                      1,581.18
         Payment of Service Fee                                                 256,518.19
         Payment of Interest and Principal                                    7,860,010.89
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  8,118,110.16

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                                                    251,506.02
Master Servicing Fee                                                     5,012.17
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      256,518.19
                                                                       ==========
</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

<TABLE>
<CAPTION>
            DELINQUENT                            BANKRUPTCY                         FORECLOSURE
------------------------------------  --------------------------------   ---------------------------------
            No. of       Principal                 No. of    Principal                 No. of    Principal
             Loans        Balance                  Loans      Balance                  Loans      Balance
<S>        <C>         <C>            <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days      0                0.00  0-29 Days      0          0.00     0-29 Days       0          0.00
30 Days      160       50,271,819.51  30 Days        0          0.00     30 Days         0          0.00
60 Days        3        2,821,615.50  60 Days        0          0.00     60 Days         0          0.00
90 Days        1          406,000.00  90 Days        0          0.00     90 Days         0          0.00
120 Days       0                0.00  120 Days       0          0.00     120 Days        0          0.00
150 Days       0                0.00  150 Days       0          0.00     150 Days        0          0.00
180+ Days      0                0.00  180+ Days      0          0.00     180+ Days       0          0.00
             ---       -------------                --          ----                    --          ----
             164       53,499,435.01                 0          0.00                     0          0.00

            No. of       Principal                 No. of    Principal                No. of     Principal
             Loans        Balance                  Loans      Balance                  Loans      Balance

0-29 Days  0.000000%     0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days    7.095344%     6.314666%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days    0.133038%     0.354424%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days    0.044346%     0.050998%    90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days   0.000000%     0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days   0.000000%     0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days  0.000000%     0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
           --------      --------                --------    --------                --------    --------
           7.272727%     6.720089%               0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
                 REO                                  TOTAL
----------------------------------   -------------------------------------
              No. of     Principal                 No. of      Principal
              Loans       Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days        0          0.00     0-29 Days       0                0.00
30 Days          0          0.00     30 Days       160       50,271,819.51
60 Days          0          0.00     60 Days         3        2,821,615.50
90 Days          0          0.00     90 Days         1          406,000.00
120 Days         0          0.00     120 Days        0                0.00
150 Days         0          0.00     150 Days        0                0.00
180+ Days        0          0.00     180+ Days       0                0.00
                --          ----                   ---       -------------
                 0          0.00                   164       53,499,435.01

              No. of     Principal                No. of       Principal
               Loans      Balance                  Loans        Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%     0.000000%
30 Days      0.000000%   0.000000%   30 Days     7.095344%     6.314666%
60 Days      0.000000%   0.000000%   60 Days     0.133038%     0.354424%
90 Days      0.000000%   0.000000%   90 Days     0.044346%     0.050998%
120 Days     0.000000%   0.000000%   120 Days    0.000000%     0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%     0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%     0.000000%
             --------    --------                --------      --------
             0.000000%   0.000000%               7.272727%     6.720089%
</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  139,719.78
</TABLE>

<TABLE>
<CAPTION>
            Original $      Original%     Current $      Current %   Current Class %  Prepayment %
           -------------   -----------  -------------   -----------  ---------------  ------------
<S>        <C>             <C>          <C>             <C>          <C>              <C>
Class A    36,900,645.34   4.50008061%  36,900,645.34   4.63513030%     95.364870%      0.000000%
Class B-1  20,500,645.34   2.50007976%  20,500,645.34   2.57510842%      2.060022%     44.443667%
Class B-2  12,300,645.34   1.50007934%  12,300,645.34   1.54509748%      1.030011%     22.221834%
Class B-3   8,200,645.34   1.00007912%   8,200,645.34   1.03009200%      0.515005%     11.110917%
Class B-4   5,740,645.34   0.70007900%   5,740,645.34   0.72108872%      0.309003%      6.666550%
Class B-5   3,690,645.34   0.45007889%   3,690,645.34   0.46358599%      0.257503%      5.555458%
Class B-6           0.00   0.00000000%           0.00   0.00000000%      0.463586%     10.001574%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                         BANKRUPTCY                         FORECLOSURE
-----------------------------------  --------------------------------   ---------------------------------
POOL ONE

             No. of     Principal                 No. of    Principal                 No. of    Principal
             Loans       Balance                  Loans      Balance                  Loans      Balance
<S>        <C>        <C>            <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days      0               0.00  0-29 Days      0          0.00     0-29 Days       0          0.00
30 Days       75      26,186,826.56  30 Days        0          0.00     30 Days         0          0.00
60 Days        1         786,915.51  60 Days        0          0.00     60 Days         0          0.00
90 Days        0               0.00  90 Days        0          0.00     90 Days         0          0.00
120 Days       0               0.00  120 Days       0          0.00     120 Days        0          0.00
150 Days       0               0.00  150 Days       0          0.00     150 Days        0          0.00
180+ Days      0               0.00  180+ Days      0          0.00     180+ Days       0          0.00
              --      -------------                --          ----                    --          ----
              76      26,973,742.07                 0          0.00                     0          0.00

             No. of     Principal                 No. of    Principal                 No. of    Principal
             Loans       Balance                  Loans      Balance                  Loans      Balance

0-29 Days  0.000000%    0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days    7.338522%    7.084091%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days    0.097847%    0.212877%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days    0.000000%    0.000000%    90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days   0.000000%    0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days   0.000000%    0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days  0.000000%    0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
           --------     --------                --------    --------                --------    --------
           7.436399%    7.296989%               0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                 REO                                  TOTAL
----------------------------------   -------------------------------------
              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days        0          0.00     0-29 Days       0                0.00
30 Days          0          0.00     30 Days        75       26,186,826.56
60 Days          0          0.00     60 Days         1          786,915.51
90 Days          0          0.00     90 Days         0                0.00
120 Days         0          0.00     120 Days        0                0.00
150 Days         0          0.00     150 Days        0                0.00
180+ Days        0          0.00     180+ Days       0                0.00
                --          ----                    --       -------------
                 0          0.00                    76       26,973,742.07

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%     0.000000%
30 Days      0.000000%   0.000000%   30 Days     7.338522%     7.084091%
60 Days      0.000000%   0.000000%   60 Days     0.097847%     0.212877%
90 Days      0.000000%   0.000000%   90 Days     0.000000%     0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%     0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%     0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%     0.000000%
             --------    --------                --------      --------
             0.000000%   0.000000%               7.436399%     7.296989%

<CAPTION>
              DELINQUENT                          BANKRUPTCY                         FORECLOSURE
-----------------------------------  --------------------------------   ---------------------------------
POOL TWO                                        1.183654%

            No. of      Principal                 No. of    Principal                 No. of    Principal
             Loans       Balance                  Loans      Balance                  Loans      Balance
<S>        <C>        <C>            <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days      0               0.00  0-29 Days      0          0.00     0-29 Days       0          0.00
30 Days       85      24,084,992.95  30 Days        0          0.00     30 Days         0          0.00
60 Days        2       2,034,699.99  60 Days        0          0.00     60 Days         0          0.00
90 Days        1         406,000.00  90 Days        0          0.00     90 Days         0          0.00
120 Days       0               0.00  120 Days       0          0.00     120 Days        0          0.00
150 Days       0               0.00  150 Days       0          0.00     150 Days        0          0.00
180+ Days      0               0.00  180+ Days      0          0.00     180+ Days       0          0.00
              --      -------------                --          ----                    --          ----
              88      26,525,692.94                 0          0.00                     0          0.00

            No. of      Principal                 No. of    Principal                 No. of    Principal
             Loans       Balance                  Loans      Balance                  Loans      Balance

0-29 Days  0.000000%    0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days    6.893755%    5.647719%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days    1.062206%    0.477119%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days    0.081103%    0.095203%    90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days   0.000000%    0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days   0.000000%    0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days  0.000000%    0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
           --------     --------                --------    --------                --------    --------
           7.137064%    6.220042%               0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                 REO                                  TOTAL
----------------------------------   -------------------------------------
              No. of     Principal                 No. of      Principal
              Loans       Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days        0          0.00     0-29 Days       0                0.00
30 Days          0          0.00     30 Days        85       24,084,992.95
60 Days          0          0.00     60 Days         2        2,034,699.99
90 Days          0          0.00     90 Days         1          406,000.00
120 Days         0          0.00     120 Days        0                0.00
150 Days         0          0.00     150 Days        0                0.00
180+ Days        0          0.00     180+ Days       0                0.00
                --          ----                    --       -------------
                 0          0.00                    88       26,525,692.94

              No. of     Principal                 No. of      Principal
              Loans       Balance                  Loans        Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%     0.000000%
30 Days      0.000000%   0.000000%   30 Days     6.893755%     5.647719%
60 Days      0.000000%   0.000000%   60 Days     1.062206%     0.477119%
90 Days      0.000000%   0.000000%   90 Days     0.081103%     0.095203%
120 Days     0.000000%   0.000000%   120 Days    0.000000%     0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%     0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%     0.000000%
             --------    --------                --------      --------
             0.000000%   0.000000%               7.137064%     6.220042%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                              Mixed Arm
<S>                                                                              <C>
Weighted Average Gross Coupon                                                          3.407925%
Weighted Average Net Coupon                                                            3.031582%
Weighted Average Pass-Through Rate                                                     3.024082%
Weighted Average Maturity (Stepdown Calculation)                                            339

Beginning Scheduled Collateral Loan Count                                                 2,264
Number of Loans Paid in Full                                                                  9
Ending Scheduled Collateral Loan Count                                                    2,255

Beginning Scheduled Collateral Balance                                           801,947,095.87
Ending Scheduled Collateral Balance                                              796,108,047.35
Ending Actual Collateral Balance at 29-Oct-2004                                  796,112,041.71

Monthly P&I Constant                                                               2,277,703.88
Special Servicing Fee                                                                      0.00
Prepayment Penalties                                                                       0.00
Realization Loss Amount                                                                    0.00
Cumulative Realized Loss                                                                   0.00

Class A Optimal Amount                                                             7,767,028.80

Scheduled Principal                                                                      223.95
Unscheduled Principal                                                              5,838,824.57
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepay Condition?                   NO

<PAGE>

<TABLE>
<CAPTION>
           GROUP                                      POOL 1                 POOL 2                     TOTAL
           -----                                      ------                 ------                     -----
<S>                                               <C>                   <C>                          <C>
Collateral Description                                 Mixed ARM        1 Month LIBOR ARM                Mixed ARM
Weighted Average Coupon Rate                            3.349512                 3.458260                 3.407925
Weighted Average Net Rate                               2.972669                 3.082349                 3.031582
Pass-Through Rate                                       2.965169                 3.074849                 3.024082
Weighted Average Maturity                                    337                      341                      339
Record Date                                           10/29/2004               10/29/2004               10/29/2004
Principal and Interest Constant                     1,036,083.11             1,241,620.77             2,277,703.88
Beginning Loan Count                                       1,024                    1,240                    2,264
Loans Paid in Full                                             2                        7                        9
Ending Loan Count                                          1,022                    1,233                    2,255
Beginning Scheduled Balance                       371,188,275.53           430,758,820.34           801,947,095.87
Ending Scheduled Balance                          369,956,506.49           426,451,540.86           796,108,047.35
Scheduled Principal                                         0.00                   223.95                   223.95
Unscheduled Principal                               1,531,769.04             4,307,055.53             5,838,824.57
Scheduled Interest                                  1,036,083.11             1,241,396.82             2,277,479.93
Servicing Fee                                         116,566.55               134,939.47               251,506.02
Master Servicing Fee                                    2,319.93                 2,692.24                 5,012.17
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                                          917,196.63             1,103,765.11             2,020,961.74
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 Pool One

One-Month LIBOR Loan Balance                       201,703,200.91
Six-Month LIBOR Loan Balance                       167,953,305.58
Principal Transfer Amount                                    0.00
Interest Transfer Amount                                     0.00
Pro Rata Senior Percent                                 95.365802%
Senior Percent                                         100.000000%
Senior Prepayment Percent                              100.000000%
Subordinate Percent                                      0.000000%
Subordinate Prepayment Percent                           0.000000%

Group Pool Two

Principal Transfer Amount                                    0.00
Interest Transfer Amount                                     0.00
Pro Rata Senior Percent                                 95.426897%
Senior Percent                                         100.000000%
Senior Prepayment Percent                              100.000000%
Subordinate Percent                                      0.000000%
Subordinate Prepayment Percent                           0.000000%
</TABLE>