<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 2005-1
                           RECORD DATE: JUNE 30, 2005
                        DISTRIBUTION DATE: JULY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                        Certificate      Certificate        Beginning
                           Class        Pass-Through        Certificate         Interest         Principal          Current
Class       CUSIP       Description         Rate              Balance         Distribution     Distribution      Realized Los
-----     ---------     -----------     -------------     --------------      ------------     -------------     -------------
<S>       <C>           <C>             <C>               <C>                 <C>              <C>               <C>
 A-1      81744FGM#         SEN           3.49000%        264,852,944.43       764,420.65      11,980,176.97         0.00
 A-2      81744FGN1         SEN           3.16875%         93,209,559.89       246,131.49       6,472,747.97         0.00
 X-A      81744FGP6          IO           0.86680%                  0.00       257,338.04               0.00         0.00
 X-B      81744FGS0          IO           0.40158%                  0.00         4,002.52               0.00         0.00
 B-1      81744FGQ4         SUB           3.68000%          7,067,000.00        21,547.71               0.00         0.00
 B-2      81744FGR2         SUB           3.96000%          3,949,000.00        12,956.88               0.00         0.00
 B-3      81744FGU5         SUB           4.51000%          2,495,000.00         9,326.04               0.00         0.00
 B-4      81744FGV3         SUB           4.27291%          1,455,000.00         5,151.15               0.00         0.00
 B-5      81744FGW1         SUB           4.27291%            831,000.00         2,942.00               0.00         0.00
 B-6      81744FGX9         SUB           4.27291%          1,871,544.03         6,625.85               0.00         0.00
 A-R      81744FGT8         RES           3.97192%                  0.00             0.38               0.00         0.00
                                                          --------------      ------------     -------------       ------
Totals                                                    375,731,048.35      1,330,442.71     18,452,924.94         0.00
                                                          --------------      ------------     -------------       ------

<CAPTION>
                Ending
              Certificate         Total           Cumulative
Class          Balance        Distribution      Realized Loss
-----       --------------     -------------     -------------
<S>         <C>                <C>               <C>
 A-1        252,872,767.46     12,744,597.62             0.00
 A-2         86,736,811.92      6,718,879.46             0.00
 X-A                  0.00        257,338.04             0.00
 X-B                  0.00          4,002.52             0.00
 B-1          7,067,000.00         21,547.71             0.00
 B-2          3,949,000.00         12,956.88             0.00
 B-3          2,495,000.00          9,326.04             0.00
 B-4          1,455,000.00          5,151.15             0.00
 B-5            831,000.00          2,942.00             0.00
 B-6          1,871,544.03          6,625.85             0.00
 A-R                  0.00              0.38             0.00
            --------------     -------------           ------
Totals      357,278,123.41     19,783,367.65             0.00
            --------------     -------------           ------
</TABLE>

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

                        Principal Distribution Statement

<TABLE>
<CAPTION>
                                  Beginning         Scheduled        Unscheduled                                     Total
           Original Face         Certificate       Principal        Principal                       Realized       Principal
Class          Amount             Balance         Distribution      Distribution      Accretion     Loss (1)       Reduction
-----      ---------------     --------------     ------------      -------------     ---------     --------     -------------
<S>        <C>                 <C>                <C>               <C>               <C>           <C>          <C>
 A-1        298,055,000.00     264,852,944.43         0.00          11,980,176.97       0.00          0.00       11,980,176.97
 A-2        100,000,000.00      93,209,559.89         0.00           6,472,747.97       0.00          0.00        6,472,747.97
 X-A                  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
 B-1          7,067,000.00       7,067,000.00         0.00                   0.00       0.00          0.00                0.00
 B-2          3,949,000.00       3,949,000.00         0.00                   0.00       0.00          0.00                0.00
 B-3          2,495,000.00       2,495,000.00         0.00                   0.00       0.00          0.00                0.00
 B-4          1,455,000.00       1,455,000.00         0.00                   0.00       0.00          0.00                0.00
 B-5            831,000.00         831,000.00         0.00                   0.00       0.00          0.00                0.00
 B-6          1,871,544.03       1,871,544.03         0.00                   0.00       0.00          0.00                0.00
 A-R                100.00               0.00         0.00                   0.00       0.00          0.00                0.00
           ---------------     --------------        -----          -------------     ------         -----       -------------
Totals      415,723,644.03     375,731,048.35         0.00          18,452,924.94       0.00          0.00       18,452,924.94
           ---------------     --------------        -----          -------------     ------         -----       -------------

<CAPTION>
               Ending             Ending
            Certificate        Certificate     Total Principal
Class        Balance           Percentage       Distribution
-----      --------------      -----------     ---------------
<S>        <C>                 <C>             <C>
 A-1       252,872,767.46       0.84840975     11,980,176.97
 A-2        86,736,811.92       0.86736812      6,472,747.97
 X-A                 0.00       0.00000000              0.00
 X-B                 0.00       0.00000000              0.00
 B-1         7,067,000.00       1.00000000              0.00
 B-2         3,949,000.00       1.00000000              0.00
 B-3         2,495,000.00       1.00000000              0.00
 B-4         1,455,000.00       1.00000000              0.00
 B-5           831,000.00       1.00000000              0.00
 B-6         1,871,544.03       1.00000000              0.00
 A-R                 0.00       0.00000000              0.00
------     --------------       ----------     -------------
Totals     357,278,123.41       0.85941257     18,452,924.94
------     --------------       ----------     -------------
</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.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
                           Beginning        Scheduled      Unscheduled
       Original Face      Certificate       Principal       Principal                        Realized     Total Principal
Class      Amount           Balance        Distribution     Distribution     Accretion       Loss (3)        Reduction
-----  --------------    -------------     ------------    -------------     ----------     ----------    ---------------
<S>    <C>               <C>               <C>             <C>               <C>            <C>            <C>
A-1    298,055,000.00     888.60426576      0.00000000      40.19451769      0.00000000     0.00000000      40.19451769
A-2    100,000,000.00     932.09559890      0.00000000      64.72747970      0.00000000     0.00000000      64.72747970
X-A              0.00       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
B-1      7,067,000.00       0.00000000      0.00000000       0.00000000      0.00000000     0.00000000       0.00000000
B-2      3,949,000.00       0.00000000      0.00000000       0.00000000      0.00000000     0.00000000       0.00000000
B-3      2,495,000.00    1000.00000000      0.00000000       0.00000000      0.00000000     0.00000000       0.00000000
B-4      1,455,000.00    1000.00000000      0.00000000       0.00000000      0.00000000     0.00000000       0.00000000
B-5        831,000.00    1000.00000000      0.00000000       0.00000000      0.00000000     0.00000000       0.00000000
B-6      1,871,544.03    1000.00000000      0.00000000       0.00000000      0.00000000     0.00000000       0.00000000
A-R            100.00       0.00000000      0.00000000       0.00000000      0.00000000     0.00000000       0.00000000

<CAPTION>
             Ending        Ending
         Certificate     Certificate     Total Principal
Class      Balance       Percentage       Distribution
-----  -------------     -----------     ---------------
<S>    <C>               <C>             <C>
A-1     848.40974807     0.84840975        40.19451769
A-2     867.36811920     0.86736812        64.72747970
X-A       0.00000000     0.00000000         0.00000000
X-B       0.00000000     0.00000000         0.00000000
B-1    1000.00000000     1.00000000         0.00000000
B-2    1000.00000000     1.00000000         0.00000000
B-3    1000.00000000     1.00000000         0.00000000
B-4    1000.00000000     1.00000000         0.00000000
B-5    1000.00000000     1.00000000         0.00000000
B-6    1000.00000000     1.00000000         0.00000000
A-R       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.

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                 Beginning                      Payment of                  Non-Supported
                                  Current       Certificate/       Current        Unpaid       Current      Interest
             Original Face      Certificate       Notional         Accrued       Interest      Interest     Shortfall       Realized
Class            Amount            Rate             Balance        Interest      Shortfall     Shortfall                    Loss (4)
-----       ----------------   ------------    --------------    ------------   -----------   -----------   -------------   --------
<S>         <C>                <C>             <C>               <C>            <C>           <C>           <C>             <C>
  A-1         298,055,000.00     3.49000%      264,852,944.43      770,280.65      0.00          0.00         5,860.00        0.00
  A-2         100,000,000.00     3.16875%       93,209,559.89      246,131.49      0.00          0.00             0.00        0.00
  X-A                   0.00     0.86680%      358,062,504.32      258,640.21      0.00          0.00         1,302.17        0.00
  X-B                   0.00     0.40158%       13,511,000.00        4,521.44      0.00          0.00            25.96        0.00
  B-1           7,067,000.00     3.68000%        7,067,000.00       21,672.13      0.00          0.00           124.42        0.00
  B-2           3,949,000.00     3.96000%        3,949,000.00       13,031.70      0.00          0.00            74.82        0.00
  B-3           2,495,000.00     4.51000%        2,495,000.00        9,377.04      0.00          0.00            51.00        0.00
  B-4           1,455,000.00     4.27291%        1,455,000.00        5,180.90      0.00          0.00            29.74        0.00
  B-5             831,000.00     4.27291%          831,000.00        2,958.99      0.00          0.00            16.99        0.00
  B-6           1,871,544.03     4.27291%        1,871,544.03        6,664.11      0.00          0.00            38.26        0.00
  A-R                 100.00     3.97192%                0.00            0.00      0.00          0.00             0.00        0.00
------      ----------------   ----------      --------------    ------------     -----        ------        ---------      ------
Totals        415,723,644.03                                     1,338,458.66      0.00          0.00         7,523.36        0.00
------      ----------------   ----------      --------------    ------------     -----        ------        ---------      ------

<CAPTION>
                              Remaining         Ending
                              Unpaid       Certificate/
            Total Interest     Interest       Notational
Class        Distribution     Shortfall         Balance
-----       ---------------   ----------   ---------------
<S>         <C>               <C>          <C>
  A-1          764,420.65        0.00      252,872,767.46
  A-2          246,131.49        0.00       86,736,811.92
  X-A          257,338.04        0.00      339,609,579.38
  X-B            4,002.52        0.00       13,511,000.00
  B-1           21,547.71        0.00        7,067,000.00
  B-2           12,956.88        0.00        3,949,000.00
  B-3            9,326.04        0.00        2,495,000.00
  B-4            5,151.15        0.00        1,455,000.00
  B-5            2,942.00        0.00          831,000.00
  B-6            6,625.85        0.00        1,871,544.03
  A-R                0.38        0.00                0.00
------      -------------       -----      --------------
Totals       1,330,442.71        0.00
------      -------------       -----      --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                              Payment of
                           Current          Beginning                           Unpaid        Current    Non-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     298,055,000.00    3.49000%       888.60426576       2.58435742      0.00000000    0.00000000    0.01966080     0.00000000
  A-2     100,000,000.00    3.16875%       932.09559890       2.46131490      0.00000000    0.00000000    0.00000000     0.00000000
  X-A               0.00    0.86680%       899.53022653       0.64975998      0.00000000    0.00000000    0.00327133     0.00000000
  X-B               0.00    0.40158%      1000.00000000       0.33464880      0.00000000    0.00000000    0.00192140     0.00000000
  B-1       7,067,000.00    3.68000%      1000.00000000       3.06666619      0.00000000    0.00000000    0.01760577     0.00000000
  B-2       3,949,000.00    3.96000%      1000.00000000       3.30000000      0.00000000    0.00000000    0.01894657     0.00000000
  B-3       2,495,000.00    4.51000%      1000.00000000       3.75833267      0.00000000    0.00000000    0.02044088     0.00000000
  B-4       1,455,000.00    4.27291%      1000.00000000       3.56074501      0.00000000    0.00000000    0.02043986     0.00000000
  B-5         831,000.00    4.27291%      1000.00000000       3.56075812      0.00000000    0.00000000    0.02044525     0.00000000
  B-6       1,871,544.03    4.27291%      1000.00000000       3.56075513      0.00000000    0.00000000    0.02044301     0.00000000
  A-R             100.00    3.97192%         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        2.56469662     0.00000000      848.40974807
  A-2        2.46131490     0.00000000      867.36811920
  X-A        0.64648865     0.00000000      853.17249973
  X-B        0.29624158     0.00000000     1000.00000000
  B-1        3.04906042     0.00000000     1000.00000000
  B-2        3.28105343     0.00000000     1000.00000000
  B-3        3.73789178     0.00000000     1000.00000000
  B-4        3.54030928     0.00000000     1000.00000000
  B-5        3.54031288     0.00000000     1000.00000000
  B-6        3.54031211     0.00000000     1000.00000000
  A-R        3.80000000     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>
<CAPTION>
<S>                                                                    <C>
Beginning Balance                                                               0.00

Deposits
   Payments of Interest and Principal                                  19,882,550.78
   Liquidations, Insurance Proceeds, Reserve Funds                              0.00
   Proceeds from Repurchased Loans                                              0.00
   Other Amounts (Servicer Advances)                                       22,215.06
   Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
   Prepayment Penalties                                                         0.00
                                                                       -------------
Total Deposits                                                         19,904,765.84

Withdrawals
   Reimbursement for Servicer Advances                                          0.00
   Payment of Service Fee                                                 121,398.19
   Payment of Interest and Principal                                   19,783,367.65
                                                                       -------------
Total Withdrawals (Pool Distribution Amount)                           19,904,765.84

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

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                     <C>
Total Prepayment/Curtailment Interest Shortfall                         7,523.36
Servicing Fee Support                                                       0.00
                                                                        --------

Non-Supported Prepayment Curtailment Interest Shortfall                 7,523.36
                                                                        ========
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    117,484.32
Master Servicing Fee                                                     3,913.87
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      121,398.19
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning          Current           Current       Ending
     Account Type                      Balance         Withdrawals        Deposits       Balance
     ------------                     ---------        -----------        --------      --------
<S>                                   <C>              <C>                <C>           <C>
X-A Pool 1 Reserve Fund                4,500.00            0.00              0.00       4,500.00
X-A Pool 2 Reserve Fund                4,500.00            0.00              0.00       4,500.00
X-B Reserve Fund                       1,000.00          492.96            492.96       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           10       6,364,426.46
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
                  --       ------------
                  10       6,364,426.46
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.932836%    1.781361%
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%
               --------     --------
               0.932836%    1.781361%
</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     10      6,364,426.46
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
            --      ------------
            10      6,364,426.46
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>         <C>          <C>
0-29 Days   0.000000%    0.000000%
30 Days     0.932836%    1.781361%
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%
            --------     --------
            0.932836%    1.781361%
</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  22,215.06
</TABLE>

<TABLE>
<CAPTION>
                 Original $          Original%        Current $         Current %      Current Class %    Prepayment %
<S>             <C>                 <C>             <C>                <C>             <C>                <C>
Class A         17,668,544.03       4.25006956%     17,668,544.03      4.94531931%        95.054681%        0.000000%
Class B-1       10,601,544.03       2.55014219%     10,601,544.03      2.96730847%         1.978011%       39.997636%
Class B-2        6,652,544.03       1.60023230%      6,652,544.03      1.86200710%         1.105301%       22.350455%
Class B-3        4,157,544.03       1.00007399%      4,157,544.03      1.16367159%         0.698336%       14.121141%
Class B-4        2,702,544.03       0.65008187%      2,702,544.03      0.75642584%         0.407246%        8.234974%
Class B-5        1,871,544.03       0.45018946%      1,871,544.03      0.52383393%         0.232592%        4.703274%
Class B-6                0.00       0.00000000%              0.00      0.00000000%         0.523834%       10.592520%
</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            5       3,552,641.85
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       3,552,641.85
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.628141%    1.335061%
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%
               --------     --------
               0.628141%    1.335061%
</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>
              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        3,552,641.85
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        3,552,641.85
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.628141%     1.335061%
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%
            --------      --------
            0.628141%     1.335061%
</TABLE>

                                   DELINQUENT
GROUP TWO

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>             <C>        <C>
0-29 Days          0               0.00
30 Days            5       2,811,784.61
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       2,811,784.61
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.811594%    3.083920%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               1.811594%    3.083920%
</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       2,811,784.61
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       2,811,784.61
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>         <C>          <C>
0-29 Days   0.000000%    0.000000%
30 Days     1.811594%    3.083920%
60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            --------     --------
            1.811594%    3.083920%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                           4.660567%
Weighted Average Net Coupon                             4.285349%
Weighted Average Pass-Through Rate                      4.272849%
Weighted Average Maturity (Stepdown Calculation)             330

Beginning Scheduled Collateral Loan Count                  1,118
Number of Loans Paid in Full                                  46
Ending Scheduled Collateral Loan Count                     1,072

Beginning Scheduled Collateral Balance            375,731,048.35
Ending Scheduled Collateral Balance               357,278,123.41
Ending Actual Collateral Balance at 30-June-2005  357,278,906.05

Monthly P&I Constant                                1,459,266.46
Special Servicing Fee                                       0.00
Prepayment Penalties                                        0.00
Realization Loss Amount                                     0.00
Cumulative Realized Loss                                    0.00

Class A Optimal Amount                             19,727,484.33

Scheduled Principal                                         0.00
Unscheduled Principal                              18,452,924.94
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                      <C>
Pro Rata Senior Percent  95.297556%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              GROUP                    POOL ONE         POOL TWO            TOTAL
<S>                                 <C>             <C>                <C>
Collateral Description                   Mixed ARM  6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate              4.652794           4.682704        4.660567
Weighted Average Net Rate                 4.277648           4.307278        4.285349
Pass-Through Rate                         4.265148           4.294778        4.272849
Weighted Average Maturity                      329                334             330
Record Date                             06/30/2005         06/30/2005      06/30/2005
Principal and Interest Constant       1,078,218.08         381,048.38    1,459,266.46
Beginning Loan Count                           827                291           1,118
Loans Paid in Full                              31                 15              46
Ending Loan Count                              796                276           1,072
Beginning Scheduled Balance         278,082,750.41      97,648,297.94  375,731,048.35
Ending Scheduled Balance            266,102,573.44      91,175,549.97  357,278,123.41
Scheduled Principal                           0.00               0.00            0.00
Unscheduled Principal                11,980,176.97       6,472,747.97   18,452,924.94
Scheduled Interest                    1,078,218.08         381,048.38    1,459,266.46
Servicing Fee                            89,934.61          30,549.71      117,484.32
Master Servicing Fee                      2,896.70           1,017.17        3,913.87
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                            988,386.77         349,481.50    1,337,868.27
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    141,821,189.16
Six Month Libor Loan Balance    124,281,384.28
Senior Percent                      100.000000%
Senior Prepayment Percent           100.000000%
Subordinate Percent                   0.000000%
Subordinate Prepayment Percent        0.000000%
Principal Transfer Amount                 0.00
Interest Transfer Amount                  0.00

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