<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 2004-12
                           RECORD DATE: JUNE 30, 2005
                        DISTRIBUTION DATE: JULY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate
                    Class    Pass-Through       Beginning        Interest     Principal          Current              Ending
Class    CUSIP   Description     Rate      Certificate Balance Distribution Distribution  Realized Loss Balance Certificate Balance
------ --------- ----------- ------------  ------------------- ------------ ------------- --------------------- -------------------
<S>    <C>       <C>         <C>           <C>                 <C>          <C>           <C>                   <C>
  A-1  81744FFY8     SEN          3.53000%      340,924,932.17 1,002,887.51 14,860,052.12           0.00          326,064,880.05
  A-2  81744FFZ5     SEN          3.93000%      176,001,880.05   576,406.16  9,460,387.40           0.00          166,541,492.65
  A-3  81744FGZ9     SEN          3.96000%      177,863,175.41   586,948.48 10,560,700.61           0.00          167,302,474.80
 X-A1  81744FGC5      IO          0.63856%                0.00   275,074.31          0.00           0.00                    0.00
 X-A2  81744FGD3      IO          0.41454%                0.00    61,442.96          0.00           0.00                    0.00
  X-B  81744FGF8      IO          0.32307%                0.00     4,339.84          0.00           0.00                    0.00
  B-1  81744FGG6     SUB          3.76000%        8,588,000.00    26,909.07          0.00           0.00            8,588,000.00
  B-2  81744FGH4     SUB          4.11000%        6,134,000.00    21,008.95          0.00           0.00            6,134,000.00
  B-3  81744FGJ0     SUB          4.51000%        3,680,000.00    13,830.67          0.00           0.00            3,680,000.00
  B-4  81744FGK7     SUB          4.30965%        2,453,000.00     8,809.65          0.00           0.00            2,453,000.00
  B-5  81744FGK7     SUB          4.30965%          920,000.00     3,304.07          0.00           0.00              920,000.00
  B-6  81744FGL5     SUB          4.30965%        2,762,778.00     9,922.18          0.00           0.00            2,762,778.00
  A-R  81744FGE1     RES          4.21301%                0.00         0.47          0.00           0.00                    0.00
       ---------     ---          -------       -------------- ------------ -------------           ----          --------------
Totals                                          719,327,765.63 2,590,884.32 34,881,140.13           0.00          684,446,625.50
                                                -------------- ------------ -------------           ----          --------------

<CAPTION>
             Total        Cumulative
Class    Distribution    Realized Loss
------   ------------    -------------
<S>      <C>             <C>
  A-1    15,862,939.63       0.00
  A-2    10,036,793.56       0.00
  A-3    11,147,649.09       0.00
 X-A1       275,074.31       0.00
 X-A2        61,442.96       0.00
  X-B         4,339.84       0.00
  B-1        26,909.07       0.00
  B-2        21,008.95       0.00
  B-3        13,830.67       0.00
  B-4         8,809.65       0.00
  B-5         3,304.07       0.00
  B-6         9,922.18       0.00
  A-R             0.47       0.00
         -------------       ----
Totals   37,472,024.45       0.00
         -------------       ----
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                           Beginning      Scheduled     Unscheduled
         Original Face    Certificate     Principal      Principal               Realized  Total Principal  Ending Certificate
Class        Amount         Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction          Balance
------   --------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>      <C>             <C>             <C>           <C>            <C>        <C>       <C>              <C>
   A-1   380,510,000.00  340,924,932.17      2,382.03  14,857,670.09       0.00      0.00    14,860,052.12      326,064,880.05
   A-2   208,392,000.00  176,001,880.05        499.92   9,459,887.48       0.00      0.00     9,460,387.40      166,541,492.65
   A-3   218,330,615.00  177,863,175.41          0.00  10,560,700.61       0.00      0.00    10,560,700.61      167,302,474.80
  X-A1             0.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
  X-A2             0.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
   X-B             0.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
   B-1     8,588,000.00    8,588,000.00          0.00           0.00       0.00      0.00             0.00        8,588,000.00
   B-2     6,134,000.00    6,134,000.00          0.00           0.00       0.00      0.00             0.00        6,134,000.00
   B-3     3,680,000.00    3,680,000.00          0.00           0.00       0.00      0.00             0.00        3,680,000.00
   B-4     2,453,000.00    2,453,000.00          0.00           0.00       0.00      0.00             0.00        2,453,000.00
   B-5       920,000.00      920,000.00          0.00           0.00       0.00      0.00             0.00          920,000.00
   B-6     2,762,778.00    2,762,778.00          0.00           0.00       0.00      0.00             0.00        2,762,778.00
   A-R           100.00            0.00          0.00           0.00       0.00      0.00             0.00                0.00
         --------------  --------------      --------  -------------       ----      ----    -------------      --------------
Totals   831,770,493.00  719,327,765.63      2,881.95  34,878,258.18       0.00      0.00    34,881,140.13      684,446,625.50
         --------------  --------------      --------  -------------       ----      ----    -------------      --------------

<CAPTION>
         Ending Certificate   Total Principal
Class       Percentage          Distribution
------   ------------------   ---------------
<S>      <C>                  <C>
   A-1       0.85691540        14,860,052.12
   A-2       0.79917412         9,460,387.40
   A-3       0.76628042        10,560,700.61
  X-A1       0.00000000                 0.00
  X-A2       0.00000000                 0.00
   X-B       0.00000000                 0.00
   B-1       1.00000000                 0.00
   B-2       1.00000000                 0.00
   B-3       1.00000000                 0.00
   B-4       1.00000000                 0.00
   B-5       1.00000000                 0.00
   B-6       1.00000000                 0.00
   A-R       0.00000000                 0.00
             ----------        -------------
Totals       0.82287919        34,881,140.13
             ----------        -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                         Beginning      Scheduled    Unscheduled
       Original Face    Certificate     Principal     Principal                  Realized   Total Principal  Ending Certificate
Class      Amount         Balance      Distribution  Distribution   Accretion    Loss (3)      Reduction          Balance
-----  -------------   --------------  ------------  -------------  ----------  ----------  ---------------  ------------------
<S>    <C>             <C>             <C>           <C>            <C>         <C>         <C>              <C>
 A-1   380,510,000.00    895.96839024    0.00626010    39.04672700  0.00000000  0.00000000      39.05298710        856.91540314
 A-2   208,392,000.00    844.57119299    0.00239894    45.39467676  0.00000000  0.00000000      45.39707570        799.17411729
 A-3   218,330,615.00    814.65064077    0.00000000    48.37022334  0.00000000  0.00000000      48.37022334        766.28041743
X-A1             0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
X-A2             0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
 X-B             0.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
 B-1     8,588,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-2     6,134,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-3     3,680,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-4     2,453,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-5       920,000.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-6     2,762,778.00   1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 A-R           100.00      0.00000000    0.00000000     0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
         ------------   -------------    ----------     ----------  ----------  ----------       ----------       -------------

<CAPTION>
         Ending
       Certificate  Total Principal
Class  Percentage    Distribution
-----  -----------  ---------------
<S>    <C>          <C>
 A-1    0.85691540    39.05298710
 A-2    0.79917412    45.39707570
 A-3    0.76628042    48.37022334
X-A1    0.00000000     0.00000000
X-A2    0.00000000     0.00000000
 X-B    0.00000000     0.00000000
 B-1    1.00000000     0.00000000
 B-2    1.00000000     0.00000000
 B-3    1.00000000     0.00000000
 B-4    1.00000000     0.00000000
 B-5    1.00000000     0.00000000
 B-6    1.00000000     0.00000000
 A-R    0.00000000     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  Total Interest
Class       Amount       Certificate Rate     Balance        Interest    Shortfall   Shortfall  Shortfall  Loss (4)   Distribution
------ ----------------  ----------------  --------------  ------------  ----------  ---------  ---------  --------  --------------
<S>    <C>               <C>               <C>             <C>           <C>         <C>        <C>        <C>       <C>
  A-1    380,510,000.00           3.53000% 340,924,932.17  1,002,887.51     0.00        0.00       0.00      0.00     1,002,887.51
  A-2    208,392,000.00           3.93000% 176,001.880.05    576,406.16     0.00        0.00       0.00      0.00       576,406.16
  A-3    218,330,615.00           3.96000% 177,863,175.41    586,948.48     0.00        0.00       0.00      0.00       586,948.48
 X-A1              0.00           0.63856% 516,926,812.22    275,074.31     0.00        0.00       0.00      0.00       275,074.31
 X-A2              0.00           0.41454% 177,863,175.41     61,442.96     0.00        0.00       0.00      0.00        61,442.96
  X-B              0.00           0.34307%  18,402,000.00      4,954.24     0.00        0.00       0.00      0.00         4,339.84
  B-1      8,588,000.00           3.76000%   8,588,000.00     26,909.07     0.00        0.00       0.00      0.00        26,909.07
  B-2      6,134,000.00           4.11000%   6,134,000.00     21,008.95     0.00        0.00       0.00      0.00        21,008.95
  B-3      3,680,000.00           4.51000%   3,680,000.00     13,830.67     0.00        0.00       0.00      0.00        13,830.67
  B-4      2,453,000.00           4.30965%   2,453,000.00      8,809.65     0.00        0.00       0.00      0.00         8,809.65
  B-5        920,000.00           4.30965%     920,000.00      3,304.07     0.00        0.00       0.00      0.00         3,304.07
  B-6      2,762,778.00           4.30965%   2,762,778.00      9,922.18     0.00        0.00       0.00      0.00         9,922.18
  A-R            100.00           4.21301%           0.00          0.00     0.00        0.00       0.00      0.00             0.47
         --------------           -------  --------------  ------------     ----        ----       ----      ----     ------------
Totals   831,770,493.00                                    2,591,498.25     0.00        0.00       0.00      0.00     2,590,884.32
         --------------           -------  --------------  ------------     ----        ----       ----      ----     ------------

<CAPTION>
        Remaining      Ending
         Unpaid     Certificate/
        Interest     Notational
Class   Shortfall     Balance
------  ---------  --------------
<S>     <C>        <C>
  A-1      0.00    326,064,880.05
  A-2      0.00    166,541,492.65
  A-3      0.00    167,302,474.80
 X-A1      0.00    492,606,372.70
 X-A2      0.00    167,302,474.80
  X-B      0.00     18,402,000.00
  B-1      0.00      8,588,000.00
  B-2      0.00      6,134,000.00
  B-3      0.00      3,680,000.00
  B-4      0.00      2,453,000.00
  B-5      0.00        920,000.00
  B-6      0.00      2,762,778.00
  A-R      0.00              0.00
           ----    --------------
Totals     0.00
           ----
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>
                                                                          Payment of                  Non-
                            Current       Beginning                         Unpaid      Current    Supported
          Original Face   Certificate    Certificate/    Current Accrued   Interest     Interest    Interest    Realized
Class(5)      Amount          Rate     Notional Balance      Interest      Shortfall    Shortfall  Shortfall    Loss (6)
--------  --------------  -----------  ----------------  ---------------  -----------  ----------  ----------  ----------
<S>       <C>             <C>          <C>               <C>              <C>          <C>         <C>         <C>
  A-1     380,510,000.00    3.53000%      895.96839024        2.63564035   0.00000000  0.00000000  0.00000000  0.00000000
  A-2     208,392,000.00    3.93000%      844.57119299        2.76597067   0.00000000  0.00000000  0.00000000  0.00000000
  A-3     218,330,615.00    3.96000%      814.65064077        2.68834712   0.00000000  0.00000000  0.00000000  0.00000000
 X-A1               0.00    0.63856%      877.78070412        0.46709692   0.00000000  0.00000000  0.00000000  0.00000000
 X-A2               0.00    0.41454%      814.65064077        0.28142164   0.00000000  0.00000000  0.00000000  0.00000000
  X-B               0.00    0.32307%     1000.00000000        0.26922291   0.00000000  0.00000000  0.00000000  0.00000000
  B-1       8,588,000.00    3.76000%     1000.00000000        3.13333372   0.00000000  0.00000000  0.00000000  0.00000000
  B-2       6,134,000.00    4.11000%     1000.00000000        3.42500000   0.00000000  0.00000000  0.00000000  0.00000000
  B-3       3,680,000.00    4.51000%     1000.00000000        3.75833424   0.00000000  0.00000000  0.00000000  0.00000000
  B-4       2,453,000.00    4.30965%     1000.00000000        3.59137790   0.00000000  0.00000000  0.00000000  0.00000000
  B-5         920,000.00    4.30965%     1000.00000000        3.59138043   0.00000000  0.00000000  0.00000000  0.00000000
  B-6       2,762,778.00    4.30965%     1000.00000000        3.59137795   0.00000000  0.00000000  0.00000000  0.00000000
  A-R             100.00    4.21301%        0.00000000        0.00000000   0.00000000  0.00000000  0.00000000  0.00000000
          --------------    --------      ------------        ----------   ----------  ----------  ----------  ----------
<CAPTION>
                           Remaining
                            Unpaid
          Total Interest   Interest    Ending Certificate/
Class(5)   Distribution    Shortfall   Notational Balance
--------  --------------  -----------  -------------------
<S>       <C>             <C>          <C>
  A-1       2.63564035    0.00000000       856.91540314
  A-2       2.76597067    0.00000000       799.17411729
  A-3       2.68834712    0.00000000       766.28041743
 X-A1       0.46709692    0.00000000       836.48276403
 X-A2       0.28142164    0.00000000       766.28041743
  X-B       0.23583524    0.00000000      1000.00000000
  B-1       3.13333372    0.00000000      1000.00000000
  B-2       3.42500000    0.00000000      1000.00000000
  B-3       3.75833424    0.00000000      1000.00000000
  B-4       3.59137790    0.00000000      1000.00000000
  B-5       3.59138043    0.00000000      1000.00000000
  B-6       3.59137795    0.00000000      1000.00000000
  A-R       4.70000000    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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                          37,645,343.74
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                                  460.93
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
Total Deposits                                                       37,645,804.67
                                                                     -------------

Withdrawals
         Reimbursement for Servicer Advances                                  0.00
         Payment of Service Fee                                         173,780.22
         Payment of Interest and Principal                           37,472,024.45
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         37,645,804.67

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

                    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                                                    169,268.02
Master Servicing Fee                                                     4,512.20
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      173,780.22
                                                                       ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning     Current     Current     Ending
          Account Type                Balance    Withdrawals   Deposits    Balance
----------------------------------   ---------   -----------   --------   --------
<S>                                  <C>         <C>           <C>        <C>
Class X-A1 Pool 1 Comp. Sub Amount    3,000.00       0.00         0.00    3,000.00
Class X-A1 Pool 2 Comp. Sub Amount    3,000.00       0.00         0.00    3,000.00
Class X-A2 Sub Amount                 3,000.00       0.00         0.00    3,000.00
Class X-B Sub Amount                  1,000.00     614.40       614.40    1,000.00
</TABLE>

             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        1     142,741.83
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
              --     ----------
               1     142,741.83

            No. of   Principal
             Loans    Balance

0-29 Days  0.000000%   0.000000%
30 Days    0.065104%   0.027602%
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%
           --------  ----------
           0.065104%   0.027602%
</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

            No. of   Principal
            Loans     Balance
0-29 Days
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%
           --------  ----------
           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

            No. of   Principal
            Loans     Balance

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

            No. of   Principal
             Loans     Balance

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        1     142,741.83
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
              --     ----------
               1     142,741.83

            No. of   Principal
            Loans     Balance

0-29 Days  0.000000%   0.000000%
30 Days    0.065104%   0.027602%
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%
           --------  ----------
           0.065104%   0.027602%
</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  460.93
</TABLE>
<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          1       142,741.83
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
                 -       ----------
                 1       142,741.83
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.102459%    0.041747%
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%
               --------     --------
               0.102459%    0.041747%
</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         1       142,741.83
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
                -       ----------
                1       142,741.83
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.102459%     0.041747%
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%
            --------      --------
            0.102459%     0.041747%
</TABLE>

                                   DELINQUENT

GROUP TWO

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

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

                                   BANKRUPTCY

                                    1.183654%

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

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

                                   FORECLOSURE

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

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

                                       REO

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

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

                                      TOTAL

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

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                          Fixed & Mixed Arm
<S>                                                             <C>
Weighted Average Gross Coupon                                          4.689863%
Weighted Average Net Coupon                                            4.314730%
Weighted Average Pass-Through Rate                                     3.640483%
Weighted Average Maturity (Stepdown Calculation)                            332

Beginning Scheduled Collateral Loan Count                                 1,603
Number of Loans Paid in Full                                                 67
Ending Scheduled Collateral Loan Count                                    1,536

Beginning Scheduled Collateral Balance                           541,464,591.13
Ending Scheduled Collateral Balance                              517,144,151.61
Ending Actual Collateral Balance at 30-June-2005                 517,144,681.78

Monthly P&I Constant                                               2,119,044.36
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Scheduled Principal                                                    2,881.95
Unscheduled Principal                                             24,317,557.57
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                  <C>
Rapid Prepay Condition?                                     NO
Underlying Certificate Balance                       167,302,474.82
Underlying Certificate Interest                          648,391.44
Underlying Certificate Principal                      10,560,700.59
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
             GROUP                  GROUP ONE          GROUP TWO           TOTAL
<S>                               <C>              <C>                 <C>
Collateral Description                 Mixed ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate            4.564868            4.931334         4.689863
Weighted Average Net Rate               4.189777            4.556116         4.314730

Weighted Average Maturity                    331                 335              332
Record Date                           06/30/2005          06/30/2005       06/30/2005
Principal and Interest Constant     1,359,591.91          759,452.45     2,119,044.36
Beginning Loan Count                       1,017                 586            1,603
Loans Paid in Full                            41                  26               67
Ending Loan Count                            976                 560            1,536
Beginning Scheduled Balance       356,779,651.02      184,684,940.11   541,464,591.13
Ending Scheduled Balance          341,919,598.90      175,224,552.71   517,144,151.61
Scheduled Principal                     2,382.03              499.92         2,881.95
Unscheduled Principal              14,857,670.09        9,459,887.48    24,317,557.57
Scheduled Interest                  1,357,209.88          758,952.53     2,116,162.41
Servicing Fee                         111,520.50           57,747.52       169,268.02
Master Servicing Fee                    2,973.16            1,539.04         4,512.20
Trustee Fee                                 0.00                0.00             0.00
FRY Amount                                  0.00                0.00             0.00
Special Hazard Fee                          0.00                0.00             0.00
Other Fee                                   0.00                0.00             0.00
Pool Insurance Fee                          0.00                0.00             0.00
Spread 1                                    0.00                0.00             0.00
Spread 2                                    0.00                0.00             0.00
Spread 3                                    0.00                0.00             0.00
Net Interest                        1,242,716.22          699,665.97     1,942,382.19
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

One Month Libor Loan Balance      187,753,887.49
Six Month Libor Loan Balance      154,165,711.41
Principal Transfer Amount                   0.00
Interest Transfer Amount                    0.00
Pro Rata Senior Percent                95.556159%
Senior Percent                        100.000000%
Senior Prepayment Percent             100.000000%
Subordinate Percent                     0.000000%
Subordinate Prepayment Percent          0.000000%

Group Two

Principal Transfer Amount                   0.00
Interest Transfer Amount                    0.00
Pro Rata Senior Percent                95.298447%
Senior Percent                        100.000000%
Senior Prepayment Percent             100.000000%
Subordinate Percent                     0.000000%
Subordinate Prepayment Percent          0.000000%
</TABLE>