<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 2003-8
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005



                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                        Certificate        Certificate         Beginning
                           Class              Pass-           Certificate           Interest          Principal          Current
Class       CUSIP       Description        Through Rate         Balance           Distribution      Distribution     Realized Loss
-----      ---------    -----------        ------------      --------------       ------------      -------------    -------------
<S>        <C>          <C>                <C>               <C>                  <C>               <C>              <C>
 A-1       81743PDX1        SEN             2.82000%         657,007,091.31       1,543,966.67      21,359,845.15             0.00
 X-1       81743PDZ6        IO              0.63075%                   0.00         366,681.65               0.00             0.00
 A-2       81743PDY9        SEN             3.06000%         128,336,122.66         327,257.11       2,847,319.82             0.00
 X-2       81743PEA0        IO              0.16585%                   0.00          45,378.74               0.00             0.00
 B-1       81743PED4        SUB             3.09000%          14,166,000.00          36,477.45               0.00             0.00
 X-B       81743PEB8        IO              0.25153%                   0.00           2,903.62               0.00             0.00
 B-2       81743PEE2        SUB             3.75000%           8,304,000.00          25,950.00               0.00             0.00
 B-3       81743PEF9        SUB             3.48898%           4,884,000.00          14,200.13               0.00             0.00
 B-4       81743PEG7        SUB             3.48898%           2,443,000.00           7,102.97               0.00             0.00
 B-5       81743PEH5        SUB             3.48898%           1,465,000.00           4,259.46               0.00             0.00
 B-6       81743PEJ1        SUB             3.48898%           3,908,267.00          11,363.21               0.00             0.00
 A-R       81743PEC6        RES             2.55953%                   0.00               0.00               0.00             0.00
-----      ---------    -----------        ---------         --------------       ------------      -------------    -------------
Totals                                                       820,513,480.97       2,385,541.01      24,207,164.97             0.00
-----      ---------    -----------        ---------         --------------       ------------      -------------    -------------

<Caption>

                               Ending Certificate        Total              Cumulative
Class            CUSIP              Balance          Distribution        Realized Loss
-----          ---------       ------------------    -------------       -------------
<S>            <C>             <C>                   <C>                 <C>
 A-1           81743PDX1         635,647,246.16      22,903,811.82               0.00
 X-1           81743PDZ6                   0.00         366,681.65               0.00
 A-2           81743PDY9         125,488,802.84       3,174,576.93               0.00
 X-2           81743PEA0                   0.00          45,378.74               0.00
 B-1           81743PED4          14,166,000.00          36,477.45               0.00
 X-B           81743PEB8                   0.00           2,903.62               0.00
 B-2           81743PEE2           8,304,000.00          25,950.00               0.00
 B-3           81743PEF9           4,884,000.00          14,200.13               0.00
 B-4           81743PEG7           2,443,000.00           7,102.97               0.00
 B-5           81743PEH5           1,465,000.00           4,259.46               0.00
 B-6           81743PEJ1           3,908,267.00          11,363.21               0.00
 A-R           81743PEC6                   0.00               0.00               0.00
-----          ---------       ----------------      -------------       ------------
Totals                           796,306,316.00      26,592,705.98               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     791,768,000.00     657,007,091.31               0.00      21,359,845.15               0.00               0.00
  X-1               0.00               0.00               0.00               0.00               0.00               0.00
  A-2     150,000,000.00     128,336,122.66               0.00       2,847,319.82               0.00               0.00
  X-2               0.00               0.00               0.00               0.00               0.00               0.00
  B-1      14,166,000.00      14,166,000.00               0.00               0.00               0.00               0.00
  X-B               0.00               0.00               0.00               0.00               0.00               0.00
  B-2       8,304,000.00       8,304,000.00               0.00               0.00               0.00               0.00
  B-3       4,884,000.00       4,884,000.00               0.00               0.00               0.00               0.00
  B-4       2,443,000.00       2,443,000.00               0.00               0.00               0.00               0.00
  B-5       1,465,000.00       1,465,000.00               0.00               0.00               0.00               0.00
  B-6       3,908,267.00       3,908,267.00               0.00               0.00               0.00               0.00
  A-R             100.00               0.00               0.00               0.00               0.00               0.00
-----     --------------     --------------       ------------      -------------          ---------          ---------
Totals    976,938,367.00     820,513,480.97               0.00      24,207,164.97               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         21,359,845.15       635,647,246.16           0.80282008     21,359,845.15
  X-1                  0.00                 0.00           0.00000000              0.00
  A-2          2,847,319.82       125,488,802,84           0.83659202      2,847,319.82
  X-2                  0.00                 0.00           0.00000000              0.00
  B-1                  0.00        14,166,000.00           1.00000000              0.00
  X-B                  0.00                 0.00           0.00000000              0.00
  B-2                  0.00         8,304,000.00           1.00000000              0.00
  B-3                  0.00         4,884,000.00           1.00000000              0.00
  B-4                  0.00         2,443,000.00           1.00000000              0.00
  B-5                  0.00         1,465,000.00           1.00000000              0.00
  B-6                  0.00         3,908,267.00           1.00000000              0.00
  A-R                  0.00                 0.00           0.00000000              0.00
-----       ---------------     ----------------   ------------------   ---------------
Totals        24,207,164.97       796,306,316.00           0.81510394     24,207,164.97
-----       ---------------     ----------------   ------------------   ---------------
</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(1)
-----     --------------     --------------       ------------      -------------         ----------         ----------
<S>       <C>                <C>                  <C>               <C>                   <C>                <C>
 A-1      791,768,000.00       829.79748021         0.00000000        26.97740392         0.00000000         0.00000000
 X-1                0.00         0.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 A-2      150,000,000.00       855.57415107         0.00000000        18.98213213         0.00000000         0.00000000
 X-2                0.00         0.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 B-1       14,166,000.00      1000.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 X-B                0.00         0.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 B-2        8,304,000.00      1000.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 B-3        4,884,000.00      1000.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 B-4        2,443,000.00      1000.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 B-5        1,465,000.00      1000.00000000         0.00000000         0.00000000         0.00000000         0.00000000
 B-6        3,908,267.00      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            26.97740392       802.82007628         0.80282008        26.97740392
 X-1             0.00000000         0.00000000         0.00000000         0.00000000
 A-2            18.98213213       836.59201893         0.83659202        18.98213213
 X-2             0.00000000         0.00000000         0.00000000         0.00000000
 B-1             0.00000000      1000.00000000         1.00000000         0.00000000
 X-B             0.00000000         0.00000000         0.00000000         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
                                         Current       Certificate/            Current             Unpaid         Current
                Original Face          Certificate        Notional              Accured           Interest        Interest
 Class              Amount                Rate            Balance              Interest          Shortfall       Shortfall
------          --------------         -----------     --------------        ------------        ---------       ---------
<S>             <C>                    <C>             <C>                   <C>                 <C>             <C>
  A-1           791,768,000.00          2.82000%       657,007,091.31        1,543,966.66             0.00            0.00
  X-1                     0.00          0.63075%       577,448,036.98          303,521.39             0.00            0.00
  A-2           150,000,000.00          3.06000%       128,336,122.66          327,257.11             0.00            0.00
  X-2                     0.00          0.16585%       785,343,213.97          108,539.00             0.00            0.00
  B-1            14,166,000.00          3.09000%        14,166,000.00           36,477.45             0.00            0.00
  X-B                     0.00          0.25153%        22,470,000.00            4,709.91             0.00            0.00
  B-2             8,304,000.00          3.75000%         8,304,000.00           25,950.00             0.00            0.00
  B-3             4,884,000.00          3.48898%         4,884,000.00           14,200.13             0.00            0.00
  B-4             2,443,000.00          3.48898%         2,443,000.00            7,102.97             0.00            0.00
  B-5             1,465,000.00          3.48898%         1,465,000.00            4,259.46             0.00            0.00
  B-6             3,908,267.00          3.48898%         3,908,267.00           11,363.21             0.00            0.00
  A-R                   100.00          2.55953%                 0.00                0.00             0.00            0.00
------          --------------         ---------       --------------        ------------        ---------       ---------
Totals          976,938,367.00                                               2,387,347.29             0.00            0.00
------          --------------         ---------       --------------        ------------        ---------       ---------

<Caption>
                   Non-                                                  Remaining           Ending
                Supported                                                 Unpaid          Certificate/
                Interest             Realized      Total Interest        Interest          Notational
 Class          Shortfall             Loss(4)       Distribution         Shortfall          Balance
------          ---------            --------      ---------------       ---------       --------------
<S>             <C>                  <C>           <C>                   <C>             <C>
  A-1               (0.01)               0.00         1,543,966.67            0.00       635,647,246.16
  X-1                0.00                0.00           366,681.65            0.00       555,845,973.49
  A-2                0.00                0.00           327,257.11            0.00       125,588,802.84
  X-2                0.00                0.00            45,378.74            0.00       761,136,049.00
  B-1                0.00                0.00            36,477.45            0.00        14,166,000.00
  X-B                0.00                0.00             2,903.62            0.00        22,470,000.00
  B-2                0.00                0.00            25,950.00            0.00         8,304,000.00
  B-3                0.00                0.00            14,200.13            0.00         4,884,000.00
  B-4                0.00                0.00             7,102.97            0.00         2,443,000.00
  B-5                0.00                0.00             4,259.46            0.00         1,465,000.00
  B-6                0.00                0.00            11,363.21            0.00         3,908,267.00
  A-R                0.00                0.00                 0.00            0.00                 0.00
------          ---------            --------      ---------------       ---------       --------------
Totals               0.01                0.00         2,385,541.01            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>
                                                         Beginning                                Payment of
                                         Current       Certificate/           Current              Unpaid           Current
                Original Face          Certificate        Notional             Accured            Interest          Interest
 Class              Amount                Rate            Balance             Interest           Shortfall         Shortfall
------          --------------         -----------     --------------         ----------         ----------         ----------
<S>             <C>                    <C>             <C>                   <C>                 <C>                <C>
 A-1            791,768,000.00            2.82000%       829.79748021         1.95002407         0.00000000         0.00000000
 X-1                      0.00            0.63075%       613.15317252         0.32228892         0.00000000         0.00000000
 A-2            150,000,000.00            3.06000%       855.57415107         2.18171407         0.00000000         0.00000000
 X-2                      0.00            0.16585%       833.90305677         0.11525025         0.00000000         0.00000000
 B-1             14,166,000.00            3.09000%      1000.00000000         2.57500000         0.00000000         0.00000000
 X-B                      0.00            0.25153%      1000.00000000         0.20960881         0.00000000         0.00000000
 B-2              8,304,000.00            3.75000%      1000.00000000         3.12500000         0.00000000         0.00000000
 B-3              4,884,000.00            3.48898%      1000.00000000         2.90747952         0.00000000         0.00000000
 B-4              2,443,000.00            3.48898%      1000.00000000         2.90747851         0.00000000         0.00000000
 B-5              1,465,000.00            3.48898%      1000.00000000         2.90748123         0.00000000         0.00000000
 B-6              3,908,267.00            3.48898%      1000.00000000         2.90748048         0.00000000         0.00000000
 A-R                    100.00            2.55953%         0.00000000         0.00000000         0.00000000         0.00000000
------          --------------         -----------     --------------         ----------         ----------         ----------


<Caption>

                Non-                                                    Remaining           Ending
              Supported                                                  Unpaid          Certificate/
              Interest             Realized        Total Interest       Interest          Notational
 Class        Shortfall             Loss(4)         Distribution        Shortfall          Balance
------       ------------         ----------       --------------       ----------      --------------
<S>          <C>                  <C>              <C>                   <C>            <C>
A-1          (0.00000001)         0.00000000         1.95002409         0.00000000       802.82007628
 X-1          0.00000000          0.00000000         0.38935454         0.00000000       590.21539646
 A-2          0.00000000          0.00000000         2.18171407         0.00000000       836.59201893
 X-2          0.00000000          0.00000000         0.04818463         0.00000000       808.19909893
 B-1          0.00000000          0.00000000         2.57500000         0.00000000      1000.00000000
 X-B          0.00000000          0.00000000         0.12922207         0.00000000      1000.00000000
 B-2          0.00000000          0.00000000         3.12500000         0.00000000      1000.00000000
 B-3          0.00000000          0.00000000         2.90747952         0.00000000      1000.00000000
 B-4          0.00000000          0.00000000         2.90747851         0.00000000      1000.00000000
 B-5          0.00000000          0.00000000         2.90748123         0.00000000      1000.00000000
 B-6          0.00000000          0.00000000         2.90748048         0.00000000      1000.00000000
 A-R          0.00000000          0.00000000         0.00000000         0.00000000         0.00000000
------       ------------         ----------       ------------         ----------      -------------
</Table>

(5) Per $1 denomination

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


<PAGE>
                       CERTIFICATEHOLDER ACCOUNT STATEMENT


<Table>
<Caption>

                                 CERTIFICATE ACCOUNT

<S>                                                                   <C>
Beginning Balance                                                              0.00

Deposits
        Payments of Interest and Principal                            26,851,172.23
        Liquidations, Insurance Proceeds, Reserve Funds                        0.00
        Proceeds from Repurchased Loans                                        0.00
        Other Amounts (Servicer Advances)                                 11,198.88
        Realized Losses (Gains, Subsequent Expenses & Recoveries)              0.00
        Prepayment Penalties                                                   0.00
                                                                      -------------
Total Deposits                                                        26,862,371.11

Withdrawals
        Reimbursement for Servicer Advances                                7,578.32
        Payment of Service Fee                                           262,086.81
        Payment of Interest and Principal                             26,592,705.98
                                                                      -------------
Total Withdrawals (Pool Distribution Amount)                          26,862,371.11

Ending Balance                                                                 0.00
                                                                      =============
</Table>


<Table>
<Caption>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                                   <C>
        Total Prepayment/Curtailment Interest Shortfall                0.00
        Servicing Fee Support                                          0.00
                                                                      -----

        Non-Supported Prepayment Curtailment Interest Shortfall        0.00
                                                                      =====
</Table>


<Table>
<Caption>

                                 SERVICING FEES

<S>                                                             <C>
        Gross Servicing Fee                                     258,326.14
        Master Servicing Fee                                      3,760.67
        Supported Prepayment/Curtailment Interest Shortfall           0.00
                                                                ----------

        Net Servicing Fee                                       262,086.81
                                                                ==========
</Table>



<PAGE>


                                 OTHER ACCOUNTS

<Table>
<Caption>
                                             Beginning      Current     Current        Ending
                    Account Type              Balance     Withdrawals   Deposits       Balance
        -------------------------------      ---------    -----------   --------       --------
<S>                                          <C>          <C>           <C>            <C>
        Class 1-A Companion Sub Account      4,000.00     50,967.50     50,967.50      4,000.00
        Class 1-A NAS Sub Account            1,000.00          0.00          0.00      1,000.00
        Class 2-A Companion Sub Account      2,000.00     12,192.76     12,192.76      2,000.00
        Class 2-A NAS Sub Account              500.00          0.00          0.00        500.00
        Class X-B Sub Account                2,500.00      1,806.29      1,806.29      2,500.00
</Table>


            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<Table>
<Caption>
              DELINQUENT                                    BANKRUPTCY                                   FORECLOSURE
----------------------------------------      --------------------------------------       ---------------------------------------
<S>             <C>         <C>              <C>             <C>           <C>             <C>              <C>         <C>
                No. of      Principal                        No. of        Principal                         No. of     Principal
                Loans        Balance                         Loans          Balance                          Loans       Balance

0-29 Days         0                 0.00      0-29 Days         0               0.00        0-29 Days           0           0.00
30 Days           8         3,184,371.94      30 Days           0               0.00        30 Days             0           0.00
60 Days           1           447,991.05      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
                ------      ------------                     ------        ---------                         ------     ---------
                  9         3,632,362.99                        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       0.333472%         0.399893%     30 Days       0.000000%       0.000000%       30 Days         0.000000%   0.000000%
60 Days       0.000000%         0.000000%     60 Days       0.000000%       0.000000%       60 Days         0.000000%   0.000000%
90 Days       0.041684%         0.056259%     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%
              ---------     -------------                   ---------       ---------                       ---------   ---------
              0.375156%         0.456151%                   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            8          3,184,371.94
 60 Days          0             0.00         60 Days            1            447,991.05
 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                            9          3,632,362.99


                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        0.333472%         0.399893%
 60 Days      0.000000%     0.000000%        60 Days        0.000000%         0.000000%
 90 Days      0.000000%     0.000000%        90 Days        0.041684%         0.056259%
 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%                       0.375156%         0.456151%


Current Period Class A Insufficient Funds  0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  11,198.88
</Table>


<PAGE>

            SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE
                           AND PREPAYMENT PERCENTAGE
<Table>
<Caption>
                   Original $           Original%        Current $          Current %        Current Class %      Prepayment %
                  -------------        ----------      -------------        ----------       ---------------      ------------
<S>               <C>                  <C>             <C>                  <C>                 <C>                 <C>
Class A           35,170,267.00        3.60004973%     35,170,267.00        4.41667562%         95.583324%          0.000000%
Class X-1         35,170,267.00        3.60004973%     35,170,267.00        4.41667562%          0.000000%          0.000000%
Class X-2         35,170,267.00        3.60004973%     35,170,267.00        4.41667562%          0.000000%          0.000000%
Class B-1         21,004,267.00        2.15000943%     21,004,267.00        2.63771196%          1.778964%         40.278341%
Class B-2         12,700,267.00        1.30000698%     12,700,267.00        1.59489718%          1.042815%         23.610853%
Class B-3          7,816,267.00        0.80007780%      7,816,267.00        0.98156536%          0.613332%         13.886730%
Class B-4          5,373,267.00        0.55001085%      5,373,267.00        0.67477388%          0.306791%          6.946208%
Class B-5          3,908,267.00        0.40005257%      3,908,267.00        0.49079945%          0.183974%          4.165450%
Class B-6                  0.00        0.00000000%              0.00        0.00000000%          0.490799%         11.112418%

Please refer to the prospectus supplement for a full description of loss exposure
</Table>

<Table>
<Caption>


                                                     DELINQUENCY STATUS BY GROUP
-------------------------------------      -----------------------------------------     ------------------------------------------
            DELINQUENT                                   BANKRUPTCY                                 FORECLOSURE
-------------------------------------      -----------------------------------------     ------------------------------------------
POOL 1--1 MO LIBOR

              No. of       Principal                        No. of         Principal                      No. of          Principal
              Loans         Balance                         Loans           Balance                       Loans            Balance
<S>                        <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          0               0.00      30 Days             0               0.00      30 Days             0               0.00
60 Days          0               0.00      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
             ---------       --------                       ------         ---------                      -------       ---------
                 0               0.00                          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      0.000000%       0.000000%     30 Days         0.000000%       0.000000%     30 Days         0.000000%       0.000000%
60 Days      0.000000%       0.000000%     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%
             ---------       ---------                     ---------       ---------                     ---------       ---------
             0.000000%       0.000000%                     0.000000%       0.000000%                     0.000000%       0.000000%


<Caption>

--------------------------------------     -----------------------------------------
              REO                                         TOTAL
--------------------------------------     -----------------------------------------
              No. of         Principal                      No. of         Principal
              Loans           Balance                       Loans           Balance

 0-29 Days       0               0.00      0-29 Days           0               0.00
 30 Days         0               0.00      30 Days             0               0.00
 60 Days         0               0.00      60 Days             0               0.00
 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                          0               0.00


              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         0.000000%       0.000000%
 60 Days     0.000000%       0.000000%     60 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%
 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%                     0.000000%       0.000000%
</Table>


<PAGE>
<Table>
<Caption>

----------------------------------------      --------------------------------------     --------------------------------------
               DELINQUENT                                   BANKRUPTCY                                FORECLOSURE
----------------------------------------      --------------------------------------     --------------------------------------
POOL 1--6 MO LIBOR

                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            7        2,976,499.01      30 Days            0             0.00      30 Days             0            0.00
60 Days            0                0.00      60 Days            0             0.00      60 Days             0            0.00
90 Days            1          447,991.05      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
                ------      ------------                       ------      ---------                      ------      ---------
                   8        3,424,490.06                         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        0.394366%        0.529025%     30 Days        0.000000%     0.000000%     30 Days         0.000000%    0.000000%
60 Days        0.000000%        0.000000%     60 Days        0.000000%     0.000000%     60 Days         0.000000%    0.000000%
90 Days        0.056338%        0.079623%     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%
               ---------        --------                     --------      ---------                     --------     ---------
               0.450704%        0.608648%                    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            7     2,976,499.01
60 Days            0               0.00       60 Days            0             0.00
90 Days            0               0.00       90 Days            1       447,991.05
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                          0             0.00

                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        0.394366%     0.529025%
60 Days       0.000000%        0.000000%      60 Days        0.000000%     0.000000%
90 Days       0.000000%        0.000000%      90 Days        0.056338%     0.079623%
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%                     0.450704%     0.608648%

</Table>


<Table>
<Caption>

----------------------------------------      --------------------------------------     --------------------------------------
              DELINQUENT                                      BANKRUPTCY                                 FORECLOSURE
----------------------------------------      --------------------------------------     --------------------------------------
POOL 2


                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           1         207,872.93          30 Days            0             0.00       30 Days          0              0.00
60 Days           0               0.00          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
                ------      ----------                          ------        -------                      ------       --------
                  1         207,872.93                             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        0.240385%      0.158571%         30 Days        0.000000%     0.000000%      30 Days      0.000000%      0.000000%
60 Days        0.000000%      0.000000%         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%
               ---------      ---------                        ---------     ----------                  ---------      ---------
               0.240385%      0.158571%                        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            1        207,872.93
 60 Days            0             0.00          60 Days            0              0.00
 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                             1        207,872.93

                  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        0.240385%      0.158571%
 60 Days        0.000000%     0.000000%         60 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%
 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%                        0.240385%      0.158571%
</Table>
<PAGE>
<Table>
<Caption>

                              COLLATERAL STATEMENT

Collateral Description                                              Mixed Arm
<S>                                                                 <C>
Weighted Average Gross Coupon                                        3.872153%
Weighted Average Net Coupon                                          3.494351%
Weighted Average Pass-Through Rate                                   3.488851%
Weighted Average Maturity (Stepdown Calculation)                          309

Beginning Scheduled Collateral Loan Count                               2,457
Number of Loans Paid in Full                                               58
Ending Scheduled Collateral Loan Count                                  2,399

Beginning Scheduled Collateral Balance                         820,513,481.92
Ending Scheduled Collateral Balance                            796,306,316.95
Ending Actual Collateral Balance at 31-Jan-2005                796,306,309.40

Monthly P&I Constant                                             2,647,627.83
Special Servicing Fee                                                    0.00
Prepayment Penalties                                                     0.00
Realized Loss Amount                                                     0.00
Cumulative Realized Loss                                                 0.00

Class A Optimal Amount                                          26,488,642.85

Ending Scheduled Balance for Premium Loans                     796,306,316.95

Scheduled Principal                                                      0.00
Unscheduled Principal                                           24,207,164.97
</Table>


<PAGE>

<Table>
<Caption>


         GROUP                        POOL 1--1 MO LIBOR       POOL 1--6 MO LIBOR              POOL 2                     TOTAL
<S>                                   <C>                      <C>                        <C>                             <C>
Collateral Description                 1 Month LIBOR ARM        6 Month LIBOR ARM         6 MonthLIBOR ARM                Mixed ARM
Weighted Average Coupon Rate                    3.914753                 3.870650                 3.844642                 3.872153
Weighted Average Net Rate                       3.522636                 3.495253                 3.467863                 3.494351
Pass-Through Rate                               3.517136                 3.489753                 3.462363                 3.488851
Weighted Average Maturity                            294                      311                      310                      309
Record Date                                   01/31/2005               01/31/2005               01/31/2005               01/31/2005
Principal and Interest Constant               348,886.80             1,869,618.75               429,122.28             2,647,627.83
Beginning Loan Count                                 215                    1,819                      423                    2,457
Loans Paid in Full                                     7                       44                        7                       58
Ending Loan Count                                    208                    1,775                      416                    2,399
Beginning Scheduled Balance               106,945,240.79           579,629,457.45           133,938,783.68           820,513,481.92
Ending Scheduled Balance                  102,576,071.96           562,638,781.13           131,091,463.86           796,306,316.95
Scheduled Principal                                 0.00                     0.00                     0.00                     0.00
Unscheduled Principal                       4,369,168.83            16,990,676.32             2,847,319.82            24,207,164.97
Scheduled Interest                            348,886.80             1,869,618.75               429,122.28             2,647,627.83
Servicing Fee                                  34,945.82               181,325.78                42,054.54               258,326.14
Master Servicing Fee                              490.16                 2,656.62                   613.89                 3,760.67
Trustee Fee                                         0.00                     0.00                     0.00                     0.00
FRY Amount                                          0.00                     0.00                     0.00                     0.00
Special Hazard Fee                                  0.00                     0.00                     0.00                     0.00
Other Fee                                           0.00                     0.00                     0.00                     0.00
Pool Insurance Fee                                  0.00                     0.00                     0.00                     0.00
Spread 1                                            0.00                     0.00                     0.00                     0.00
Spread 2                                            0.00                     0.00                     0.00                     0.00
Spread 3                                            0.00                     0.00                     0.00                     0.00
Net Interest                                  313,450.82             1,685,636.35               386,453.85             2,385,541.02
Realized Loss Amount                                0.00                     0.00                     0.00                     0.00
Cumulative Realized Loss                            0.00                     0.00                     0.00                     0.00
Percentage of Cumulative Losses                     0.00                     0.00                     0.00                     0.00
Prepayment Penalties                                0.00                     0.00                     0.00                     0.00
Special Servicing Fee                               0.00                     0.00                     0.00                     0.00
</Table>

<PAGE>


<Table>
<Caption>

         MISCELLANEOUS REPORTING

         Group Pool 1--1 Mo LIBOR

<S>                                                         <C>
                Interest Transfer Amount                          0.00
                Principal Transfer Amount                         0.00
                Prorata Senior Percent                       95.693461%
                Senior Percentage                           100.000000%
                Senior Prepayment Percentage                100.000000%
                Subordinate Percentage                        0.000000%
                Subordinate Prepayment Percentage             0.000000%

         Group Pool 1--6Mo LIBOR

                Interest Transfer Amount                          0.00
                Principal Transfer Amount                         0.00
                Prorata Senior Percent                       95.816999%
                Senior Percentage                           100.000000%
                Senior Prepayment Percentage                100.000000%
                Subordinate Percentage                        0.000000%
                Subordinate Prepayment Percentage             0.000000%
</Table>