<PAGE>

                                  EXHIBIT 10.1

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

                               SMT SERIES 2004-8
                         RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                  Certificate  Certificate                                                                         Ending
                     Class     Pass-Through        Beginning          Interest      Principal       Current      Certificate
Class    CUSIP    Description     Rate        Certificate Balance   Distribution  Distribution   Realized Loss     Balance
-----  ---------  -----------  ------------   -------------------  -------------  -------------  -------------  --------------
<S>    <C>        <C>          <C>            <C>                  <C>            <C>            <C>            <C>
 A-1   81744FDJ3          SEN       2.85000%     338,546,041.80      804,046.85    6,371,487.12         0.00    332,174,554.68
 A-2   81744FDK0          SEN       2.35000%     389,791,245.62      763,341.19   10,802,667.62         0.00    378,988,578.00
 X-A   81744FDL8           IO       0.99672%               0.00      604,955.73            0.00         0.00              0.00
 X-B   81744FDM6           IO       0.43242%               0.00        8,864.62            0.00         0.00              0.00
 B-1   81744FDP9          SUB       3.02000%      16,400,000.00       41,273.33            0.00         0.00     16,400,000.00
 B-2   81744FDQ7          SUB       3.40000%       8,200,000.00       23,233.33            0.00         0.00      8,200,000.00
 B-3   81744FDR5          SUB       3.57909%       4,100,000.00       12.228.55            0.00         0.00      4,100,000.00
 B-4   81744FDS3          SUB       3.57909%       2,460,000.00        7,337.13            0.00         0.00      2,460,000.00
 B-5   81744FDT1          SUB       3.57909%       2,050,000.00        6,114.27            0.00         0.00      2,050,000.00
 B-6   81744FDU8          SUB       3.57909%       3,690,645.34       11,007.62            0.00         0.00      3,690,645.34
 A-R   81744FDN4          SEN       3.06296%               0.00            0.92            0.00         0.00              0.00
       ---------  -----------  ------------   -----------------    ------------   -------------  -----------    --------------
Totals                                           765,237,932.76    2,282,403.54   17,174,154.74         0.00    748,063,778.02
       ---------  -----------  ------------   -----------------    ------------   -------------  -----------    --------------
</TABLE>

<TABLE>
<CAPTION>
           Total       Cumulative
Class  Distribution   Realized Loss
-----  -------------  -------------
<S>    <C>            <C>
 A-1    7,175,533.97           0.00
 A-2   11,566,008.81           0.00
 X-A      604,955.73           0.00
 X-B        8,864.62           0.00
 B-1       41,273.33           0.00
 B-2       23,233.33           0.00
 B-3       12.228.55           0.00
 B-4        7,337.13           0.00
 B-5        6,114.27           0.00
 B-6       11,007.62           0.00
 A-R            0.92           0.00
       -------------  -------------
Totals 19,456,558.28           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               Realize   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    365,049,000.00  338,546,041.80       0.00      6,371,487.12     0.00      0.00       6,371,487.12     332,174,554.68
 A-2    418,050,000.00  389,791,245.62     140.62     10,802,527.00     0.00      0.00      10,802,527.00     378,988,578.00
 X-A              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     16,400,000.00   16,400,000.00       0.00              0.00     0.00      0.00               0.00      16,400,000.00
 B-2      8,200,000.00    8,200,000.00       0.00              0.00     0.00      0.00               0.00       8,200,000.00
 B-3      4,100,000.00    4,100,000.00       0.00              0.00     0.00      0.00               0.00       4,100,000.00
 B-4      2,460,000.00    2,460,000.00       0.00              0.00     0.00      0.00               0.00       2,460,000.00
 B-5      2,050,000.00    2,050,000.00       0.00              0.00     0.00      0.00               0.00       2,050,000.00
 B-6      3,690,645.34    3,690,645.34       0.00              0.00     0.00      0.00               0.00       3,690,645.34
 A-R            100.00            0.00       0.00              0.00     0.00      0.00               0.00               0.00
        --------------  --------------  ---------     -------------  -------    ------    ---------------  -----------------
Totals  819,999,745.34  765,237,932.76     140.62     17,174,014.12     0.00      0.00      17,174,154.74     748,063,778.02
        --------------  --------------  ---------     -------------  -------    ------    ---------------  -----------------
</TABLE>

<TABLE>
<CAPTION>
        Ending Certificate  Total Principal
Class       Percentage        Distribution
-----   ------------------  ---------------
<S>     <C>                 <C>
 A-1            0.90994512     6,371,487.12
 A-2            0.90656280    10,802,527.00
 X-A            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          0.91227318    17,174,154.74
        ------------------  ---------------
</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
  Class      Amount            Balance        Distribution    Distribution   Accretion      Loss (3)       Reduction
--------  --------------    --------------    ------------    ------------   ----------    ----------   ---------------
<S>       <C>               <C>               <C>             <C>            <C>           <C>          <C>
    A-1   365,049,000.00      927.39890207     0.00000000      17.45378598   0.00000000    0.00000000      17.45378598
    A-2   418,050,000.00      932.40341017     0.00033637      25.84027590   0.00000000    0.00000000      25.84061146
    X-A             0.00        0.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    X-B             0.00        0.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    B-1    16,400,000.00     1000.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    B-2     8,200,000.00     1000.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    B-3     4,100,000.00     1000.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    B-4     2,460,000.00     1000.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    B-5     2,050,000.00     1000.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    B-6     3,690,645.34     1000.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
    A-R           100.00        0.00000000     0.00000000       0.00000000   0.00000000    0.00000000       0.00000000
          --------------    --------------    -----------     ------------   ----------    ----------   --------------
</TABLE>

<TABLE>
<CAPTION>
          Ending Certificate    Ending Certificate    Total Principal
 Class         Balance              Percentage          Distribution
--------  ------------------    ------------------    ---------------
<S>       <C>                   <C>                   <C>
    A-1       909.94511608              0.90994512        17.45378598
    A-2       906.56279871              0.90656280        25.84061146
    X-A         0.00000000              0.00000000         0.00000000
    X-B         0.00000000              0.00000000         0.00000000
    B-1      1000.00000000              1.00000000         0.00000000
    B-2      1000.00000000              1.00000000         0.00000000
    B-3      1000.00000000              1.00000000         0.00000000
    B-4      1000.00000000              1.00000000         0.00000000
    B-5      1000.00000000              1.00000000         0.00000000
    B-6      1000.00000000              1.00000000         0.00000000
    A-R         0.00000000              0.00000000         0.00000000
          ----------------      ------------------    ---------------
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                               Beginning                     Payment of                 Non-
                                             Certificate/       Current        Unpaid      Current   Supported
         Original Face       Current           Notional         Accrued       Interest     Interest  Interest   Realized
 Class       Amount      Certificate Rate      Balance         Interest      Shortfall    Shortfall  Shortfall   Loss (4)
-------  --------------  ----------------   --------------   ------------   -----------   ---------  ---------  ---------
<S>      <C>             <C>                <C>              <C>            <C>           <C>        <C>        <C>
   A-1   365,049,000.00           2.85000%  338,546,041.80     804,046.85          0.00        0.00       0.00       0.00
   A-2   418,050,000.00           2.35000%  389,791,245.62     763,341.19          0.00        0.00       0.00       0.00
   X-A             0.00           0.99672%  728,337,287.42     604,955.73          0.00        0.00       0.00       0.00
   X-B             0.00           0.43242%    24,600,00.00       8,864.62          0.00        0.00       0.00       0.00
   B-1    16,400,000.00           3.02000%   16,400,000.00      41,273.33          0.00        0.00       0.00       0.00
   B-2     8,200,000.00           3.40000%    8,200,000.00      23,233.33          0.00        0.00       0.00       0.00
   B-3     4,100,000.00           3.57909%    4,100,000.00      12,228.55          0.00        0.00       0.00       0.00
   B-4     2,460,000.00           3.57909%    2,460,000.00       7,337.31          0.00        0.00       0.00       0.00
   B-5     2,050,000.00           3.57909%    2,050,000.00       6,114.27          0.00        0.00       0.00       0.00
   B-6     3,690,645.34           3.57909%    3,690,645.34      11,007.62          0.00        0.00       0.00       0.00
   A-R           100.00           3.06296%            0.00           0.00          0.00        0.00       0.00       0.00
         --------------  ----------------   --------------   ------------   -----------   ---------  ---------  ---------
 Totals  819,999,745.34                                      2,282,402.62          0.00        0.00       0.00       0.00
         --------------  ----------------   --------------   ------------   -----------   ---------  ---------  ---------
</TABLE>

<TABLE>
<CAPTION>
                         Remaining     Ending
                          Unpaid     Certificate/
         Total Interest   Interest    Notational
 Class    Distribution   Shortfall     Balance
-------  --------------  ---------  --------------
<S>      <C>             <C>        <C>
   A-1     804,046.85         0.00  332,174,554.68
   A-2     763,341.19         0.00  378,988,578.00
   X-A     604,955.73         0.00  711,163,132.68
   X-B       8,864.62         0.00   24,600,000.00
   B-1      41,273.33         0.00   16,400,000.00
   B-2      23,233.33         0.00    8,200,000.00
   B-3      12,228.55         0.00    4,100,000.00
   B-4       7,337.31         0.00    2,460,000.00
   B-5       6,114.27         0.00    2,050,000.00
   B-6      11,007.62         0.00    3,690,645.34
   A-R           0.92         0.00            0.00
         ------------    ---------  --------------
 Totals  2,282,403.54         0.00
         ------------    ---------  --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                 Payment of
                                Current        Beginning                           Unpaid      Current     Non-Supported
            Original Face     Certificate     Certificate/     Current Accrued     Interest    Interest      Interest
Class (5)       Amount           Rate       Notional Balance      Interest        Shortfall    Shortfall     Shortfall
---------   ---------------   -----------   ----------------   --------------   -----------   ----------   -------------
<S>         <C>               <C>           <C>                <C>              <C>           <C>          <C>
   A-1       365,049,000.00       2.85000%      927.39890207      2.20257239     0.00000000   0.00000000     0.00000000
   A-2       418,050,000.00       2.35000%      932.40341017      1.82595668     0.00000000   0.00000000     0.00000000
   X-A                 0.00       0.99672%      930.07051142      0.77251501     0.00000000   0.00000000     0.00000000
   X-B                 0.00       0.43242%     1000.00000000      0.36035041     0.00000000   0.00000000     0.00000000
   B-1        16,400,000.00       3.02000%     1000.00000000      2.51666646     0.00000000   0.00000000     0.00000000
   B-2         8,200,000.00       3.40000%     1000.00000000      2.83333293     0.00000000   0.00000000     0.00000000
   B-3         4,100,000.00       3.57909%     1000.00000000      2.98257317     0.00000000   0.00000000     0.00000000
   B-4         2,460,000.00       3.57909%     1000.00000000      2.98257317     0.00000000   0.00000000     0.00000000
   B-5         2,050,000.00       3.57909%     1000.00000000      2.98257073     0.00000000   0.00000000     0.00000000
   B-6         3,690,645.34       3.57909%     1000.00000000      2.98257323     0.00000000   0.00000000     0.00000000
   A-R               100.00       3.06296%        0.00000000      0.00000000     0.00000000   0.00000000     0.00000000
            ---------------   -----------   ----------------   -------------    -----------   ----------   ------------
</TABLE>

<TABLE>
<CAPTION>
                                          Remaining
                                            Unpaid
             Realized    Total Interest    Interest    Ending Certificate/
Class (5)    Loss (6)     Distribution    Shortfall    Notational Balance
---------   ----------   --------------   ----------   -------------------
<S>         <C>          <C>              <C>          <C>
   A-1      0.00000000     2.20257239     0.00000000        909.94511608
   A-2      0.00000000     1.82595668     0.00000000        906.56279871
   X-A      0.00000000     0.77251501     0.00000000        908.13949792
   X-B      0.00000000     0.36035041     0.00000000       1000.00000000
   B-1      0.00000000     2.51666646     0.00000000       1000.00000000
   B-2      0.00000000     2.83333293     0.00000000       1000.00000000
   B-3      0.00000000     2.98257317     0.00000000       1000.00000000
   B-4      0.00000000     2.98257317     0.00000000       1000.00000000
   B-5      0.00000000     2.98257073     0.00000000       1000.00000000
   B-6      0.00000000     2.98257323     0.00000000       1000.00000000
   A-R      0.00000000     9.20000000     0.00000000          0.00000000
            ----------   ------------     ----------   -----------------
</TABLE>

(5) Per $1 denomination

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

                      CERTIFICATEHOLDER ACCOUNT STATEMENT

                              CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                    <C>

Beginning Balance                                                               0.00

Deposits

         Payments of Interest and Principal                            19,696,993.78
         Liquidations, Insurance Proceeds, Reserve Funds                        0.00
         Proceeds from Repurchased Loans                                        0.00
         Other Amounts (Servicer Advances)                                 39,792.66
         Realized Losses (Gains, Subsequent Expenses & Recoveries)              0.00
         Prepayment Penalties                                                   0.00
                                                                       -------------
Total Deposits                                                         19,736,786.44

Withdrawals

         Reimbursement for Servicer Advances                               35,444.16
         Payment of Service Fee                                           244,784.00
         Payment of Interest and Principal                             19,456,558.28
                                                                       --------------
Total Withdrawals (Pool Distribution Amount)                           19,736,786.44

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

<PAGE>

                   PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<CAPTION>
<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                                                    240,001.27
Master Servicing Fee                                                     4,782.73
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      244,784.00
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

             DELINQUENT

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>          <C>       <C>
0-29 Days          0            0.00
30 Days           26   10,141,518.60
60 Days            3    1,726,506.61
90 Days            0            0.00
120 Days           0            0.00
150 Days           0            0.00
180+ Days          0            0.00
            --------   -------------
                  29   11,868,025.21

              No. of        Principal
              Loans          Balance

0-29 Days   0.000000%       0.000000%
30 Days     1.201479%       1.355695%
60 Days     0.138632%       0.230795%
90 Days     0.000000%       0.000000%
120 Days    0.000000%       0.000000%
150 Days    0.000000%       0.000000%
180+ Days   0.000000%       0.000000%
            --------   -------------
            1.340111%       1.586490%
</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  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            2  376,700.00
  120 Days           3  364,799.60
  150 Days           0        0.00
  180+ Days          0        0.00
              --------  ----------
                     5  741,499.60

               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     0.092421%   0.050356%
  120 Days    0.138632%   0.048766%
  150 Days    0.000000%   0.000000%
  180+ Days   0.000000%   0.000000%
              --------  ----------
              0.231054%   0.099122%
</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           26      10,141,518.60
 60 Days            3       1,726,506.61
 90 Days            2         376,700.00
 120 Days           3         364,799.60
 150 Days           0               0.00
 180+ Days          0               0.00
             --------      -------------
                   34      12,609,524.81

               No. of        Principal
               Loans          Balance

 0-29 Days   0.000000%          0.000000%
 30 Days     1.201479%          1.355695%
 60 Days     0.138632%          0.230795%
 90 Days     0.092421%          0.050356%
 120 Days    0.138632%          0.048766%
 150 Days    0.000000%          0.000000%
 180+ Days   0.000000%          0.000000%
             --------      -------------
             1.571165%          1.685612%
</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   39,792.66
</TABLE>

<TABLE>
<CAPTION>
             Original $        Original%        Current $        Current %      Current Class %     Prepayment %
            -------------    -------------    -------------    --------------   ---------------   ----------------
<S>         <C>              <C>              <C>              <C>              <C>               <C>

Class A     36,900,645.34      4.50008061%    36,900,645.34       4.93282076%         95.067179%      0.000000%
Class B-1   20,500,645.34      2.50007976%    20,500,645.34       2.74049432%          2.192326%     44.443667%
Class B-2   12,300,645.34      1.50007934%    12,300,645.34       1.64433110%          1.096163%     22.221834%
Class B-3    8,200,645.34      1.00007912%     8,200,645.34       1.09624949%          0.548082%     11.110917%
Class B-4    5,740,645.34      0.70007900%     5,740,645.34       0.76740052%          0.328849%      6.666550%
Class B-5    3,690,645.34      0.45007889%     3,690,645.34       0.49335972%          0.274041%      5.555458%
Class B-6            0.00      0.00000000%             0.00        0.0000000%          0.493360%     10.001574%
</TABLE>

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

<PAGE>

                          DELINQUENCY STATUS BY GROUP

                 DELINQUENT

POOL ONE

<TABLE>
<CAPTION>
<S>               <C>            <C>
                   No. of         Principal
                   Loans           Balance
                  --------       ------------
0-29 Days                0               0.00
30 Days                 15       6,297,991.11
60 Days                  2       1,350,950.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                  --------       ------------
                        17       7,648,941.11

                   No. of         Principal
                   Loans           Balance

0-29 Days         0.000000%          0.000000%
30 Days           1.527495%          1.802632%
60 Days           0.203666%          0.386673%
90 Days           0.000000%          0.000000%
120 Days          0.000000%          0.000000%
150 Days          0.000000%          0.000000%
180+ Days         0.000000%          0.000000%
                  --------       ------------
                  1.731161%          2.189305%
</TABLE>

               BANKRUPTCY

<TABLE>
<CAPTION>
<S>            <C>           <C>
                No. of       Principal
                Loans         Balance
               --------      --------
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>

              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              15         6,297,991.11
60 Days               2         1,350,950.00
90 Days               0                 0.00
120 Days              0                 0.00
150 Days              0                 0.00
180+ Days             0                 0.00
               --------         ------------
                     17         7,648,941.11

                 No. of           Principal
                 Loans             Balance

0-29 Days      0.000000%            0.000000%
30 Days        1.527495%            1.802632%
60 Days        0.203666%            0.386673%
90 Days        0.000000%            0.000000%
120 Days       0.000000%            0.000000%
150 Days       0.000000%            0.000000%
180+ Days      0.000000%            0.000000%
               --------         ------------
               1.731161%            2.189305%
</TABLE>

                 DELINQUENT

POOL TWO

<TABLE>
<CAPTION>
                   No. of         Principal
                    Loans          Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days                0               0.00
30 Days                 11       3,843,527.49
60 Days                  1         375,556.61
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                  --------       ------------
                        12       4,219,084.10

                   No. of          Principal
                    Loans           Balance

0-29 Days         0.000000%          0.000000%
30 Days           0.930626%          0.964038%
60 Days           0.084602%          0.094198%
90 Days           0.000000%          0.000000%
120 Days          0.000000%          0.000000%
150 Days          0.000000%          0.000000%
180+ Days         0.000000%          0.000000%
                  --------       ------------
                  1.015228%          1.058236%
</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

                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>

              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               2       376,700.00
120 Days              3       364,799.60
150 Days              0             0.00
180+ Days             0             0.00
               --------       ----------
                      5       741,499.60

                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              11         3,843,527.49
60 Days               1           375,556.61
90 Days               2           376,700.00
120 Days              3           364,799.60
150 Days              0                 0.00
180+ Days             0                 0.00
               --------         ------------
                     17         4,960,583.70

                 No. of           Principal
                 Loans             Balance

0-29 Days      0.000000%             0.000000%
30 Days        0.930626%             0.964038%
60 Days        0.084602%             0.094198%
90 Days        0.169205%              0.94484%
120 Days       0.253807%             0.091499%
150 Days       0.000000%             0.000000%
180+ Days      0.000000%             0.000000%
               --------         -------------
               1.438240%             1.244219%

</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                    Mixed Arm
<S>                                                    <C>
Weighted Average Gross Coupon                                3.962982%
Weighted Average Net Coupon                                  3.586627%
Weighted Average Pass-Through Rate                           3.579127%
Weighted Average Maturity (Stepdown Calculation)                  336

Beginning Scheduled Collateral Loan Count                       2,196
Number of Loans Paid in Full                                       32
Ending Scheduled Collateral Loan Count                          2,164

Beginning Scheduled Collateral Balance                 765,237,932.76
Ending Scheduled Collateral Balance                    748,063,778.02
Ending Actual Collateral Balance at 31-Jan-2005        748,067,987.06

Monthly P&I Constant                                     2,527,327.66
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                  19,346,498.51

Scheduled Principal                                            140.62
Unscheduled Principal                                   17,174,014.12
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepay Condition?                                NO

<PAGE>

<TABLE>
<CAPTION>
        GROUP                               POOL 1              POOL 2              TOTAL
Collateral Description                    Mixed ARM        1 Month LIBOR ARM      Mixed ARM
<S>                                     <C>                <C>                  <C>
Weighted Average Coupon Rate                  3.947136            3.976749            3.962982
Weighted Average Net Rate                     3.570219            3.600881            3.586627
Pass-Through Rate                             3.562719            3.593381            3.579127
Weighted Average Maturity                          334                 338                 336
Record Date                                 01/31/2005          01/31/2005          01/31/2005
Principal and Interest Constant           1,170,153.71        1,357,173.95        2,527,327.66
Beginning Loan Count                               998               1,198               2,196
Loans Paid in Full                                  16                  16                  32
Ending Loan Count                                  982               1,182               2,164
Beginning Scheduled Balance             355,747,642.71      409,490,290.05      765,237,932.76
Ending Scheduled Balance                349,376,155.59      398,387,622.43      748,063,778.02
Scheduled Principal                               0.00              140.62              140.62
Unscheduled Principal                     6,371,487.12       10,802,527.00       17,174,014.12
Scheduled Interest                        1,170,153.71        1,357,033.33        2,527,187.04
Servicing Fee                               111,739.53          128,261.74          240,001.27
Master Servicing Fee                          2,223.42            2,559.31            4,782.73
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                              1,056,190.76        1,226,212.28        2,282,403.04
Realized Loss Amount                              0.00                0.00                0.00
Cumulative Realized Loss                          0.00                0.00                0.00
Percentage of Cumulative Losses                   0.00                0.00                0.00
Prepayment Penalties                              0.00                0.00                0.00
Special Servicing Fee                             0.00                0.00                0.00
</TABLE>

<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                                    <C>
Group Pool One

One-Month LIBOR Loan Balance           193,527,879.80
Six-Month LIBOR Loan Balance           155,848,275.79
Principal Transfer Amount                        0.00
Interest Transfer Amount                         0.00
Pro Rata Senior Percent                    95.164662%
Senior Percent                            100.000000%
Senior Prepayment Percent                 100.000000%
Subordinate Percent                         0.000000%
Subordinate Prepayment Percent              0.000000%

Group Pool Two

Principal Transfer Amount                        0.00
Interest Transfer Amount                         0.00
Pro Rata Senior Percent                    95.189374%
Senior Percent                            100.000000%
Senior Prepayment Percent                 100.000000%
Subordinate Percent                         0.000000%
Subordinate Prepayment Percent              0.000000%
</TABLE>