<PAGE>
                                                                               .
                                                                               .
                                                                               .

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                             Beginning     Scheduled     Unscheduled
          Original Face     Certificate    Principal      Principal               Realized   Total Principal
Class         Amount          Balance     Distribution   Distribution  Accretion   Loss (1)     Reduction
------  ----------------  --------------  ------------  -------------  ---------  ---------  ---------------
<S>     <C>               <C>             <C>           <C>            <C>        <C>        <C>
 A-1      498,828,000.00  458,416.516.23      0.00      10,980,493.45     0.00       0.00     10,980,493.45
 A-2      252,102,000.00  230,764,849.19      0.00       5,184,952.61     0.00       0.00      5,184,952.61
A-3-A     247,874,000.00  225,459,991.04      0.00       7,780,029.79     0.00       0.00      7,780,029.79
A-3-B       3,956,000.00    3,598,278.66      0.00         124,167.11     0.00       0.00        124,167.11
 X-A                0.00            0.00      0.00               0.00     0.00       0.00              0.00
 X-B                0.00            0.00      0.00               0.00     0.00       0.00              0.00
 B-1       18,900,000.00   18,900,000.00      0.00               0.00     0.00       0.00              0.00
 B-2       11,025,000.00   11,025,000.00      0.00               0.00     0.00       0.00              0.00
 B-3        6,300,000.00    6,300,000.00      0.00               0.00     0.00       0.00              0.00
 B-4        3,150,000.00    3,150,000.00      0.00               0.00     0.00       0.00              0.00
 B-5        2,625,000.00    2,625,000.00      0.00               0.00     0.00       0.00              0.00
 B-6        5,250,582.74    5,250,582.74      0.00               0.00     0.00       0.00              0.00
 A-R              100.00            0.00      0.00               0.00     0.00       0.00              0.00
        ----------------  --------------      ----      -------------     ----       ----     -------------
Totals  1,050,010,682.74  965,490,217.86      0.00      24,069,642.96     0.00       0.00     24,069,642.96
        ----------------  --------------      ----      -------------     ----       ----     -------------

<CAPTION>
        Ending Certificate  Ending Certificate  Total Principal
Class         Balance            Percentage       Distribution
------  ------------------  ------------------  ---------------
<S>     <C>                 <C>                 <C>
 A-1      447,436,022.78        0.89697455       10,980,493.45
 A-2      225,579,896.58        0.89479614        5,184,952.61
A-3-A     217,679,961.25        0.87818796        7,780,029.79
A-3-B       3,474,111.55        0.87818796          124,167.11
 X-A                0.00        0.00000000                0.00
 X-B                0.00        0.00000000                0.00
 B-1       18,900,000.00        1.00000000                0.00
 B-2       11,025,000.00        1.00000000                0.00
 B-3        6,300,000.00        1.00000000                0.00
 B-4        3,150,000.00        1.00000000                0.00
 B-5        2,625,000.00        1.00000000                0.00
 B-6        5,250,582.74        1.00000000                0.00
 A-R                0.00        0.00000000                0.00
          --------------        ----------       -------------
Totals    941,420,574.90        0.89658190       24,069,642.96
          --------------        ----------       -------------

</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   498,828,000.00   918.98713831   0.00000000   22.01258440   0.00000000  0.00000000    22.01258440
 A-2   252,102,000.00   915.36302445   0.00000000   20.56688408   0.00000000  0.00000000    20.56688408
A-3-A  247,874,000.00   909.57498987   0.00000000   31.38703450   0.00000000  0.00000000    31.38703450
A-3-B    3,956,000.00   909.57498989   0.00000000   31.38703488   0.00000000  0.00000000    31.38703488
 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    18,900,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-2    11,025,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-3     6,300,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-4     3,150,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-5     2,625,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-6     5,250,582.74  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 A-R           100.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000     0.00000000

<CAPTION>
       Ending Certificate  Ending Certificate  Total Principal
Class       Balance            Percentage       Distribution
-----  ------------------  ------------------  ---------------
<S>    <C>                 <C>                 <C>
 A-1       896.97455391        0.89697455        22.01258440
 A-2       894.79614037        0.89479614        20.56688408
A-3-A      878.18795537        0.87818796        31.38703450
A-3-B      878.18795501        0.87818796        31.38703488
 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     498,828,000.00      3.82899%      458,416,516.23  1,462,728.37     0.00        0.00       0.00       0.00
  A-2     252,102,000.00      2.81000%      230,764,849.19    540,374.36     0.00        0.00       0.00       0.00
 A-3-A    247,874,000.00      3.22750%      225,459,991.04    606,393.43     0.00        0.00       0.00       0.00
 A-3-B      3,956,000.00      3.45250%        3,598,278.66     10,352.55     0.00        0.00       0.00       0.00
  X-A               0.00      0.78683%      459,823,118.89    301,502.19     0.00        0.00       0.00       0.00
  X-B               0.00      0.62414%       29,925,000.00     15,564.59     0.00        0.00       0.00       0.00
  B-1      18,900,000.00      3.05000%       18,900,000.00     48,037.50     0.00        0.00       0.00       0.00
  B-2      11,025,000.00      3.44000%       11,025,000.00     31,605.00     0.00        0.00       0.00       0.00
  B-3       6,300,000.00      3.81783%        6,300,000.00     20,043.60     0.00        0.00       0.00       0.00
  B-4       3,150,000.00      3.81783%        3,150,000.00     10,021.80     0.00        0.00       0.00       0.00
  B-5       2,625,000.00      3.81783%        2,625,000.00      8,351.50     0.00        0.00       0.00       0.00
  B-6       5,250,582.74      3.81783%        5,250,582.74     16,704.85     0.00        0.00       0.00       0.00
  A-R             100.00      3.20809%                0.00          0.00     0.00        0.00       0.00       0.00
        ----------------      -------       --------------  ------------     ----        ----       ----       ----
Totals  1,050,010,682.74                                    3,071,679.74     0.00        0.00       0.00       0.00
        ----------------      -------       --------------  ------------     ----        ----       ----       ----

<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest   Interest    Notational
 Class   Distribution   Shortfall     Balance
------  --------------  ---------  --------------
<S>     <C>             <C>        <C>
  A-1    1,462,728.37      0.00    447,436,022.78
  A-2      540,374.36      0.00    225,579,896.58
 A-3-A     606,393.43      0.00    217,679,961.25
 A-3-B      10,352.55      0.00      3,474,111.55
  X-A      301,502.19      0.00    446,733,969.38
  X-B       15,564.59      0.00     29,925,000.00
  B-1       48,037.50      0.00     18,900,000.00
  B-2       31,605.00      0.00     11,025,000.00
  B-3       20,043.60      0.00      6,300,000.00
  B-4       10,021.80      0.00      3,150,000.00
  B-5        8,351.50      0.00      2,625,000.00
  B-6       16,704.85      0.00      5,250,582.74
  A-R            1.08      0.00              0.00
         ------------      ----    --------------
Totals   3,071,680.82      0.00
         ------------      ----    --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of                  Non-
                         Current        Beginning                        Unpaid      Current    Supported
Class     Original     Certificate    Certificate/    Current Accrued   Interest     Interest   Interest    Realized
 (5)    Face Amount       Rate      Notional Balance     Interest       Shortfall   Shortfall   Shortfall   Loss (6)
-----  --------------  -----------  ----------------  ---------------  ----------  ----------  ----------  ----------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
 A-1   498,828,000.00    3.82899%      918.98713831      2.93233012    0.00000000  0.00000000  0.00000000  0.00000000
 A-2   252,102,000.00    2.81000%      915.36302445      2.14347510    0.00000000  0.00000000  0.00000000  0.00000000
A-3-A  247,874,000.00    3.22750%      909.57498987      2.44637772    0.00000000  0.00000000  0.00000000  0.00000000
A-3-B    3,956,000.00    3.45250%      909.57498989      2.61692366    0.00000000  0.00000000  0.00000000  0.00000000
 X-A             0.00    0.78683%      912.47056922      0.59829935    0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.62414%     1000.00000000      0.52011997    0.00000000  0.00000000  0.00000000  0.00000000
 B-1    18,900,000.00    3.05000%     1000.00000000      2.54166667    0.00000000  0.00000000  0.00000000  0.00000000
 B-2    11,025,000.00    3.44000%     1000.00000000      2.86666667    0.00000000  0.00000000  0.00000000  0.00000000
 B-3     6,300,000.00    3.81783%     1000.00000000      3.18152381    0.00000000  0.00000000  0.00000000  0.00000000
 B-4     3,150,000.00    3.81783%     1000.00000000      3.18152381    0.00000000  0.00000000  0.00000000  0.00000000
 B-5     2,625,000.00    3.81783%     1000.00000000      3.18152381    0.00000000  0.00000000  0.00000000  0.00000000
 B-6     5,250,582.74    3.81783%     1000.00000000      3.18152305    0.00000000  0.00000000  0.00000000  0.00000000
 A-R           100.00    3.20809%        0.00000000      0.00000000    0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                        Remaining
                         Unpaid
Class  Total Interest   Interest   Ending Certificate/
 (5)    Distribution    Shortfall  Notational Balance
-----  --------------  ----------  ------------------
<S>    <C>             <C>         <C>
 A-1     2.93233012    0.00000000      896.97455391
 A-2     2.14347510    0.00000000      894.79614037
A-3-A    2.44637772    0.00000000      878.18795537
A-3-B    2.61692366    0.00000000      878.18795501
 X-A     0.59829935    0.00000000      886.49653005
 X-B     0.52011997    0.00000000     1000.00000000
 B-1     2.54166667    0.00000000     1000.00000000
 B-2     2.86666667    0.00000000     1000.00000000
 B-3     3.18152381    0.00000000     1000.00000000
 B-4     3.18152381    0.00000000     1000.00000000
 B-5     3.18152381    0.00000000     1000.00000000
 B-6     3.18152305    0.00000000     1000.00000000
 A-R    10.80000000    0.00000000        0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                             27,424,977.56
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                  65,348.87
         Realized Losses (Gains, Subsequent Expenses & Recoveries)               0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          27,490,326.43

Withdrawals
         Reimbursement for Servicer Advances                                41,552.55
         Payment of Service Fee                                            307,450.10
         Payment of Interest and Principal                              27,141,323.78
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            27,490,326.43

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

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                              <C>
Total Prepayment/Curtailment Interest Shortfall                                  0.00
Servicing Fee Support                                                            0.00
                                                                                 ----
Non-Supported Prepayment Curtailment Interest Shortfall                          0.00
                                                                                 ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                        <C>
Gross Servicing Fee                                                        303,024.93
Master Servicing Fee                                                         4,425.17
Supported Prepayment/Curtailment Interest Shortfall                              0.00
                                                                           ----------
Net Servicing Fee                                                          307,450.10
                                                                           ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                   Beginning       Current       Current     Ending
Account Type        Balance      Withdrawals    Deposits     Balance
------------       ---------     -----------    --------     -------
<S>                <C>           <C>            <C>          <C>
Reserve Fund       4,500.00         0.00          0.00       4,500.00
Reserve Fund       4,500.00         0.00          0.00       4,500.00
Reserve Fund       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          52   19,523,748.78
60 Days           0            0.00
90 Days           1      101,600.00
120 Days          1      385,500.00
150 Days          0            0.00
180+ Days         0            0.00
                 54   20,010,848.78
           --------   -------------

            No. of      Principal
            Loans        Balance

0-29 Days  0.000000%       0.000000%
30 Days    1.801178%       2.073854%
60 Days    0.000000%       0.000000%
90 Days    0.034638%       0.010792%
120 Days   0.034638%       0.040949%
150 Days   0.000000%       0.000000%
180+ Days  0.000000%       0.000000%
           --------   -------------
           1.870454%       2.125595%
</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            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            52   19,523,748.78
60 Days             0            0.00
90 Days             1      101,600.00
120 Days            1      385,500.00
150 Days            0            0.00
180+ Days           0            0.00
                   54   20,010,848.78
             --------   -------------

              No. of       Principal
              Loans        Balance

0-29 Days    0.000000%       0.000000%
30 Days      1.801178%       2.073854%
60 Days      0.000000%       0.000000%
90 Days      0.034638%       0.010792%
120 Days     0.034638%       0.040949%
150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%
             --------   -------------
             1.870454%       2.125595%
</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  65,348.87
</TABLE>

<TABLE>
<CAPTION>
               Original $      Original%        Current $        Current %   Current Class %     Prepayment %
             -------------     ----------     -------------     ---------    ---------------     ------------
<S>          <C>               <C>            <C>               <C>          <C>                 <C>
Class A      47,250,582.74     4.50000972%    47,250,582.74     5.01907267%      94.980927%        0.000000%
Class B-1    28,350,582.74     2.70002803%    28,350,582.74     3.01146836%       2.007604%       39.999507%
Class B-2    17,325,582.74     1.65003871%    17,325,582.74     1.84036585%       1.171103%       23.333046%
Class B-3    11,025,582.74     1.05004482%    11,025,582.74     1.17116441%       0.669201%       13.333169%
Class B-4     7,875,582.74     0.75004787%     7,875,582.74     0.83656369%       0.334601%        6.666584%
Class B-5     5,250,582.74     0.50005041%     5,250,582.74     0.55772976%       0.278834%        5.555487%
Class B-6             0.00     0.00000000%             0.00     0.00000000%       0.557730%       11.112207%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

            DELINQUENT

GROUP ONE

<TABLE>
<CAPTION>
               No. of       Principal
               Loans         Balance
<S>           <C>         <C>
0-29 Days            0            0.00
30 Days             25    7,975,514.90
60 Days              0            0.00
90 Days              0            0.00
120 Days             1      385,500.00
150 Days             0            0.00
180+ Days            0            0.00
              --------    ------------
                    26    8,361,014.90

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%       0.000000%
30 Days       1.748252%       1.693524%
60 Days       0.000000%       0.000000%
90 Days       0.000000%       0.000000%
120 Days      0.069930%       0.081857%
150 Days      0.000000%       0.000000%
180+ Days     0.000000%       0.000000%
              --------    ------------
              1.818182%       1.775381%
</TABLE>

              BANKRUPTCY

<TABLE>
<CAPTION>
               No. of       Principal
               Loans         Balance
<S>           <C>         <C>
0-29 Days            0            0.00
30 Days             25    7,975,514.90
60 Days              0            0.00
90 Days              0            0.00
120 Days             1      385,500.00
150 Days             0            0.00
180+ Days            0            0.00
              --------    ------------
                    26    8,361,014.90

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%       0.000000%
30 Days       1.748252%       1.693524%
60 Days       0.000000%       0.000000%
90 Days       0.000000%       0.000000%
120 Days      0.069930%       0.081857%
150 Days      0.000000%       0.000000%
180+ Days     0.000000%       0.000000%
              --------    ------------
              1.818182%       1.775381%
</TABLE>

              FORECLOSURE

<TABLE>
<CAPTION>
               No. of       Principal
               Loans         Balance
<S>           <C>         <C>
0-29 Days            0            0.00
30 Days             25    7,975,514.90
60 Days              0            0.00
90 Days              0            0.00
120 Days             1      385,500.00
150 Days             0            0.00
180+ Days            0            0.00
              --------    ------------
                    26    8,361,014.90

               No. of       Principal
               Loans         Balance


0-29 Days     0.000000%       0.000000%
30 Days       1.748252%       1.693524%
60 Days       0.000000%       0.000000%
90 Days       0.000000%       0.000000%
120 Days      0.069930%       0.081857%
150 Days      0.000000%       0.000000%
180+ Days     0.000000%       0.000000%
              --------    ------------
              1.818182%       1.775381%
</TABLE>

                REO

<TABLE>
<CAPTION>
               No. of       Principal
               Loans         Balance
<S>           <C>         <C>
0-29 Days        0                0.00
30 Days         25        7,975,514.90
60 Days          0                0.00
90 Days          0                0.00
120 Days         1          385,500.00
150 Days         0                0.00
180+ Days        0                0.00
              --------    ------------
                26        8,361,014.90

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%       0.000000%
30 Days       1.748252%       1.693524%
60 Days       0.000000%       0.000000%
90 Days       0.000000%       0.000000%
120 Days      0.069930%       0.081857%
150 Days      0.000000%       0.000000%
180+ Days     0.000000%       0.000000%
              --------    ------------
              1.818182%       1.775381%
</TABLE>

               TOTAL

<TABLE>
<CAPTION>
               No. of       Principal
               Loans         Balance
<S>           <C>         <C>
0-29 Days        0                0.00
30 Days         25        7,975,514.90
60 Days          0                0.00
90 Days          0                0.00
120 Days         1          385,500.00
150 Days         0                0.00
180+ Days        0                0.00
              --------    ------------
                26        8,361,014.90

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%       0.000000%
30 Days       1.748252%       1.693524%
60 Days       0.000000%       0.000000%
90 Days       0.000000%       0.000000%
120 Days      0.069930%       0.081857%
150 Days      0.000000%       0.000000%
180+ Days     0.000000%       0.000000%
              --------    ------------
              1.818182%       1.775381%
</TABLE>

               DELINQUENT

<TABLE>
<CAPTION>
                No. of      Principal
                Loans       Balance
<S>            <C>         <C>
0-29 Days             0            0.00
30 Days              13    4,822,536.10
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
               --------    ------------
                     13    4,822,536.10

                No. of      Principal
                Loans       Balance

0-29 Days      0.000000%       0.000000%
30 Days        1.895044%       2.030890%
60 Days        0.000000%       0.000000%
90 Days        0.000000%       0.000000%
120 Days       0.000000%       0.000000%
150 Days       0.000000%       0.000000%
180+ Days      0.000000%       0.000000%
               --------    ------------
               1.895044%       2.030890%
</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            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            13    4,822,536.10
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
             --------    ------------
                   13    4,822,536.10

             No. of        Principal
              Loans        Balance

0-29 Days    0.000000%       0.000000%
30 Days      1.895044%       2.030890%
60 Days      0.000000%       0.000000%
90 Days      0.000000%       0.000000%
120 Days     0.000000%       0.000000%
150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%
             --------    ------------
             1.895044%       2.030890%
</TABLE>
<PAGE>

                      DELINQUENT

GROUP THREE

<TABLE>
<CAPTION>
                      No. of            Principal
                      Loans              Balance
<S>                  <C>            <C>
0-29 Days                   0                    0.00
30 Days                    14            6,725,697.78
60 Days                     0                    0.00
90 Days                     1              101,600.00
120 Days                    0                    0.00
150 Days                    0                    0.00
180+ Days                   0                    0.00
                     --------       -----------------
                           15            6,827,297.78

                      No. of            Principal
                      Loans              Balance

0-29 Days            0.000000%               0.000000%
30 Days              1.815824%               2.886289%
60 Days              0.000000%               0.000000%
90 Days              0.129702%               0.043601%
120 Days             0.000000%               0.000000%
150 Days             0.000000%               0.000000%
180+ Days            0.000000%               0.000000%
                     --------       -----------------
                     1.945525%               2.929890%
</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                   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                  14             6,725,697.78
60 Days                   0                     0.00
90 Days                   1               101,600.00
120 Days                  0                     0.00
150 Days                  0                     0.00
180+ Days                 0                     0.00
                   --------        -----------------
                         15             6,827,297.78

                    No. of             Principal
                    Loans               Balance

0-29 Days          0.000000%                0.000000%
30 Days            1.815824%                2.886289%
60 Days            0.000000%                0.000000%
90 Days            0.129702%                0.043601%
120 Days           0.000000%                0.000000%
150 Days           0.000000%                0.000000%
180+ Days          0.000000%                0.000000%
                   --------        -----------------
                   1.945525%                2.929890%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                     Mixed Arm
<S>                                                     <C>
Weighted Average Gross Coupon                                 4.199894%
Weighted Average Net Coupon                                   3.823267%
Weighted Average Pass-Through Rate                            3.817767%
Weighted Average Maturity (Stepdown Calculation)                   336

Beginning Scheduled Collateral Loan Count                        2,945
Number of Loans Paid in Full                                        58
Ending Scheduled Collateral Loan Count                           2,887

Beginning Scheduled Collateral Balance                  965,490,217.86
Ending Scheduled Collateral Balance                     941,420,574.90
Ending Actual Collateral Balance at 31-Jan-2005         941,423,480.62

Monthly P&I Constant                                      3,379,130.38
Special Servicing Fee                                             0.00
Prepayment Penalties                                              0.00
Realization Loss Amount                                           0.00
Cumulative Realized Loss                                          0.00

Class A Optimal Amount                                   26,990,993.86

Scheduled Principal                                               0.00
Unscheduled Principal                                    24,069,642.96
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepayment Event                                  NO

<PAGE>

<TABLE>
<CAPTION>
         GROUP                        GROUP ONE           GROUP TWO         GROUP THREE             TOTAL
Collateral Description            6 Month LIBOR ARM       Mixed ARM      6 Month LIBOR ARM        Mixed ARM
<S>                               <C>                  <C>               <C>                   <C>
Weighted Average Coupon Rate               4.211372          4.122907             4.254471           4.199894
Weighted Average Net Rate                  3.834495          3.746911             3.877707           3.823267
Pass-Through Rate                          3.828995          3.741411             3.872208           3.817767
Weighted Average Maturity                       335               333                  341                336
Record Date                              01/31/2005        01/31/2005           01/31/2005         01/31/2005
Principal and Interest Constant        1,691,292.15        833,664.14           854,174.09       3,379,130.38
Beginning Loan Count                          1,454               702                  789              2,945
Loans Paid in Full                               24                16                   18                 58
Ending Loan Count                             1,430               686                  771              2,887
Beginning Scheduled Balance          481,921,522.76    242,643,581.16       240,925,113.94     965,490,217.86
Ending Scheduled Balance             470,941,029.31    237,458,628.55       233,020,917.04     941,420,574.90
Scheduled Principal                            0.00              0.00                 0.00               0.00
Unscheduled Principal                 10,980,493.45      5,184,952.61         7,904,196.90      24,069,642.96
Scheduled Interest                     1,691,292.15        833,664.14           854,174.09       3,379,130.38
Servicing Fee                            151,354.14         76,027.63            75,643.16         303,024.93
Master Servicing Fee                       2,208.81          1,112.12             1,104.24           4,425.17
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                           1,537,729.20        756,524.39           777,426.69       3,071,680.28
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>
MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Group One

Principal Transfer Amount                                                  0.00
Pro-Rata Senior Percent                                               95.122649%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Interest Transfer Amount                                                   0.00

Group Two

One-Month LIBOR Loan Balance                                     166,143,485.39
Six-Month LIBOR Loan Balance                                      71,315,143.16
Principal Transfer Amount                                                  0.00
Pro-Rata Senior Percent                                               95.104452%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Interest Transfer Amount                                                   0.00

Group Three

Principal Transfer Amount                                                  0.00
Pro-Rate Senior Percent                                               95.074468%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Interest Transfer Amount                                                   0.00
</TABLE>