<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 2004-5
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                               Certificate                           Beginning
                                  Class        Certificate Pass-    Certificate           Interest        Principal
        Class     CUSIP        Description       Through Rate         Balance           Distribution     Distribution
        -----     -----        -----------     -----------------   --------------       ------------     -------------


<S>              <C>            <C>             <C>                <C>                  <C>              <C>
         A-1      81744FBS5         SEN            3.58045%        467,207,267.75       1,394,011.16     10,419,797.92
         A-2      81744FBT3         SEN            2.76000%        161,019,798.75         370,345.54      2,307,117.39
         A-3      81744FCF2         SEN            2.82000%         64,973,797.97         152,688.43        930,954.95
         X-1      81744FBU0          IO            0.80000%                  0.00         128,570.84              0.00
         X-2      81744FBV8          IO            0.18680%                  0.00          35,179.91              0.00
         X-B      81744FBX4          IO            0.47625%                  0.00           9,276.22              0.00
         B-1      81744FBZ9         SUB            2.98000%         14,874,000.00          36,937.10              0.00
         B-2      81744FCA3         SUB            3.38000%          8,499,000.00          23,938.85              0.00
         B-3      81744FCB1         SUB            3.60170%          4,674,000.00          14,028.63              0.00
         B-4      81744FCC9         SUB            3.60170%          2,124,000.00           6,375.01              0.00
         B-5      81744FCD7         SUB            3.60170%          2,124,000.00           6,375.01              0.00
         B-6      81744FCE5         SUB            3.60170%          3,830,447.31          11,496.78              0.00
         A-R      81744FBY2         RES            3.08221%                  0.00               0.00              0.00
                                                                   --------------       ------------     -------------
Totals                                                             729,326,311.78       2,189,223.48     13,657,870.26
                                                                   --------------       ------------    --------------
<CAPTION>

                             Current        Ending
                             Realized     Certificate             Total         Cumulative
        Class     CUSIP       Losses        Balance            Distribution    Realized Loss
        -----     -----      --------    --------------      -------------     -------------


<S>              <C>         <C>         <C>                 <C>               <C>
         A-1      81744FBS5     0.00     456,787,469.83      11,8131,809.08         0.00
         A-2      81744FBT3     0.00     158,712,681.37        2,677,462.93         0.00
         A-3      81744FCF2     0.00      64,042,843.01        1,083,643.38         0.00
         X-1      81744FBU0     0.00               0.00          128,570.84         0.00
         X-2      81744FBV8     0.00               0.00           35,179.91         0.00
         X-B      81744FBX4     0.00               0.00            9,276.22         0.00
         B-1      81744FBZ9     0.00      14,874,000.00           36,937.10         0.00
         B-2      81744FCA3     0.00       8,499,000.00           23,938.85         0.00
         B-3      81744FCB1     0.00       4,674,000.00           14,028.63         0.00
         B-4      81744FCC9     0.00       2,124,000.00            6,375.01         0.00
         B-5      81744FCD7     0.00       2,124,000.00            6,375.01         0.00
         B-6      81744FCE5     0.00       3,830,447.31           11,496.78         0.00
         A-R      81744FBY2     0.00               0.00                0.00         0.00
                                ----     --------------       -------------        -----
Totals                          0.00     715,668,441.52       15,847,093.74         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          553,000,000.00       467,207,267.75       135,279.06       10,284,518.86        0.00           0.00
         A-2          185,867,000.00       161,019,798.75        27,333.94        2,279,783.45        0.00           0.00
         A-3           75,000,000.00        64,973,797.97        11,029.63          919,925.32        0.00           0.00
         X-1                    0.00                 0.00             0.00                0.00        0.00           0.00
         X-2                    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
         B-1           14,874,000.00        14,874,000.00             0.00                0.00        0.00           0.00
         B-2            8,499,000.00         8,499,000.00             0.00                0.00        0.00           0.00
         B-3            4,674,000.00         4,674,000.00             0.00                0.00        0.00           0.00
         B-4            2,124,000.00         2,124,000.00             0.00                0.00        0.00           0.00
         B-5            2,124,000.00         2,124,000.00             0.00                0.00        0.00           0.00
         B-6            3,830,447.31         3,830,447.31             0.00                0.00        0.00           0.00
         A-R                  100.00                 0.00             0.00                0.00        0.00           0.00
                      --------------       --------------       ----------       -------------       -----           ----
Totals                849,992,547.31       729,326,311.78       173,642.63       13,484,227.63        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            10,419,797.92          456,787,469.83             0.82601712           10,419,797.92
         A-2             2,307,117.39          158,712,681.37             0.85390457            2,307,119.39
         A-3               930,954.95           64,042,843.01             0.85390457              930,954.95
         X-1                     0.00                    0.00             0.00000000                    0.00
         X-2                     0.00                    0.00             0.00000000                    0.00
         X-B                     0.00                    0.00             0.00000000                    0.00
         B-1                     0.00           14,874,000.00             1.00000000                    0.00
         B-2                     0.00            8,499,000.00             1.00000000                    0.00
         B-3                     0.00            4,674,000.00             1.00000000                    0.00
         B-4                     0.00            2,124,000.00             1.00000000                    0.00
         B-5                     0.00            2,124,000.00             1.00000000                    0.00
         B-6                     0.00            3,830,447.31             1.00000000                    0.00
         A-R                     0.00                    0.00             0.00000000                    0.00
                        -------------          --------------             ----------           -------------
Totals                  13,657,870.26          715,668,441.52             0.84197025           13,657,870.26
                        -------------          --------------             ----------           -------------


</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
        Class            Amount                Balance         Distribution      Distribution       Accretion
        -----         --------------       --------------      ------------      -------------      ---------

<S>                   <C>                  <C>                 <C>               <C>               <C>
         A-1          553,000,000.00         844.85943535        0.24462759        18.59768329     0.00000000
         A-2          185,867,000.00         866.31730619        0.14706182        12.26567088     0.00000000
         A-3           75,000,000.00         866.31730627        0.14706173        12.26567093     0.00000000
         X-1                    0.00           0.00000000        0.00000000         0.00000000     0.00000000
         X-2                    0.00           0.00000000        0.00000000         0.00000000     0.00000000
         X-B                    0.00           0.00000000        0.00000000         0.00000000     0.00000000
         B-1           14,874,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-2            8,499,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-3            4,674,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-4            2,124,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-5            2,124,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-6            3,830,447.31        1000.00000000        0.00000000         0.00000000     0.00000000
         A-R                  100.00           0.00000000        0.00000000         0.00000000     0.00000000

<CAPTION>


                        Realized      Total Principal     Ending Certificate     Ending Certificate     Total Principal
        Class            Loss(3)        Reduction             Balance                 Percentage          Distribution
        -----          -----------    ---------------     ------------------     ------------------     ---------------

<S>                    <C>            <C>                 <C>                    <C>                    <C>
         A-1            0.00000000       18.84231089            826.01712447            0.82601712        18.84231089
         A-2            0.00000000       12.41273271            853.90457354            0.85390457        12.41273271
         A-3            0.00000000       12.41273267            853.90457347            0.85390457        12.41273267
         X-1            0.00000000        0.00000000              0.00000000            0.00000000         0.00000000
         X-2            0.00000000        0.00000000              0.00000000            0.00000000         0.00000000
         X-B            0.00000000        0.00000000              0.00000000            0.00000000         0.00000000
         B-1            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-2            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-3            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-4            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-5            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-6            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         A-R            0.00000000        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
                                                                  Certificate/           Current            Unpaid        Current
                      Original Face             Current            Notional              Accrued           Interest      Interest
       Class             Amount             Certificate Rate        Balance              Interest           Shortfall     Shortfall
       -----         ---------------        ----------------   -----------------     ---------------      -----------   -----------

<S>                  <C>                    <C>                <C>                   <C>                  <C>           <C>
        A-1           553,000,000.00            3.58045%         467,207,267.75        1,394,011.16            0.00         0.00
        A-2           185,867,000.00            2.76000%         161,019,798.75          370,345.54            0.00         0.00
        A-3            75,000,000.00            2.82000%          64,973,797.97          152,688.43            0.00         0.00
        X-1                     0.00            0.80000%         192,856,262.28          128,570.84            0.00         0.00
        X-2                     0.00            0.18680%         225,993,596.72           35,179.91            0.00         0.00
        X-B                     0.00            0.47625%          23,373,000.00            9,276.22            0.00         0.00
        B-1            14,874,000.00            2.98000%          14,874,000.00           36,937.10            0.00         0.00
        B-2             8,499,000.00            3.38000%           8,499,000.00           23,938.85            0.00         0.00
        B-3             4,674,000.00            3.60170%           4,674,000.00           14,028.63            0.00         0.00
        B-4             2,124,000.00            3.60170%           2,124,000.00            6,375.01            0.00         0.00
        B-5             2,124,000.00            3.60170%           2,124,000.00            6,375.01            0.00         0.00
        B-6             3,830,447.31            3.60170%           3,830,447.31           11,496.78            0.00         0.00
        A-R                   100.00            3.08221%                   0.00                0.00            0.00         0.00
                     ---------------        -----------        -----------------     --------------       ---------     --------
      Totals          849,992,547.31                                                   2,189,223.48            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               0.00           0.00         1,394,011.16        0.00       456,787,469.83
        A-2               0.00           0.00           370,345.54        0.00       158,712,681.37
        A-3               0.00           0.00           152,688.43        0.00       64,042,8443.01
        X-1               0.00           0.00           128,570.84        0.00       185,647,469.97
        X-2               0.00           0.00            35,179.91        0.00       222,755,524.38
        X-B               0.00           0.00             9,276.22        0.00        23,373,000.00
        B-1               0.00           0.00            36,937.10        0.00        14,874,000.00
        B-2               0.00           0.00            23,938.85        0.00         8,499,000.00
        B-3               0.00           0.00            14,028.63        0.00         4,674,000.00
        B-4               0.00           0.00             6,375.01        0.00         2,124,000.00
        B-5               0.00           0.00             6,375.01        0.00         2,124,000.00
        B-6               0.00           0.00            11,496.78        0.00         3,830,447.31
        A-R               0.00           0.00                 0.00        0.00                 0.00
                      --------        -------       --------------      ------       --------------
      Totals              0.00           0.00         2,189,223.48        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
       Class       Original Face       Certificate         Certificate/       Current Accrued      Interest       Interest
        (5)           Amount               Rate          Notional Balance        Interest          Shortfall      Shortfall
       -----       --------------      -----------       ----------------     ---------------     -----------     ----------

<S>                <C>                  <C>                <C>                  <C>               <C>             <C>
        A-1        553,000,000.00       3.58045%           844.85943535         2.52081584        0.00000000      0.00000000
        A-2        185,867,000.00       2.76000%           866.31730619         1.99252982        0.00000000      0.00000000
        A-3         75,000,000.00       2.82000%           866.31730627         2.03584573        0.00000000      0.00000000
        X-1                  0.00       0.80000%           739.28960842         0.49285973        0.00000000      0.00000000
        X-2                  0.00       0.18680%           866.31730621         0.13485765        0.00000000      0.00000000
        X-B                  0.00       0.47625%          1000.00000000         0.39687759        0.00000000      0.00000000
        B-1         14,874,000.00       2.98000%          1000.00000000         2.48333333        0.00000000      0.00000000
        B-2          8,499,000.00       3.38000%          1000.00000000         2.81666667        0.00000000      0.00000000
        B-3          4,674,000.00       3.60170%          1000.00000000         3.00141849        0.00000000      0.00000000
        B-4          2,124,000.00       3.60170%          1000.00000000         3.00141714        0.00000000      0.00000000
        B-5          2,124,000.00       3.60170%          1000.00000000         3.00141714        0.00000000      0.00000000
        B-6          3,830,447.31       3.60170%          1000.00000000         3.00141970        0.00000000      0.00000000
        A-R                100.00       3.08221%             0.00000000         0.00000000        0.00000000      0.00000000

<CAPTION>



                         Non-                                                  Remaining
                       Supported                                                Unpaid
       Class           Interest        Realized            Total Interest      Interest           Ending Certificate/
        (5)            Shortfall        Loss(6)             Distribution       Shortfall          Notational Balance
       -----          ----------       ----------          --------------     -----------         -------------------

<S>                   <C>              <C>                   <C>               <C>                   <C>
        A-1           0.00000000       0.00000000            2.52081584        0.00000000            826.01712447
        A-2           0.00000000       0.00000000            1.99252982        0.00000000            853.90457354
        A-3           0.00000000       0.00000000            2.03584573        0.00000000            853.90457347
        X-1           0.00000000       0.00000000            0.49285973        0.00000000            711.65563283
        X-2           0.00000000       0.00000000            0.13485765        0.00000000            853.90457352
        X-B           0.00000000       0.00000000            0.39687759        0.00000000           1000.00000000
        B-1           0.00000000       0.00000000            2.48333333        0.00000000           1000.00000000
        B-2           0.00000000       0.00000000            2.81666667        0.00000000           1000.00000000
        B-3           0.00000000       0.00000000            3.00141849        0.00000000           1000.00000000
        B-4           0.00000000       0.00000000            3.00141714        0.00000000           1000.00000000
        B-5           0.00000000       0.00000000            3.00141714        0.00000000           1000.00000000
        B-6           0.00000000       0.00000000            3.00141970        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.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

<TABLE>
<CAPTION>
                                             CERTIFICATE ACCOUNT

<S>                                                                                         <C>
Beginning Balance                                                                                          0.00

Deposits
        Payments of Interest and Principal                                                        16,075,640.39
        Liquidations, Insurance Proceeds, Reserve Funds                                                    0.00
        Proceeds from Repurchased Loans                                                                    0.00
        Other Amounts (Servicer Advances)                                                             22,619.88
        Realized Losses (Gains, Subsequent Expenses & Recoveries)                                          0.00
        Prepayment Penalties                                                                               0.00
                                                                                              -----------------
Total Deposits                                                                                    16,098,260.27

Withdrawals
        Reimbursement for Servicer Advances                                                           17,640.00
        Payment of Service Fee                                                                       233,526.53
        Payment of Interest and Principal                                                         15,847,093.74
                                                                                              -----------------
Total Withdrawals (Pool Distribution Amount)                                                      16,098,260.27

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



<PAGE>


<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                                                      228,115.58
LPMI                                                                         852.65
Master Servicing Fee                                                       4,558.30
Supported Prepayment/Curtailment Interest Shortfall                            0.00
                                                                      -------------
Net Servicing Fee                                                        233,526.53
                                                                      =============

</TABLE>



<TABLE>
<CAPTION>
                                 OTHER ACCOUNTS


    Account Type               Beginning Balance       Current Withdrawals        Current Deposits     Ending Balance
    ------------               -----------------       -------------------        ----------------     --------------


<S>                            <C>                     <C>                        <C>                  <C>
 Class X-1 Sub Account            4,500.00                   0.00                      0.00              4,500.00
 Class X-2 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

<TABLE>
<CAPTION>
           DELINQUENT                                     BANKRUPTCY                                    FORECLOSURE
--------------------------------------     -------------------------------------------    ----------------------------------------

              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         21        6,430,392.78     30 Days               0              0.00      30 Days                  0          0.00
60 Days         1           291,914.54     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        1           133,459.32     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
                ----------------------                    --------------------------                       -----------------------
                23        6,855,766.64                           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     0.974478%         0.898514%    30 Days        0.000000%         0.000000%     30 Days           0.000000%     0.000000%
60 Days     0.046404%         0.040789%    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    0.046404%         0.018648%    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%
            ---------------------------                   ---------------------------                       -----------------------
            1.067285%         0.957951%                   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              21       6,430,392.78
          60 Days                  0             0.00        60 Days               1         291,914.54
          90 Days                  0             0.00        90 Days               0               0.00
          120 Days                 0             0.00        120 Days              1         133,459.32
          150 Days                 0             0.00        150 Days              0               0.00
          180+ Days                0             0.00        180+ Days             0               0.00
                            -------------------------                        --------------------------
                                   0             0.00                             23       6,855,766.64


                              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        0.974478%          0.898514%
          60 Days           0.000000%        0.000000%       60 Days        0.046404%          0.040789%
          90 Days           0.000000%        0.000000%       90 Days        0.000000%          0.000000%
          120 Days          0.000000%        0.000000%       120 Days       0.046404%          0.018648%
          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%                      1.067285%          0.957951%

Current Period Class A Insufficient Funds: 0.00  Principal Balance of Contaminated Properties  0.00   Periodic Advance  22,619.88

</TABLE>

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

<S>             <C>               <C>              <C>                <C>             <C>                 <C>
Class A         36,125,447.31     4.25008989%      36,125,447.31      5.04779102%     94.952209%          0.000000%
Class X-1       36,125,447.31     4.25008989%      36,125,447.31      5.04779102%      0.000000%          0.000000%
Class X-2       36,125,447.31     4.25008989%      36,125,447.31      5.04779102%      0.000000%          0.000000%
Class B-1       21,251,447.31     2.50019219%      21,251,447.31      2.96945430%      2.078337%         41.173193%
Class B-2       12,752,447.31     1.50030107%      12,752,447.31      1.78189320%      1.187561%         23.526352%
Class B-3        8,078,447.31     0.95041390%       8,078,447.31      1.12879748%      0.653096%         12.938248%
Class B-4        5,954,447.31     0.70052936%       5,954,447.31      0.83201200%      0.296785%          5.879512%
Class B-5        3,830,447.31     0.45064481%       3,830,447.31      0.53522652%      0.296785%          5.879512%
Class B-6                0.00     0.00000000%               0.00      0.00000000%      0.535227%         10.603183%
</TABLE>

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





<PAGE>
                           DELINQUENCY STATUS BY GROUP
<TABLE>
<CAPTION>
              DELINQUENT                                    BANKRUPTCY                                    FORECLOSURE
-----------------------------------------     ----------------------------------------     --------------------------------------
GROUP ONE
                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             12       4,281,188.24     30 Days             0              0.00      30 Days              0            0.00
60 Days              1         291,914.54     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             1         133,459.32     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
               -------       ------------                       ---            ------                         ---          ------
                    14       4,706,562.10                         0              0.00                           0            0.00
</TABLE>

<TABLE>
<CAPTION>
                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     0.000000%          0.000000%    0-29 Days    0.000000%         0.000000%     0-29 Days     0.000000%       0.000000%
30 Days       0.800534%          0.889442%    30 Days      0.000000%         0.000000%     30 Days       0.000000%       0.000000%
60 Days       0.066711%          0.060647%    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      0.066711%          0.027727%    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%
               -------           --------                  --------          --------                    --------        --------
              0.933956%          0.977816%                 0.000000%         0.000000%                   0.000000%       0.000000%
</TABLE>

<TABLE>
<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               12     4,281,188.24
   60 Days               0              0.00      60 Days                1       291,914.54
   90 Days               0              0.00      90 Days                0             0.00
   120 Days              0              0.00      120 Days               1       133,459.32
   150 Days              0              0.00      150 Days               0             0.00
   180+ Days             0              0.00      180+ Days              0             0.00
                      ----          --------                           ---     ------------
                         0              0.00                            14     4,706,562.10
</TABLE>

<TABLE>
<CAPTION>
                     No. of         Principal                        No. of         Principal
                     Loans           Balance                         Loans           Balance
<S>               <C>               <C>           <C>              <C>             <C>
   0-29 Days      0.000000%         0.000000%     0-29 Days        0.000000%       0.000000%
   30 Days        0.000000%         0.000000%     30 Days          0.800534%       0.889442%
   60 Days        0.000000%         0.000000%     60 Days          0.066711%       0.060647%
   90 Days        0.000000%         0.000000%     90 Days          0.000000%       0.000000%
   120 Days       0.000000%         0.000000%     120 Days         0.066711%       0.027727%
   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%                      0.933956%       0.977816%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                                    BANKRUPTCY                                    FORECLOSURE
-----------------------------------------     ----------------------------------------     --------------------------------------
GROUP TWO
                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                 9      2,149,204.54    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
                 --------      -------------                   --------       --------                    --------      --------
                        9      2,149,204.54                           0           0.00                           0          0.00
</TABLE>

<TABLE>
<CAPTION>
GROUP TWO
                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        0.000000%         0.000000%   0-29 Days       0.000000%      0.000000%   0-29 Days       0.000000%     0.000000%
30 Days          1.371951%         0.917148%   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%
                 0.000000%         0.000000%   180+ Days       0.000000%      0.000000%   180+ Days       0.000000%     0.000000%
                 --------          ---------                   --------       --------                    --------      --------
                 1.371951%         0.917148%                   0.000000%      0.000000%                   0.000000%     0.000000%
</TABLE>

<TABLE>
<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               9      2,149,204.54
  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                         9      2,149,204.54
</TABLE>

<TABLE>
<CAPTION>
                     No. of           Principal                     No. of        Principal
                     Loans             Balance                      Loans          Balance
 <S>                 <C>              <C>              <C>          <C>           <C>
  0-29 Days           0.000000%             0.000000%  0-29 Days      0.000000%         0.000000%
  30 Days             0.000000%             0.000000%  30 Days        1.371951%         0.917148%
  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%                 1.371951%         0.917148%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>

Collateral Description                                                Mixed Arm

<S>                                                                    <C>
Weighted Average Gross Coupon                                          3.986281%
Weighted Average Net Coupon                                            3.610951%
Weighted Average Pass-Through Rate                                     3.602048%
Weighted Average Maturity (Stepdown Calculation)                            334

Beginning Scheduled Collateral Loan Count                                 2,188
Number of Loans Paid in Full                                                 33
Ending Scheduled Collateral Loan Count                                    2,155

Beginning Scheduled Collateral Balance                           729,326,311.78
Ending Scheduled Collateral Balance                              715,668,441.52
Ending Actual Collateral Balance at 31-Jan-2005                  715,669,801.20

Monthly P&I Constant                                               2,596,392.59
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            15,738,666.13

Ending Scheduled Balance for Premium Loans                       715,668,441.52

Scheduled Principal                                                  173,642.63
Unscheduled Principal                                             13,484,227.63

</TABLE>






<PAGE>


<TABLE>
<CAPTION>

        GROUP                          GROUP ONE            GROUP TWO              TOTAL

<S>                                <C>                     <C>                  <C>
Collateral Description             6 Month LIBOR ARM            Mixed ARM            Mixed ARM
Weighted Average Coupon Rate                3.964593             4.031175             3.986281
Weighted Average Net Rate                   3.589102             3.656175             3.610951
Pass-Through Rate                           3.580452             3.646748             3.602048
Weighted Average Maturity                        336                  329                  334
Record Date                               01/31/2005           01/31/2005           01/31/2005
Principal and Interest Constant         1,759,945.74           836,446.85         2,596,392.59
Beginning Loan Count                           1,525                  663                2,188
Loans Paid in Full                                26                    7                   33
Ending Loan Count                              1,499                  656                2,155
Beginning Scheduled Balance           491,752,938.50       237,573,373.28       729,326,311.78
Ending Scheduled Balance              481,333,140.58       234,335,300.94       715,668,441.52
Scheduled Principal                       135,279.06            38,363.57           173,642.63
Unscheduled Principal                  10,284,518.86         3,199,708.77        13,484,227.63
Scheduled Interest                      1,624,666.68           798,083.28         2,422,749.96
Servicing Fee                             153,873.89            74,241.69           228,115.58
Master Servicing Fee                        3,073.47             1,484.83             4,558.30
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                                     471.03               381.62               852.65
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                            1,467,248.29           721,975.14         2,189,223.43
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>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING

<S>                                                     <C>
Group One
Six-Month Libor Loan Balance                             481,333,140.58
Interest Transfer Amount                                           0.00
Principal Transfer Amount                                          0.00
Prorata Senior Percentage                                    95.008536%
Senior Percentage                                           100.000000%
Senior Prepayment Percentage                                100.000000%
Subordinate Percentage                                        0.000000%
Subordinate Prepayment Percentage                             0.000000%

Group Two
One-Month Libor Loan Balance                             134,518,901.84
Six-Month Libor Loan Balance                              99,816,399.10
Interest Transfer Amount                                           0.00
Principal Transfer Amount                                          0.00
Prorata Senior Percentage                                    95.125810%
Senior Percentage                                           100.000000%
Senior Prepayment Percentage                                100.000000%
Subordinate Percentage                                        0.000000%
Subordinate Prepayment Percentage                             0.000000%
</TABLE>