<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 2004-10
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate   Certificate   Beginning                                                    Ending
                      Class     Pass-Through  Certificate       Interest     Principal      Current       Certificate
Class     CUSIP    Description      Rate        Balance       Distribution  Distribution  Realized Loss     Balance
------  ---------  -----------  ------------  --------------  ------------  ------------  -------------  --------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>           <C>            <C>
 A-1A   81744FET0      SEN           2.81000% 106,614,378.44    249,655.34    600,909.16           0.00  106,013,469.28
 A-1B   81744FEU7      SEN           2.87000%  11,848,734.33     28,338.22     66,782.86           0.00   11,781,951.47
  A-2   81744FEV5      SEN           2.82000% 197,179,416.03    463,371.63  1,111,359.64           0.00  196,068,056.39
 A-3A   81744FEW3      SEN           2.57000% 171,079,884.29    366,396.09  3,872,398.00           0.00  167,207,486.30
 A-3B   81744FEX1      SEN           2.63000%  19,008,876.03     41,661.12    430,266.44           0.00   18,578,609.59
  A-4   81744FEY9      SEN           2.58000% 120,515,323.60    259,107.95  2,727,867.74           0.00  117,787,455.86
  X-A   81744FEZ6       IO           0.63828%           0.00    333,103.29          0.00           0.00            0.00
  X-B   81744FFA0       IO           0.22631%           0.00      3,863.98          0.00           0.00            0.00
  B-1   81744FFC6      SUB           3.00000%  14,042,000.00     35,105.00          0.00           0.00   14,042,000.00
  B-2   81744FFD4      SUB           3.35000%   6,849,000.00     19,120.13          0.00           0.00    6,849,000.00
  B-3   81744FFE2      SUB           3.33670%   3,767,000.00     10,474.45          0.00           0.00    3,767,000.00
  B-4   81744FFF9      SUB           3.33670%   3,081,000.00      8,566.97          0.00           0.00    3,081,000.00
  B-5   81744FFG7      SUB           3.33670%   1,711,000.00      4,757.57          0.00           0.00    1,711,000.00
  B-6   81744FFH5      SUB           3.33670%   3,097,055.38      8,611.61          0.00           0.00    3,097,055.38
  A-R   81744FFB8      RES           3.17784%           0.00          0.48          0.00           0.00            0.00
        ---------  -----------  ------------  --------------  ------------  ------------  -------------  --------------
Totals                                        658,793,668.10  1,832,133.83  8,809,583.84           0.00  649,984,084.27
        ---------  -----------  ------------  --------------  ------------  ------------  -------------  --------------
</TABLE>

<TABLE>
<CAPTION>
            Total       Cumulative
Class   Distribution   Realized Loss
------  -------------  -------------
<S>     <C>            <C>
 A-1A      850,564.50           0.00
 A-1B       95,121.08           0.00
  A-2    1,574,731.27           0.00
 A-3A    4,238,794.09           0.00
 A-3B      471,927.56           0.00
  A-4    2,986,975.69           0.00
  X-A      333,103.29           0.00
  X-B        3,863.98           0.00
  B-1       35,105.00           0.00
  B-2       19,120.13           0.00
  B-3       10,474.45           0.00
  B-4        8,566.97           0.00
  B-5        4,757.57           0.00
  B-6        8,611.61           0.00
  A-R            0.48           0.00
        -------------  -------------
Totals  10,641,717.67           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                           Total         Ending         Ending
        Original Face     Certificate     Principal      Principal               Realized   Principal     Certificate    Certificate
Class       Amount          Balance      Distribution  Distribution   Accretion  Loss (1)   Reduction       Balance      Percentage
------  ---------------  --------------  ------------  -------------  ---------  --------  ------------  --------------  -----------
<S>     <C>              <C>             <C>           <C>            <C>        <C>       <C>           <C>             <C>
A-1A     110,000,000.00  106,614,378.44          0.00     600,909.16       0.00      0.00    600,909.16  106,013,469.28   0.96375881
A-1B      12,225,000.00   11,848,734.33          0.00      66,782.86       0.00      0.00     66,782.86   11,781,951.47   0.96375881
 A-2     203,441,000.00  197,179,416.03          0.00   1,111,359.64       0.00      0.00  1,111,359.64  196,068,056.39   0.96375881
A-3A     180,000,000.00  171,079,884.29          0.00   3,872,398.00       0.00      0.00  3,872,398.00  167,207,486.30   0.92893048
A-3B      20,000,000.00   19,008,876.03          0.00     430,266.44       0.00      0.00    430,266.44   18,578,609.59   0.92893048
 A-4     126,799,000.00  120,515,323.60          0.00   2,727,867.74       0.00      0.00  2,727,867.74  117,787,455.86   0.92893048
 X-A               0.00            0.00          0.00           0.00       0.00      0.00          0.00            0.00   0.00000000
 X-B               0.00            0.00          0.00           0.00       0.00      0.00          0.00            0.00   0.00000000
 B-1      14,042,000.00   14,042,000.00          0.00           0.00       0.00      0.00          0.00   14,042,000.00   1.00000000
 B-2       6,849,000.00    6,849,000.00          0.00           0.00       0.00      0.00          0.00    6,849,000.00   1.00000000
 B-3       3,767,000.00    3,767,000.00          0.00           0.00       0.00      0.00          0.00    3,767,000.00   1.00000000
 B-4       3,081,000.00    3,081,000.00          0.00           0.00       0.00      0.00          0.00    3,081,000.00   1.00000000
 B-5       1,711,000.00    1,711,000.00          0.00           0.00       0.00      0.00          0.00    1,711,000.00   1.00000000
 B-6       3,097,055.38    3,097,055.38          0.00           0.00       0.00      0.00          0.00    3,097,055.38   1.00000000
 A-R             100.00            0.00          0.00           0.00       0.00      0.00          0.00            0.00   0.00000000
        ---------------  --------------  ------------  -------------  ---------  --------  ------------  --------------  -----------
Totals   685,012,155.38  658,793,668.10          0.00   8,809,583.84       0.00      0.00  8,809,583.84  649,984,084.27   0.94886504
        ---------------  --------------  ------------  -------------  ---------  --------  ------------  --------------  -----------
</TABLE>

<TABLE>
<CAPTION>
             Total
          Principal
Class    Distribution
------   ------------
<S>      <C>
A-1A       600,909.16
A-1B        66,782.86
 A-2     1,111,359.64
A-3A     3,872,398.00
A-3B       430,266.44
 A-4     2,727,867.74
 X-A             0.00
 X-B             0.00
 B-1             0.00
 B-2             0.00
 B-3             0.00
 B-4             0.00
 B-5             0.00
 B-6             0.00
 A-R             0.00
         ------------
Totals   8,809,583.84
         ------------
</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                            Total         Ending
       Original Face    Certificate    Principal      Principal                Realized    Principal    Certificate
Class      Amount         Balance     Distribution  Distribution  Accretion    Loss (3)    Reduction      Balance
-----  --------------  -------------  ------------  ------------  ----------  ----------  -----------  -------------
<S>    <C>             <C>            <C>           <C>           <C>         <C>         <C>          <C>
A-1A   110,000,000.00   969.22162218    0.00000000    5.46281055  0.00000000  0.00000000   5.46281055   963.75881164
A-1B    12,225,000.00   969.22162209    0.00000000    5.46281063  0.00000000  0.00000000   5.46281063   963.75881145
 A-2   203,441,000.00   969.22162214    0.00000000    5.46281054  0.00000000  0.00000000   5.46281054   963.75881160
A-3A   180,000,000.00   950.44380161    0.00000000   21.51332222  0.00000000  0.00000000  21.51332222   928.93047944
A-3B    20,000,000.00   950.44380150    0.00000000   21.51332200  0.00000000  0.00000000  21.51332200   928.93047950
 A-4   126,799,000.00   950.44380161    0.00000000   21.51332219  0.00000000  0.00000000  21.51332219   928.93047942
 X-A             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000     0.00000000
 X-B             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000     0.00000000
 B-1    14,042,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000  1000.00000000
 B-2     6,849,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000  1000.00000000
 B-3     3,767,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000  1000.00000000
 B-4     3,081,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000  1000.00000000
 B-5     1,711,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000  1000.00000000
 B-6     3,097,055.38  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000  1000.00000000
 A-R           100.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000   0.00000000     0.00000000
       --------------  -------------  ------------  ------------  ----------  ----------  -----------  -------------
</TABLE>

<TABLE>
<CAPTION>
          Ending          Total
        Certificate    Principal
Class   Percentage   Distribution
-----   -----------  ------------
<S>     <C>          <C>
A-1A     0.96375881    5.46281055
A-1B     0.96375881    5.46281063
 A-2     0.96375881    5.46281054
A-3A     0.92893048   21.51332222
A-3B     0.92893048   21.51332200
 A-4     0.92893048   21.51332219
 X-A     0.00000000    0.00000000
 X-B     0.00000000    0.00000000
 B-1     1.00000000    0.00000000
 B-2     1.00000000    0.00000000
 B-3     1.00000000    0.00000000
 B-4     1.00000000    0.00000000
 B-5     1.00000000    0.00000000
 B-6     1.00000000    0.00000000
 A-R     0.00000000    0.00000000
        -----------  ------------
</TABLE>

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

<PAGE>

                        INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                       Beginning                    Payment                Non-
                          Current    Certificate/      Current     of Unpaid   Current   Supported
        Original Face   Certificate    Notional         Accrued     Interest  Interest    Interest  Realized  Total Interest
 Class      Amount         Rate        Balance        Interest     Shortfall  Shortfall  Shortfall  Loss (4)   Distribution
------  --------------  -----------  --------------  ------------  ---------  ---------  ---------  --------  --------------
<S>     <C>             <C>          <C>             <C>           <C>        <C>        <C>        <C>       <C>
 A-1A   110,000,000.00      2.81000% 106,614,378.44    249,655.34       0.00       0.00       0.00      0.00      249,655.34
 A-1B    12,225,000.00      2.87000%  11,848,734.33     28,338.22       0.00       0.00       0.00      0.00       28,338.22
  A-2   203,441,000.00      2.82000% 197,179,416.03    463,371.63       0.00       0.00       0.00      0.00      463,371.63
 A-3A   180,000,000.00      2.57000% 171,079,884.29    366,396.09       0.00       0.00       0.00      0.00      366,396.09
 A-3B    20,000,000.00      2.63000%  19,008,876.03     41,661.12       0.00       0.00       0.00      0.00       41,661.12
  A-4   126,799,000.00      2.58000% 120,515,323.60    259,107.95       0.00       0.00       0.00      0.00      259,107.95
  X-A             0.00      0.63828%           0.00    333,103.29       0.00       0.00       0.00      0.00      333,103.29
  X-B             0.00      0.22631%           0.00      3,939.91       0.00       0.00       0.00      0.00        3,863.98
  B-1    14,042,000.00      3.00000%  14,042,000.00     35,105.00       0.00       0.00       0.00      0.00       35,105.00
  B-2     6,849,000.00      3.35000%   6,849,000.00     19,120.13       0.00       0.00       0.00      0.00       19,120.13
  B-3     3,767,000.00      3.33670%   3,767,000.00     10,474.45       0.00       0.00       0.00      0.00       10,474.45
  B-4     3,081,000.00      3.33670%   3,081,000.00      8,566.97       0.00       0.00       0.00      0.00        8,566.97
  B-5     1,711,000.00      3.33670%   1,711,000.00      4,757.57       0.00       0.00       0.00      0.00        4,757.57
  B-6     3,097,055.38      3.33670%   3,097,055.38      8,611.61       0.00       0.00       0.00      0.00        8,611.61
  A-R           100.00      3.17784%           0.00          0.00       0.00       0.00       0.00      0.00            0.48
        --------------  -----------  --------------  ------------  ---------  ---------  ---------  --------  --------------
Totals  685,012,155.38                               1,832,209.28       0.00       0.00       0.00      0.00    1,832,133.83
        --------------  -----------  --------------  ------------  ---------  ---------  ---------  --------  --------------
</TABLE>

<TABLE>
<CAPTION>
         Remaining      Ending
          Unpaid     Certificate/
         Interest     Notational
 Class   Shortfall     Balance
------   ---------  --------------
<S>      <C>        <C>
 A-1A         0.00  106,013,469.28
 A-1B         0.00   11,781,951.47
  A-2         0.00  196,068,056.39
 A-3A         0.00  167,207,486.30
 A-3B         0.00   18,578,609.59
  A-4         0.00  117,787,455.86
  X-A         0.00  617,437,028.89
  X-B         0.00   20,891,000.00
  B-1         0.00   14,042,000.00
  B-2         0.00    6,849,000.00
  B-3         0.00    3,767,000.00
  B-4         0.00    3,081,000.00
  B-5         0.00    1,711,000.00
  B-6         0.00    3,097,055.38
  A-R         0.00            0.00
         ---------  --------------
Totals        0.00
         ---------  --------------
</TABLE>

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

<PAGE>

                    INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                       Beginning                 Payment                   Non-
                          Current    Certificate/    Current    of Unpaid    Current    Supported
Class   Original Face   Certificate    Notional      Accrued     Interest    Interest    Interest   Realized    Total Interest
 (5)       Amount         Rate        Balance       Interest     Shortfall  Shortfall   Shortfall   Loss (6)    Distribution
------  --------------  -----------  -------------  ----------  ----------  ----------  ----------  ----------  --------------
<S>     <C>             <C>          <C>            <C>         <C>         <C>         <C>         <C>         <C>
A-1A    110,000,000.00      2.81000%  969.22162218  2.26959400  0.00000000  0.00000000  0.00000000  0.00000000      2.26959400
A-1B     12,225,000.00      2.87000%  969.22162209  2.31805481  0.00000000  0.00000000  0.00000000  0.00000000      2.31805481
 A-2    203,441,000.00      2.82000%  969.22162214  2.27767082  0.00000000  0.00000000  0.00000000  0.00000000      2.27767082
A-3A    180,000,000.00      2.57000%  950.44380161  2.03553383  0.00000000  0.00000000  0.00000000  0.00000000      2.03553383
A-3B     20,000,000.00      2.63000%  950.44380150  2.08305600  0.00000000  0.00000000  0.00000000  0.00000000      2.08305600
 A-4    126,799,000.00      2.58000%  950.44380161  2.04345421  0.00000000  0.00000000  0.00000000  0.00000000      2.04345421
 X-A              0.00      0.63828%  959.81640813  0.51053051  0.00000000  0.00000000  0.00000000  0.00000000      0.51053051
 X-B              0.00      0.22631% 1000.00000000  0.18859365  0.00000000  0.00000000  0.00000000  0.00000000      0.18495907
 B-1     14,042,000.00      3.00000% 1000.00000000  2.50000000  0.00000000  0.00000000  0.00000000  0.00000000      2.50000000
 B-2      6,849,000.00      3.35000% 1000.00000000  2.79166740  0.00000000  0.00000000  0.00000000  0.00000000      2.79166740
 B-3      3,767,000.00      3.33670% 1000.00000000  2.78058136  0.00000000  0.00000000  0.00000000  0.00000000      2.78058136
 B-4      3,081,000.00      3.33670% 1000.00000000  2.78058098  0.00000000  0.00000000  0.00000000  0.00000000      2.78058098
 B-5      1,711,000.00      3.33670% 1000.00000000  2.78057861  0.00000000  0.00000000  0.00000000  0.00000000      2.78057861
 B-6      3,097,055.38      3.33670% 1000.00000000  2.78057992  0.00000000  0.00000000  0.00000000  0.00000000      2.78057992
 A-R            100.00      3.17784%    0.00000000  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000      4.80000000
        --------------  -----------  -------------  ----------  ----------  ----------  ----------  ----------  --------------
</TABLE>

<TABLE>
<CAPTION>
          Remaining      Ending
          Unpaid      Certificate/
Class     Interest     Notational
 (5)      Shortfall      Balance
------    ----------  -------------
<S>       <C>         <C>
A-1A      0.00000000   963.75881164
A-1B      0.00000000   963.75881145
 A-2      0.00000000   963.75881160
A-3A      0.00000000   928.93047944
A-3B      0.00000000   928.93047950
 A-4      0.00000000   928.93047942
 X-A      0.00000000   946.31440597
 X-B      0.00000000  1000.00000000
 B-1      0.00000000  1000.00000000
 B-2      0.00000000  1000.00000000
 B-3      0.00000000  1000.00000000
 B-4      0.00000000  1000.00000000
 B-5      0.00000000  1000.00000000
 B-6      0.00000000  1000.00000000
 A-R      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
                                       8MN

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

Deposits
         Payments of Interest and Principal                           10,788,020.65
         Liquidations, Insurance Proceeds, Reserve Funds                       0.00
         Proceeds from Repurchased Loans                                       0.00
         Other Amounts (Servicer Advances)                                70,110.98
         Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
         Prepayment Penalties                                                  0.00
                                                                      -------------
Total Deposits                                                        10,858,131.63

Withdrawals
         Reimbursement for Servicer Advances                               4,305.10
         Payment of Service Fee                                          212,108.86
         Payment of Interest and Principal                            10,641,717.67
                                                                      -------------
Total Withdrawals (Pool Distribution Amount)                          10,858,131.63

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                                                    206,618.92
Master Servicing Fee                                                     5,489.94
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      212,108.86
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                    Beginning     Current     Current    Ending
         Account Type                Balance    Withdrawals  Deposits    Balance
         ------------               ---------   -----------  --------   --------
<S>                                 <C>         <C>          <C>        <C>
Class X-A Pool 1 Comp. Sub Amount    4,500.00          0.00      0.00   4,500.00
Class X-A Pool 2 Comp. Sub Amount    4,500.00          0.00      0.00   4,500.00
Class X-B Sub Account                1,000.00         75.93     75.93   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          74  24,671,436.36
60 Days           0           0.00
90 Days           1      68,000.00
120 Days          0           0.00
150 Days          0           0.00
180+ Days         0           0.00
           --------  -------------
                 75  24,739,436.36

            No. of      Principal
            Loans        Balance

0-29 Days  0.000000%      0.000000%
30 Days    3.944563%      3.795677%
60 Days    0.000000%      0.000000%
90 Days    0.053305%      0.010462%
120 Days   0.000000%      0.000000%
150 Days   0.000000%      0.000000%
180+ Days  0.000000%      0.000000%
           --------  -------------
           3.997868%      3.806139%
</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           74   24,671,436.36
60 Days            0            0.00
90 Days            1       68,000.00
120 Days           0            0.00
150 Days           0            0.00
180+ Days          0            0.00
            --------   -------------
                  75   24,739,436.36

             No. of      Principal
             Loans        Balance

0-29 Days   0.000000%       0.000000%
30 Days     3.944563%       3.795677%
60 Days     0.000000%       0.000000%
90 Days     0.053305%       0.010462%
120 Days    0.000000%       0.000000%
150 Days    0.000000%       0.000000%
180+ Days   0.000000%       0.000000%
           ---------   -------------
            3.997868%       3.806139%
           ---------   -------------
</TABLE>

<TABLE>
<S>                                          <C>   <C>                                            <C>                <C>
Current Period Class A Insufficient Funds:   0.00  Principal Balance of Contaminated Properties   Periodic Advance   70,110.98
</TABLE>

<TABLE>
<CAPTION>
             Original $     Original %      Current $       Current %     Current Class %    Prepayment %
            -------------   ----------    -------------    ----------     ---------------    ------------
<S>         <C>             <C>           <C>              <C>            <C>                <C>
Class A     32,547,055.38   4.75131063%   32,547,055.38    5.00736190%         94.992638%       0.000000%
Class B-1   18,505,055.38   2.70142000%   18,505,055.38    2.84700131%          2.160361%      43.143688%
Class B-2   11,656,055.38   1.70158373%   11,656,055.38    1.79328320%          1.053718%      21.043378%
Class B-3    7,889,055.38   1.15166648%    7,889,055.38    1.21373055%          0.579553%      11.574012%
Class B-4    4,808,055.38   0.70189344%    4,808,055.38    0.73971894%          0.474012%       9.466294%
Class B-5    3,097,055.38   0.45211685%    3,097,055.38    0.47648173%          0.263237%       5.257004%
Class B-6            0.00   0.00000000%            0.00    0.00000000%          0.476482%       9.515624%
</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                   27            10,029,886.91
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
                    --------            -------------
                          27            10,029,886.91

                     No. of                 Principal
                     Loans                   Balance

0-29 Days           0.000000%                0.000000%
30 Days             3.047404%                3.038384%
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%
                    --------            -------------
                    3.047404%                3.038384%
</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                   27           10,029,886.91
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
                    --------           -------------
                          27           10,029,886.91

                     No. of                Principal
                     Loans                  Balance

0-29 Days           0.000000%               0.000000%
30 Days             3.047404%               3.038384%
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%
                    --------           -------------
                    3.047404%               3.038384%
</TABLE>

                     DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                     No. of               Principal
                     Loans                 Balance
<S>                  <C>               <C>
0-29 Days                   0                   0.00
30 Days                    47           1,420,400.01
60 Days                     0                   0.00
90 Days                     1              68,000.00
120 Days                    0                   0.00
150 Days                    0                   0.00
180+ Days                   0                   0.00
                     --------          -------------
                           48          14,709,549.45

                     No. of               Principal
                     Loans                 Balance

0-29 Days            0.000000%              0.000000%
30 Days              4.747475%              4.577177%
60 Days              0.000000%              0.000000%
90 Days              0.101010%              0.021258%
120 Days             0.000000%              0.000000%
150 Days             0.000000%              0.000000%
180+ Days            0.000000%              0.000000%
                     --------          -------------
                     4.848485%              4.598434%
</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                   47            1,420,400.01
60 Days                    0                    0.00
90 Days                    1               68,000.00
120 Days                   0                    0.00
150 Days                   0                    0.00
180+ Days                  0                    0.00
                    --------           -------------
                          48           14,709,549.45

                     No. of               Principal
                     Loans                 Balance

0-29 Days           0.000000%               0.000000%
30 Days             4.747475%               4.577177%
60 Days             0.000000%               0.000000%
90 Days             0.101010%               0.021258%
120 Days            0.000000%               0.000000%
150 Days            0.000000%               0.000000%
180+ Days           0.000000%               0.000000%
                    --------           -------------
                    4.848485%               4.598434%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                          Mixed Arm
------------------------------------------------          --------------
<S>                                                       <C>
Weighted Average Gross Coupon                                   3.723611%
Weighted Average Net Coupon                                     3.347252%
Weighted Average Pass-Through Rate                              3.337252%
Weighted Average Maturity (Stepdown Calculation)                     337

Beginning Scheduled Collateral Loan Count                          1,893
Number of Loans Paid in Full                                          17
Ending Scheduled Collateral Loan Count                             1,876

Beginning Scheduled Collateral Balance                    658,793,668.11
Ending Scheduled Collateral Balance                       649,984,084.27
Ending Actual Collateral Balance at 31-Jan-2005           649,987,697.86

Monthly P&I Constant                                        2,044,242.66
Special Servicing Fee                                               0.00
Prepayment Penalties                                                0.00
Realization Loss Amount                                             0.00
Cumulative Realized Loss                                            0.00

Class A Optimal Amount                                     10,551,141.54

Scheduled Principal                                                 0.00
Unscheduled Principal                                       8,809,583.84
</TABLE>

        MISCELLANEOUS REPORTING
        Rapid Prepay Event                              NO

<PAGE>

<TABLE>
<CAPTION>
             GROUP                                   GROUP ONE              GROUP TWO                    TOTAL
    Collateral Description                           Mixed ARM          6 Month LIBOR ARM              Mixed ARM
-------------------------------                   --------------        -----------------           --------------
<S>                                               <C>                   <C>                         <C>
Weighted Average Coupon Rate                            3.780542                 3.665814                 3.723611
Weighted Average Net Rate                               3.404799                 3.288830                 3.347252
Pass-Through Rate                                       3.394799                 3.278829                 3.337252
Weighted Average Maturity                                    333                      340                      337
Record Date                                           01/31/2005               01/31/2005               01/31/2005
Principal and Interest Constant                     1,045,581.89               998,660.77             2,044,242.66
Beginning Loan Count                                         892                    1,001                    1,893
Loans Paid in Full                                             6                       11                       17
Ending Loan Count                                            886                      990                    1,876
Beginning Scheduled Balance                       331,883,175.24           326,910,492.87           658,793,668.11
Ending Scheduled Balance                          330,104,123.58           319,879,960.69           649,984,084.27
Scheduled Principal                                         0.00                     0.00                     0.00
Unscheduled Principal                               1,779,051.66             7,030,532.18             8,809,583.84
Scheduled Interest                                  1,045,581.89               998,660.77             2,044,242.66
Servicing Fee                                         103,918.88               102,700.04               206,618.92
Master Servicing Fee                                    2,765.69                 2,724.25                 5,489.94
Trustee Fee                                                 0.00                     0.00                     0.00
FRY Amount                                                  0.00                     0.00                     0.00
Special Hazard Fee                                          0.00                     0.00                     0.00
Other Fee                                                   0.00                     0.00                     0.00
Pool Insurance Fee                                          0.00                     0.00                     0.00
Spread 1                                                    0.00                     0.00                     0.00
Spread 2                                                    0.00                     0.00                     0.00
Spread 3                                                    0.00                     0.00                     0.00
Net Interest                                          938,897.32               893,236.48             1,832,133.80
Realized Loss Amount                                        0.00                     0.00                     0.00
Cumulative Realized Loss                                    0.00                     0.00                     0.00
Percentage of Cumulative Losses                             0.00                     0.00                     0.00
Prepayment Penalties                                        0.00                     0.00                     0.00
Special Servicing Fee                                       0.00                     0.00                     0.00
</TABLE>

<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                                 <C>
Group One

One Month Libor Loan Balance        235,661,554.30
Six Month Libor Loan Balance         94,442,569.28
Principal Transfer                            0.00
Interest Transfer                             0.00
Pro Rata Senior Percent                  95.106517%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%

Group Two

Principal Transfer                            0.00
Interest Transfer                             0.00
Pro Rata Senior Percent                  95.011965%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%
</TABLE>