<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 2004-12
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate   Certificate     Beginning
                      Class     Pass-Through    Certificate     Interest      Principal
Class     CUSIP    Description      Rate          Balance     Distribution   Distribution
-----   ---------  -----------  ------------  --------------  ------------  -------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>
 A-1    81744FFY8      SEN        2.77000%    376,682,481.54    869,508.73   3,904,273.52
 A-2    81744FFZ5      SEN        3.04000%    205,117,415.02    519,630.78   3,345,626.83
 A-3    81744FGZ9      SEN        3.07000%    212,286,028.56    543,098.42   5,084,907.00
X-A1    81744FGC5       IO        0.57661%              0.00    279,559.34           0.00
X-A2    81744FGD3       IO        0.75899%              0.00    134,269.83           0.00
 X-B    81744FGF8       IO        0.23679%              0.00      2,686.06           0.00
 B-1    81744FGG6      SUB        3.00000%      8,588,000.00     21,470.00           0.00
 B-2    81744FGH4      SUB        3.35000%      6,134,000.00     17,124.08           0.00
 B-3    81744FGJ0      SUB        3.75000%      3,680,000.00     11,500.00           0.00
 B-4    81744FGK7      SUB        3.44181%      2,453,000.00      7,035.63           0.00
 B-5    81744FGK7      SUB        3.44181%        920,000.00      2,638.72           0.00
 B-6    81744FGL5      SUB        3.44181%      2,762,778.00      7,924.13           0.00
 A-R    81744FGE1      RES        3.57027%              0.00          0.88           0.00
                                              --------------  ------------  -------------
Totals                                        818,623,703.12  2,416,446.60  12,334,807.35
                                              --------------  ------------  -------------

<CAPTION>
                           Ending
           Current       Certificate       Total       Cumulative
Class   Realized Loss      Balance      Distribution  Realized Loss
-----   -------------  --------------  -------------  -------------
<S>     <C>            <C>             <C>            <C>
 A-1        0.00       372,778,208.02   4,773,782.25       0.00
 A-2        0.00       201,771,788.19   3,865,257.61       0.00
 A-3        0.00       207,201,121.56   5,628,005.42       0.00
X-A1        0.00                 0.00     279,559.34       0.00
X-A2        0.00                 0.00     134,269.83       0.00
 X-B        0.00                 0.00       2,686.06       0.00
 B-1        0.00         8,588,000.00      21,470.00       0.00
 B-2        0.00         6,134,000.00      17,124.08       0.00
 B-3        0.00         3,680,000.00      11,500.00       0.00
 B-4        0.00         2,453,000.00       7,035.63       0.00
 B-5        0.00           920,000.00       2,638.72       0.00
 B-6        0.00         2,762,778.00       7,924.13       0.00
 A-R        0.00                 0.00           0.88       0.00
            ----       --------------  -------------       ----
Totals      0.00       806,288,895.77  14,751,253.95       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     380,510,000.00  376,682,481.54    1,514.76     3,902,758.76     0.00      0.00
 A-2     208,392,000.00  205,117,415.02      585.39     3,345,041.44     0.00      0.00
 A-3     218,330,615.00  212,286,028.56        0.00     5,084,907.00     0.00      0.00
X-A1               0.00            0.00        0.00             0.00     0.00      0.00
X-A2               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       8,588,000.00    8,588,000.00        0.00             0.00     0.00      0.00
 B-2       6,134,000.00    6,134,000.00        0.00             0.00     0.00      0.00
 B-3       3,680,000.00    3,680,000.00        0.00             0.00     0.00      0.00
 B-4       2,453,000.00    2,453,000.00        0.00             0.00     0.00      0.00
 B-5         920,000.00      920,000.00        0.00             0.00     0.00      0.00
 B-6       2,762,778.00    2,762,778.00        0.00             0.00     0.00      0.00
 A-R             100.00            0.00        0.00             0.00     0.00      0.00
         --------------                    --------    -------------     ----      ----
Totals   831,770,493.00                    2,100.15    12,332,707.20     0.00      0.00
         --------------                    --------    -------------     ----      ----

<CAPTION>
            Total          Ending        Ending
          Principal     Certificate    Certificate  Total Principal
Class     Reduction       Balance       Percentage   Distribution
-----    ------------  --------------  -----------  ---------------
<S>      <C>           <C>             <C>          <C>
 A-1     3,904,273.52  372,778,208.02   0.97968045    3,904,273.52
 A-2     3,345,626.83  201,771,788.19   0.96823193    3,345,626.83
 A-3     5,084,907.00  207,201,121.56   0.94902459    5,084,907.00
X-A1             0.00            0.00   0.00000000            0.00
X-A2             0.00            0.00   0.00000000            0.00
 X-B             0.00            0.00   0.00000000            0.00
 B-1             0.00    8,588,000.00   1.00000000            0.00
 B-2             0.00    6,134,000.00   1.00000000            0.00
 B-3             0.00    3,680,000.00   1.00000000            0.00
 B-4             0.00    2,453,000.00   1.00000000            0.00
 B-5             0.00      920,000.00   1.00000000            0.00
 B-6             0.00    2,762,778.00   1.00000000            0.00
 A-R             0.00            0.00   0.00000000            0.00
        -------------  --------------   ----------   -------------
Totals  12,334,807.35  806,288,895.77   0.96936463   12,334,807.35
        -------------  --------------   ----------   -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                            Beginning      Scheduled    Unscheduled
         Original Face     Certificate     Principal     Principal                    Realized
Class       Amount           Balance     Distribution   Distribution   Accretion      Loss (3)
-----    --------------    ------------  ------------   ------------   ----------    ----------
<S>      <C>               <C>            <C>            <C>            <C>           <C>
 A-1     380,510,000.00    989.94108313   0.00398087    10.25665228    0.00000000    0.00000000
 A-2     208,392,000.00    984.28641704   0.00280908    16.05167876    0.00000000    0.00000000
 A-3     218,330,615.00    972.31452657   0.00000000    23.28994035    0.00000000    0.00000000
X-A1               0.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000
X-A2               0.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 X-B               0.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-1       8,588,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-2       6,134,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-3       3,680,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-4       2,453,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-5         920,000.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 B-6       2,762,778.00   1000.00000000   0.00000000     0.00000000    0.00000000    0.00000000
 A-R             100.00      0.00000000   0.00000000     0.00000000    0.00000000    0.00000000

<CAPTION>
                               Ending            Ending
        Total Principal      Certificate        Certificate     Total Principal
Class      Reduction           Balance          Percentage       Distribution
-----   ---------------      ------------       -----------     ---------------
<S>     <C>                 <C>                 <C>             <C>
 A-1      10.26063315        979.68044998        0.97968045       10.26063315
 A-2      16.05448784        968.23192920        0.96823193       16.05448784
 A-3      23.28994035        949.02458622        0.94902459       23.28994035
X-A1       0.00000000          0.00000000        0.00000000        0.00000000
X-A2       0.00000000          0.00000000        0.00000000        0.00000000
 X-B       0.00000000          0.00000000        0.00000000        0.00000000
 B-1       0.00000000       1000.00000000        1.00000000        0.00000000
 B-2       0.00000000       1000.00000000        1.00000000        0.00000000
 B-3       0.00000000       1000.00000000        1.00000000        0.00000000
 B-4       0.00000000       1000.00000000        1.00000000        0.00000000
 B-5       0.00000000       1000.00000000        1.00000000        0.00000000
 B-6       0.00000000       1000.00000000        1.00000000        0.00000000
 A-R       0.00000000          0.00000000        0.00000000        0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                           Beginning                     Payment of
                             Current     Certificate/       Current        Unpaid     Current
         Original Face     Certificate     Notional         Accrued       Interest   Interest
 Class      Amount            Rate         Balance          Interest      Shortfall  Shortfall
------   --------------    -----------  --------------   ------------    ----------  ---------
<S>      <C>               <C>          <C>              <C>             <C>         <C>
  A-1    380,510,000.00      2.77000%   376,682,481.54     869,508.73       0.00        0.00
  A-2    208,392,000.00      3.04000%   205,117,415.02     519,630.78       0.00        0.00
  A-3    218,330,615.00      3.07000%   212,286,028.56     543,098.42       0.00        0.00
 X-A1              0.00      0.57661%   581,799,896.56     279,559.34       0.00        0.00
 X-A2              0.00      0.75899%   212,286,028.56     134,269.83       0.00        0.00
  X-B              0.00      0.23679%    18,402,000.00       3,631.18       0.00        0.00
  B-1      8,588,000.00      3.00000%     8,588,000.00      21,470.00       0.00        0.00
  B-2      6,134,000.00      3.35000%     6,134,000.00      17,124.08       0.00        0.00
  B-3      3,680,000.00      3.75000%     3,680,000.00      11,500.00       0.00        0.00
  B-4      2,453,000.00      3.44181%     2,453,000.00       7,035.63       0.00        0.00
  B-5        920,000.00      3.44181%       920,000.00       2,638.72       0.00        0.00
  B-6      2,762,778.00      3.44181%     2,762,778.00       7,924.13       0.00        0.00
  A-R            100.00      3.57027%             0.00           0.00       0.00        0.00
------   --------------                                  ------------       ----        ----
Totals   831,770,493.00                                  2,417,390.84       0.00        0.00
------   --------------                                  ------------       ----        ----

<CAPTION>
                                                   Remaining       Ending
        Non-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       869,508.73        0.00     372,778,208.02
  A-2       0.00         0.00       519,630.78        0.00     201,771,788.19
  A-3       0.00         0.00       543,098.42        0.00     207,201,121.56
 X-A1       0.00         0.00       279,559.34        0.00     574,549,996.21
 X-A2       0.00         0.00       134,269.83        0.00     574,549,996.21
  X-B       0.00         0.00         2,686.06        0.00      18,402,000.00
  B-1       0.00         0.00        21,470.00        0.00       8,588,000.00
  B-2       0.00         0.00        17,124.08        0.00       6,134,000.00
  B-3       0.00         0.00        11,500.00        0.00       3,680,000.00
  B-4       0.00         0.00         7,035.63        0.00       2,453,000.00
  B-5       0.00         0.00         2,638.72        0.00         920,000.00
  B-6       0.00         0.00         7,924.13        0.00       2,762,778.00
  A-R       0.00         0.00             0.88        0.00               0.00
------      ----         ----     ------------        ----
Totals      0.00         0.00     2,416,446.60        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
             Original Face   Certificate   Certificate/      Current Accrued     Interest    Interest
Class (5)        Amount          Rate     Notional Balance      Interest        Shortfall   Shortfall
---------    --------------  -----------  ----------------   ---------------   ----------   ----------
<S>          <C>             <C>          <C>                <C>               <C>          <C>
   A-1       380,510,000.00    2.77000%     989.94108313        2.28511400     0.00000000   0.00000000
   A-2       208,392,000.00    3.04000%     984.28641704        2.49352557     0.00000000   0.00000000
   A-3       218,330,615.00    3.07000%     972.31452657        2.48750465     0.00000000   0.00000000
  X-A1                 0.00    0.57661%     987.94009285        0.47471284     0.00000000   0.00000000
  X-A2                 0.00    0.75899%     972.31452657        0.61498398     0.00000000   0.00000000
   X-B                 0.00    0.23679%    1000.00000000        0.19732529     0.00000000   0.00000000
   B-1         8,588,000.00    3.00000%    1000.00000000        2.50000000     0.00000000   0.00000000
   B-2         6,134,000.00    3.35000%    1000.00000000        2.79166612     0.00000000   0.00000000
   B-3         3,680,000.00    3.75000%    1000.00000000        3.12500000     0.00000000   0.00000000
   B-4         2,453,000.00    3.44181%    1000.00000000        2.86817366     0.00000000   0.00000000
   B-5           920,000.00    3.44181%    1000.00000000        2.86817391     0.00000000   0.00000000
   B-6         2,762,778.00    3.44181%    1000.00000000        2.86817471     0.00000000   0.00000000
   A-R               100.00    3.57027%       0.00000000        0.00000000     0.00000000   0.00000000

<CAPTION>
                                                              Remaining
             Non-Supported                                      Unpaid
                Interest       Realized      Total Interest    Interest    Ending Certificate/
Class (5)      Shortfall       Loss (6)       Distribution     Shortfall   Notational Balance
---------    -------------    ----------     --------------   ----------   -------------------
<S>          <C>              <C>            <C>              <C>          <C>
   A-1         0.00000000     0.00000000       2.28511400     0.00000000       979.68044998
   A-2         0.00000000     0.00000000       2.49352557     0.00000000       968.23192920
   A-3         0.00000000     0.00000000       2.48750465     0.00000000       949.02458622
  X-A1         0.00000000     0.00000000       0.47471284     0.00000000       949.02458622
  X-A2         0.00000000     0.00000000       0.61498398     0.00000000       949.02458622
   X-B         0.00000000     0.00000000       0.14596566     0.00000000      1000.00000000
   B-1         0.00000000     0.00000000       2.50000000     0.00000000      1000.00000000
   B-2         0.00000000     0.00000000       2.79166612     0.00000000      1000.00000000
   B-3         0.00000000     0.00000000       3.12500000     0.00000000      1000.00000000
   B-4         0.00000000     0.00000000       2.86817366     0.00000000      1000.00000000
   B-5         0.00000000     0.00000000       2.86817391     0.00000000      1000.00000000
   B-6         0.00000000     0.00000000       2.86817471     0.00000000      1000.00000000
   A-R         0.00000000     0.00000000       8.80000000     0.00000000         0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                                      CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                                  14,903,950.89
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       42,321.97
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               14,946,272.86

Withdrawals
         Reimbursement for Servicer Advances                                        407.81
         Payment of Service Fee                                                 194,611.08
         Payment of Interest and Principal                                   14,751,253.97
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 14,946,272.86

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                                                    189,558.27
Master Servicing Fee                                                     5,052.81
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      194,611.08
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                Beginning          Current           Current       Ending
          Account Type                           Balance         Withdrawals        Deposits       Balance
----------------------------------              ---------        -----------        --------      --------
<S>                                             <C>              <C>                <C>           <C>
Class X-A1 Pool 1 Comp. Sub Amount               3,000.00            0.00             0.00        3,000.00
Class X-A1 Pool 2 Comp. Sub Amount               3,000.00            0.00             0.00        3,000.00
Class X-A2 Sub Amount                            3,000.00            0.00             0.00        3,000.00
Class X-B Sub Amount                             1,000.00          945.12           945.12        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            51    14,224,515.68
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
             --------    -------------
                   51    14,224,515.68

              No. of       Principal
              Loans         Balance

0-29 Days    0.000000%        0.000000%
30 Days      2.944573%        2.374349%
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%
             --------    -------------
             2.944573%        2.374349%
</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            51    14,224,515.68
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
             --------    -------------
                   51    14,224,515.68

              No. of       Principal
              Loans         Balance

0-29 Days    0.000000%        0.000000%
30 Days      2.944573%        2.374349%
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%
             --------    -------------
             2.944573%        2.374349%
</TABLE>


<TABLE>
<S>                      <C>     <C>                      <C>   <C>                       <C>     <C>
Current Period Class A   0.00    Principal Balance of     0.00   Principal Balance of     0.00    Periodic Advance
  Insufficient Funds:            Contaminated Properties         Contaminated Properties
</Table>
<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             36   10,180,91.98
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
              --------   ------------
                    36   10,180,91.98

               No. of      Principal
                Loans       Balance

0-29 Days     0.000000%      0.000000%
30 Days       3.284672%      2.619653%
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%
              --------   ------------
              3.284672%      2.619653%
</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             36   10,180,91.98
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
              --------   ------------
                    36   10,180,91.98

               No. of     Principal
                Loans      Balance

0-29 Days     0.000000%      0.000000%
30 Days       3.284672%      2.619653%
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%
              --------   ------------
              3.284672%      2.619653%
</TABLE>

              DELINQUENT

<TABLE>
<CAPTION>
                No. of     Principal
GROUP TWO       Loans      Balance
<S>           <C>        <C>
0-29 Days            0           0.00
30 Days             15   4,043,604.70
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
              --------   ------------
                    15   4,043,604.70

               No. of     Principal
                Loans      Balance

0-29 Days     0.000000%      0.000000%
30 Days       2.358491%      1.921359%
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%
              --------   ------------
              2.358491%      1.921359%
</TABLE>

              BANKRUPTCY

<TABLE>
<CAPTION>
              1.183654%
                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             15   4,043,604.70
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
              --------   ------------
                    15   4,043,604.70

               No. of     Principal
                Loans      Balance

0-29 Days     0.000000%      0.000000%
30 Days       2.358491%      1.921359%
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%
              --------   ------------
              2.358491%      1.921359%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                  Fixed & Mixed Arm
<S>                                                     <C>
Weighted Average Gross Coupon                                   3.826955%
Weighted Average Net Coupon                                     3.451801%
Weighted Average Pass-Through Rate                              2.881504%
Weighted Average Maturity (Stepdown Calculation)                     337

Beginning Scheduled Collateral Loan Count                          1,747
Number of Loans Paid in Full                                          15
Ending Scheduled Collateral Loan Count                             1,732

Beginning Scheduled Collateral Balance                    606,337,675.47
Ending Scheduled Collateral Balance                       599,087,775.12
Ending Actual Collateral Balance at 31-Jan-2005           599,091,235.82

Monthly P&I Constant                                        1,935,789.33
Special Servicing Fee                                               0.00
Prepayment Penalties                                                0.00
Realization Loss Amount                                             0.00
Cumulative Realized Loss                                            0.00

Scheduled Principal                                             2,100.15
Unscheduled Principal                                       7,247,800.20
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                 <C>
Rapid Prepay Condition?                         NO
Underlying Certificate Balance      207,201,121.57
Underlying Certificate Interest         677,368.26
Underlying Certificate Principal      5,084,906.99
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                         GROUP             GROUP TWO              TOTAL
<S>                                 <C>               <C>                  <C>
Collateral Description                   Mixed ARM    6 Month LIBOR ARM         Mixed ARM
Weighted Average Coupon Rate              3.824280             3.831867          3.826955
Weighted Average Net Rate                 3.449147             3.456674          3.451801

Weighted Average Maturity                      336                  340               337
Record Date                             01/31/2005           01/31/2005        01/31/2005
Principal and Interest Constant       1,252,491.47           683,297.86      1,935,789.33
Beginning Loan Count                         1,103                  644             1,747
Loans Paid in Full                               7                    8                15
Ending Loan Count                            1,096                  636             1,732
Beginning Scheduled Balance         392,537,200.39       213,800,475.08    606,337,675.47
Ending Scheduled Balance            388,632,926.87       210,454,848.25    599,097,775.12
Scheduled Principal                       1,514.76               585.39          2,100.15
Unscheduled Principal                 3,902,758.76         3,345,041.44      7,247,800.20
Scheduled Interest                    1,250,976.71           682,712.47      1,933,689.18
Servicing Fee                           122,711.18            66,847.09        189,558.27
Master Servicing Fee                      3,271.14             1,781.67          5,052.81
Trustee Fee                                   0.00                 0.00              0.00
FRY Amount                                    0.00                 0.00              0.00
Special Hazard Fee                            0.00                 0.00              0.00
Other Fee                                     0.00                 0.00              0.00
Pool Insurance Fee                            0.00                 0.00              0.00
Spread 1                                      0.00                 0.00              0.00
Spread 2                                      0.00                 0.00              0.00
Spread 3                                      0.00                 0.00              0.00
Net Interest                          1,124,994.39           614,083.71      1,739,078.10
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        203,728,535.42
Six Month Libor Loan Balance        184,904,391.45
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  95.960964%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%

Group Two
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  95.938709%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%
</TABLE>