<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 2005-1
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                        Certificate    Certificate
                            Class      Pass-Through         Beginning           Interest       Principal
Class        CUSIP      Description       Rate         Certificate Balance    Distribution    Distribution
-------    ---------    -----------    ------------    -------------------    ------------    ------------
<S>        <C>          <C>            <C>             <C>                    <C>             <C>
   A-1     81744FGM#       SEN              2.78000%        298,055,000.00      529,378.80    2,220,370.32
   A-2     81744FGN1       SEN              3.16875%        100,000,000.00      202,447.92      840,104.76
   X-A     81744FGP6        IO              1.28426%                  0.00      426,004.03            0.00
   X-B     81744FGS0        IO              1.07704%                  0.00       11,633.13            0.00
   B-1     81744FGQ4       SUB              2.97000%          7,067,000.00       13,409.63            0.00
   B-2     81744FGR2       SUB              3.25000%          3,949,000.00        8,199.66            0.00
   B-3     81744FGU5       SUB              3.80000%          2,495,000.00        6,057.31            0.00
   B-4     81744FGV3       SUB              3.49046%          1,455,000.00        4,232.19            0.00
   B-5     81744FGW1       SUB              3.49046%            831,000.00        2,417.15            0.00
   B-6     81744FGX9       SUB              3.49046%          1,871,544.03        5,443.80            0.00
   A-R     81744FGT8       RES              3.48017%                100.00            0.97            0.00
                                       ------------    -------------------    ------------    ------------
Totals                                                      415,723,644.03    1,209,224.59    3,060,575.08
                                                       -------------------    ------------    ------------

<CAPTION>
                           Current       Ending Certificate        Total         Cumulative
Class        CUSIP      Realized Loss         Balance          Distribution    Realized Loss
-------    ---------    -------------    ------------------    ------------    -------------
<S>        <C>          <C>              <C>                   <C>             <C>
   A-1     81744FGM#             0.00        295,834,629.68    2,749,749.12             0.00
   A-2     81744FGN1             0.00         99,159,895.24    1,042,552.68             0.00
   X-A     81744FGP6             0.00                  0.00      426,004.03             0.00
   X-B     81744FGS0             0.00                  0.00       11,633.13             0.00
   B-1     81744FGQ4             0.00          7,067,000.00       13,409.63             0.00
   B-2     81744FGR2             0.00          3,949,000.00        8,199.66             0.00
   B-3     81744FGU5             0.00          2,495,000.00        6,057.31             0.00
   B-4     81744FGV3             0.00          1,455,000.00        4,232.19             0.00
   B-5     81744FGW1             0.00            831,000.00        2,417.15             0.00
   B-6     81744FGX9             0.00          1,871,544.03        5,443.80             0.00
   A-R     81744FGT8             0.00                  0.00          100.97             0.00
                        -------------    ------------------    ------------    -------------
Totals                           0.00        412,663,068.95    4,269,799.67             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
          Original Face      Certificate       Principal       Principal                  Realized
Class        Amount            Balance        Distribution    Distribution    Accretion   Loss (1)
-----     --------------    --------------    ------------    ------------    ---------   --------
<S>       <C>               <C>               <C>             <C>             <C>         <C>
 A-1      298,055,000.00    298,055,000.00            0.00    2,220,370.32         0.00       0.00
 A-2      100,000,000.00    100,000,000.00            0.00      840,104.76         0.00       0.00
 X-A                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        7,067,000.00      7,067,000.00            0.00            0.00         0.00       0.00
 B-2        3,949,000.00      3,949,000.00            0.00            0.00         0.00       0.00
 B-3        2,495,000.00      2,495,000.00            0.00            0.00         0.00       0.00
 B-4        1,455,000.00      1,455,000.00            0.00            0.00         0.00       0.00
 B-5          831,000.00        831,000.00            0.00            0.00         0.00       0.00
 B-6        1,871,544.03      1,871,544.03            0.00            0.00         0.00       0.00
 A-R              100.00            100.00            0.00          100.00         0.00       0.00
          --------------    --------------    ------------    ------------    ---------   --------
Totals    415,723,644.03    415,723,644.03            0.00    3,060,575.08         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         2,220,370.32       295,834,629.68           0.99255047       2,220,370.32
 A-2           840,104.76        99,159,895.24           0.99159895         840,104.76
 X-A                 0.00                 0.00           0.00000000               0.00
 X-B                 0.00                 0.00           0.00000000               0.00
 B-1                 0.00         7,067,000.00           1.00000000               0.00
 B-2                 0.00         3,949,000.00           1.00000000               0.00
 B-3                 0.00         2,495,000.00           1.00000000               0.00
 B-4                 0.00         1,455,000.00           1.00000000               0.00
 B-5                 0.00           831,000.00           1.00000000               0.00
 B-6                 0.00         1,871,544.03           1.00000000               0.00
 A-R               100.00                 0.00           0.00000000             100.00
          ---------------   ------------------   ------------------   ----------------
Totals       3,060,575.08       412,663,068.95           0.99263796       3,060,575.08
          ---------------   ------------------   ------------------   ----------------
</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    298,055,000.00   1000.00000000     0.00000000       7.44953220    0.00000000   0.00000000
 A-2    100,000,000.00   1000.00000000     0.00000000       8.40104760    0.00000000   0.00000000
 X-A              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      7,067,000.00      0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-2      3,949,000.00      0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-3      2,495,000.00   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-4      1,455,000.00   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-5        831,000.00   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-6      1,871,544.03   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 A-R            100.00   1000.00000000     0.00000000    1000.00000000    0.00000000   0.00000000

<CAPTION>
                                                  Ending
        Total Principal   Ending Certificate    Certificate    Total Principal
Class      Reduction            Balance          Percentage      Distribution
-----   ---------------   ------------------    -----------    ---------------
<S>     <C>               <C>                   <C>            <C>
 A-1         7.44953220         992.55046780     0.99255047         7.44953220
 A-2         8.40104760         991.59895240     0.99159895         8.40104760
 X-A         0.00000000           0.00000000     0.00000000         0.00000000
 X-B         0.00000000           0.00000000     0.00000000         0.00000000
 B-1         0.00000000           0.00000000     0.00000000         0.00000000
 B-2         0.00000000           0.00000000     0.00000000         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      1000.00000000           0.00000000     0.00000000      1000.00000000
</TABLE>

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

                        INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                      Beginning                    Payment of               Non-
                          Current     Certificate/     Current       Unpaid     Current   Supported
        Original Face   Certificate    Notional        Accrued      Interest    Interest  Interest   Realized
 Class      Amount         Rate         Balance        Interest    Shortfall   Shortfall  Shortfall  Loss (4)
------  --------------  -----------  --------------  ------------  ----------  ---------  ---------  --------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>        <C>
  A-1   298,055,000.00      2.78000% 298,055,000.00    529,378.80        0.00       0.00       0.00      0.00
  A-2   100,000,000.00      3.16875% 100,000,000.00    202,447.92        0.00       0.00       0.00      0.00
  X-A             0.00      1.28426% 398,055,000.00    426,004.03        0.00       0.00       0.00      0.00
  X-B             0.00      1.07704%  13,511,000.00     12,126.53        0.00       0.00       0.00      0.00
  B-1     7,067,000.00      2.97000%   7,067,000.00     13,409.63        0.00       0.00       0.00      0.00
  B-2     3,949,000.00      3.25000%   3,949,000.00      8,199.66        0.00       0.00       0.00      0.00
  B-3     2,495,000.00      3.80000%   2,495,000.00      6,057.31        0.00       0.00       0.00      0.00
  B-4     1,455,000.00      3.49046%   1,455,000.00      4,232.19        0.00       0.00       0.00      0.00
  B-5       831,000.00      3.49046%     831,000.00      2,417.15        0.00       0.00       0.00      0.00
  B-6     1,871,544.03      3.49046%   1,871,544.03      5,443.80        0.00       0.00       0.00      0.00
  A-R           100.00      3.48017%         100.00          0.22        0.00       0.00       0.00      0.00
        --------------                               ------------  ----------  ---------  ---------  --------
Totals  415,723,644.03                               1,209,717.24        0.00       0.00       0.00      0.00
        --------------                               ------------  ----------  ---------  ---------  --------

<CAPTION>
                         Remaining      Ending
                           Unpaid    Certificate/
         Total Interest   Interest    Notational
 Class    Distribution   Shortfall      Balance
------   --------------  ---------  --------------
<S>      <C>             <C>        <C>
  A-1        529,378.80       0.00  295,834,629.68
  A-2        202,447.92       0.00   99,159,895.24
  X-A        426,004.03       0.00  394,994,524.92
  X-B         11,633.13       0.00   13,511,000.00
  B-1         13,409.63       0.00    7,067,000.00
  B-2          8,199.66       0.00    3,949,000.00
  B-3          6,057.31       0.00    2,495,000.00
  B-4          4,232.19       0.00    1,455,000.00
  B-5          2,417.15       0.00      831,000.00
  B-6          5,443.80       0.00    1,871,544.03
  A-R              0.97       0.00            0.00
         --------------  ---------
Totals     1,209,717.24       0.00
         --------------  ---------
</TABLE>

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

<PAGE>

                    INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                              Payment of                    Non-
                               Current       Beginning                          Unpaid       Current      Supported
            Original Face    Certificate    Certificate/     Current Accrued   Interest     Interest      Interest       Realized
Class (5)       Amount          Rate      Notional Balance       Interest      Shortfall    Shortfall     Shortfall       Loss (6)
---------   ---------------  -----------  ----------------   ---------------  ----------   ----------    ----------     ----------
<S>         <C>              <C>          <C>                <C>              <C>          <C>           <C>            <C>
   A-1       298,055,000.00      2.78000%   1000.00000000       1.77611112    0.00000000   0.00000000    0.00000000     0.00000000
   A-2       100,000,000.00      3.16875%   1000.00000000       2.02447920    0.00000000   0.00000000    0.00000000     0.00000000
   X-A                 0.00      1.28426%   1000.00000000       1.07021399    0.00000000   0.00000000    0.00000000     0.00000000
   X-B                 0.00      1.07704%   1000.00000000       0.89753016    0.00000000   0.00000000    0.00000000     0.00000000
   B-1         7,067,000.00      2.97000%   1000.00000000       1.89749965    0.00000000   0.00000000    0.00000000     0.00000000
   B-2         3,949,000.00      3.25000%   1000.00000000       2.07638896    0.00000000   0.00000000    0.00000000     0.00000000
   B-3         2,495,000.00      3.80000%   1000.00000000       2.42777956    0.00000000   0.00000000    0.00000000     0.00000000
   B-4         1,455,000.00      3.49046%   1000.00000000       2.90872165    0.00000000   0.00000000    0.00000000     0.00000000
   B-5           831,000.00      3.49046%   1000.00000000       2.90872443    0.00000000   0.00000000    0.00000000     0.00000000
   B-6         1,871,544.03      3.49046%   1000.00000000       2.90872131    0.00000000   0.00000000    0.00000000     0.00000000
   A-R               100.00      3.48017%   1000.00000000       2.20000000    0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                            Remaining
                              Unpaid
            Total Interest   Interest    Ending Certificate/
Class (5)    Distribution   Shortfall    Notational Balance
---------   --------------  ----------   -------------------
<S>         <C>             <C>          <C>
   A-1        1.77611112    0.00000000       992.55046780
   A-2        2.02447920    0.00000000       991.59895240
   X-A        1.07021399    0.00000000       992.31142661
   X-B        0.86101177    0.00000000      1000.00000000
   B-1        1.89749965    0.00000000      1000.00000000
   B-2        2.07638896    0.00000000      1000.00000000
   B-3        2.42777956    0.00000000      1000.00000000
   B-4        2.90872165    0.00000000      1000.00000000
   B-5        2.90872443    0.00000000      1000.00000000
   B-6        2.90872131    0.00000000      1000.00000000
   A-R        9.70000000    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                         4,402,296.97
         Liquidations, Insurance Proceeds, Reserve Funds                    0.00
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                              1,815.13
         Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
         Prepayment Penalties                                               0.00
                                                                    ------------
Total Deposits                                                      4,404,112.10

Withdrawals
         Reimbursement for Servicer Advances                                0.00
         Payment of Service Fee                                       134,312.45
         Payment of Interest and Principal                          4,269,799.65
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        4,404,112.10

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                                       129,982.00
Master Servicing Fee                                        4,330.45
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------

Net Servicing Fee                                         134,312.45
                                                          ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                            Beginning         Current           Current        Ending
      Account Type           Balance        Withdrawals        Deposits        Balance
-----------------------     ---------       -----------        --------       --------
<S>                         <C>             <C>                <C>            <C>
X-A Pool 1 Reserve Fund      4,500.00            0.00             0.00        4,500.00
X-A Pool 2 Reserve Fund      4,500.00            0.00             0.00        4,500.00
X-B Reserve Fund             1,000.00          493.41           493.41        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              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.250627%      0.161149%
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%
              --------     ----------
              0.250627%      0.161149%
</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              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.250627%      0.161149%
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%
              --------     ----------
              0.250627%      0.161149%
</TABLE>

<TABLE>
<S>                                          <C>   <C>                                           <C>    <C>               <C>
Current Period Class A Insufficient Funds:   0.00  Principal Balance of Contaminated Properties  0.00   Periodic Advance  1,815.13
</TABLE>

<TABLE>
<CAPTION>
               Original $        Original%        Current $         Current %       Current Class %      Prepayment %
             -------------      ----------      -------------      ----------       ---------------      ------------
<S>          <C>                <C>             <C>                <C>              <C>                  <C>
Class A      17,668,544.03      4.25006956%     17,668,544.03      4.28159081%            95.718409%         0.000000%
Class B-1    10,601,544.03      2.55014219%     10,601,544.03      2.56905568%             1.712535%        39.997636%
Class B-2     6,652,544.03      1.60023230%      6,652,544.03      1.61210065%             0.956955%        22.350455%
Class B-3     4,157,544.03      1.00007399%      4,157,544.03      1.00749118%             0.604609%        14.121141%
Class B-4     2,702,544.03      0.65008187%      2,702,544.03      0.65490329%             0.352588%         8.234974%
Class B-5     1,871,544.03      0.45018946%      1,871,544.03      0.45352836%             0.201375%         4.703274%
Class B-6             0.00      0.00000000%              0.00      0.00000000%             0.453528%        10.592520%
</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              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.337458%      0.215167%
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%
              --------     ----------
              0.337458%      0.215167%
</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              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
                Loans        Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.337458%      0.215167%
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%
              --------     ----------
              0.337458%      0.215167%
</TABLE>

             DELINQUENT

GROUP TWO

<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>

             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              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>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                     Mixed ARM
<S>                                                      <C>
Weighted Average Gross Coupon                                  3.878163%
Weighted Average Net Coupon                                    3.502966%
Weighted Average Pass-Through Rate                             3.490466%
Weighted Average Maturity (Stepdown Calculation)                    335

Beginning Scheduled Collateral Loan Count                         1,201
Number of Loans Paid in Full                                          4
Ending Scheduled Collateral Loan Count                            1,197

Beginning Scheduled Collateral Balance                   415,723,644.03
Ending Scheduled Collateral Balance                      412,663,068.95
Ending Actual Collateral Balance at 31-Jan-2005          412,667,033.05

Monthly P&I Constant                                       1,343,536.84
Special Servicing Fee                                              0.00
Prepayment Penalties                                               0.00
Realization Loss Amount                                            0.00
Cumulative Realized Loss                                           0.00

Class A Optimal Amount                                     4,217,912.64

Scheduled Principal                                                0.00
Unscheduled Principal                                      3,060,575.08
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                             <C>
Pro Rata Senior Percent                         95.75
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
      GROUP                             POOL ONE               POOL TWO               TOTAL
<S>                                   <C>                  <C>                    <C>
Collateral Description                     Mixed ARM       6 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate                3.867798                3.909057            3.878163
Weighted Average Net Rate                   3.492668                3.533660            3.502966
Pass-Through Rate                           3.480168                3.521160            3.490466
Weighted Average Maturity                        334                     339                 335
Record Date                               01/31/2005              01/31/2005          01/31/2005
Principal and Interest Constant         1,003,322.65              340,214.19        1,343,536.84
Beginning Loan Count                             892                     309               1,201
Loans Paid in Full                                 3                       1                   4
Ending Loan Count                                889                     308               1,197
Beginning Scheduled Balance           311,284,908.98          104,438,738.05      415,723,647.03
Ending Scheduled Balance              309,064,435.66          103,598,633.29      412,663,068.95
Scheduled Principal                             0.00                    0.00                0.00
Unscheduled Principal                   2,220,470.32              840,104.76        3,060,575.08
Scheduled Interest                      1,003,322.65              340,214.19        1,343,536.84
Servicing Fee                              97,310.28               32,671.72          129,982.00
Master Servicing Fee                        3,242.55                1,087.90            4,330.45
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                              902,769.82              306,454.57        1,209,224.39
Realized Loss Amount                            0.00                    0.00                0.00
Cumulative Realized Loss                        0.00                    0.00                0.00
Percentage of Cumulative Losses                 0.00                    0.00                0.00
Prepayment Penalties                            0.00                    0.00                0.00
Special Servicing Fee                           0.00                    0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                   <C>
Group Pool One
One Month Libor Loan Balance          158,248,654.84
Six Month Libor Loan Balance          150,815,780.82
Senior Percent                              0.000000%
Senior Prepayment Percent                   0.000000%
Subordinate Percent                         0.000000%
Subordinate Prepayment Percent              0.000000%
Principal Transfer Amount                       0.00
Interest Transfer Amount                        0.00

Group Pool Two
Senior Percent                              0.000000%
Senior Prepayment Percent                   0.000000%
Subordinate Percent                         0.000000%
Subordinate Prepayment Percent              0.000000%
Principal Transfer Amount                       0.00
Interest Transfer Amount                        0.00
</TABLE>