<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 2004-9
                          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-1   81744FDV6       SEN            2.84000%  431,164,993.91   1,020,423.82    6,784,818.42           0.00      424,380,175.49
 A-2   81744FDW4       SEN            2.53000%  284,122,615.10     599,025.18    3,741,225.20           0.00      280,381,389.90
 X-A   81744FDX2        IO            0.64273%            0.00     383,113.55            0.00           0.00                0.00
 X-B   81744FDY0        IO            0.22541%            0.00       4,212.36            0.00           0.00                0.00
 B-1   81744FEA1       SUB            3.01000%   14,915,000.00      37,411.79            0.00           0.00       14,915,000.00
 B-2   81744FEB9       SUB            3.38000%    8,242,000.00      23,214.97            0.00           0.00        8,242,000.00
 B-3   81744FEC7       SUB            3.35998%    4,318,000.00      12,090.31            0.00           0.00        4,318,000.00
 B-4   81744FED5       SUB            3.35998%    2,355,000.00       6,593.95            0.00           0.00        2,355,000.00
 B-5   81744FEE3       SUB            3.35998%    1,962,000.00       5,493.56            0.00           0.00        1,962,000.00
 B-6   81744FEF0       SUB            3.35998%    3,533,134.00       9,892.70            0.00           0.00        3,533,134.00
 A-R   81744FDZ7       SEN            3.13252%            0.00           0.80            0.00           0.00                0.00
                                                --------------   ------------   -------------     ----------      --------------
Totals                                          750,612,743.01   2,101,472.99   10,526,043.62           0.00      740,086,699.39
                                                --------------   ------------   -------------     ----------      --------------
</TABLE>

<TABLE>
<CAPTION>
          Total         Cumulative
Class  Distribution    Realized Loss
-----  ------------    -------------
<S>    <C>             <C>
 A-1    7,805,242.24            0.00
 A-2    4,340,250.38            0.00
 X-A      383,113.55            0.00
 X-B        4,212.36            0.00
 B-1       37,411.79            0.00
 B-2       23,214.97            0.00
 B-3       12,090.31            0.00
 B-4        6,593.95            0.00
 B-5        5,493.56            0.00
 B-6        9,892.70            0.00
 A-R            0.80            0.00
       -------------   -------------
Totals 12,627,516.61            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
           Original Face      Certificate       Principal        Principal                    Realized      Principal
 Class        Amount           Balance         Distribution    Distribution      Accretion    Loss (1)      Reduction
-------    --------------    --------------    ------------    -------------     ---------    --------    -------------
<S>        <C>               <C>               <C>             <C>               <C>          <C>         <C>
A-1        453,364,000.00    431,164,993.91          704.33     6,784,114.09        0.00         0.00      6,784,818.42
A-2        296,310,000.00    284,122,615.10          672.91     3,740,552.29        0.00         0.00      3,741,225.20
X-A                  0.00              0.00            0.00             0.00        0.00         0.00              0.00
X-B                  0.00              0.00            0.00             0.00        0.00         0.00              0.00
B-1         14,915,000.00     14,915,000.00            0.00             0.00        0.00         0.00              0.00
B-2          8,242,000.00      8,242,000.00            0.00             0.00        0.00         0.00              0.00
B-3          4,318,000.00      4,318,000.00            0.00             0.00        0.00         0.00              0.00
B-4          2,355,000.00      2,355,000.00            0.00             0.00        0.00         0.00              0.00
B-5          1,962,000.00      1,962,000.00            0.00             0.00        0.00         0.00              0.00
B-6          3,533,134.00      3,533,134.00            0.00             0.00        0.00         0.00              0.00
A-R                100.00              0.00            0.00             0.00        0.00         0.00              0.00
           --------------    --------------    ------------    -------------     -------      -------     -------------
Totals     784,999,234.00    750,612.743.01        1,377.24    10,524,666.38        0.00         0.00     10,526,043.62
           --------------    --------------    ------------    -------------     -------      -------     -------------
</TABLE>

<TABLE>
<CAPTION>
              Ending             Ending
            Certificate       Certificate      Total Principal
 Class        Balance          Percentage        Distribution
-------    --------------    --------------    ---------------
<S>        <C>               <C>               <C>
A-1        424,380,175.49        0.93606942       6,784,818.42
A-2        280,381,389.90        0.94624343       3,741,225.20
X-A                  0.00        0.00000000               0.00
X-B                  0.00        0.00000000               0.00
B-1         14,915,000.00        1.00000000               0.00
B-2          8,242,000.00        1.00000000               0.00
B-3          4,318,000.00        1.00000000               0.00
B-4          2,355,000.00        1.00000000               0.00
B-5          1,962,000.00        1.00000000               0.00
B-6          3,533,134.00        1.00000000               0.00
A-R                  0.00        0.00000000               0.00
           --------------    --------------    ---------------
Totals     740,086,699.39        0.94278652      10,526,043.62
           --------------    --------------    ---------------
</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
         Original Face      Certificate       Principal        Principal                     Realized      Principal
Class       Amount            Balance        Distribution    Distribution     Accretion      Loss (3)      Reduction
-----    --------------    --------------    ------------    ------------     ----------    ----------    -----------
<S>      <C>               <C>               <C>             <C>              <C>           <C>           <C>
 A-1     453,364,000.00      951.03491656      0.00155356     14.96394528     0.00000000    0.00000000    14.96549885
 A-2     296,310,000.00      958.86947825      0.00227097     12.62378013     0.00000000    0.00000000    12.62605110
 X-A               0.00        0.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 X-B               0.00        0.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 B-1      14,915,000.00     1000.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 B-2       8,242,000.00     1000.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 B-3       4,318,000.00     1000.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 B-4       2,355,000.00     1000.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 B-5       1,962,000.00     1000.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 B-6       3,533,134.00     1000.00000000      0.00000000      0.00000000     0.00000000    0.00000000     0.00000000
 A-R             100.00     1000.00000000      0.50000000      0.00000000     0.00000000    0.00000000     0.00000000
</TABLE>

<TABLE>
<CAPTION>
             Ending            Ending
Class     Certificate       Certificate      Total Principal
            Balance          Percentage        Distribution
-----    --------------     -------------    ---------------
<S>      <C>                <C>              <C>
 A-1       936.06941771        0.93606942        14.96549885
 A-2       946.24342715        0.94624343        12.62605110
 X-A         0.00000000        0.00000000         0.00000000
 X-B         0.00000000        0.00000000         0.00000000
 B-1      1000.00000000        1.00000000         0.00000000
 B-2      1000.00000000        1.00000000         0.00000000
 B-3      1000.00000000        1.00000000         0.00000000
 B-4      1000.00000000        1.00000000         0.00000000
 B-5      1000.00000000        1.00000000         0.00000000
 B-6      1000.00000000        1.00000000         0.00000000
 A-R         0.00000000        0.00000000         0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>

                                           Beginning                        Payment of                   Non-
                            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      453,364,000.00       2.84000%   431,164,993.91     1,020,423.82          0.00         0.00         0.00        0.00
A-2      296,310,000.00       2.53000%   284,122,615.10       599,025.18          0.00         0.00         0.00        0.00
X-A                0.00       0.64273%   715,287,609.01       383,113.55          0.00         0.00         0.00        0.00
X-B                0.00       0.22541%    23,157,000.00         4,349.90          0.00         0.00         0.00        0.00
B-1       14,915,000.00       3.01000%    14,915,000.00        37,411.79          0.00         0.00         0.00        0.00
B-2        8,242,000.00       3.38000%     8,242,000.00        23,214.97          0.00         0.00         0.00        0.00
B-3        4,318,000.00       3.35998%     4,318,000.00        12,090.31          0.00         0.00         0.00        0.00
B-4        2,355,000.00       3.35998%     2,355,000.00         6,593.95          0.00         0.00         0.00        0.00
B-5        1,962,000.00       3.35998%     1,962,000.00         5,493.56          0.00         0.00         0.00        0.00
B-6        3,533,134.00       3.35998%     3,533,134.00         9,892.70          0.00         0.00         0.00        0.00
A-R              100.00       3.13252%             0.00             0.00          0.00         0.00         0.00        0.00
         --------------   ------------   --------------     ------------    ----------    ---------    ---------    --------
Totals   784,999,234.00                                     2,101,609.73          0.00         0.00         0.00        0.00
         --------------   ------------   --------------     ------------    ----------    ---------    ---------    --------
</TABLE>

<TABLE>
<CAPTION>
                           Remaining         Ending
                            Unpaid        Certificate/
         Total Interest    Interest        Notational
Class     Distribution     Shortfall        Balance
------   --------------   -----------    --------------
<S>      <C>              <C>            <C>
A-1        1,020,423.82        0.00      424,380,175.49
A-2          599,025.18        0.00      280,381,389.90
X-A          383,113.55        0.00      704,761,565.39
X-B            4,212.36        0.00       23,157,000.00
B-1           37,411.79        0.00       14,915,000.00
B-2           23,214.97        0.00        8,242,000.00
B-3           12,090.31        0.00        4,318,000.00
B-4            6,593.95        0.00        2,355,000.00
B-5            5,493.56        0.00        1,962,000.00
B-6            9,892.70        0.00        3,533,134.00
A-R                0.80        0.00                0.00
         --------------   ---------      --------------
Totals     2,101,472.99        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          453,364,000.00    2.84000%      951.03491656        2.25078264     0.00000000   0.00000000   0.00000000    0.00000000
A-2          296,310,000.00    2.53000%      958.86947825        2.02161648     0.00000000   0.00000000   0.00000000    0.00000000
X-A                    0.00    0.64273%      954.13154119        0.51104020     0.00000000   0.00000000   0.00000000    0.00000000
X-B                    0.00    0.22541%     1000.00000000        0.18784385     0.00000000   0.00000000   0.00000000    0.00000000
B-1           14,915,000.00    3.01000%     1000.00000000        2.50833322     0.00000000   0.00000000   0.00000000    0.00000000
B-2            8,242,000.00    3.38000%     1000.00000000        2.81666707     0.00000000   0.00000000   0.00000000    0.00000000
B-3            4,318,000.00    3.35998%     1000.00000000        2.79997916     0.00000000   0.00000000   0.00000000    0.00000000
B-4            2,355,000.00    3.35998%     1000.00000000        2.79997877     0.00000000   0.00000000   0.00000000    0.00000000
B-5            1,962,000.00    3.35998%     1000.00000000        2.79997961     0.00000000   0.00000000   0.00000000    0.00000000
B-6            3,533,134.00    3.35998%     1000.00000000        2.79997872     0.00000000   0.00000000   0.00000000    0.00000000
A-R                  100.00    3.13252%        0.00000000        0.00000000     0.00000000   0.00000000   0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                             Remaining
                              Unpaid
            Total Interest   Interest      Ending Certificate/
Class (5)    Distribution    Shortfall     Notational Balance
---------   --------------   ----------    -------------------
<S>         <C>              <C>           <C>
 A-1        2.25078264       0.00000000           936.06941771
 A-2        2.02161648       0.00000000           946.24342715
 X-A        0.51104020       0.00000000           940.09071328
 X-B        0.18190439       0.00000000          1000.00000000
 B-1        2.50833322       0.00000000          1000.00000000
 B-2        2.81666707       0.00000000          1000.00000000
 B-3        2.79997916       0.00000000          1000.00000000
 B-4        2.79997877       0.00000000          1000.00000000
 B-5        2.79997961       0.00000000          1000.00000000
 B-6        2.79997872       0.00000000          1000.00000000
 A-R        8.00000000       0.00000000             0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                                  12,792,229.55
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       89,866.11
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               12,882,095.66

Withdrawals
         Reimbursement for Servicer Advances                                     14,399.00
         Payment of Service Fee                                                 240,180.05
         Payment of Interest and Principal                                   12,627,516.61
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 12,882,095.66

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                                          234,863.21
Master Servicing Fee                                           5,316.84
Supported Prepayment/Curtailment Interest Shortfall                0.00
                                                             ----------
Net Servicing Fee                                            240,180.05
                                                             ==========
</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 Account                 4,500.00               0.00           0.00      4,500.00
Class X-A Pool 2 Comp Sub Account                 4,500.00               0.00           0.00      4,500.00
Class X-B Sub Account                             1,000.00             137.54         137.54      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              81    31,799,301.30
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
               --------    -------------
                     81    31,799,301.30

                No. of          Principal
                Loans            Balance

0-29 Days      0.000000%        0.000000%
30 Days        3.720717%        4.293979%
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%
               3.720717%        4.293979%
</TABLE>

            BANKRUPTCY

<TABLE>
<CAPTION>
                No. of         Principal
                Loans           Balance
<C>            <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              81    31,799,301.30
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
              ---------    -------------
                     81    31,799,301.30

                No. of         Principal
                Loans           Balance

0-29 Days      0.000000%        0.000000%
30 Days        3.720717%        4.293979%
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%
               --------    -------------
               3.720717%        4.293979%
</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   89,866.11
</TABLE>

<TABLE>
<CAPTION>
              Original $     Original%     Current $      Current %    Current Class %   Prepayment %
            -------------   ----------   -------------   ----------    ---------------   ------------
<S>         <C>             <C>          <C>             <C>           <C>               <C>
Class A     35,325,134.00   4.50002146%  35,325,134.00   4.77310753%     95.226892%        0.000000%
Class B-1   20,410,134.00   2.60001961%  20,410,134.00   2.75780310%      2.015304%       42.222062%
Class B-2   12,168,134.00   1.55008228%  12,168,134.00   1.64414980%      1.113653%       23.331829%
Class B-3    7,850,134.00   1.00001805%   7,850,134.00   1.06070464%      0.583445%       12.223591%
Class B-4    5,495,134.00   0.70001775%   5,495,134.00   0.74249868%      0.318206%        6.666641%
Class B-5    3,533,134.00   0.45008120%   3,533,134.00   0.47739461%      0.265104%        5.554119%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.477395%       10.001757%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                DELINQUENT
POOL ONE

<TABLE>
<CAPTION>
                No. of       Principal
                Loans         Balance
<S>            <C>         <C>
0-29 Days             0             0.00
30 Days              36    13,030,774.67
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    13,030,774.67

                No. of       Principal
                Loans         Balance

0-29 Days      0.000000%        0.000000%
30 Days        2.821317%        2.923363%
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%
               --------    -------------
               2.821317%        2.923363%
</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    13,030,774.67
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    13,030,774.67

                No. of       Principal
                 Loans        Balance

0-29 Days      0.000000%        0.000000%
30 Days        2.821317%        2.923363%
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%
               --------    -------------
               2.821317%       2.923363%
</TABLE>

                DELINQUENT
POOL TWO

<TABLE>
<CAPTION>
                No. of       Principal
                 Loans        Balance
<S>            <C>         <C>
0-29 Days             0             0.00
30 Days              45    18,748,526.63
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
               --------    -------------
                     45    18,748,526.63

                No. of       Principal
                 Loans        Balance

0-29 Days      0.000000%        0.000000%
30 Days        4.994451%        6.369601%
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%
               4.994451%        6.369601%
</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              45   18,748,526.63
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
               --------   -------------
                     45   18,748,526.63

                No. of     Principal
                Loans       Balance

0-29 Days      0.000000%       0.000000%
30 Days        4.994451%       6.369601%
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%
               --------   -------------
               4.994451%       6.369601%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                             Mixed Arm
<S>                                                             <C>
Weighted Average Gross Coupon                                         3.743586%
Weighted Average Net Coupon                                           3.368111%
Weighted Average Pass-Through Rate                                    3.359611%
Weighted Average Maturity (Stepdown Calculation)                           332

Beginning Scheduled Collateral Loan Count                                2,197
Number of Loans Paid in Full                                                20
Ending Scheduled Collateral Loan Count                                   2,177

Beginning Scheduled Collateral Balance                          750,612,743.90
Ending Scheduled Collateral Balance                             740,086,700.28
Ending Actual Collateral Balance at 31-Jan-2005                 740,089,804.54

Monthly P&I Constant                                              2,343,029.89
Special Servicing Fee                                                     0.00
Prepayment Penalties                                                      0.00
Realization Loss Amount                                                   0.00
Cumulative Realized Loss                                                  0.00

Class A Optimal Amount                                           12,528,468.63

Scheduled Principal                                                   1,377.24
Unscheduled Principal                                            10,524,666.38
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
               GROUP                                 POOL 1                   POOL 2                    TOTAL

Collateral Description                         1 Month LIBOR ARM        6 Month LIBOR ARM             Mixed ARM
<S>                                            <C>                      <C>                         <C>
Weighted Average Coupon Rate                            3.820820                 3.626335                 3.743586
Weighted Average Net Rate                               3.445398                 3.250781                 3.368111
Pass-Through Rate                                       3.436898                 3.242281                 3.359611
Weighted Average Maturity                                    333                      332                      332
Record Date                                           01/31/2005               01/31/2005               01/31/2005
Principal and Interest Constant                     1,441,560.83               901,469.06             2,343,029.89
Beginning Loan Count                                       1,287                      910                    2,197
Loans Paid in Full                                            11                        9                       20
Ending Loan Count                                          1,276                      901                    2,177
Beginning Scheduled Balance                       452,527,904.79           298,084,839.11           750,612,743.90
Ending Scheduled Balance                          445,743,086.37           294,343,613.91           740,086,700.28
Scheduled Principal                                       704.33                   672.91                 1,377.24
Unscheduled Principal                               6,784,114.09             3,740,552.29            10,524,666.38
Scheduled Interest                                  1,440,856.50               900,796.15             2,341,652.65
Servicing Fee                                         141,574.24                93,288.97               234,863.21
Master Servicing Fee                                    3,205.41                 2,111.43                 5,316.84
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                                        1,296,076.85               805,395.75             2,101,472.60
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

Principal Transfer Amount                                                 0.00
Interest Transfer Amount                                                  0.00
Pro Rata Senior Percent                                              95.279206%
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                                              95.316023%
Senior Percent                                                      100.000000%
Senior Prepayment Percent                                           100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepayment Percent                                        0.000000%
</TABLE>