<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: SEPTEMBER 30, 2005
                       DISTRIBUTION DATE: OCTOBER 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate   Certificate     Beginning
                      Class     Pass-Through    Certificate     Interest
 Class    CUSIP    Description      Rate          Balance     Distribution
------  ---------  -----------  ------------  --------------  ------------
<S>     <C>        <C>          <C>           <C>             <C>
  A-1   81744FGM#      SEN        4.02625%    223,913,546.17    750,523.24
  A-2   81744FGN1      SEN        4.10000%     79,934,750.87    273,110.40
  X-A   81744FGP6       IO        0.75394%              0.00    190,754.04
  X-B   81744FGS0       IO        0.39464%              0.00      3,929.34
  B-1   81744FGQ4      SUB        4.21625%      7,067,000.00     24,811.42
  B-2   81744FGR2      SUB        4.49625%      3,949,000.00     14,785.22
  B-3   81744FGU5      SUB        5.04625%      2,495,000.00     10,484.45
  B-4   81744FGV3      SUB        4.80065%      1,455,000.00      5,816.38
  B-5   81744FGW1      SUB        4.80065%        831,000.00      3,321.94
  B-6   81744FGX9      SUB        4.80065%      1,871,544.03      7,481.53
  A-R   81744FGT8      RES        3.94639%              0.00          0.26
                                             --------------  ------------
Totals                                        321,516,841.07  1,285,018.22
                                              ==============  ============

<CAPTION>
                        Current      Ending                     Cumulative
          Principal    Realized    Certificate       Total       Realized
 Class   Distribution    Loss        Balance      Distribution     Loss
------  -------------  --------  --------------  -------------  ----------
<S>     <C>            <C>       <C>             <C>            <C>
  A-1    8,001,671.55    0.00    215,911,874.62   8,752,194.79     0.00
  A-2    3,487,628.79    0.00     76,447,122.08   3,760,739.19     0.00
  X-A            0.00    0.00              0.00     190,754.04     0.00
  X-B            0.00    0.00              0.00       3,929.34     0.00
  B-1            0.00    0.00      7,067,000.00      24,811.42     0.00
  B-2            0.00    0.00      3,949,000.00      14,785.22     0.00
  B-3            0.00    0.00      2,495,000.00      10,484.45     0.00
  B-4            0.00    0.00      1,455,000.00       5,816.38     0.00
  B-5            0.00    0.00        831,000.00       3,321.94     0.00
  B-6            0.00    0.00      1,871,544.03       7,481.53     0.00
  A-R            0.00    0.00              0.00           0.26     0.00
        -------------    ----    --------------  -------------     ----
Totals  11,489,300.34    0.00    310,027,540.73  12,774,318.56     0.00
        =============    ====    ==============  =============     ====
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                           Beginning      Scheduled    Unscheduled
           Original       Certificate     Principal     Principal
Class     Face Amount       Balance     Distribution   Distribution  Accretion
------  --------------  --------------  ------------  -------------  ---------
<S>     <C>             <C>             <C>           <C>            <C>
  A-1   298,055,000.00  223,913,546.17      0.00       8,001,671.55     0.00
  A-2   100,000,000.00   79,934,750.87      0.00       3,487,628.79     0.00
  X-A             0.00            0.00      0.00               0.00     0.00
  X-B             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
  B-2     3,949,000.00    3,949,000.00      0.00               0.00     0.00
  B-3     2,495,000.00    2,495,000.00      0.00               0.00     0.00
  B-4     1,455,000.00    1,455,000.00      0.00               0.00     0.00
  B-5       831,000.00      831,000.00      0.00               0.00     0.00
  B-6     1,871,544.03    1,871,544.03      0.00               0.00     0.00
  A-R           100.00            0.00      0.00               0.00     0.00
        --------------  --------------      ----      -------------     ----
Totals  415,723,644.03  321,516,841.07      0.00      11,489,300.34     0.00
        ==============  ==============      ====      =============     ====

<CAPTION>
                      Total          Ending         Ending        Total
        Realized    Principal      Certificate   Certificate    Principal
Class   Loss (1)    Reduction        Balance      Percentage   Distribution
------  --------  -------------  --------------  -----------  -------------
<S>     <C>       <C>            <C>             <C>          <C>
  A-1     0.00     8,001,671.55  215,911,874.62   0.72440279   8,001,671.55
  A-2     0.00     3,487,628.79   76,447,122.08   0.76447122   3,487,628.79
  X-A     0.00             0.00            0.00   0.00000000           0.00
  X-B     0.00             0.00            0.00   0.00000000           0.00
  B-1     0.00             0.00    7,067,000.00   1.00000000           0.00
  B-2     0.00             0.00    3,949,000.00   1.00000000           0.00
  B-3     0.00             0.00    2,495,000.00   1.00000000           0.00
  B-4     0.00             0.00    1,455,000.00   1.00000000           0.00
  B-5     0.00             0.00      831,000.00   1.00000000           0.00
  B-6     0.00             0.00    1,871,544.03   1.00000000           0.00
  A-R     0.00             0.00            0.00   0.00000000           0.00
          ----    -------------  --------------   ----------  -------------
Totals    0.00    11,489,300.34  310,027,540.73   0.74575393  11,489,300.34
          ====    =============  ==============   ==========  =============
</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.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning      Scheduled    Unscheduled
           Original       Certificate     Principal     Principal
 Class    Face Amount       Balance     Distribution   Distribution   Accretion
------  --------------  --------------  ------------  -------------  ----------
<S>     <C>             <C>             <C>           <C>            <C>
  A-1   298,055,000.00    751.24908547   0.00000000    26.84629196   0.00000000
  A-2   100,000,000.00    799.34750870   0.00000000    34.87628790   0.00000000
  X-A             0.00      0.00000000   0.00000000     0.00000000   0.00000000
  X-B             0.00      0.00000000   0.00000000     0.00000000   0.00000000
  B-1     7,067,000.00      0.00000000   0.00000000     0.00000000   0.00000000
  B-2     3,949,000.00      0.00000000   0.00000000     0.00000000   0.00000000
  B-3     2,495,000.00   1000.00000000   0.00000000     0.00000000   0.00000000
  B-4     1,455,000.00   1000.00000000   0.00000000     0.00000000   0.00000000
  B-5       831,000.00   1000.00000000   0.00000000     0.00000000   0.00000000
  B-6     1,871,544.03   1000.00000000   0.00000000     0.00000000   0.00000000
  A-R           100.00      0.00000000   0.00000000     0.00000000   0.00000000

<CAPTION>
                       Total        Ending         Ending        Total
         Realized    Principal    Certificate   Certificate    Principal
 Class   Loss (3)    Reduction      Balance      Percentage  Distribution
------  ----------  -----------  -------------  -----------  ------------
<S>     <C>         <C>          <C>            <C>          <C>
  A-1   0.00000000  26.84629196   724.40279351   0.72440279  26.84629196
  A-2   0.00000000  34.87628790   764.47122080   0.76447122  34.87628790
  X-A   0.00000000   0.00000000     0.00000000   0.00000000   0.00000000
  X-B   0.00000000   0.00000000     0.00000000   0.00000000   0.00000000
  B-1   0.00000000   0.00000000  1000.00000000   1.00000000   0.00000000
  B-2   0.00000000   0.00000000  1000.00000000   1.00000000   0.00000000
  B-3   0.00000000   0.00000000  1000.00000000   1.00000000   0.00000000
  B-4   0.00000000   0.00000000  1000.00000000   1.00000000   0.00000000
  B-5   0.00000000   0.00000000  1000.00000000   1.00000000   0.00000000
  B-6   0.00000000   0.00000000  1000.00000000   1.00000000   0.00000000
  A-R   0.00000000   0.00000000     0.00000000   0.00000000   0.00000000
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                        Beginning                  Payment of
                          Current     Certificate/      Current      Unpaid
           Original     Certificate     Notional        Accrued     Interest
 Class    Face Amount       Rate         Balance       Interest     Shortfall
------  --------------  -----------  --------------  ------------  ----------
<S>     <C>             <C>          <C>             <C>           <C>
  A-1   298,055,000.00    4.02625%   223,913,546.17    751,276.60     0.00
  A-2   100,000,000.00    4.10000%    79,934,750.87    273,110.40     0.00
  X-A             0.00    0.75394%   303,848,297.04    190,903.13     0.00
  X-B             0.00    0.39464%    13,511,000.00      4,443.35     0.00
  B-1     7,067,000.00    4.21625%     7,067,000.00     24,830.20     0.00
  B-2     3,949,000.00    4.49625%     3,949,000.00     14,796.41     0.00
  B-3     2,495,000.00    5.04625%     2,495,000.00     10,491.99     0.00
  B-4     1,455,000.00    4.80065%     1,455,000.00      5,820.79     0.00
  B-5       831,000.00    4.80065%       831,000.00      3,324.25     0.00
  B-6     1,871,544.03    4.80065%     1,871,544.03      7,487.19     0.00
  A-R           100.00    3.94639%             0.00          0.00     0.00
        --------------                               ------------     ----
Totals  415,723,644.03                               1,286,484.51     0.00
        ==============                               ============     ====

<CAPTION>
                      Non-                              Remaining      Ending
         Current   Supported                              Unpaid    Certificate/
         Interest   Interest  Realized  Total Interest   Interest    Notational
 Class  Shortfall  Shortfall  Loss (4)   Distribution   Shortfall      Balance
------  ---------  ---------  --------  --------------  ---------  --------------
<S>     <C>        <C>        <C>       <C>             <C>        <C>
  A-1      0.00      753.36     0.00       750,523.24      0.00    215,911,874.62
  A-2      0.00        0.00     0.00       273,110.40      0.00     76,447,122.08
  X-A      0.00      149.09     0.00       190,754.04      0.00    292,358,996.70
  X-B      0.00        3.36     0.00         3,929.34      0.00     13,511,000.00
  B-1      0.00       18.78     0.00        24,811.42      0.00      7,067,000.00
  B-2      0.00       11.19     0.00        14,785.22      0.00      3,949,000.00
  B-3      0.00        7.55     0.00        10,484.45      0.00      2,495,000.00
  B-4      0.00        4.40     0.00         5,816.38      0.00      1,455,000.00
  B-5      0.00        2.51     0.00         3,321.94      0.00        831,000.00
  B-6      0.00        5.66     0.00         7,481.53      0.00      1,871,554.03
  A-R      0.00        0.00     0.00             0.26      0.00              0.00
           ----      ------     ----     ------------      ----
Totals     0.00      955.90     0.00     1,285,018.22      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        Current     Unpaid      Current
              Original     Certificate   Certificate/       Accrued    Interest    Interest
Class (5)    Face Amount       Rate     Notional Balance   Interest    Shortfall   Shortfall
---------  --------------  -----------  ----------------  ----------  ----------  ----------
<S>        <C>             <C>          <C>               <C>         <C>         <C>
   A-1     298,055,000.00    4.02625%     751.24908547    2.52059721  0.00000000  0.00000000
   A-2     100,000,000.00    4.10000%     799.34750870    2.73110400  0.00000000  0.00000000
   X-A               0.00    0.75394%     763.33244662    0.47958983  0.00000000  0.00000000
   X-B               0.00    0.39464%    1000.00000000    0.32886907  0.00000000  0.00000000
   B-1       7,067,000.00    4.21625%    1000.00000000    3.51354181  0.00000000  0.00000000
   B-2       3,949,000.00    4.49625%    1000.00000000    3.74687516  0.00000000  0.00000000
   B-3       2,495,000.00    5.04625%    1000.00000000    4.20520641  0.00000000  0.00000000
   B-4       1,455,000.00    4.80065%    1000.00000000    4.00054296  0.00000000  0.00000000
   B-5         831,000.00    4.80065%    1000.00000000    4.00054152  0.00000000  0.00000000
   B-6       1,871,544.03    4.80065%    1000.00000000    4.00054173  0.00000000  0.00000000
   A-R             100.00    3.94639%       0.00000000    0.00000000  0.00000000  0.00000000

<CAPTION>
              Non-                                Remaining
            Supported                  Total       Unpaid
            Interest    Realized     Interest     Interest   Ending Certificate/
Class (5)   Shortfall   Loss (6)   Distribution   Shortfall   Notational Balance
---------  ----------  ----------  ------------  ----------  -------------------
<S>        <C>         <C>         <C>           <C>         <C>
A-1        0.00252759  0.00000000   2.51806962   0.00000000      724.40279351
A-2        0.00000000  0.00000000   2.73110400   0.00000000      764.47122080
X-A        0.00037455  0.00000000   0.47921528   0.00000000      734.46884652
X-B        0.00024869  0.00000000   0.29082525   0.00000000     1000.00000000
B-1        0.00265742  0.00000000   3.51088439   0.00000000     1000.00000000
B-2        0.00283363  0.00000000   3.74404153   0.00000000     1000.00000000
B-3        0.00302605  0.00000000   4.20218437   0.00000000     1000.00000000
B-4        0.00302405  0.00000000   3.99751203   0.00000000     1000.00000000
B-5        0.00302046  0.00000000   3.99752106   0.00000000     1000.00000000
B-6        0.00302424  0.00000000   3.99751749   0.00000000     1000.00000000
A-R        0.00000000  0.00000000   2.60000000   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                12,878,210.07
   Liquidations, Insurance Proceeds, Reserve Funds            0.00
   Proceeds from Repurchased Loans                            0.00
   Other Amounts (Servicer Advances)                          0.00
   Realized Losses (Gains, Subsequent Expenses &
      Recoveries)                                             0.00
   Prepayment Penalties                                       0.00
                                                     -------------
Total Deposits                                       12,878,210.07

Withdrawals
   Reimbursement for Servicer Advances                        0.00
   Payment of Service Fee                               103,891.51
   Payment of Interest and Principal                 12,774,318.56
                                                     -------------
Total Withdrawals (Pool Distribution Amount)         12,878,210.07

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

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                       <C>
Total Prepayment/Curtailment Interest Shortfall           955.90
Servicing Fee Support                                       0.00
                                                          ------
Non-Supported Prepayment Curtailment Interest Shortfall   955.90
                                                          ======
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   100,542.38
Master Servicing Fee                                    3,349.13
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     103,891.51
                                                      ==========
</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      510.65      510.65    1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                     BANKRUPTCY                    FORECLOSURE
-------------------------------  ----------------------------  ----------------------------
           No. of    Principal              No. of  Principal             No. of  Principal
            Loans     Balance                Loans   Balance               Loans   Balance
           ------  ------------             ------  ---------             ------  ---------
<S>        <C>     <C>           <C>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0           0.00  0-29 Days      0      0.00    0-29 Days      0      0.00
30 Days        9   2,871,200.36  30 Days        0      0.00    30 Days        0      0.00
60 Days        1      95,927.50  60 Days        0      0.00    60 Days        0      0.00
90 Days        1     160,196.23  90 Days        0      0.00    90 Days        0      0.00
120 Days       0           0.00  120 Days       0      0.00    120 Days       0      0.00
150 Days       0           0.00  150 Days       0      0.00    150 Days       0      0.00
180+ Days      0           0.00  180+ Days      0      0.00    180+ Days      0      0.00
             ---   ------------               ---      ----                 ---      ----
              11   3,127,324.09                 0      0.00                   0      0.00

<CAPTION>
             REO                           TOTAL
----------------------------  -------------------------------
           No. of  Principal             No. of    Principal
            Loans   Balance               Loans     Balance
           ------  ---------             ------  ------------
<S>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0      0.00    0-29 Days      0           0.00
30 Days        0      0.00    30 Days        9   2,871,200.36
60 Days        0      0.00    60 Days        1      95,927.50
90 Days        0      0.00    90 Days        1     160,196.23
120 Days       0      0.00    120 Days       0           0.00
150 Days       0      0.00    150 Days       0           0.00
180+ Days      0      0.00    180+ Days      0           0.00
             ---      ----                 ---   ------------
               0      0.00                  11   3,127,324.09
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                       BANKRUPTCY                     FORECLOSURE
-------------------------------  ------------------------------  ------------------------------
            No. of   Principal               No. of   Principal              No. of   Principal
             Loans    Balance                 Loans    Balance                Loans    Balance
           --------  ---------              --------  ---------             --------  ---------
<S>        <C>       <C>         <C>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.955414%  0.926110%  30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.106157%  0.030942%  60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.106157%  0.051672%  90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------   --------              --------  --------              --------  --------
           1.167728%  1.008723%             0.000000% 0.000000%             0.000000% 0.000000%

<CAPTION>
              REO                            TOTAL
------------------------------  -------------------------------
            No. of   Principal              No. of   Principal
            Loans     Balance                Loans    Balance
           -------   ---------             --------  ----------
<S>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    0.955414% 0.926110%
60 Days    0.000000% 0.000000%  60 Days    0.106157% 0.030942%
90 Days    0.000000% 0.000000%  90 Days    0.106157% 0.051672%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------  --------              --------  --------
           0.000000% 0.000000%             1.167728% 1.008723%
</TABLE>

Current Period Class A Insufficient Funds: 0.00

Principal Balance of Contaminated Properties 0.00

Periodic Advance 0.00

<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   5.69902402%     94.300976%       0.000000%
Class B-1   10,601,544.03   2.55014219%  10,601,544.03   3.41954912%      2.279475%      39.997636%
Class B-2    6,652,544.03   1.60023230%   6,652,544.03   2.14579131%      1.273758%      22.350455%
Class B-3    4,157,544.03   1.00007399%   4,157,544.03   1.34102410%      0.804767%      14.121141%
Class B-4    2,702,544.03   0.65008187%   2,702,544.03   0.87171095%      0.469313%       8.234974%
Class B-5    1,871,544.03   0.45018946%   1,871,544.03   0.60367025%      0.268041%       4.703274%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.603670%      10.592520%
</TABLE>

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

<PAGE>

                                    DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
           DELINQUENT                     BANKRUPTCY                    FORECLOSURE
-------------------------------  ----------------------------  ----------------------------
GROUP ONE
           No. of    Principal              No. of  Principal             No. of  Principal
            Loans     Balance                Loans   Balance               Loans   Balance
           ------  ------------             ------  ---------             ------  ---------
<S>        <C>     <C>           <C>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0           0.00  0-29 Days      0      0.00    0-29 Days      0      0.00
30 Days        7   2,113,779.68  30 Days        0      0.00    30 Days        0      0.00
60 Days        0           0.00  60 Days        0      0.00    60 Days        0      0.00
90 Days        1     160,196.23  90 Days        0      0.00    90 Days        0      0.00
120 Days       0           0.00  120 Days       0      0.00    120 Days       0      0.00
150 Days       0           0.00  150 Days       0      0.00    150 Days       0      0.00
180+ Days      0           0.00  180+ Days      0      0.00    180+ Days      0      0.00
             ---   ------------               ---      ----                 ---      ----
               8   2,273,975.91                 0      0.00                   0      0.00

<CAPTION>
             REO                           TOTAL
----------------------------  -------------------------------
           No. of  Principal             No. of    Principal
            Loans  Balance                Loans     Balance
           ------  ---------             ------  ------------
<S>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0      0.00    0-29 Days      0           0.00
30 Days        0      0.00    30 Days        7   2,113,779.68
60 Days        0      0.00    60 Days        0           0.00
90 Days        0      0.00    90 Days        1     160,196.23
120 Days       0      0.00    120 Days       0           0.00
150 Days       0      0.00    150 Days       0           0.00
180+ Days      0      0.00    180+ Days      0           0.00
             ---      ----                 ---   ------------
               0      0.00                   8   2,273,975.91
</TABLE>

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                      FORECLOSURE
------------------------------  ------------------------------  ------------------------------
            No. of   Principal              No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance               Loans     Balance
           --------  ---------             --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000%  0.000000% 0-29 Days  0.000000% 0.000000%
30 Days    1.013025% 0.922475%  30 Days    0.000000%  0.000000% 30 Days    0.000000% 0.000000%
60 Days    0.000000% 0.000000%  60 Days    0.000000%  0.000000% 60 Days    0.000000% 0.000000%
90 Days    0.144718% 0.069911%  90 Days    0.000000%  0.000000% 90 Days    0.000000% 0.000000%
120 Days   0.000000% 0.000000%  120 Days   0.000000%  0.000000% 120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000%  0.000000% 150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000%  0.000000% 180+ Days  0.000000% 0.000000%
           --------  --------              --------   --------             --------  --------
           1.157742% 0.992387%             0.000000%  0.000000%            0.000000% 0.000000%

<CAPTION>
              REO                            TOTAL
------------------------------  ------------------------------
            No. of   Principal              No. of   Principal
             Loans     Balance               Loans     Balance
           --------  ---------             --------  ---------
<S>        <C>        <C>       <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    1.013025% 0.922475%
60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.000000% 0.000000%  90 Days    0.144718% 0.069911%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------- ---------             --------- --------
           0.000000% 0.000000%             1.157742% 0.992387%
</TABLE>

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                     FORECLOSURE
-----------------------------  -------------------------------  ----------------------------
GROUP TWO                                 1.183654%
           No. of   Principal               No. of   Principal             No. of  Principal
            Loans    Balance                 Loans    Balance              Loans    Balance
           ------  ----------             ---------  ---------             ------  ---------
<S>        <C>     <C>         <C>        <C>        <C>        <C>        <C>     <C>
0-29 Days     0          0.00  0-29 Days       0       0.00     0-29 Days      0      0.00
30 Days       2    757,420.68  30 Days         0       0.00     30 Days        0      0.00
60 Days       1     95,927.50  60 Days         0       0.00     60 Days        0      0.00
90 Days       0          0.00  90 Days         0       0.00     90 Days        0      0.00
120 Days      0          0.00  120 Days        0       0.00     120 Days       0      0.00
150 Days      0          0.00  150 Days        0       0.00     150 Days       0      0.00
180+ Days     0          0.00  180+ Days       0       0.00     180+ Days      0      0.00
            ---    ----------                ---       ----                  ---      ----
              3    853,348.18                  0       0.00                    0      0.00

<CAPTION>
             REO                          TOTAL
----------------------------  -----------------------------
           No. of  Principal             No. of   Principal
           Loans    Balance               Loans    Balance
           ------  ---------             ------  ----------
<S>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0      0.00    0-29 Days      0         0.00
30 Days        0      0.00    30 Days        2   757,420.68
60 Days        0      0.00    60 Days        1    95,927.50
90 Days        0      0.00    90 Days        0         0.00
120 Days       0      0.00    120 Days       0         0.00
150 Days       0      0.00    150 Days       0         0.00
180+ Days      0      0.00    180+ Days      0         0.00
             ---      ----                 ---   ----------
               0      0.00                   3   853,348.18
</TABLE>

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                     FORECLOSURE
-----------------------------   ------------------------------  ----------------------------
            No. of   Principal              No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    0.796813% 0.936406%  30 Days    0.000000% 0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.398406% 0.118596%  60 Days    0.000000% 0.000000%  60 Days    0.000000%  0.000000%
90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%  90 Days    0.000000%  0.000000%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%  120 Days   0.000000%  0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%  150 Days   0.000000%  0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%  180+ Days  0.000000%  0.000000%
           --------  ---------             --------  ---------             --------  ---------
           1.195219% 1.055002%             0.000000% 0.000000%             0.000000%  0.000000%

<CAPTION>
           REO                          TOTAL
------------------------------  ------------------------------
            No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    0.796813% 0.936406%
60 Days    0.000000% 0.000000%  60 Days    0.398406% 0.118596%
90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------  --------              --------  ---------
           0.000000% 0.000000%             1.195219% 1.055002%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                <C>
Collateral Description                                  Mixed ARM

Weighted Average Gross Coupon                            5.110063%
Weighted Average Net Coupon                              4.734808%
Weighted Average Pass-Through Rate                       4.722308%
Weighted Average Maturity (Stepdown Calculation)              327

Beginning Scheduled Collateral Loan Count                     975
Number of Loans Paid in Full                                   33
Ending Scheduled Collateral Loan Count                        942

Beginning Scheduled Collateral Balance             321,516,841.07
Ending Scheduled Collateral Balance                310,027,540.73
Ending Actual Collateral Balance at 30-Sept-2005   310,028,023.27

Monthly P&I Constant                                 1,369,142.87
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realization Loss Amount                                      0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              12,704,079.82

Scheduled Principal                                          0.00
Unscheduled Principal                               11,489,300.34
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                       <C>
Pro Rata Senior Percent   94.504629%
</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            5.105841            5.121931         5.110063
Weighted Average Net Rate               4.730670            4.746438         4.734808
Pass-Through Rate                       4.718170            4.733938         4.722308
Weighted Average Maturity                    326                 331              327
Record Date                           09/30/2005          09/30/2005       09/30/2005
Principal and Interest Constant     1,009,013.57          360,129.30     1,369,142.87
Beginning Loan Count                         718                 257              975
Loans Paid in Full                            27                   6               33
Ending Loan Count                            691                 251              942
Beginning Scheduled Balance       237,143,352.15       84,373,488.92   321,516,841.07
Ending Scheduled Balance          229,141,680.60       80,885,860.13   310,027,540.73
Scheduled Principal                         0.00                0.00             0.00
Unscheduled Principal               8,001,671.55        3,487,628.79    11,489,300.34
Scheduled Interest                  1,009,013.57          360,129.30     1,369,142.87
Servicing Fee                          74,141.05           26,401.33       100,542.38
Master Servicing Fee                    2,470.24              878.89         3,349.13
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                          932,402.28          332,849.08     1,265,251.36
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     126,680,008.77
Six Month Libor Loan Balance     102,461,671.83
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00

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