<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD 21703
         WWW.CTSLINK.COM
         TELEPHONE: (301) 815-6600
         FAX: (301) 315-6660

                               SMT SERIES 2004-12
                         RECORD DATE: 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    81744FFY8      SEN        4.06625%    287,723,296.25    974,962.38
 A-2    81744FFZ5      SEN        3.93000%    152,138,584.39    498,253.86
 A-3    81744FGZ9      SEN        3.96000%    138,665,366.36    457,595.71
 X-A1   81744FGC5       IO        0.87363%              0.00    320,231.95
 X-A2   81744FGD3       IO        0.88679%              0.00    102,472.75
 X-B    81744FGF8       IO        0.35862%              0.00      5,021.28
 B-1    81744FGG6      SUB        4.29625%      8,588,000.00     30,746.83
 B-2    81744FGH4      SUB        4.64625%      6,134,000.00     25,750.08
 B-3    81744FGJ0      SUB        5.04625%      3,680,000.00     15,475.17
 B-4    81744FGK7      SUB        4.89034%      2,453,000.00      9,996.67
 B-5    81744FGK7      SUB        4.89034%        920,000.00      3,749.26
 B-6    81744FGL5      SUB        4.89034%      2,762,778.00     11,259.10
 A-R    81744FGE1      RES        4.57680%              0.00          0.24
                                              --------------  ------------
Totals                                        603,065,025.00  2,453,515.28
                                              ==============  ============

<CAPTION>
                        Current      Ending                     Cumulative
          Principal    Realized    Certificate       Total       Realized
Class    Distribution    Loss        Balance      Distribution     Loss
-----   -------------  --------  --------------  -------------  ----------
<S>     <C>            <C>       <C>             <C>            <C>
 A-1    17,182,622.37    0.00    270,540,673.88  18,157,584.75     0.00
 A-2     9,562,504.15    0.00    142,576,080.24  10,060,758.01     0.00
 A-3     9,590,988.28    0.00    129,074,378.08  10,048,583.99     0.00
 X-A1            0.00    0.00              0.00     320,231.95     0.00
 X-A2            0.00    0.00              0.00     102,472.75     0.00
 X-B             0.00    0.00              0.00       5,021.28     0.00
 B-1             0.00    0.00      8,588,000.00      30,746.83     0.00
 B-2             0.00    0.00      6,134,000.00      23,750.08     0.00
 B-3             0.00    0.00      3,680,000.00      15,475.17     0.00
 B-4             0.00    0.00      2,453,000.00       9,996.67     0.00
 B-5             0.00    0.00        920,000.00       3,749.26     0.00
 B-6             0.00    0.00      2,762,778.00      11,259.10     0.00
 A-R             0.00    0.00              0.00           0.24     0.00
        -------------    ----    --------------  -------------     ----
Totals  36,336,114.80    0.00    566,728,910.20  38,789,630.08     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
 Class      Amount          Balance     Distribution   Distribution   Accretion
------  --------------  --------------  ------------  --------------  ---------
<S>     <C>             <C>             <C>           <C>             <C>
  A-1   380,510,000.00  287,723,296.25    1,731.09    17,180,891.28      0.00
  A-2   208,392,000.00  152,138,584.39      400.07     9,562,104.08      0.00
  A-3   218,330,615.00  138,665,366.36        0.00     9,590,988.28      0.00
 X-A1             0.00            0.00        0.00             0.00      0.00
 X-A2             0.00            0.00        0.00             0.00      0.00
  X-B             0.00            0.00        0.00             0.00      0.00
  B-1     8,588,000.00    8,588,000.00        0.00             0.00      0.00
  B-2     6,134,000.00    6,134,000.00        0.00             0.00      0.00
  B-3     3,680,000.00    3,680,000.00        0.00             0.00      0.00
  B-4     2,453,000.00    2,453,000.00        0.00             0.00      0.00
  B-5       920,000.00      920,000.00        0.00             0.00      0.00
  B-6     2,762,778.00    2,762,778.00        0.00             0.00      0.00
  A-R           100.00            0.00        0.00             0.00      0.00
        --------------  --------------    --------    -------------      ----
Totals  831,770,493.00  603,065,025.00    2,131.16    36,333,983.64      0.00
        ==============  ==============    ========    =============      ====

<CAPTION>
                      Total          Ending         Ending
        Realized    Principal      Certificate   Certificate  Total Principal
 Class  Loss (1)    Reduction        Balance      Percentage    Distribution
------  --------  -------------  --------------  -----------  ---------------
<S>     <C>       <C>            <C>             <C>          <C>
  A-1     0.00    17,182,622.37  270,540,673.88   0.71099491   17,182,622.37
  A-2     0.00     9,562,504.15  142,576,080.24   0.68417252    9,562,504.15
  A-3     0.00     9,590,988.28  129,074,378.08   0.59118772    9,590,988.28
 X-A1     0.00             0.00            0.00   0.00000000            0.00
 X-A2     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    8,588,000.00   1.00000000            0.00
  B-2     0.00             0.00    6,134,000.00   1.00000000            0.00
  B-3     0.00             0.00    3,680,000.00   1.00000000            0.00
  B-4     0.00             0.00    2,453,000.00   1.00000000            0.00
  B-5     0.00             0.00      920,000.00   1.00000000            0.00
  B-6     0.00             0.00    2,762,778.00   1.00000000            0.00
  A-R     0.00             0.00            0.00   0.00000000            0.00
          ----    -------------  --------------   ----------   -------------
Totals    0.00    36,336,114.80  566,728,910.20   0.68135251   36,336,114.80
          ====    =============  ==============   ==========   =============
</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
 Class      Amount          Balance     Distribution   Distribution    Accretion
------  --------------  --------------  ------------  --------------  ----------
<S>     <C>             <C>             <C>           <C>             <C>
  A-1   380,510,000.00    756.15173386   0.00454939     45.15227269   0.00000000
  A-2   208,392,000.00    730.05962028   0.00191980     45.88517832   0.00000000
  A-3   218,330,615.00    635.11645566   0.00000000     43.92873752   0.00000000
 X-A1             0.00      0.00000000   0.00000000      0.00000000   0.00000000
 X-A2             0.00      0.00000000   0.00000000      0.00000000   0.00000000
  X-B             0.00      0.00000000   0.00000000      0.00000000   0.00000000
  B-1     8,588,000.00   1000.00000000   0.00000000      0.00000000   0.00000000
  B-2     6,134,000.00   1000.00000000   0.00000000      0.00000000   0.00000000
  B-3     3,680,000.00   1000.00000000   0.00000000      0.00000000   0.00000000
  B-4     2,453,000.00   1000.00000000   0.00000000      0.00000000   0.00000000
  B-5       920,000.00   1000.00000000   0.00000000      0.00000000   0.00000000
  B-6     2,762,778.00   1000.00000000   0.00000000      0.00000000   0.00000000
  A-R           100.00      0.00000000   0.00000000      0.00000000   0.00000000

<CAPTION>
                       Total         Ending        Ending
         Realized    Principal    Certificate   Certificate  Total Principal
 Class   Loss (3)    Reduction      Balance      Percentage    Distribution
------  ----------  -----------  -------------  -----------  ---------------
<S>     <C>         <C>          <C>            <C>          <C>
  A-1   0.00000000  45.15682208   710.99491178   0.71099491    45.15682208
  A-2   0.00000000  45.88709811   684.17252217   0.68417252    45.88709811
  A-3   0.00000000  43.92873752   591.18771813   0.59118772    43.92873752
 X-A1   0.00000000   0.00000000     0.00000000   0.00000000     0.00000000
 X-A2   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.

<PAGE>

                        INTEREST DISTRIBUTION- STATEMENT

<TABLE>
<CAPTION>
                                                                    Payment
                                        Beginning                      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     380,510,000.00    4.06625%   287,723,296.25    974,962.38     0.00       0.00       0.00      0.00
A-2     208,392,000.00    3.93000%   152,138,584.39    498,253.86     0.00       0.00       0.00      0.00
A-3     218,330,615.00    3.96000%   138,665,366.36    457,595.71     0.00       0.00       0.00      0.00
X-A1              0.00    0.87363%   439,861,880.64    320,231.95     0.00       0.00       0.00      0.00
X-A2              0.00    0.88679%   138,665,366.36    102,472.75     0.00       0.00       0.00      0.00
X-B               0.00    0.35862%    18,402,000.00      5,499.41     0.00       0.00       0.00      0.00
B-1       8,588,000.00    4.29625%     8,588,000.00     30,746.83     0.00       0.00       0.00      0.00
B-2       6,134,000.00    4.64625%     6,134,000.00     23,750.08     0.00       0.00       0.00      0.00
B-3       3,680,000.00    5.04625%     3,680,000.00     15,475.17     0.00       0.00       0.00      0.00
B-4       2,453,000.00    4.89034%     2,453,000.00      9,996.67     0.00       0.00       0.00      0.00
B-5         920,000.00    4.89034%       920,000.00      3,749.26     0.00       0.00       0.00      0.00
B-6       2,762,778.00    4.89034%     2,762,778.00     11,259.10     0.00       0.00       0.00      0.00
A-R             100.00    4.57680%             0.00          0.00     0.00       0.00       0.00      0.00
        --------------                               ------------     ----       ----       ----      ----
Totals  831,770,493.00                               2,453,993.17     0.00       0.00       0.00      0.00
        ==============                               ============     ====       ====       ====      ====

<CAPTION>

                      Remaining      Ending
            Total       Unpaid    Certificate/
          Interest     Interest    Notational
 Class  Distribution  Shortfall      Balance
 -----  ------------  ---------  --------------
<S>     <C>           <C>        <C>
A-1       974,962.38     0.00    270,540,673.88
A-2       498,253.86     0.00    142,576,080.24
A-3       457,595.71     0.00    129,074,378.08
X-A1      320,231.95     0.00    413,116,754.12
X-A2      102,472.75     0.00    129,074,378.08
X-B         5,021.28     0.00     18,402,000.00
B-1        30,746.83     0.00      8,588,000.00
B-2        23,750.08     0.00      6,134,000.00
B-3        15,475.17     0.00      3,680,000.00
B-4         9,996.67     0.00      2,453,000.00
B-5         3,749.26     0.00        920,000.00
B-6        11,259.10     0.00      2,762,778.00
A-R             0.24     0.00              0.00
        ------------     ----
Totals  2,453,515.28     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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                 Payment
                                       Beginning                   of                     Non-
                         Current     Certificate/    Current     Unpaid      Current    Supported
Class   Original Face  Certificate     Notional      Accrued    Interest    Interest    Interest    Realized
 (5)       Amount          Rate         Balance     Interest    Shortfall   Shortfall   Shortfall   Loss (6)
-----  --------------  -----------  -------------  ----------  ----------  ----------  ----------  ----------
<S>    <C>             <C>          <C>            <C>         <C>         <C>         <C>         <C>
A-1    380,510,000.00    4.06625%    756.15173386  2.56225166  0.00000000  0.00000000  0.00000000  0.00000000
A-2    208,392,000.00    3.93000%    730.05962028  2.39094524  0.00000000  0.00000000  0.00000000  0.00000000
A-3    218,330,615.00    3.96000%    635.11645566  2.09588431  0.00000000  0.00000000  0.00000000  0.00000000
X-A1             0.00    0.87363%    746.91863950  0.54377800  0.00000000  0.00000000  0.00000000  0.00000000
X-A2             0.00    0.35862%    635.11645566  0.46934668  0.00000000  0.00000000  0.00000000  0.00000000
X-B              0.00    4.29625%   1000.00000000  0.29884849  0.00000000  0.00000000  0.00000000  0.00000000
B-1      8,588,000.00    4.64625%   1000.00000000  3.58020843  0.00000000  0.00000000  0.00000000  0.00000000
B-2      6,134,000.00    5.04625%   1000.00000000  3.87187480  0.00000000  0.00000000  0.00000000  0.00000000
B-3      3,680,000.00    4.89034%   1000.00000000  4.20520924  0.00000000  0.00000000  0.00000000  0.00000000
B-4      2,453,000.00    4.89034%   1000.00000000  4.07528333  0.00000000  0.00000000  0.00000000  0.00000000
B-5        920,000.00    4.89034%   1000.00000000  4.07528261  0.00000000  0.00000000  0.00000000  0.00000000
B-6      2,762,778.00    4.89034%   1000.00000000  4.07528220  0.00000000  0.00000000  0.00000000  0.00000000
A-R            100.00    4.57680%      0.00000000  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>

                      Remaining      Ending
           Total       Unpaid     Certificate/
Class    Interest     Interest     Notational
 (5)   Distribution   Shortfall     Balance
-----  ------------  ----------  -------------
<S>    <C>           <C>         <C>
A-1     2.56225166   0.00000000   710.99491178
A-2     2.39094524   0.00000000   684.17252217
A-3     2.09588431   0.00000000   591.18771813
X-A1    0.54377800   0.00000000   701.50339805
X-A2    0.46934668   0.00000000   591.18771813
X-B     0.27286599   0.00000000  1000.00000000
B-1     3.58020843   0.00000000  1000.00000000
B-2     3.87187480   0.00000000  1000.00000000
B-3     4.20520924   0.00000000  1000.00000000
B-4     4.07528333   0.00000000  1000.00000000
B-5     4.07528261   0.00000000  1000.00000000
B-6     4.07528220   0.00000000  1000.00000000
A-R     2.40000000   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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
   Payments of Interest and Principal                          38,955,055.18
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                                1,201.01
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 38,956,256.19

Withdrawals
   Reimbursement for Servicer Advances                             17,596.25
   Payment of Service Fee                                         149,029.86
   Payment of Interest and Principal                           38,789,630.08
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   38,956,256.19

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

                    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                                   145,159.86
Master Servicing Fee                                    3,870.00
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     149,029.86
                                                      ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning     Current      Current    Ending
           Account Type               Balance    Withdrawals   Deposits   Balance
----------------------------------   ---------   -----------   --------   --------
<S>                                  <C>         <C>           <C>        <C>
Class X-A1 Pool 1 Comp. Sub Amount    3,000.00        0.00        0.00    3,000.00
Class X-A1 Pool 2 Comp. Sub Amount    3,000.00        0.00        0.00    3,000.00
Class X-A2 Sub Amount                 3,000.00        0.00        0.00    3,000.00
Class X-B Sub Amount                  1,000.00      478.12      478.12    1,000.00
</TABLE>

             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          0           0.00   30 Days          0        0.00     30 Days          0        0.00
60 Days          2     325,520.00   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
               ---     ----------                  ---        ----                    ---        ----
                 2     325,520.00                    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          0           0.00
60 Days          0        0.00     60 Days          2     325,520.00
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                      2     325,520.00
               ---        ----                    ---     ----------
</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     0.000000%  0.000000%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.149589%  0.074378%   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%
            --------   --------                --------   --------                --------   --------
            0.149589%  0.074378%               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     0.000000%   0.000000%
60 Days     0.000000%  0.000000%   60 Days     0.149589%   0.074378%
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%               0.149589%   0.074378%
</TABLE>

Current Period Class A Insufficient Funds: 0.00

Principal Balance of Contaminated Properties 0.00

Periodic Advance 0.00

<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        0         0.00  30 Days       0       0.00    30 Days        0      0.00
60 Days        1   168,000.00  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
             ---   ----------              ---       ----                 ---      ----
               1   168,000.00                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        0         0.00
60 Days        0      0.00    60 Days        1   168,000.00
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                   1   168,000.00
</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    0.000000% 0.000000%  30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.118906% 0.058660%  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%
           --------  --------              --------  --------              --------  --------
           0.118906% 0.058660%             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    0.000000% 0.000000%
60 Days    0.000000% 0.000000%  60 Days    0.118906% 0.058660%
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%             0.118906% 0.058660%
</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        0         0.00  30 Days        0      0.00    30 Days        0      0.00
60 Days        1   157,520.00  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
             ---   ----------              ----      ----                ----      ----
               1   157,520.00                 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        0         0.00
60 Days        0      0.00    60 Days        1   157,520.00
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                   1   157,520.00
</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    0.000000% 0.000000%  30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.201613% 0.104139%  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%
           --------  --------              --------  --------              --------  --------
           0.201613% 0.104139%             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    0.000000% 0.000000%
60 Days    0.000000% 0.000000%  60 Days    0.201613% 0.104139%
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%             0.201613% 0.104139%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                             Fixed & Mixed Arm
----------------------                             -----------------
<S>                                                <C>
Weighted Average Gross Coupon                             5.089250%
Weighted Average Net Coupon                               4.714160%
Weighted Average Pass-Through Rate                        4.165106%
Weighted Average Maturity (Stepdown Calculation)               329

Beginning Scheduled Collateral Loan Count                    1,397
Number of Loans Paid in Full                                    60
Ending Scheduled Collateral Loan Count                       1,337

Beginning Scheduled Collateral Balance              464,399,659.55
Ending Scheduled Collateral Balance                 437,654,533.03
Ending Actual Collateral Balance at 30-Sept-2005    437,655,494.09

Monthly P&I Constant                                  1,971,669.48
Special Servicing Fee                                         0.00
Prepayment Penalties                                          0.00
Realization Loss Amount                                       0.00
Cumulative Realized Loss                                      0.00

Scheduled Principal                                       2,131.17
Unscheduled Principal                                26,742,995.36
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                <C>
Rapid Prepay Condition?                        NO
Underlying Certificate Balance     129,074,378.10
Underlying Certificate Interest        560,068.46
Underlying Certificate Principal     9,590,988.26
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                   GROUP ONE         GROUP TWO            TOTAL
             -----                --------------   -----------------   --------------
<S>                               <C>              <C>                 <C>
Collateral Description                 Mixed ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate            5.094202            5.079902         5.089250
Weighted Average Net Rate               4.719176            4.704690         4.714160

Weighted Average Maturity                    328                 332              329
Record Date                           09/30/2005          09/30/2005       09/30/2005
Principal and Interest Constant     1,290,470.96          681,198.52     1,971,669.48
Beginning Loan Count                         881                 516            1,397
Loans Paid in Full                            40                  20               60
Ending Loan Count                            841                 496            1,337
Beginning Scheduled Balance       303,578,015.10      160,821,644.45   464,399,659.55
Ending Scheduled Balance          286,395,392.73      151,259,140.30   437,654,533.03
Scheduled Principal                     1,731.10              400.07         2,131.17
Unscheduled Principal              17,180,891.28        9,562,104.08    26,742,995.36
Scheduled Interest                  1,288,739.86          680,798.45     1,969,538.31
Servicing Fee                          94,874.74           50,285.12       145,159.86
Master Servicing Fee                    2,529.82            1,340.18         3,870.00
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                        1,191,335.30          629,173.15     1,820,508.45
Realized Loss Amount                        0.00                0.00             0.00
Cumulative Realized Loss                    0.00                0.00             0.00
Percentage of Cumulative Losses             0.00                0.00             0.00
Prepayment Penalties                        0.00                0.00             0.00
Special Servicing Fee                       0.00                0.00             0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Group One
One Month Libor Loan Balance     160,861,521.68
Six Month Libor Loan Balance     125,533,871.05
Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00
Pro Rata Senior Percent               94.777382%
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               94.600814%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
</TABLE>