<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 2004-7
                          RECORD DATE: AUGUST 31, 2004
                      DISTRIBUTION DATE: SEPTEMBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate     Certificate        Beginning
                                 Class       Pass-Through       Certificate         Interest        Principal
   Class          CUSIP       Description        Rate             Balance         Distribution     Distribution
----------      ---------     -----------    ------------    ----------------     ------------    -------------
<S>             <C>           <C>            <C>             <C>                  <C>             <C>
    A-1         81744FCV7         SEN           2.92800%       494,689,886.04     1,207,045.52    5,073,312.49
    A-2         81744FCW5         SEN           1.91000%       250,505,405.08       398,721.10    2,633,390.16
   A-3-A        81744FCX3         SEN           2.28500%       246,067,085.16       468,552.74    2,743,023.22
   A-3-B        81744FDH7         SEN           2.51000%         3,927,162.14         8,214.31       43,777.89
    X-A         81744FCY1          IO           0.82227%                 0.00       342,953.95            0.00
    X-B         81744FCZ8          IO           0.63098%                 0.00        15,735.03            0.00
    B-1         81744FDB0         SUB           2.15000%        18,900,000.00        33,862.50            0.00
    B-2         81744FDC8         SUB           2.54000%        11,025,000.00        23,336.25            0.00
    B-3         81744FDD6         SUB           2.92466%         6,300,000.00        15,354.48            0.00
    B-4         81744FDE4         SUB           2.92466%         3,150,000.00         7,677.24            0.00
    B-5         81744FDF1         SUB           2.92466%         2,625,000.00         6,397.70            0.00
    B-6         81744FDG9         SUB           2.92466%         5,250,582.74        12,796.82            0.00
    A-R         81744FDA2         RES           2.92031%                 0.00             1.90            0.00
                                                             ----------------     ------------   -------------
Totals                                                       1,042,440,121.16     2,540,649.54   10,493,503.76
                                                             ----------------     ------------   -------------

<CAPTION>
                                                   Ending
                                 Current         Certificate          Total          Cumulative
   Class          CUSIP       Realized Loss        Balance         Distribution     Realized Loss
----------      ---------     -------------    ----------------    --------------   --------------
<S>             <C>           <C>              <C>                 <C>              <C>
    A-1         81744FCV7          0.00          489,616,573.55      6,280,358.01        0.00
    A-2         81744FCW5          0.00          247,872,014.92      3,032,111.26        0.00
   A-3-A        81744FCX3          0.00          243,324,061.93      3,211,575.96        0.00
   A-3-B        81744FDH7          0.00            3,883,384.26         51,992.20        0.00
    X-A         81744FCY1          0.00                    0.00        342,953.95        0.00
    X-B         81744FCZ8          0.00                    0.00         15,735.03        0.00
    B-1         81744FDB0          0.00           18,900,000.00         33,862.50        0.00
    B-2         81744FDC8          0.00           11,025,000.00         23,336.25        0.00
    B-3         81744FDD6          0.00            6,300,000.00         15,354.48        0.00
    B-4         81744FDE4          0.00            3,150,000.00          7,677.24        0.00
    B-5         81744FDF1          0.00            2,625,000.00          6,397.70        0.00
    B-6         81744FDG9          0.00            5,250,582.74         12,796.82        0.00
    A-R         81744FDA2          0.00                    0.00              1.90        0.00
                                   ----        ----------------     -------------        ----
Totals                             0.00        1,031,946,617.40     13,034,153.30        0.00
                                   ----        ----------------     -------------        ----
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                   Beginning        Scheduled       Unscheduled
              Original Face       Certificate       Principal        Principal                  Realized
   Class          Amount            Balance       Distribution     Distribution    Accretion    Loss (1)
----------   ----------------   ----------------  ------------     -------------   ---------    --------
<S>          <C>                <C>               <C>              <C>             <C>          <C>
    A-1        498,828,000.00     494,689,886.04       0.00         5,073,312.49      0.00         0.00
    A-2        252,102,000.00     250,505,405.08       0.00         2,633,390.16      0.00         0.00
   A-3-A       247,874,000.00     246,067,085.16       0.00         2,743,023.22      0.00         0.00
   A-3-B         3,956,000.00       3,927,162.14       0.00            43,777.89      0.00         0.00
    X-A                  0.00               0.00       0.00                 0.00      0.00         0.00
    X-B                  0.00               0.00       0.00                 0.00      0.00         0.00
    B-1         18,900,000.00      18,900,000.00       0.00                 0.00      0.00         0.00
    B-2         11,025,000.00      11,025,000.00       0.00                 0.00      0.00         0.00
    B-3          6,300,000.00       6,300,000.00       0.00                 0.00      0.00         0.00
    B-4          3,150,000.00       3,150,000.00       0.00                 0.00      0.00         0.00
    B-5          2,625,000.00       2,625,000.00       0.00                 0.00      0.00         0.00
    B-6          5,250,582.74       5,250,582.74       0.00                 0.00      0.00         0.00
    A-R                100.00               0.00       0.00                           0.00         0.00
             ----------------   ----------------       ----        -------------      ----         ----
Totals       1,050,010,682.74   1,042,440,121.16       0.00        10,493,503.76      0.00         0.00
             ----------------   ----------------       ----        -------------      ----         ----

<CAPTION>
             Total Principal  Ending Certificate  Ending Certificate   Total Principal
   Class        Reduction          Balance            Percentage        Distribution
----------   ---------------  ------------------  ------------------   ---------------
<S>          <C>              <C>                 <C>                  <C>
    A-1        5,073,312.49      489,616,573.55       0.98153386         5,073,312.49
    A-2        2,633,390.16      247,872,014.92       0.98322114         2,633,390.16
   A-3-A       2,743,023.22      243,324,061.93       0.98164415         2,743,023.22
   A-3-B          43,777.89        3,883,384.26       0.98164415            43,777.89
    X-A                0.00                0.00       0.00000000                 0.00
    X-B                0.00                0.00       0.00000000                 0.00
    B-1                0.00       18,900,000.00       1.00000000                 0.00
    B-2                0.00       11,025,000.00       1.00000000                 0.00
    B-3                0.00        6,300,000.00       1.00000000                 0.00
    B-4                0.00        3,150,000.00       1.00000000                 0.00
    B-5                0.00        2,625,000.00       1.00000000                 0.00
    B-6                0.00        5,250,582.74       1.00000000                 0.00
    A-R                0.00                0.00       0.00000000                 0.00
              -------------    ----------------       ----------        -------------
Totals        10,493,503.76    1,031,946,617.40       0.98279630        10,493,503.76
              -------------    ----------------       ----------        -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                Beginning      Scheduled       Unscheduled
           Original Face       Certificate     Principal        Principal                     Realized
Class         Amount             Balance      Distribution    Distribution     Accretion      Loss (3)
-------    --------------     -------------   ------------    -------------   ----------     ----------
<S>        <C>                <C>             <C>             <C>             <C>            <C>
 A-1       498,828,000.00      991.70432702    0.00000000      10.17046455    0.00000000     0.00000000
 A-2       252,102,000.00      993.66686928    0.00000000      10.44573292    0.00000000     0.00000000
A-3-A      247,874,000.00      992.71034945    0.00000000      11.06619984    0.00000000     0.00000000
A-3-B        3,956,000.00      992.71034884    0.00000000      11.06620071    0.00000000     0.00000000
 X-A                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 X-B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-1        18,900,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-2        11,025,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-3         6,300,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-4         3,150,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-5         2,625,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 B-6         5,250,582.74     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000

<CAPTION>
          Total Principal  Ending Certificate  Ending Certificate   Total Principal
 Class       Reduction          Balance            Percentage        Distribution
-------   ---------------  ------------------  ------------------   ----------------
<S>       <C>              <C>                 <C>                  <C>
 A-1        10.17046455        981.53386247        0.98153386         10.17046455
 A-2        10.44573292        983.22113637        0.98322114         10.44573292
A-3-A       11.06619984        981.64414957        0.98164415         11.06619984
A-3-B       11.06620071        981.64415066        0.98164415         11.06620071
 X-A         0.00000000          0.00000000        0.00000000          0.00000000
 X-B         0.00000000          0.00000000        0.00000000          0.00000000
 B-1         0.00000000       1000.00000000        1.00000000          0.00000000
 B-2         0.00000000       1000.00000000        1.00000000          0.00000000
 B-3         0.00000000       1000.00000000        1.00000000          0.00000000
 B-4         0.00000000       1000.00000000        1.00000000          0.00000000
 B-5         0.00000000       1000.00000000        1.00000000          0.00000000
 B-6         0.00000000       1000.00000000        1.00000000          0.00000000
 A-R         0.00000000          0.00000000        0.00000000          0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                   Beginning                     Payment of                    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         498,828,000.00       2.92800%     494,689,886.04   1,207,045.52       0.00          0.00          0.00        0.00
  A-2         252,102,000.00       1.91000%     250,505,405.08     398,721.10       0.00          0.00          0.00        0.00
 A-3-A        247,874,000.00       2.28500%     246,067,085.16     468,552.74       0.00          0.00          0.00        0.00
 A-3-B          3,956,000.00       2.51000%       3,927,162.14       8,214.31       0.00          0.00          0.00        0.00
  X-A                   0.00       0.82227%     500,499,652.38     342,953.95       0.00          0.00          0.00        0.00
  X-B                   0.00       0.63098%      29,925,000.00      15,735.03       0.00          0.00          0.00        0.00
  B-1          18,900,000.00       2.15000%      18,900,000.00      33,862.50       0.00          0.00          0.00        0.00
  B-2          11,025,000.00       2.54000%      11,025,000.00      23,336.25       0.00          0.00          0.00        0.00
  B-3           6,300,000.00       2.92466%       6,300,000.00      15,354.48       0.00          0.00          0.00        0.00
  B-4           3,150,000.00       2.92466%       3,150,000.00       7,677.24       0.00          0.00          0.00        0.00
  B-5           2,625,000.00       2.92466%       2,625,000.00       6,397.70       0.00          0.00          0.00        0.00
  B-6           5,250,582.74       2.92466%       5,250,582.74      12,796.82       0.00          0.00          0.00        0.00
  A-R                 100.00       2.92031%               0.00           0.00       0.00          0.00          0.00        0.00
            ----------------                                     ------------       ----          ----          ----        ----
Totals      1,050,010,682.74                                     2,540,647.64       0.00          0.00          0.00        0.00
            ----------------                                     ------------       ----          ----          ----        ----

<CAPTION>
                             Remaining         Ending
                               Unpaid       Certificate/
           Total Interest     Interest       Notational
 Class      Distribution     Shortfall         Balance
-------    --------------    ---------     --------------
<S>        <C>               <C>           <C>
  A-1       1,207,045.52        0.00       489,616,573.55
  A-2         398,721.10        0.00       247,872,014.92
 A-3-A        468,552.74        0.00       243,324,061.93
 A-3-B          8,214.31        0.00         3,883,384.26
  X-A         342,953.95        0.00       495,079,461.11
  X-B          15,735.03        0.00        29,925,000.00
  B-1          33,862.50        0.00        18,900,000.00
  B-2          23,336.25        0.00        11,025,000.00
  B-3          15,354.48        0.00         6,300,000.00
  B-4           7,677.24        0.00         3,150,000.00
  B-5           6,397.70        0.00         2,625,000.00
  B-6          12,796.82        0.00         5,250,582.74
  A-R               1.90        0.00                 0.00
            ------------        ----
Totals      2,540,649.54        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
Class      Original Face   Certificate    Certificate/    Current Accrued     Interest      Interest      Interest      Realized
 (5)           Amount         Rate      Notional Balance      Interest        Shortfall     Shortfall    Shortfall      Loss (6)
-----     --------------   -----------  ----------------  ---------------    ----------    ----------    ----------    ----------
<S>       <C>              <C>          <C>               <C>                <C>           <C>           <C>           <C>
 A-1      498,828,000.00     2.92800%     991.70432702       2.41976296      0.00000000    0.00000000    0.00000000    0.00000000
 A-2      252,102,000.00     1.91000%     993.66686928       1.58158642      0.00000000    0.00000000    0.00000000    0.00000000
A-3-A     247,874,000.00     2.28500%     992.71034945       1.89028595      0.00000000    0.00000000    0.00000000    0.00000000
A-3-B       3,956,000.00     2.51000%     992.71034884       2.07641810      0.00000000    0.00000000    0.00000000    0.00000000
 X-A                0.00     0.82227%     993.18886751       0.68055601      0.00000000    0.00000000    0.00000000    0.00000000
 X-B                0.00     0.63098%    1000.00000000       0.52581554      0.00000000    0.00000000    0.00000000    0.00000000
 B-1       18,900,000.00     2.15000%    1000.00000000       1.79166667      0.00000000    0.00000000    0.00000000    0.00000000
 B-2       11,025,000.00     2.54000%    1000.00000000       2.11666667      0.00000000    0.00000000    0.00000000    0.00000000
 B-3        6,300,000.00     2.92466%    1000.00000000       2.43721905      0.00000000    0.00000000    0.00000000    0.00000000
 B-4        3,150,000.00     2.92466%    1000.00000000       2.43721905      0.00000000    0.00000000    0.00000000    0.00000000
 B-5        2,625,000.00     2.92466%    1000.00000000       2.43721905      0.00000000    0.00000000    0.00000000    0.00000000
 B-6        5,250,582.74     2.92466%    1000.00000000       2.43721900      0.00000000    0.00000000    0.00000000    0.00000000
 A-R              100.00     2.92031%       0.00000000       0.00000000      0.00000000    0.00000000    0.00000000    0.00000000

<CAPTION>
                          Remaining
                           Unpaid
Class    Total Interest   Interest      Ending Certificate/
 (5)      Distribution    Shortfall     Notational Balance
-----    --------------   ----------    ------------------
<S>      <C>              <C>           <C>
 A-1       2.41976296     0.00000000        981.53386247
 A-2       1.58158642     0.00000000        983.22113637
A-3-A      1.89028595     0.00000000        981.64414957
A-3-B      2.07641810     0.00000000        981.64415066
 X-A       0.68055601     0.00000000        982.43306857
 X-B       0.52581554     0.00000000       1000.00000000
 B-1       1.79166667     0.00000000       1000.00000000
 B-2       2.11666667     0.00000000       1000.00000000
 B-3       2.43721905     0.00000000       1000.00000000
 B-4       2.43721905     0.00000000       1000.00000000
 B-5       2.43721905     0.00000000       1000.00000000
 B-6       2.43721900     0.00000000       1000.00000000
 A-R      19.00000000     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                                  13,366,449.98
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                        3,950.43
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               13,370,400.41

Withdrawals
         Reimbursement for Servicer Advances                                      4,227.05
         Payment of Service Fee                                                 332,020.06
         Payment of Interest and Principal                                   13,034,153.30
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 13,370,400.41

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                                                   327,242.21
Master Servicing Fee                                                    4,777.85
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     332,020.06
                                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                     Beginning          Current          Current       Ending
Account Type          Balance         Withdrawals       Deposits       Balance
------------         ---------        -----------       --------      --------
<S>                  <C>              <C>               <C>           <C>
Reserve Fund         4,500.00            0.00             0.00        4,500.00
Reserve Fund         4,500.00            0.00             0.00        4,500.00
Reserve Fund         1,000.00            0.00             0.00        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            5       1,462,223.50
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
               -----       ------------
                   5       1,462,223.50
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.162232%    0.141696%
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%
               --------     --------
               0.162232%    0.141696%
</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
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
               Loans      Balance
<S>          <C>         <C>
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         5        1,462,223.50
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
              ---        ------------
                5        1,462,223.50
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.162232%     0.141696%
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%
            --------      --------
            0.162232%     0.141696%
</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   3,950.43
</TABLE>

<TABLE>
<CAPTION>
                   Original $        Original %       Current $        Current %       Current Class %      Prepayment %
                 -------------       -----------    -------------     -----------      ---------------      ------------
<S>              <C>                 <C>            <C>               <C>              <C>                  <C>
Class A          47,250,582.74       4.50000972%    47,250,582.74     4.57878169%        95.421218%           0.000000%
Class B-1        28,350,582.74       2.70002803%    28,350,582.74     2.74729160%         1.831490%          39.999507%
Class B-2        17,325,582.74       1.65003871%    17,325,582.74     1.67892238%         1.068369%          23.333046%
Class B-3        11,025,582.74       1.05004482%    11,025,582.74     1.06842569%         0.610497%          13.333169%
Class B-4         7,875,582.74       0.75004787%     7,875,582.74     0.76317734%         0.305248%           6.666584%
Class B-5         5,250,582.74       0.50005041%     5,250,582.74     0.50880372%         0.254374%           5.555487%
Class B-6                 0.00       0.00000000%             0.00     0.00000000%         0.508804%          11.112207%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                   DELINQUENT

GROUP ONE

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>         <C>
0-29 Days          0               0.00
30 Days            3         786,523.50
60 Days            0               0.00
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                 ---         ----------
                   3         786,523.50
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.197759%     0153282%
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%
               --------     --------
               0.197759%    0.153282%
</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
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
               Loans      Balance
<S>          <C>         <C>
0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
              No. of        Principal
              Loans          Balance
<S>           <C>          <C>
0-29 Days       0                0.00
30 Days         3          786,523.50
60 Days         0                0.00
90 Days         0                0.00
120 Days        0                0.00
150 Days        0                0.00
180+ Days       0                0.00
              ---          ----------
                3          786,523.50
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.197759%     0.153282%
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%
            --------      --------
            0.197759%     0.153282%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>             <C>         <C>
0-29 Days          0               0.00
30 Days            1         100,700.00
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
                 ---         ----------
                   1         100,700.00
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.135501%    0.038768%
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%
               --------     --------
               0.135501%    0.038768%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
            1.183654%
             No. of    Principal
             Loans      Balance
<S>         <C>        <C>
0-29 Days       0        0.00
30 Days         0        0.00
60 Days         0        0.00
90 Days         0        0.00
120 Days        0        0.00
150 Days        0        0.00
180+ Days       0        0.00
             ----        ----
                0        0.00
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
               Loans      Balance
<S>          <C>         <C>
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         1          100,700.00
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
              ---          ----------
                1          100,700.00
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.135501%     0.038768%
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%
            --------      --------
            0.135501%     0.038768%
</TABLE>

<PAGE>

                                   DELINQUENT

GROUP THREE

<TABLE>
<CAPTION>
                No. of        Principal
                 Loans         Balance
<S>             <C>          <C>
0-29 Days          0               0.00
30 Days            1         575,000.00
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
                 ---         ----------
                   1         575,000.00
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.120919%    0.221944%
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%
               --------     --------
               0.120919%    0.221944%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
            1.183654%
             No. of    Principal
             Loans      Balance
<S>         <C>        <C>
0-29 Days      0         0.00
30 Days        0         0.00
60 Days        0         0.00
90 Days        0         0.00
120 Days       0         0.00
150 Days       0         0.00
180+ Days      0         0.00
            ----         ----
               0         0.00
</TABLE>

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
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
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
               Loans      Balance
<S>          <C>         <C>
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         1          575,000.00
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
              ---          ----------
                1          575,000.00
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.120919%     0.221944%
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%
            --------      --------
            0.120919%     0.221944%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                           Mixed Arm
<S>                                                       <C>
Weighted Average Gross Coupon                                     3.306859%
Weighted Average Net Coupon                                       2.930156%
Weighted Average Pass-Through Rate                                2.924656%
Weighted Average Maturity (Stepdown Calculation)                       341

Beginning Scheduled Collateral Loan Count                            3,108
Number of Loans Paid in Full                                            26
Ending Scheduled Collateral Loan Count                               3,082

Beginning Scheduled Collateral Balance                    1,042,440,121.16
Ending Scheduled Collateral Balance                       1,031,946,617.40
Ending Actual Collateral Balance at 31-Aug-2004           1,031,946,973.74

Monthly P&I Constant                                          2,872,668.67
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realization Loss Amount                                               0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                       12,918,991.38

Scheduled Principal                                                   0.00
Unscheduled Principal                                        10,493.503.76
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepayment Event                             NO

<PAGE>

<TABLE>
<CAPTION>
           GROUP                           GROUP ONE             GROUP TWO                 GROUP THREE               TOTAL
<S>                                    <C>                     <C>                     <C>                      <C>
Collateral Description                 6 Month LIBOR ARM            Mixed ARM          6 Month LIBOR ARM               Mixed ARM
Weighted Average Coupon Rate                    3.310560             3.279625                   3.326822                3.306859
Weighted Average Net Rate                       2.933507             2.903568                   2.950165                2.930156
Pass-Through Rate                               2.928007             2.898068                   2.944665                2.924656
Weighted Average Maturity                            340                  338                        346                     341
Record Date                                   08/31/2004           08/31/2004                 08/31/2004              08/31/2004
Principal and Interest Constant             1,429,596.23           717,101.32                 725,971.12            2,872,668.67
Beginning Loan Count                               1,530                  744                        834                   3,108
Loans Paid in Full                                    13                    6                          7                      26
Ending Loan Count                                  1,517                  738                        827                   3,082
Beginning Scheduled Balance               518,194,892.57       262,384,137.05             261,861,091.54        1,042,440,121.16
Ending Scheduled Balance                  513,121,580.08       259,750,746.89             259,074,290.43        1,031,946,617.40
Scheduled Principal                                 0.00                 0.00                       0.00                    0.00
Unscheduled Principal                       5,073,312.49         2,633,390.16               2,786,801.11           10,493,503.76
Scheduled Interest                          1,429,596.23           717,101.32                 725,971.12            2,872,668.67
Servicing Fee                                 162,822.74            82,226.11                  82,193.36              327,242.21
Master Servicing Fee                            2,375.06             1,202.59                   1,200.20                4,777.85
Trustee Fee                                         0.00                 0.00                       0.00                    0.00
FRY Amount                                          0.00                 0.00                       0.00                    0.00
Special Hazard Fee                                  0.00                 0.00                       0.00                    0.00
Other Fee                                           0.00                 0.00                       0.00                    0.00
Pool Insurance Fee                                  0.00                 0.00                       0.00                    0.00
Spread 1                                            0.00                 0.00                       0.00                    0.00
Spread 2                                            0.00                 0.00                       0.00                    0.00
Spread 3                                            0.00                 0.00                       0.00                    0.00
Net Interest                                1,264.398.43           633,672.62                 642,577.56            2,540,648.61
Realized Loss Amount                                0.00                 0.00                       0.00                    0.00
Cumulative Realized Loss                            0.00                 0.00                       0.00                    0.00
Percentage of Cumulative Losses                     0.00                 0.00                       0.00                    0.00
Prepayment Penalties                                0.00                 0.00                       0.00                    0.00
Special Servicing Fee                               0.00                 0.00                       0.00                    0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Group One

Principal Transfer Amount                                                 0.00
Pro-Rata Senior Percent                                              95.464061%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
Interest Transfer Amount                                                  0.00

Group Two

One-Month LIBOR Loan Balance                                    177,560,178.83
Six-Month LIBOR Loan Balance                                     82,190,568.06
Principal Transfer Amount                                                 0.00
Pro-Rata Senior Percent                                              95.472771%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
Interest Transfer Amount                                                  0.00

Group Three

Principal Transfer Amount                                                 0.00
Pro-Rate Senior Percent                                              95.468267%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
Interest Transfer Amount                                                  0.00
</TABLE>