<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 2004-5
                          RECORD DATE: AUGUST 31, 2004
                      DISTRIBUTION DATE: SEPTEMBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                             Certificate                                 Beginning
                                Class         Certificate Pass-         Certificate            Interest            Principal
Class        CUSIP           Description         Through Rate             Balance            Distribution        Distribution
-----        -----           -----------         ------------             -------            ------------        ------------
<S>        <C>               <C>              <C>                     <C>                    <C>                <C>
 A-1       81744FBS5             SEN               2.76515%           531,656,654.43         1,225,090.95       10,114,628.75
 A-2       81744FBT3             SEN               1.86000%           180,624,401.50           279,967.82        1,113,364.43
 A-3       81744FCF2             SEN               1.86250%            72,884,536.32           113,122.87          449,258.51
 X-1       81744FBU0             IO                0.80000%                     0.00           155,366.99                0.00
 X-2       81744FBV8             IO                0.19181%                     0.00            40,522.22                0.00
 X-B       81744FBX4             IO                0.54701%                     0.00            10,654.47                0.00
 B-1       81744FBZ9             SUB               2.08000%            14,874,000.00            25,781.60                0.00
 B-2       81744FCA3             SUB               2.48000%             8,499,000.00            17,564.60                0.00
 B-3       81744FCB1             SUB               2.77246%             4,674,000.00            10,798.75                0.00
 B-4       81744FCC9             SUB               2.77246%             2,124,000.00             4,907.26                0.00
 B-5       81744FCD7             SUB               2.77246%             2,124,000.00             4,907.26                0.00
 B-6       81744FCE5             SUB               2.77246%             3,830,447.31             8,849.81                0.00
 A-R       81744FBY2             RES               2.74293%                     0.00                 0.00                0.00
                                                                      --------------         ------------       -------------
Totals                                                                821,291,039.56         1,897,534.60       11,677,251.69
                                                                      --------------         ------------       -------------

<CAPTION>
                              Current        Ending Certificate         Total              Cumulative
Class        CUSIP         Realized Loss           Balance           Distribution         Realized Loss
-----        -----         -------------           -------           ------------         -------------
<S>        <C>             <C>               <C>                    <C>                   <C>
 A-1       81744FBS5           0.00           521,542,025.68        11,339,719.70              0.00
 A-2       81744FBT3           0.00           179,511,037.07         1,393,332.25              0.00
 A-3       81744FCF2           0.00            72,435,277.81           562,381.38              0.00
 X-1       81744FBU0           0.00                     0.00           155,366.99              0.00
 X-2       81744FBV8           0.00                     0.00            40,522.22              0.00
 X-B       81744FBX4           0.00                     0.00            10,654.47              0.00
 B-1       81744FBZ9           0.00            14,874,000.00            25,781.60              0.00
 B-2       81744FCA3           0.00             8,499,000.00            17,564.60              0.00
 B-3       81744FCB1           0.00             4,674,000.00            10,798.75              0.00
 B-4       81744FCC9           0.00             2,124,000.00             4,907.26              0.00
 B-5       81744FCD7           0.00             2,124,000.00             4,907.26              0.00
 B-6       81744FCE5           0.00             3,380,447.31             8,849.81              0.00
 A-R       81744FBY2           0.00                     0.00                 0.00              0.00
                               ----           --------------        -------------              ----
Totals                         0.00           809,613,787.87        13,574,786.29              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             553,000,000.00        531,656,654.43         12,808.72        10,101,820.03         0.00          0.00
 A-2             185,867,000.00        180,624,401.50            683.79         1,112,680.64         0.00          0.00
 A-3              75,000,000.00         72,884,536.32            275.92           448,982.59         0.00          0.00
 X-1                       0.00                  0.00              0.00                 0.00         0.00          0.00
 X-2                       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              14,874,000.00         14,874,000.00              0.00                 0.00         0.00          0.00
 B-2               8,499,000.00          8,499,000.00              0.00                 0.00         0.00          0.00
 B-3               4,674,000.00          4,674,000.00              0.00                 0.00         0.00          0.00
 B-4               2,124,000.00          2,124,000.00              0.00                 0.00         0.00          0.00
 B-5               2,124,000.00          2,124,000.00              0.00                 0.00         0.00          0.00
 B-6               3,830,447.31          3,830,447.31              0.00                 0.00         0.00          0.00
 A-R                     100.00                  0.00              0.00                 0.00         0.00          0.00
                 --------------        --------------         ---------        -------------         ----          ----
Totals           849,992,547.31        821,291,039.56         13,768.43        11,663,483.26         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            10,114,628.75        521,542,025.68             0.94311397          10,114,628.75
 A-2             1,113,364.43        179,511,037.07             0.96580370           1,113,364.43
 A-3               449,258.51         72,435,277.81             0.96580370             449,258.51
 X-1                     0.00                  0.00             0.00000000                   0.00
 X-2                     0.00                  0.00             0.00000000                   0.00
 X-B                     0.00                  0.00             0.00000000                   0.00
 B-1                     0.00         14,874,000.00             1.00000000                   0.00
 B-2                     0.00          8,499,000.00             1.00000000                   0.00
 B-3                     0.00          4,674,000.00             1.00000000                   0.00
 B-4                     0.00          2,124,000.00             1.00000000                   0.00
 B-5                     0.00          2,124,000.00             1.00000000                   0.00
 B-6                     0.00          3,830,447.31             1.00000000                   0.00
 A-R                     0.00                  0.00             0.00000000                   0.00
                -------------        --------------             ----------          -------------
Totals          11,677,251.69        809,613,787.87             0.95249516          11,677,251.69
                -------------        --------------             ----------          -------------
</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            553,000,000.00        961.40443839       0.02316224          18.26730566        0.00000000        0.00000000
 A-2            185,867,000.00        971.79381762       0.00367892           5.98643460        0.00000000        0.00000000
 A-3             75,000,000.00        971.79381760       0.00367893           5.98643453        0.00000000        0.00000000
 X-1                      0.00          0.00000000       0.00000000           0.00000000        0.00000000        0.00000000
 X-2                      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             14,874,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
 B-2              8,499,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
 B-3              4,674,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
 B-4              2,124,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
 B-5              2,124,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
 B-6              3,830,447.31       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               18.29046790           943.11397049             0.94311397            18.29046790
 A-2                5.99011352           965.80370410             0.96580370             5.99011352
 A-3                5.99011347           965.80370413             0.96580370             5.99011347
 X-1                0.00000000             0.00000000             0.00000000             0.00000000
 X-2                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-
                                                Certificate/       Current         Unpaid       Current      Supported
          Original Face       Current            Notional          Accrued        Interest      Interest      Interest     Realized
Class         Amount      Certificate Rate        Balance         Interest       Shortfall     Shortfall     Shortfall     Loss (4)
-----         ------      ----------------        -------         --------       ---------     ---------     ---------     --------
<S>      <C>              <C>                 <C>               <C>              <C>           <C>           <C>           <C>
 A-1     553,000,000.00      2.76515%         531,656,654.43    1,225,090.95        0.00          0.00          0.00         0.00
 A-2     185,867,000.00      1.86000%         180,624,401.50      279,967.82        0.00          0.00          0.00         0.00
 A-3      75,000,000.00      1.86250%          72,884,536.32      113,122.87        0.00          0.00          0.00         0.00
 X-1               0.00      0.80000%         233,050,491.18      155,366.99        0.00          0.00          0.00         0.00
 X-2               0.00      0.19181%         253,508,937.82       40,522.21        0.00          0.00          0.00         0.00
 X-B               0.00      0.54701%          23,373,000.00       10,654.47        0.00          0.00          0.00         0.00
 B-1      14,874,000.00      2.08000%          14,874,000.00       25,781.60        0.00          0.00          0.00         0.00
 B-2       8,499,000.00      2.48000%           8,499,000.00       17,564.60        0.00          0.00          0.00         0.00
 B-3       4,674,000.00      2.77246%           4,674,000.00       10,798.75        0.00          0.00          0.00         0.00
 B-4       2,124,000.00      2.77246%           2,124,000.00        4,907.26        0.00          0.00          0.00         0.00
 B-5       2,124,000.00      2.77246%           2,124,000.00        4,907.26        0.00          0.00          0.00         0.00
 B-6       3,830,447.31      2.77246%           3,830,447.31        8,849.81        0.00          0.00          0.00         0.00
 A-R             100.00      2.74293%                   0.00            0.00        0.00          0.00          0.00         0.00
         --------------                                         ------------        ----          ----          ----         ----
Totals   849,992,547.31                                         1,897,534.59        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               1,225,090.95             0.00        521,542,025.68
 A-2                 279,967.82             0.00        179,511,037.07
 A-3                 113,122.87             0.00         72,435,277.81
 X-1                 155,366.99             0.00        224,424,375.42
 X-2                  40,522.22             0.00        251,946,314.88
 X-B                  10,654.47             0.00         23,373,000.00
 B-1                  25,781.60             0.00         14,874,000.00
 B-2                  17,564.60             0.00          8,499,000.00
 B-3                  10,798.75             0.00          4,674,000.00
 B-4                   4,907.26             0.00          2,124,000.00
 B-5                   4,907.26             0.00          2,124,000.00
 B-6                   8,849.81             0.00          3,830,447.31
 A-R                       0.00             0.00                  0.00
                   ------------             ----
Totals             1,897,534.60             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    553,000,000.00    2.76515%      961.40443839      2.21535434    0.00000000  0.00000000  0.00000000  0.00000000
 A-2    185,867,000.00    1.86000%      971.79381762      1.50628040    0.00000000  0.00000000  0.00000000  0.00000000
 A-3     75,000,000.00    1.86250%      971.79381760      1.50830493    0.00000000  0.00000000  0.00000000  0.00000000
 X-1              0.00    0.80000%      893.36900099      0.59557932    0.00000000  0.00000000  0.00000000  0.00000000
 X-2              0.00    0.19181%      971.79381762      0.15533667    0.00000000  0.00000000  0.00000000  0.00000000
 X-B              0.00    0.54701%     1000.00000000      0.45584521    0.00000000  0.00000000  0.00000000  0.00000000
 B-1     14,874,000.00    2.08000%     1000.00000000      1.73333333    0.00000000  0.00000000  0.00000000  0.00000000
 B-2      8,499,000.00    2.48000%     1000.00000000      2.06666667    0.00000000  0.00000000  0.00000000  0.00000000
 B-3      4,674,000.00    2.77246%     1000.00000000      2.31038725    0.00000000  0.00000000  0.00000000  0.00000000
 B-4      2,124,000.00    2.77246%     1000.00000000      2.31038606    0.00000000  0.00000000  0.00000000  0.00000000
 B-5      2,124,000.00    2.77246%     1000.00000000      2.31038606    0.00000000  0.00000000  0.00000000  0.00000000
 B-6      3,830,447.31    2.77246%     1000.00000000      2.31038552    0.00000000  0.00000000  0.00000000  0.00000000
 A-R            100.00    2.74293%        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      2.21535434   0.00000000       943.11397049
 A-2      1.50628040   0.00000000       965.80370410
 A-3      1.50830493   0.00000000       965.80370413
 X-1      0.59557932   0.00000000       860.30189875
 X-2      0.15533670   0.00000000       965.80370411
 X-B      0.45584521   0.00000000      1000.00000000
 B-1      1.73333333   0.00000000      1000.00000000
 B-2      2.06666667   0.00000000      1000.00000000
 B-3      2.31038725   0.00000000      1000.00000000
 B-4      2.31038606   0.00000000      1000.00000000
 B-5      2.31038606   0.00000000      1000.00000000
 B-6      2.31038552   0.00000000      1000.00000000
 A-R      0.00000000   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                           13,893,194.98
         Liquidations, Insurance Proceeds, Reserve Funds                       0.00
         Proceeds from Repurchased Loans                                       0.00
         Other Amounts (Servicer Advances)                                18,466.43
         Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
         Prepayment Penalties                                                  0.00
                                                                      -------------
Total Deposits                                                        13,911,661.41

Withdrawals

         Reimbursement for Servicer Advances                              73,677.13
         Payment of Service Fee                                          263,198.02
         Payment of Interest and Principal                            13,574,786.26
                                                                      -------------
Total Withdrawals (Pool Distribution Amount)                          13,911,661.41

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                                    256,855.42
Master Servicing Fee                                     1,209.54
PMI                                                      5,133.06
Supported Prepayment/Curtailment Interest Shortfall          0.00
                                                       ----------

Net Servicing Fee                                      263,198.02
                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                        Beginning     Current       Current    Ending
     Account Type        Balance    Withdrawals    Deposits    Balance
---------------------   ---------   -----------    --------  ---------
<S>                     <C>         <C>            <C>       <C>
Class X-1 Sub Account    4,500.00       0.00         0.00     4,500.00
Class X-2 Sub Account    4,500.00       0.00         0.00     4,500.00
Class X-B Sub Account    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          25      7,222,087.12
60 Days           2        383,549.98
90 Days           0              0.00
120 Days          0              0.00
150 Days          0              0.00
180+ Days         0              0.00
               ----      ------------
                 27      7,605,637.10
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal
                Loans       Balance
<S>           <C>          <C>
0-29 Days     0.000000%    0.000000%
30 Days       1.060670%    0.892039%
60 Days       0.084854%    0.047374%
90 Days       0.000000%    0.000000%
120 Days      0.000000%    0.000000%
150 Days      0.000000%    0.000000%
180+ Days     0.000000%    0.000000%
              --------     --------
              1.145524%    0.939414%
</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          25      7,222,087.12
60 Days           2        383,549.98
90 Days           0              0.00
120 Days          0              0.00
150 Days          0              0.00
180+ Days         0              0.00
               ----      ------------
                 27      7,605,637.10
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>           <C>           <C>
0-29 Days     0.000000%    0.000000%
30 Days       1.060670%    0.892039%
60 Days       0.084854%    0.047374%
90 Days       0.000000%    0.000000%
120 Days      0.000000%    0.000000%
150 Days      0.000000%    0.000000%
180+ Days     0.000000%    0.000000%
              --------     --------
              1.145524%    0.939414%
</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   18,466.43
</TABLE>

<TABLE>
<CAPTION>
              Original $     Original%      Current $      Current %   Current Class %   Prepayment %
            -------------   ----------    -------------   ----------   ---------------   ------------
<S>         <C>             <C>           <C>             <C>          <C>               <C>
Class A     36,125,447.31   4.25008989%   36,125,447.31   4.46205930%     95.537941%       0.000000%
Class X-1   36,125,447.31   4.25008989%   36,125,447.31   4.46205930%      0.000000%       0.000000%
Class X-2   36,125,447.31   4.25008989%   36,125,447.31   4.46205930%      0.0000005       0.000000%
Class B-1   21,251,447.31   2.50019219%   21,251,447.31   2.62488703%      1.837172%      41.173193%
Class B-2   12,752,447.31   1.50030107%   12,752,447.31   1.57512724%      1.049760%      23.526352%
Class B-3    8,078,447.31   0.95041390%    8,078,447.31   0.99781494%      0.577312%      12.938248%
Class B-4    5,954,447.31   0.70052936%    5,954,447.31   0.73546763%      0.262347%       5.879512%
Class B-5    3,830,447.31   0.45064481%    3,830,447.31   0.47312032%      0.262347%       5.879512%
Class B-6            0.00   0.00000000%            0.00   0.00000000%      0.473120%      10.603183%
</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        17      5,145,355.51
60 Days         2        383,549.98
90 Days         0              0.00
120 Days        0              0.00
150 Days        0              0.00
180+ Days       0              0.00
             ----      ------------
               19      5,528,905.49
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>          <C>          <C>
0-29 Days    0.000000%    0.000000%
30 Days      1.032807%    0.942220%
60 Days      0.121507%    0.070236%
90 Days      0.000000%    0.000000%
120 Days     0.000000%    0.000000%
150 Days     0.000000%    0.000000%
180+ Days    0.000000%    0.000000%
             --------     --------
             1.154313%    1.012455%
</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        17       5,145,355.51
60 Days         2         383,549.98
90 Days         0               0.00
120 Days        0               0.00
150 Days        0               0.00
180+ Days       0               0.00
             ----       ------------
               19       5,528,905.49
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>          <C>           <C>
0-29 Days    0.000000%     0.000000%
30 Days      1.032807%     0.942220%
60 Days      0.121507%     0.070236%
90 Days      0.000000%     0.000000%
120 Days     0.000000%     0.000000%
150 Days     0.000000%     0.000000%
180+ Days    0.000000%     0.000000%
             --------      --------
             1.154313%     1.012455%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
             No. of       Principal
             Loans         Balance
<S>          <C>        <C>
0-29 Days       0               0.00
30 Days         8       2,076,731.61
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
             ----       ------------
                8       2,076,731.61
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>          <C>          <C>
0-29 Days    0.000000%    0.000000%
30 Days      1.125176%    0.788054%
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%
             --------     --------
             1.125176%    0.788054%
</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         8        2,076,731.61
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
              ---        ------------
                8        2,076,731.61
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>          <C>           <C>
0-29 Days    0.000000%     0.000000%
30 Days      1.125176%     0.788054%
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%
             --------      --------
             1.125176%     0.788054%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                3.157077%
Weighted Average Net Coupon                                  2.781782%
Weighted Average Pass-Through Rate                           2.772515%
Weighted Average Maturity (Stepdown Calculation)                  339

Beginning Scheduled Collateral Loan Count                       2,385
Number of Loans Paid in Full                                       28
Ending Scheduled Collateral Loan Count                          2,357

Beginning Scheduled Collateral Balance                 821,291,039.56
Ending Scheduled Collateral Balance                    809,613,787.87
Ending Actual Collateral Balance at 31-Aug-2004        809,615,214.77

Monthly P&I Constant                                     2,174,501.05
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                  13,491,322.54

Ending Scheduled Balance for Premium Loans             809,613,787.87

Scheduled Principal                                         13,768.43
Unscheduled Principal                                   11,663,483.26
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                     GROUP ONE           GROUP TWO           TOTAL
<S>                                <C>                  <C>               <C>
Collateral Description             6 Month LIBOR ARM         Mixed ARM         Mixed ARM
Weighted Average Coupon Rate                3.149869          3.172201          3.157077
Weighted Average Net Rate                   2.774433          2.797201          2.781782
Pass-Through Rate                           2.765148          2.787972          2.772515
Weighted Average Maturity                        341               334               339
Record Date                               08/31/2004        08/31/2004        08/31/2004
Principal and Interest Constant         1,472,779.11        701,721.94      2,174,501.05
Beginning Loan Count                           1,670               715             2,385
Loans Paid in Full                                24                 4                28
Ending Loan Count                              1,646               711             2,357
Beginning Scheduled Balance           556,202,325.18    265,088,714.38    821,291,039.56
Ending Scheduled Balance              546,087,696.43    263,526,091.44    809,613,787.87
Scheduled Principal                        12,808.72            959.71         13,768.43
Unscheduled Principal                  10,101,820.03      1,561,663.23     11,663,483.26
Scheduled Interest                      1,459,970.39        700,762.23      2,160,732.62
Servicing Fee                             174,015.19         82,840.23        256,855.42
Master Servicing Fee                        3,476.26          1,656.80          5,133.06
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                                     827.65            381.89          1,209.54
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                            1,281,651.29        615,883.31      1,897,534.60
Realized Loss Amount                            0.00              0.00              0.00
Cumulative Realized Loss                        0.00              0.00              0.00
Percentage of Cumulative Losses                 0.00              0.00              0.00
Prepayment Penalties                            0.00              0.00              0.00
Special Servicing Fee                           0.00              0.00              0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                     <C>
Group One
Six-Month Libor Loan Balance            546,087,696.43
Interest Transfer Amount                          0.00
Principal Transfer Amount                         0.00
Prorata Senior Percentage                    95.586917%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%

Group Two
One-Month Libor Loan Balance            145,040,092.77
Six-Month Libor Loan Balance            118,485,998.67
Interest Transfer Amount                          0.00
Principal Transfer Amount                         0.00
Prorata Senior Percentage                    95.631735%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%
</TABLE>