<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 2004-6
                          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    81744FCG0      SEN          2.80364%       487,737,776.98  1,139,533.82   4,740,808.39
 A-2    81744FCH8      SEN          1.88000%       181,840,305.20    284,883.14   2,780,961.00
A-3-A   81744FCJ4      SEN          2.16375%       191,970,670.81    346,147.12   2,567,196.69
A-3-B   81744FCU9      SEN          2.30625%         3,419,324.93      6,571.52      45,726.15
 X-A    81744FCK1       IO           0.74591%                 0.00    234,481.81           0.00
 X-B    81744FCL9       IO          0.55007%                 0.00     11,448.81           0.00
 B-1    81744FCN5      SUB          2.10000%        15,725,000.00     27,518.75           0.00
 B-2    81744FCP0      SUB          2.48000%         9,250,000.00     19,116.67           0.00
 B-3    81744FCQ8      SUB          2.79081%         5,550,000.00     12,907.50           0.00
 B-4    81744FCR6      SUB          2.79081%         2,313,000.00      5,379.29           0.00
 B-5    81744FCS4      SUB          2.79081%         2,313,000.00      5,379.29           0.00
 B-6    81744FCT2      SUB          2.79081%         4,166,584.59      9,690.13           0.00
 A-R    81744FCM7       R           2.80455%                 0.00          0.13           0.00
                                                   --------------  ------------  -------------
Totals                                             904,285,662.51  2,103,057.52  10,134,692.23
                                                   --------------  ------------  -------------

<CAPTION>
                      Current     Ending Certificate      Total       Cumulative
Class     CUSIP    Realized Loss        Balance       Distribution   Realized Loss
------  ---------  -------------  ------------------  -------------  -------------
<S>     <C>        <C>            <C>                 <C>            <C>
 A-1    81744FCG0     0.00        482,996,968.59       5,880,342.21      0.00
 A-2    81744FCH8     0.00        179,059,344.20       3,065,844.14      0.00
A-3-A   81744FCJ4     0.00        189,403,474.12       2,913,343.81      0.00
A-3-B   81744FCU9     0.00          3,373,598.78          52,297.67      0.00
 X-A    81744FCK1     0.00                  0.00         234,481.81      0.00
 X-B    81744FCL9     0.00                  0.00          11,448.35      0.00
 B-1    81744FCN5     0.00         15,725,000.00          27,518.75      0.00
 B-2    81744FCP0     0.00          9,250,000.00          19,116.67      0.00
 B-3    81744FCQ8     0.00          5,550,000.00          12,907.50      0.00
 B-4    81744FCR6     0.00          2,313,000.00           5,379.29      0.00
 B-5    81744FCS4     0.00          2,313,000.00           5,379.29      0.00
 B-6    81744FCT2     0.00          4,166,584.59           9,690.13      0.00
 A-R    81744FCM7     0.00                  0.00               0.13      0.00
                      ----        --------------      -------------      ----
Totals                0.00        894,150,970.28      12,237,749.75      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    500,000,000.00  487,737,776.98    1,634.35     4,739,174.04    0.00       0.00
 A-2    185,687,000.00  181,840,305.20      221.00     2,780,740.00    0.00       0.00
 A-3    196,500,000.00  191,970,670.81      999.12     2,566,197.57    0.00       0.00
 X-1      3,500,000.00    3,419,324.93       17.80        45,708.35    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     15,725,000.00   15,725,000.00        0.00             0.00    0.00       0.00
 B-2      9,250,000.00    9,250,000.00        0.00             0.00    0.00       0.00
 B-3      5,550,000.00    5,550,000.00        0.00             0.00    0.00       0.00
 B-4      2,313,000.00    2,313,000.00        0.00             0.00    0.00       0.00
 B-5      2,313,000.00    2,313,000.00        0.00             0.00    0.00       0.00
 B-6      4,166,584.59    4,166,584.59        0.00             0.00    0.00       0.00
 A-R            100.00            0.00        0.00             0.00    0.00       0.00
        --------------  --------------    --------    -------------    ----       ----
Totals  925,004,684.59  904,285,662.51    2,872.27    10,131,819.96    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     4,740,808.39      482,996,968.59        0.96599394        4,740,808.39
 A-2     2,780,961.00      179,059,344.20        0.96430738        2,780,961.00
 A-3     2,567,196.69      189,403,474.12        0.96388536        2,567,196.69
 X-1        45,726.15        3,373,598.78        0.96388537           45,726.15
 X-2             0.00                0.00        0.00000000                0.00
 X-B             0.00                0.00        0.00000000                0.00
 B-1             0.00       15,725,000.00        1.00000000                0.00
 B-2             0.00        9,250,000.00        1.00000000                0.00
 B-3             0.00        5,550,000.00        1.00000000                0.00
 B-4             0.00        2,313,000.00        1.00000000                0.00
 B-5             0.00        2,313,000.00        1.00000000                0.00
 B-6             0.00        4,166,584.59        1.00000000                0.00
 A-R             0.00                0.00        0.00000000                0.00
        -------------      --------------        ----------       --------------
Totals  10,134,692.23      894,150,970.28        0.96664480       10,134,692.23
        -------------      --------------        ----------       --------------
</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   500,000,000.00   975.47555396    0.00326870     9.47834808  0.00000000  0.00000000
 A-2   185,687,000.00   979.28398434    0.00119017    14.97541562  0.00000000  0.00000000
 A-3   196,500,000.00   976.94997868    0.00508458    13.05952962  0.00000000  0.00000000
 X-1     3,500,000.00   976.94998000    0.00508571    13.05952857  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    15,725,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-2     9,250,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-3     5,550,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-4     2,313,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-5     2,313,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000
 B-6     4,166,584.59  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       9.48161678       965.99393718         0.96599394         9.48161678
 A-2      14.97660579       964.30737855         0.96430738        14.97660579
 A-3      13.06461420       963.88536448         0.96388536        13.06461420
 X-1      13.06461429       963.88536571         0.96388537        13.06461429
 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    500,000,000.00      2.80364%      487,737,776.98  1,139,533.82     0.00        0.00      0.00       0.00
 A-2    185,687,000.00      1.88000%      181,840,305.20    284,883.14     0.00        0.00      0.00       0.00
 A-3    196,500,000.00      2.16375%      191,970,670.81    346,147.12     0.00        0.00      0.00       0.00
 X-1      3,500,000.00      2.30625%        3,419,324.93      6,571.52     0.00        0.00      0.00       0.00
 X-2              0.00      0.74591%      377,230,300.94    234,481.81     0.00        0.00      0.00       0.00
 X-B              0.00      0.55007%       24,975,000.00     11,448.35     0.00        0.00      0.00       0.00
 B-1     15,725,000.00      2.10000%       15,725,000.00     27,518.75     0.00        0.00      0.00       0.00
 B-2      9,250,000.00      2.48000%        9,250,000.00     19,116.67     0.00        0.00      0.00       0.00
 B-3      5,550,000.00      2.79081%        5,550,000.00     12,907.50     0.00        0.00      0.00       0.00
 B-4      2,313,000.00      2.79081%        2,313,000.00      5,379.29     0.00        0.00      0.00       0.00
 B-5      2,313,000.00      2.79081%        2,313,000.00      5,379.29     0.00        0.00      0.00       0.00
 B-6      4,166,584.59      2.79081%        4,166,584.59      9,690.13     0.00        0.00      0.00       0.00
 A-R            100.00      2.80455%                0.00          0.00     0.00        0.00      0.00       0.00
        --------------                                    ------------     ----        ----      ----       ----
Totals  925,004,684.59                                    2,103,057.39     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     1,139,533.82      0.00    482,996,968.59
 A-2       284,883.14      0.00    179,059,344.20
 A-3       346,147.12      0.00    189,403,474.12
 X-1         6,571.52      0.00      3,373,598.78
 X-2       234,481.81      0.00    371,836,417.10
 X-B        11,448.35      0.00     24,975,000.00
 B-1        27,518.75      0.00     15,725,000.00
 B-2        19,116.67      0.00      9,250,000.00
 B-3        12,907.50      0.00      5,550,000.00
 B-4         5,379.29      0.00      2,313,000.00
 B-5         5,379.29      0.00      2,313,000.00
 B-6         9,690.13      0.00      4,166,584.59
 A-R             0.13      0.00              0.00
         ------------      ----
Totals   2,103,057.52      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   500,000,000.00    2.80364%     975.47555396      2.27906764     0.00000000  0.00000000  0.00000000  0.00000000
 A-2   185,687,000.00    1.88000%     979.28398434      1.53421155     0.00000000  0.00000000  0.00000000  0.00000000
 A-3   196,500,000.00    2.16375%     976.94997868      1.76156295     0.00000000  0.00000000  0.00000000  0.00000000
 X-1     3,500,000.00    2.30625%     976.94998000      1.87757714     0.00000000  0.00000000  0.00000000  0.00000000
 X-2             0.00    0.74591%     978.07367357      0.60795881     0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.55007%    1000.00000000      0.45839239     0.00000000  0.00000000  0.00000000  0.00000000
 B-1    15,725,000.00    2.10000%    1000.00000000      1.75000000     0.00000000  0.00000000  0.00000000  0.00000000
 B-2     9,250,000.00    2.48000%    1000.00000000      2.06666703     0.00000000  0.00000000  0.00000000  0.00000000
 B-3     5,550,000.00    2.79081%    1000.00000000      2.32567568     0.00000000  0.00000000  0.00000000  0.00000000
 B-4     2,313,000.00    2.79081%    1000.00000000      2.32567661     0.00000000  0.00000000  0.00000000  0.00000000
 B-5     2,313,000.00    2.79081%    1000.00000000      2.32567661     0.00000000  0.00000000  0.00000000  0.00000000
 B-6     4,166,584.59    2.79081%    1000.00000000      2.32567701     0.00000000  0.00000000  0.00000000  0.00000000
 A-R           100.00    2.80455%       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     2.27906764    0.00000000      965.99393718
 A-2     1.53421155    0.00000000      964.30737855
 A-3     1.76156295    0.00000000      963.88536448
 X-1     1.87757714    0.00000000      963.88536571
 X-2     0.60795881    0.00000000      964.08854097
 X-B     0.45839239    0.00000000     1000.00000000
 B-1     1.75000000    0.00000000     1000.00000000
 B-2     2.06666703    0.00000000     1000.00000000
 B-3     2.32567568    0.00000000     1000.00000000
 B-4     2.32567661    0.00000000     1000.00000000
 B-5     2.32567661    0.00000000     1000.00000000
 B-6     2.32567701    0.00000000     1000.00000000
 A-R     1.30000000    0.00000000        0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
            Payments of Interest and Principal                         12,543,845.36
            Liquidations, Insurance Proceeds, Reserve Funds                     0.00
            Proceeds from Repurchased Loans                                     0.00
            Other Amounts (Servicer Advances)                              12,920.67
            Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
            Prepayment Penalties                                                0.00
                                                                       -------------
Total Deposits                                                         12,556,766.03

Withdrawals
            Reimbursement for Servicer Advances                            31,171.90
            Payment of Service Fee                                        287,844.39
            Payment of Interest and Principal                          12,237,749.74
                                                                       -------------
Total Withdrawals (Pool Distribution Amount)                           12,556,766.03

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                                       282,946.18
Master Servicing Fee                                        4,898.21
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------
Net Servicing Fee                                         287,844.39
                                                          ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                         Beginning      Current     Current      Ending
          Account Type                    Balance     Withdrawals   Deposits    Balance
---------------------------------        ---------    -----------   --------   ---------
<S>                                      <C>          <C>           <C>        <C>
Class X-A Pool 2 Comp Sub Account        4,500.00         0.00        0.00     4,500.00
Class X-A Pool 3 Comp 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         14        4,543,318.86
60 Days          2          706,000.00
90 Days          0                0.00
120 Days         0                0.00
150 Days         0                0.00
180+ Days        0                0.00
                --        ------------
                16        5,249,318.86
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.509276%  0.508115%
60 Days        0.072754%  0.078958%
90 Days        0.000000%  0.000000%
120 Days       0.000000%  0.000000%
150 Days       0.000000%  0.000000%
180+ Days      0.000000%  0.000000%
               --------   --------
               0.582030%  0.587073%
</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          14       4,543,318.86
60 Days           2         706,000.00
90 Days           0               0.00
120 Days          0               0.00
150 Days          0               0.00
180+ Days         0               0.00
                 --       ------------
                 16       5,249,318.86
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.509276%  0.508115%
60 Days        0.072754%  0.078958%
90 Days        0.000000%  0.000000%
120 Days       0.000000%  0.000000%
150 Days       0.000000%  0.000000%
180+ Days      0.000000%  0.000000%
               --------   --------
               0.582030%  0.587073%
</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  12,920.67
</TABLE>

<TABLE>
<CAPTION>
               Original $        Original%      Current $       Current %     Current Class %  Prepayment %
              -------------     ----------    -------------    ----------     ---------------  ------------
<S>           <C>               <C>           <C>              <C>            <C>              <C>
Class A       39,317,584.59     4.25052816%   39,317,584.59    4.39719755%       95.602802%      0.000000%
Class B-1     23,592,584.59     2.55053677%   23,592,584.59    2.63854599%        1.758652%     39.994827%
Class B-2     14,342,584.59     1.55054183%   14,342,584.59    1.60404507%        1.034501%     23.526369%
Class B-3      8,792,584.59     0.95054487%    8,792,584.59    0.98334452%        0.620701%     14.115821%
Class B-4      6,479,584.59     0.70049208%    6,479,584.59    0.72466337%        0.258681%      5.882864%
Class B-5      4,166,584.59     0.45043930%    4,166,584.59    0.46598223%        0.258681%      5.882864%
Class B-6              0.00     0.00000000%            0.00    0.00000000%        0.465982%     10.597255%
</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           9       3,370,853.03
60 Days           1         282,000.00
90 Days           0               0.00
120 Days          0               0.00
150 Days          0               0.00
180+ Days         0               0.00
                 --       ------------
                 10       3,652,853.03
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.573248%  0.667243%
60 Days        0.063694%  0.055820%
90 Days        0.000000%  0.000000%
120 Days       0.000000%  0.000000%
150 Days       0.000000%  0.000000%
180+ Days      0.000000%  0.000000%
               --------   --------
               0.636943%  0.723063%
</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          9        3,370,853.03
60 Days          1          282,000.00
90 Days          0                0.00
120 Days         0                0.00
150 Days         0                0.00
180+ Days        0                0.00
                --        ------------
                10        3,652,853.03
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.573248%  0.667243%
60 Days        0.063694%  0.055820%
90 Days        0.000000%  0.000000%
120 Days       0.000000%  0.000000%
150 Days       0.000000%  0.000000%
180+ Days      0.000000%  0.000000%
               --------   --------
               0.636943%  0.723063%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>            <C>        <C>
0-29 Days         0             0.00
30 Days           3       733,465.83
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       733,465.83
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.566038%  0.391590%
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%
               --------   --------
               0.566038%  0.391590%
</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          3        733,465.83
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        733,465.83
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.566038%  0.391590%
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%
               --------   --------
               0.566038%  0.391590%
</TABLE>

<PAGE>

                                   DELINQUENT

GROUP THREE

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>            <C>        <C>
0-29 Days        0              0.00
30 Days          2        439,000.00
60 Days          1        424,000.00
90 Days          0              0.00
120 Days         0              0.00
150 Days         0              0.00
180+ Days        0              0.00
                --        ----------
                 3        863,000.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.308166%  0.217698%
60 Days        0.154083%  0.210260%
90 Days        0.000000%  0.000000%
120 Days       0.000000%  0.000000%
150 Days       0.000000%  0.000000%
180+ Days      0.000000%  0.000000%
               --------   --------
               0.462250%  0.427958%
</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          2        439,000.00
60 Days          1        424,000.00
90 Days          0              0.00
120 Days         0              0.00
150 Days         0              0.00
180+ Days        0              0.00
                --        ----------
                 3        863,000.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of   Principal
                 Loans     Balance
<S>            <C>        <C>
0-29 Days      0.000000%  0.000000%
30 Days        0.308166%  0.217698%
60 Days        0.154083%  0.210260%
90 Days        0.000000%  0.000000%
120 Days       0.000000%  0.000000%
150 Days       0.000000%  0.000000%
180+ Days      0.000000%  0.000000%
               --------   --------
               0.462250%  0.427958%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                            Mixed Arm
<S>                                                            <C>
Weighted Average Gross Coupon                                        3.173308%
Weighted Average Net Coupon                                          2.797835%
Weighted Average Pass-Through Rate                                   2.790788%
Weighted Average Maturity (Stepdown Calculation)                          342

Beginning Scheduled Collateral Loan Count                               2,770
Number of Loans Paid in Full                                               21
Ending Scheduled Collateral Loan Count                                  2,749

Beginning Scheduled Collateral Balance                         904,285,662.51
Ending Scheduled Collateral Balance                            894,150,970.28
Ending Actual Collateral Balance at 31-Aug-2004                894,151,435.34

Monthly P&I Constant                                             2,394,183.19
Special Servicing Fee                                                    0.00
Prepayment Penalties                                                     0.00
Realization Loss Amount                                                  0.00
Cumulative Realized Loss                                                 0.00

Class A Optimal Amount                                          12,146,309.64

Scheduled Principal                                                  2,868.74
Unscheduled Principal                                           10,131,823.49
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                             <C>
Rapid Prepayment Condition?                                     NO
</TABLE>

<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                         3.185955             3.139648           3.173062           3.173308
Weighted Average Net Rate                            2.810658             2.764142           2.797177           2.797835
Pass-Through Rate                                    2.803639             2.756672           2.790452           2.790788
Weighted Average Maturity                                 343                  338                343                342
Record Date                                        08/31/2004           08/31/2004         08/31/2004         08/31/2004
Principal and Interest Constant                  1,355,480.81           497,555.92         541,146.46       2,394,183.19
Beginning Loan Count                                    1,578                  537                655              2,770
Loans Paid in Full                                          8                    7                  6                 21
Ending Loan Count                                       1,570                  530                649              2,749
Beginning Scheduled Balance                    509,931,932.80       190,085,617.84     204,268,111.87     904,285,662.51
Ending Scheduled Balance                       505,191,124.41       187,304,656.84     201,655,189.03     894,150,970.28
Scheduled Principal                                  1,630.82               221.00           1,016.92           2,868.74
Unscheduled Principal                            4,739,177.57         2,780,740.00       2,611,905.92      10,131,823.49
Scheduled Interest                               1,353,849.99           497,334.92         540,129.54       2,391,314.45
Servicing Fee                                      159,479.74            59,481.95          63,984.49         282,946.18
Master Servicing Fee                                 2,762.13             1,029.63           1,106.45           4,898.21
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                                              220.44               153.54              38.29             412.27
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                                     1,191,387.68           436,669.80         475,000.31       2,103,057.79
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

Pro-Rata Senior Percent                   95.647624%
Senior Percent                           100.000000%
Senior Prepay Percent                    100.000000%
Subordinate Percent                        0.000000%
Subordinate Prepay Percent                 0.000000%
Interest Transfer Amount                       0.00
Principal Transfer Amount                      0.00

Group Two

Pro-Rata Senior Percent                   95.662316%
Senior Percent                           100.000000%
Senior Prepay Percent                    100.000000%
Subordinate Percent                        0.000000%
Subordinate Prepay Percent                 0.000000%
Interest Transfer Amount                       0.00
Principal Transfer Amount                      0.00

Group Three

Pro-Rata Senior Percent                   95.653695%
Senior Percent                           100.000000%
Senior Prepay Percent                    100.000000%
Subordinate Percent                        0.000000%
Subordinate Prepay Percent                 0.000000%
Interest Transfer Amount                       0.00
Principal Transfer Amount                      0.00
</TABLE>