Document:

<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 2004-10
                          RECORD DATE: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
                   Certificate  Certificate
                      Class     Pass-Through       Beginning          Interest      Principal     Current      Ending Certificate
Class     CUSIP    Description      Rate      Certificate Balance   Distribution  Distribution  Realized Loss        Balance
------  ---------  -----------  ------------  -------------------  -------------  ------------  -------------  ------------------
<S>     <C>        <C>          <C>           <C>                   <C>           <C>           <C>            <C>
 A-1A   81744FET0      SEN        2.26875%       110,000,000.00      152,510.42     849,212.27       0.00        109,150,787.73
 A-1B   81744FEU7      SEN        2.32875%        12,225,000.00       17,397.70      94,378.36       0.00         12,130,621.64
 A-2    81744FEV5      SEN        2.27875%       203,441,000.00      283,305.72   1,570,587.21       0.00        201,870,412.79
 A-3A   81744FEW3      SEN        2.57000%       180,000,000.00      282,700.00   2,528,995.32       0.00        177,471,004.68
 A-3B   81744FEX1      SEN        2.63000%        20,000,000.00       32,144.44     280,999.48       0.00         19,719,000.52
 A-4    81744FEY9      SEN        2.58000%       126,799,000.00      199,919.76   1,781,522.66       0.00        125,017,477.34
 X-A    81744FEZ6       IO        1.31740%                 0.00      716,298.12           0.00       0.00                  0.00
 X-B    81744FFA0       IO        1.21049%                 0.00       21,073.54           0.00       0.00                  0.00
 B-1    81744FFC6      SUB        2.45875%        14,042,000.00       21,099.08           0.00       0.00         14,042,000.00
 B-2    81744FFD4      SUB        2.80875%         6,849,000.00       11,756.02           0.00       0.00          6,849,000.00
 B-3    81744FFE2      SUB        3.09772%         3,767,000.00        9,724.24           0.00       0.00          3,767,000.00
 B-4    81744FFF9      SUB        3.09772%         3,081,000.00        7,953.38           0.00       0.00          3,081,000.00
 B-5    81744FFG7      SUB        3.09772%         1,711,000.00        4,416.83           0.00       0.00          1,711,000.00
 B-6    81744FFH5      SUB        3.09772%         3,097,055.38        7,994.83           0.00       0.00          3,097,055.38
 A-R    81744FFB8      RES        2.99300%               100.00           16.28         100.00       0.00                  0.00
------  ---------      ---        -------        --------------    ------------   ------------       ----        --------------
Totals                                           685,012,155.38    1,768,310.36   7,105,795.30       0.00        677,906,360.08
------  ---------      ---        -------        --------------    ------------   ------------       ----        --------------

<CAPTION>
            Total       Cumulative
Class   Distribution  Realized Loss
------  ------------  -------------
<S>     <C>           <C>
 A-1A   1,001,722.69       0.00
 A-1B     111,776.06       0.00
 A-2    1,853,892.93       0.00
 A-3A   2,811,695.32       0.00
 A-3B     313,143.92       0.00
 A-4    1,981,442.42       0.00
 X-A      716,298.12       0.00
 X-B       21,073.54       0.00
 B-1       21,099.08       0.00
 B-2       11,756.02       0.00
 B-3        9,724.24       0.00
 B-4        7,953.38       0.00
 B-5        4,416.83       0.00
 B-6        7,994.83       0.00
 A-R          116.28       0.00
------  ------------       ----
Totals  8,874,105.66       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  Total Principal  Ending Certificate
 Class      Amount         Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction          Balance
------  --------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>     <C>             <C>             <C>           <C>            <C>        <C>       <C>              <C>
 A-1A   110,000,000.00  110,000,000.00      0.00         849,212.27     0.00      0.00       849,212.27      109,150,787.73
 A-1B    12,225,000.00   12,225,000.00      0.00          94,378.36     0.00      0.00        94,378.36       12,130,621.64
 A-2    203,441,000.00  203,441,000.00      0.00       1,570,587.21     0.00      0.00     1,570,587.21      201,870,412.79
 A-3A   180,000,000.00  180,000,000.00      0.00       2,528,995.32     0.00      0.00     2,528,995.32      177,471,004.68
 A-3B    20,000,000.00   20,000,000.00      0.00         280,999.48     0.00      0.00       280,999.48       19,719,000.52
 A-4    126,799,000.00  126,799,000.00      0.00       1,781,522.66     0.00      0.00     1,781,522.66      125,017,477.34
 X-A              0.00            0.00      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             0.00                0.00
 B-1     14,042,000.00   14,042,000.00      0.00               0.00     0.00      0.00             0.00       14,042,000.00
 B-2      6,849,000.00    6,849,000.00      0.00               0.00     0.00      0.00             0.00        6,849,000.00
 B-3      3,767,000.00    3,767,000.00      0.00               0.00     0.00      0.00             0.00        3,767,000.00
 B-4      3,081,000.00    3,081,000.00      0.00               0.00     0.00      0.00             0.00        3,081,000.00
 B-5      1,711,000.00    1,711,000.00      0.00               0.00     0.00      0.00             0.00        1,711,000.00
 B-6      3,097,055.38    3,097,055.38      0.00               0.00     0.00      0.00             0.00        3,097,055.38
 A-R            100.00          100.00      0.00             100.00     0.00      0.00           100.00                0.00
------  --------------  --------------      ----       ------------     ----      ----     ------------      --------------
Totals  685,012,155.38  685,012,155.38      0.00       7,105,795.30     0.00      0.00     7,105,795.30      677,906,360.08
------  --------------  --------------      ----       ------------     ----      ----     ------------      --------------

<CAPTION>
        Ending Certificate  Total Principal
 Class      Percentage       Distribution
------  ------------------  ---------------
<S>     <C>                 <C>
 A-1A       0.99227989         849,212.27
 A-1B       0.99227989          94,378.36
 A-2        0.99227989       1,570,587.21
 A-3A       0.98595003       2,528,995.32
 A-3B       0.98595003         280,999.48
 A-4        0.98595003       1,781,522.66
 X-A        0.00000000               0.00
 X-B        0.00000000               0.00
 B-1        1.00000000               0.00
 B-2        1.00000000               0.00
 B-3        1.00000000               0.00
 B-4        1.00000000               0.00
 B-5        1.00000000               0.00
 B-6        1.00000000               0.00
 A-R        0.00000000             100.00
------      ----------       ------------
Totals      0.98962676       7,105,795.30
------      ----------       ------------
</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   Total Principal  Ending Certificate
Class       Amount         Balance      Distribution   Distribution  Accretion    Loss (3)      Reduction           Balance
------  --------------  --------------  ------------  -------------  ----------  ----------  ---------------  ------------------
<S>     <C>             <C>             <C>           <C>            <C>         <C>         <C>              <C>
 A-1A   110,000,000.00   1000.00000000   0.00000000      7.72011155  0.00000000  0.00000000      7.72011155      992.27988845
 A-1B    12,225,000.00   1000.00000000   0.00000000      7.72011125  0.00000000  0.00000000      7.72011125      992.27988875
 A-2    203,441,000.00   1000.00000000   0.00000000      7.72011153  0.00000000  0.00000000      7.72011153      992.27988847
 A-3A   180,000,000.00   1000.00000000   0.00000000     14.04997400  0.00000000  0.00000000     14.04997400      985.95002600
 A-3B    20,000,000.00   1000.00000000   0.00000000     14.04997400  0.00000000  0.00000000     14.04997400      985.95002600
 A-4    126,799,000.00   1000.00000000   0.00000000     14.04997405  0.00000000  0.00000000     14.04997405      985.95002595
 X-A              0.00      0.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000        0.00000000
 X-B              0.00      0.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000        0.00000000
 B-1     14,042,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-2      6,849,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-3      3,767,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-4      3,081,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-5      1,711,000.00   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 B-6      3,097,055.38   1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000      0.00000000     1000.00000000
 A-R            100.00   1000.00000000   0.00000000   1000.00000000  0.00000000  0.00000000   1000.00000000        0.00000000

<CAPTION>
          Ending
        Certificate  Total Principal
Class    Percentage    Distribution
------  -----------  ---------------
<S>     <C>          <C>
 A-1A   0.99227989       7.72011155
 A-1B   0.99227989       7.72011125
 A-2    0.99227989       7.72011153
 A-3A   0.98595003      14.04997400
 A-3B   0.98595003      14.04997400
 A-4    0.98595003      14.04997405
 X-A    0.00000000       0.00000000
 X-B    0.00000000       0.00000000
 B-1    1.00000000       0.00000000
 B-2    1.00000000       0.00000000
 B-3    1.00000000       0.00000000
 B-4    1.00000000       0.00000000
 B-5    1.00000000       0.00000000
 B-6    1.00000000       0.00000000
 A-R    0.00000000    1000.00000000
</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  Total Interest
Class      Amount      Certificate Rate     Balance        Interest    Shortfall   Shortfall    Shortfall  Loss (4)   Distribution
------  -------------- ----------------  --------------  ------------  ----------  ----------  ----------  --------- --------------
<S>     <C>            <C>               <C>             <C>           <C>         <C>         <C>         <C>       <C>
A-1A    110,000,000.00     2.26875%      110,000,000.00    152,510.42     0.00         0.00       0.00       0.00      152,510.42
A-1B     12,225,000.00     2.32875%       12,225,000.00     17,397.70     0.00         0.00       0.00       0.00       17,397.70
 A-2    203,441,000.00     2.27875%      203,441,000.00    283,305.72     0.00         0.00       0.00       0.00      283,305.72
A-3A    180,000,000.00     2.57000%      180,000,000.00    282,700.00     0.00         0.00       0.00       0.00      282,700.00
A-3B     20,000,000.00     2.63000%       20,000,000.00     32,144.44     0.00         0.00       0.00       0.00       32,144.44
 A-4    126,799,000.00     2.58000%      126,799,000.00    199,919.76     0.00         0.00       0.00       0.00      199,919.76
 X-A              0.00     1.31740%      652,465,000.00    716,298.12     0.00         0.00       0.00       0.00      716,298.12
 X-B              0.00     1.21049%       20,891,000.00     21,073.54     0.00         0.00       0.00       0.00       21,073.54
 B-1     14,042,000.00     2.45875%       14,042,000.00     21,099.08     0.00         0.00       0.00       0.00       21,099.08
 B-2      6,849,000.00     0.80875%        6,849,000.00     11,756.02     0.00         0.00       0.00       0.00       11,756.02
 B-3      3,767,000.00     3.09772%        3,767,000.00      9,724.24     0.00         0.00       0.00       0.00        9,724.24
 B-4      3,081,000.00     3.09772%        3,081,000.00      7,953.38     0.00         0.00       0.00       0.00        7,953.38
 B-5      1,711,000.00     3.09772%        1,711,000.00      4,416.83     0.00         0.00       0.00       0.00        4,416.83
 B-6      3,097,055.38     3.09772%        3,097,055.38      7,994.83     0.00         0.00       0.00       0.00        7,994.83
 A-R            100.00     2.99300%              100.00          0.25     0.00         0.00       0.00       0.00           16.28
------  --------------     -------       --------------  ------------     ----         ----       ----       ----    ------------
Totals  685,012,155.38                                   1,768,294.33     0.00         0.00       0.00       0.00    1,768,310.36
------  --------------     -------       --------------  ------------     ----         ----       ----       ----    ------------

<CAPTION>
        Remaining        Ending
          Unpaid       Certificate/
        Interest       Notational
Class   Shortfall        Balance
------  ----------   ---------------
<S>     <C>          <C>
A-1A        0.00     109,150,787.73
A-1B        0.00      12,130,621.64
 A-2        0.00     201,870,412.79
A-3A        0.00     177,471,004.68
A-3B        0.00      19,719,000.52
 A-4        0.00     125,017,477.34
 X-A        0.00     645,359,304.70
 X-B        0.00      20,891,000.00
 B-1        0.00      14,042,000.00
 B-2        0.00       6,849,000.00
 B-3        0.00       3,767,000.00
 B-4        0.00       3,081,000.00
 B-5        0.00       1,711,000.00
 B-6        0.00       3,097,055.38
 A-R        0.00               0.00
------      ----     --------------
Totals      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-1A       110,000,000.00    2.26875%    1000.00000000      1.38645836      0.00000000    0.00000000    0.00000000     0.00000000
A-1B        12,225,000.00    2.32875%    1000.00000000      1.42312474      0.00000000    0.00000000    0.00000000     0.00000000
 A-2       203,441,000.00    2.27875%    1000.00000000      1.39256944      0.00000000    0.00000000    0.00000000     0.00000000
A-3A       180,000,000.00    2.57000%    1000.00000000      1.57055556      0.00000000    0.00000000    0.00000000     0.00000000
A-3B        20,000,000.00    2.63000%    1000.00000000      1.60722200      0.00000000    0.00000000    0.00000000     0.00000000
 A-4       126,799,000.00    2.58000%    1000.00000000      1.57666669      0.00000000    0.00000000    0.00000000     0.00000000
 X-A                 0.00    1.31740%    1000.00000000      1.09783378      0.00000000    0.00000000    0.00000000     0.00000000
 X-B                 0.00    1.21049%    1000.00000000      1.00873773      0.00000000    0.00000000    0.00000000     0.00000000
 B-1        14,042,000.00    2.45875%    1000.00000000      1.50256943      0.00000000    0.00000000    0.00000000     0.00000000
 B-2         6,849,000.00    2.80875%    1000.00000000      1.71645788      0.00000000    0.00000000    0.00000000     0.00000000
 B-3         3,767,000.00    3.09772%    1000.00000000      2.58142819      0.00000000    0.00000000    0.00000000     0.00000000
 B-4         3,081,000.00    3.09772%    1000.00000000      2.58142811      0.00000000    0.00000000    0.00000000     0.00000000
 B-5         1,711,000.00    3.09772%    1000.00000000      2.58143191      0.00000000    0.00000000    0.00000000     0.00000000
 B-6         3,097,055.38    3.09772%    1000.00000000      2.58142946      0.00000000    0.00000000    0.00000000     0.00000000
 A-R               100.00    2.99300%    1000.00000000      2.50000000      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-1A           1.38645836     0.00000000      992.27988845
A-1B           1.42312474     0.00000000      992.27988875
 A-2           1.39256944     0.00000000      992.27988847
A-3A           1.57055556     0.00000000      985.95002600
A-3B           1.60722200     0.00000000      985.95002600
 A-4           1.57666669     0.00000000      985.95002595
 X-A           1.09783378     0.00000000      989.10946135
 X-B           1.00873773     0.00000000     1000.00000000
 B-1           1.50256943     0.00000000     1000.00000000
 B-2           1.71645788     0.00000000     1000.00000000
 B-3           2.58142819     0.00000000     1000.00000000
 B-4           2.58142811     0.00000000     1000.00000000
 B-5           2.58143191     0.00000000     1000.00000000
 B-6           2.58142946     0.00000000     1000.00000000
 A-R         162.80000000     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                                   9,094,658.59
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                            0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                9,094,658.59

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 220,552.93
         Payment of Interest and Principal                                    8,874,105.66
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  9,094,658.59

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                                           214,844.50
Master Servicing Fee                                            5,708.43
Supported Prepayment/Curtailment Interest Shortfall                 0.00
                                                              ----------
Net Servicing Fee                                             220,552.93
                                                              ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                 Beginning          Current         Current       Ending
          Account Type                            Balance         Withdrawals       Deposits      Balance
          ------------                           -------         -----------       --------       -------
<S>                                              <C>             <C>               <C>            <C>
Class X-A Pool 1 Comp. Sub Amount                4,500.00            0.00             0.00        4,500.00
Class X-A Pool 2 Comp. Sub Amount                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            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>

                                   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         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>

<TABLE>
<S>                                        <C>       <C>                                           <C>        <C>               <C>
Current Period Class A Insufficient Funds: 0.00      Principal Balance of Contaminated Properties  0.00       Periodic Advance  0.00
</TABLE>

<TABLE>
<CAPTION>
              Original $         Original%      Current $        Current %      Current Class %      Prepayment %
              ----------         ---------      ---------        ---------      ---------------      ------------
<S>         <C>                 <C>           <C>               <C>             <C>                  <C>
Class A     32,547,055.38       4.75131063%   32,547,055.38     4.80111374%       95.198886%          0.000000%
Class B-1   18,505,055.38       2.70142000%   18,505,055.38     2.72973621%        2.071378%         43.143688%
Class B-2   11,656,055.38       1.70158373%   11,656,055.38     1.71941968%        1.010317%         21.043378%
Class B-3    7,889,055.38       1.15166648%    7,889,055.38     1.16373822%        0.555681%         11.574012%
Class B-4    4,808,055.38       0.70189344%    4,808,055.38     0.70925067%        0.454488%          9.466294%
Class B-5    3,097,055.38       0.45211685%    3,097,055.38     0.45685593%        0.252395%          5.257004%
Class B-6            0.00       0.00000000%            0.00     0.00000000%        0.456856%          9.515624%
</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            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>

                                   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         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>

              DELINQUENT

GROUP TWO

<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>

              BANKRUPTCY
              1.183654%

<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         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>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                    Mixed Arm
<S>                                                                  <C>
Weighted Average Gross Coupon                                              3.484078%
Weighted Average Net Coupon                                                3.107715%
Weighted Average Pass-Through Rate                                         3.097715%
Weighted Average Maturity (Stepdown Calculation)                                340

Beginning Scheduled Collateral Loan Count                                     1,933
Number of Loans Paid in Full                                                      7
Ending Scheduled Collateral Loan Count                                        1,926

Beginning Scheduled Collateral Balance                               685,012,155.38
Ending Scheduled Collateral Balance                                  677,906,360.08
Ending Actual Collateral Balance at 29-Oct-2004                      677,913,261.15

Monthly P&I Constant                                                   1,988,863.04
Special Servicing Fee                                                          0.00
Prepayment Penalties                                                           0.00
Realization Loss Amount                                                        0.00
Cumulative Realized Loss                                                       0.00

Class A Optimal Amount                                                 8,790,071.71

Scheduled Principal                                                            0.00
Unscheduled Principal                                                  7,105,795.30
</TABLE>

MISCELLANEOUS REPORTING
Rapid Prepay Event                             NO

<PAGE>

<TABLE>
<CAPTION>
        GROUP                                        GROUP ONE              GROUP TWO                    TOTAL
<S>                                               <C>                   <C>                         <C>
Collateral Description                                 Mixed ARM        6 Month LIBOR ARM                Mixed ARM
Weighted Average Coupon Rate                            3.378825                 3.588963                 3.484078
Weighted Average Net Rate                               3.002999                 3.212064                 3.107715
Pass-Through Rate                                       2.992999                 3.202064                 3.097715
Weighted Average Maturity                                    336                      343                      340
Record Date                                           10/29/2004               10/29/2004               10/29/2004
Principal and Interest Constant                       962,702.57             1,026,160.47             1,988,863.04
Beginning Loan Count                                         907                    1,026                    1,933
Loans Paid in Full                                             1                        6                        7
Ending Loan Count                                            906                    1,020                    1,926
Beginning Scheduled Balance                       341,906,746.44           343,105,408.94           685,012,155.38
Ending Scheduled Balance                          339,392,468.44           338,513,891.48           677,906,360.08
Scheduled Principal                                         0.00                     0.00                     0.00
Unscheduled Principal                               2,514,277.84             4,591,517.46             7,105,795.30
Scheduled Interest                                    962,702.57             1,026,106.47             1,988,863.04
Servicing Fee                                         107,081.11               107,763.39               214,844.50
Master Servicing Fee                                    2,849.22                 2,859.21                 5,708.43
Trustee Fee                                                 0.00                     0.00                     0.00
FRY Amount                                                  0.00                     0.00                     0.00
Special Hazard Fee                                          0.00                     0.00                     0.00
Other Fee                                                   0.00                     0.00                     0.00
Pool Insurance Fee                                          0.00                     0.00                     0.00
Spread 1                                                    0.00                     0.00                     0.00
Spread 2                                                    0.00                     0.00                     0.00
Spread 3                                                    0.00                     0.00                     0.00
Net Interest                                          852,772.24               915,537.87             1,768,310.11
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>

<TABLE>
<S>                                                              <C>
MISCELLANEOUS REPORTING

Group One
One Month Libor Loan Balance                                     241,252,279.60
Six Month Libor Loan Balance                                      98,140,188.10
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               95.249978%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%

Group Two
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               95.247405%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
</TABLE><PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2004-7
                          RECORD DATE: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate     Certificate
                              Class        Pass-Through         Beginning
Class          CUSIP       Description         Rate         Certificate Balance
-----          -----       -----------         ----         -------------------
<S>          <C>           <C>             <C>              <C>
 A-1         81744FCV7         SEN              2.94563%      487,340,197.43
 A-2         81744FCW5         SEN              2.22000%      245,473,350.31
A-3-A        81744FCX3         SEN              2.28500%      240,459,826.26
A-3-B        81744FDH7         SEN              2.51000%        3,837,671.85
 X-A         81744FCY1          IO              0.75211%                0.00
 X-B         81744FCZ8          IO              0.37239%                0.00
 B-1         81744FDB0         SUB              2.46000%       18,900,000.00
 B-2         81744FDC8         SUB              2.85000%       11,025,000.00
 B-3         81744FDD6         SUB              2.97608%        6,300,000.00
 B-4         81744FDE4         SUB              2.97608%        3,150,000.00
 B-5         81744FDF1         SUB              2.97608%        2,625,000.00
 B-6         81744FDG9         SUB              2.97608%        5,250,582.74
 A-R         81744FDA2         RES              2.93939%                0.00
                                                            ----------------
Totals                                                      1,024,361,628.59
                                                            ----------------

<CAPTION>
           Interest        Principal        Current     Ending Certificate        Total          Cumulative
Class    Distribution     Distribution   Realized Loss       Balance           Distribution     Realized Loss
-----    ------------     ------------   -------------       -------           ------------     -------------
<S>      <C>              <C>            <C>            <C>                    <C>              <C>
 A-1      1,196,271.38    8,130,791.96            0.00     479,209,405.47      9,327,063.34             0.00
 A-2        454,125.70    3,909,975.04            0.00     241,563,375.27      4,364,100.74             0.00
A-3-A       457,875.59    1,876,924.35            0.00     238,582,901.91      2,334,799.94             0.00
A-3-B         8,027.13       29,955.19            0.00       3,807,716.66         37,982.32             0.00
 X-A        306,969.10            0.00            0.00               0.00        306,969.10             0.00
 X-B          9,286.50            0.00            0.00               0.00          9,286.50             0.00
 B-1         38,745.00            0.00            0.00      18,900,000.00         38,745.00             0.00
 B-2         26,184.38            0.00            0.00      11,025,000.00         26,184.38             0.00
 B-3         15,624.39            0.00            0.00       6,300,000.00         15,624.39             0.00
 B-4          7,812.20            0.00            0.00       3,150,000.00          7,812.20             0.00
 B-5          6,510.16            0.00            0.00       2,625,000.00          6,510.16             0.00
 B-6         13,021.77            0.00            0.00       5,250,582.74         13,021.77             0.00
 A-R              1.55            0.00            0.00               0.00              1.55             0.00
          ------------   -------------            ----   ----------------     -------------             ----
Totals    2,540,454.85   13,947,646.54            0.00   1,010,413,982.05     16,488,101.39             0.00
          ------------   -------------            ----   ----------------     -------------             ----
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                Beginning        Scheduled      Unscheduled
           Original Face       Certificate       Principal       Principal
Class          Amount            Balance       Distribution     Distribution    Accretion
-----          ------            -------       ------------     ------------    ---------
<S>        <C>               <C>               <C>              <C>                 <C>
 A-1        498,828,000.00     487,340,197.43           0.00      8,130,791.96        0.00
 A-2        252,102,000.00     245,473,350.31           0.00      3,909,975.04        0.00
A-3-A       247,874,000.00     240,459,826.26           0.00      1,876,924.35        0.00
A-3-B         3,956,000.00       3,837,671.85           0.00         29,955.19        0.00
 X-A                  0.00               0.00           0.00              0.00        0.00
 X-B                  0.00               0.00           0.00              0.00        0.00
 B-1         18,900,000.00      18,900,000.00           0.00              0.00        0.00
 B-2         11,025,000.00      11,025,000.00           0.00              0.00        0.00
 B-3          6,300,000.00       6,300,000.00           0.00              0.00        0.00
 B-4          3,150,000.00       3,150,000.00           0.00              0.00        0.00
 B-5          2,625,000.00       2,625,000.00           0.00              0.00        0.00
 B-6          5,250,582.74       5,250,582.74           0.00              0.00        0.00
 A-R                100.00               0.00           0.00              0.00        0.00
          ----------------   ----------------           ----     -------------        ----
Totals    1,050,010,682.74   1,024,361,628.59           0.00     13,947,646.54        0.00
          ----------------   ----------------           ----     -------------        ----

<CAPTION>
            Realized           Total            Ending                  Ending          Total Principal
Class       Loss (1)  Principal Reduction  Certificate Balance  Certificate Percentage    Distribution
-----       --------  -------------------  -------------------  ----------------------    ------------
<S>         <C>       <C>                  <C>                  <C>                     <C>
 A-1           0.00          8,130,791.96       479,209,405.47             0.96067062       8,130,791.96
 A-2           0.00          3,909,975.04       241,563,375.27             0.95819698       3,909,975.04
A-3-A          0.00          1,876,924.35       238,582,901.91             0.96251685       1,876,924.35
A-3-B          0.00             29,955.19         3,807,716.66             0.96251685          29,955.19
 X-A           0.00                  0.00                 0.00             0.00000000               0.00
 X-B           0.00                  0.00                 0.00             0.00000000               0.00
 B-1           0.00                  0.00        18,900,000.00             1.00000000               0.00
 B-2           0.00                  0.00        11,025,000.00             1.00000000               0.00
 B-3           0.00                  0.00         6,300,000.00             1.00000000               0.00
 B-4           0.00                  0.00         3,150,000.00             1.00000000               0.00
 B-5           0.00                  0.00         2,625,000.00             1.00000000               0.00
 B-6           0.00                  0.00         5,250,582.74             1.00000000               0.00
 A-R           0.00                  0.00                 0.00             0.00000000               0.00
               ----         -------------     ----------------             ----------      -------------
Totals         0.00         13,947,646.54     1,010,413,982.05             0.96228924      13,947,646.54
               ----         -------------     ----------------             ----------      -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                              Beginning       Scheduled      Unscheduled
           Original Face     Certificate      Principal       Principal
Class         Amount           Balance       Distribution   Distribution     Accretion
-----         ------           -------       ------------   ------------     ---------
<S>        <C>               <C>             <C>            <C>              <C>
 A-1       498,828,000.00      976.97041351    0.00000000      16.29979063    0.00000000
 A-2       252,102,000.00      973.70647718    0.00000000      15.50949631    0.00000000
A-3-A      247,874,000.00      970.08894140    0.00000000       7.57209046    0.00000000
A-3-B        3,956,000.00      970.08894085    0.00000000       7.57209050    0.00000000
 X-A                 0.00        0.00000000    0.00000000       0.00000000    0.00000000
 X-B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000
 B-1        18,900,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-2        11,025,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-3         6,300,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-4         3,150,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-5         2,625,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-6         5,250,582.74     1000.00000000    0.00000000       0.00000000    0.00000000
 A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000

<CAPTION>
           Realized             Total               Ending                  Ending            Total Principal
Class      Loss (3)      Principal Reduction   Certificate Balance  Certificate Percentage      Distribution
-----      --------      -------------------   -------------------  ----------------------      ------------
<S>        <C>           <C>                   <C>                  <C>                       <C>
 A-1       0.00000000            16.29979063          960.67062288              0.96067062        16.29979063
 A-2       0.00000000            15.50949631          958.19698086              0.95819698        15.50949631
A-3-A      0.00000000             7.57209046          962.51685094              0.96251685         7.57209046
A-3-B      0.00000000             7.57209050          962.51685035              0.96251685         7.57209050
 X-A       0.00000000             0.00000000            0.00000000              0.00000000         0.00000000
 X-B       0.00000000             0.00000000            0.00000000              0.00000000         0.00000000
 B-1       0.00000000             0.00000000         1000.00000000              1.00000000         0.00000000
 B-2       0.00000000             0.00000000         1000.00000000              1.00000000         0.00000000
 B-3       0.00000000             0.00000000         1000.00000000              1.00000000         0.00000000
 B-4       0.00000000             0.00000000         1000.00000000              1.00000000         0.00000000
 B-5       0.00000000             0.00000000         1000.00000000              1.00000000         0.00000000
 B-6       0.00000000             0.00000000         1000.00000000              1.00000000         0.00000000
 A-R       0.00000000             0.00000000            0.00000000              0.00000000         0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                Beginning                     Payment of
                                               Certificate/       Current        Unpaid
           Original Face        Current          Notional         Accrued       Interest
Class          Amount       Certificate Rate     Balance         Interest      Shortfall
-----          ------       ----------------     -------         --------      ---------
<S>        <C>              <C>                <C>              <C>           <C>
 A-1         498,828,000.00         2.94563%   487,340,197.43   1,196,271.38          0.00
 A-2         252,102,000.00         2.22000%   245,473,350.31     454,125.70          0.00
A-3-A        247,874,000.00         2.28500%   240,459,826.26     457,875.59          0.00
A-3-B          3,956,000.00         2.51000%     3,837,671.85       8,027.13          0.00
 X-A                   0.00         0.75211%   489,770,848.42     306,969.10          0.00
 X-B                   0.00         0.37239%    29,925,000.00       9,286.50          0.00
 B-1          18,900,000.00         2.46000%    18,900,000.00      38,745.00          0.00
 B-2          11,025,000.00         2.85000%    11,025,000.00      26,184.38          0.00
 B-3           6,300,000.00         2.97608%     6,300,000.00      15,624,39          0.00
 B-4           3,150,000.00         2.97608%     3,150,000.00       7,812.20          0.00
 B-5           2,625,000.00         2.97608%     2,625,000.00       6,510.16          0.00
 B-6           5,250,582.74         2.97608%     5,250,582.74      13,021.77          0.00
 A-R                 100.00         2.93939%             0.00           0.00          0.00
           ----------------                                     ------------          ----
 Totals    1,050,010,682.74                                     2,540,453.30          0.00
           ----------------                                     ------------          ----

<CAPTION>
                         Non-                                      Remaining          Ending
           Current     Supported                                    Unpaid         Certificate/
           Interest     Interest    Realized     Total Interest    Interest         Notational
Class     Shortfall     Shortfall    Loss (4)     Distribution     Shortfall          Balance
-----     ---------     ---------    --------     ------------     ---------          -------
<S>       <C>          <C>          <C>          <C>               <C>             <C>
 A-1         0.00         0.00         0.00       1,196,271.38        0.00         479,209,405.47
 A-2         0.00         0.00         0.00         454,125.70        0.00         241,563,375.27
A-3-A        0.00         0.00         0.00         457,875.59        0.00         238,582,901.91
A-3-B        0.00         0.00         0.00           8,027.13        0.00           3,807,716.66
 X-A         0.00         0.00         0.00         306,969.11        0.00         483,953,993.84
 X-B         0.00         0.00         0.00           9,286.50        0.00          29,925,000.00
 B-1         0.00         0.00         0.00          39,745.00        0.00          18,900,000.00
 B-2         0.00         0.00         0.00          26,184.38        0.00          11,025,000.00
 B-3         0.00         0.00         0.00          15,624.39        0.00           6,300,000.00
 B-4         0.00         0.00         0.00           7,812.20        0.00           3,150,000.00
 B-5         0.00         0.00         0.00           6,510.16        0.00           2,625,000.00
 B-6         0.00         0.00         0.00          13,021.77        0.00           5,250,582.74
 A-R         0.00         0.00         0.00               1.55        0.00                   0.00
             ----         ----         ----       ------------        ----
 Totals      0.00         0.00         0.00       2,540,454.85        0.00
             ----         ----         ----       ------------        ----
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                             Payment of
                             Current     Beginning                             Unpaid
Class     Original Face    Certificate  Certificate/      Current Accrued     Interest
 (5)           Amount          Rate    Notional Balance        Interest       Shortfall
 ---           ------          ----    ----------------        --------       ---------
<S>       <C>              <C>         <C>                <C>                <C>
 A-1       498,828,000.00    2.94563%      976.97041351        2.39816406     0.00000000
 A-2       252,102,000.00    2.22000%      973.70647718        1.80135699     0.00000000
A-3-A      247,874,000.00    2.28500%      970.08894140        1.84721104     0.00000000
A-3-B        3,956,000.00    2.51000%      970.08894085        2.02910263     0.00000000
 X-A                 0.00    0.75211%      971.89868558        0.60914786     0.00000000
 X-B                 0.00    0.37239%     1000.00000000        0.31032581     0.00000000
 B-1        18,900,000.00    2.46000%     1000.00000000        2.05000000     0.00000000
 B-2        11,025,000.00    2.85000%     1000.00000000        2.37500045     0.00000000
 B-3         6,300,000.00    2.97608%     1000.00000000        2.48006190     0.00000000
 B-4         3,150,000.00    2.97608%     1000.00000000        2.48006349     0.00000000
 B-5         2,625,000.00    2.97608%     1000.00000000        2.48006095     0.00000000
 B-6         5,250,582.74    2.97608%     1000.00000000        2.48006186     0.00000000
 A-R               100.00    2.93939%        0.00000000        0.00000000     0.00000000

<CAPTION>
                          Non-                                      Remaining
           Current     Supported                                      Unpaid
Class     Interest      Interest       Realized      Total Interest  Interest    Ending Certificate/
 (5)      Shortfall     Shortfall      Loss (6)       Distribution  Shortfall    Notational Balance
 ---      ---------     ---------      --------       ------------  ---------    ------------------
<S>     <C>           <C>            <C>             <C>            <C>          <C>
 A-1    0.00000000    0.00000000     0.00000000        2.39816406   0.00000000         960.67062288
 A-2    0.00000000    0.00000000     0.00000000        1.80135699   0.00000000         958.19698086
A-3-A   0.00000000    0.00000000     0.00000000        1.84721104   0.00000000         962.51685094
A-3-B   0.00000000    0.00000000     0.00000000        2.02910263   0.00000000         962.51685035
 X-A    0.00000000    0.00000000     0.00000000        0.60914786   0.00000000         960.35575006
 X-B    0.00000000    0.00000000     0.00000000        0.31032581   0.00000000        1000.00000000
 B-1    0.00000000    0.00000000     0.00000000        2.05000000   0.00000000        1000.00000000
 B-2    0.00000000    0.00000000     0.00000000        2.37500045   0.00000000        1000.00000000
 B-3    0.00000000    0.00000000     0.00000000        2.48006190   0.00000000        1000.00000000
 B-4    0.00000000    0.00000000     0.00000000        2.48006349   0.00000000        1000.00000000
 B-5    0.00000000    0.00000000     0.00000000        2.48006095   0.00000000        1000.00000000
 B-6    0.00000000    0.00000000     0.00000000        2.48006186   0.00000000        1000.00000000
 A-R    0.00000000    0.00000000     0.00000000       15.50000000   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                          16,695,420.93
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                              124,019.52
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                     -------------
Total Deposits                                                       16,819,440.45

Withdrawals
         Reimbursement for Servicer Advances                              5,180.47
         Payment of Service Fee                                         326,158.59
         Payment of Interest and Principal                           16,488,101.39
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         16,819,440.45

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                                   321,463.60
Master Servicing Fee                                    4,694.99
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     326,158.59
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
                 -----       -------
<S>             <C>       <C>
0-29 Days          0               0.00
30 Days           146     47,970,756.49
60 Days            1         540,000.00
90 Days            2         691,499.95
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  ---     -------------
                  149     49,202,256.44
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
                 -----       -------
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        4.805793%    4.747616%
60 Days        0.032916%    0.053443%
90 Days        0.065833%    0.068437%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               4.904542%    4.869496%
</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        146      47,970,756.49
60 Days         1          540,000.00
90 Days         2          691,499.95
120 Days        0                0.00
150 Days        0                0.00
180+ Days       0                0.00
               ---      -------------
               149      49,202,256.44
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
              -----        -------
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     4.805793%     4.747616%
60 Days     0.032916%     0.053443%
90 Days     0.065833%     0.068437%
120 Days    0.000000%     0.000000%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            4.904542%     4.869496%
</TABLE>

<TABLE>
<S>                                         <C>                                                 <C>    <C>               <C>
Current Period Class A Insufficient Funds:  0.00  Principal Balance of Contaminated Properties  0.00   Periodic Advance  124,019.52
</TABLE>

<TABLE>
<CAPTION>
             Original $       Original%       Current $        Current %   Current Class %   Prepayment %
             ----------       ---------       ---------        ---------   ---------------   ------------
<S>         <C>               <C>           <C>                <C>         <C>               <C>
Class A     47,250,582.74      4.50000972%  47,250,582.74      4.67635876%       95.323641%       0.000000%
Class B-1   28,350,582.74      2.70002803%  28,350,582.74      2.80583832%        1.870520%      39.999507%
Class B-2   17,325,582.74      1.65003871%  17,325,582.74      1.71470140%        1.091137%      23.333046%
Class B-3   11,025,582.74      1.05004482%  11,025,582.74      1.09119459%        0.623507%      13.333169%
Class B-4    7,875,582.74      0.75004787%   7,875,582.74      0.77944119%        0.311753%       6.666584%
Class B-5    5,250,582.74      0.50005041%   5,250,582.74      0.51964668%        0.259795%       5.555487%
Class B-6            0.00      0.00000000%           0.00      0.00000000%        0.519647%      11.112207%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

                                   DELINQUENT
GROUP ONE

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>       <C>
0-29 Days           0               0.00
30 Days            73      23,304,977.05
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
                   --      -------------
                   73      23,304,977.05
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        4.889484%    4.635819%
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%
               --------     --------
               4.889484%    4.635819%
</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         73      23,304,977.05
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
               ---      -------------
                73      23,304,977.05
</TABLE>

<TABLE>
<CAPTION>
             No. of       Principal
             Loans         Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     4.889484%     4.635819%
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%
            --------      --------
            4.889484%     4.635819%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>             <C>        <C>
0-29 Days          0                0.00
30 Days           31       10,117,452.86
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
                  --       -------------
                  31       10,117,452.86
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        4.269972%    3.992006%
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%
               --------     --------
               4.269972%    3.992006%
</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         31      10,117,452.86
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
                --      -------------
                31      10,117,452.86
</TABLE>

<TABLE>
<CAPTION>
             No. of       Principal
             Loans         Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     4.269972%     3.992006%
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%
            --------      --------
            4.269972%     3.992006%
</TABLE>

<PAGE>

                                   DELINQUENT

GROUP THREE

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>       <C>
0-29 Days          0                0.00
30 Days           42       14,548,326.58
60 Days            1          540,000.00
90 Days            2          691,499.95
120 Days           0                0.00
150 Days           0                0.00
180+ Days          0                0.00
                  --       -------------
                  45       15,779,826.53
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        5.128205%    5.721839%
60 Days        0.122100%    0.212381%
90 Days        0.244200%    0.271966%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               5.494505%    6.206187%
</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         42      14,548,326.58
60 Days          1         540,000.00
90 Days          2         691,499.95
120 Days         0               0.00
150 Days         0               0.00
180+ Days        0               0.00
                --      -------------
                45      15,779,826.53
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     5.128205%     5.721839%
60 Days     0.122100%     0.212381%
90 Days     0.244200%     0.271966%
120 Days    0.000000%     0.000000%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            5.494505%     6.206187%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT
\
<TABLE>
<S>                                                        <C>
Collateral Description                                            Mixed Arm

Weighted Average Gross Coupon                                      3.358126%
Weighted Average Net Coupon                                        2.981544%
Weighted Average Pass-Through Rate                                 2.976044%
Weighted Average Maturity (Stepdown Calculation)                        339

Beginning Scheduled Collateral Loan Count                             3,067
Number of Loans Paid in Full                                             29
Ending Scheduled Collateral Loan Count                                3,038

Beginning Scheduled Collateral Balance                     1,024,361,628.59
Ending Scheduled Collateral Balance                        1,010,413,982.05
Ending Actual Collateral Balance at 29-Oct-2004            1,010,417,883.28

Monthly P&I Constant                                           2,866,612.80
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realization Loss Amount                                                0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                        16,370,915.44

Scheduled Principal                                                    0.00
Unscheduled Principal                                         13,947,646.54
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                             <C>
Rapid Prepayment Event                          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                              3.327916         3.434974            3.341167            3.358126
Weighted Average Net Rate                                 2.951135         3.058898            2.964473            2.981544
Pass-Through Rate                                         2.945636         3.053398            2.958973            2.976044
Weighted Average Maturity                                      338              336                 344                 339
Record Date                                             10/29/2004       10/29/2004          10/29/2004          10/29/2004
Principal and Interest Constant                       1,416,708.11       736,664.83          713,239.86        2,866,612.80
Beginning Loan Count                                         1,509              734                 824               3,067
Loans Paid in Full                                              16                8                   5                  29
Ending Loan Count                                            1,493              726                 819               3,038
Beginning Scheduled Balance                         510,845,203.96   257,352,082.28      256,164,342.35    1,024,361,628.59
Ending Scheduled Balance                            502,714,412.00   253,442,107.24      254,257,462.81    1,010,413,982.05
Scheduled Principal                                           0.00             0.00                0.00                0.00
Unscheduled Principal                                 8,130,791.96     3,909,975.04        1,906,879.54       13,947,646.54
Scheduled Interest                                    1,416,708.11       736,664.83          713,239.86        2,866,612.80
Servicing Fee                                           160,397.25        80,653.37           80,412.98          321,463.60
Master Servicing Fee                                      2,341.37         1,179.53            1,174.09            4,694.99
Trustee Fee                                                   0.00             0.00                0.00                0.00
FRY Amount                                                    0.00             0.00                0.00                0.00
Special Hazard Fee                                            0.00             0.00                0.00                0.00
Other Fee                                                     0.00             0.00                0.00                0.00
Pool Insurance Fee                                            0.00             0.00                0.00                0.00
Spread 1                                                      0.00             0.00                0.00                0.00
Spread 2                                                      0.00             0.00                0.00                0.00
Spread 3                                                      0.00             0.00                0.00                0.00
Net Interest                                          1,253,969.49       654,831.93          631,652.79        2,540,454.21
Realized Loss Amount                                          0.00             0.00                0.00                0.00
Cumulative Realized Loss                                      0.00             0.00                0.00                0.00
Percentage of Cumulative Losses                               0.00             0.00                0.00                0.00
Prepayment Penalties                                          0.00             0.00                0.00                0.00
Special Servicing Fee                                         0.00             0.00                0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Group One
Principal Transfer Amount                                                  0.00
Pro-Rata Senior Percent                                               95.398801%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Interest Transfer Amount                                                   0.00

Group Two
One-Month LIBOR Loan Balance                                     174,357,972.78
Six-Month LIBOR Loan Balance                                      79,084,134.46
Principal Transfer Amount                                                  0.00
Pro-Rata Senior Percent                                               95.384249%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Interest Transfer Amount                                                   0.00

Group Three
Principal Transfer Amount                                                  0.00
Pro-Rate Senior Percent                                               95.367488%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Interest Transfer Amount                                                   0.00
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}]]