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 2004-2
                           RECORD DATE: JUNE 30, 2004
                        DISTRIBUTION DATE: JULY 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate  Certificate     Beginning
                        Class        Pass-       Certificate      Interest       Principal
   Class    CUSIP    Description  Through Rate     Balance      Distribution   Distribution
--------------------------------------------------------------------------------------------
<S>       <C>        <C>          <C>           <C>             <C>            <C>
     A    81744FAN7      SEN           1.45000% 646,762,283.43     781,504.43  13,558,352.28
    X-1   81744FAP2       IO           0.80000%           0.00     385,585.39           0.00
    X-2   81744FAQ0       IO           0.58789%           0.00     316,860.11           0.00
    X-B   81744FAR8       IO           0.79215%           0.00      12,247.19           0.00
    B-1   81744FAT4      SUB           1.78000%  11,550,000.00      17,132.50           0.00
    B-2   81744FAU1      SUB           2.26000%   7,000,000.00      13,183.33           0.00
    B-3   81744FAV9      SUB           2.75328%   3,150,000.00       7,227.37           0.00
    B-4   81744FAW7      SUB           2.75328%   1,750,000.00       4,015.21           0.00
    B-5   81744FAX5      SUB           2.75328%   1,400,000.00       3,212.16           0.00
    B-6   81744FAY6      SUB           2.75328%   3,150,069.00       7,227.53           0.00
    A-R   81744FAS6      RES           2.74841%           0.00           0.00           0.00
--------------------------------------------------------------------------------------------
Totals                                          674,762,352.43   1,548,195.22  13,558,352.28
--------------------------------------------------------------------------------------------

<CAPTION>
                            Ending
             Current      Certificate       Total        Cumulative
   Class  Realized Loss     Balance      Distribution   Realized Loss
---------------------------------------------------------------------
<S>       <C>            <C>             <C>            <C>
     A        0.00       633,203,931.15  14,339,856.71      0.00
    X-1       0.00                 0.00     385,585.39      0.00
    X-2       0.00                 0.00     316,860.11      0.00
    X-B       0.00                 0.00      12,247.19      0.00
    B-1       0.00        11,550,000.00      17,132.50      0.00
    B-2       0.00         7,000,000.00      13,183.33      0.00
    B-3       0.00         3,150,000.00       7,227.37      0.00
    B-4       0.00         1,750,000.00       4,015.21      0.00
    B-5       0.00         1,400,000.00       3,212.16      0.00
    B-6       0.00         3,150,069.00       7,227.53      0.00
    A-R       0.00                 0.00           0.00      0.00
---------------------------------------------------------------------
Totals        0.00       661,204,000.15  15,106,547.50      0.00
---------------------------------------------------------------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                            Beginning      Scheduled    Unscheduled
          Original Face    Certificate     Principal      Principal               Realized
   Class     Amount          Balance      Distribution  Distribution   Accretion  Loss (1)
------------------------------------------------------------------------------------------
<S>       <C>             <C>             <C>           <C>            <C>        <C>
     A    671,998,000.00  646,762,283.43      0.00      13,558,352.28    0.00       0.00
    X-1             0.00            0.00      0.00               0.00    0.00       0.00
    X-2             0.00            0.00      0.00               0.00    0.00       0.00
    X-B             0.00            0.00      0.00               0.00    0.00       0.00
    B-1    11,550,000.00   11,550,000.00      0.00               0.00    0.00       0.00
    B-2     7,000,000.00    7,000,000.00      0.00               0.00    0.00       0.00
    B-3     3,150,000.00    3,150,000.00      0.00               0.00    0.00       0.00
    B-4     1,750,000.00    1,750,000.00      0.00               0.00    0.00       0.00
    B-5     1,400,000.00    1,400,000.00      0.00               0.00    0.00       0.00
    B-6     3,150,069.00    3,150,069.00      0.00               0.00    0.00       0.00
    A-R           100.00            0.00      0.00               0.00    0.00       0.00
------------------------------------------------------------------------------------------
Totals    699,998,169.00  674,762,352.43      0.00      13,558,352.28    0.00       0.00
------------------------------------------------------------------------------------------

<CAPTION>
              Total          Ending         Ending
            Principal     Certificate    Certificate  Total Principal
   Class    Reduction       Balance      Percentage    Distribution
---------------------------------------------------------------------
<S>       <C>            <C>             <C>          <C>
     A    13,558,352.28  633,203,931.15   0.94227056    13,558,352.28
    X-1            0.00            0.00   0.00000000             0.00
    X-2            0.00            0.00   0.00000000             0.00
    X-B            0.00            0.00   0.00000000             0.00
    B-1            0.00   11,550,000.00   1.00000000             0.00
    B-2            0.00    7,000,000.00   1.00000000             0.00
    B-3            0.00    3,150,000.00   1.00000000             0.00
    B-4            0.00    1,750,000.00   1.00000000             0.00
    B-5            0.00    1,400,000.00   1.00000000             0.00
    B-6            0.00    3,150,069.00   1.00000000             0.00
    A-R            0.00            0.00   0.00000000             0.00
---------------------------------------------------------------------
Totals    13,558,352.28  661,204,000.15   0.94457961    13,558,352.28
---------------------------------------------------------------------
</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.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                         Beginning     Scheduled     Unscheduled
       Original Face    Certificate    Principal      Principal                Realized
Class     Amount          Balance     Distribution  Distribution  Accretion     Loss(3)
----------------------------------------------------------------------------------------
<S>    <C>             <C>            <C>           <C>           <C>         <C>
  A    671,998,000.00   962.44673858   0.00000000    20.17617951  0.00000000  0.00000000
 X-1             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-2             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-1    11,550,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-2     7,000,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-3     3,150,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-4     1,750,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-5     1,400,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-6     3,150,069.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 A-R           100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000

<CAPTION>
          Total         Ending        Ending
        Principal    Certificate   Certificate   Total Principal
Class   Reduction      Balance      Percentage    Distribution
----------------------------------------------------------------
<S>    <C>          <C>            <C>           <C>
  A    20.17617951   942.27055906   0.94227056     20.17617951
 X-1    0.00000000     0.00000000   0.00000000      0.00000000
 X-2    0.00000000     0.00000000   0.00000000      0.00000000
 X-B    0.00000000     0.00000000   0.00000000      0.00000000
 B-1    0.00000000  1000.00000000   1.00000000      0.00000000
 B-2    0.00000000  1000.00000000   1.00000000      0.00000000
 B-3    0.00000000  1000.00000000   1.00000000      0.00000000
 B-4    0.00000000  1000.00000000   1.00000000      0.00000000
 B-5    0.00000000  1000.00000000   1.00000000      0.00000000
 B-6    0.00000000  1000.00000000   1.00000000      0.00000000
 A-R    0.00000000     0.00000000   0.00000000      0.00000000
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                          Beginning                   Payment of                   Non-
                            Current      Certificate/      Current      Unpaid     Current      Supported
          Original Face   Certificate      Notional        Accrued     Interest    Interest      Interest    Realized
 Class        Amount         Rate          Balance        Interest    Shortfall   Shortfall     Shortfall    Loss (4)
---------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>           <C>             <C>           <C>         <C>          <C>           <C>
   A      671,998,000.00    1.45000%    646,762,283.43    781,504.43     0.00       0.00           0.00        0.00
  X-1               0.00    0.80000%    578,365,718.65    385,577.15     0.00       0.00           0.00        0.00
  X-2               0.00    0.58789%    646,762,283.43    316,851.87     0.00       0.00           0.00        0.00
  X-B               0.00    0.79215%     18,550,000.00     12,245.35     0.00       0.00           0.00        0.00
  B-1      11,550,000.00    1.78000%     11,550,000.00     17,132.50     0.00       0.00           0.00        0.00
  B-2       7,000,000.00    2.26000%      7,000,000.00     13,183.33     0.00       0.00           0.00        0.00
  B-3       3,150,000.00    2.75328%      3,150,000.00      7,227.37     0.00       0.00           0.00        0.00
  B-4       1,750,000.00    2.75328%      1,750,000.00      4,015.21     0.00       0.00           0.00        0.00
  B-5       1,400,000.00    2.75328%      1,400,000.00      3,212.16     0.00       0.00           0.00        0.00
  B-6       3,150,069.00    2.75328%      3,150,069.00      7,227.53     0.00       0.00           0.00        0.00
  A-R             100.00    2.74841%              0.00          0.00     0.00       0.00           0.00        0.00
---------------------------------------------------------------------------------------------------------------------
Totals    699,998,169.00                                1,548,176.90     0.00       0.00           0.00        0.00
---------------------------------------------------------------------------------------------------------------------

<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
 Class   Distribution   Shortfall      Balance
-------------------------------------------------
<S>     <C>             <C>        <C>
   A       781,504.43     0.00     633,203,931.15
  X-1      385,585.39     0.00     556,984,130.59
  X-2      316,860.11     0.00     633,203,931.15
  X-B       12,247.19     0.00      18,550,000.00
  B-1       17,132.50     0.00      11,550,000.00
  B-2       13,183.33     0.00       7,000,000.00
  B-3        7,227.37     0.00       3,150,000.00
  B-4        4,015.21     0.00       1,750,000.00
  B-5        3,212.16     0.00       1,400,000.00
  B-6        7,227.53     0.00       3,150,069.00
  A-R            0.00     0.00               0.00
-------------------------------------------------
Totals   1,548,195.22     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
            Original Face   Certificate    Certificate/    Current Accrued   Interest    Interest    Interest    Realized
Class (5)       Amount         Rate      Notional Balance     Interest      Shortfall   Shortfall   Shortfall    Loss (6)
--------------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
    A       671,998,000.00    1.45000%     962.44673858      1.16295648     0.00000000  0.00000000  0.00000000  0.00000000
   X-1                0.00    0.80000%     860.66583331      0.57377723     0.00000000  0.00000000  0.00000000  0.00000000
   X-2                0.00    0.58789%     962.44673858      0.47150716     0.00000000  0.00000000  0.00000000  0.00000000
   X-B                0.00    0.79215%    1000.00000000      0.66012668     0.00000000  0.00000000  0.00000000  0.00000000
   B-1       11,550,000.00    1.78000%    1000.00000000      1.48333333     0.00000000  0.00000000  0.00000000  0.00000000
   B-2        7,000,000.00    2.26000%    1000.00000000      1.88333286     0.00000000  0.00000000  0.00000000  0.00000000
   B-3        3,150,000.00    2.75328%    1000.00000000      2.29440317     0.00000000  0.00000000  0.00000000  0.00000000
   B-4        1,750,000.00    2.75328%    1000.00000000      2.29440571     0.00000000  0.00000000  0.00000000  0.00000000
   B-5        1,400,000.00    2.75328%    1000.00000000      2.29440000     0.00000000  0.00000000  0.00000000  0.00000000
   B-6        3,150,069.00    2.75328%    1000.00000000      2.29440371     0.00000000  0.00000000  0.00000000  0.00000000
   A-R              100.00    2.74841%       0.00000000      0.00000000     0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                           Remaining
                             Unpaid
           Total Interest   Interest   Ending Certificate/
Class (5)   Distribution   Shortfall   Notational Balance
---------------------------------------------------------
<S>        <C>             <C>         <C>
    A        1.16295648    0.00000000     942.27055906
   X-1       0.57378949    0.00000000     828.84789923
   X-2       0.47151942    0.00000000     942.27055906
   X-B       0.66022588    0.00000000    1000.00000000
   B-1       1.48333333    0.00000000    1000.00000000
   B-2       1.88333286    0.00000000    1000.00000000
   B-3       2.29440317    0.00000000    1000.00000000
   B-4       2.29440571    0.00000000    1000.00000000
   B-5       2.29440000    0.00000000    1000.00000000
   B-6       2.29440371    0.00000000    1000.00000000
   A-R       0.00000000    0.00000000       0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                                  15,358,269.90
         Liquidations, Insurance Proceeds, Reserve Funds                             18.32
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       12,543.26
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               15,370,831.48

Withdrawals
         Reimbursement for Servicer Advances                                     46,695.82
         Payment of Service Fee                                                 217,588.17
         Payment of Interest and Principal                                   15,106,547.49
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 15,370,831.48

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                                                    212,246.30
Master Servicing Fee                                                     5,341.87
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      217,588.17
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                        Beginning    Current     Current    Ending
     Account Type        Balance   Withdrawals  Deposits    Balance
---------------------   ---------  -----------  --------   --------
<S>                     <C>        <C>          <C>        <C>
Class X-1 Sub Account    4,500.00      8.24       8.24     4,500.00
Class X-2 Sub Account    4,500.00      8.24       8.24     4,500.00
Class X-B Sub Account    1,000.00      1.84       1.84     1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                      BANKRUPTCY                       FORECLOSURE
-------------------------------------------------------------------------------------------------------
           No. of       Principal                No. of     Principal              No. of     Principal
           Loans         Balance                 Loans       Balance               Loans       Balance
<S>        <C>         <C>            <C>        <C>        <C>         <C>        <C>        <C>
0-29 Days    0                 0.00   0-29 Days    0          0.00      0-29 Days    0          0.00
30 Days      15        4,616,302.37   30 Days      0          0.00      30 Days      0          0.00
60 Days      1           506,400.00   60 Days      0          0.00      60 Days      0          0.00
90 Days      0                 0.00   90 Days      0          0.00      90 Days      0          0.00
120 Days     1           748,000.00   120 Days     0          0.00      120 Days     0          0.00
150 Days     0                 0.00   150 Days     0          0.00      150 Days     0          0.00
180+ Days    0                 0.00   180+ Days    0          0.00      180+ Days    0          0.00
           ------------------------               -------------------              -------------------
             16        5,122,702.37                0          0.00                   0          0.00

             No. of     Principal                 No. of    Principal               No. of    Principal
             Loans       Balance                   Loans     Balance                 Loans     Balance

0-29 Days   0.000000%  0.000000%      0-29 Days   0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days     0.778816%  0.698166%      30 Days     0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days     0.051921%  0.076588%      60 Days     0.000000%  0.000000%  60 Days    0.000000%  0.000000%
90 Days     0.000000%  0.000000%      90 Days     0.000000%  0.000000%  90 Days    0.000000%  0.000000%
120 Days    0.051020%  0.110854%      120 Days    0.000000%  0.000000%  120 Days   0.000000%  0.000000%
150 Days    0.000000%  0.000000%      150 Days    0.000000%  0.000000%  150 Days   0.000000%  0.000000%
180+ Days   0.000000%  0.000000%      180+ Days   0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
           --------------------                  --------------------              -------------------
            0.830737%  0.774753%                  0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
                   REO                             TOTAL
-------------------------------------------------------------------
            No. of   Principal              No. of      Principal
            Loans     Balance               Loans        Balance
<S>         <C>      <C>         <C>        <C>        <C>
0-29 Days     0        0.00      0-29 Days    0                0.00
30 Days       0        0.00      30 Days      15       4,616,302.37
60 Days       0        0.00      60 Days      1          506,400.00
90 Days       0        0.00      90 Days      0                0.00
120 Days      0        0.00      120 Days     1          748,000.00
150 Days      0        0.00      150 Days     0                0.00
180+ Days     0        0.00      180+ Days    0                0.00
            ---------------                  ----------------------
              0        0.00                   16       5,122,702.37

            No. of   Principal               No. of    Principal
            Loans     Balance                 Loans     Balance

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    0.000000%  0.000000%  30 Days    0.778816%  0.698166%
60 Days    0.000000%  0.000000%  60 Days    0.051921%  0.076588%
90 Days    0.000000%  0.000000%  90 Days    0.000000%  0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.051020%  0.110854%
150 Days   0.000000%  0.000000%  150 Days   0.000000%  0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
           -------------------              -------------------
           0.000000%  0.000000%             0.830737%  0.774753%
</TABLE>

<TABLE>
<S>                                         <C>    <C>                                            <C>    <C>               <C>
Current Period Class A Insufficient Funds:  0.00   Principal Balance of Contaminated Properties   0.00   Periodic Advance  12,543.26
</TABLE>

<TABLE>
<CAPTION>
            Original $    Original %    Current $     Current %  Current Class %  Prepayment %
           -------------  ----------  -------------  ----------  ---------------  ------------
<S>        <C>            <C>         <C>            <C>         <C>             <C>
Class A    28,000,069.00  4.00002032% 28,000,069.00  4.23470956%   95.765290%      0.000000%
Class X-1  28,000,069.00  4.00002032% 28,000,069.00  4.23470956%    0.000000%      0.000000%
Class X-2  28,000,069.00  4.00002032% 28,000,069.00  4.23470956%    0.000000%      0.000000%
Class B-1  16,450,069.00  2.35001600% 16,450,069.00  2.48789617%    1.746813%     41.249898%
Class B-2   9,450,069.00  1.35001339%  9,450,069.00  1.42922139%    1.058675%     24.999938%
Class B-3   6,300,069.00  0.90001221%  6,300,069.00  0.95281774%    0.476404%     11.249972%
Class B-4   4,550,069.00  0.65001156%  4,550,069.00  0.68814904%    0.264669%      6.249985%
Class B-5   3,150,069.00  0.45001103%  3,150,069.00  0.47641409%    0.211735%      4.999988%
Class B-6           0.00  0.00000000%          0.00  0.00000000%    0.476414%     11.250219%
</TABLE>

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                                     Mixed Arm
<S>                                                                   <C>
Weighted Average Gross Coupon                                               3.140201%
Weighted Average Net Coupon                                                 2.762741%
Weighted Average Pass-Through Rate                                          2.753241%
Weighted Average Maturity (Stepdown Calculation)                                 340

Beginning Scheduled Collateral Loan Count                                      1,960
Number of Loans Paid in Full                                                      34
Ending Scheduled Collateral Loan Count                                         1,926

Beginning Scheduled Collateral Balance                                674,762,352.50
Ending Scheduled Collateral Balance                                   661,204,000.22
Ending Actual Collateral Balance at 30-June-2004                      661,204,180.48

Monthly P&I Constant                                                    1,765,741.00
Special Servicing Fee                                                           0.00
Prepayment Penalties                                                            0.00
Realization Loss Amount                                                         0.00
Cumulative Realized Loss                                                        0.00

Class A Optimal Amount                                                 15,054,531.06

Ending Scheduled Balance for Premium Loans                            661,204,000.22

Scheduled Principal                                                             0.00
Unscheduled Principal                                                  13,558,352.28
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
One-Month Libor Loan Balance                                      74,247,925.03
Six-Month Libor Loan Balance                                     586,956,075.19
Prorata Senior Percentage                                             95.850381%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      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 2004-6
                           RECORD DATE: JUNE 30, 2004
                        DISTRIBUTION DATE: JULY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                            Certificate     Certificate         Beginning
                               Class           Pass-           Certificate        Interest
 Class          CUSIP       Description     Through Rate         Balance        Distribution
 -----          -----       -----------     ------------         -------        ------------
<S>           <C>           <C>             <C>              <C>                <C>
  A-1         81744FCG0         SEN           2.79942%       500,000,000.00     1,166,424.77
  A-2         81744FCH8         SEN           1.61000%       185,687,000.00       174,391.04
 A-3-A        81744FCJ4         SEN           2.16375%       196,500,000.00       248,019.84
 A-3-B        81744FCU9         SEN           2.30625%         3,500,000.00         4,708.59
  X-A         81744FCK1          IO           1.36302%                 0.00       438,081.28
  X-B         81744FCL9          IO           1.37308%                 0.00        28,577.22
  B-1         81744FCN5         SUB           1.83000%        15,725,000.00        16,786.44
  B-2         81744FCP0         SUB           2.21000%         9,250,000.00        11,924.79
  B-3         81744FCQ8         SUB           2.75260%         5,550,000.00        12,730.77
  B-4         81744FCR6         SUB           2.75260%         2,313,000.00         5,305.63
  B-5         81744FCS4         SUB           2.75260%         2,313,000.00         5,305.63
  B-6         81744FCT2         SUB           2.75260%         4,166,584.59         9,557.44
  A-R         81744FCM7          R            2.79942%               100.00            29.34
                                                             --------------     ------------
Totals                                                       925,004,684.59     2,121,842.78
                                                             --------------     ------------
</TABLE>

<TABLE>
<CAPTION>
                                                    Ending
                 Principal       Current         Certificate          Total          Cumulative
 Class         Distribution   Realized Loss        Balance         Distribution     Realized Loss
 -----         ------------   -------------        -------         ------------     -------------
<S>            <C>            <C>              <C>                 <C>              <C>
  A-1          5,975,366.53        0.00        494,024,633.47      7,141,791.30          0.00
  A-2          1,449,472.47        0.00        184,237,527.53      1,623,863.51          0.00
 A-3-A         3,108,959.29        0.00        193,391,040.71      3,356,979.13          0.00
 A-3-B            55,375.87        0.00          3,444,624.13         60,084.46          0.00
  X-A                  0.00        0.00                  0.00        438,081.28          0.00
  X-B                  0.00        0.00                  0.00         28,577.22          0.00
  B-1                  0.00        0.00         15,725,000.00         16,786.44          0.00
  B-2                  0.00        0.00          9,250,000.00         11,924.79          0.00
  B-3                  0.00        0.00          5,550,000.00         12,730.77          0.00
  B-4                  0.00        0.00          2,313,000.00          5,305.63          0.00
  B-5                  0.00        0.00          2,313,000.00          5,305.63          0.00
  B-6                  0.00        0.00          4,166,584.59          9,557.44          0.00
  A-R                100.00        0.00                  0.00            129.34          0.00
              -------------        ----        --------------     -------------          ----
Totals        10,589,274.16        0.00        914,415,410.43     12,711,116.94          0.00
              -------------        ----        --------------     -------------          ----
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                 Beginning        Scheduled      Unscheduled
            Original Face       Certificate       Principal       Principal                  Realized
 Class          Amount            Balance       Distribution     Distribution   Accretion    Loss (1)
 -----          ------            -------       ------------     ------------   ---------    --------
<S>        <C>                <C>               <C>              <C>            <C>          <C>
  A-1      500,000,000.00     500,000,000.00         0.00        5,975,366.53      0.00        0.00
  A-2      185,687,000.00     185,687,000.00         0.00        1,449,472.47      0.00        0.00
  A-3      196,500,000.00     196,500,000.00         0.00        3,108,959.29      0.00        0.00
  X-1        3,500,000.00       3,500,000.00         0.00           55,375.87      0.00        0.00
  X-2                0.00               0.00         0.00                0.00      0.00        0.00
  X-B                0.00               0.00         0.00                0.00      0.00        0.00
  B-1       15,725,000.00      15,725,000.00         0.00                0.00      0.00        0.00
  B-2        9,250,000.00       9,250,000.00         0.00                0.00      0.00        0.00
  B-3        5,550,000.00       5,550,000.00         0.00                0.00      0.00        0.00
  B-4        2,313,000.00       2,313,000.00         0.00                0.00      0.00        0.00
  B-5        2,313,000.00       2,313,000.00         0.00                0.00      0.00        0.00
  B-6        4,166,584.59       4,166,584.59         0.00                0.00      0.00        0.00
  A-R              100.00             100.00         0.00              100.00      0.00        0.00
           --------------     --------------         ----       -------------      ----        ----
Totals     925,004,684.59     925,004,684.59         0.00       10,589,274.16      0.00        0.00
           --------------     --------------         ----       -------------      ----        ----
</TABLE>

<TABLE>
<CAPTION>

          Total Principal  Ending Certificate  Ending Certificate   Total Principal
 Class       Reduction          Balance            Percentage        Distribution
 -----       ---------          -------            ----------        ------------
<S>       <C>              <C>                 <C>                  <C>
  A-1      5,975,366.53      494,024,633.47        0.98804927         5,975,366.53
  A-2      1,449,472.47      184,237,527.53        0.99219400         1,449,472.47
  A-3      3,108,959.29      193,391,040.71        0.98417832         3,108,959.29
  X-1         55,375.87        3,444,624.13        0.98417832            55,375.87
  X-2              0.00                0.00        0.00000000                 0.00
  X-B              0.00                0.00        0.00000000                 0.00
  B-1              0.00       15,725,000.00        1.00000000                 0.00
  B-2              0.00        9,250,000.00        1.00000000                 0.00
  B-3              0.00        5,550,000.00        1.00000000                 0.00
  B-4              0.00        2,313,000.00        1.00000000                 0.00
  B-5              0.00        2,313,000.00        1.00000000                 0.00
  B-6              0.00        4,166,584.59        1.00000000                 0.00
  A-R            100.00                0.00        0.00000000               100.00
          -------------      --------------        ----------        -------------
Totals    10,589,274.16      914,415,410.43        0.98855219        10,589,274.16
          -------------      --------------        ----------        -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                              Beginning       Scheduled      Unscheduled
           Original Face     Certificate      Principal       Principal                    Realized
Class         Amount           Balance       Distribution   Distribution     Accretion     Loss (3)
-----         ------           -------       ------------   ------------     ---------     --------
<S>       <C>               <C>              <C>            <C>              <C>          <C>
 A-1      500,000,000.00    1000.00000000     0.00000000      11.95073306    0.00000000   0.00000000
 A-2      185,687,000.00    1000.00000000     0.00000000       7.80599864    0.00000000   0.00000000
 A-3      196,500,000.00    1000.00000000     0.00000000      15.82167578    0.00000000   0.00000000
 X-1        3,500,000.00    1000.00000000     0.00000000      15.82167714    0.00000000   0.00000000
 X-2                0.00       0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 X-B                0.00       0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-1       15,725,000.00    1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-2        9,250,000.00    1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-3        5,550,000.00    1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-4        2,313,000.00    1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-5        2,313,000.00    1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-6        4,166,584.59    1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 A-R              100.00    1000.00000000     0.00000000    1000.00000000    0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
           Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class         Reduction          Balance            Percentage        Distribution
-----         ---------          -------            ----------        ------------
<S>        <C>              <C>                 <C>                  <C>
 A-1          11.95073306      988.04926694         0.98804927          11.95073306
 A-2           7.80599864      992.19400136         0.99219400           7.80599864
 A-3          15.82165758      984.17832422         0.98417832          15.82167578
 X-1          15.82167714      984.17832286         0.98417832          15.82167714
 X-2           0.00000000        0.00000000         0.00000000           0.00000000
 X-B           0.00000000        0.00000000         0.00000000           0.00000000
 B-1           0.00000000     1000.00000000         1.00000000           0.00000000
 B-2           0.00000000     1000.00000000         1.00000000           0.00000000
 B-3           0.00000000     1000.00000000         1.00000000           0.00000000
 B-4           0.00000000     1000.00000000         1.00000000           0.00000000
 B-5           0.00000000     1000.00000000         1.00000000           0.00000000
 B-6           0.00000000     1000.00000000         1.00000000           0.00000000
 A-R        1000.00000000        0.00000000         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
                              Current       Certificate/       Current        Unpaid
           Original Face    Certificate       Notional         Accrued       Interest
Class          Amount          Rate            Balance        Interest      Shortfall
-----          ------          ----            -------        --------      ---------
<S>       <C>               <C>            <C>              <C>             <C>
 A-1      500,000,000.00      2.79942%     500,000,000.00   1,166,424.77       0.00
 A-2      185,687,000.00      1.61000%     185,687,000.00     174,391.04       0.00
 A-3      196,500,000.00      2.16375%     196,500,000.00     248,019.84       0.00
 X-1        3,500,000.00      2.30625%       3,500,000.00       4,708.59       0.00
 X-2                0.00      1.36302%     385,687,000.00     438,081.28       0.00
 X-B                0.00      1.37308%      24,975,000.00      28,577.22       0.00
 B-1       15,725,000.00      1.83000%      15,725,000.00      16,786.44       0.00
 B-2        9,250,000.00      2.21000%       9,250,000.00      11,924.79       0.00
 B-3        5,550,000.00      2.75260%       5,550,000.00      12,730.77       0.00
 B-4        2,313,000.00      2.75260%       2,313,000.00       5,305.63       0.00
 B-5        2,313,000.00      2.75260%       2,313,000.00       5,305.63       0.00
 B-6        4,166,584.59      2.75260%       4,166,584.59       9,557.44       0.00
 A-R              100.00      2.79942%             100.00           0.23       0.00
          --------------                                    ------------       ----
Totals    925,004,684.59                                    2,121,813.67       0.00
          --------------                                    ------------       ----
</TABLE>

<TABLE>
<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      1,166,424.77        0.00       494,024,633.47
 A-2         0.00          0.00         0.00        174,391.04        0.00       184,237,527.53
 A-3         0.00          0.00         0.00        248,019.84        0.00       193,391,040.71
 X-1         0.00          0.00         0.00          4,708.59        0.00         3,444,624.13
 X-2         0.00          0.00         0.00        438,081.28        0.00       381,073,192.37
 X-B         0.00          0.00         0.00         28,577.22        0.00        24,975,000.00
 B-1         0.00          0.00         0.00         16,786.44        0.00        15,725,000.00
 B-2         0.00          0.00         0.00         11,924.79        0.00         9,250,000.00
 B-3         0.00          0.00         0.00         12,730.77        0.00         5,550,000.00
 B-4         0.00          0.00         0.00          5,305.63        0.00         2,313,000.00
 B-5         0.00          0.00         0.00          5,305.63        0.00         2,313,000.00
 B-6         0.00          0.00         0.00          9,557.44        0.00         4,166,584.59
 A-R         0.00          0.00         0.00             29.34        0.00                 0.00
             ----          ----         ----      ------------        ----
Totals       0.00          0.00         0.00      2,121,842.78        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     500,000,000.00     2.79942%     1000.00000000       2.33284954      0.00000000
 A-2     185,687,000.00     1.61000%     1000.00000000       0.93916666      0.00000000
 A-3     196,500,000.00     2.16375%     1000.00000000       1.26218748      0.00000000
 X-1       3,500,000.00     2.30625%     1000.00000000       1.34531143      0.00000000
 X-2               0.00     1.36302%     1000.00000000       1.13584663      0.00000000
 X-B               0.00     1.37308%     1000.00000000       1.14423303      0.00000000
 B-1      15,725,000.00     1.83000%     1000.00000000       1.06750016      0.00000000
 B-2       9,250,000.00     2.21000%     1000.00000000       1.28916649      0.00000000
 B-3       5,550,000.00     2.75260%     1000.00000000       2.29383243      0.00000000
 B-4       2,313,000.00     2.75260%     1000.00000000       2.29383052      0.00000000
 B-5       2,313,000.00     2.75260%     1000.00000000       2.29383052      0.00000000
 B-6       4,166,584.59     2.75260%     1000.00000000       2.29383078      0.00000000
 A-R             100.00     2.79942%     1000.00000000       2.30000000      0.00000000
</TABLE>

<TABLE>
<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       2.33284954     0.00000000      988.04926694
 A-2     0.00000000   0.00000000     0.00000000       0.93916666     0.00000000      992.19400136
 A-3     0.00000000   0.00000000     0.00000000       1.26218748     0.00000000      984.17832422
 X-1     0.00000000   0.00000000     0.00000000       1.34531143     0.00000000      984.17832286
 X-2     0.00000000   0.00000000     0.00000000       1.13584663     0.00000000      988.03743027
 X-B     0.00000000   0.00000000     0.00000000       1.14423303     0.00000000     1000.00000000
 B-1     0.00000000   0.00000000     0.00000000       1.06750016     0.00000000     1000.00000000
 B-2     0.00000000   0.00000000     0.00000000       1.28916649     0.00000000     1000.00000000
 B-3     0.00000000   0.00000000     0.00000000       2.29383243     0.00000000     1000.00000000
 B-4     0.00000000   0.00000000     0.00000000       2.29383052     0.00000000     1000.00000000
 B-5     0.00000000   0.00000000     0.00000000       2.29383052     0.00000000     1000.00000000
 B-6     0.00000000   0.00000000     0.00000000       2.29383078     0.00000000     1000.00000000
 A-R     0.00000000   0.00000000     0.00000000     293.40000000     0.00000000        0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                             13,001,163.03
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                   4,385.96
         Realized Losses (Gains, Subsequent Expenses & Recoveries)               0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          13,005,548.99

Withdrawals
         Reimbursement for Servicer Advances                                     0.00
         Payment of Service Fee                                            294,432.03
         Payment of Interest and Principal                              12,711,116.96
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            13,005,548.99

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                                           289,421.59
Master Servicing Fee                                            5,010.44
Supported Prepayment/Curtailment Interest Shortfall                 0.00
                                                              ----------
Net Servicing Fee                                             294,432.03
                                                              ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                        Beginning       Current      Current       Ending
        Account Type                     Balance      Withdrawals   Deposits       Balance
        ------------                     -------      -----------   --------       -------
<S>                                     <C>           <C>           <C>           <C>
Class X-A Pool 2 Comp Sub Account       4,500.00         0.00         0.00        4,500.00
Class X-A Pool 3 Comp Sub Account       4,500.00         0.00         0.00        4,500.00
Class X-B Sub Account                   1,000.00         0.00         0.00        1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                               BANKRUPTCY                         FORECLOSURE
----------------------------------------------------------------------------------------------------------------
                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance
<S>            <C>        <C>              <C>         <C>         <C>         <C>         <C>         <C>

0-29 Days             0           0.00     0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days               6   1,834,400.00     30 Days            0        0.00    30 Days            0        0.00
60 Days               0           0.00     60 Days            0        0.00    60 Days            0        0.00
90 Days               0           0.00     90 Days            0        0.00    90 Days            0        0.00
120 Days              0           0.00     120 Days           0        0.00    120 Days           0        0.00
150 Days              0           0.00     150 Days           0        0.00    150 Days           0        0.00
180+ Days             0           0.00     180+ Days          0        0.00    180+ Days          0        0.00
               --------   ------------                 --------    --------                --------    --------
                      6   1,834,400.00                        0        0.00                       0        0.00

                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance

0-29 Days      0.000000%      0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.214977%      0.200609%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%      0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%      0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%      0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%      0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%      0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------   ------------                 --------    --------                --------    --------
               0.214977%      0.200609%                0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
                REO                                 TOTAL
---------------------------------------------------------------------------
               No. of     Principal                 No. of      Principal
                Loans      Balance                  Loans        Balance
 <S>          <C>         <C>         <C>         <C>         <C>
 0-29 Days           0        0.00    0-29 Days          0            0.00
 30 Days             0        0.00    30 Days            6    1,834,400.00
 60 Days             0        0.00    60 Days            0            0.00
 90 Days             0        0.00    90 Days            0            0.00
 120 Days            0        0.00    120 Days           0            0.00
 150 Days            0        0.00    150 Days           0            0.00
 180+ Days           0        0.00    180+ Days          0            0.00
              --------    --------                --------    ------------
                     0        0.00                       6    1,834,400.00

               No. of     Principal                 No. of      Principal
                Loans      Balance                  Loans        Balance

 0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
 30 Days      0.000000%   0.000000%   30 Days     0.214977%       0.200609%
 60 Days      0.000000%   0.000000%   60 Days     0.000000%       0.000000%
 90 Days      0.000000%   0.000000%   90 Days     0.000000%       0.000000%
 120 Days     0.000000%   0.000000%   120 Days    0.000000%       0.000000%
 150 Days     0.000000%   0.000000%   150 Days    0.000000%       0.000000%
 180+ Days    0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
              --------    --------                --------        --------
              0.000000%   0.000000%               0.214977%       0.200609%
</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  4,385.96
</TABLE>

<TABLE>
<CAPTION>
                 Original $         Original%        Current $          Current %     Current Class %   Prepayment %
                 ----------         ---------        ---------          ---------     ---------------   ------------
<S>            <C>                 <C>             <C>                 <C>            <C>               <C>
Class A        39,317,584.59       4.25052816%     39,317,584.59       4.29975087%       95.700249%       0.000000%
Class B-1      23,592,584.59       2.55053677%     23,592,584.59       2.58007294%        1.719678%      39.994827%
Class B-2      14,342,584.59       1.55054183%     14,342,584.59       1.56849769%        1.011575%      23.526369%
Class B-3       8,792,584.59       0.95054487%      8,792,584.59       0.96155254%        0.606945%      14.115821%
Class B-4       6,479,584.59       0.70049208%      6,479,584.59       0.70860405%        0.252948%       5.882864%
Class B-5       4,166,584.59       0.45043930%      4,166,584.59       0.45565555%        0.252948%       5.882864%
Class B-6               0.00       0.00000000%              0.00%      0.00000000%        0.455656%      10.597255%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                               BANKRUPTCY                         FORECLOSURE
-------------------------------------------------------------------------------------------------------------------
GROUP ONE

                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance
<S>            <C>        <C>              <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days             0           0.00     0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days               3   1,018,000.00     30 Days            0        0.00    30 Days            0        0.00
60 Days               0           0.00     60 Days            0        0.00    60 Days            0        0.00
90 Days               0           0.00     90 Days            0        0.00    90 Days            0        0.00
120 Days              0           0.00     120 Days           0        0.00    120 Days           0        0.00
150 Days              0           0.00     150 Days           0        0.00    150 Days           0        0.00
180+ Days             0           0.00     180+ Days          0        0.00    180+ Days          0        0.00
               --------   ------------                 --------    --------                --------    --------
                      3   1,018,000.00                        0        0.00                       0        0.00

                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance

0-29 Days      0.000000%      0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.188206%      0.197203%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%      0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%      0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%      0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%      0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%      0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------   ------------                 --------    --------                --------    --------
               0.188206%      0.197203%                0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
               REO                                 TOTAL
--------------------------------------------------------------------------

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0            0.00
30 Days             0        0.00    30 Days            3    1,018,000.00
60 Days             0        0.00    60 Days            0            0.00
90 Days             0        0.00    90 Days            0            0.00
120 Days            0        0.00    120 Days           0            0.00
150 Days            0        0.00    150 Days           0            0.00
180+ Days           0        0.00    180+ Days          0            0.00
             --------    --------                --------    ------------
                    0        0.00                       3    1,018,000.00

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.188206%       0.197203%
60 Days      0.000000%   0.000000%   60 Days     0.000000%       0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%       0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%       0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%       0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
             --------    --------                --------        --------
             0.000000%   0.000000%               0.188206%       0.197203%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                               BANKRUPTCY                         FORECLOSURE
-------------------------------------------------------------------------------------------------------------------
GROUP TWO                                            1.183654%

                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance
<S>            <C>        <C>              <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days             0           0.00     0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days               1     344,400.00     30 Days            0        0.00    30 Days            0        0.00
60 Days               0           0.00     60 Days            0        0.00    60 Days            0        0.00
90 Days               0           0.00     90 Days            0        0.00    90 Days            0        0.00
120 Days              0           0.00     120 Days           0        0.00    120 Days           0        0.00
150 Days              0           0.00     150 Days           0        0.00    150 Days           0        0.00
180+ Days             0           0.00     180+ Days          0        0.00    180+ Days          0        0.00
               --------   ------------                 --------    --------                --------    --------
                      1     344,400.00                        0        0.00                       0        0.00

                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance

0-29 Days      0.000000%      0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.185529%      0.178925%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%      0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%      0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%      0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%      0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%      0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------   ------------                 --------    --------                --------    --------
               0.185529%      0.178925%                0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
               REO                                 TOTAL
--------------------------------------------------------------------------

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0            0.00
30 Days             0        0.00    30 Days            1      344,400.00
60 Days             0        0.00    60 Days            0            0.00
90 Days             0        0.00    90 Days            0            0.00
120 Days            0        0.00    120 Days           0            0.00
150 Days            0        0.00    150 Days           0            0.00
180+ Days           0        0.00    180+ Days          0            0.00
             --------    --------                --------      ----------
                    0        0.00                       1      344,400.00

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.185529%       0.178925%
60 Days      0.000000%   0.000000%   60 Days     0.000000%       0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%       0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%       0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%       0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
             --------    --------                --------        --------
             0.000000%   0.000000%               0.185529%       0.178925%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              DELINQUENT                               BANKRUPTCY                         FORECLOSURE
-------------------------------------------------------------------------------------------------------------------
GROUP THREE                                          1.183654%

                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance
<S>            <C>        <C>              <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days             0           0.00     0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days               2     472,000.00     30 Days            0        0.00    30 Days            0        0.00
60 Days               0           0.00     60 Days            0        0.00    60 Days            0        0.00
90 Days               0           0.00     90 Days            0        0.00    90 Days            0        0.00
120 Days              0           0.00     120 Days           0        0.00    120 Days           0        0.00
150 Days              0           0.00     150 Days           0        0.00    150 Days           0        0.00
180+ Days             0           0.00     180+ Days          0        0.00    180+ Days          0        0.00
               --------   ------------                 --------    --------                --------    --------
                      2     472,000.00                        0        0.00                       0        0.00

                No. of      Principal                   No. of     Principal                 No. of    Principal
                 Loans       Balance                     Loans      Balance                  Loans      Balance

0-29 Days      0.000000%      0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.303951%      0.229445%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%      0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%      0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%      0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%      0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%      0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------   ------------                 --------    --------                --------    --------
               0.303951%      0.229445%                0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
               REO                                 TOTAL
--------------------------------------------------------------------------

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>           <C>
0-29 Days           0        0.00    0-29 Days          0             0.00
30 Days             0        0.00    30 Days            2       472,000.00
60 Days             0        0.00    60 Days            0             0.00
90 Days             0        0.00    90 Days            0             0.00
120 Days            0        0.00    120 Days           0             0.00
150 Days            0        0.00    150 Days           0             0.00
180+ Days           0        0.00    180+ Days          0             0.00
             --------    --------                --------       ----------
                    0        0.00                       2       472,000.00

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.303951%       0.229445%
60 Days      0.000000%   0.000000%   60 Days     0.000000%       0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%       0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%       0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%       0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
             --------    --------                --------        --------
             0.000000%   0.000000%               0.303951%       0.229445%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                         Mixed Arm
<S>                                                         <C>
Weighted Average Gross Coupon                                     3.135147%
Weighted Average Net Coupon                                       2.759683%
Weighted Average Pass-Through Rate                                2.752647%
Weighted Average Maturity (Stepdown Calculation)                       344

Beginning Scheduled Collateral Loan Count                            2,811
Number of Loans Paid in Full                                            20
Ending Scheduled Collateral Loan Count                               2,791

Beginning Scheduled Collateral Balance                      925,004,684.59
Ending Scheduled Collateral Balance                         914,415,410.43
Ending Actual Collateral Balance at 30-June-2004            914,415,642.75

Monthly P&I Constant                                          2,416,687.68
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realization Loss Amount                                               0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                       12,620,899.92

Scheduled Principal                                                   0.00
Unscheduled Principal                                        10,589,274.16
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepayment Condition?                   NO

<PAGE>

<TABLE>
<CAPTION>
           GROUP                             GROUP ONE           GROUP TWO          GROUP THREE              TOTAL
<S>                                     <C>                   <C>                <C>                    <C>
Collateral Description                  6 Month LIBOR ARM          Mixed ARM     6 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate                     3.181783           2.979325              3.163228            3.135147
Weighted Average Net Rate                        2.806493           2.603825              2.787361            2.759683
Pass-Through Rate                                2.799486           2.596375              2.780641            2.752647
Weighted Average Maturity                             345                340                   345                 344
Record Date                                    06/30/2004         06/30/2004            06/30/2004          06/30/2004
Principal and Interest Constant              1,384,590.70         481,489.42            550,607.56        2,416,687.68
Beginning Loan Count                                1,606                539                   663               2,808
Loans Paid in Full                                     12                  0                     5                  17
Ending Loan Count                                   1,594                539                   658               2,791
Beginning Scheduled Balance                522,194,255.82     193,932,312.64        208,878,116.13      925,004,684.59
Ending Scheduled Balance                   516,218,789.29     192,482,840.17        205,713,780.97      914,415,410.43
Scheduled Principal                                  0.00               0.00                  0.00                0.00
Unscheduled Principal                        5,975,466.53       1,449,472.47          3,164,335.16       10,589,274.16
Scheduled Interest                           1,384,590.70         481,489.42            550,607.56        2,416,687.68
Servicing Fee                                  163,311.78          60,684.55             65,425.26          289,421.59
Master Servicing Fee                             2,828.55           1,050.47              1,131.42            5,010.44
Trustee Fee                                          0.00               0.00                  0.00                0.00
FRY Amount                                           0.00               0.00                  0.00                0.00
Special Hazard Fee                                   0.00               0.00                  0.00                0.00
Other Fee                                          220.77             153.56                 38.29              412.62
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                                 1,218,229.60         419,600.84            484,012.59        2,121,843.30
Realized Loss Amount                                 0.00               0.00                  0.00                0.00
Cumulative Realized Loss                             0.00               0.00                  0.00                0.00
Percentage of Cumulative Losses                      0.00               0.00                  0.00                0.00
Prepayment Penalties                                 0.00               0.00                  0.00                0.00
Special Servicing Fee                                0.00               0.00                  0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                            <C>
Group One
Pro-Rata Senior Percent                         95.749828%
Senior Percent                                 100.000000%
Senior Prepay Percent                          100.000000%
Subordinate Percent                              0.000000%
Subordinate Prepay Percent                       0.000000%
Interest Transfer Amount                             0.00
Principal Transfer Amount                            0.00

Group Two
Pro-Rata Senior Percent                         95.748355%
Senior Percent                                 100.000000%
Senior Prepay Percent                          100.000000%
Subordinate Percent                              0.000000%
Subordinate Prepay Percent                       0.000000%
Interest Transfer Amount                             0.00
Principal Transfer Amount                            0.00

Group Three
Pro-Rata Senior Percent                         95.749619%
Senior Percent                                 100.000000%
Senior Prepay Percent                          100.000000%
Subordinate Percent                              0.000000%
Subordinate Prepay Percent                       0.000000%
Interest Transfer Amount                             0.00
Principal Transfer Amount                            0.00
</TABLE>

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