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 2004-7
                         RECORD DATE: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                               Certificate     Certificate
                                 Class            Pass-              Beginning               Interest         Principal
 Class        CUSIP           Description      Through Rate      Certificate Balance       Distribution      Distribution
 -----        -----           -----------    ---------------     -------------------       ------------      ------------
<S>         <C>               <C>            <C>                 <C>                      <C>                <C>
  A-1       81744FCV7             SEN            2.93417%           489,616,573.55         1,197,181.73      2,276,376.12
  A-2       81744FCW5             SEN            2.12125%           247,872,014.92           438,165.43      2,398,664.61
 A-3-A      81744FCX3             SEN            2.28500%           243,324,061.93           463,329.57      2,864,235.68
 A-3-B      81744FDH7             SEN            2.51000%             3,883,384.26             8,122.75         45,712.40
  X-A       81744FCY1             IO             0.76087%                     0.00           313,908.31              0.00
  X-B       81744FCZ8             IO             0.44505%                     0.00            11,098.34              0.00
  B-1       81744FDB0             SUB            2.36125%            18,900,000.00            37,189.69              0.00
  B-2       81744FDC8             SUB            2.75125%            11,025,000.00            25,277.11              0.00
  B-3       81744FDD6             SUB            2.94998%             6,300,000.00            15,487.40              0.00
  B-4       81744FDE4             SUB            2.94998%             3,150,000.00             7,743.70              0.00
  B-5       81744FDF1             SUB            2.94998%             2,625,000.00             6,453.08              0.00
  B-6       81744FDG9             SUB            2.94998%             5,250,582.74            12,907.60              0.00
  A-R       81744FDA2             RES            2.92778%                     0.00                 1.65              0.00
                                                                  ----------------         ------------      ------------
Totals                                                            1,031,946,617.40         2,536,866.36      7,584,988.81
                                                                  ================         ============      ============

<CAPTION>
                   Current       Ending Certificate          Total         Cumulative
 Class          Realized Loss         Balance            Distribution     Realized Loss
 -----          -------------    ------------------    -----------------  -------------
<S>             <C>              <C>                   <C>                <C>
  A-1               0.00           487,340,197.43         3,473,557.85         0.00
  A-2               0.00           245,473,350.31         2,836,830.04         0.00
 A-3-A              0.00           240,459,826.26         3,327,565.25         0.00
 A-3-B              0.00             3,837,671.85            53,835.15         0.00
  X-A               0.00                     0.00           313,908.31         0.00
  X-B               0.00                     0.00            11,098.34         0.00
  B-1               0.00            18,900,000.00            37,189.69         0.00
  B-2               0.00            11,025,000.00            25,277.11         0.00
  B-3               0.00             6,300,000.00            15,487.40         0.00
  B-4               0.00             3,150,000.00             7,743.70         0.00
  B-5               0.00             2,625,000.00             6,453.08         0.00
  B-6               0.00             5,250,582.74            12,907.60         0.00
  A-R               0.00                     0.00                 1.65         0.00
                    ----         ----------------        -------------         ----
Totals              0.00         1,024,361,628.59        10,121,855.17         0.00
                    ====         ================        =============         ====
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                          Beginning                Scheduled      Unscheduled
                  Original Face         Certificate               Principal       Principal                          Realized
 Class               Amount                Balance                Distribution   Distribution          Accretion      Loss (1)
-------         ----------------      ----------------            ------------   ------------          ---------      --------
<S>               <C>                   <C>                       <C>            <C>                   <C>            <C>
  A-1             498,828,000.00        489,616,573.55                0.00       2,276,376.12             0.00          0.00
  A-2             252,102,000.00        247,872,014.92                0.00       2,398,664.61             0.00          0.00
 A-3-A            247,874,000.00        243,324,061.93                0.00       2,864,235.68             0.00          0.00
 A-3-B              3,956,000.00          3,883,384.26                0.00          45,712.40             0.00          0.00
  X-A                       0.00                  0.00                0.00               0.00             0.00          0.00
  X-B                       0.00                  0.00                0.00               0.00             0.00          0.00
  B-1              18,900,000.00         18,900,000.00                0.00               0.00             0.00          0.00
  B-2              11,025,000.00         11,025,000.00                0.00               0.00             0.00          0.00
  B-3               6,300,000.00          6,300,000.00                0.00               0.00             0.00          0.00
  B-4               3,150,000.00          3,150,000.00                0.00               0.00             0.00          0.00
  B-5               2,625,000.00          2,625,000.00                0.00               0.00             0.00          0.00
  B-6               5,250,582.74          5,250,582.74                0.00               0.00             0.00          0.00
  A-R                     100.00                  0.00                0.00               0.00             0.00          0.00
                ----------------      ----------------                ----       ------------             ----          ----
Totals          1,050,010,682.74      1,031,946,617.40                0.00       7,584,988.81             0.00          0.00
                ================      ================                ====       ============             ====          ====

<CAPTION>
               Total Principal     Ending Certificate    Ending Certificate       Total Principal
 Class            Reduction             Balance              Percentage            Distribution
------         ---------------     ------------------    ------------------       ---------------
<S>            <C>                 <C>                   <C>                      <C>
  A-1            2,276,376.12         487,340,197.43         0.97697041             2,276,376.12
  A-2            2,398,664.61         245,473,350.31         0.97370648             2,398,664.61
 A-3-A           2,864,235.68         240,459,826.26         0.97008894             2,864,235.68
 A-3-B              45,712.40           3,837,671.85         0.97008894                45,712.40
  X-A                    0.00                   0.00         0.00000000                     0.00
  X-B                    0.00                   0.00         0.00000000                     0.00
  B-1                    0.00          18,900,000.00         1.00000000                     0.00
  B-2                    0.00          11,025,000.00         1.00000000                     0.00
  B-3                    0.00           6,300,000.00         1.00000000                     0.00
  B-4                    0.00           3,150,000.00         1.00000000                     0.00
  B-5                    0.00           2,625,000.00         1.00000000                     0.00
  B-6                    0.00           5,250,582.74         1.00000000                     0.00
  A-R                    0.00                   0.00         0.00000000                     0.00
                 ------------       ----------------         ----------             ------------
Totals           7,584,988.81       1,024,361,628.59         0.97557258             7,584,988.81
                 ============       ================         ==========             ============
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                       Beginning          Scheduled         Unscheduled
                 Original Face        Certificate         Principal          Principal                          Realized
Class               Amount              Balance          Distribution       Distribution      Accretion         Loss (3)
-----           --------------       -------------       ------------       ------------     ----------        ----------
<S>             <C>                  <C>                 <C>                <C>              <C>               <C>
 A-1            498,828,000.00        981.53386247        0.00000000          4.56344896     0.00000000        0.00000000
 A-2            252,102,000.00        983.22113637        0.00000000          9.51465919     0.00000000        0.00000000
A-3-A           247,874,000.00        981.64414957        0.00000000         11.55520821     0.00000000        0.00000000
A-3-B             3,956,000.00        981.64415066        0.00000000         11.55520728     0.00000000        0.00000000
 X-A                      0.00          0.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 X-B                      0.00          0.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-1             18,900,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-2             11,025,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-3              6,300,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-4              3,150,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-5              2,625,000.00       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 B-6              5,250,582.74       1000.00000000        0.00000000          0.00000000     0.00000000        0.00000000
 A-R                    100.00          0.00000000        0.00000000          0.00000000     0.00000000        0.00000000

<CAPTION>
           Total Principal     Ending Certificate       Ending Certificate       Total Principal
Class         Reduction             Balance                 Percentage              Distribution
-----      ---------------     ------------------       ------------------       ---------------
<S>        <C>                 <C>                      <C>                      <C>
 A-1          4.56344896          976.97041351              0.97697041              4.56344896
 A-2          9.51465919          973.70647718              0.97370648              9.51454919
A-3-A        11.55520821          970.08894140              0.97008894             11.55520821
A-3-B        11.55520728          970.08894085              0.97008894             11.55520728
 X-A          0.00000000            0.00000000              0.00000000              0.00000000
 X-B          0.00000000            0.00000000              0.00000000              0.00000000
 B-1          0.00000000         1000.00000000              1.00000000              0.00000000
 B-2          0.00000000         1000.00000000              1.00000000              0.00000000
 B-3          0.00000000         1000.00000000              1.00000000              0.00000000
 B-4          0.00000000         1000.00000000              1.00000000              0.00000000
 B-5          0.00000000         1000.00000000              1.00000000              0.00000000
 B-6          0.00000000         1000.00000000              1.00000000              0.00000000
 A-R          0.00000000            0.00000000              0.00000000              0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                   Beginning                       Payment of                  Non-
                                                 Certificate/    Current Accrued     Unpaid      Current     Supported
              Original            Current          Notional          Accrued        Interest    Interest      Interest   Realized
 Class       Face Amount      Certificate Rate      Balance         Interest        Shortfall   Shortfall    Shortfall   Loss (4)
------    ----------------    ----------------  --------------   ---------------   ----------   ---------    ---------   --------
<S>       <C>                 <C>               <C>              <C>               <C>          <C>          <C>         <C>
  A-1       498,828,000.00       2.93417%       489,616,573.55    1,197,181.73        0.00        0.00         0.00        0.00
  A-2       252,102,000.00       2.12125%       247,872,014.92      438,165.43        0.00        0.00         0.00        0.00
 A-3-A      247,874,000.00       2.28500%       243,324,061.93      463,329.57        0.00        0.00         0.00        0.00
 A-3-B        3,956,000.00       2.51000%         3,883,384.26        8,122.75        0.00        0.00         0.00        0.00
  X-A                 0.00       0.76087%       495,079,461.11      313,908.31        0.00        0.00         0.00        0.00
  X-B                 0.00       0.44505%        29,925,000.00       11,098.34        0.00        0.00         0.00        0.00
  B-1        18,900,000.00       2.36125%        18,900,000.00       37,189.69        0.00        0.00         0.00        0.00
  B-2        11,025,000.00       2.75125%        11,025,000.00       25,277.11        0.00        0.00         0.00        0.00
  B-3         6,300,000.00       2.94998%         6,300,000.00       15,487.40        0.00        0.00         0.00        0.00
  B-4         3,150,000.00       2.94998%         3,150,000.00        7,743.70        0.00        0.00         0.00        0.00
  B-5         2,625,000.00       2.94998%         2,625,000.00        6,453.08        0.00        0.00         0.00        0.00
  B-6         5,250,582.74       2.94998%         5,250,582.74       12,907.60        0.00        0.00         0.00        0.00
  A-R               100.00       2.92778%                 0.00            0.00        0.00        0.00         0.00        0.00
          ----------------                                        ------------        ----        ----         ----        ----
Totals    1,050,010,682.74                                        2,536,864.71        0.00        0.00         0.00        0.00
          ================                                        ============        ====        ====         ====        ====

<CAPTION>
                                  Remaining           Ending
                                   Unpaid          Certificate/
            Total Interest         Interest          Notational
 Class       Distribution         Shortfall          Balance
------      --------------        ---------       --------------
<S>         <C>                   <C>             <C>
  A-1        1,197,181.73           0.00          487,340,197.43
  A-2          438,165.43           0.00          245,473,350.31
 A-3-A         463,329.57           0.00          240,459,826.26
 A-3-B           8,122.75           0.00            3,837,671.85
  X-A          313,908.31           0.00          489,770,848.42
  X-B           11,098.34           0.00           29,925,000.00
  B-1           37,189.69           0.00           18,900,000.00
  B-2           25,277.11           0.00           11,025,000.00
  B-3           15,487.40           0.00            6,300,000.00
  B-4            7,743.70           0.00            3,150,000.00
  B-5            6,453.08           0.00            2,625,000.00
  B-6           12,907.60           0.00            5,250,582.74
  A-R                1.65           0.00                    0.00
             ------------           ----
Totals       2,536,866.36           0.00
             ============           ====
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                             Payment of                      Non-
                            Current         Beginning                          Unpaid         Current     Supported
 Class    Original Face    Certificate      Certificate/   Current Accrued    Interest        Interest     Interest      Realized
  (5)        Amount           Rate       Notional Balance     Interest        Shortfall      Shortfall    Shortfall      Loss (6)
------   --------------    -----------   ----------------  ---------------   ----------     ----------    ---------     ----------
<S>      <C>               <C>           <C>               <C>               <C>            <C>           <C>           <C>
  A-1    498,828,000.00      2.93417%      981.53386247       2.39998903     0.00000000     0.00000000    0.00000000    0.00000000
  A-2    252,102,000.00      2.12125%      983.22113637       1.73804821     0.00000000     0.00000000    0.00000000    0.00000000
 A-3-A   247,874,000.00      2.28500%      981.64414957       1.86921408     0.00000000     0.00000000    0.00000000    0.00000000
 A-3-B     3,956,000.00      2.51000%      981.64415066       2.05327351     0.00000000     0.00000000    0.00000000    0.00000000
  X-A              0.00      0.76087%      982.43306857       0.62291799     0.00000000     0.00000000    0.00000000    0.00000000
  X-B              0.00      0.44505%     1000.00000000       0.37087185     0.00000000     0.00000000    0.00000000    0.00000000
  B-1     18,900,000.00      2.36125%     1000.00000000       1.96770847     0.00000000     0.00000000    0.00000000    0.00000000
  B-2     11,025,000.00      2.75125%     1000.00000000       2.29270839     0.00000000     0.00000000    0.00000000    0.00000000
  B-3      6,300,000.00      2.94998%     1000.00000000       2.45831746     0.00000000     0.00000000    0.00000000    0.00000000
  B-4      3,150,000.00      2.94998%     1000.00000000       2.45831746     0.00000000     0.00000000    0.00000000    0.00000000
  B-5      2,625,000.00      2.94998%     1000.00000000       2.45831619     0.00000000     0.00000000    0.00000000    0.00000000
  B-6      5,250,582.74      2.94998%     1000.00000000       2.45831761     0.00000000     0.00000000    0.00000000    0.00000000
  A-R            100.00      2.92778%        0.00000000       0.00000000     0.00000000     0.00000000    0.00000000    0.00000000

<CAPTION>
                              Remaining
                               Unpaid
 Class      Total Interest    Interest      Ending Certificate/
  (5)        Distribution     Shortfall      Notational Balance
------      --------------   ----------     -------------------
<S>         <C>              <C>            <C>
  A-1         3.49998903     0.00000000         976.97041351
  A-2         1.73804821     0.00000000         973.70647718
 A-3-A        1.86921408     0.00000000         970.08894140
 A-3-B        2.05327351     0.00000000         970.08894085
  X-A         0.62291799     0.00000000         971.89868558
  X-B         0.37087185     0.00000000        1000.00000000
  B-1         1.96770847     0.00000000        1000.00000000
  B-2         2.29270839     0.00000000        1000.00000000
  B-3         2.45831746     0.00000000        1000.00000000
  B-4         2.45831746     0.00000000        1000.00000000
  B-5         2.45831619     0.00000000        1000.00000000
  B-6         2.45831761     0.00000000        1000.00000000
  A-R        16.50000000     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                               10,449,317.49
           Liquidations, Insurance Proceeds, Reserve Funds                           0.00
           Proceeds from Repurchased Loans                                           0.00
           Other Amounts (Servicer Advances)                                     5,180.47
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                 0.00
           Prepayment Penalties                                                      0.00
                                                                            -------------
Total Deposits                                                              10,454,497.96

Withdrawals
           Reimbursement for Servicer Advances                                   3,950.43
           Payment of Service Fee                                              328,692.39
           Payment of Interest and Principal                                10,121,855.14
                                                                            -------------
Total Withdrawals (Pool Distribution Amount)                                10,454,497.96

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                                                323,962.64
Master Servicing Fee                                                 4,729.75
Supported Prepayment/Curtailment Interest Shortfall                      0.00
                                                                   ----------
Net Servicing Fee                                                  328,692.39
                                                                   ==========
</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            6        2,059,523.45
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
                  ---       ------------
                   6        2,059,523.45
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        0.195631%     0.201054%
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%
               --------      --------
               0.195631%     0.201054%
</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            6      2,059,523.45
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
                  ---     ------------
                   6      2,059,523.45
</TABLE>

<TABLE>
<CAPTION>
                No. of        Principal
                Loans          Balance
<S>            <C>           <C>
0-29 Days      0.000000%      0.000000%
30 Days        0.195631%      0.201054%
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%
               --------      ---------
               0.195631%      0.201054%
</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  5,180.47
</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    4.61268574%        95.387314%        0.000000%
Class B-1  28,350,582.74     2.70002803%     28,350,582.74    2.76763420%         1.845052%       39.999507%
Class B-2  17,325,582.74     1.65003871%     17,325,582.74    1.69135413%         1.076280%       23.333046%
Class B-3  11,025,582.74     1.05004482%     11,025,582.74    1.07633695%         0.615017%       13.333169%
Class B-4   7,875,582.74     0.75004787%      7,875,582.74    0.76882836%         0.307509%        6.666584%
Class B-5   5,250,582.74     0.50005041%      5,250,582.74    0.51257120%         0.256257%        5.555487%
Class B-6           0.00     0.00000000%              0.00    0.00000000%         0.512571%       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                        2                     573,023.50
60 Days                        0                           0.00
90 Days                        0                           0.00
120 Days                       0                           0.00
150 Days                       0                           0.00
180+ Days                      0                           0.00
                            ----                     ----------
                               2                     573,023.50
</TABLE>

<TABLE>
<CAPTION>
                            No. of              Principal
                             Loans               Balance
<S>                        <C>                  <C>
0-29 Days                  0.000000%            0.000000%
30 Days                    0.132538%            0.112172%
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%
                           --------             --------
                           0.132538%            0.112172%
</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                     2                       573,023.50
60 Days                     0                             0.00
90 Days                     0                             0.00
120 Days                    0                             0.00
150 Days                    0                             0.00
180+ Days                   0                             0.00
                          ---                       ----------
                            2                       573,023.50
</TABLE>

<TABLE>
<CAPTION>
                         No. of                Principal
                          Loans                 Balance
<S>                     <C>                   <C>
0-29 Days               0.000000%             0.000000%
30 Days                 0.132538%             0.112172%
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%
                        --------              --------
                        0.132538%             0.112172%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                            No. of                   Principal
                             Loans                    Balance
<S>                         <C>                      <C>
0-29 Days                      0                           0.00
30 Days                        1                     220,000.00
60 Days                        0                           0.00
90 Days                        0                           0.00
120 Days                       0                           0.00
150 Days                       0                           0.00
180+ Days                      0                           0.00
                            ----                     ----------
                               1                     220,000.00
</TABLE>

<TABLE>
<CAPTION>
                            No. of              Principal
                             Loans               Balance
<S>                        <C>                  <C>
0-29 Days                  0.000000%            0.000000%
30 Days                    0.136240%            0.085486%
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%
                           --------             --------
                           0.136240%            0.085486%
</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                     1                       220,000.00
60 Days                     0                             0.00
90 Days                     0                             0.00
120 Days                    0                             0.00
150 Days                    0                             0.00
180+ Days                   0                             0.00
                         ----                       ----------
                            1                       220,000.00
</TABLE>

<TABLE>
<CAPTION>
                         No. of                Principal
                          Loans                 Balance
<S>                     <C>                   <C>
0-29 Days               0.000000%             0.000000%
30 Days                 0.136240%             0.085486%
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%
                        --------              --------
                        0.136240%             0.085486%
</TABLE>

<PAGE>

                                   DELINQUENT

GROUP THREE

<TABLE>
<CAPTION>
                            No. of                   Principal
                             Loans                    Balance
<S>                         <C>                    <C>
0-29 Days                      0                           0.00
30 Days                        3                   1,266,499.95
60 Days                        0                           0.00
90 Days                        0                           0.00
120 Days                       0                           0.00
150 Days                       0                           0.00
180+ Days                      0                           0.00
                            ----                   ------------
                               3                   1,266,499.95
</TABLE>

<TABLE>
<CAPTION>
                            No. of              Principal
                             Loans               Balance
<S>                        <C>                  <C>
0-29 Days                  0.000000%            0.000000%
30 Days                    0.364078%            0.494408%
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%
                           --------             --------
                           0.364078%            0.494408%
</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                     3                     1,266,499.95
60 Days                     0                             0.00
90 Days                     0                             0.00
120 Days                    0                             0.00
150 Days                    0                             0.00
180+ Days                   0                             0.00
                          ---                     ------------
                            3                     1,266,499.95
</TABLE>

<TABLE>
<CAPTION>
                         No. of               Principal
                          Loans                Balance
<S>                     <C>                   <C>
0-29 Days               0.000000%             0.000000%
30 Days                 0.364078%             0.494408%
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%
                        --------              --------
                        0.364078%             0.494408%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                            3.333100%
Weighted Average Net Coupon                                              2.956379%
Weighted Average Pass-Through Rate                                       2.950879%
Weighted Average Maturity (Stepdown Calculation)                              340

Beginning Scheduled Collateral Loan Count                                   3,082
Number of Loans Paid in Full                                                   15
Ending Scheduled Collateral Loan Count                                      3,067

Beginning Scheduled Collateral Balance                           1,031,946,617.40
Ending Scheduled Collateral Balance                              1,024,361,628.59
Ending Actual Collateral Balance at 30-Sept-2004                 1,024,362,138.01

Monthly P&I Constant                                                 2,866,317.34
Special Servicing Fee                                                        0.00
Prepayment Penalties                                                         0.00
Realization Loss Amount                                                      0.00
Cumulative Realized Loss                                                     0.00

Class A Optimal Amount                                              10,005,696.59

Scheduled Principal                                                          0.00
Unscheduled Principal                                                7,584,988.81
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepayment Event                                  NO

<PAGE>

<TABLE>
<CAPTION>
              GROUP                  GROUP ONE        GROUP TWO        GROUP THREE            TOTAL
<S>                              <C>                <C>             <C>                 <C>
Collateral Description           6 Month LIBOR ARM       Mixed ARM  6 Month LIBOR ARM          Mixed ARM
Weighted Average Coupon Rate              3.318520        3.367367           3.327619           3.333100
Weighted Average Net Rate                 2.941446        2.991300           2.950944           2.956379
Pass-Through Rate                         2.935946        2.985800           2.945444           2.950879
Weighted Average Maturity                      339             337                345                340
Record Date                             09/30/2004      09/30/2004         09/30/2004         09/30/2004
Principal and Interest Constant       1,419,003.54      728,896.66         718,417.14       2,866,317.34
Beginning Loan Count                         1,517             738                827              3,082
Loans Paid in Full                               8               4                  3                 15
Ending Loan Count                            1,509             734                824              3,067
Beginning Scheduled Balance         513,121,580.08  259,750,746.89     259,074,290.43   1,031,946,617.40
Ending Scheduled Balance            510,845,203.96  257,352,082.28     256,164,342.35   1,024,361,628.59
Scheduled Principal                           0.00            0.00               0.00               0.00
Unscheduled Principal                 2,276,376.12    2,398,664.61       2,909,948.08       7,584,988.81
Scheduled Interest                    1,419,003.54      728,896.66         718,417.14       2,866,317.34
Servicing Fee                           161,237.18       81,403.05          81,322.41         323,962.64
Master Servicing Fee                      2,351.81        1,190.52           1,187.42           4,729.75
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                          1,255,414.55      646,303.09         635,907.31       2,537,624.95
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                        95.419213%
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              176,502,135.41
Six-Month LIBOR Loan Balance               80,849,946.87
Principal Transfer Amount                           0.00
Pro-Rata Senior Percent                        95.426873%
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                        95.419521%
Senior Percentage                             100.000000%
Senior Prepayment Percentage                  100.000000%
Subordinate Percentage                          0.000000%
Subordinate Prepayment Percentage               0.000000%
Interest Transfer Amount                            0.00
</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 2004-8
                         RECORD DATE: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                          Certificate      Certificate
                             Class        Pass-Through       Beginning              Interest
Class       CUSIP         Description        Rate        Certificate Balance      Distribution
-----       -----         -----------     ------------   -------------------      ------------
<S>       <C>             <C>             <C>            <C>                      <C>
 A-1      81744FDJ3           SEN           2.16125%       361,871,644.21           651,745.91
 A-2      81744FDK0           SEN           2.35000%       415,087,420.79           812,879.53
 X-A      81744FDL8           IO            2.72957%                 0.00           472,372.32
 X-B      81744FDM6           IO            0.53367%                 0.00            10,940.28
 B-1      81744FDP9           SUB           2.33125%        16,400,000.00            31,860.42
 B-2      81744FDQ7           SUB           2.71125%         8,200,000.00            18,526.88
 B-3      81744FDR5           SUB           2.99159%         4,100,000.00            10,221.26
 B-4      81744FDS3           SUB           2.99159%         2,460,000.00             6,132.76
 B-5      81744FDT1           SUB           2.99159%         2,050,000.00             5,110.63
 B-6      81744FDU8           SUB           2.99159%         3,690,645.34             9,200.74
 A-R      81744FDN4           SEN           2.98603%                 0.00                 1.45
                                                           --------------         ------------
Totals                                                     813,859,710.34         2,028,992.18
                                                           --------------         ------------

<CAPTION>
            Principal          Current        Ending Certificate          Total             Cumulative
Class      Distribution     Realized Loss           Balance            Distribution        Realized Loss
-----      ------------     -------------     ------------------       ------------        -------------
<S>        <C>              <C>               <C>                      <C>                 <C>
 A-1       7,884,969.59         0.00             353,986,674.62        8,536,715.50            0.00
 A-2       4,027,644.88         0.00             411,059,775.91        4,840,524.41            0.00
 X-A               0.00         0.00                       0.00          472,372.32            0.00
 X-B               0.00         0.00                       0.00           10,940.28            0.00
 B-1               0.00         0.00              16,400,000.00           31,860.42            0.00
 B-2               0.00         0.00               8,200,000.00           18,526.88            0.00
 B-3               0.00         0.00               4,100,000.00           10,221.26            0.00
 B-4               0.00         0.00               2,460,000.00            6,132.76            0.00
 B-5               0.00         0.00               2,050,000.00            5,110.63            0.00
 B-6               0.00         0.00               3,690,645.34            9,200.74            0.00
 A-R               0.00         0.00                       0.00                1.45            0.00
          -------------         ----             --------------       -------------            ----
Totals    11,912,614.47         0.00             801,947,095.87       13,941,606.65            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             365,049,000.00        361,871,644.21              0.00         7,884,969.59          0.00           0.00
 A-2             418,050,000.00        415,087,420.79            223.32         4,027,421.56          0.00           0.00
 X-A                       0.00                  0.00              0.00                 0.00          0.00           0.00
 X-B                       0.00                  0.00              0.00                 0.00          0.00           0.00
 B-1              16,400,000.00         16,400,000.00              0.00                 0.00          0.00           0.00
 B-2               8,200,000.00          8,200,000.00              0.00                 0.00          0.00           0.00
 B-3               4,100,000.00          4,100,000.00              0.00                 0.00          0.00           0.00
 B-4               2,460,000.00          2,460,000.00              0.00                 0.00          0.00           0.00
 B-5               2,050,000.00          2,050,000.00              0.00                 0.00          0.00           0.00
 B-6               3,690,645.34          3,690,645.34              0.00                 0.00          0.00           0.00
 A-R                     100.00                  0.00              0.00                 0.00          0.00           0.00
                 --------------        --------------            ------        -------------          ----           ----
Totals           819,999,745.34        813,859,710.34            223.32        11,912,391.15          0.00           0.00
                 --------------        --------------            ------        -------------          ----           ----

<CAPTION>
           Total Principal    Ending Certificate    Ending Certificate       Total Principal
Class         Reduction             Balance             Percentage             Distribution
-----         ---------             -------             ----------             ------------
<S>       <C>                 <C>                   <C>                      <C>
 A-1       7,884,969.59        353,986,674.62           0.96969633             7,884,969.59
 A-2       4,027,644.88        411,059,775.91           0.98327898             4,027,644.88
 X-A               0.00                  0.00           0.00000000                     0.00
 X-B               0.00                  0.00           0.00000000                     0.00
 B-1               0.00         16,400,000.00           1.00000000                     0.00
 B-2               0.00          8,200,000.00           1.00000000                     0.00
 B-3               0.00          4,100,000.00           1.00000000                     0.00
 B-4               0.00          2,460,000.00           1.00000000                     0.00
 B-5               0.00          2,050,000.00           1.00000000                     0.00
 B-6               0.00          3,690,645.34           1.00000000                     0.00
 A-R               0.00                  0.00           0.00000000                     0.00
          -------------        --------------           ----------            -------------
Totals    11,912,614.47        801,947,095.87           0.97798457            11,912,614.47
          -------------        --------------           ----------            -------------

</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             365,049,000.00        991.29608411       0.00000000          21.59975672        0.00000000        0.00000000
A-2             418,050,000.00        992.91333762       0.00053419           9.63382744        0.00000000        0.00000000
X-A                       0.00          0.00000000       0.00000000           0.00000000        0.00000000        0.00000000
X-B                       0.00          0.00000000       0.00000000           0.00000000        0.00000000        0.00000000
B-1              16,400,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
B-2               8,200,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
B-3               4,100,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
B-4               2,460,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
B-5               2,050,000.00       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
B-6               3,690,645.34       1000.00000000       0.00000000           0.00000000        0.00000000        0.00000000
A-R                     100.00          0.00000000       0.00000000           0.00000000        0.00000000        0.00000000

<CAPTION>

        Total Principal     Ending Certificate        Ending Certificate     Total Principal
Class     Reduction              Balance                 Percentage            Distribution
-----     ---------              -------                 ----------            ------------
<S>     <C>                 <C>                       <C>                    <C>
A-1        21.59975672          969.69632740             0.96969633            21.59975672
A-2         9.63436163          983.27897598             0.98327898             9.63436163
X-A         0.00000000            0.00000000             0.00000000             0.00000000
X-B         0.00000000            0.00000000             0.00000000             0.00000000
B-1         0.00000000         1000.00000000             1.00000000             0.00000000
B-2         0.00000000         1000.00000000             1.00000000             0.00000000
B-3         0.00000000         1000.00000000             1.00000000             0.00000000
B-4         0.00000000         1000.00000000             1.00000000             0.00000000
B-5         0.00000000         1000.00000000             1.00000000             0.00000000
B-6         0.00000000         1000.00000000             1.00000000             0.00000000
A-R         0.00000000            0.00000000             0.00000000             0.00000000
        </TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                       Beginning
                          Current     Certificate/     Current       Payment of      Current   Non-Supported
        Original Face   Certificate    Notional        Accrued     Unpaid Interest  Interest     Interest     Realized
 Class      Amount         Rate         Balance        Interest       Shortfall     Shortfall    Shortfall    Loss (4)
------  --------------  -----------  --------------  ------------  ---------------  ---------  -------------  --------
<S>     <C>             <C>          <C>             <C>           <C>              <C>        <C>            <C>
  A-1   365,049,000.00    2.16125%   361,871,644.21    651,745.91       0.00           0.00         0.00        0.00
  A-2   418,050,000.00    2.35000%   415,087,420.79    812,879.53       0.00           0.00         0.00        0.00
  X-A             0.00    0.72957%   776,959,065.00    472,372.32       0.00           0.00         0.00        0.00
  X-B             0.00    0.53367%    24,600,000.00     10,940.28       0.00           0.00         0.00        0.00
  B-1    16,400,000.00    2.33125%    16,400,000.00     31,860.42       0.00           0.00         0.00        0.00
  B-2     8,200,000.00    2.71125%     8,200,000.00     18,526.88       0.00           0.00         0.00        0.00
  B-3     4,100,000.00    2.99159%     4,100,000.00     10,221.26       0.00           0.00         0.00        0.00
  B-4     2,460,000.00    2.99159%     2,460,000.00      6,132.76       0.00           0.00         0.00        0.00
  B-5     2,050,000.00    2.99159%     2,050,000.00      5,110.63       0.00           0.00         0.00        0.00
  B-6     3,690,645.34    2.99159%     3,690,645.34      9,200.74       0.00           0.00         0.00        0.00
  A-R           100.00    2.98603%             0.00          0.00       0.00           0.00         0.00        0.00
        --------------                               ------------       ----           ----         ----        ----
Totals  819,999,745.34                               2,028,990.73       0.00           0.00         0.00        0.00
        --------------                               ------------       ----           ----         ----        ----

<CAPTION>
                          Remaining     Ending
                           Unpaid    Certificate/
          Total Interest   Interest   Notational
 Class     Distribution   Shortfall     Balance
------    --------------  --------- --------------
<S>       <C>             <C>       <C>
  A-1       651,745.91        0.00  353,986,674.62
  A-2       812,879.53        0.00  411,059,775.91
  X-A       472,372.32        0.00  765,046,450.53
  X-B        10,940.28        0.00   24,600,000.00
  B-1        31,860.42        0.00   16,400,000.00
  B-2        18,526.88        0.00    8,200,000.00
  B-3        10,221.36        0.00    4,100,000.00
  B-4         6,132.76        0.00    2,460,000.00
  B-5         5,110.63        0.00    2,050,000.00
  B-6         9,200.74        0.00    3,690,645.34
  A-R             1.45        0.00            0.00
          ------------        ----
Totals    2,028,992.18        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>
                                       Beginning
                          Current     Certificate/     Current       Payment of     Current    Non-Supported
Class   Original Face   Certificate    Notional        Accrued     Unpaid Interest  Interest     Interest      Realized
 (5)        Amount         Rate         Balance        Interest       Shortfall     Shortfall    Shortfall     Loss (4)
-----   --------------  -----------  --------------  ------------  --------------- ----------  -------------  ----------
<S>     <C>             <C>          <C>             <C>           <C>             <C>         <C>            <C>
A-1     365,049,000.00    2.16125%     991.29608411   1.78536555     0.00000000    0.00000000   0.00000000    0.00000000
A-2     418,050,000.00    2.35000%     992.91333762   1.94445528     0.00000000    0.00000000   0.00000000    0.00000000
X-A               0.00    0.72957%     992.15943961   0.60320894     0.00000000    0.00000000   0.00000000    0.00000000
X-B               0.00    0.53367%    1000.00000000   0.44472683     0.00000000    0.00000000   0.00000000    0.00000000
B-1      16,400,000.00    2.33125%    1000.00000000   1.94270854     0.00000000    0.00000000   0.00000000    0.00000000
B-2       8,200,000.00    2.71125%    1000.00000000   2.25937561     0.00000000    0.00000000   0.00000000    0.00000000
B-3       4,100,000.00    2.99159%    1000.00000000   2.49299024     0.00000000    0.00000000   0.00000000    0.00000000
B-4       2,460,000.00    2.99159%    1000.00000000   2.49299187     0.00000000    0.00000000   0.00000000    0.00000000
B-5       2,050,000.00    2.99159%    1000.00000000   2.49299024     0.00000000    0.00000000   0.00000000    0.00000000
B-6       3,690,645.34    2.99159%    1000.00000000   2.49298948     0.00000000    0.00000000   0.00000000    0.00000000
A-R             100.00    2.98603%       0.00000000   0.00000000     0.00000000    0.00000000   0.00000000    0.00000000

<CAPTION>
                         Remaining     Ending
                          Unpaid      Certificate/
Class    Total Interest   Interest   Notational
 (5)      Distribution   Shortfall     Balance
-----    --------------  ---------- --------------
<S>      <C>             <C>        <C>
   A-1      1.78536555   0.00000000   969.69632740
   A-2      1.94445528   0.00000000   983.27897598
   X-A      0.60320894   0.00000000   976.94729597
   X-B      0.44472683   0.00000000  1000.00000000
   B-1      1.94270854   0.00000000  1000.00000000
   B-2      2.25937561   0.00000000  1000.00000000
   B-3      2.49299024   0.00000000  1000.00000000
   B-4      2.49299187   0.00000000  1000.00000000
   B-5      2.49299024   0.00000000  1000.00000000
   B-6      2.49298948   0.00000000  1000.00000000
   A-R     14.50000000   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                                  14,203,743.30
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                        1,581.08
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               14,205,324.38
Withdrawals
         Reimbursement for Servicer Advances                                      3,383.37
         Payment of Service Fee                                                 260,334.37
         Payment of Interest and Principal                                   13,941,606.64
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 14,205,324.38

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                                                    255,247.74
Master Servicing Fee                                                     5,086.63
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      260,334.37
                                                                       ==========
</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 Account                4,500.00            0.00             0.00        4,500.00
Class X-A Pool 2 Comp Sub Account                4,500.00            0.00             0.00        4,500.00
Class X-B Sub Account                            1,000.00            0.00             0.00        1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>             <C>         <C>
0-29 Days          0               0.00
30 Days            3         674,100.00
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
                 ---         ----------
                   3         674,100.00
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        0.132509%    0.084055%
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%
               --------     --------
               0.132509%    0.084055%
</TABLE>

                                   BANKRUPTCY

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

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

                                   FORECLOSURE

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

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

                                       REO

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

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

                                      TOTAL

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>           <C>        <C>
0-29 Days       0              0.00
30 Days         3        674,100.00
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
              ---        ----------
                3        674,100.00
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     0.132509%     0.084055%
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%
            --------      --------
            0.132509%     0.084055%
</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  1,581.08
</TABLE>

<TABLE>
<CAPTION>
              Original $       Original%         Current $           Current %      Current Class %     Prepayment %
             -------------    ----------       -------------        -----------     ---------------     ------------
<S>          <C>              <C>              <C>                  <C>             <C>                 <C>
Class A      36,900,645.34    4.50008061%      36,900,645.34        4.60138150%        95.398618%         0.000000%
Class B-1    20,500,645.34    2.50007976%      20,500,645.34        2.55635882%         2.045023%        44.443667%
Class B-2    12,300,645.34    1.50007934%      12,300,645.34        1.53384748%         1.022511%        22.221834%
Class B-3     8,200,645.34    1.00007912%       8,200,645.34        1.02259181%         0.511256%        11.110917%
Class B-4     5,740,645.34    0.70007900%       5,740,645.34        0.71583841%         0.306753%         6.666550%
Class B-5     3,690,645.34    0.45007889%       3,690,645.34        0.46021057%         0.255628%         5.555458%
Class B-6             0.00    0.00000000%               0.00        0.00000000%         0.460211%        10.001574%
</TABLE>

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

                                   DELINQUENT
POOL ONE

<TABLE>
<CAPTION>
                    No. of        Principal
                    Loans         Balance
<S>                 <C>          <C>
0-29 Days             0                0.00
30 Days               1          250,000.00
60 Days               0                0.00
90 Days               0                0.00
120 Days              0                0.00
150 Days              0                0.00
180+ Days             0                0.00
                     --          ----------
                      1          250,000.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of       Principal
                    Loans         Balance
<S>               <C>            <C>
0-29 Days         0.000000%      0.000000%
30 Days           0.097656%      0.067351%
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%
                  --------       --------
                  0.097656%      0.067351%
</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            1           250,000.00
60 Days            0                 0.00
90 Days            0                 0.00
120 Days           0                 0.00
150 Days           0                 0.00
180+ Days          0                 0.00
                 ---           ----------
                   1           250,000.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>            <C>             <C>
0-29 Days      0.000000%       0.000000%
30 Days        0.097656%       0.067351%
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%
               --------        --------
               0.097656%       0.067351%
</TABLE>

                                   DELINQUENT
POOL TWO

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
<S>                <C>           <C>
0-29 Days             0                0.00
30 Days               2          424,100.00
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
                    ---          ----------
                      2          424,100.00
</TABLE>

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
<S>               <C>            <C>
0-29 Days         0.000000%      0.000000%
30 Days           0.161290%      0.098449%
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%
                  --------       --------
                  0.161290%      0.098449%
</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            2           424,100.00
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
                 ---           ----------
                   2           424,100.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>            <C>             <C>
0-29 Days      0.000000%       0.000000%
30 Days        0.161290%       0.098449%
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%
               --------        --------
               0.161290%       0.098449%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                           3.375509%
Weighted Average Net Coupon                                             2.999158%
Weighted Average Pass-Through Rate                                      2.991658%
Weighted Average Maturity (Stepdown Calculation)                             340

Beginning Scheduled Collateral Loan Count                                  2,281
Number of Loans Paid in Full                                                  17
Ending Scheduled Collateral Loan Count                                     2,264

Beginning Scheduled Collateral Balance                            813,859,710.34
Ending Scheduled Collateral Balance                               801,947,095.87
Ending Actual Collateral Balance at 30-Sept-2004                  801,973,133.70

Monthly P&I Constant                                                2,289,549.10
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00

Class A Optimal Amount                                             13,849,612.23

Scheduled Principal                                                       223.32
Unscheduled Principal                                              11,912,391.15
</TABLE>

MISCELLANEOUS REPORTING

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

<PAGE>

<TABLE>
<CAPTION>
              GROUP                             POOL 1              POOL 2                TOTAL
<S>                                        <C>                <C>                    <C>
Collateral Description                          Mixed ARM     1 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate                     3.282367              3.456716            3.375509
Weighted Average Net Rate                        2.905560              3.080762            2.999158
Pass-Through Rate                                2.898060              3.073262            2.991568
Weighted Average Maturity                             338                   342                 340
Record Date                                    09/30/2004            09/30/2004          09/30/2004
Principal and Interest Constant              1,036,881.26          1,252,667.84        2,289,549.10
Beginning Loan Count                                1,032                 1,249               2,281
Loans Paid in Full                                      8                     9                  17
Ending Loan Count                                   1,024                 1,240               2,264
Beginning Scheduled Balance                379,073,245.12        434,786,465.22      813,859,710.34
Ending Scheduled Balance                   371,188,275.53        430,758,820.34      801,947,095.87
Scheduled Principal                                  0.00                223.32              223.32
Unscheduled Principal                        7,884,969.59          4,027,421.56       11,912,391.15
Scheduled Interest                           1,036,881.26          1,252,444.52        2,289,325.78
Servicing Fee                                  119,031.23            136,216.51          255,247.74
Master Servicing Fee                             2,369.21              2,717.42            5,086.63
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                                   915,480.82          1,113,510.59        2,028,991.41
Realized Loss Amount                                 0.00                  0.00                0.00
Cumulative Realized Loss                             0.00                  0.00                0.00
Percentage of Cumulative Losses                      0.00                  0.00                0.00
Prepayment Penalties                                 0.00                  0.00                0.00
Special Servicing Fee                                0.00                  0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                           <C>
Group Pool One

One-Month LIBOR Loan Balance                  201,866,500.07
Six-Month LIBOR Loan Balance                  169,321,775.46
Principal Transfer Amount                               0.00
Interest Transfer Amount                                0.00
Pro Rata Senior Percent                            95.462196%
Senior Percent                                    100.000000%
Senior Prepayment Percent                         100.000000%
Subordinate Percent                                 0.000000%
Subordinate Prepayment Percent                      0.000000%

Group Pool Two

Principal Transfer Amount                               0.00
Interest Transfer Amount                                0.00
Pro Rata Senior Percent                            95.469260%
Senior Percent                                    100.000000%
Senior Prepayment Percent                         100.000000%
Subordinate Percent                                 0.000000%
Subordinate Prepayment Percent                      0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]