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 2004-8
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate   Certificate     Beginning
                        Class     Pass-Through    Certificate     Interest      Principal
Class       CUSIP    Description      Rate          Balance     Distribution   Distribution
------    ---------  -----------  ------------  --------------  ------------  -------------
<S>       <C>        <C>          <C>           <C>             <C>           <C>
  A-1     81744FDJ3      SEN          2.94813%  332,174,554.68    816,078.14   4,669,602.28
  A-2     81744FDK0      SEN          3.45000%  378,988,578.00  1,089,592.16  11,745,511.20
  X-A     81744FDL8       IO          0.68998%            0.00    408,906.82           0.00
  X-B     81744FDM6       IO          0.66096%            0.00     13,549.62           0.00
  B-1     81744FDP9      SUB          3.11813%   16,400,000.00     42,614.44           0.00
  B-2     81744FDQ7      SUB          3.49813%    8,200,000.00     23,903.89           0.00
  B-3     81744FDR5      SUB          3.90575%    4,100,000.00     13,344.66           0.00
  B-4     81744FDS3      SUB          3.90575%    2,460,000.00      8,006.79           0.00
  B-5     81744FDT1      SUB          3.90575%    2,050,000.00      6,672.33           0.00
  B-6     81744FDU8      SUB          3.90575%    3,690,645.34     12,012.29           0.00
  A-R     81744FDN4      SEN          3.09244%            0.00          0.52           0.00
                                      -------   --------------  ------------  -------------
Totals                                          748,063,778.02  2,434,681.66  16,415,113.48
                                                --------------  ------------  -------------

<CAPTION>
                                            Ending
                             Current      Certificate        Total       Cumulative
Class       CUSIP         Realized Loss     Balance      Distribution   Realized Loss
------    ---------       -------------  --------------  -------------  -------------
<S>       <C>             <C>            <C>             <C>            <C>
  A-1     81744FDJ3           0.00       327,504,952.40   5,485,680.42       0.00
  A-2     81744FDK0           0.00       367,243,066.80  12,835,103.36       0.00
  X-A     81744FDL8           0.00                 0.00     408,906.82       0.00
  X-B     81744FDM6           0.00                 0.00      13,549.62       0.00
  B-1     81744FDP9           0.00        16,400,000.00      42,614.44       0.00
  B-2     81744FDQ7           0.00         8,200,000.00      23,903.89       0.00
  B-3     81744FDR5           0.00         4,100,000.00      13,344.66       0.00
  B-4     81744FDS3           0.00         2,460,000.00       8,006.79       0.00
  B-5     81744FDT1           0.00         2,050,000.00       6,672.33       0.00
  B-6     81744FDU8           0.00         3,690,645.34      12,012.29       0.00
  A-R     81744FDN4           0.00                 0.00           0.52       0.00
                              ----       --------------  -------------       ----
Totals                        0.00       731,648,664.54  18,849,795.14       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  332,174,554.68       0.00      4,669,602.28    0.00       0.00
  A-2   418,050,000.00  378,988,578.00     188.75     11,745,322.45    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    2,050,000.90       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  748,063,778.02     188.75     16,414,924.73    0.00       0.00
        --------------  --------------     ------     -------------    ----       ----

<CAPTION>
              Total         Ending         Ending
            Principal     Certificate    Certificate  Total Principal
Class       Reduction       Balance       Percentage    Distribution
------    -------------  --------------  -----------  ---------------
<S>       <C>            <C>             <C>          <C>
  A-1      4,669,602.28  357,504,952.40   0.89715340     4,669,602.28
  A-2     11,745,511.20  367,243,066.80   0.87846685    11,745,511.20
  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    16,415,113.48  731,648,664.54   0.89225475    16,415,113.48
          -------------  --------------   ----------    -------------
</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   909.94511608   0.00000000    12.79171366  0.00000000  0.00000000
A-2    418,050,000.00   906.56279871   0.00045150    28.09549683  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        Ending        Ending
          Principal    Certificate   Certificate  Total Principal
Class     Reduction      Balance      Percentage   Distribution
-----    -----------  -------------  -----------  ---------------
<S>      <C>          <C>            <C>          <C>
A-1      12.79171366   897.15340242   0.89715340   12.79171366
A-2      28.09594833   878.46685038   0.87846685   28.09594833
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
                          Current     Certificate/     Current       Unpaid     Current   Non-Supported
        Original Face   Certificate     Notional       Accrued      Interest    Interest    Interest     Realized
Class       Amount         Rate         Balance        Interest    Shortfall   Shortfall   Shortfall     Loss (4)
------  --------------  -----------  --------------  ------------  ----------  ---------  -------------  --------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>            <C>
  A-1   365,049,000.00    2.94813%   332,174,554.68    816,078.14     0.00       0.00         0.00         0.00
  A-2   418,050,000.00    3.45000%   378,988,578.00  1,089,592.16     0.00       0.00         0.00         0.00
  X-A             0.00    0.68998%   711,163,132.68    408,906.82     0.00       0.00         0.00         0.00
  X-B             0.00    0.66096%    24,600,000.00     13,549.62     0.00       0.00         0.00         0.00
  B-1    16,400,000.00    3.11813%    16,400,000.00     42,614.44     0.00       0.00         0.00         0.00
  B-2     8,200,000.00    3.49813%     8,200,000.00     23,903.89     0.00       0.00         0.00         0.00
  B-3     4,100,000.00    3.90575%     4,100,000.00     13,344.66     0.00       0.00         0.00         0.00
  B-4     2,460,000.00    3.90575%     2,460,000.00      8,006.79     0.00       0.00         0.00         0.00
  B-5     2,050,000.00    3.90575%     2,050,000.00      6,672.33     0.00       0.00         0.00         0.00
  B-6     3,690,645.34    3.90575%     3,690,645.34     12,012.29     0.00       0.00         0.00         0.00
  A-R           100.00    3.09244%             0.00          0.00     0.00       0.00         0.00         0.00
        --------------    -------    --------------  ------------     ----       ----         ----         ----
Totals  819,999,745.34                               2,434,681.14     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         816,078.14    0.00     327,504,952.40
  A-2       1,089,592.16    0.00     367,243,066.80
  X-A         408,906.82    0.00     694,748,019.20
  X-B          13,549.62    0.00      24,600,000.00
  B-1          42,614.44    0.00      16,400,000.00
  B-2          23,903.89    0.00       8,200,000.00
  B-3          13,344.66    0.00       4,100,000.00
  B-4           8,006.79    0.00       2,460,000.00
  B-5           6,672.33    0.00       2,050,000.00
  B-6          12,012.29    0.00       3,690,645.34
  A-R               0.52    0.00               0.00
          --------------    ----     --------------
Totals      2,434,681.66    0.00
          --------------    ----
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of
                         Current       Beginning                         Unpaid     Current    Non-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    365,049,000.00    2.94813%     909.94511608       2.23553041    0.00000000  0.00000000    0.00000000   0.00000000
A-2    418,050,000.00    3.45000%     906.56279871       2.60636804    0.00000000  0.00000000    0.00000000   0.00000000
X-A              0.00    0.68998%     908.13949792       0.52216491    0.00000000  0.00000000    0.00000000   0.00000000
X-B              0.00    0.66096%    1000.00000000       0.55079756    0.00000000  0.00000000    0.00000000   0.00000000
B-1     16,400,000.00    3.11813%    1000.00000000       2.59844146    0.00000000  0.00000000    0.00000000   0.00000000
B-2      8,200,000.00    3.49813%    1000.00000000       2.91510854    0.00000000  0.00000000    0.00000000   0.00000000
B-3      4,100,000.00    3.90575%    1000.00000000       3.25479512    0.00000000  0.00000000    0.00000000   0.00000000
B-4      2,460,000.00    3.90575%    1000.00000000       3.25479268    0.00000000  0.00000000    0.00000000   0.00000000
B-5      2,050,000.00    3.90575%    1000.00000000       3.25479512    0.00000000  0.00000000    0.00000000   0.00000000
B-6      3,690,645.34    3.90575%    1000.00000000       3.25479392    0.00000000  0.00000000    0.00000000   0.00000000
A-R            100.00    3.09244%       0.00000000       0.00000000    0.00000000  0.00000000    0.00000000   0.00000000
       --------------    -------     -------------       ----------    ----------  ----------    ----------   ----------

<CAPTION>
                       Remaining
                        Unpaid
Class  Total Interest   Interest   Ending Certificate/
 (5)    Distribution    Shortfall  Notational Balance
-----  --------------  ----------  -------------------
<S>    <C>             <C>         <C>
A-1       2.23553041   0.00000000      897.15340242
A-2       2.60636804   0.00000000      878.46685038
X-A       0.52216491   0.00000000      887.17776322
X-B       0.55079756   0.00000000     1000.00000000
B-1       2.59844146   0.00000000     1000.00000000
B-2       2.91510854   0.00000000     1000.00000000
B-3       3.25479512   0.00000000     1000.00000000
B-4       3.25479268   0.00000000     1000.00000000
B-5       3.25479512   0.00000000     1000.00000000
B-6       3.25479392   0.00000000     1000.00000000
A-R       5.20000000   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                                  19,018,789.89
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       70,314.39
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               19,089,104.28

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 239,309.14
         Payment of Interest and Principal                                   18,849,795.14
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 19,089,104.28

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                                                   234,633.74
Master Servicing Fee                                                    4,675.40
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     239,309.14
                                                                      ==========
</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

<TABLE>
<CAPTION>
                   DELINQUENT
              No. of
              Loans      Principal Balance
<S>           <C>        <C>
0-29 Days            0             0.00
30 Days             48    19,421,973.75
60 Days              1     1,199,750.00
90 Days              0             0.00
120 Days             0             0.00
150 Days             0             0.00
180+ Days            0             0.00
                   ---    -------------
                    49    20,621,723.75

              No. of
               Loans     Principal Balance
0-29 Days     0.000000%        0.000000%
30 Days       2.252464%        2.654542%
60 Days       0.046926%        0.163979%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------         --------
              2.299390%        2.818520%

</TABLE>

<TABLE>
<CAPTION>
                   BANKRUPTCY
              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

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

<TABLE>
<CAPTION>
                   FORECLOSURE
               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            1      160,000.00
150 Days            2      252,300.16
180+ Days           0            0.00
                   --      ----------
                    3      412,300.16

               No. of      Principal
               Loans        Balance
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     0.046926%       0.021868%
150 Days     0.093853%       0.034484%
180+ Days    0.000000%       0.000000%
             --------        --------
             0.140779%       0.056352%
</TABLE>

<TABLE>
<CAPTION>
                      REO
               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

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

<TABLE>
<CAPTION>
                    TOTAL
               No. of
               Loans     Principal Balance
<S>          <C>         <C>
0-29 Days            0              0.00
30 Days             48     19,421,973.75
60 Days              1      1,199,750.00
90 Days              0              0.00
120 Days             1        160,000.00
150 Days             2        252,300.16
180+ Days            0              0.00
                    --     -------------
                    52     21,034,023.91

               No. of
               Loans     Principal Balance
0-29 Days    0.000000%          0.000000%
30 Days      2.252464%          2.654542%
60 Days      0.046926%          0.163979%
90 Days      0.000000%          0.000000%
120 Days     0.046926%          0.021868%
150 Days     0.093853%          0.034484%
180+ Days    0.000000%          0.000000%
             --------           --------
             2.440169%          2.874872%
</TABLE>

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

<TABLE>
<CAPTION>
               Original $     Original%     Current $      Current %   Current Class %  Prepayment %
             -------------   -----------  -------------   -----------  ---------------  ------------
<S>          <C>             <C>          <C>             <C>          <C>              <C>
Class A      36,900,645.34   4.50008061%  36,900,645.34   5.04349248%    94.956508%      0.000000%
Class B-1    20,500,645.34   2.50007976%  20,500,645.34   2.80197947%     2.241513%     44.443667%
Class B-2    12,300,645.34   1.50007934%  12,300,645.34   1.68122296%     1.120757%     22.221834%
Class B-3     8,200,645.34   1.00007912%   8,200,645.34   1.12084471%     0.560378%     11.110917%
Class B-4     5,740,645.34   0.70007900%   5,740,645.34   0.78461776%     0.336227%      6.666550%
Class B-5     3,690,645.34   0.45007889%   3,690,645.34   0.50442863%     0.280189%      5.555458%
Class B-6             0.00   0.00000000%           0.00   0.00000000%     0.504429%     10.001574%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
                            DELINQUENT
                       No. of
POOL ONE               Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days                   0                 0.00
30 Days                    20         9,714,269.96
60 Days                     1         1,199,750.00
90 Days                     0                 0.00
120 Days                    0                 0.00
150 Days                    0                 0.00
180+ Days                   0                 0.00
                           --        -------------
                           21        10,914,019.96

                       No. of
                       Loans       Principal Balance
0-29 Days            0.000000%            0.000000%
30 Days              2.057613%            2.818128%
60 Days              0.102881%            0.348050%
90 Days              0.000000%            0.000000%
120 Days             0.000000%            0.000000%
150 Days             0.000000%            0.000000%
180+ Days            0.000000%            0.000000%
                     --------             --------
                     2.160494%            3.166177%
</TABLE>

<TABLE>
<CAPTION>
                         BANKRUPTCY
                   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

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

<TABLE>
<CAPTION>
                          FORECLOSURE
                     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

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

<TABLE>
<CAPTION>
                             REO
                    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

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

<TABLE>
<CAPTION>
                           TOTAL
                     No. of       Principal Balance
                     Loans
<S>                <C>            <C>
0-29 Days                 0                   0.00
30 Days                  20           9,714,269.96
60 Days                   1           1,199,750.00
90 Days                   0                   0.00
120 Days                  0                   0.00
150 Days                  0                   0.00
180+ Days                 0                   0.00
                         --          -------------
                         21          10,914,019.96

                     No. of       Principal Balance
                     Loans
0-29 Days          0.000000%             0.000000%
30 Days            2.057613%             2.818128%
60 Days            0.102881%             0.348050%
90 Days            0.000000%             0.000000%
120 Days           0.000000%             0.000000%
150 Days           0.000000%             0.000000%
180+ Days          0.000000%             0.000000%
                   --------              --------
                   2.160494%             3.166177%
</TABLE>

<TABLE>
<CAPTION>
                           DELINQUENT
                      No. of
POOL TWO              Loans        Principal Balance
<S>                  <C>           <C>
0-29 Days                   0                 0.00
30 Days                    28         9,707,703.79
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
                           --         ------------
                           28         9,707,703.79

                      No. of
                      Loans        Principal Balance
0-29 Days            0.000000%            0.000000%
30 Days              2.415876%            2.508812%
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%
                     --------             --------
                     2.415876%            2.508812%
</TABLE>

<TABLE>
<CAPTION>
                          BANKRUPTCY
                  1.183654%
                   No. of         Principal
                    Loans          Balance
<S>               <C>             <C>
0-29 Days                0            0.00
30 Days                  0            0.00
60 Days                  0            0.00
90 Days                  0            0.00
120 Days                 0            0.00
150 Days                 0            0.00
180+ Days                0            0.00
                        --            ----
                         0            0.00

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

<TABLE>
<CAPTION>
                          FORECLOSURE
                     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                  1         160,000.00
150 Days                  2         252,300.16
180+ Days                 0               0.00
                         --         ----------
                          3         412,300.16

                     No. of         Principal
                     Loans           Balance
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           0.086281%          0.041350%
150 Days           0.172563%          0.065203%
180+ Days          0.000000%          0.000000%
                   --------           --------
                   0.258844%          0.106553%
</TABLE>

<TABLE>
<CAPTION>
                             REO
                    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

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

<TABLE>
<CAPTION>
                             TOTAL
                     No. of
                     Loans        Principal Balance
<S>                <C>            <C>
0-29 Days                 0                  0.00
30 Days                  28          9,707,703.79
60 Days                   0                  0.00
90 Days                   0                  0.00
120 Days                  1            160,000.00
150 Days                  2            252,300.16
180+ Days                 0                  0.00
                         --         -------------
                         31         10,120,003.95

                     No. of
                     Loans        Principal Balance
0-29 Days          0.000000%             0.000000%
30 Days            2.415876%             2.508812%
60 Days            0.000000%             0.000000%
90 Days            0.000000%             0.000000%
120 Days           0.086281%             0.041350%
150 Days           0.172563%             0.065203%
180+ Days          0.000000%             0.000000%
                   --------              --------
                   2.674720%             2.615365%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description                                    Mixed Arm
<S>                                                 <C>
Weighted Average Gross Coupon                             4.289458%
Weighted Average Net Coupon                               3.913073%
Weighted Average Pass-Through Rate                        3.905573%
Weighted Average Maturity (Stepdown Calculation)               335

Beginning Scheduled Collateral Loan Count                    2,164
Number of Loans Paid in Full                                    33
Ending Scheduled Collateral Loan Count                       2,131

Beginning Scheduled Collateral Balance              748,063,778.02
Ending Scheduled Collateral Balance                 731,648,664.54
Ending Actual Collateral Balance at 28-Feb-2005     731,650,701.63

Monthly P&I Constant                                  2,674,179.11
Special Servicing Fee                                         0.00
Prepayment Penalties                                          0.00
Realization Loss Amount                                       0.00
Cumulative Realized Loss                                      0.00

Class A Optimal Amount                               18,729,690.60

Scheduled Principal                                         188.75
Unscheduled Principal                                16,414,924.73
</TABLE>

              MISCELLANEOUS REPORTING

              Rapid Prepay Condition?                NO

<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                   4.180528          4.384915             4.289458
Weighted Average Net Rate                      3.803578          4.009024             3.913073
Pass-Through Rate                              3.796078          4.001524             3.905573
Weighted Average Maturity                           333               337                  335
Record Date                                  02/28/2005        02/28/2005           02/28/2005
Principal and Interest Constant            1,217,147.48      1,457,031.63         2,674,179.11
Beginning Loan Count                                982             1,182                2,164
Loans Paid in Full                                   10                23                   33
Ending Loan Count                                   972             1,159                2,131
Beginning Scheduled Balance              349,376,155.59    398,687,622.43       748,063,778.02
Ending Scheduled Balance                 344,706,553.31    386,942,111.23       731,648,664.54
Scheduled Principal                                0.00            188.75               188.75
Unscheduled Principal                      4,669,602.28     11,745,322.45        16,414,924.73
Scheduled Interest                         1,217,147.48      1,456,842.88         2,673,990.36
Servicing Fee                                109,747.83        124,885.91           234,633.74
Master Servicing Fee                           2,183.60          2,491.80             4,675.40
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                               1,105,216.05      1,329,465.17         2,434,681.22
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             193,337,291.78
Six-Month LIBOR Loan Balance             151,369,261.53
Principal Transfer Amount                          0.00
Interest Transfer Amount                           0.00
Pro Rata Senior Percent                       95.076481%
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                       95.059028%
Senior Percent                               100.000000%
Senior Prepayment Percent                    100.000000%
Subordinate Percent                            0.000000%
Subordinate Prepayment Percent                 0.000000%
</TABLE><PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2004-7
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                    Certificate   Certificate
                       Class     Pass-Through      Beginning          Interest        Principal
Class     CUSIP     Description      Rate      Certificate Balance  Distribution    Distribution
-----   ---------   -----------  ------------  -------------------  ------------  ---------------
<S>     <C>         <C>          <C>           <C>                  <C>           <C>
 A-1    81744FCV7       SEN        3.83179%      447,436,022.78     1,428,735.74   10,950,768.96
 A-2    81744FCW5       SEN        2.90813%      225,579,896.58       546,679.72    3,378,278.16
A-3-A   81744FCX3       SEN        3.22750%      217,679,961.25       585,468.40    7,824,763.50
A-3-B   81744FDH7       SEN        3.45250%        3,474,111.55         9,995.31      124,881.05
 X-A    81744FCY1        IO        0.78258%                0.00       291,337.77            0.00
 X-B    81744FCZ8        IO        0.54953%                0.00        13,703.99            0.00
 B-1    81744FDB0       SUB        3.14813%       18,900,000.00        49,583.05            0.00
 B-2    81744FDC8       SUB        3.53813%       11,025,000.00        32,506.57            0.00
 B-3    81744FDD6       SUB        3.84135%        6,300,000.00        20,167.08            0.00
 B-4    81744FDE4       SUB        3.84135%        3,150,000.00        10,083.54            0.00
 B-5    81744FDF1       SUB        3.84135%        2,625,000.00         8,402.95            0.00
 B-6    81744FDG9       SUB        3.84135%        5,250,582.74        16,807.76            0.00
 A-R    81744FDA2       RES        3.37868%                0.00             1.00            0.00
                                                 --------------     ------------   -------------
Totals                                           941,420,574.90     3,013,472.88   22,278,691.67
                                                 --------------     ------------   -------------

<CAPTION>
                       Current     Ending Certificate      Total          Cumulative
Class     CUSIP     Realized Loss        Balance       Distribution     Realized Loss
-----   ---------   -------------        -------       ------------     -------------
<S>     <C>         <C>            <C>                 <C>              <C>
 A-1    81744FCV7       0.00        436,485,253.82     12,379,504.70        0.00
 A-2    81744FCW5       0.00        222,201,618.42      3,924,957.88        0.00
A-3-A   81744FCX3       0.00        209,855.197.74      8,410,231.90        0.00
A-3-B   81744FDH7       0.00          3,349,230.51        134,876.36        0.00
 X-A    81744FCY1       0.00                  0.00        291,337.77        0.00
 X-B    81744FCZ8       0.00                  0.00         13,703.99        0.00
 B-1    81744FDB0       0.00         18,900,000.00         49,583.05        0.00
 B-2    81744FDC8       0.00         11,025,000.00         32,506.57        0.00
 B-3    81744FDD6       0.00          6,300,000.00         20,167.08        0.00
 B-4    81744FDE4       0.00          3,150,000.00         10,083.54        0.00
 B-5    81744FDF1       0.00          2,625,000.00          8,402.95        0.00
 B-6    81744FDG9       0.00          5,250,582.74         16,807.76        0.00
 A-R    81744FDA2       0.00                  0.00              1.00        0.00
                        ----        --------------     -------------        ----
Totals                  0.00        919,141,883.23     25,292,164.55        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     447,436,022.78      0.00        10,950,768.96       0.00        0.00
  A-2          252,102,000.00     225,579,896.58      0.00         3,378,278.16       0.00        0.00
A-3-A          247,874,000.00     217,679,961.25      0.00         7,824,763.50       0.00        0.00
A-3-B            3,956,000.00       3,474,111.55      0.00           124,881.05       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     941,420,574.90      0.00        22,278,691.67       0.00        0.00
             ----------------     --------------      ----        -------------       ----        ----

<CAPTION>
                  Total             Ending             Ending
                Principal         Certificate        Certificate   Total Principal
Class           Reduction           Balance           Percentage     Distribution
------        -------------      --------------      -----------   ---------------
<S>           <C>                <C>                 <C>           <C>
  A-1         10,950,768.96      436,485,253.82       0.87502156    10,950,768.96
  A-2          3,378,278.16      222,201,618.42       0.88139570     3,378,278.16
A-3-A          7,824,763.50      209,855,197.74       0.84662045     7,824,763.50
A-3-B            124,881.05        3,349,230.51       0.84662045       124,881.05
  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        22,278,691.67      919,141,883.23       0.87536432    22,278,691.67
              -------------      --------------      -----------   --------------
</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      896.97455391     0.00000000    21.95299574       0.00000000     0.00000000
 A-2         252,102,000.00      894.79614037     0.00000000    13.40044173       0.00000000     0.00000000
A-3-A        247,874,000.00      878.18795537     0.00000000    31.56750405       0.00000000     0.00000000
A-3-B          3,956,000.00      878.18795501     0.00000000    31.56750506       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             Ending              Ending
               Principal         Certificate         Certificate       Total Principal
Class          Reduction           Balance            Percentage        Distribution
-----         -----------       -------------        -----------       ---------------
<S>           <C>               <C>                  <C>               <C>
 A-1          21.95299574        875.02155817         0.87502156        21.95299574
 A-2          13.40044173        881.39569865         0.88139570        13.40044173
A-3-A         31.56750405        846.62045128         0.84662045        31.56750405
A-3-B         31.56750506        846.62045248         0.84662045        31.56750506
 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
                                   Current       Certificate/      Current         Unpaid       Current     Non-Supported
            Original Face        Certificate       Notional        Accrued        Interest      Interest      Interest      Realized
Class          Amount               Rate           Balance         Interest      Shortfall     Shortfall      Shortfall     Loss (4)
------     ----------------      -----------    --------------   ------------    ----------    ---------    -------------   --------
<S>        <C>                   <C>            <C>              <C>             <C>           <C>          <C>             <C>
 A-1         498,828,000.00        3.83179%     447,436,022.78   1,428,735.74       0.00          0.00         0.00           0.00
 A-2         252,102,000.00        2.90813%     225,579,896.58     546,679.72       0.00          0.00         0.00           0.00
A-3-A        247,874,000.00        3.22750%     217,679,961.25     585,468.40       0.00          0.00         0.00           0.00
A-3-B          3,956,000.00        3.45250%       3,474,111.55       9,995.31       0.00          0.00         0.00           0.00
 X-A                   0.00        0.78258%     446,733,969.38     291,337.77       0.00          0.00         0.00           0.00
 X-B                   0.00        0.54953%      29,925,000.00      13,703.99       0.00          0.00         0.00           0.00
 B-1          18,900,000.00        3.14813%      18,900,000.00      49,583.05       0.00          0.00         0.00           0.00
 B-2          11,025,000.00        3.53813%      11,025,000.00      32,506.57       0.00          0.00         0.00           0.00
 B-3           6,300,000.00        3.84135%       6,300,000.00      20,167.08       0.00          0.00         0.00           0.00
 B-4           3,150,000.00        3.84135%       3,150,000.00      10,083.54       0.00          0.00         0.00           0.00
 B-5           2,625,000.00        3.84135%       2,625,000.00       8,402.95       0.00          0.00         0.00           0.00
 B-6           5,250,582.74        3.84135%       5,250,582.74      16,807.76       0.00          0.00         0.00           0.00
 A-R                 100.00        3.37868%               0.00           0.00       0.00          0.00         0.00           0.00
           ----------------                                      ------------       ----          ----         ----           ----
Totals     1,050,010,682.74                                      3,013,471.88       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         1,428,735.74        0.00       436,485,253.82
 A-2           546,679.72        0.00       222,201,618.42
A-3-A          585,468.40        0.00       209,855,197.74
A-3-B            9,995.31        0.00         3,349,230.51
 X-A           291,337.77        0.00       435,406,046.67
 X-B            13,703.99        0.00        29,925,000.00
 B-1            49,583.05        0.00        18,900,000.00
 B-2            32,506.57        0.00        11,025,000.00
 B-3            20,167.08        0.00         6,300,000.00
 B-4            10,083.54        0.00         3,150,000.00
 B-5             8,402.95        0.00         2,625,000.00
 B-6            16,807.76        0.00         5,250,582.74
 A-R                 1.00        0.00                 0.00
            -------------        ----
Totals       3,013,472.88        0.00
            -------------        ----
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                Payment of
                               Current        Beginning                           Unpaid     Current     Non-Supported
             Original Face   Certificate     Certificate/     Current Accrued    Interest    Interest      Interest        Realized
Class (5)       Amount          Rate       Notional Balance      Interest        Shortfall   Shortfall     Shortfall       Loss (6)
---------    --------------  -----------   ----------------   ---------------   ----------   ----------  -------------    ----------
<S>          <C>             <C>           <C>                <C>               <C>          <C>         <C>              <C>
 A-1         498,828,000.00    3.83179%      896.97455391        2.86418513     0.00000000   0.00000000    0.00000000     0.00000000
 A-2         252,102,000.00    2.90813%      894.79614037        2.16848625     0.00000000   0.00000000    0.00000000     0.00000000
A-3-A        247,874,000.00    3.22750%      878.18795537        2.36195971     0.00000000   0.00000000    0.00000000     0.00000000
A-3-B          3,956,000.00    3.45250%      878.18795501        2.52662032     0.00000000   0.00000000    0.00000000     0.00000000
 X-A                   0.00    0.78258%      886.49653005        0.57812913     0.00000000   0.00000000    0.00000000     0.00000000
 X-B                   0.00    0.54953%     1000.00000000        0.45794453     0.00000000   0.00000000    0.00000000     0.00000000
 B-1          18,900,000.00    3.14813%     1000.00000000        2.62344180     0.00000000   0.00000000    0.00000000     0.00000000
 B-2          11,025,000.00    3.53813%     1000.00000000        2.94844172     0.00000000   0.00000000    0.00000000     0.00000000
 B-3           6,300,000.00    3.84135%     1000.00000000        3.20112381     0.00000000   0.00000000    0.00000000     0.00000000
 B-4           3,150,000.00    3.84135%     1000.00000000        3.20112381     0.00000000   0.00000000    0.00000000     0.00000000
 B-5           2,625,000.00    3.84135%     1000.00000000        3.20112381     0.00000000   0.00000000    0.00000000     0.00000000
 B-6           5,250,582.74    3.84135%     1000.00000000        3.20112278     0.00000000   0.00000000    0.00000000     0.00000000
 A-R                 100.00    3.37868%        0.00000000        0.00000000     0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                                 Remaining
                                  Unpaid
              Total Interest     Interest      Ending Certificate/
Class (5)      Distribution      Shortfall     Notational Balance
---------     --------------    -----------    -------------------
<S>           <C>               <C>            <C>
 A-1            2.86418513      0.00000000         875.02155817
 A-2            2.16848625      0.00000000         881.39569865
A-3-A           2.36195971      0.00000000         846.62045128
A-3-B           2.52662032      0.00000000         846.62045248
 X-A            0.57812913      0.00000000         864.01746003
 X-B            0.45794453      0.00000000        1000.00000000
 B-1            2.62344180      0.00000000        1000.00000000
 B-2            2.94844172      0.00000000        1000.00000000
 B-3            3.20112381      0.00000000        1000.00000000
 B-4            3.20112381      0.00000000        1000.00000000
 B-5            3.20112381      0.00000000        1000.00000000
 B-6            3.20112278      0.00000000        1000.00000000
 A-R           10.00000000      0.00000000           0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

         Payments of Interest and Principal                                  25,529,190.36
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       62,791.88
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               25,591,982.24

Withdrawals

         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 299,817.69
         Payment of Interest and Principal                                   25,292,164.55
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 25,591,982.24

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                                                    295,502.85
Master Servicing Fee                                                     4,314.84
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      299,817.69
                                                                       ==========
</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           56      18,428,193.88
60 Days            2         283,999.54
90 Days            0               0.00
120 Days           1         101,600.00
150 Days           0               0.00
180+ Days          0               0.00
               ---------  -------------
                  59      18,813,793.42

                No. of      Principal
                 Loans       Balance

0-29 Days      0.000000%     0.000000%
30 Days        1.973221%     2.004936%
60 Days        0.070472%     0.030898%
90 Days        0.000000%     0.000000%
120 Days       0.035236%     0.011054%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------   -----------
               2.078929%     2.046889%
</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

                 No. of     Principal
                 Loans       Balance

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

                 No. of    Principal
                 Loans      Balance

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

                No. of      Principal
                 Loans       Balance

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            56     18,428,193.88
60 Days            2         283,999.54
90 Days            0               0.00
120 Days           1         101,600.00
150 Days           0               0.00
180+ Days          0               0.00
               ---------  -------------
                   59     18,813,793.42

                 No. of     Principal
                 Loans       Balance

0-29 Days      0.000000%    0.000000%
30 Days        1.973221%    2.004936%
60 Days        0.070472%    0.030898%
90 Days        0.000000%    0.000000%
120 Days       0.035236%    0.011054%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------   ----------
               2.078929%    2.046889%
</TABLE>

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

<TABLE>
<CAPTION>
               Original $      Original%     Current $      Current %    Current Class %  Prepayment %
              -------------   -----------  -------------   -----------   ---------------  ------------
<S>           <C>             <C>          <C>             <C>           <C>              <C>
Class A       47,250,582.74   4.50000972%  47,250,582.74   5.14072785%      94.859272%      0.000000%
Class B-1     28,350,582.74   2.70002803%  28,350,582.74   3.08446207%       2.056266%     39.999507%
Class B-2     17,325,582.74   1.65003871%  17,325,582.74   1.88497370%       1.199488%     23.333046%
Class B-3     11,025,582.74   1.05004482%  11,025,582.74   1.19955177%       0.685422%     13.333169%
Class B-4      7,875,582.74   0.75004787%   7,875,582.74   0.85684081%       0.342711%      6.666584%
Class B-5      5,250,582.74   0.50005041%   5,250,582.74   0.57124834%       0.285592%      5.555487%
Class B-6              0.00   0.00000000%           0.00   0.00000000%       0.571248%     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           33      11,599,343.81
60 Days            1         183,299.54
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
               ---------  --------------
                  34      11,782,643.35

                No. of       Principal
                 Loans        Balance

0-29 Days      0.000000%     0.000000%
30 Days        2.348754%     2.521651%
60 Days        0.071174%     0.039849%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               ---------  --------------
               2.419929%     2.561500%
</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

                 No. of     Principal
                 Loans       Balance

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

                 No. of     Principal
                 Loans       Balance

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

                No. of      Principal
                 Loans       Balance

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           33       11,599,343.81
60 Days            1          183,299.54
90 Days            0                0.00
120 Days           0                0.00
150 Days           0                0.00
180+ Days          0                0.00
               ---------   -------------
                  34       11,782,643.35

                 No. of      Principal
                 Loans        Balance

0-29 Days      0.000000%     0.000000%
30 Days        2.348754%     2.521651%
60 Days        0.071174%     0.039849%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               ---------   -------------
               2.419929%     2.561500%
</TABLE>

               DELINQUENT
GROUP TWO

<TABLE>
<CAPTION>
                No. of      Principal
                Loans        Balance
<S>            <C>         <C>
0-29 Days          0               0.00
30 Days            7       2,207,305.60
60 Days            1         100,700.00
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
               ---------   ------------
                   8       2,308,005.60

                No. of       Principal
                 Loans        Balance

0-29 Days      0.000000%     0.000000%
30 Days        1.032448%     0.942969%
60 Days        0.147493%     0.043019%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               ---------   ------------
               1.179941%     0.985988%
</TABLE>

             BANKRUPTCY

<TABLE>
<CAPTION>
               1.183654%
                 No. of    Principal
                 Loans      Balance
<S>            <C>         <C>
0-29 Days          0         0.00
30 Days            0         0.00
60 Days            0         0.00
90 Days            0         0.00
120 Days           0         0.00
150 Days           0         0.00
180+ Days          0         0.00
               ---------   ---------
                   0         0.00

                 No. of    Principal
                 Loans      Balance

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

                 No. of    Principal
                 Loans      Balance

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

                No. of     Principal
                 Loans      Balance

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            7        2,207,305.60
60 Days            1          100,700.00
90 Days            0                0.00
120 Days           0                0.00
150 Days           0                0.00
180+ Days          0                0.00
               ---------    ------------
                   8        2,308,005.60

                 No. of       Principal
                 Loans         Balance

0-29 Days      0.000000%      0.000000%
30 Days        1.032448%      0.942969%
60 Days        0.147493%      0.043019%
90 Days        0.000000%      0.000000%
120 Days       0.000000%      0.000000%
150 Days       0.000000%      0.000000%
180+ Days      0.000000%      0.000000%
               ---------    ------------
               1.179941%      0.985988%
</TABLE>

<PAGE>

              DELINQUENT

GROUP THREE

<TABLE>
<CAPTION>
                No. of       Principal
                 Loans        Balance
<S>            <C>          <C>
0-29 Days          0                0.00
30 Days           16        4,621,544.47
60 Days            0                0.00
90 Days            0                0.00
120 Days           1          101,600.00
150 Days           0                0.00
180+ Days          0                0.00
               ---------    ------------
                  17        4,723,144.47

                No. of        Principal
                 Loans         Balance

0-29 Days      0.000000%      0.000000%
30 Days        2.119205%      2.053376%
60 Days        0.000000%      0.000000%
90 Days        0.000000%      0.000000%
120 Days       0.132450%      0.045141%
150 Days       0.000000%      0.000000%
180+ Days      0.000000%      0.000000%
               ---------    ------------
               2.251656%      2.098517%
</TABLE>

              BANKRUPTCY

<TABLE>
<CAPTION>
               1.183654%
                No. of     Principal
                Loans       Balance
<S>            <C>         <C>
0-29 Days          0         0.00
30 Days            0         0.00
60 Days            0         0.00
90 Days            0         0.00
120 Days           0         0.00
150 Days           0         0.00
180+ Days          0         0.00
               ---------   ---------
                   0         0.00

                No. of     Principal
                Loans       Balance

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

                 No. of    Principal
                 Loans      Balance

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

                No. of     Principal
                 Loans      Balance

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           16        4,621,544.47
60 Days            0                0.00
90 Days            0                0.00
120 Days           1          101,600.00
150 Days           0                0.00
180+ Days          0                0.00
               ---------    ------------
                  17        4,723,144.47

                 No. of       Principal
                 Loans         Balance

0-29 Days      0.000000%      0.000000%
30 Days        2.119205%      2.053376%
60 Days        0.000000%      0.000000%
90 Days        0.000000%      0.000000%
120 Days       0.132450%      0.045141%
150 Days       0.000000%      0.000000%
180+ Days      0.000000%      0.000000%
               ---------    ------------
               2.251656%      2.098517%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description                                                            Mixed Arm
----------------------                                                          ---------------
<S>                                                                             <C>
Weighted Average Gross Coupon                                                         4.223350%
Weighted Average Net Coupon                                                           3.846681%
Weighted Average Pass-Through Rate                                                    3.841181%
Weighted Average Maturity (Stepdown Calculation)                                           335

Beginning Scheduled Collateral Loan Count                                                2,887
Number of Loans Paid in Full                                                                49
Ending Scheduled Collateral Loan Count                                                   2,838

Beginning Scheduled Collateral Balance                                          941,420,574.90
Ending Scheduled Collateral Balance                                             919,141,883.23
Ending Actual Collateral Balance at 28-Feb-2005                                 919,141,025.62

Monthly P&I Constant                                                              3,313,290.17
Special Servicing Fee                                                                     0.00
Prepayment Penalties                                                                      0.00
Realization Loss Amount                                                                   0.00
Cumulative Realized Loss                                                                  0.00

Class A Optimal Amount                                                           25,140,908.61

Scheduled Principal                                                                       0.00
Unscheduled Principal                                                            22,278,691.67
</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               4.214215        4.206712            4.258765         4.223350
Weighted Average Net Rate                  3.837295        3.830694            3.881942         3.846681
Pass-Through Rate                          3.831795        3.825194            3.876442         3.841181
Weighted Average Maturity                       334             332                 340              335
Record Date                              02/28/2005      02/28/2005          02/28/2005       02/28/2005
Principal and Interest Constant        1,653,872.48      832,433.30          826,984.39     3,313,290.17
Beginning Loan Count                          1,430             686                 771            2,887
Loans Paid in Full                               25               8                  16               49
Ending Loan Count                             1,405             678                 755            2,838
Beginning Scheduled Balance          470,941,029.31  237,458,628.55      233,020,917.04   941,420,574.90
Ending Scheduled Balance             459,990,260.35  234,080,350.39      225,071,272.49   919,141,883.23
Scheduled Principal                            0.00            0.00                0.00             0.00
Unscheduled Principal                 10,950,768.96    3,378,278.16        7,949,644.55    22,278,691.67
Scheduled Interest                     1,653,872.48      832,433.30          826,984.39     3,313,290.17
Servicing Fee                            147,922.60       74,407.25           73,173.00       295,502.85
Master Servicing Fee                       2,158.48        1,088.35            1,068.01         4,314.84
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                           1,503,791.40      756,937.70          752,743.38     3,013,472.48
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                                               95.008928%
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                                     164,202,753.31
Six-Month LIBOR Loan Balance                                      69,877,597.08
Principal Transfer Amount                                                  0.00
Pro-Rata Senior Percent                                               94.997557%
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                                               94.907391%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Interest Transfer Amount                                                   0.00
</TABLE>

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