Document:

<PAGE>

                                                                    EXHIBIT 10.1

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

                               SMT SERIES 2004-10
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 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-1A        81744FET0          SEN             3.16000%         103,849,791.40           273,471.12          2,146,634.86
  A-1B        81744FEU7          SEN             3.22000%          11,541,488.18            30,969.66            238,569.19
  A-2         81744FEV5          SEN             3.17000%         192,066,412.84           507,375.44          3,970,123.12
  A-3A        81744FEW3          SEN             2.57000%         164,008,153.03           351,250.79          6,908,540.05
  A-3B        81744FEX1          SEN             2.63000%          18,223,128.11            39,939.02            767,615.56
  A-4         81744FEY9          SEN             2.58000%         115,533,721.09           248,397.50          4,866,644.28
  X-A         81744FEZ6           IO             0.98575%                   0.00           497,163.46                  0.00
  X-B         81744FFA0           IO             0.39893%                   0.00             6,945.11                  0.00
  B-1         81744FFC6          SUB             3.35000%          14,042,000.00            39,200.58                  0.00
  B-2         81744FFD4          SUB             3.70000%           6,849,000.00            21,117.75                  0.00
  B-3         81744FFE2          SUB             3.86368%           3,767,000.00            12,128.73                  0.00
  B-4         81744FFF9          SUB             3.86368%           3,081,000.00             9,920.00                  0.00
  B-5         81744FFG7          SUB             3.86368%           1,711,000.00             5,508.96                  0.00
  B-6         81744FFH5          SUB             3.86368%           3,097,055.38             9,971.69                  0.00
  A-R         81744FFB8          RES             3.23483%                   0.00                 0.05                  0.00
                                                 -------          --------------         ------------         -------------
Totals                                                            637,769,750.03         2,053,359.86         18,898,127.06
                                                 -------          --------------         ------------         -------------

<CAPTION>
                              Current           Ending Certificate            Total                 Cumulative
Class         CUSIP         Realized Loss            Balance               Distribution           Realized Loss
-----         -----         -------------       ------------------        -------------           -------------
<S>         <C>             <C>                 <C>                       <C>                     <C>
  A-1A      81744FET0           0.00              101,703,156.54           2,420,105.98                0.00
  A-1B      81744FEU7           0.00               11,302,918.99             269,538.85                0.00
  A-2       81744FEV5           0.00              188,096,289.72           4,477,498.56                0.00
  A-3A      81744FEW3           0.00              157,099,612.98           7,259,790.84                0.00
  A-3B      81744FEX1           0.00               17,455,512.55             807,554.58                0.00
  A-4       81744FEY9           0.00              110,667,076.81           5,115,041.78                0.00
  X-A       81744FEZ6           0.00                        0.00             497,163.46                0.00
  X-B       81744FFA0           0.00                        0.00               6,945.11                0.00
  B-1       81744FFC6           0.00               14,042,000.00              39,200.58                0.00
  B-2       81744FFD4           0.00                6,849,000.00              21,117.75                0.00
  B-3       81744FFE2           0.00                3,767,000.00              12,128.75                0.00
  B-4       81744FFF9           0.00                3,081,000.00               9,920.00                0.00
  B-5       81744FFG7           0.00                1,711,000.00               5,508.96                0.00
  B-6       81744FFH5           0.00                3,097,055.38               9,971.69                0.00
  A-R       81744FFB8           0.00                        0.00                   0.05                0.00
                                ----              --------------          -------------                ----
Totals                          0.00              618,871,622.97          20,951,486.92                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-1A           110,000,000.00           103,849,791.40           0.00          2,146,634.86        0.00           0.00
  A-1B            12,225,000.00            11,541,488.18           0.00            238,569.19        0.00           0.00
  A-2            203,441,000.00           192,066,412.84           0.00          3,970,123.12        0.00           0.00
  A-3A           180,000,000.00           164,008,153.03           0.00          6,908,540.05        0.00           0.00
  A-3B            20,000,000.00            18,223,128.11           0.00            767,615.56        0.00           0.00
  A-4            126,799,000.00           115,533,721.09           0.00          4,866,644.28        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             14,042,000.00            14,042,000.00           0.00                  0.00        0.00           0.00
  B-2              6,849,000.00             6,849,000.00           0.00                  0.00        0.00           0.00
  B-3              3,767,000.00             3,767,000.00           0.00                  0.00        0.00           0.00
  B-4              3,081,000.00             3,081,000.00           0.00                  0.00        0.00           0.00
  B-5              1,711,000.00             1,711,000.00           0.00                  0.00        0.00           0.00
  B-6              3,097,055.38             3,097,055.38           0.00                  0.00        0.00           0.00
  A-R                    100.00                     0.00           0.00                  0.00        0.00           0.00
                 --------------           --------------           ----         -------------        ----           ----
Totals           685,012,155.38           637,769,750.03           0.00         18,898,127.06        0.00           0.00
                 --------------           --------------           ----         -------------        ----           ----

<CAPTION>
                  Total Principal         Ending Certificate        Ending Certificate       Total Principal
 Class               Reduction                 Balance                 Percentage              Distribution
 -----               ---------                 -------                 ----------              ------------
<S>               <C>                     <C>                       <C>                      <C>
  A-1A              2,146,634.86            101,703,156.54              0.92457415            2,146,634.86
  A-1B                238,569.19             11,302,918.99              0.92457415              238,569.19
  A-2               3,970,123.12            188,096,289.72              0.92457415            3,970,123.12
  A-3A              6,908,540.05            157,099,612.98              0.87277563            6,908,540.05
  A-3B                767,615.56             17,455,512.55              0.87277563              767,615.56
  A-4               4,866,644.28            110,667,076.81              0.87277563            4,866,644.28
  X-A                       0.00                      0.00              0.00000000                    0.00
  X-B                       0.00                      0.00              0.00000000                    0.00
  B-1                       0.00             14,042,000.00              1.00000000                    0.00
  B-2                       0.00              6,849,000.00              1.00000000                    0.00
  B-3                       0.00              3,767,000.00              1.00000000                    0.00
  B-4                       0.00              3,081,000.00              1.00000000                    0.00
  B-5                       0.00              1,711,000.00              1.00000000                    0.00
  B-6                       0.00              3,097,055.38              1.00000000                    0.00
  A-R                       0.00                      0.00              0.00000000                    0.00
                   -------------            --------------              ----------           -------------
Totals             18,898,127.06            618,871,622.97              0.90344619           18,898,127.06
                   -------------            --------------              ----------           -------------
</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-1A             110,000,000.00            944.08901273          0.00000000       19.51486236      0.00000000     0.00000000
 A-1B              12,225,000.00            944.08901268          0.00000000       19.51486217      0.00000000     0.00000000
 A-2              203,441,000.00            944.08901274          0.00000000       19.51486239      0.00000000     0.00000000
 A-3A             180,000,000.00            911.15640572          0.00000000       38.38077806      0.00000000     0.00000000
 A-3B              20,000,000.00            911.15640550          0.00000000       38.38077800      0.00000000     0.00000000
 A-4              126,799,000.00            911.15640573          0.00000000       38.38077808      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               14,042,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-2                6,849,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-3                3,767,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-4                3,081,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-5                1,711,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-6                3,097,055.38           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 A-R                      100.00              0.00000000          0.00000000        0.00000000      0.00000000     0.00000000

<CAPTION>
                  Total Principal         Ending Certificate        Ending Certificate       Total Principal
 Class               Reduction                 Balance                 Percentage              Distribution
 -----               ---------                 -------                 ----------              ------------
<S>               <C>                     <C>                       <C>                      <C>
 A-1A               19.51486236               924.57415036              0.92457415             19.51486236
 A-1B               19.51486217               924.57415051              0.92457415             19.51486217
 A-2                19.51486239               924.57415034              0.92457415             19.51486239
 A-3A               38.38077806               872.77562767              0.87277563             38.38077806
 A-3B               38.38077800               872.77562750              0.87277563             38.38077800
 A-4                38.38077808               872.77562765              0.87277563             38.38077808
 X-A                 0.00000000                 0.00000000              0.00000000              0.00000000
 X-B                 0.00000000                 0.00000000              0.00000000              0.00000000
 B-1                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-2                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-3                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-4                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-5                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-6                 0.00000000              1000.00000000              1.00000000              0.00000000
 A-R                 0.00000000                 0.00000000              0.00000000              0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                     Beginning                       Payment of                  Non-
                                                   Certificate          Current       Unpaid       Current     Supported
             Original Face        Current            Notional           Accrued      Interest      Interest     Interest   Realized
 Class          Amount        Certificate Rate       Balance            Interest     Shortfall    Shortfall    Shortfall   Loss (4)
 -----          ------        ----------------       -------            --------     ---------    ---------    ---------   --------
<S>         <C>               <C>                 <C>                <C>             <C>          <C>          <C>         <C>
 A-1A       110,000,000.00       3.16000%         103,849,791.40       273,471.12       0.00         0.00         0.00       0.00
 A-1B        12,225,000.00       3.22000%          11,541,488.18        30,969.66       0.00         0.00         0.00       0.00
  A-2       203,441,000.00       3.17000%         192,066,412.84       507,375.44       0.00         0.00         0.00       0.00
 A-3A       180,000,000.00       2.57000%         164,008,153.03       351,250.79       0.00         0.00         0.00       0.00
 A-3B        20,000,000.00       2.63000%          18,223,128.11        39,939.02       0.00         0.00         0.00       0.00
  A-4       126,799,000.00       2.58000%         115,533,721.09       248,397.50       0.00         0.00         0.00       0.00
  X-A                 0.00       0.98575%         605,222,694.65       497,163.46       0.00         0.00         0.00       0.00
  X-B                 0.00       0.39893%          20,891,000.00         6,945.11       0.00         0.00         0.00       0.00
  B-1        14,042,000.00       3.35000%          14,042,000.00        39,200.58       0.00         0.00         0.00       0.00
  B-2         6,849,000.00       3.70000%           6,849,000.00        21,117.75       0.00         0.00         0.00       0.00
  B-3         3,767,000.00       3.86368%           3,767,000.00        12,128.73       0.00         0.00         0.00       0.00
  B-4         3,081,000.00       3.86368%           3,081,000.00         9,920.00       0.00         0.00         0.00       0.00
  B-5         1,711,000.00       3.86368%           1,711,000.00         5,508.96       0.00         0.00         0.00       0.00
  B-6         3,097,055.38       3.86368%           3,097,055.38         9,971.69       0.00         0.00         0.00       0.00
  A-R               100.00       3.23483%                   0.00             0.00       0.00         0.00         0.00       0.00
            --------------       -------          --------------     ------------       ----         ----         ----       ----
Totals      685,012,155.38                                           2,053,359.81       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-1A           273,471.12               0.00            101,703,156.54
 A-1B            30,969.66               0.00             11,302,918.99
  A-2           507,375.44               0.00            188,096,289.72
 A-3A           351,250.79               0.00            157,099,612.98
 A-3B            39,939.02               0.00             17,455,512.55
  A-4           248,397.50               0.00            110,667,076.81
  X-A           497,163.46               0.00            586,324,567.59
  X-B             6,945.11               0.00             20,891,000.00
  B-1            39,200.58               0.00             14,042,000.00
  B-2            21,117.75               0.00              6,894,000.00
  B-3            12,128.73               0.00              3,767,000.00
  B-4             9,920.00               0.00              3,081,000.00
  B-5             5,508.96               0.00              1,711,000.00
  B-6             9,971.69               0.00              3,097,055.38
  A-R                 0.05               0.00                      0.00
              ------------               ----
Totals        2,053,359.86               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
           Original Face    Certificate    Certificate/    Current Accrued   Interest    Interest
Class (5)      Amount          Rate      Notional Balance      Interest      Shortfall   Shortfall
---------  --------------- ------------  ----------------  ---------------  -----------  ----------
<S>        <C>              <C>          <C>               <C>              <C>          <C>
  A-1A      110,000,000.00    3.16000%     944.08901273      2.48610109      0.00000000  0.00000000
  A-1B       12,225,000.00    3.22000%     944.08901268      2.53330552      0.00000000  0.00000000
   A-2      203,441,000.00    3.17000%     944.08901274      2.49396847      0.00000000  0.00000000
  A-3A      180,000,000.00    2.57000%     911.15640572      1.95139328      0.00000000  0.00000000
  A-3B       20,000,000.00    2.63000%     911.15640550      1.99695100      0.00000000  0.00000000
   A-4      126,799,000.00    2.58000%     911.15640573      1.95898627      0.00000000  0.00000000
   X-A                0.00    0.98575%     927.59411562      0.76197721      0.00000000  0.00000000
   X-B                0.00    0.39893%    1000.00000000      0.33244507      0.00000000  0.00000000
   B-1       14,042,000.00    3.35000%    1000.00000000      2.79166643      0.00000000  0.00000000
   B-2        6,849,000.00    3.70000%    1000.00000000      3.08333333      0.00000000  0.00000000
   B-3        3,767,000.00    3.86368%    1000.00000000      3.21973188      0.00000000  0.00000000
   B-4        3,081,000.00    3.86368%    1000.00000000      3.21973385      0.00000000  0.00000000
   B-5        1,711,000.00    3.86368%    1000.00000000      3.21973115      0.00000000  0.00000000
   B-6        3,097,055.38    3.86368%    1000.00000000      3.21973254      0.00000000  0.00000000
   A-R              100.00    3.23483%       0.00000000      0.00000000      0.00000000  0.00000000

<CAPTION>
              Non-                                 Remaining
           Supported                                Unpaid
            Interest    Realized   Total Interest  Interest    Ending Certificate/
Class (5)  Shortfall    Loss (6)    Distribution   Shortfall   Notational Balance
---------  ----------  ----------  --------------  ----------  -------------------
<S>        <C>         <C>         <C>             <C>         <C>
  A-1A     0.00000000  0.00000000    2.48610109    0.00000000     924.57415036
  A-1B     0.00000000  0.00000000    2.53330552    0.00000000     924.57415051
   A-2     0.00000000  0.00000000    2.49396847    0.00000000     924.57415034
  A-3A     0.00000000  0.00000000    1.95139328    0.00000000     872.77562767
  A-3B     0.00000000  0.00000000    1.99695100    0.00000000     872.77567250
   A-4     0.00000000  0.00000000    1.95898627    0.00000000     872.77562765
   X-A     0.00000000  0.00000000    0.76197721    0.00000000     898.62991515
   X-B     0.00000000  0.00000000    0.33244507    0.00000000    1000.00000000
   B-1     0.00000000  0.00000000    2.79166643    0.00000000    1000.00000000
   B-2     0.00000000  0.00000000    3.08333333    0.00000000    1000.00000000
   B-3     0.00000000  0.00000000    3.21973188    0.00000000    1000.00000000
   B-4     0.00000000  0.00000000    3.21973385    0.00000000    1000.00000000
   B-5     0.00000000  0.00000000    3.21973115    0.00000000    1000.00000000
   B-6     0.00000000  0.00000000    3.21973254    0.00000000    1000.00000000
   A-R     0.00000000  0.00000000    0.50000000    0.00000000       0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT
                                       8MN

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

Deposits
         Payments of Interest and Principal                          21,156,823.13
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                                    0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                     -------------
Total Deposits                                                       21,156,823.13

Withdrawals
         Reimbursement for Servicer Advances                                  0.00
         Payment of Service Fee                                         205,336.21
         Payment of Interest and Principal                           20,951,486.92
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         21,156,823.13

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                                   200,021.46
Master Servicing Fee                                    5,314.75
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     205,336.21
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                       FORECLOSURE
----------------------------------  -------------------------------  -------------------------------
             No. of     Principal               No. of    Principal              No. of    Principal
             Loans      Balance                  Loans     Balance                Loans     Balance
<S>        <C>        <C>           <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0              0.00  0-29 Days      0         0.00    0-29 Days      0         0.00
30 Days       18      5,909,895.77  30 Days        0         0.00    30 Days        0         0.00
60 Days        1        150,000.00  60 Days        0         0.00    60 Days        0         0.00
90 Days        1        479,950.00  90 Days        0         0.00    90 Days        0         0.00
120 Days       0              0.00  120 Days       0         0.00    120 Days       0         0.00
150 Days       0              0.00  150 Days       0         0.00    150 Days       0         0.00
180+ Days      0              0.00  180+ Days      0         0.00    180+ Days      0         0.00
              --      ------------                 --        ----                  --         ----
              20      6,539,845.77                 0         0.00                   0         0.00

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

0-29 Days  0.000000%   0.000000%    0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    0.998336%   0.954942%    30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.055463%   0.024238%    60 Days    0.000000%  0.000000%  60 Days    0.000000%  0.000000%
90 Days    0.055463%   0.077552%    90 Days    0.000000%  0.000000%  90 Days    0.000000%  0.000000%
120 Days   0.000000%   0.000000%    120 Days   0.000000%  0.000000%  120 Days   0.000000%  0.000000%
150 Days   0.000000%   0.000000%    150 Days   0.000000%  0.000000%  150 Days   0.000000%  0.000000%
180+ Days  0.000000%   0.000000%    180+ Days  0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
           --------    --------                --------   --------              --------   --------
           1.109262%   1.056732%               0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
              REO                             TOTAL
-------------------------------  ----------------------------------
            No. of    Principal              No. of     Principal
             Loans     Balance                Loans       Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days     0         0.00     0-29 Days      0              0.00
30 Days       0         0.00     30 Days       18      5,909,895.77
60 Days       0         0.00     60 Days        1        150,000.00
90 Days       0         0.00     90 Days        1        479,950.00
120 Days      0         0.00     120 Days       0              0.00
150 Days      0         0.00     150 Days       0              0.00
180+ Days     0         0.00     180+ Days      0              0.00
             --         ----                   --      ------------
              0         0.00                   20      6,539,845.77

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

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%    0.000000%
30 Days    0.000000%  0.000000%  30 Days    0.998336%    0.954942%
60 Days    0.000000%  0.000000%  60 Days    0.055463%    0.024238%
90 Days    0.000000%  0.000000%  90 Days    0.055463%    0.077552%
120 Days   0.000000%  0.000000%  120 Days   0.000000%    0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%    0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%    0.000000%
           --------   --------              --------     --------
           0.000000%  0.000000%             1.109262%    1.056732%
</TABLE>

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

<TABLE>
<CAPTION>
             Original $    Original%     Current $     Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    32,547,055.38  4.75131063%  32,547,055.38  5.25909642%    94.740904%       0.000000%
Class B-1  18,505,055.38  2.70142000%  18,505,055.38  2.99012827%     2.268968%      43.143688%
Class B-2  11,656,055.38  1.70158373%  11,656,055.38  1.88343672%     1.106692%      21.043378%
Class B-3   7,889,055.38  1.15166648%   7,889,055.38  1.27474828%     0.608688%      11.574012%
Class B-4   4,808,055.38  0.70189344%   4,808,055.38  0.77690674%     0.497842%       9.466294%
Class B-5   3,097,055.38  0.45211685%   3,097,055.38  0.50043584%     0.276471%       5.257004%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.500436%       9.515624%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                          FORECLOSURE
---------------------------------------  ---------------------------------  ----------------------------------
               No. of        Principal                 No. of    Principal                 No. of    Principal
GROUP  ONE      Loans         Balance                  Loans      Balance                  Loans      Balance
<S>           <C>          <C>           <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days            0             0.00  0-29 Days         0        0.00    0-29 Days          0        0.00
30 Days              6     1,303,377.58  30 Days           0        0.00    30 Days            0        0.00
60 Days              0             0.00  60 Days           0        0.00    60 Days            0        0.00
90 Days              1       479,950.00  90 Days           0        0.00    90 Days            0        0.00
120 Days             0             0.00  120 Days          0        0.00    120 Days           0        0.00
150 Days             0             0.00  150 Days          0        0.00    150 Days           0        0.00
180+ Days            0             0.00  180+ Days         0        0.00    180+ Days          0        0.00
              --------     ------------             --------    --------                --------    --------
                     7     1,783,327.58                    0        0.00                       0        0.00

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

0-29 Days     0.000000%        0.000000% 0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days       0.697674%        0.410714% 30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days       0.000000%        0.000000% 60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days       0.116279%        0.151240% 90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days      0.000000%        0.000000% 120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days      0.000000%        0.000000% 150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days     0.000000%        0.000000% 180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
              --------     ------------             --------    --------                --------    --------
              0.813953%        0.561954%            0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                   TOTAL
----------------------------------    ------------------------------------
              No. of     Principal                No. of         Principal
              Loans       Balance                 Loans           Balance
<S>           <C>        <C>          <C>        <C>          <C>
0-29 Days            0        0.00    0-29 Days         0             0.00
30 Days              0        0.00    30 Days           6     1,303,377.58
60 Days              0        0.00    60 Days           0             0.00
90 Days              0        0.00    90 Days           1       479,950.00
120 Days             0        0.00    120 Days          0             0.00
150 Days             0        0.00    150 Days          0             0.00
180+ Days            0        0.00    180+ Days         0             0.00
              --------    --------               --------     ------------
                     0        0.00                      7     1,783,327.58

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

0-29 Days     0.000000%   0.000000%   0-29 Days  0.000000%        0.000000%
30 Days       0.000000%   0.000000%   30 Days    0.697674%        0.410714%
60 Days       0.000000%   0.000000%   60 Days    0.000000%        0.000000%
90 Days       0.000000%   0.000000%   90 Days    0.116279%        0.151240%
120 Days      0.000000%   0.000000%   120 Days   0.000000%        0.000000%
150 Days      0.000000%   0.000000%   150 Days   0.000000%        0.000000%
180+ Days     0.000000%   0.000000%   180+ Days  0.000000%        0.000000%
              --------    --------               --------     ------------
              0.000000%   0.000000%              0.813953%        0.561954%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                           FORECLOSURE
-------------------------------------   ----------------------------------    --------------------------------
                                                      1.183654%
                No. of      Principal                  No. of   Principal                 No. of    Principal
GROUP TWO        Loans       Balance                    Loans    Balance                  Loans      Balance
<S>           <C>         <C>              <C>        <C>       <C>           <C>         <C>       <C>
0-29 Days            0            0.00     0-29 Days         0        0.00    0-29 Days          0        0.00
30 Days             12    4,606,518.19     30 Days           0        0.00    30 Days            0        0.00
60 Days              1      150,000.00     60 Days           0        0.00    60 Days            0        0.00
90 Days              0            0.00     90 Days           0        0.00    90 Days            0        0.00
120 Days             0            0.00     120 Days          0        0.00    120 Days           0        0.00
150 Days             0            0.00     150 Days          0        0.00    150 Days           0        0.00
180+ Days            0            0.00     180+ Days         0        0.00    180+ Days          0        0.00
              --------    ------------                --------    --------                --------    --------
                    13    4,756,518.19                       0        0.00                       0        0.00

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

0-29 Days     0.000000%       0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days       1.272534%       1.527714%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days       0.106045%       0.049746%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days       0.000000%       0.000000%    90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days      0.000000%       0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days      0.000000%       0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days     0.000000%       0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
              --------    ------------                --------    --------                --------    --------
              1.378579%       1.577460%               0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                 REO                                 TOTAL
------------------------------------- ------------------------------------
               No. of     Principal               No. of       Principal
                Loans      Balance                 Loans        Balance
<S>           <C>         <C>         <C>        <C>          <C>
 0-29 Days           0        0.00    0-29 Days         0             0.00
 30 Days             0        0.00    30 Days          12     4,606,518.19
 60 Days             0        0.00    60 Days           1       150,000.00
 90 Days             0        0.00    90 Days           0             0.00
 120 Days            0        0.00    120 Days          0             0.00
 150 Days            0        0.00    150 Days          0             0.00
 180+ Days           0        0.00    180+ Days         0             0.00
               -------    --------               --------     ------------
                     0        0.00                     13     4,756,518.19

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

 0-29 Days    0.000000%   0.000000%   0-29 Days  0.000000%        0.000000%
 30 Days      0.000000%   0.000000%   30 Days    1.272534%        1.527714%
 60 Days      0.000000%   0.000000%   60 Days    0.106045%        0.049746%
 90 Days      0.000000%   0.000000%   90 Days    0.000000%        0.000000%
 120 Days     0.000000%   0.000000%   120 Days   0.000000%        0.000000%
 150 Days     0.000000%   0.000000%   150 Days   0.000000%        0.000000%
 180+ Days    0.000000%   0.000000%   180+ Days  0.000000%        0.000000%
              --------    --------               --------     ------------
              0.000000%   0.000000%              1.378579%        1.577460%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                   Mixed Arm
<S>                                                                 <C>
Weighted Average Gross Coupon                                             4.249865%
Weighted Average Net Coupon                                               3.873514%
Weighted Average Pass-Through Rate                                        3.863514%
Weighted Average Maturity (Stepdown Calculation)                               335

Beginning Scheduled Collateral Loan Count                                    1,850
Number of Loans Paid in Full                                                    47
Ending Scheduled Collateral Loan Count                                       1,803

Beginning Scheduled Collateral Balance                              637,769,750.03
Ending Scheduled Collateral Balance                                 618,871,622.97
Ending Actual Collateral Balance at 31-Mar-2005                     618,874,527.12

Monthly P&I Constant                                                  2,258,696.27
Special Servicing Fee                                                         0.00
Prepayment Penalties                                                          0.00
Realization Loss Amount                                                       0.00
Cumulative Realized Loss                                                      0.00

Class A Optimal Amount                                               20,846,694.06

Scheduled Principal                                                           0.00
Unscheduled Principal                                                18,898,127.06
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepay Event            NO

<PAGE>

<TABLE>
<CAPTION>
            GROUP                                    GROUP ONE              GROUP TWO                    TOTAL
<S>                                               <C>                   <C>                         <C>
Collateral Description                                 Mixed ARM        6 Month LIBOR ARM                Mixed ARM
Weighted Average Coupon Rate                            4.239696                 4.260347                 4.249865
Weighted Average Net Rate                               3.863936                 3.883385                 3.873514
Pass-Through Rate                                       3.853936                 3.873385                 3.863514
Weighted Average Maturity                                    331                      338                      335
Record Date                                           03/31/2005               03/31/2005               03/31/2005
Principal and Interest Constant                     1,143,652.05             1,115,044.22             2,258,696.27
Beginning Loan Count                                         875                      975                    1,850
Loans Paid in Full                                            15                       32                       47
Ending Loan Count                                            860                      943                    1,803
Beginning Scheduled Balance                       323,698,338.86           314,071,411.17           637,769,750.03
Ending Scheduled Balance                          317,343,011.69           301,528,611.28           618,871,622.97
Scheduled Principal                                         0.00                     0.00                     0.00
Unscheduled Principal                               6,355,327.17            12,542,799.89            18,898,127.06
Scheduled Interest                                  1,143,652.05             1,115,044.22             2,258,696.27
Servicing Fee                                         101,360.72                98,660.74               200,021.46
Master Servicing Fee                                    2,697.49                 2,617.26                 5,314.75
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                                        1,039,593.84             1,013,766.22             2,053,360.06
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 One
One Month Libor Loan Balance                                     225,620,874.28
Six Month Libor Loan Balance                                      91,722,137.41
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               94.982784%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%

Group Two
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               94.808057%
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 2004-11
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate   Certificate
                        Class      Pass-Through        Beginning           Interest       Principal        Current
Class      CUSIP     Description       Rate       Certificate Balance    Distribution    Distribution   Realized Loss
------   ---------   -----------   ------------   -------------------   -------------   -------------   -------------
<S>      <C>         <C>           <C>            <C>                   <C>             <C>             <C>
 A-1     81744FFJ1       SEN         3.15000%       412,607,108.32      1,083,093.66    13,553,422.22        0.00
 A-2     81744FFK8       SEN         2.87000%        81,724,013.94        195,456.60     2,988,956.68        0.00
 A-3     81744FFL6       SEN         3.15000%       160,308,466.03        420,809.72     2,228,596.30        0.00
 X-A1    81744FFM4        IO         0.54879%                 0.00        226,069.95             0.00        0.00
 X-A2    81744FFN2        IO         0.92581%                 0.00        123,679.78             0.00        0.00
 X-B     81744FFP7        IO         0.26543%                 0.00          3,324.77             0.00        0.00
 B-1     81744FFR3       SUB         3.35000%         8,947,000.00         24,977.04             0.00        0.00
 B-2     81744FFS1       SUB         3.70000%         6,084,000.00         18,759.00             0.00        0.00
 B-3     81744FFT9       SUB         3.75710%         4,294,000.00         13,444.16             0.00        0.00
 B-4     81744FFU6       SUB         3.75710%         1,431,000.00          4,480.34             0.00        0.00
 B-5     81744FFV4       SUB         3.75710%         1,431,000.00          4,480.34             0.00        0.00
 B-6     81744FFW2       SUB         3.75710%         2,865,425.69          8,971.41             0.00        0.00
 A-R     81744FFQ5       RES         3.42592%                 0.00              0.21             0.00        0.00
                                     -------        --------------      ------------    -------------        ----
Totals                                              679,692,013.98      2,127,546.98    18,770,975.20        0.00
                                     -------        --------------      ------------    -------------        ----

<CAPTION>
                     Ending Certificate       Total         Cumulative
Class      CUSIP           Balance         Distribution   Realized Loss
------   ---------   ------------------   -------------   -------------
<S>      <C>         <C>                  <C>             <C>
 A-1     81744FFJ1     399,053,686.10     14,635,515.88        0.00
 A-2     81744FFK8      78,735,057.26      3,184,413.28        0.00
 A-3     81744FFL6     158,079,869.73      2,649,406.02        0.00
 X-A1    81744FFM4               0.00        226,069.95        0.00
 X-A2    81744FFN2               0.00        123,679.78        0.00
 X-B     81744FFP7               0.00          3,324.77        0.00
 B-1     81744FFR3       8,947,000.00         24.977.04        0.00
 B-2     81744FFS1       6,084,000.00         18,759.00        0.00
 B-3     81744FFT9       4,294,000.00         13,444.16        0.00
 B-4     81744FFU6       1,431,000.00          4,480.34        0.00
 B-5     81744FFV4       1,431,000.00          4,480.34        0.00
 B-6     81744FFW2       2,865,425.69          8,971.41        0.00
 A-R     81744FFQ5               0.00              0.21        0.00
                       --------------     -------------        ----
Totals                 660,921,038.78     20,898,522.18        0.00
                       --------------     -------------        ----
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                             Beginning       Scheduled     Unscheduled
         Original Face      Certificate      Principal      Principal                 Realized    Total Principal
Class        Amount          Balance       Distribution    Distribution   Accretion   Loss (1)      Reduction
------   --------------   --------------   ------------   -------------   ---------   --------    ---------------
<S>      <C>              <C>              <C>            <C>             <C>         <C>         <C>
 A-1     433,985,000.00   412,607,108.32       0.00       13,553,422.22      0.00       0.00       13,553,422.22
 A-2      86,036,000.00    81,724,013.94       0.00        2,988,956.68      0.00       0.00        2,988,956.68
 A-3     170,694,000.00   160,308,466.03       0.00        2,228,596.30      0.00       0.00        2,228,596.30
 X-A1              0.00             0.00       0.00                0.00      0.00       0.00                0.00
 X-A2              0.00             0.00       0.00                0.00      0.00       0.00                0.00
 X-B               0.00             0.00       0.00                0.00      0.00       0.00                0.00
 B-1       8,947,000.00     8,947,000.00       0.00                0.00      0.00       0.00                0.00
 B-2       6,084,000.00     6,084,000.00       0.00                0.00      0.00       0.00                0.00
 B-3       4,294,000.00     4,294,000.00       0.00                0.00      0.00       0.00                0.00
 B-4       1,431,000.00     1,431,000.00       0.00                0.00      0.00       0.00                0.00
 B-5       1,431,000.00     1,431,000.00       0.00                0.00      0.00       0.00                0.00
 B-6       2,865,425.69     2,865,425.69       0.00                0.00      0.00       0.00                0.00
 A-R             100.00             0.00       0.00                0.00      0.00       0.00                0.00
         --------------   --------------       ----       -------------      ----       ----       -------------
Totals   715,767,525.69   679,692,013.98       0.00       18,770,975.20      0.00       0.00       18,770,975.20
         --------------   --------------       ----       -------------      ----       ----       -------------

<CAPTION>

         Ending Certificate   Ending Certificate   Total Principal
Class         Balance            Percentage          Distribution
------   ------------------   ------------------   ---------------
<S>      <C>                  <C>                  <C>
 A-1       399,053,686.10         0.91951032        13,553,422.22
 A-2        78,735,057.26         0.91514084         2,988,956.68
 A-3       158,079,869.73         0.92610092         2,228,596.30
 X-A1                0.00         0.00000000                 0.00
 X-A2                0.00         0.00000000                 0.00
 X-B                 0.00         0.00000000                 0.00
 B-1         8,947,000.00         1.00000000                 0.00
 B-2         6,084,000.00         1.00000000                 0.00
 B-3         4,294,000.00         1.00000000                 0.00
 B-4         1,431,000.00         1.00000000                 0.00
 B-5         1,431,000.00         1.00000000                 0.00
 B-6         2,865,425.69         1.00000000                 0.00
 A-R                 0.00         0.00000000                 0.00
           --------------         ----------        -------------
Totals     660,921,038.78         0.92337388        18,770,975.20
           --------------         ----------        -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning       Scheduled     Unscheduled
        Original Face     Certificate      Principal      Principal                  Realized    Total Principal
Class       Amount          Balance      Distribution   Distribution    Accretion    Loss (3)      Reduction
-----   --------------   -------------   ------------   ------------   ----------   ----------   ---------------
<S>     <C>              <C>             <C>            <C>            <C>          <C>          <C>
 A-1    433,985,000900    950.74048255    0.00000000     31.23016284   0.00000000   0.00000000      31.23016284
 A-2     86,036,000.00    949.88160700    0.00000000     34.74076759   0.00000000   0.00000000      34.74076759
 A-3    170,694,000.00    939.15700628    0.00000000     13.05609043   0.00000000   0.00000000      13.05609043
 X-A1             0.00      0.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 X-A2             0.00      0.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 X-B              0.00      0.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 B-1      8,947,000.00   1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 B-2      6,084,000.00   1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 B-3      4,294,000.00   1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 B-4      1,431,000.00   1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 B-5      1,431,000.00   1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 B-6      2,865,425.69   1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000
 A-R            100.00      0.00000000    0.00000000      0.00000000   0.00000000   0.00000000       0.00000000

<CAPTION>
                                Ending
        Ending Certificate   Certificate   Total Principal
Class        Balance         Percentage     Distribution
-----   ------------------   -----------   ---------------
<S>     <C>                  <C>           <C>
 A-1        919.51031971      0.91951032     31.23016284
 A-2        915.14083942      0.91514084     34.74076759
 A-3        926.10091585      0.92610092     13.05609043
 X-A1         0.00000000      0.00000000      0.00000000
 X-A2         0.00000000      0.00000000      0.00000000
 X-B          0.00000000      0.00000000      0.00000000
 B-1       1000.00000000      1.00000000      0.00000000
 B-2       1000.00000000      1.00000000      0.00000000
 B-3       1000.00000000      1.00000000      0.00000000
 B-4       1000.00000000      1.00000000      0.00000000
 B-5       1000.00000000      1.00000000      0.00000000
 B-6       1000.00000000      1.00000000      0.00000000
 A-R          0.00000000      0.00000000      0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                               Beginning                     Payment of                  Non-
                                              Certificate/       Current       Unpaid      Current    Supported
          Original Face        Current          Notional         Accrued      Interest     Interest    Interest   Realized
 Class       Amount       Certificate Rate      Balance         Interest      Shortfall   Shortfall   Shortfall   Loss (4)
------   --------------   ----------------   --------------   ------------   ----------   ---------   ---------   --------
<S>      <C>              <C>                <C>              <C>            <C>          <C>         <C>         <C>
  A-1    433,985,000.00       3.15000%       412,607,108.32   1,083,093.66       0.00        0.00        0.00       0.00
  A-2     80,036,000.00       2.87000%        81,724,013.94     195,456.60       0.00        0.00        0.00       0.00
  A-3    170,694,000.00       3.15000%       160,308,466.03     420,809.72       0.00        0.00        0.00       0.00
 X-A1              0.00       0.54879%       494,331,122.26     226,069.95       0.00        0.00        0.00       0.00
 X-A2              0.00       0.92581%       160,308,466.03     123,679.78       0.00        0.00        0.00       0.00
  X-B              0.00       0.26543%        15,031,000.00       3,324.77       0.00        0.00        0.00       0.00
  B-1      8,947,000.00       3.35000%         8,947,000.00      24,977.04       0.00        0.00        0.00       0.00
  B-2      6,084,000.00       3.70000%         6,084,000.00      18,759.00       0.00        0.00        0.00       0.00
  B-3      4,294,000.00       3.75710%         4,294,000.00      13,444.16       0.00        0.00        0.00       0.00
  B-4      1,431,000.00       3.75710%         1,431,000.00       4,480.34       0.00        0.00        0.00       0.00
  B-5      1,431,000.00       3.75710%         1,431,000.00       4,480.34       0.00        0.00        0.00       0.00
  B-6      2,865,425.69       3.75710%         2,865,425.69       8,971.43       0.00        0.00        0.00       0.00
  A-R            100.00       3.42592%                 0.00           0.00       0.00        0.00        0.00       0.00
         --------------       -------        --------------   ------------       ----        ----        ----       ----
Totals   715,767,525.69                                       2,127,546.77       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     1,083,093.66       0.00     399.053,686.10
  A-2       195,456.60       0.00      78,735,057.26
  A-3       420,809.72       0.00     158,079,869.73
 X-A1       226,069.95       0.00     477,788,743.36
 X-A2       123,679.78       0.00     158,079,869.73
  X-B         3,324.77       0.00      15,031,000.00
  B-1        24,977.04       0.00       8,947,000.00
  B-2        18,759.00       0.00       6,084,000.00
  B-3        13,444.16       0.00       4,294,000.00
  B-4         4,480.34       0.00       1,431,000.00
  B-5         4,480.34       0.00       1,431,000.00
  B-6         8,971.41       0.00       2,865,425.00
  A-R             0.21       0.00               0.00
          ------------       ----     --------------
Totals    2,127,546.98       0.00
          ------------       ----     --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                             Payment of                   Non-
                            Current         Beginning                          Unpaid      Current     Supported
Class     Original Face   Certificate      Certificate/    Current Accrued    Interest     Interest    Interest      Realized
 (5)         Amount          Rate       Notional Balance      Interest       Shortfall     Shortfall   Shortfall     Loss (6)
-----    --------------   -----------   ----------------   ---------------   ----------   ----------   ----------   ----------
<S>      <C>              <C>           <C>                <C>               <C>          <C>          <C>          <C>
  A-1    433,985,000.00     3.15000%       950.74048255       2.49569377     0.00000000   0.00000000   0.00000000   0.00000000
  A-2     86,036,000.00     2.87000%       949.88160700       2.27180018     0.00000000   0.00000000   0.00000000   0.00000000
  A-3    170,694,000.00     3.15000%       939.15700628       2.46528712     0.00000000   0.00000000   0.00000000   0.00000000
 X-A1              0.00     0.54879%       950.59838403       0.43473235     0.00000000   0.00000000   0.00000000   0.00000000
 X-A2              0.00     0.92581%       939.15700628       0.72457017     0.00000000   0.00000000   0.00000000   0.00000000
  X-B              0.00     0.26543%      1000.00000000       0.22119420     0.00000000   0.00000000   0.00000000   0.00000000
  B-1      8,947,000.00     3.35000%      1000.00000000       2.79166648     0.00000000   0.00000000   0.00000000   0.00000000
  B-2      6,084,000.00     3.37000%      1000.00000000       3.08333333     0.00000000   0.00000000   0.00000000   0.00000000
  B-3      4,294,000.00     3.75710%      1000.00000000       3.13091756     0.00000000   0.00000000   0.00000000   0.00000000
  B-4      1,431,000.00     3.75710%      1000.00000000       3.13091544     0.00000000   0.00000000   0.00000000   0.00000000
  B-5      1,431,000.00     3.75710%      1000.00000000       3.13091544     0.00000000   0.00000000   0.00000000   0.00000000
  B-6      2,865,425.69     3.75710%      1000.00000000       3.13091700     0.00000000   0.00000000   0.00000000   0.00000000
  A-R            100.00     3.42592%         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      2.49569377     0.00000000       919.51031971
  A-2      2.27180018     0.00000000       915.14083942
  A-3      2.46528712     0.00000000       926.10091585
 X-A1      0.43473235     0.00000000       918.78740159
 X-A2      0.72457017     0.00000000       926.10091585
  X-B      0.22119420     0.00000000      1000.00000000
  B-1      2.79166648     0.00000000      1000.00000000
  B-2      3.08333333     0.00000000      1000.00000000
  B-3      3.13091756     0.00000000      1000.00000000
  B-4      3.13091544     0.00000000      1000.00000000
  B-5      3.13091544     0.00000000      1000.00000000
  B-6      3.13091700     0.00000000      1000.00000000
  A-R      2.10000000     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                                  21,099,794.04
            Liquidations, Insurance Proceeds, Reserve Funds                              0.00
            Proceeds from Repurchased Loans                                              0.00
            Other Amounts (Servicer Advances)                                            0.00
            Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
            Prepayment Penalties                                                         0.00
                                                                                -------------
Total Deposits                                                                  21,099,794.04

Withdrawals
            Reimbursement for Servicer Advances                                          0.00
            Payment of Service Fee                                                 201,271.86
            Payment of Interest and Principal                                   20,898,522.18
                                                                                -------------
Total Withdrawals (Pool Distribution Amount)                                    21,099,794.04

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                                                             195,890.96
Master Servicing Fee                                                              5,380.90
Supported Prepayment/Curtailment Interest Shortfall                                   0.00
                                                                                ----------

Net Servicing Fee                                                               201,271.86
                                                                                ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning     Current      Current    Ending
           Account Type               Balance    Withdrawals   Deposits    Balance
----------------------------------   ---------   -----------   --------   --------
<S>                                  <C>         <C>           <C>        <C>
Class X-A1 Pool 1 Comp. Sub Amount    3,000.00       0.00        0.00     3,000.00
Class X-A1 Pool 2 Comp. Sub Amount    3,000.00       0.00        0.00     3,000.00
Class X-A2 Sub Amount                 3,000.00       0.00        0.00     3,000.00
Class X-B Sub Amount                  1,000.00       0.00        0.00     1,000.00
</TABLE>
<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                              BANKRUPTCY                         FORECLOSURE
----------------------------------------   --------------------------------   ---------------------------------
                No. of      Principal                   No. of    Principal                 No. of    Principal
                 Loans       Balance                    Loans      Balance                  Loans      Balance
<S>            <C>         <C>             <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days          0               0.00    0-29 Days      0           0.00    0-29 Days       0           0.00
30 Days           28       9,776,339.70    30 Days        0           0.00    30 Days         0           0.00
60 Days            3       3,974,204.12    60 Days        0           0.00    60 Days         0           0.00
90 Days            0               0.00    90 Days        0           0.00    90 Days         0           0.00
120 Days           0               0.00    120 Days       0           0.00    120 Days        0           0.00
150 Days           0               0.00    150 Days       0           0.00    150 Days        0           0.00
180+ Days          0               0.00    180+ Days      0           0.00    180+ Days       0           0.00
                  --       -------------                 --       --------                   --       --------
                  31       13,750,543.82                  0           0.00                    0           0.00

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

0-29 Days      0.000000%        0.000000%  0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        1.522567%        1.479193%  30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.163132%        0.601310%  60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%        0.000000%  90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%        0.000000%  120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%        0.000000%  150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%        0.000000%  180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------    -------------              --------    --------                --------    --------
               1.685699%        2.080503%             0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
----------------------------------   -------------------------------------
              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <S>         <C>         <C>
0-29 Days        0           0.00    0-29 Days       0                0.00
30 Days          0           0.00    30 Days        28        9,776,339.70
60 Days          0           0.00    60 Days         3        3,974,204.12
90 Days          0           0.00    90 Days         0                0.00
120 Days         0           0.00    120 Days        0                0.00
150 Days         0           0.00    150 Days        0                0.00
180+ Days        0           0.00    180+ Days       0                0.00
                --       --------                   --       -------------
                 0           0.00                   31       13,750,543.82

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%        0.000000%
30 Days      0.000000%   0.000000%   30 Days     1.522567%        1.479193%
60 Days      0.000000%   0.000000%   60 Days     0.163132%        0.601310%
90 Days      0.000000%   0.000000%   90 Days     0.000000%        0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%        0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%        0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%        0.000000%
             --------    --------                --------    -------------
             0.000000%   0.000000%               1.685699%        2.080503%
</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        25,052,425.69   3.50007856%   25,052,425.69   3.79053234%     96.209468%       0.000000%
Class B-1      16,105,425.69   2.25009170%   16,105,425.69   2.43681541%      1.353717%      35.713109%
Class B-2      10,021,425.69   1.40009505%   10,021,425.69   1.51628184%      0.920534%      24.285074%
Class B-3       5,727,425.69   0.80017959%   5,727,.425.69   0.86658244%      0.649699%      17.140057%
Class B-4       4,296,425.69   0.60025435%    4,296,425.69   0.65006641%      0.216516%       5.712022%
Class B-5       2,865,425.69   0.40032910%    2,865,425.69   0.43355038%      0.216516%       5.712022%
Class B-6               0.00   0.00000000%            0.00   0.00000000%      0.433550%      11.437718%
</TABLE>

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

                          DELINQUENCY STATUS BY GROUP

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

               No. of       Principal                 No. of    Principal               No. of      Principal
               Loans         Balance                  Loans      Balance                Loans        Balance
<S>            <C>         <C>           <C>          <C>       <C>         <C>         <C>         <C>
0-29 Days          0               0.00  0-29 Days      0            0.00   0-29 Days       0           0.00
30 Days           14       5,711,639.71  30 Days        0            0.00   30 Days         0           0.00
60 Days            1         500,000.00  60 Days        0            0.00   60 Days         0           0.00
90 Days            0               0.00  90 Days        0            0.00   90 Days         0           0.00
120 Days           0               0.00  120 Days       0            0.00   120 Days        0           0.00
150 Days           0               0.00  150 Days       0            0.00   150 Days        0           0.00
180+ Days          0               0.00  180+ Days      0            0.00   180+ Days       0           0.00
               -----       ------------             -----       ---------               -----       --------
                  15       6,211,639.71                 0            0.00                   0           0.00

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

0-29 Days      0.000000%    0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%    0.000000%
30 Days        1.254480%    1.376972%    30 Days    0.000000%   0.000000%   30 Days     0.000000%    0.000000%
60 Days        0.089606%    0.125041%    60 Days    0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days        0.000000%    0.000000%    90 Days    0.000000%   0.000000%   90 Days     0.000000%    0.000000%
120 Days       0.000000%    0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%    0.000000%
150 Days       0.000000%    0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%    0.000000%
180+ Days      0.000000%    0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
               --------    ---------                --------    --------                --------    ---------
               1.344086%    1.497513%               0.000000%   0.000000%               0.000000%    0.000000%

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

              No. of     Principal               No. of        Principal
               Loans      Balance                Loans          Balance
<S>          <C>         <C>         <C>         <C>          <C>
0-29 Days        0           0.00    0-29 Days       0                0.00
30 Days          0           0.00    30 Days        14        5,711,639.71
60 Days          0           0.00    60 Days         1          500,000.00
90 Days          0           0.00    90 Days         0                0.00
120 Days         0           0.00    120 Days        0                0.00
150 Days         0           0.00    150 Days        0                0.00
180+ Days        0           0.00    180+ Days       0                0.00
             -----       --------                -----        ------------
                 0           0.00                   15        6,211,639.71

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

0-29 Days    0.000000%    0.000000%  0-29 Days   0.000000%        0.000000%
30 Days      0.000000%    0.000000%  30 Days     1.254480%        1.376972%
60 Days      0.000000%    0.000000%  60 Days     0.089606%        0.125041%
90 Days      0.000000%    0.000000%  90 Days     0.000000%        0.000000%
120 Days     0.000000%    0.000000%  120 Days    0.000000%        0.000000%
150 Days     0.000000%    0.000000%  150 Days    0.000000%        0.000000%
180+ Days    0.000000%    0.000000%  180+ Days   0.000000%        0.000000%
             --------    ---------               --------     ------------
             0.000000%    0.000000%              1.344086%        1.497513%
</TABLE>

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

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

0-29 Days      0.000000%    0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.000000%    0.000000%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%    0.000000%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%    0.000000%    90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%    0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%    0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%    0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------     --------                --------    --------                --------    --------
               0.000000%    0.000000%               0.000000%   0.000000%               0.000000%   0.000000%

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

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

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

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

<TABLE>
<CAPTION>
             DELINQUENT                                   BANKRUPTCY                           FORECLOSURE
-------------------------------------        ---------------------------------  ------------------------------------
POOL THREE                                               1.183654%
              No. of     Principal                        No. of     Principal                 No. of      Principal
               Loans      Balance                         Loans      Balance                   Loans       Balance
<S>          <C>         <C>                 <C>         <C>         <C>        <C>           <C>          <C>
0-29 Days        0               0.00        0-29 Days       0        0.00       0-29 Days        0         0.00
30 Days         14       4,064,699.99        30 Days         0        0.00       30 Days          0         0.00
60 Days          2       3,474,204.12        60 Days         0        0.00       60 Days          0         0.00
90 Days          0               0.00        90 Days         0        0.00       90 Days          0         0.00
120 Days         0               0.00        120 Days        0        0.00       120 Days         0         0.00
150 Days         0               0.00        150 Days        0        0.00       150 Days         0         0.00
180+ Days        0               0.00        180+ Days       0        0.00       180+ Days        0         0.00
             -----       ------------                    -----       -----                    -----        -----
                16       7,538,904.11                        0        0.00                        0         0.00

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

0-29 Days    0.000000%       0.000000%       0-29 Days   0.000000%   0.000000%   0-29 Days    0.000000%    0.000000%
30 Days      2.805611%       2.474387%       30 Days     0.000000%   0.000000%   30 Days      0.000000%    0.000000%
60 Days      0.400802%       2.114923%       60 Days     0.000000%   0.000000%   60 Days      0.000000%    0.000000%
90 Days      0.000000%       0.000000%       90 Days     0.000000%   0.000000%   90 Days      0.000000%    0.000000%
120 Days     0.000000%       0.000000%       120 Days    0.000000%   0.000000%   120 Days     0.000000%    0.000000%
150 Days     0.000000%       0.000000%       150 Days    0.000000%   0.000000%   150 Days     0.000000%    0.000000%
180+ Days    0.000000%       0.000000%       180+ Days   0.000000%   0.000000%   180+ Days    0.000000%    0.000000%
             --------    ------------                    --------    --------                 --------     --------
             3.206413%       4.589310%                   0.000000%   0.000000%                0.000000%    0.000000%

<CAPTION>
              REO                                            TOTAL
------------------------------------         ------------------------------------
             No. of        Principal                        No. of     Principal
              Loans         Balance                          Loans      Balance
<S>          <C>           <C>               <C>           <C>       <C>
0-29 Days       0           0.00             0-29 Days        0              0.00
30 Days         0           0.00             30 Days         14      4,064,699.99
60 Days         0           0.00             60 Days          2      3,474,204.12
90 Days         0           0.00             90 Days          0              0.00
120 Days        0           0.00             120 Days         0              0.00
150 Days        0           0.00             150 Days         0              0.00
180+ Days       0           0.00             180+ Days        0              0.00
             ----         ------                           ----      ------------
                0           0.00                             16      7,538,904.11

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

0-29 Days   0.000000%     0.000000%           0-29 Days    0.000000%     0.000000%
30 Days     0.000000%     0.000000%           30 Days      2.805611%     2.474387%
60 Days     0.000000%     0.000000%           60 Days      0.400802%     2.114923%
90 Days     0.000000%     0.000000%           90 Days      0.000000%     0.000000%
120 Days    0.000000%     0.000000%           120 Days     0.000000%     0.000000%
150 Days    0.000000%     0.000000%           150 Days     0.000000%     0.000000%
180+ Days   0.000000%     0.000000%           180+ Days    0.000000%     0.000000%
             -------      --------                         --------  ------------
            0.000000%     0.000000%                        3.206413%     4.589310%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                   Fixed & Mixed Arm
<S>                                                      <C>
Weighted Average Gross Coupon                                  4.111542%
Weighted Average Net Coupon                                    3.765696%
Weighted Average Pass-Through Rate                             3.756196%
Weighted Average Maturity (Stepdown Calculation)                    299

Beginning Scheduled Collateral Loan Count                         1,879
Number of Loans Paid in Full                                         40
Ending Scheduled Collateral Loan Count                            1,839

Beginning Scheduled Collateral Balance                   679,692,013.98
Ending Scheduled Collateral Balance                      660,921,038.78
Ending Actual Collateral Balance at 31-Mar-2005          660,923,873.48

Monthly P&I Constant                                       2,328,818.83
Special Servicing Fee                                              0.00
Prepayment Penalties                                               0.00
Realization Loss Amount                                            0.00
Cumulative Realized Loss                                           0.00

Class A Optimal Amount                                    20,820,084.91

Scheduled Principal                                                0.00
Unscheduled Principal                                     18,770,975.20
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepay Condition?             NO

<PAGE>

<TABLE>
<CAPTION>
            GROUP                       POOL ONE               POOL TWO             POOL THREE              TOTAL
<S>                                  <C>                 <C>                    <C>                <C>
Collateral Description                    Mixed ARM      6 Month LIBOR ARM           Mixed ARM     Fixed & Mixed ARM
Weighted Average Coupon Rate               4.057532               3.945093            4.335314              4.111542
Weighted Average Net Rate                  3.680204               3.570093            4.085314              3.765696
Pass-Through Rate                          3.670704               3.560593            4.075814              3.756196
Weighted Average Maturity                       329                    333                 206                   299
Record Date                              03/31/2005             03/31/2005          03/31/2005            03/31/2005
Principal and Interest Constant        1,448,362.00             278,933.66          601,523.17          2,328,818.83
Beginning Loan Count                          1,140                    231                 508                 1,879
Loans Paid in Full                               24                      7                   9                    40
Ending Loan Count                             1,116                    224                 499                 1,839
Beginning Scheduled Balance          428,347,725.47          84,844,731.20      166,499,557.31        679,692,013.98
Ending Scheduled Balance             414,794,303.25          81,855,774.52      164,270,961.01        660,921,038.78
Scheduled Principal                            0.00                   0.00                0.00                  0.00
Unscheduled Principal                 13,553,422.22           2,988,956.68        2,228,596.30         18,770,975.20
Scheduled Interest                     1,448,362.00             278,933.66          601,523.17          2,328,818.83
Servicing Fee                            134,689.57              26,513.98           34,687.41            195,890.96
Master Servicing Fee                       3,391.09                 671.69            1,318.12              5,380.90
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                           1,310,281.34             251,747.99          565,517.64          2,127,546.97
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 Pool One
One Month Libor Loan Balance                 207,397,956.84
Six Month Libor Loan Balance                 207,396,346.41
Principal Transfer Amount                              0.00
Pro Rata Senior Percent                           96.325271%
Senior Percent                                   100.000000%
Senior Prepayment Percent                        100.000000%
Subordinate Percent                                0.000000%
Subordinate Prepayment Percent                     0.000000%
Interest Transfer Amount                               0.00

Group Pool Two
Principal Transfer Amount                              0.00
Pro Rata Senior Percent                           96.321849%
Senior Percent                                   100.000000%
Senior Prepayment Percent                        100.000000%
Subordinate Percent                                0.000000%
Subordinate Prepayment Percent                     0.000000%
Interest Transfer Amount                               0.00

Group Pool Three
One Month Libor Loan Balance                  79,542,632.64
Six Month Libor Loan Balance                  84,728,328.37
Principal Transfer Amount                              0.00
Pro Rata Senior Percent                           96.281617%
Senior Percent                                   100.000000%
Senior Prepayment Percent                        100.000000%
Subordinate Percent                                0.000000%
Subordinate Prepayment Percent                     0.000000%
Interest Transfer Amount                               0.00
</TABLE>

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