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 2004-1
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate                     Beginning
                    Class    Certificate Pass-  Certificate     Interest     Principal      Current    Ending Certificate
Class    CUSIP   Description   Through Rate       Balance     Distribution Distribution  Realized Loss      Balance
------ --------- ----------- ----------------- -------------- ------------ ------------- ------------- ------------------
<S>    <C>       <C>         <C>               <C>            <C>          <C>           <C>           <C>
  A    81744FAA5     SEN          3.20250%     480,696,091.68 1,282,857.70 20,224,584.00      0.00      460,471,507.68
 X-1   81744FAB3      IO          0.64957%               0.00   236,236.64          0.00      0.00                0.00
 X-2   81744FAC1      IO          0.17073%               0.00    23,969.28          0.00      0.00                0.00
 X-B   81744FAD9      IO          0.27679%               0.00     3,294.70          0.00      0.00                0.00
 B-1   81744FAG2     SUB          3.40000%       9,375,000.00    26.562.50          0.00      0.00        9,375,000.00
 B-2   81744FAH0     SUB          3.90000%       5,937,000.00    19,295.25          0.00      0.00        5,937,000.00
 B-3   81744FAJ6     SUB          3.85207%       3,437,000.00    11,032.98          0.00      0.00        3,437,000.00
 B-4   81744FAK3     SUB          3.85207%       1,562,000.00     5,014.11          0.00      0.00        1,562,000.00
 B-5   81744FAL1     SUB          3.85207%         937,000.00     3,007.83          0.00      0.00          937,000.00
 B-6   81744FAM9     SUB          3.85207%       2,500,468.00     8,026.65          0.00      0.00        2,500,468.00
 A-R   81744FAF4     RES          2.56825%               0.00         0.00          0.00      0.00                0.00
                                               -------------- ------------ -------------      ----      --------------
Totals                                         504,444,559.68 1,619,297.64 20,224,584.00      0.00      484,219,975.68
                                               -------------- ------------ -------------      ----      --------------
<CAPTION>
            Total       Cumulative
Class   Distribution  Realized Loss
-----   ------------- -------------
<S>     <C>           <C>
  A     21,507,441.70    0.00
 X-1       236,236.64    0.00
 X-2        23,969.28    0.00
 X-B         3,294.70    0.00
 B-1        26,562.50    0.00
 B-2        19,295.25    0.00
 B-3        11,032.98    0.00
 B-4         5,014.11    0.00
 B-5         3,007.83    0.00
 B-6         8,026.65    0.00
 A-R             0.00    0.00
       --------------    ----
Totals  21,843,881.64    0.00
       --------------    ----
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                        Beginning     Scheduled    Unscheduled
       Original Face   Certificate    Principal     Principal             Realized Total Principal Ending Certificate
Class      Amount        Balance     Distribution Distribution  Accretion Loss (1)    Reduction         Balance
------ -------------- -------------- ------------ ------------- --------- -------- --------------- ------------------
<S>    <C>            <C>            <C>          <C>           <C>       <C>      <C>             <C>
  A    601,250,000.00 480,696,091.68    431.11    20,224,152.89    0.00     0.00   20,224,584.00    460,471,507.68
 X-1             0.00           0.00      0.00             0.00    0.00     0.00            0.00              0.00
 X-2             0.00           0.00      0.00             0.00    0.00     0.00            0.00              0.00
 X-B             0.00           0.00      0.00             0.00    0.00     0.00            0.00              0.00
 B-1     9,375,000.00   9,375,000.00      0.00             0.00    0.00     0.00            0.00      9,375,000.00
 B-2     5,937,000.00   5,937,000.00      0.00             0.00    0.00     0.00            0.00      5,937,000.00
 B-3     3,437,000.00   3,437,000.00      0.00             0.00    0.00     0.00            0.00      3,437,000.00
 B-4     1,562,000.00   1,562,000.00      0.00             0.00    0.00     0.00            0.00      1,562,000.00
 B-5       937,000.00     937,000.00      0.00             0.00    0.00     0.00            0.00        937,000.00
 B-6     2,500,468.00   2,500,468.00      0.00             0.00    0.00     0.00            0.00      2,500,468.00
 A-R           100.00           0.00      0.00             0.00    0.00     0.00            0.00              0.00
       -------------- --------------    ------    -------------    ----     ----   -------------    --------------
Totals 624,998,568.00 504,444,559.68    431.11    20,224,152.89    0.00     0.00   20,224,584.00    484,219,975.68
       -------------- --------------    ------    -------------    ----     ----   -------------    --------------

<CAPTION>
        Ending Certificate Total Principal
Class       Percentage      Distribution
------  ------------------ ---------------
<S>     <C>                <C>
  A         0.76585698     20,224,584.00
 X-1        0.00000000              0.00
 X-2        0.00000000              0.00
 X-B        0.00000000              0.00
 B-1        1.00000000              0.00
 B-2        1.00000000              0.00
 B-3        1.00000000              0.00
 B-4        1.00000000              0.00
 B-5        1.00000000              0.00
 B-6        1.00000000              0.00
 A-R        0.00000000              0.00
            ----------     -------------
Totals      0.77475374     20,224,584.00
            ----------     -------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                      Beginning     Scheduled   Unscheduled
      Original Face  Certificate    Principal    Principal               Realized   Total Principal Ending Certificate
Class    Amount        Balance     Distribution Distribution Accretion   Loss (3)      Reduction         Balance
----- -------------- ------------- ------------ ------------ ---------- ----------- --------------- ------------------
<S>   <C>            <C>           <C>          <C>          <C>        <C>         <C>             <C>
  A   601,250,000.00  799.49453918 0.00071702   33.63684472  0.00000000  0.00000000   33.63756175      765.85697743
 X-1            0.00    0.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000        0.00000000
 X-2            0.00    0.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000        0.00000000
 X-B            0.00    0.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000        0.00000000
 B-1    9,375,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-2    5,937,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-3    3,437,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-4    1,562,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-5      937,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-6    2,500,468.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 A-R          100.00    0.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000        0.00000000

<CAPTION>
       Ending Certificate Total Principal
Class      Percentage      Distribution
-----  ------------------ -------------
<S>    <C>                <C>
  A        0.76585698      33.63756175
 X-1       0.00000000       0.00000000
 X-2       0.00000000       0.00000000
 X-B       0.00000000       0.00000000
 B-1       1.00000000       0.00000000
 B-2       1.00000000       0.00000000
 B-3       1.00000000       0.00000000
 B-4       1.00000000       0.00000000
 B-5       1.00000000       0.00000000
 B-6       1.00000000       0.00000000
 A-R       0.00000000       0.00000000
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                          Beginning                 Payment of              Non-
                                        Certificate/      Current     Unpaid     Current  Supported
       Original Face       Current        Notional        Accrued    Interest   Interest  Interest  Realized Total Interest
 Class    Amount      Certificate Rate     Balance       Interest    Shortfall  Shortfall Shortfall Loss (4)  Distribution
 ----- -------------- ---------------- --------------- ------------ ----------  --------- --------- -------- --------------
 <S>   <C>            <C>              <C>             <C>          <C>         <C>       <C>       <C>      <C>
   A   601,250,000.00     3.20250%      480,696,091.68 1,282,857.69   0.00         0.00     0.00      0.00    1,282,857.70
  X-1            0.00     0.64957%      354,354,964.68   191,816.12   0.00         0.00     0.00      0.00      236,236.64
  X-2            0.00     0.17073%      480,696,091.68    68,389.80   0.00         0.00     0.00      0.00       23,969.28
  X-B            0.00     0.27679%       15,312,000.00     3,531.82   0.00         0.00     0.00      0.00        3,294.70
  B-1    9,375,000.00     3.40000%        9,375,000.00    26,562.50   0.00         0.00     0.00      0.00       26,562.50
  B-2    5,937,000.00     3.90000%        5,937,000.00    19,295.25   0.00         0.00     0.00      0.00       19,295.25
  B-3    3,437,000.00     3.85207%        3,437,000.00    11,032.98   0.00         0.00     0.00      0.00       11,032.98
  B-4    1,562,000.00     3.85207%        1,562,000.00     5,014.11   0.00         0.00     0.00      0.00        5,014.11
  B-5      937,000.00     3.85207%          937,000.00     3,007.83   0.00         0.00     0.00      0.00        3,007.83
  B-6    2,500,468.00     3.85207%        2,500,468.00     8,026.65   0.00         0.00     0.00      0.00        8,026.65
  A-R          100.00     2.56825%                0.00         0.00   0.00         0.00     0.00      0.00            0.00
       --------------                                  ------------   ----         ----     ----      ----    -------------
Totals 624,998,568.00                                  1,619,534.75   0.00         0.00     0.00      0.00    1,619,297.64
       --------------                                  ------------   ----         ----     ----      ----    -------------

<CAPTION>
        Remaining     Ending
         Unpaid    Certificate/
        Interest    Notational
 Class  Shortfall     Balance
 -----  --------- --------------
 <S>    <C>       <C>
   A      0.00    460,471,507.68
  X-1     0.00    341,022,282.15
  X-2     0.00    460,471,507.68
  X-B     0.00     15,312,000.00
  B-1     0.00      9,375,000.00
  B-2     0.00      5,937,000.00
  B-3     0.00      3,437,000.00
  B-4     0.00      1,562,000.00
  B-5     0.00        937,000.00
  B-6     0.00      2,500,468.00
  A-R     0.00              0.00
          ----
Totals    0.00
          ----
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                      Payment of              Non-
                           Current      Beginning                       Unpaid    Current   Supported
          Original Face  Certificate   Certificate/   Current Accrued  Interest  Interest    Interest   Realized   Total Interest
Class (5)     Amount        Rate     Notional Balance    Interest      Shortfall Shortfall   Shortfall  Loss (6)    Distribution
--------- -------------- ----------- ---------------- --------------- ---------- ---------- ---------- ---------- --------------
<S>       <C>            <C>         <C>              <C>             <C>        <C>        <C>        <C>        <C>
    A     601,250,000.00  3.20250%     799.49453918     2.13365104    0.00000000 0.00000000 0.00000000 0.00000000  2.13365106
   X-1              0.00  0.64957%     589.36376662     0.31902889    0.00000000 0.00000000 0.00000000 0.00000000  0.39290917
   X-2              0.00  0.17073%     799.49453918     0.11374603    0.00000000 0.00000000 0.00000000 0.00000000  0.03986575
   X-B              0.00  0.27679%    1000.00000000     0.23065700    0.00000000 0.00000000 0.00000000 0.00000000  0.21517111
   B-1      9,375,000.00  3.40000%    1000.00000000     2.83333333    0.00000000 0.00000000 0.00000000 0.00000000  2.83333333
   B-2      5,937,000.00  3.90000%    1000.00000000     3.25000000    0.00000000 0.00000000 0.00000000 0.00000000  3.25000000
   B-3      3,437,000.00  3.85207%    1000.00000000     3.21006110    0.00000000 0.00000000 0.00000000 0.00000000  3.21006110
   B-4      1,562,000.00  3.85207%    1000.00000000     3.21005762    0.00000000 0.00000000 0.00000000 0.00000000  3.21005762
   B-5        937,000.00  3.85207%    1000.00000000     3.21006403    0.00000000 0.00000000 0.00000000 0.00000000  3.21006403
   B-6      2,500,468.00  3.85207%    1000.00000000     3.21005908    0.00000000 0.00000000 0.00000000 0.00000000  3.21005908
   A-R            100.00  2.56825%       0.00000000     0.00000000    0.00000000 0.00000000 0.00000000 0.00000000  0.00000000

<CAPTION>
           Remaining
            Unpaid
           Interest   Ending Certificate/
Class (5)  Shortfall  Notational Balance
---------  ---------- -----------------
<S>        <C>        <C>
    A      0.00000000    765.85697743
   X-1     0.00000000    567.18882686
   X-2     0.00000000    765.85697743
   X-B     0.00000000   1000.00000000
   B-1     0.00000000   1000.00000000
   B-2     0.00000000   1000.00000000
   B-3     0.00000000   1000.00000000
   B-4     0.00000000   1000.00000000
   B-5     0.00000000   1000.00000000
   B-6     0.00000000   1000.00000000
   A-R     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                           22,025,169.93
            Liquidations, Insurance Proceeds, Reserve Funds                       0.00
            Proceeds from Repurchased Loans                                       0.00
            Other Amounts (Servicer Advances)                                10,509.17
            Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
            Prepayment Penalties                                                  0.00
                                                                         -------------
Total Deposits                                                           22,036,679.10

Withdrawals
            Reimbursement for Servicer Advances                              29,384.41
            Payment of Service Fee                                          162,413.05
            Payment of Interest and Principal                            21,843,881.64
                                                                         -------------
Total Withdrawals (Pool Distribution Amount)                             22,035,679.10

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                                                      158,209.35
Master Servicing Fee                                                       4,203.70
Supported Prepayment/Curtailment Interest Shortfall                            0.00
                                                                         ----------

Net Servicing Fee                                                        162,413.05
                                                                         ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                       Beginning   Current    Current    Ending
     Account Type       Balance  Withdrawals Deposits   Balance
---------------------  --------- ----------- ---------  --------
<S>                    <C>       <C>         <C>        <C>
Class X-1 Sub Account  4,500.00        0.00       0.00  4,500.00
Class X-2 Sub Account  4,500.00   44,420.52  44,420.52  4,500.00
Class X-B Sub Account  1,000.00      237.12     237.12  1,000.00
</TABLE>
<PAGE>

            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
                DELINQUENT
------------------------------------------
                 No. of        Principal
                 Loans          Balance
<S>             <C>           <C>
0-29 Days          0                  0.00
30 Days            5          2,199,289.42
60 Days            1            135,192.04
90 Days            1            960,000.00
120 Days           1            103,200.00
150 Days           0                  0.00
180+ Days          0                  0.00
                 -----        ------------
                   8          3,397,681.46

                 No. of        Principal
                 Loans          Balance

0-29 Days       0.000000%      0.000000%
30 Days         0.345304%      0.454192%
60 Days         0.069061%      0.027920%
90 Days         0.069061%      0.198257%
120 Days        0.069061%      0.021313%
150 Days        0.000000%      0.000000%
180+ Days       0.000000%      0.000000%
                --------       --------
                0.552486%      0.701681%
</TABLE>

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

                 No. of        Principal
                 Loans          Balance

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

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

                 No. of        Principal
                 Loans          Balance

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

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

                 No. of        Principal
                 Loans          Balance

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

<TABLE>
<CAPTION>
                   TOTAL
------------------------------------------
                 No. of        Principal
                 Loans          Balance
<S>             <C>           <C>
0-29 Days          0                  0.00
30 Days            5          2,199,289.42
60 Days            1            135,192.04
90 Days            1            960,000.00
120 Days           1            103,200.00
150 Days           0                  0.00
180+ Days          0                  0.00
                  ----        ------------
                   8          3,397,681.46

                 No. of        Principal
                 Loans          Balance

0-29 Days       0.000000%      0.000000%
30 Days         0.345304%      0.454192%
60 Days         0.069061%      0.027920%
90 Days         0.069061%      0.198257%
120 Days        0.069061%      0.021313%
150 Days        0.000000%      0.000000%
180+ Days       0.000000%      0.000000%
                --------       --------
                0.552486%      0.701681%
</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  10,509.17
</TABLE>

<TABLE>
<CAPTION>
                 Original $        Original%         Current $         Current %       Current Class %      Prepayment %
               -------------      -----------      -------------      -----------      ---------------      ------------
<S>            <C>                <C>              <C>                <C>              <C>                  <C>
Class A        23,748,468.00      3.79976359%      23,748,468.00      4.90447920%         95.095521%          0.000000%
Class X-1      23,748,468.00      3.79976359%      23,748,468.00      4.90447920%          0.000000%          0.000000%
Class X-2      23,748,468.00      3.79976359%      23,748,468.00      4.90447920%          0.000000%          0.000000%
Class B-1      14,373,468.00      2.29976015%      14,373,468.00      2.96837568%          1.936104%         39.476231%
Class B-2       8,436,468.00      1.34983797%       8,436,468.00      1.74228004%          1.226096%         24.999507%
Class B-3       4,999,468.00      0.79991671%       4,999,468.00      1.03247868%          0.709801%         14.472513%
Class B-4       3,437,468.00      0.54999614%       3,437,468.00      0.70989802%          0.322581%          6.577266%
Class B-5       2,500,468.00      0.40007580%       2,500,468.00      0.51639092%          0.193507%          3.945518%
Class B-6               0.00      0.00000000%               0.00      0.00000000%          0.516391%         10.528965%
</TABLE>

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

<PAGE>

<TABLE>
<CAPTION>
                              COLLATERAL STATEMENT

Collateral Description                                         Mixed Arm
<S>                                                          <C>
Weighted Average Gross Coupon                                      4.238430%
Weighted Average Net Coupon                                        3.862073%
Weighted Average Pass-Through Rate                                 3.852073%
Weighted Average Maturity (Stepdown Calculation)                        320

Beginning Scheduled Collateral Loan Count                             1,498
Number of Loans Paid in Full                                             50
Ending Scheduled Collateral Loan Count                                1,448

Beginning Scheduled Collateral Balance                       504,444,560.11
Ending Scheduled Collateral Balance                          484,219,976.11
Ending Actual Collateral Balance at 31-Mar-2005              484,220,052.90

Monthly P&I Constant                                           1,782,141.81
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realization Loss Amount                                                0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                        21,771,179.43

Ending Scheduled Balance for Premium Loans                   484,219,976.11

Scheduled Principal                                                  431.11
Unscheduled Principal                                         20,224,152.89
</TABLE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                                          <C>
One-Month Libor Loan Balance                                  81,005,818.42
Six-Month Libor Loan Balance                                 402,938,214.35
Prorata Senior Percentage                                         95.292155%
Senior Percentage                                                100.000000%
Senior Prepayment Percentage                                     100.000000%
Subordinate Percentage                                             0.000000%
Subordinate Prepayment Percentage                                  0.000000%
</TABLE><PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2004-5
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                         Certificate                             Beginning
                            Class        Certificate Pass-      Certificate         Interest
Class        CUSIP       Description       Through Rate           Balance         Distribution
------     ---------     -----------     -----------------     --------------     ------------
<S>        <C>           <C>             <C>                   <C>                <C>
 A-1       81744FBS5         SEN             3.64288%          445,318,445.80     1,351,867.70
 A-2       81744FBT3         SEN             3.11000%          152,409,033.76       394,993.41
 A-3       81744FCF2         SEN             2.82000%           61,499,230.80       144,523.19
 X-1       81744FBU0          IO             0.80000%                    0.00       119,128.58
 X-2       81744FBV8          IO             0.18621%                    0.00        33,193.93
 X-B       81744FBX4          IO             0.24771%                    0.00         4,748.63
 B-1       81744FBZ9         SUB             3.33000%           14,874,000.00        41,275.35
 B-2       81744FCA3         SUB             3.73000%            8,499,000.00        26,417.73
 B-3       81744FCB1         SUB             3.71925%            4,674,000.00        14,486.48
 B-4       81744FCC9         SUB             3.71925%            2,124,000.00         6,583.07
 B-5       81744FCD7         SUB             3.71925%            2,124,000.00         6.583.07
 B-6       81744FCE5         SUB             3.71925%            3,830,447.31        11,871.99
 A-R       81744FBY2         RES             3.07980%                    0.00             0.00
                                                               --------------     ------------
Totals                                                         695,352,157.67     2,155,673.13
                                                               --------------     ------------
</TABLE>

<TABLE>
<CAPTION>
                Principal       Current Realized     Ending Certificate        Total          Cumulative Realized
Class         Distribution           Loss                 Balance           Distribution             Loss
------        -------------     ----------------     ------------------     -------------     -------------------
<S>           <C>               <C>                  <C>                    <C>               <C>
 A-1          16,836,967.76           0.00             428,481,478.04       18,188,835.46            0.0
 A-2           7,907,811.89           0.00             144,501,221.87        8,302,805.30            0.0
 A-3           3,190,915.50           0.00              58,308,315.30        3,335,438.69            0.0
 X-1                   0.00           0.00                       0.00          119,128.58            0.0
 X-2                   0.00           0.00                       0.00           33,193.93            0.0
 X-B                   0.00           0.00                       0.00            4,748.63            0.0
 B-1                   0.00           0.00              14,874,000.00           41,275.35            0.0
 B-2                   0.00           0.00               8,499,000.00           26,417.73            0.0
 B-3                   0.00           0.00               4,674,000.00           14,486.48            0.0
 B-4                   0.00           0.00               2,124,000.00            6,583.07            0.0
 B-5                   0.00           0.00               2,124,000.00            6,583.07            0.0
 B-6                   0.00           0.00               3,830,447.31           11,871.99            0.0
 A-R                   0.00           0.00                       0.00                0.00            0.0
              -------------           ----             --------------       -------------            ---
Totals        27,935,695.15           0.00             667,416,462.52       30,091,368.28            0.0
              -------------           ----             --------------       -------------            ---
</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>
           Original Face   Beginning Certificate   Scheduled Principal   Unscheduled Principal
 Class        Amount              Balance              Distribution           Distribution       Accretion
-------   --------------   ---------------------   -------------------   ---------------------   ---------
<S>       <C>              <C>                     <C>                   <C>                     <C>
   A-1    553,000,000.00      445,318,445.80             245.93              16,836,721.83          0.00
   A-2    185,867,000.00      152,409,033.76             143.91               7,907,667.98          0.00
   A-3     75,000,000.00       61,499,230.80              58.07               3,190,857.43          0.00
   X-1              0.00                0.00               0.00                       0.00          0.00
   X-2              0.00                0.00               0.00                       0.00          0.00
   X-B              0.00                0.00               0.00                       0.00          0.00
   B-1     14,874,000.00       14,874,000.00               0.00                       0.00          0.00
   B-2      8,499,000.00        8,499,000.00               0.00                       0.00          0.00
   B-3      4,674,000.00        4,674,000.00               0.00                       0.00          0.00
   B-4      2,124,000.00        2,124,000.00               0.00                       0.00          0.00
   B-5      2,124,000.00        2,124,000.00               0.00                       0.00          0.00
   B-6      3,830,447.31        3,830,447.31               0.00                       0.00          0.00
   A-R            100.00                0.00               0.00                       0.00          0.00
          --------------      --------------             ------              -------------          ----
Totals    849,992,547.31      695,352,157.67             447.91              27,935,247.24          0.00
          ==============      ==============             ======              =============          ====
</TABLE>

<TABLE>
<CAPTION>
           Realized    Total Principal                                                                  Total Principal
 Class     Loss (1)       Reduction       Ending Certificate Balance    Ending Certificate Percentage     Distribution
-------    --------    ---------------    -------------------------    -----------------------------    ---------------
<S>        <C>         <C>                <C>                          <C>                              <C>
   A-1       0.00      16,836,967.76            428,481,478.04                    0.77483088              16,836,967.76
   A-2       0.00       7,907,811.89            144,501,221.87                    0.77744420               7,907,811.89
   A-3       0.00       3,190,915.50             58,308,315.30                    0.77744420               3,190,915.50
   X-1       0.00               0.00                      0.00                    0.00000000                       0.00
   X-2       0.00               0.00                      0.00                    0.00000000                       0.00
   X-B       0.00               0.00                      0.00                    0.00000000                       0.00
   B-1       0.00               0.00             14,874,000.00                    1.00000000                       0.00
   B-2       0.00               0.00              8,499,000.00                    1.00000000                       0.00
   B-3       0.00               0.00              4,674,000.00                    1.00000000                       0.00
   B-4       0.00               0.00              2,124,000.00                    1.00000000                       0.00
   B-5       0.00               0.00              2,124,000.00                    1.00000000                       0.00
   B-6       0.00               0.00              3,830,447.31                    1.00000000                       0.00
   A-R       0.00               0.00                      0.00                    0.00000000                       0.00
             ----      -------------            --------------                    ----------              -------------
Totals       0.00      27,935,695.15            667,416,462.52                    0.78520272              27,935,695.15
             ====      =============            ==============                    ==========              =============
</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
                                 Certificate    Scheduled Principal   Unscheduled Principal                 Realized
Class    Original Face Amount      Balance         Distribution           Distribution         Accretion    Loss (3)
------   --------------------   -------------   -------------------   ---------------------   ----------   ----------
<S>      <C>                    <C>             <C>                   <C>                     <C>          <C>

 A-1        553,000,000.00       805.27747884       0.00044472             30.44615159        0.00000000   0.00000000
 A-2        185,867,000.00       819.98974406       0.00077426             42.54476577        0.00000000   0.00000000
 A-3         75,000,000.00       819.98974400       0.00077427             42.54476573        0.00000000   0.00000000
 X-1                  0.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 X-2                  0.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 X-B                  0.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-1         14,874,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-2          8,499,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-3          4,674,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-4          2,124,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-5          2,124,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-6          3,830,447.31      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 A-R                100.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
Class    Total Principal Reduction   Ending Certificate Balance   Ending Certificate Percentage   Total Principal Distribution
------   -------------------------   --------------------------   -----------------------------   ----------------------------
<S>      <C>                         <C>                          <C>                             <C>
 A-1            30.44659631                  774.83088253                  0.77483088                     30.44659631
 A-2            42.54554004                  777.44420403                  0.77744420                     42.54554004
 A-3            42.54554000                  777.44420400                  0.77744420                     42.54554000
 X-1             0.00000000                    0.00000000                  0.00000000                      0.00000000
 X-2             0.00000000                    0.00000000                  0.00000000                      0.00000000
 X-B             0.00000000                    0.00000000                  0.00000000                      0.00000000
 B-1             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-2             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-3             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-4             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-5             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-6             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 A-R             0.00000000                    0.00000000                  0.00000000                      0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                                                                                        Current
                                                         Beginning Certificate/  Current Accrued   Payment of Unpaid    Interest
 Class   Original Face Amount  Current Certificate Rate    Notional Balance         Interest       Interest Shortfall   Shortfall
-------  --------------------  ------------------------  ----------------------  ----------------  ------------------  -----------
<S>      <C>                   <C>                       <C>                     <C>               <C>
   A-1      553,000,000.00              3.64288%             445,318,445.80        1,351,867.70          0.00             0.00
   A-2      185,867,000.00              3.11000%             152,409,033.76          394,993.41          0.00             0.00
   A-3       75,000,000.00              2.82000%              61,499,230.80          144,523.19          0.00             0.00
   X-1                0.00              0.80000%             178,692,873.11          119,128.58          0.00             0.00
   X-2                0.00              0.18621%             213,908,264.56           33,193.93          0.00             0.00
   X-B                0.00              0.24771%              23,373,000.00            4,824.76          0.00             0.00
   B-1       14,874,000.00              3.33000%              14,874,000.00           41,275.35          0.00             0.00
   B-2        8,499,000.00              3.73000%               8,499,000.00           26,417.73          0.00             0.00
   B-3        4,674,000.00              3.71925%               4,674,000.00           14,486.48          0.00             0.00
   B-4        2,124,000.00              3.71925%               2,124,000.00            6,583.07          0.00             0.00
   B-5        2,124,000.00              3.71925%               2,124,000.00            6,583.07          0.00             0.00
   B-6        3,830,447.31              3.71925%               3,830,447.31           11,871.99          0.00             0.00
   A-R              100.00              3.07980%                       0.00                0.00          0.00             0.00
            --------------                                                         ------------          ----             ----
Totals      849,992,547.31                                                         2,155,749.26          0.00             0.00
            --------------                                                         ------------          ----             ----
</TABLE>

<TABLE>
<CAPTION>
            Non-Supported       Realized   Total Interest    Remaining Unpaid      Ending Certificate/
 Class     Interest Shortfall   Loss (4)    Distribution     Interest Shortfall    Notational Balance
--------   ------------------   --------   --------------   --------------------   -------------------
<S>        <C>                  <C>        <C>              <C>                    <C>
    A-1           0.00            0.00      1,351,867.70           0.00              428,481,478.04
    A-2           0.00            0.00        394,993.41           0.00              144,501,221.87
    A-3           0.00            0.00        144,523.19           0.00               58,308,315.30
    X-1           0.00            0.00        119,128.58           0.00              171,983,508.30
    X-2           0.00            0.00         33,193.93           0.00              202,809,537.17
    X-B           0.00            0.00          4,748.63           0.00               23,373,000.00
    B-1           0.00            0.00         41,275.35           0.00               14,874,000.00
    B-2           0.00            0.00         26,417.73           0.00                8,499,000.00
    B-3           0.00            0.00         14,486.48           0.00                4,674,000.00
    B-4           0.00            0.00          6,583.07           0.00                2,124,000.00
    B-5           0.00            0.00          6,583.07           0.00                2,124,000.00
    B-6           0.00            0.00         11,871.99           0.00                3,830,447.31
    A-R           0.00            0.00              0.00           0.00                        0.00
                  ----            ----      ------------           ----
 Totals           0.00            0.00      2,155,673.13           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>
                                Current
            Original Face    Certificate    Beginning Certificate/   Current Accrued   Payment of Unpaid
Class (5)       Amount           Rate         Notional Balance           Interest      Interest Shortfall
---------   --------------   ------------   ----------------------   ---------------   ------------------
<S>         <C>              <C>            <C>                      <C>               <C>
   A-1      553,000,000.00     3.64288%          805.27747884           2.44460705         0.00000000
   A-2      185,867,000.00     3.11000%          819.98974406           2.12514007         0.00000000
   A-3       75,000,000.00     2.82000%          819.98974400           1.92697587         0.00000000
   X-1                0.00     0.80000%          684.99608272           0.45666405         0.00000000
   X-2                0.00     0.18621%          819.98974405           0.12724465         0.00000000
   X-B                0.00     0.24771%         1000.00000000           0.20642451         0.00000000
   B-1       14,874,000.00     3.33000%         1000.00000000           2.77500000         0.00000000
   B-2        8,499,000.00     3.73000%         1000.00000000           3.10833392         0.00000000
   B-3        4,674,000.00     3.71925%         1000.00000000           3.09937527         0.00000000
   B-4        2,124,000.00     3.71925%         1000.00000000           3.09937382         0.00000000
   B-5        2,124,000.00     3.71925%         1000.00000000           3.09937382         0.00000000
   B-6        3,830,447.31     3.71925%         1000.00000000           3.09937431         0.00000000
   A-R              100.00     3.07980%            0.00000000           0.00000000         0.00000000
</TABLE>

<TABLE>
<CAPTION>
            Current Interest      Non-Supported       Realized     Total Interest   Remaining Unpaid     Ending Certificate/
Class (5)      Shortfall       Interest Shortfall     Loss (6)      Distribution    Interest Shortfall   Notational Balance
---------   ----------------   ------------------   ------------   --------------   ------------------   -------------------
<S>         <C>                <C>                  <C>            <C>              <C>                  <C>
   A-1         0.00000000          0.00000000        0.00000000      2.44460705        0.00000000            774.83088253
   A-2         0.00000000          0.00000000        0.00000000      2.12514007        0.00000000            777.44420403
   A-3         0.00000000          0.00000000        0.00000000      1.92697587        0.00000000            777.44420400
   X-1         0.00000000          0.00000000        0.00000000      0.45666405        0.00000000            659.27659804
   X-2         0.00000000          0.00000000        0.00000000      0.12724465        0.00000000            777.44420402
   X-B         0.00000000          0.00000000        0.00000000      0.20316733        0.00000000           1000.00000000
   B-1         0.00000000          0.00000000        0.00000000      2.77500000        0.00000000           1000.00000000
   B-2         0.00000000          0.00000000        0.00000000      3.10833392        0.00000000           1000.00000000
   B-3         0.00000000          0.00000000        0.00000000      3.09937527        0.00000000           1000.00000000
   B-4         0.00000000          0.00000000        0.00000000      3.09937382        0.00000000           1000.00000000
   B-5         0.00000000          0.00000000        0.00000000      3.09937382        0.00000000           1000.00000000
   B-6         0.00000000          0.00000000        0.00000000      3.09937431        0.00000000           1000.00000000
   A-R         0.00000000          0.00000000        0.00000000      0.00000000        0.00000000              0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

<TABLE>
<CAPTION>
                               CERTIFICATE ACCOUNT
<S>                                                                           <C>
Beginning Balance                                                                      0.00

Deposits

         Payments of Interest and Principal                                   30,338,170.35
         Liquidations, Insurance Proceeds, Reserve Funds                               0.00
         Proceeds from Repurchased Loans                                               0.00
         Other Amounts (Servicer Advances)                                         5,433.05
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                     0.00
         Prepayment Penalties                                                          0.00
                                                                              -------------
Total Deposits                                                                30,343,603.40
Withdrawals

         Reimbursement for Servicer Advances                                      29,550.40
         Payment of Service Fee                                                  222,684.72
         Payment of Interest and Principal                                    30,091,368.28
                                                                              -------------
Total Withdrawals (Pool Distribution Amount)                                  30,343,603.40

Ending Balance                                                                         0.00
                                                                              =============
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S>                                                                           <C>
Total Prepayment/Curtailment Interest Shortfall                               0.00
Servicing Fee Support                                                         0.00
                                                                              ----
Non-Supported Prepayment Curtailment Interest Shortfall                       0.00
                                                                              ====
</TABLE>

<TABLE>
<CAPTION>
                                 SERVICING FEES
<S>                                                                           <C>
Gross Servicing Fee                                                           217,487.88
LPMI                                                                              850.91
Master Servicing Fee                                                            4,345.93
Supported Prepayment/Curtailment Interest Shortfall                                 0.00
                                                                              ----------
Net Servicing Fee                                                             222,684.72
                                                                              ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                           Beginning        Current
   Account Type             Balance       Withdrawals      Current Deposits     Ending Balance
---------------------      ---------      -----------      ----------------     --------------
<S>                        <C>            <C>              <C>                  <C>
Class X-1 Sub Account       4,500.00          0.00                0.00             4,500.00
Class X-2 Sub Account       4,500.00          0.00                0.00             4,500.00
Class X-B Sub Account       1,000.00         76.13               76.13             1,000.00
</TABLE>
<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
                   DELINQUENT
-----------------------------------------------
                       No. of        Principal
                       Loans          Balance
<S>                  <C>           <C>
0-29 Days                0                 0.00
30 Days                  5         1,455,423.06
60 Days                  1           115,184.21
90 Days                  0                 0.00
120 Days                 0                 0.00
150 Days                 0                 0.00
180+ Days                1           133,459.57
                     ---------     ------------
                         7         1,704,066.84

                       No. of        Principal
                       Loans          Balance

0-29 Days            0.000000%         0.000000%
30 Days              0.246063%         0.218066%
60 Days              0.049213%         0.017258%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.049213%         0.019996%
                     --------          --------
                     0.344488%         0.255320%
</TABLE>

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

                   No. of         Principal
                    Loans          Balance

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

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

                    No. of          Principal
                    Loans            Balance

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

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

                    No. of         Principal
                     Loans          Balance

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

<TABLE>
<CAPTION>
                       TOTAL
----------------------------------------------
                    No. of          Principal
                    Loans            Balance
<S>                <C>            <C>
0-29 Days              0                  0.00
30 Days                5          1,455,423.06
60 Days                1            115,184.21
90 Days                0                  0.00
120 Days               0                  0.00
150 Days               0                  0.00
180+ Days              1            133,459.57
                   --------       ------------
                       7          1,704,066.84

                    No. of          Principal
                    Loans            Balance

0-29 Days          0.000000%          0.000000%
30 Days            0.246063%          0.218066%
60 Days            0.049213%          0.017258%
90 Days            0.000000%          0.000000%
120 Days           0.000000%          0.000000%
150 Days           0.000000%          0.000000%
180+ Days          0.049213%          0.019996%
                   --------       ------------
                   0.344488%          0.255320%
</TABLE>

<TABLE>
<S>                                          <C>    <C>                                           <C>     <C>               <C>
Current Period Class A Insufficient Funds:   0.00   Principal Balance of Contaminated Properties  0.00    Periodic Advance  5,433.05
</TABLE>

<TABLE>
<CAPTION>
              Original $          Original%       Current $          Current %       Current Class %    Prepayment %
              ----------          ---------       ---------          ---------       ---------------    ------------
<S>          <C>                 <C>            <C>                 <C>              <C>                <C>
Class A      36,125,447.31       4.25008989%    36,125,447.31       5.41272943%        94.587271%         0.000000%
Class X-1    36,125,447.31       4.25008989%    36,125,447.31       5.41272943%         0.000000%         0.000000%
Class X-2    36,125,447.31       4.25008989%    36,125,447.31       5.41272943%         0.000000%         0.000000%
Class B-1    21,251,447.31       2.50019219%    21,251,447.31       3.18413592%         2.228594%        41.173193%
Class B-2    12,752,447.31       1.50030107%    12,752,447.31       1.91071812%         1.273418%        25.526352%
Class B-3     8,078,447.31       0.95041390%     8,078,447.31       1.21040576%         0.700312%        12.938248%
Class B-4     5,954,447.31       0.70052936%     5,954,447.31       0.89216369%         0.318242%         5.879512%
Class B-5     3,830,447.31       0.45064481%     3,830,447.31       0.57392161%         0.318242%         5.879512%
Class B-6             0.00       0.00000000%             0.00       0.00000000%         0.573922%        10.603183%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

GROUP ONE

<TABLE>
<CAPTION>
                  DELINQUENT
-----------------------------------------------
                   No. of           Principal
                    Loans            Balance
<S>               <C>              <C>
0-29 Days             0                    0.00
30 Days               3            1,184,472.96
60 Days               0                    0.00
90 Days               0                    0.00
120 Days              0                    0.00
150 Days              0                    0.00
180+ Days             1              133,459.57
                  --------         ------------
                      4            1,317,932.53

                   No. of           Principal
                    Loans            Balance

0-29 Days         0.000000%            0.000000%
30 Days           0.210970%            0.261455%
60 Days           0.000000%            0.000000%
90 Days           0.000000%            0.000000%
120 Days          0.000000%            0.000000%
150 Days          0.000000%            0.000000%
180+ Days         0.070323%            0.029459%
                  --------         ------------
                  0.281294%            0.290914%
</TABLE>

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

                   No. of             Principal
                    Loans              Balance

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

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

                   No. of             Principal
                    Loans              Balance

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

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

                   No. of             Principal
                    Loans              Balance

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

<TABLE>
<CAPTION>
                      TOTAL
-----------------------------------------------
                   No. of           Principal
                    Loans            Balance
<S>               <C>              <C>
0-29 Days              0                   0.00
30 Days                3           1,184,472.96
60 Days                0                   0.00
90 Days                0                   0.00
120 Days               0                   0.00
150 Days               0                   0.00
180+ Days              1             133,459.57
                  --------         ------------
                       4           1,317,932.53

                   No. of           Principal
                    Loans            Balance

0-29 Days         0.000000%            0.000000%
30 Days           0.210970%            0.261455%
60 Days           0.000000%            0.000000%
90 Days           0.000000%            0.000000%
120 Days          0.000000%            0.000000%
150 Days          0.000000%            0.000000%
180+ Days         0.070323%            0.029459%
                  --------         ------------
                  0.281294%            0.290914%
</TABLE>

<TABLE>
<CAPTION>
                   DELINQUENT

GROUP TWO
-----------------------------------------------
                      No. of          Principal
                      Loans            Balance
<S>                  <C>             <C>
0-29 Days                0                 0.00
30 Days                  2           270,950.10
60 Days                  1           115,184.21
90 Days                  0                 0.00
120 Days                 0                 0.00
150 Days                 0                 0.00
180+ Days                0                 0.00
                     --------        ----------
                         3           386,134.31

                      No. of          Principal
                      Loans            Balance

0-29 Days            0.000000%         0.000000%
30 Days              0.327869%         0.126381%
60 Days              0.163934%         0.053726%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.000000%         0.000000%
                     --------        ----------
                     0.491803%         0.180107%
</TABLE>

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

                   No. of         Principal
                    Loans          Balance

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

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

                     No. of         Principal
                     Loans           Balance

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

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

                    No. of         Principal
                     Loans          Balance

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

<TABLE>
<CAPTION>
                    TOTAL
---------------------------------------------
                    No. of          Principal
                    Loans            Balance
<S>                <C>             <C>
0-29 Days              0                 0.00
30 Days                2           270,950.10
60 Days                1           115,184.21
90 Days                0                 0.00
120 Days               0                 0.00
150 Days               0                 0.00
180+ Days              0                 0.00
                   --------        ----------
                       3           386,134.31

                    No. of          Principal
                    Loans            Balance

0-29 Days          0.000000%         0.000000%
30 Days            0.327869%         0.126381%
60 Days            0.163934%         0.053726%
90 Days            0.000000%         0.000000%
120 Days           0.000000%         0.000000%
150 Days           0.000000%         0.000000%
180+ Days          0.000000%         0.000000%
                   --------        ----------
                   0.491803%         0.180107%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                          Mixed Arm
<S>                                                          <C>
Weighted Average Gross Coupon                                      4.104437%
Weighted Average Net Coupon                                        3.729109%
Weighted Average Pass-Through Rate                                 3.720141%
Weighted Average Maturity (Stepdown Calculation)                        332

Beginning Scheduled Collateral Loan Count                             2,103
Number of Loans Paid in Full                                             71
Ending Scheduled Collateral Loan Count                                2,032

Beginning Scheduled Collateral Balance                       695,352,157.67
Ending Scheduled Collateral Balance                          667,416,462.52
Ending Actual Collateral Balance at 31-Mar-2005              667,423,640.47

Monthly P&I Constant                                           2,378,805.74
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realization Loss Amount                                                0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                        29,979,401.96

Ending Scheduled Balance for Premium Loans                   667,416,462.52

Scheduled Principal                                                  447.91
Unscheduled Principal                                         27,935,247.24
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
         GROUP                          GROUP ONE         GROUP TWO           TOTAL
<S>                                <C>                 <C>               <C>
Collateral Description             6 Month LIBOR ARM        Mixed ARM         Mixed ARM
Weighted Average Coupon Rate                4.027064         4.265666          4.104437
Weighted Average Net Rate                   3.651578         3.890666          3.729109
Pass-Through Rate                           3.642879         3.881135          3.720141
Weighted Average Maturity                        334              327               332
Record Date                               03/31/2005       03/31/2005        03/31/2005
Principal and Interest Constant         1,577,056.49       801,749.25      2,378,805.74
Beginning Loan Count                           1,466              637             2,103
Loans Paid in Full                                44               27                71
Ending Loan Count                              1,422              610             2,032
Beginning Scheduled Balance           469,864,116.55   225,488,041.12    695,352,157.67
Ending Scheduled Balance              453,027,148.79   214,389,313.73    667,416,462.52
Scheduled Principal                           245.93           201.98            447.91
Unscheduled Principal                  16,836,721.83    11,098,525.41     27,935,247.24
Scheduled Interest                      1,576,810.56       801,547.27      2,378,357.83
Servicing Fee                             147,022.84        70,465.04        217,487.88
Master Servicing Fee                        2,936.64         1,409.29          4,345.93
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                                     469.30           381.61            850.91
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                            1,426,381.78       729,291.33      2,155,673.11
Realized Loss Amount                            0.00             0.00              0.00
Cumulative Realized Loss                        0.00             0.00              0.00
Percentage of Cumulative Losses                 0.00             0.00              0.00
Prepayment Penalties                            0.00             0.00              0.00
Special Servicing Fee                           0.00             0.00              0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                     <C>
Group One

Six-Month Libor Loan Balance            453,027,148.79
Interest Transfer Amount                          0.00
Principal Transfer Amount                         0.00
Prorata Senior Percentage                    94.776007%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%

Group Two

One-Month Libor Loan Balance            124,626,723.67
Six-Month Libor Loan Balance             89,762,590.06
Interest Transfer Amount                          0.00
Principal Transfer Amount                         0.00
Prorata Senior Percentage                    94.864572%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%
</TABLE>

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