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 2004-5
                           RECORD DATE: JULY 30, 2004
                       DISTRIBUTION DATE: AUGUST 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                            Certificate                             Beginning
                               Class          Certificate Pass-    Certificate             Interest          Principal
 Class          CUSIP       Description         Through Rate         Balance             Distribution       Distribution
-------       ---------     -----------       -----------------   --------------         ------------      -------------
<S>           <C>          <C>               <C>                    <C>                  <C>               <C>
  A-1         81744FBS5         SEN               2.75667%        541,182,636.40         1,243,218.84       9,525,981.97
  A-2         81744FBT3         SEN               1.68000%        182,519,085.57           255,526.72       1,894,684.07
  A-3         81744FCF2         SEN               1.86250%         73,649,068.52           114,309.49         764,432.20
  X-1         81744FBU0          IO               0.80000%                  0.00           161,327.93               0.00
  X-2         81744FBV8          IO               0.16730%                  0.00            35,714.14               0.00
  X-B         81744FBX4          IO               0.67879%                  0.00            13,221.15               0.00
  B-1         81744FBZ9         SUB               1.90000%         14,874,000.00            23,550.50               0.00
  B-2         81744FCA3         SUB               2.30000%          8,499,000.00            16,289.75               0.00
  B-3         81744FCB1         SUB               2.72424%          4,674,000.00            10,610.92               0.00
  B-4         81744FCC9         SUB               2.72424%          2,124,000.00             4,821.91               0.00
  B-5         81744FCD7         SUB               2.72424%          2,124,000.00             4,821.91               0.00
  B-6         81744FCE5         SUB               2.72424%          3,830,447.31             8,695.88               0.00
  A-R         81744FBY2         RES               2.74361%                  0.00                 0.00               0.00
-------       ---------     -------           -----------         --------------         ------------      -------------
Totals                                                            833,476,237.80         1,892,109.14      12,185,198.24

<CAPTION>
                Current        Ending Certificate         Total              Cumulative
 Class       Realized Loss          Balance            Distribution        Realized Loss
-------      -------------     ------------------     -------------        -------------
<S>          <C>               <C>                    <C>                  <C>
  A-1            0.00            531,656,654.43       10,769,200.81             0.00
  A-2            0.00            180,624,401.50        2,150,210.79             0.00
  A-3            0.00             72,884,536.32          878,841.69             0.00
  X-1            0.00                      0.00          161,327.93             0.00
  X-2            0.00                      0.00           35,714.14             0.00
  X-B            0.00                      0.00           13,221.15             0.00
  B-1            0.00             14,874,000.00           23,550.50             0.00
  B-2            0.00              8,499,000.00           16,289.75             0.00
  B-3            0.00              4,674,000.00           10,610.92             0.00
  B-4            0.00              2,124,000.00            4,821.91             0.00
  B-5            0.00              2,124,000.00            4,821.91             0.00
  B-6            0.00              3,830,447.31            8,695.88             0.00
  A-R            0.00                      0.00                0.00             0.00
------       --------          ----------------       -------------        ---------
Totals           0.00            821,921,039.56       14,077,307.38             0.00
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                      Beginning          Scheduled          Unscheduled
              Original Face         Certificate          Principal           Principal                        Realized
Class            Amount               Balance           Distribution        Distribution      Accretion      Loss (1)
------       --------------        --------------       ------------       -------------      ---------      ---------
<S>          <C>                   <C>                  <C>                <C>                <C>            <C>
  A-1        553,000,000.00        541,182,636.40          5,769.30         9,520,212.67           0.00          0.00
  A-2        185,867,000.00        182,519,085.57            295.81         1,894,338.26           0.00          0.00
  A-3         75,000,000.00         73,649,068.52            119.37           764,412.83           0.00          0.00
  X-1                  0.00                  0.00              0.00                 0.00           0.00          0.00
  X-2                  0.00                  0.00              0.00                 0.00           0.00          0.00
  X-B                  0.00                  0.00              0.00                 0.00           0.00          0.00
  B-1         14,874,000.00         14,874,000.00              0.00                 0.00           0.00          0.00
  B-2          8,499,000.00          8,499,000.00              0.00                 0.00           0.00          0.00
  B-3          4,674,000.00          4,674,000.00              0.00                 0.00           0.00          0.00
  B-4          2,124,000.00          2,124,000.00              0.00                 0.00           0.00          0.00
  B-5          2,124,000.00          2,124,000.00              0.00                 0.00           0.00          0.00
  B-6          3,830,447.31          3,830,447.31              0.00                 0.00           0.00          0.00
  A-R                100.00                  0.00              0.00                 0.00           0.00          0.00
             --------------        --------------       ------------       -------------      ---------      --------
Totals       849,992,547.31        833,476,237.80          6,184.48        12,179,013.76           0.00          0.00

<CAPTION>
           Total Principal     Ending Certificate    Ending Certificate      Total Principal
 Class        Reduction              Balance             Percentage           Distribution
------     ---------------     ------------------    ------------------      ---------------
<S>        <C>                 <C>                   <C>                     <C>
  A-1        9,525,981.97        531,656,654.43          0.96140444            9,525,981.97
  A-2        1,894,684.07        180,624,401.50          0.97179382            1,894,684.07
  A-3          764,532.20         72,884,536.32          0.97179382              764,532.20
  X-1                0.00                  0.00          0.00000000                    0.00
  X-2                0.00                  0.00          0.00000000                    0.00
  X-B                0.00                  0.00          0.00000000                    0.00
  B-1                0.00         14,874,000.00          1.00000000                    0.00
  B-2                0.00          8,499,000.00          1.00000000                    0.00
  B-3                0.00          4,674,000.00          1.00000000                    0.00
  B-4                0.00          2,124,000.00          1.00000000                    0.00
  B-5                0.00          2,124,000.00          1.00000000                    0.00
  B-6                0.00          3,830,447.31          1.00000000                    0.00
  A-R                0.00                  0.00          0.00000000                    0.00
           --------------      ----------------      --------------          --------------
Totals      12,185,198.24        821,291,039.56          0.96623322           12,185,198.24
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                        Beginning          Scheduled          Unscheduled
                  Original Face        Certificate         Principal           Principal                         Realized
Class                Amount              Balance         Distribution        Distribution      Accretion         Loss (3)
-----            --------------       -------------      ------------        ------------     ----------        ----------
<S>              <C>                  <C>                <C>                 <C>              <C>               <C>
 A-1             553,000,000.00        978.63044557       0.01043273          17.21557445     0.00000000        0.00000000
 A-2             185,867,000.00        981.98758021       0.00159151          10.19217107     0.00000000        0.00000000
 A-3              75,000,000.00        981.98758027       0.00159160          10.19217107     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

<CAPTION>
                 Total Principal     Ending Certificate    Ending Certificate       Total Principal
Class               Reduction              Balance             Percentage            Distribution
-----            ---------------     ------------------    ------------------       ---------------
<S>              <C>                 <C>                   <C>                      <C>
 A-1               17.22600718          961.40443839           0.96140444            17.22600718
 A-2               10.19376258          971.79381762           0.97179382            10.19376258
 A-3               10.19376267          971.79381760           0.97179382            10.19376267
 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>
                                        Beginning                  Payment of
                          Current     Certificate/      Current      Unpaid     Current   Non-Supported
         Original Face  Certificate     Notional        Accrued     Interest    Interest    Interest
 Class      Amount         Rate          Balance       Interest     Shortfall  Shortfall    Shortfall
------  --------------  -----------  --------------  ------------  ----------  ---------  -------------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>
  A-1   553,000,000.00    2.75667%   541,182,636.40  1,243,218.84     0.00        0.00        0.00
  A-2   185,867,000.00    1.68000%   182,519,085.57    255,526.72     0.00        0.00        0.00
  A-3    75,000,000.00    1.86250%    73,649,068.52    114,309.49     0.00        0.00        0.00
  X-1             0.00    0.80000%   241,991,897.59    161,327.93     0.00        0.00        0.00
  X-2             0.00    0.16730%   256,168,154.09     35,714.14     0.00        0.00        0.00
  X-B             0.00    0.67879%    23,373,000.00     13,221.15     0.00        0.00        0.00
  B-1    14,874,000.00    1.90000%    14,874,000.00     23,550.50     0.00        0.00        0.00
  B-2     8,499,000.00    2.30000%     8,499,000.00     16,289.75     0.00        0.00        0.00
  B-3     4,674,000.00    2.72424%     4,674,000.00     10,610.92     0.00        0.00        0.00
  B-4     2,124,000.00    2.72424%     2,124,000.00      4,821.91     0.00        0.00        0.00
  B-5     2,124,000.00    2.72424%     2,124,000.00      4,821.91     0.00        0.00        0.00
  B-6     3,830,447.31    2.72424%     3,830,447.31      8,695.88     0.00        0.00        0.00
  A-R           100.00    2.74361%             0.00          0.00     0.00        0.00        0.00
        --------------    -------    --------------  ------------     ----        ----        ----
Totals  849,992,547.31                               1,892,109.14     0.00        0.00        0.00
        --------------    -------    --------------  ------------     ----        ----        ----

<CAPTION>
                                    Remaining      Ending
                                     Unpaid     Certificate/
          Realized  Total Interest   Interest    Notational
 Class    Loss (4)   Distribution   Shortfall     Balance
------    --------  --------------  ---------  --------------
<S>       <C>       <C>             <C>        <C>
  A-1       0.00     1,243,218.84      0.00    531,656,654.43
  A-2       0.00       255,526.72      0.00    180,624,401.50
  A-3       0.00       114,309.49      0.00     72,884,536.32
  X-1       0.00       161,327.93      0.00    233,050,491.18
  X-2       0.00        35,714.14      0.00    253,508,937.82
  X-B       0.00        13,221.15      0.00     23,373,000.00
  B-1       0.00        23,550.50      0.00     14,874,000.00
  B-2       0.00        16,289.75      0.00      8,499,000.00
  B-3       0.00        10,610.92      0.00      4,674,000.00
  B-4       0.00         4,821.91      0.00      2,124,000.00
  B-5       0.00         4,821.91      0.00      2,124,000.00
  B-6       0.00         8,695.88      0.00      3,830,447.31
  A-R       0.00             0.00      0.00              0.00
            ----    --------------     ----    --------------
Totals      0.00     1,892,109.14      0.00
            ----    --------------     ----    --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                        Beginning                  Payment of
                          Current     Certificate/      Current      Unpaid      Current   Non-Supported
 Class   Original Face  Certificate     Notional        Accrued     Interest    Interest     Interest
  (5)       Amount         Rate          Balance       Interest     Shortfall   Shortfall    Shortfall
------  --------------  -----------  --------------  ------------  ----------  ----------  -------------
<S>     <C>             <C>          <C>             <C>           <C>         <C>         <C>
  A-1   553,000,000.00    2.75667%     978.63044557   2.24813533   0.00000000  0.00000000   0.00000000
  A-2   185,867,000.00    1.68000%     981.98758021   1.37478261   0.00000000  0.00000000   0.00000000
  A-3    75,000,000.00    1.86250%     981.98758027   1.52412653   0.00000000  0.00000000   0.00000000
  X-1             0.00    0.80000%     927.64472927   0.61842981   0.00000000  0.00000000   0.00000000
  X-2             0.00    0.16730%     981.98758022   0.13690555   0.00000000  0.00000000   0.00000000
  X-B             0.00    0.67879%    1000.00000000   0.56565909   0.00000000  0.00000000   0.00000000
  B-1    14,874,000.00    1.90000%    1000.00000000   1.58333333   0.00000000  0.00000000   0.00000000
  B-2     8,499,000.00    2.30000%    1000.00000000   1.91666667   0.00000000  0.00000000   0.00000000
  B-3     4,674,000.00    2.72424%    1000.00000000   2.27020111   0.00000000  0.00000000   0.00000000
  B-4     2,124,000.00    2.72424%    1000.00000000   2.27020245   0.00000000  0.00000000   0.00000000
  B-5     2,124,000.00    2.72424%    1000.00000000   2.27020245   0.00000000  0.00000000   0.00000000
  B-6     3,830,447.31    2.72424%    1000.00000000   0.27019961   0.00000000  0.00000000   0.00000000
  A-R           100.00    2.74361%       0.00000000   0.00000000   0.00000000  0.00000000   0.00000000

<CAPTION>
                                       Remaining       Ending
                                        Unpaid      Certificate/
 Class     Realized   Total Interest   Interest      Notational
  (5)      Loss (6)    Distribution    Shortfall      Balance
------    ----------  --------------  ----------   -------------
<S>       <C>         <C>             <C>          <C>
  A-1     0.00000000    2.24813533    0.00000000    961.40443839
  A-2     0.00000000    1.37478261    0.00000000    971.79381762
  A-3     0.00000000    1.52412653    0.00000000    971.79381760
  X-1     0.00000000    0.61842981    0.00000000    893.36900099
  X-2     0.00000000    0.13690555    0.00000000    971.79381762
  X-B     0.00000000    0.56565909    0.00000000   1000.00000000
  B-1     0.00000000    1.58333333    0.00000000   1000.00000000
  B-2     0.00000000    1.91666667    0.00000000   1000.00000000
  B-3     0.00000000    2.27020111    0.00000000   1000.00000000
  B-4     0.00000000    2.27020245    0.00000000   1000.00000000
  B-5     0.00000000    2.27020245    0.00000000   1000.00000000
  B-6     0.00000000    2.27019961    0.00000000   1000.00000000
  A-R     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

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                                  14,288,300.74
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       73,677.13
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               14,361,977.87

Withdrawals
         Reimbursement for Servicer Advances                                     17,587.42
         Payment of Service Fee                                                 267,083.07
         Payment of Interest and Principal                                   14,077,307.38
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 14,361,977.87

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                                                    260,663.56
Master Servicing Fee                                                     5,209.23
PMI                                                                      1,210.28
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      267,083.07
                                                                       ==========
</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            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
--------------------------------------------     ---------------------------------------     --------------------------------------
<S>             <C>            <C>               <C>              <C>          <C>           <C>            <C>           <C>
                 No. of          Principal                        No. of       Principal                     No. of       Principal
                  Loans           Balance                          Loans        Balance                      Loans         Balance

0-29 Days              0                0.00     0-29 Days               0          0.00     0-29 Days             0           0.00
30 Days               94       31,177,756.42     30 Days                 0          0.00     30 Days               0           0.00
60 Days                1          178,000.00     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
                --------       -------------                      --------      --------                    --------       --------
                      95       31,355,756.42                                        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         3.941300%           3.796181%    30 Days          0.000000%     0.000000%    30 Days        0.000000%      0.000000%
60 Days         0.041929%           0.021673%    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%
                --------            --------                      --------      --------                    --------       --------
                3.983229%           3.817854%                     0.000000%     0.000000%                   0.000000%      0.000000%

<CAPTION>
                  REO                                         TOTAL
--------------------------------------       --------------------------------------------
<S>             <C>           <C>            <C>            <C>             <C>
                 No. of       Principal                      No. of           Principal
                  Loans        Balance                        Loans            Balance

0-29 Days              0          0.00       0-29 Days             0                 0.00
30 Days                0          0.00       30 Days              94        31,177,756.42
60 Days                0          0.00       60 Days               1           178,000.00
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                            95        31,355,756.42

                 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        3.941300%            3.796181%
60 Days         0.000000%     0.000000%      60 Days        0.041929%            0.021673%
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%                     3.983229%            3.817854%
</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  73,677.13
</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       4.39861700%             95.601383%          0.000000%
Class X-1      36,125,447.31      4.25008989%      36,125,447.31       4.39861700%              0.000000%          0.000000%
Class X-2      36,125,447.31      4.25008989%      36,125,447.31       4.39861700%              0.000000%          0.000000%
Class B-1      21,251,447.31      2.50019219%      21,251,447.31       2.58756595%              1.811051%         41.173193%
Class B-2      12,752,447.31      1.50030107%      12,752,447.31       1.55273182%              1.034834%         23.526352%
Class B-3       8,078,447.31      0.95041390%       8,078,447.31       0.98362784%              0.569104%         12.938248%
Class B-4       5,954,447.31      0.70052936%       5,954,447.31       0.72501063%              0.258617%          5.879512%
Class B-5       3,830,447.31      0.45064481%       3,830,447.31       0.46639341%              0.258617%          5.879512%
Class B-6               0.00      0.00000000%               0.00       0.00000000%              0.466393%         10.603183%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

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

0-29 Days            0              0.00    0-29 Days               0            0.00      0-29 Days             0            0.00
30 Days             68     22,106,962.27    30 Days                 0            0.00      30 Days               0            0.00
60 Days              1        178,000.00    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
             ---------     -------------                     --------        --------                     --------       ---------
                    69     22,284,964.27                            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       4.071856%         3.974617%   30 Days          0.000000%       0.000000%     30 Days        0.000000%       0.000000%
60 Days       0.059880%         0.032003%   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%
             ---------     -------------                     --------        --------                     --------       ---------
              4.131737%         4.006619%                    0.000000%       0.000000%                    0.000000%       0.000000%

<CAPTION>
                  REO                                        TOTAL
--------------------------------------       --------------------------------------------
GROUP ONE
<S>             <C>           <C>            <C>            <C>             <C>
                 No. of       Principal                      No. of           Principal
                  Loans        Balance                        Loans             Balance

0-29 Days              0          0.00        0-29 Days            0                 0.00
30 Days                0          0.00        30 Days             68        22,106,962.27
60 Days                0          0.00        60 Days              1           178,000.00
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                            69        22,284,964.27

                 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        4.071856%            3.974617%
60 Days         0.000000%     0.000000%      60 Days        0.059880%            0.032003%
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%                     4.131737%            4.006619%

<CAPTION>
              DELINQUENT                                     BANKRUPTCY                                   FORECLOSURE
-----------------------------------------      ----------------------------------------      -------------------------------------
GROUP TWO                                                     1.183654%
<S>            <C>           <C>               <C>            <C>            <C>             <C>            <C>           <C>

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

0-29 Days          0                 0.00      0-29 Days          0                0.00      0-29 Days          0             0.00
30 Days           26         9,070,792.15      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
               -----         ------------                     -----          ----------                     -----         --------
                  26         9,070,792.15                         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        3.636364%         3.421791%     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%
               --------      ------------                     --------       ----------                     --------      --------
               3.636364%         3.421791%                    0.000000%        0.000000%                    0.000000%     0.000000%
</TABLE>

<TABLE>
<CAPTION>
                  REO                                        TOTAL
--------------------------------------       --------------------------------------------
<S>             <C>           <C>            <C>            <C>              <C>
                 No. of       Principal                      No. of           Principal
                  Loans        Balance                        Loans            Balance

0-29 Days           0             0.00       0-29 Days          0                    0.00
30 Days             0             0.00       30 Days           26            9,070,792.15
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                         26            9,070,792.15

                 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        3.636364%            3.421791%
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%                     3.636364%            3.421791%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
Collateral Description                                             Mixed Arm
<S>                                                             <C>
Weighted Average Gross Coupon                                        3.108704%
Weighted Average Net Coupon                                          2.733412%
Weighted Average Pass-Through Rate                                   2.724170%
Weighted Average Maturity (Stepdown Calculation)                           340

Beginning Scheduled Collateral Loan Count                                2,408
Number of Loans Paid in Full                                                23
Ending Scheduled Collateral Loan Count                                   2,385

Beginning Scheduled Collateral Balance                          833,476,237.80
Ending Scheduled Collateral Balance                             821,291,039.56
Ending Actual Collateral Balance at 30-July-2004                821,292,701.38

Monthly P&I Constant                                              2,165,376.66
Special Servicing Fee                                                     0.00
Prepayment Penalties                                                      0.00
Realization Loss Amount                                                   0.00
Cumulative Realized Loss                                                  0.00

Class A Optimal Amount                                           13,995,295.37

Ending Scheduled Balance for Premium Loans                      821,291,039.56

Scheduled Principal                                                   6,184.48
Unscheduled Principal                                            12,179,013.76
</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                    3.141357               3.039710               3.108704
Weighted Average Net Rate                       2.765928               2.664709               2.733412
Pass-Through Rate                               2.756671               2.655498               2.724170
Weighted Average Maturity                            342                    335                    340
Record Date                                   07/30/2004             07/30/2004             07/30/2004
Principal and Interest Constant             1,486,731.53             678,645.13           2,165,376.66
Beginning Loan Count                               1,689                    719                  2,408
Loans Paid in Full                                    19                      4                     23
Ending Loan Count                                  1,670                    715                  2,385
Beginning Scheduled Balance               565,728,307.15         267,747,930.65         833,476,237.80
Ending Scheduled Balance                  556,202,328.18         265,088,714.38         821,291,039.56
Scheduled Principal                             5,769.30                 415.18               6,184.48
Unscheduled Principal                       9,520,212.67           2,658,801.09          12,179,013.76
Scheduled Interest                          1,480,962.23             678,229.95           2,159,192.18
Servicing Fee                                 176,992.31              83,671.25             260,663.56
Master Servicing Fee                            3,535.80               1,673.43               5,209.23
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                                         828.33                 381.95               1,210.28
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                                1,299,605.79             592,503.32           1,892,109.11
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              556,202,325.18
Interest Transfer Amount                            0.00
Principal Transfer Amount                           0.00
Prorata Senior Percentage                      95.661226%
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              145,192,042.92
Six-Month Libor Loan Balance              119,896,671.46
Interest Transfer Amount                            0.00
Principal Transfer Amount                           0.00
Prorata Senior Percentage                      95.675120%
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 2003-8
                           RECORD DATE: JULY 30, 2004
                       DISTRIBUTION DATE: AUGUST 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                         Beginning
                      Class     Certificate Pass-     Certificate       Interest       Principal
Class     CUSIP    Description     Through Rate         Balance      Distribution    Distribution
------  ---------  -----------  -----------------   --------------   ------------   -------------
<S>     <C>        <C>          <C>                 <C>              <C>            <C>
 A-1    81743PDX1      SEN                1.74000%  733,038,478.74   1,062,905.79   15,987,750.16
 X-1    81743PDZ6       IO                0.72465%            0.00     437,619.15            0.00
 A-2    81743PDY9      SEN                2.21063%  143,322,472.23     264,027.46    2,716,851.02
 X-2    81743PEA0       IO                0.12566%            0.00      91,768.23            0.00
 B-1    81743PED4      SUB                2.01000%   14,166,000.00      23,728.05            0.00
 X-B    81743PEB8       IO                0.33532%            0.00       5,392.25            0.00
 B-2    81743PEE2      SUB                2.67000%    8,304,000.00      18,476.40            0.00
 B-3    81743PEF9      SUB                2.54188%    4,884,000.00      10,345.45            0.00
 B-4    81743PEG7      SUB                2.54188%    2,443,000.00       5,174.84            0.00
 B-5    81743PEH5      SUB                2.54188%    1,465,000.00       3,103.21            0.00
 B-6    81743PEJ1      SUB                2.54188%    3,908,267.00       8,278.62            0.00
 A-R    81743PEC6      RES                2.56276%            0.00           0.00            0.00
------                                              --------------   ------------   -------------
Totals                                              911,531,217.97   1,930,819.45   18,704,601.18
                                                    --------------   ------------   -------------

<CAPTION>
                     Current      Ending Certificate      Total       Cumulative
Class     CUSIP   Realized Loss        Balance        Distribution   Realized Loss
------  --------- -------------  -------------------  -------------  -------------
<S>     <C>       <C>            <C>                  <C>            <C>
 A-1    81743PDX1          0.00       717,050,728.58  17,050,655.95           0.00
 X-1    81743PDZ6          0.00                 0.00     437,619.15           0.00
 A-2    81743PDY9          0.00       140,605,621.21   2,980,878.48           0.00
 X-2    81743PEA0          0.00                 0.00      91,768.23           0.00
 B-1    81743PED4          0.00        14,166,000.00      23,728.05           0.00
 X-B    81743PEB8          0.00                 0.00       5,392.25           0.00
 B-2    81743PEE2          0.00         8,304,000.00      18,476.40           0.00
 B-3    81743PEF9          0.00         4,884,000.00      10,345.45           0.00
 B-4    81743PEG7          0.00         2,443,000.00       5,174.84           0.00
 B-5    81743PEH5          0.00         1,465,000.00       3,103.21           0.00
 B-6    81743PEJ1          0.00         3,908,267.00       8,278.62           0.00
 A-R    81743PEC6          0.00                 0.00           0.00           0.00
------            -------------  -------------------  -------------  -------------
Totals                     0.00       892,826,616.79  20,635,420.63           0.00
                  -------------  -------------------  -------------  -------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                           Beginning     Scheduled      Unscheduled
         Original Face    Certificate     Principal      Principal               Realized
Class       Amount         Balance      Distribution   Distribution   Accretion  Loss (1)
------  --------------  --------------  ------------  --------------  ---------  ---------
<S>     <C>             <C>             <C>           <C>             <C>        <C>
A-1     791,768,000.00  733,038,478.74          0.00   15,987,750.16       0.00       0.00
X-1               0.00            0.00          0.00            0.00       0.00       0.00
A-2     150,000,000.00  143,322,472.23          0.00    2,716,851.02       0.00       0.00
X-2               0.00            0.00          0.00            0.00       0.00       0.00
B-1      14,166,000.00   14,166,000.00          0.00            0.00       0.00       0.00
X-B               0.00            0.00          0.00            0.00       0.00       0.00
B-2       8,304,000.00    8,304,000.00          0.00            0.00       0.00       0.00
B-3       4,884,000.00    4,884,000.00          0.00            0.00       0.00       0.00
B-4       2,443,000.00    2,443,000.00          0.00            0.00       0.00       0.00
B-5       1,465,000.00    1,465,000.00          0.00            0.00       0.00       0.00
B-6       3,908,267.00    3,908,267.00          0.00            0.00       0.00       0.00
A-R             100.00            0.00          0.00            0.00       0.00       0.00
        --------------  --------------  ------------  --------------  ---------  ---------
Totals  976,938,367.00  911,531,217.97          0.00   18,704,601.18       0.00       0.00
        --------------  --------------  ------------  --------------  ---------  ---------

<CAPTION>
       Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class     Reduction          Balance            Percentage       Distribution
------ ---------------  ------------------  ------------------  ---------------
<S>    <C>              <C>                 <C>                 <C>
A-1      15,987,750.16      717,050,728.58          0.90563237    15,987,750.16
X-1               0.00                0.00          0.00000000             0.00
A-2       2,716,851.02      140,605,621.21          0.93737081     2,716,851.02
X-2               0.00                0.00          0.00000000             0.00
B-1               0.00       14,166,000.00          1.00000000             0.00
X-B               0.00                0.00          0.00000000             0.00
B-2               0.00        8,304,000.00          1.00000000             0.00
B-3               0.00        4,884,000.00          1.00000000             0.00
B-4               0.00        2,443,000.00          1.00000000             0.00
B-5               0.00        1,465,000.00          1.00000000             0.00
B-6               0.00        3,908,267.00          1.00000000             0.00
A-R               0.00                0.00          0.00000000             0.00
       ---------------  ------------------  ------------------  ---------------
Totals   18,704,601.18      892,826,616.97          0.91390271    18,704,601.18
       ---------------  ------------------  ------------------  ---------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning      Scheduled     Unscheduled
        Original Face    Certificate      Principal      Principal                 Realized
 Class     Amount          Balance      Distribution   Distribution   Accretion    Loss (3)
------  --------------  --------------  ------------  --------------  ----------  ---------
<S>     <C>             <C>             <C>           <C>             <C>         <C>
A-1     791,768,000.00    925.82483599    0.00000000     20.19246820  0.00000000  0.00000000
X-1               0.00      0.00000000    0.00000000      0.00000000  0.00000000  0.00000000
A-2     150,000,000.00    955.48314820    0.00000000     18.11234013  0.00000000  0.00000000
X-2               0.00      0.00000000    0.00000000      0.00000000  0.00000000  0.00000000
B-1      14,166,000.00   1000.00000000    0.00000000      0.00000000  0.00000000  0.00000000
X-B               0.00      0.00000000    0.00000000      0.00000000  0.00000000  0.00000000
B-2       8,304,000.00   1000.00000000    0.00000000      0.00000000  0.00000000  0.00000000
B-3       4,884,000.00   1000.00000000    0.00000000      0.00000000  0.00000000  0.00000000
B-4       2,443,000.00   1000.00000000    0.00000000      0.00000000  0.00000000  0.00000000
B-5       1,465,000.00   1000.00000000    0.00000000      0.00000000  0.00000000  0.00000000
B-6       3,908,267.00   1000.00000000    0.00000000      0.00000000  0.00000000  0.00000000
A-R             100.00      0.00000000    0.00000000      0.00000000  0.00000000  0.00000000

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate   Total Principal
 Class    Reduction           Balance            Percentage         Distribution
------  ---------------  ------------------  ------------------  -----------------
<S>     <C>              <C>                 <C>                 <C>
A-1         20.19246820        905.63236779          0.90563237        20.19246820
X-1          0.00000000          0.00000000          0.00000000         0.00000000
A-2         18.11234013        937.37080807          0.93737081        18.11234013
X-2          0.00000000          0.00000000          0.00000000         0.00000000
B-1          0.00000000       1000.00000000          1.00000000         0.00000000
X-B          0.00000000          0.00000000          0.00000000         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-1     791,768,000.00         1.74000%   733,038,478.74  1,062,905.79         0.00        0.00         0.00          0.00
X-1               0.00         0.72465%   724,689,220.60    437,619.16         0.00        0.00         0.00          0.00
A-2     150,000,000.00         2.21063%   143,322,472.23    264,027.46         0.00        0.00         0.00          0.00
X-2               0.00         0.12566%   876,360,950.97     91,768.23         0.00        0.00         0.00          0.00
B-1      14,166,000.00         2.01000%    14,166,000.00     23,728.05         0.00        0.00         0.00          0.00
X-B               0.00         0.33532%    22,470,000.00      6,278.84         0.00        0.00         0.00          0.00
B-2       8,304,000.00         2.67000%     8,304,000.00     18,476.40         0.00        0.00         0.00          0.00
B-3       4,884,000.00         2.54188%     4,884,000.00     10,345.45         0.00        0.00         0.00          0.00
B-4       2,443,000.00         2.54188%     2,443,000.00      5,174.84         0.00        0.00         0.00          0.00
B-5       1,465,000.00         2.54188%     1,465,000.00      3,103.21         0.00        0.00         0.00          0.00
B-6       3,908,267.00         2.54188%     3,908,267.00      8,278.62         0.00        0.00         0.00          0.00
A-R             100.00         2.56276%             0.00          0.00         0.00        0.00         0.00          0.00
------  --------------                                    ------------  -----------  ----------   ----------  ------------
Totals  976,938,367.00                                    1,931,706.05         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       1,062,905.79        0.00  717,050,728.58
X-1         437,619.15        0.00  697,895,158.50
A-2         264,027.46        0.00  140,605,621.21
X-2          91,768.23        0.00  857,656,349.79
B-1          23,728.05        0.00   14,166,000.00
X-B           5,392.25        0.00   22,470,000.00
B-2          18,476.40        0.00    8,304,000.00
B-3          10,345.45        0.00    4,884,000.00
B-4           5,174.84        0.00    2,443,000.00
B-5           3,103.21        0.00    1,465,000.00
B-6           8,278.62        0.00    3,908,267.00
A-R               0.00        0.00            0.00
------  --------------   ---------
Totals    1,930,819.45        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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                               Payment of                    Non-
                              Current        Beginning                           Unpaid        Current     Supported
           Original Face    Certificate     Certificate/    Current Accrued     Interest      Interest     Interest     Realized
Class (5)      Amount          Rate       Notional Balance      Interest       Shortfall     Shortfall     Shortfall    Loss (6)
---------  ---------------  -----------   ----------------  ----------------  ------------   ----------   -----------  ----------
<S>        <C>              <C>           <C>               <C>               <C>            <C>          <C>          <C>
A-1         791,768,000.00      1.74000%      925.82483599        1.34244601    0.00000000   0.00000000    0.00000000  0.00000000
X-1                   0.00      0.72465%      769.49866698        0.46467831    0.00000000   0.00000000    0.00000000  0.00000000
A-2         150,000,000.00      2.21063%      955.48314820        1.76018307    0.00000000   0.00000000    0.00000000  0.00000000
X-2                   0.00      0.12566%      930.54866057        0.09744250    0.00000000   0.00000000    0.00000000  0.00000000
B-1          14,166,000.00      2.01000%     1000.00000000        1.67500000    0.00000000   0.00000000    0.00000000  0.00000000
X-B                   0.00      0.33532%     1000.00000000        0.27943213    0.00000000   0.00000000    0.00000000  0.00000000
B-2           8,304,000.00      2.67000%     1000.00000000        2.22500000    0.00000000   0.00000000    0.00000000  0.00000000
B-3           4,884,000.00      2.54188%     1000.00000000        2.11823301    0.00000000   0.00000000    0.00000000  0.00000000
B-4           2,443,000.00      2.54188%     1000.00000000        2.11823168    0.00000000   0.00000000    0.00000000  0.00000000
B-5           1,465,000.00      2.54188%     1000.00000000        2.11823208    0.00000000   0.00000000    0.00000000  0.00000000
B-6           3,908,267.00      2.54188%     1000.00000000        2.11823297    0.00000000   0.00000000    0.00000000  0.00000000
A-R                 100.00      2.56276%        0.00000000        0.00000000    0.00000000   0.00000000    0.00000000  0.00000000

<CAPTION>
                           Remaining
                            Unpaid
          Total Interest    Interest   Ending Certificate/
Class (5)  Distribution    Shortfall   Notational Balance
---------  -------------   ----------  -------------------
<S>       <C>              <C>         <C>
A-1          1.34244601    0.00000000         905.63236779
X-1          0.46467830    0.00000000         741.04785733
A-2          1.76018307    0.00000000         937.37080807
X-2          0.09744250    0.00000000         910.68750456
B-1          1.67500000    0.00000000        1000.00000000
X-B          0.23997552    0.00000000        1000.00000000
B-2          2.22500000    0.00000000        1000.00000000
B-3          2.11823301    0.00000000        1000.00000000
B-4          2.11823168    0.00000000        1000.00000000
B-5          2.11823208    0.00000000        1000.00000000
B-6          2.11823297    0.00000000        1000.00000000
A-R          0.00000000    0.00000000           0.00000000
</TABLE>

(5)   Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                         20,882,747.80
         Liquidations, Insurance Proceeds, Reserve Funds                     0.00
         Proceeds from Repurchased Loans                                     0.00
         Other Amounts (Servicer Advances)                              54,608.44
         Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
         Prepayment Penalties                                                0.00
                                                                    -------------
Total Deposits                                                      20,937,356.24

Withdrawals
         Reimbursement for Servicer Advances                            10,973.54
         Payment of Service Fee                                        290,962.07
         Payment of Interest and Principal                          20,635,420.63
                                                                    -------------
Total Withdrawals (Pool Distribution Amount)                        20,937,356.24

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

                    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                                                    286,784.21
Master Servicing Fee                                                     4,177.86
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                    -------------
Net Servicing Fee                                                      290,962.07
                                                                    =============
</TABLE>
<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                              Beginning          Current           Current     Ending
         Account Type                          Balance         Withdrawals        Deposits    Balance
         ------------                         ---------        -----------        --------    --------
<S>                                           <C>              <C>                <C>         <C>
Class 1-A Companion Sub Account                4,000.00             0.00             0.00     4,000.00
Class 1-A NAS Sub Account                      1,000.00             0.00             0.00     1,000.00
Class 2-A Companion Sub Account                2,000.00             0.00             0.00     2,000.00
Class 2-A NAS Sub Account                        500.00             0.00             0.00       500.00
Class X-B Sub Account                          2,500.00           886.59           886.59     2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                              BANKRUPTCY                          FORECLOSURE
----------------------------------------    ---------------------------------   ---------------------------------
<S>            <C>         <C>              <C>         <C>         <C>         <C>         <C>         <C>
                 No. of      Principal                    No. of    Principal                 No. of    Principal
                 Loans        Balance                     Loans      Balance                  Loans      Balance
0-29 Days          0                0.00    0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days           56       23,668,127.59    30 Days         0          0.00     30 Days         0          0.00
60 Days            1          100,000.00    60 Days         0          0.00     60 Days         0          0.00
90 Days            1          276,999.52    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
                 ---       -------------                   --          ----                    --          ----
                  58       24,045,127.11                    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        2.125237%     2.650918%      30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.037951%     0.011200%      60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.037951%     0.031025%      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%
               --------      --------                   --------    --------                --------    --------
               2.201139%     2.693144%                  0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
               REO                                    TOTAL
----------------------------------   -------------------------------------
<S>          <C>         <C>         <C>         <C>         <C>
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
0-29 Days        0          0.00     0-29 Days       0                0.00
30 Days          0          0.00     30 Days         56      23,668,127.59
60 Days          0          0.00     60 Days         1          100,000.00
90 Days          0          0.00     90 Days         1          276,999.52
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                     58      24,045,127.11

               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     2.125237%     2.650918%
60 Days      0.000000%   0.000000%   60 Days     0.037951%     0.011200%
90 Days      0.000000%   0.000000%   90 Days     0.037951%     0.031025%
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%               2.201139%     2.693144%
</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  54,608.44
</TABLE>

<PAGE>

           SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND
                              PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
                 Original $        Original %        Current $        Current %        Current Class %      Prepayment %
               -------------      -----------      -------------     -----------       ---------------      ------------
<S>            <C>                <C>              <C>               <C>               <C>                  <C>
Class A        35,170,267.00      3.60004973%      35,170,267.00     3.93920458%          96.060795%          0.000000%
Class X-1      35,170,267.00      3.60004973%      35,170,267.00     3.93920458%           0.000000%          0.000000%
Class X-2      35,170,267.00      3.60004973%      35,170,267.00     3.93920458%           0.000000%          0.000000%
Class B-1      21,004,267.00      2.15000943%      21,004,267.00     2.35255833%           1.586646%         40.278341%
Class B-2      12,700,267.00      1.30000698%      12,700,267.00     1.42247854%           0.930080%         23.610853%
Class B-3       7,816,267.00      0.80007780%       7,816,267.00     0.87545183%           0.547027%         13.886730%
Class B-4       5,373,267.00      0.55001085%       5,373,267.00     0.60182648%           0.273625%          6.946208%
Class B-5       3,908,267.00      0.40005257%       3,908,267.00     0.43774087%           0.164086%          4.165450%
Class B-6               0.00      0.00000000%               0.00     0.00000000%           0.437741%         11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

POOL 1 -- 1 MO LIBOR

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

0-29 Days          0               0.00  0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days            1         999,999.99  30 Days         0          0.00     30 Days         0          0.00
60 Days            0               0.00  60 Days         0          0.00     60 Days         0          0.00
90 Days            0               0.00  90 Days         0          0.00     90 Days         0          0.00
120 Days           0               0.00  120 Days        0          0.00     120 Days        0          0.00
150 Days           0               0.00  150 Days        0          0.00     150 Days        0          0.00
180+ Days          0               0.00  180+ Days       0          0.00     180+ Days       0          0.00
                  --         ----------                 --          ----                    --          ----
                   1         999,999.99                  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        0.432900%     0.873821%   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%
               --------      --------                --------    --------                --------    --------
               0.432900%     0.873821%               0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
                REO                                 TOTAL
----------------------------------   -----------------------------------
<S>          <C>         <C>         <C>         <C>          <C>
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance
0-29 Days        0          0.00     0-29 Days       0              0.00
30 Days          0          0.00     30 Days         1        999,999.99
60 Days          0          0.00     60 Days         0              0.00
90 Days          0          0.00     90 Days         0              0.00
120 Days         0          0.00     120 Days        0              0.00
150 Days         0          0.00     150 Days        0              0.00
180+ Days        0          0.00     180+ Days       0              0.00
                --          ----                    --        ----------
                 0          0.00                     1        999,999.99

               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     0.432900%    0.873821%
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%               0.432900%    0.873821%
</TABLE>

<PAGE>

POOL 1 -- 6 MO LIBOR

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
----------------------------------------  ---------------------------------   ---------------------------------
<S>            <C>         <C>            <C>         <C>         <C>         <C>         <C>         <C>
                 No. of      Principal                  No. of    Principal                 No. of    Principal
                 Loans        Balance                   Loans      Balance                  Loans      Balance
0-29 Days          0                0.00  0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days           45       17,376,984.32  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          276,999.52  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
                  ---      -------------                 --          ----                    --          ----
                  46       17,653,983.84                  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        2.307692%     2.748743%    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        0.051282%     0.043817%    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%
               ---------     --------                 --------    --------                --------    --------
               2.358974%     2.792560%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
               REO                                 TOTAL
----------------------------------   -------------------------------------
<S>          <C>         <C>         <C>         <C>         <C>
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance
0-29 Days        0          0.00     0-29 Days       0                0.00
30 Days          0          0.00     30 Days         45      17,376,984.32
60 Days          0          0.00     60 Days         0                0.00
90 Days          0          0.00     90 Days         1          276,999.52
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                     46      17,653,983.84

               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     2.307692%     2.748743%
60 Days      0.000000%   0.000000%   60 Days     0.000000%     0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.051282%     0.043817%
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%               2.358974%     2.792560%
</TABLE>

POOL 2

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------   ---------------------------------
<S>            <C>         <C>           <C>         <C>         <C>         <C>         <C>         <C>
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
0-29 Days          0               0.00  0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days           10       5,291,143.28  30 Days         0          0.00     30 Days         0          0.00
60 Days            1         100,000.00  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
                 ---       ------------                 --          ----                    --          ----
                  11       5,391,143.28                  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        2.202643%     3.618907%   30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.220264%     0.068396%   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%
               --------      --------                --------    --------                --------    --------
               2.422907%     3.687303%               0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                 TOTAL
----------------------------------   ------------------------------------
<S>          <C>         <C>         <C>         <C>         <C>
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance
0-29 Days        0          0.00     0-29 Days       0               0.00
30 Days          0          0.00     30 Days        10       5,291,143.28
60 Days          0          0.00     60 Days         1         100,000.00
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                    11       5,391,143.28

               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     2.202643%    3.618907%
60 Days      0.000000%   0.000000%   60 Days     0.220264%    0.068396%
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%               2.422907%    3.687303%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
          Collateral Description                                Mixed Arm
<S>                                                          <C>
Weighted Average Gross Coupon                                      2.924900%
Weighted Average Net Coupon                                        2.547358%
Weighted Average Pass-Through Rate                                 2.541858%
Weighted Average Maturity (Stepdown Calculation)                        315

Beginning Scheduled Collateral Loan Count                             2,669
Number of Loans Paid in Full                                             34
Ending Scheduled Collateral Loan Count                                2,635

Beginning Scheduled Collateral Balance                       911,531,218.92
Ending Scheduled Collateral Balance                          892,826,617.74
Ending Actual Collateral Balance at 30-July-2004             892,827,434.68

Monthly P&I Constant                                           2,221,781.52
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realized Loss Amount                                                   0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                        20,560,035.23

Ending Scheduled Balance for Premium Loans                   892,826,617.74

Scheduled Principal                                                    0.00
Unscheduled Principal                                         18,704,601.18
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                   POOL 1 -- 1 MO LIBOR    POOL 1 -- 6 MO LIBOR        POOL 2              TOTAL
<S>                               <C>                     <C>                   <C>                  <C>
Collateral Description             1 Month LIBOR ARM       6 Month LIBOR ARM    6 Month LIBOR ARM         Mixed ARM
Weighted Average Coupon Rate                2.790654                2.950155             2.919637          2.924900
Weighted Average Net Rate                   2.399848                2.574775             2.543021          2.547358
Pass-Through Rate                           2.394348                2.569275             2.537521          2.541858
Weighted Average Maturity                        300                     317                  316               316
Record Date                               07/30/2004              07/30/2004           07/30/2004        07/30/2004
Principal and Interest Constant           269,374.11            1,590,067.94           362,339.47      2,221,781.52
Beginning Loan Count                             234                   1,977                  458             2,669
Loans Paid in Full                                 3                      27                    4                34
Ending Loan Count                                231                   1,950                  454             2,635
Beginning Scheduled Balance           115,832,678.25          646,773,407.42       148,925,133.25    911,531,218.92
Ending Scheduled Balance              114,439,870.23          632,178,465.28       146,208,282.23    892,826,617.74
Scheduled Principal                             0.00                    0.00                 0.00              0.00
Unscheduled Principal                   1,392,808.02           14,594,942.14         2,716,851.02     18,704,601.18
Scheduled Interest                        269,374.11            1,590,067.94           362,339.47      2,221,781.52
Servicing Fee                              37,723.43              202,321.12            46,739.66        286,784.21
Master Servicing Fee                          530.90                2,964.38               682.58          4,177.86
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                              231,119.78            1,384,782.44           314,917.23      1,930,819.45
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 1 -- 1 Mo LIBOR
   Interest Transfer Amount                                    0.00
   Principal Transfer Amount                                   0.00
   Prorata Senior Percent                                 96.122820%
   Senior Percentage                                     100.000000%
   Senior Prepayment Percentage                          100.000000%
   Subordinate Percentage                                  0.000000%
   Subordinate Prepayment Percentage                       0.000000%

Group Pool 1 -- 6 Mo LIBOR
   Interest Transfer Amount                                    0.00
   Principal Transfer Amount                                   0.00
   Prorata Senior Percent                                 96.237935%
   Senior Percentage                                     100.000000%
   Senior Prepayment Percentage                          100.000000%
   Subordinate Percentage                                  0.000000%
   Subordinate Prepayment Percentage                       0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]