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: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     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            3.58045%        467,207,267.75       1,394,011.16     10,419,797.92
         A-2      81744FBT3         SEN            2.76000%        161,019,798.75         370,345.54      2,307,117.39
         A-3      81744FCF2         SEN            2.82000%         64,973,797.97         152,688.43        930,954.95
         X-1      81744FBU0          IO            0.80000%                  0.00         128,570.84              0.00
         X-2      81744FBV8          IO            0.18680%                  0.00          35,179.91              0.00
         X-B      81744FBX4          IO            0.47625%                  0.00           9,276.22              0.00
         B-1      81744FBZ9         SUB            2.98000%         14,874,000.00          36,937.10              0.00
         B-2      81744FCA3         SUB            3.38000%          8,499,000.00          23,938.85              0.00
         B-3      81744FCB1         SUB            3.60170%          4,674,000.00          14,028.63              0.00
         B-4      81744FCC9         SUB            3.60170%          2,124,000.00           6,375.01              0.00
         B-5      81744FCD7         SUB            3.60170%          2,124,000.00           6,375.01              0.00
         B-6      81744FCE5         SUB            3.60170%          3,830,447.31          11,496.78              0.00
         A-R      81744FBY2         RES            3.08221%                  0.00               0.00              0.00
                                                                   --------------       ------------     -------------
Totals                                                             729,326,311.78       2,189,223.48     13,657,870.26
                                                                   --------------       ------------    --------------
<CAPTION>

                             Current        Ending
                             Realized     Certificate             Total         Cumulative
        Class     CUSIP       Losses        Balance            Distribution    Realized Loss
        -----     -----      --------    --------------      -------------     -------------

<S>              <C>         <C>         <C>                 <C>               <C>
         A-1      81744FBS5     0.00     456,787,469.83      11,8131,809.08         0.00
         A-2      81744FBT3     0.00     158,712,681.37        2,677,462.93         0.00
         A-3      81744FCF2     0.00      64,042,843.01        1,083,643.38         0.00
         X-1      81744FBU0     0.00               0.00          128,570.84         0.00
         X-2      81744FBV8     0.00               0.00           35,179.91         0.00
         X-B      81744FBX4     0.00               0.00            9,276.22         0.00
         B-1      81744FBZ9     0.00      14,874,000.00           36,937.10         0.00
         B-2      81744FCA3     0.00       8,499,000.00           23,938.85         0.00
         B-3      81744FCB1     0.00       4,674,000.00           14,028.63         0.00
         B-4      81744FCC9     0.00       2,124,000.00            6,375.01         0.00
         B-5      81744FCD7     0.00       2,124,000.00            6,375.01         0.00
         B-6      81744FCE5     0.00       3,830,447.31           11,496.78         0.00
         A-R      81744FBY2     0.00               0.00                0.00         0.00
                                ----     --------------       -------------        -----
Totals                          0.00     715,668,441.52       15,847,093.74         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       467,207,267.75       135,279.06       10,284,518.86        0.00           0.00
         A-2          185,867,000.00       161,019,798.75        27,333.94        2,279,783.45        0.00           0.00
         A-3           75,000,000.00        64,973,797.97        11,029.63          919,925.32        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       729,326,311.78       173,642.63       13,484,227.63        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            10,419,797.92          456,787,469.83             0.82601712           10,419,797.92
         A-2             2,307,117.39          158,712,681.37             0.85390457            2,307,119.39
         A-3               930,954.95           64,042,843.01             0.85390457              930,954.95
         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                  13,657,870.26          715,668,441.52             0.84197025           13,657,870.26
                        -------------          --------------             ----------           -------------

</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
        Class            Amount                Balance         Distribution      Distribution       Accretion
        -----         --------------       --------------      ------------      -------------      ---------

<S>                   <C>                  <C>                 <C>               <C>               <C>
         A-1          553,000,000.00         844.85943535        0.24462759        18.59768329     0.00000000
         A-2          185,867,000.00         866.31730619        0.14706182        12.26567088     0.00000000
         A-3           75,000,000.00         866.31730627        0.14706173        12.26567093     0.00000000
         X-1                    0.00           0.00000000        0.00000000         0.00000000     0.00000000
         X-2                    0.00           0.00000000        0.00000000         0.00000000     0.00000000
         X-B                    0.00           0.00000000        0.00000000         0.00000000     0.00000000
         B-1           14,874,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-2            8,499,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-3            4,674,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-4            2,124,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-5            2,124,000.00        1000.00000000        0.00000000         0.00000000     0.00000000
         B-6            3,830,447.31        1000.00000000        0.00000000         0.00000000     0.00000000
         A-R                  100.00           0.00000000        0.00000000         0.00000000     0.00000000

<CAPTION>

                        Realized      Total Principal     Ending Certificate     Ending Certificate     Total Principal
        Class            Loss(3)        Reduction             Balance                 Percentage          Distribution
        -----          -----------    ---------------     ------------------     ------------------     ---------------

<S>                    <C>            <C>                 <C>                    <C>                    <C>
         A-1            0.00000000       18.84231089            826.01712447            0.82601712        18.84231089
         A-2            0.00000000       12.41273271            853.90457354            0.85390457        12.41273271
         A-3            0.00000000       12.41273267            853.90457347            0.85390457        12.41273267
         X-1            0.00000000        0.00000000              0.00000000            0.00000000         0.00000000
         X-2            0.00000000        0.00000000              0.00000000            0.00000000         0.00000000
         X-B            0.00000000        0.00000000              0.00000000            0.00000000         0.00000000
         B-1            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-2            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-3            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-4            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-5            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         B-6            0.00000000        0.00000000           1000.00000000            1.00000000         0.00000000
         A-R            0.00000000        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
                                                                  Certificate/           Current            Unpaid        Current
                      Original Face             Current            Notional              Accrued           Interest      Interest
       Class             Amount             Certificate Rate        Balance              Interest           Shortfall     Shortfall
       -----         ---------------        ----------------   -----------------     ---------------      -----------   -----------

<S>                  <C>                    <C>                <C>                   <C>                  <C>           <C>
        A-1           553,000,000.00            3.58045%         467,207,267.75        1,394,011.16            0.00         0.00
        A-2           185,867,000.00            2.76000%         161,019,798.75          370,345.54            0.00         0.00
        A-3            75,000,000.00            2.82000%          64,973,797.97          152,688.43            0.00         0.00
        X-1                     0.00            0.80000%         192,856,262.28          128,570.84            0.00         0.00
        X-2                     0.00            0.18680%         225,993,596.72           35,179.91            0.00         0.00
        X-B                     0.00            0.47625%          23,373,000.00            9,276.22            0.00         0.00
        B-1            14,874,000.00            2.98000%          14,874,000.00           36,937.10            0.00         0.00
        B-2             8,499,000.00            3.38000%           8,499,000.00           23,938.85            0.00         0.00
        B-3             4,674,000.00            3.60170%           4,674,000.00           14,028.63            0.00         0.00
        B-4             2,124,000.00            3.60170%           2,124,000.00            6,375.01            0.00         0.00
        B-5             2,124,000.00            3.60170%           2,124,000.00            6,375.01            0.00         0.00
        B-6             3,830,447.31            3.60170%           3,830,447.31           11,496.78            0.00         0.00
        A-R                   100.00            3.08221%                   0.00                0.00            0.00         0.00
                     ---------------        -----------        -----------------     --------------       ---------     --------
      Totals          849,992,547.31                                                   2,189,223.48            0.00         0.00
                     ---------------        -----------        -----------------     --------------       ---------     --------

<CAPTION>

                         Non-                                           Remaining       Ending
                       Supported                                         Unpaid       Certificate/
                       Interest        Realized     Total Interest      Interest      Notational
       Class            Shortfall       Loss(4)       Distribution      Shortfall       Balance
       -----          -----------     ----------    --------------      ---------    --------------

<S>                   <C>             <C>           <C>                 <C>        <C>
        A-1               0.00           0.00         1,394,011.16        0.00       456,787,469.83
        A-2               0.00           0.00           370,345.54        0.00       158,712,681.37
        A-3               0.00           0.00           152,688.43        0.00       64,042,8443.01
        X-1               0.00           0.00           128,570.84        0.00       185,647,469.97
        X-2               0.00           0.00            35,179.91        0.00       222,755,524.38
        X-B               0.00           0.00             9,276.22        0.00        23,373,000.00
        B-1               0.00           0.00            36,937.10        0.00        14,874,000.00
        B-2               0.00           0.00            23,938.85        0.00         8,499,000.00
        B-3               0.00           0.00            14,028.63        0.00         4,674,000.00
        B-4               0.00           0.00             6,375.01        0.00         2,124,000.00
        B-5               0.00           0.00             6,375.01        0.00         2,124,000.00
        B-6               0.00           0.00            11,496.78        0.00         3,830,447.31
        A-R               0.00           0.00                 0.00        0.00                 0.00
                      --------        -------       --------------      ------       --------------
      Totals              0.00           0.00         2,189,223.48        0.00
                      --------        -------       --------------      ------       --------------

</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>

                                                                                                  Payment of
                                         Current            Beginning                               Unpaid         Current
       Class       Original Face       Certificate         Certificate/       Current Accrued      Interest       Interest
        (5)           Amount               Rate          Notional Balance        Interest          Shortfall      Shortfall
       -----       --------------      -----------       ----------------     ---------------     -----------     ----------

<S>                <C>                  <C>                <C>                  <C>               <C>             <C>
        A-1        553,000,000.00       3.58045%           844.85943535         2.52081584        0.00000000      0.00000000
        A-2        185,867,000.00       2.76000%           866.31730619         1.99252982        0.00000000      0.00000000
        A-3         75,000,000.00       2.82000%           866.31730627         2.03584573        0.00000000      0.00000000
        X-1                  0.00       0.80000%           739.28960842         0.49285973        0.00000000      0.00000000
        X-2                  0.00       0.18680%           866.31730621         0.13485765        0.00000000      0.00000000
        X-B                  0.00       0.47625%          1000.00000000         0.39687759        0.00000000      0.00000000
        B-1         14,874,000.00       2.98000%          1000.00000000         2.48333333        0.00000000      0.00000000
        B-2          8,499,000.00       3.38000%          1000.00000000         2.81666667        0.00000000      0.00000000
        B-3          4,674,000.00       3.60170%          1000.00000000         3.00141849        0.00000000      0.00000000
        B-4          2,124,000.00       3.60170%          1000.00000000         3.00141714        0.00000000      0.00000000
        B-5          2,124,000.00       3.60170%          1000.00000000         3.00141714        0.00000000      0.00000000
        B-6          3,830,447.31       3.60170%          1000.00000000         3.00141970        0.00000000      0.00000000
        A-R                100.00       3.08221%             0.00000000         0.00000000        0.00000000      0.00000000

<CAPTION>

                         Non-                                                  Remaining
                       Supported                                                Unpaid
       Class           Interest        Realized            Total Interest      Interest           Ending Certificate/
        (5)            Shortfall        Loss(6)             Distribution       Shortfall          Notational Balance
       -----          ----------       ----------          --------------     -----------         -------------------

<S>                   <C>              <C>                   <C>               <C>                   <C>
        A-1           0.00000000       0.00000000            2.52081584        0.00000000            826.01712447
        A-2           0.00000000       0.00000000            1.99252982        0.00000000            853.90457354
        A-3           0.00000000       0.00000000            2.03584573        0.00000000            853.90457347
        X-1           0.00000000       0.00000000            0.49285973        0.00000000            711.65563283
        X-2           0.00000000       0.00000000            0.13485765        0.00000000            853.90457352
        X-B           0.00000000       0.00000000            0.39687759        0.00000000           1000.00000000
        B-1           0.00000000       0.00000000            2.48333333        0.00000000           1000.00000000
        B-2           0.00000000       0.00000000            2.81666667        0.00000000           1000.00000000
        B-3           0.00000000       0.00000000            3.00141849        0.00000000           1000.00000000
        B-4           0.00000000       0.00000000            3.00141714        0.00000000           1000.00000000
        B-5           0.00000000       0.00000000            3.00141714        0.00000000           1000.00000000
        B-6           0.00000000       0.00000000            3.00141970        0.00000000           1000.00000000
        A-R           0.00000000       0.00000000            0.00000000        0.00000000              0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

<TABLE>
<CAPTION>
                                             CERTIFICATE ACCOUNT

<S>                                                                                         <C>
Beginning Balance                                                                                          0.00

Deposits
        Payments of Interest and Principal                                                        16,075,640.39
        Liquidations, Insurance Proceeds, Reserve Funds                                                    0.00
        Proceeds from Repurchased Loans                                                                    0.00
        Other Amounts (Servicer Advances)                                                             22,619.88
        Realized Losses (Gains, Subsequent Expenses & Recoveries)                                          0.00
        Prepayment Penalties                                                                               0.00
                                                                                              -----------------
Total Deposits                                                                                    16,098,260.27

Withdrawals
        Reimbursement for Servicer Advances                                                           17,640.00
        Payment of Service Fee                                                                       233,526.53
        Payment of Interest and Principal                                                         15,847,093.74
                                                                                              -----------------
Total Withdrawals (Pool Distribution Amount)                                                      16,098,260.27

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

<PAGE>

<TABLE>
<CAPTION>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                                   <C>
Total Prepayment/Curtailment Interest Shortfall                                0.00
Servicing Fee Support                                                          0.00
                                                                      -------------

Non-Supported Prepayment Curtailment Interest Shortfall                        0.00
                                                                      =============
</TABLE>

<TABLE>
<CAPTION>

                                 SERVICING FEES

<S>                                                                  <C>
Gross Servicing Fee                                                      228,115.58
LPMI                                                                         852.65
Master Servicing Fee                                                       4,558.30
Supported Prepayment/Curtailment Interest Shortfall                            0.00
                                                                      -------------
Net Servicing Fee                                                        233,526.53
                                                                      =============

</TABLE>

<TABLE>
<CAPTION>
                                 OTHER ACCOUNTS

    Account Type               Beginning Balance       Current Withdrawals        Current Deposits     Ending Balance
    ------------               -----------------       -------------------        ----------------     --------------

<S>                            <C>                     <C>                        <C>                  <C>
 Class X-1 Sub Account            4,500.00                   0.00                      0.00              4,500.00
 Class X-2 Sub Account            4,500.00                   0.00                      0.00              4,500.00
 Class X-B Sub Account            1,000.00                   0.00                      0.00              1,000.00

</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

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

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

<S>          <C>         <C>               <C>            <C>                <C>          <C>             <C>            <C>
0-29 Days       0                 0.00     0-29 Days             0              0.00      0-29 Days                0          0.00
30 Days         21        6,430,392.78     30 Days               0              0.00      30 Days                  0          0.00
60 Days         1           291,914.54     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        1           133,459.32     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
                ----------------------                    --------------------------                       -----------------------
                23        6,855,766.64                           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     0.974478%         0.898514%    30 Days        0.000000%         0.000000%     30 Days           0.000000%     0.000000%
60 Days     0.046404%         0.040789%    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    0.046404%         0.018648%    120 Days       0.000000%         0.000000%     120 Days          0.000000%     0.000000%
150 Days    0.000000%         0.000000%    150 Days       0.000000%         0.000000%     150 Days          0.000000%     0.000000%
180+ Days   0.000000%         0.000000%    180+ Days      0.000000%         0.000000%     180+ Days         0.000000%     0.000000%
            ---------------------------                   ---------------------------                       -----------------------
            1.067285%         0.957951%                   0.000000%         0.000000%                       0.000000%     0.000000%

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

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

<S>                         <C>             <C>              <C>            <C>           <C>
          0-29 Days                0             0.00        0-29 Days             0               0.00
          30 Days                  0             0.00        30 Days              21       6,430,392.78
          60 Days                  0             0.00        60 Days               1         291,914.54
          90 Days                  0             0.00        90 Days               0               0.00
          120 Days                 0             0.00        120 Days              1         133,459.32
          150 Days                 0             0.00        150 Days              0               0.00
          180+ Days                0             0.00        180+ Days             0               0.00
                            -------------------------                        --------------------------
                                   0             0.00                             23       6,855,766.64

                              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        0.974478%          0.898514%
          60 Days           0.000000%        0.000000%       60 Days        0.046404%          0.040789%
          90 Days           0.000000%        0.000000%       90 Days        0.000000%          0.000000%
          120 Days          0.000000%        0.000000%       120 Days       0.046404%          0.018648%
          150 Days          0.000000%        0.000000%       150 Days       0.000000%          0.000000%
          180+ Days         0.000000%        0.000000%       180+ Days      0.000000%          0.000000%
                            --------------------------                      ----------------------------
                            0.000000%        0.000000%                      1.067285%          0.957951%

Current Period Class A Insufficient Funds: 0.00  Principal Balance of Contaminated Properties  0.00   Periodic Advance  22,619.88

</TABLE>

<TABLE>
<CAPTION>
                 Original $        Original%         Current $         Current %    Current Class %     Prepayment %
                -------------     -----------      --------------     -----------   ---------------     ------------

<S>             <C>               <C>              <C>                <C>             <C>                 <C>
Class A         36,125,447.31     4.25008989%      36,125,447.31      5.04779102%     94.952209%          0.000000%
Class X-1       36,125,447.31     4.25008989%      36,125,447.31      5.04779102%      0.000000%          0.000000%
Class X-2       36,125,447.31     4.25008989%      36,125,447.31      5.04779102%      0.000000%          0.000000%
Class B-1       21,251,447.31     2.50019219%      21,251,447.31      2.96945430%      2.078337%         41.173193%
Class B-2       12,752,447.31     1.50030107%      12,752,447.31      1.78189320%      1.187561%         23.526352%
Class B-3        8,078,447.31     0.95041390%       8,078,447.31      1.12879748%      0.653096%         12.938248%
Class B-4        5,954,447.31     0.70052936%       5,954,447.31      0.83201200%      0.296785%          5.879512%
Class B-5        3,830,447.31     0.45064481%       3,830,447.31      0.53522652%      0.296785%          5.879512%
Class B-6                0.00     0.00000000%               0.00      0.00000000%      0.535227%         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
                No. of          Principal                      No. of         Principal                   No. of       Principal
                Loans            Balance                       Loans           Balance                    Loans         Balance
<S>          <C>             <C>              <C>              <C>            <C>          <C>            <C>          <C>
0-29 Days            0               0.00     0-29 Days           0              0.00      0-29 Days            0            0.00
30 Days             12       4,281,188.24     30 Days             0              0.00      30 Days              0            0.00
60 Days              1         291,914.54     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             1         133,459.32     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
               -------       ------------                       ---            ------                         ---          ------
                    14       4,706,562.10                         0              0.00                           0            0.00
</TABLE>

<TABLE>
<CAPTION>
                No. of          Principal                    No. of           Principal                   No. of         Principal
                Loans            Balance                     Loans             Balance                     Loans          Balance
<S>           <C>               <C>           <C>          <C>               <C>           <C>           <C>             <C>
0-29 Days     0.000000%          0.000000%    0-29 Days    0.000000%         0.000000%     0-29 Days     0.000000%       0.000000%
30 Days       0.800534%          0.889442%    30 Days      0.000000%         0.000000%     30 Days       0.000000%       0.000000%
60 Days       0.066711%          0.060647%    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      0.066711%          0.027727%    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%
               -------           --------                  --------          --------                    --------        --------
              0.933956%          0.977816%                 0.000000%         0.000000%                   0.000000%       0.000000%
</TABLE>

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

                   No. of           Principal                     No. of        Principal
                   Loans             Balance                      Loans          Balance
<S>                <C>              <C>           <C>             <C>          <C>
   0-29 Days             0              0.00      0-29 Days              0             0.00
   30 Days               0              0.00      30 Days               12     4,281,188.24
   60 Days               0              0.00      60 Days                1       291,914.54
   90 Days               0              0.00      90 Days                0             0.00
   120 Days              0              0.00      120 Days               1       133,459.32
   150 Days              0              0.00      150 Days               0             0.00
   180+ Days             0              0.00      180+ Days              0             0.00
                      ----          --------                           ---     ------------
                         0              0.00                            14     4,706,562.10
</TABLE>

<TABLE>
<CAPTION>
                     No. of         Principal                        No. of         Principal
                     Loans           Balance                         Loans           Balance
<S>               <C>               <C>           <C>              <C>             <C>
   0-29 Days      0.000000%         0.000000%     0-29 Days        0.000000%       0.000000%
   30 Days        0.000000%         0.000000%     30 Days          0.800534%       0.889442%
   60 Days        0.000000%         0.000000%     60 Days          0.066711%       0.060647%
   90 Days        0.000000%         0.000000%     90 Days          0.000000%       0.000000%
   120 Days       0.000000%         0.000000%     120 Days         0.066711%       0.027727%
   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%                      0.933956%       0.977816%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                                    BANKRUPTCY                                    FORECLOSURE
-----------------------------------------     ----------------------------------------     --------------------------------------
GROUP TWO
                No. of          Principal                      No. of         Principal                   No. of       Principal
                Loans            Balance                       Loans           Balance                    Loans         Balance
<S>             <C>            <C>             <C>             <C>            <C>         <C>             <C>          <C>
0-29 Days               0              0.00    0-29 Days              0           0.00    0-29 Days              0          0.00
30 Days                 9      2,149,204.54    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
                 --------      -------------                   --------       --------                    --------      --------
                        9      2,149,204.54                           0           0.00                           0          0.00
</TABLE>

<TABLE>
<CAPTION>
GROUP TWO
                No. of          Principal                      No. of         Principal                   No. of       Principal
                Loans            Balance                       Loans           Balance                    Loans         Balance
<S>             <C>             <C>            <C>             <C>            <C>         <C>             <C>          <C>
0-29 Days        0.000000%         0.000000%   0-29 Days       0.000000%      0.000000%   0-29 Days       0.000000%     0.000000%
30 Days          1.371951%         0.917148%   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%
                 0.000000%         0.000000%   180+ Days       0.000000%      0.000000%   180+ Days       0.000000%     0.000000%
                 --------          ---------                   --------       --------                    --------      --------
                 1.371951%         0.917148%                   0.000000%      0.000000%                   0.000000%     0.000000%
</TABLE>

<TABLE>
<CAPTION>
                          REO                                        TOTAL
     ------------------------------------------    ------------------------------------------
                     No. of           Principal                     No. of        Principal
                     Loans             Balance                      Loans          Balance
 <S>                 <C>              <C>              <C>          <C>           <C>
  0-29 Days                  0                  0.00   0-29 Days             0              0.00
  30 Days                    0                  0.00   30 Days               9      2,149,204.54
  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                         9      2,149,204.54
</TABLE>

<TABLE>
<CAPTION>
                     No. of           Principal                     No. of        Principal
                     Loans             Balance                      Loans          Balance
 <S>                 <C>              <C>              <C>          <C>           <C>
  0-29 Days           0.000000%             0.000000%  0-29 Days      0.000000%         0.000000%
  30 Days             0.000000%             0.000000%  30 Days        1.371951%         0.917148%
  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%                 1.371951%         0.917148%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>

Collateral Description                                                Mixed Arm

<S>                                                                    <C>
Weighted Average Gross Coupon                                          3.986281%
Weighted Average Net Coupon                                            3.610951%
Weighted Average Pass-Through Rate                                     3.602048%
Weighted Average Maturity (Stepdown Calculation)                            334

Beginning Scheduled Collateral Loan Count                                 2,188
Number of Loans Paid in Full                                                 33
Ending Scheduled Collateral Loan Count                                    2,155

Beginning Scheduled Collateral Balance                           729,326,311.78
Ending Scheduled Collateral Balance                              715,668,441.52
Ending Actual Collateral Balance at 31-Jan-2005                  715,669,801.20

Monthly P&I Constant                                               2,596,392.59
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            15,738,666.13

Ending Scheduled Balance for Premium Loans                       715,668,441.52

Scheduled Principal                                                  173,642.63
Unscheduled Principal                                             13,484,227.63

</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                3.964593             4.031175             3.986281
Weighted Average Net Rate                   3.589102             3.656175             3.610951
Pass-Through Rate                           3.580452             3.646748             3.602048
Weighted Average Maturity                        336                  329                  334
Record Date                               01/31/2005           01/31/2005           01/31/2005
Principal and Interest Constant         1,759,945.74           836,446.85         2,596,392.59
Beginning Loan Count                           1,525                  663                2,188
Loans Paid in Full                                26                    7                   33
Ending Loan Count                              1,499                  656                2,155
Beginning Scheduled Balance           491,752,938.50       237,573,373.28       729,326,311.78
Ending Scheduled Balance              481,333,140.58       234,335,300.94       715,668,441.52
Scheduled Principal                       135,279.06            38,363.57           173,642.63
Unscheduled Principal                  10,284,518.86         3,199,708.77        13,484,227.63
Scheduled Interest                      1,624,666.68           798,083.28         2,422,749.96
Servicing Fee                             153,873.89            74,241.69           228,115.58
Master Servicing Fee                        3,073.47             1,484.83             4,558.30
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                                     471.03               381.62               852.65
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                            1,467,248.29           721,975.14         2,189,223.43
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>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING

<S>                                                     <C>
Group One
Six-Month Libor Loan Balance                             481,333,140.58
Interest Transfer Amount                                           0.00
Principal Transfer Amount                                          0.00
Prorata Senior Percentage                                    95.008536%
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                             134,518,901.84
Six-Month Libor Loan Balance                              99,816,399.10
Interest Transfer Amount                                           0.00
Principal Transfer Amount                                          0.00
Prorata Senior Percentage                                    95.125810%
Senior Percentage                                           100.000000%
Senior Prepayment Percentage                                100.000000%
Subordinate Percentage                                        0.000000%
Subordinate Prepayment Percentage                             0.000000%
</TABLE><PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2004-3
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                      Certificate    Certificate       Beginning                                         Current
                         Class       Pass-Through     Certificate        Interest        Principal      Realized
Class      CUSIP      Description        Rate           Balance         Distribution    Distribution      Loss
-----      -----      -----------    ------------     -----------      -------------   -------------    --------
<S>      <C>          <C>            <C>             <C>               <C>             <C>              <C>
  A      81744FAZ0        SEN          2.33000%      737,654,312.22    1,432,278.78    17,672,547.59       0.00
 M-1     81744FBA4        SUB          3.00000%       13,800,000.00       34,500.00             0.00       0.00
 M-2     81744FBB2        SUB          3.40000%        9,200,000.00       26,066.67             0.00       0.00
 M-3     81744FBC0        SUB          3.59045%        2,300,000.00        6,881.70             0.00       0.00
  X      81744FBD8        IO           0.00000%                0.00      796,828.66             0.00       0.00
  R      81744FBE6        RES          0.00000%                0.00            0.00             0.00       0.00
                                                     --------------    ------------    -------------       ----
Totals                                               762,954,312.22    2,296,555.81    17,672,547.59       0.00
                                                     --------------    ------------    -------------       ----
<Caption>
                        Ending                            Cumulative
                      Certificate           Total         Realized
Class      CUSIP        Balance          Distribution       Loss
-----      -----      -----------        ------------     ----------
<S>      <C>          <C>               <C>               <C>
  A      81744FAZ0    719,981,764.63    19,104,826.37         0.00
 M-1     81744FBA4     13,800,000.00        34,500.00         0.00
 M-2     81744FBB2      9,200,000.00        26,066.67         0.00
 M-3     81744FBC0      2,300,000.00         6,881.70         0.00
  X      81744FBD8              0.00       796,828.66         0.00
  R      81744FBE6              0.00             0.00         0.00
                      --------------    -------------         ----
Totals                745,281,764.63    19,969,103.40         0.00
                      --------------    -------------         ----
</Table>

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

                        PRINCIPAL DISTRIBUTION STATEMENT
<Table>
<Caption>
                               Beginning        Scheduled      Unscheduled                                  Total
           Original Face      Certificate       Principal       Principal                   Realized      Principal
Class         Amount            Balance       Distribution     Distribution    Accretion    Loss (1)      Reduction
-----      -------------      -----------     ------------     ------------    ---------    --------      ---------
<S>       <C>               <C>               <C>             <C>              <C>          <C>         <C>
  A       894,673,000.00    737,654,312.22        0.00        17,672,547.59       0.00        0.00      17,672,547.59
 M-1       13,800,000.00     13,800,000.00        0.00                 0.00       0.00        0.00               0.00
 M-2        9,200,000.00      9,200,000.00        0.00                 0.00       0.00        0.00               0.00
 M-3        2,300,000.00      2,300,000.00        0.00                 0.00       0.00        0.00               0.00
  X                 0.00              0.00        0.00                 0.00       0.00        0.00               0.00
  R                 0.00              0.00        0.00                 0.00       0.00        0.00               0.00
          --------------    --------------        ----        -------------       ----        ----      -------------
Totals    919,973,000.00    762,954,312.22        0.00        17,672,547.59       0.00        0.00      17,672,547.59
          --------------    --------------        ----        -------------       ----        ----      -------------
<Caption>
                 Ending            Ending           Total
              Certificate       Certificate       Principal
Class           Balance         Percentage      Distribution
-----         -----------       -----------     -------------
<S>          <C>                <C>             <C>
  A          719,981,764.63     0.80474292      17,672,547.59
 M-1          13,800,000.00     1.00000000               0.00
 M-2           9,200,000.00     1.00000000               0.00
 M-3           2,300,000.00     1.00000000               0.00
  X                    0.00     0.00000000               0.00
  R                    0.00     0.00000000               0.00
             --------------     ----------      -------------
Totals       745,281,764.63     0.81011265      17,672,547.59
             --------------     ----------      -------------
</Table>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<Table>
<Caption>
                               Beginning       Scheduled       Unscheduled                                  Total
           Original Face      Certificate      Principal        Principal                   Realized       Principal
Class         Amount            Balance       Distribution     Distribution   Accretion     Loss (3)       Reduction
-----      -------------      -----------     ------------     ------------   ----------    --------       ---------
<S>       <C>               <C>               <C>              <C>            <C>           <C>           <C>
  A       894,673,000.00      824.49600270     0.00000000      19.75308028    0.00000000    0.00000000    19.75308028
 M-1       13,800,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
 M-2        9,200,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
 M-3        2,300,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
  X                 0.00        0.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
  R                 0.00        0.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
<Caption>
                 Ending            Ending           Total
              Certificate       Certificate       Principal
Class           Balance         Percentage      Distribution
-----         -----------       -----------     -------------
<S>         <C>                 <C>             <C>
  A          804.74292242       0.80474292        19.75308028
 M-1        1000.00000000       1.00000000         0.00000000
 M-2        1000.00000000       1.00000000         0.00000000
 M-3        1000.00000000       1.00000000         0.00000000
  X            0.00000000       0.00000000         0.00000000
  R            0.00000000       0.00000000         0.00000000
</Table>

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

                         INTEREST DISTRIBUTION STATEMENT
<Table>
<Caption>

                                                      Beginning                            Payment of                    Non-
                                     Current         Certificate/         Current            Unpaid       Current      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          894,673,000.00        2.33000%      737,654,312.22      1,432,278.79           0.00          0.00         0.01
   M-1          13,800,000.00        3.00000%       13,800,000.00         34,500.00           0.00          0.00         0.00
   M-2           9,200,000.00        3.40000%        9,200,000.00         26,066.67           0.00          0.00         0.00
   M-3           2,300,000.00        3.59045%        2,300,000.00          6,881.70           0.00          0.00         0.00
    X                    0.00        0.00000%      767,554,180.19              0.00           0.00          0.00         0.00
    R                    0.00        0.00000%                0.00              0.00           0.00          0.00         0.00
               --------------                                          ------------           ----          ----         ----
 Totals        919,973,000.00                                          1,499,727.16           0.00          0.00         0.01
               --------------                                          ------------           ----          ----         ----
<Caption>
                                               Remaining              Ending
                                                Unpaid           Certificate/
              Realized    Total Interest       Interest           Notational
  Class       Loss (4)     Distribution        Shortfall             Balance
  -----       --------    -------------        ---------         ------------
<S>           <C>         <C>                  <C>              <C>
    A           0.00       1,432,278.78            0.00         719,981,764.63
   M-1          0.00          34,500.00            0.00          13,800,000.00
   M-2          0.00          26,066.67            0.00           9,200,000.00
   M-3          0.00           6,881.70            0.00           2,300,000.00
    X           0.00         796,828.66            0.00         749,881,632.60
    R           0.00               0.00            0.00                   0.00
                ----       ------------            ----
 Totals         0.00       2,296,555.81            0.00
                ----       ------------            ----
</Table>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT
<Table>
<Caption>
                                                                                Payment of                          Non-
                              Current        Beginning           Current          Unpaid         Current         Supported
Class     Original Face     Certificate     Certificate/         Accrued         Interest        Interest         Interest
 (5)          Amount           Rate       Notional Balance       Interest       Shortfall       Shortfall        Shortfall
----      -------------     -----------   ----------------       --------       ----------      ---------        ---------
<S>       <C>               <C>           <C>                   <C>             <C>             <C>              <C>
   A      894,673,000.00      2.33000%      824.49600270        1.60089641      0.00000000      0.00000000       0.00000001
  M-1      13,800,000.00      3.00000%     1000.00000000        2.50000000      0.00000000      0.00000000       0.00000000
  M-2       9,200,000.00      3.40000%     1000.00000000        2.83333370      0.00000000      0.00000000       0.00000000
  M-3       2,300,000.00      3.59045%     1000.00000000        2.99204348      0.00000000      0.00000000       0.00000000
   X                0.00      0.00000%      834.32196876        0.00000000      0.00000000      0.00000000       0.00000000
   R                0.00      0.00000%        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          0.00000000        1.60089639         0.00000000       804.74292242
 M-1         0.00000000        2.50000000         0.00000000      1000.00000000
 M-2         0.00000000        2.83333370         0.00000000      1000.00000000
 M-3         0.00000000        2.99204348         0.00000000      1000.00000000
  X          0.00000000        0.86614297         0.00000000       815.11212654
  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                                  20,204,218.90
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       30,191.48
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                            --------------
Total Deposits                                                               20,234,410.38

Withdrawals
         Reimbursement for Servicer Advances                                     21,141.28
         Payment of Service Fee                                                 244,165.70
         Payment of Interest and Principal                                   19,969,103.40
                                                                            --------------
Total Withdrawals (Pool Distribution Amount)                                 20,234,410.38

Ending Balance                                                                        0.00
                                                                             =============
</Table>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<Table>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====
</Table>

                                 SERVICING FEES

<Table>
<S>                                                                    <C>
Gross Servicing Fee                                                    240,008.11
Master Servicing Fee                                                     4,157.59
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      244,165.70
                                                                       ==========
</Table>

                                 OTHER ACCOUNTS

<Table>
<Caption>

                    Beginning       Current        Current      Ending
 Account Type        Balance      Withdrawals     Deposits      Balance
-------------       ---------     -----------     ---------    ---------
<S>                 <C>           <C>             <C>          <C>
Reserve Fund        10,000.00        0.00           0.00       10,000.00
</Table>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<Table>
<Caption>
              DELINQUENT                                    BANKRUPTCY                                 FORECLOSURE
--------------------------------------          ---------------------------------           ------------------------------------
               No. of      Principal                          No. of    Principal                         No. of       Principal
                Loans       Balance                           Loans      Balance                          Loans         Balance
<S>            <C>        <C>                   <C>           <C>       <C>                 <C>           <C>          <C>
0-29 Days         0               0.00          0-29 Days       1       124,570.47          0-29 Days       0             0.00
30 Days          27       9,110,217.17          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           2         411,600.00          90 Days         0             0.00          90 Days         0             0.00
120 Days          1          53,392.62          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         1         172,939.68          180+ Days       0             0.00          180+ Days       0             0.00
               ------     ------------                        ----      ----------                        ----           -----
                 31       9,747,149.47                          1       124,570.47                          0             0.00
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal                          No. of    Principal                         No. of    Principal
                Loans       Balance                           Loans      Balance                          Loans      Balance

<S>           <C>          <C>                  <C>         <C>         <C>                 <C>         <C>         <C>
0-29 Days     0.000000%    0.000000%            0-29 Days   0.041929%   0.016612%           0-29 Days   0.000000%   0.000000%
30 Days       1.132075%    1.214882%            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       0.083857%    0.054888%            90 Days     0.000000%   0.000000%           90 Days     0.000000%   0.000000%
120 Days      0.041929%    0.006987%            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     0.041929%    0.023062%            180+ Days   0.000000%   0.000000%           180+ Days   0.000000%   0.000000%
              --------     --------                         --------    --------                        --------    --------
              1.299790%    1.299819%                        0.041929%   0.016612%                       0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>

                  REO                                     TOTAL
--------------------------------------    --------------------------------------
                No. of        Principal                  No. of     Principal
                Loans          Balance                   Loans       Balance

<S>             <C>            <C>         <C>           <C>       <C>
  0-29 Days        0             0.00      0-29 Days        1         124,570.47
  30 Days          0             0.00      30 Days         27       9,110,217.17
  60 Days          0             0.00      60 Days          0               0.00
  90 Days          0             0.00      90 Days          2         411,600.00
  120 Days         0             0.00      120 Days         1          53,392.62
  150 Days         0             0.00      150 Days         0               0.00
  180+ Days        0             0.00      180+ Days        1         172,939.68
                 ----           -----                     ----      ------------
                   0             0.00                      32       9,871,719.94
</TABLE>

<TABLE>
<CAPTION>
                No. of     Principal                    No. of     Principal
                 Loans      Balance                     Loans       Balance
 <S>          <C>          <C>            <C>         <C>          <C>
  0-29 Days    0.000000%   0.000000%      0-29 Days   0.041929%    0.016612%
  30 Days      0.000000%   0.000000%      30 Days     1.132075%    1.214882%
  60 Days      0.000000%   0.000000%      60 Days     0.000000%    0.000000%
  90 Days      0.000000%   0.000000%      90 Days     0.083857%    0.054888%
  120 Days     0.000000%   0.000000%      120 Days    0.041929%    0.006987%
  150 Days     0.000000%   0.000000%      150 Days    0.000000%    0.000000%
  180+ Days    0.000000%   0.000000%      180+ Days   0.041929%    0.023062%
               --------    --------                   --------     --------
               0.000000%   0.000000%                  1.341719%    1.316431%
</Table>

<Table>
<S>                                              <C>
Current Period Class A Insufficient Funds:            0.00
Principal Balance of Contaminated Properties          0.00
Periodic Advance                                 30,191.48

</Table>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                  Mixed Arm
<S>                                                                <C>
Weighted Average Gross Coupon                                           3.973127%
Weighted Average Net Coupon                                             3.597897%
Weighted Average Pass-Through Rate                                      3.590453%
Weighted Average Maturity (Stepdown Calculation)                              335

Beginning Scheduled Collateral Loan Count                                   2,435
Number of Loans Paid in Full                                                   50
Ending Scheduled Collateral Loan Count                                      2,385

Beginning Scheduled Collateral Balance                             767,554,180.19
Ending Scheduled Collateral Balance                                749,881,632.60
Ending Actual Collateral Balance at 31-Jan-2005                    749,884,877.05

Monthly P&I Constant                                                 2,541,325.46
Special Servicing Fee                                                        0.00
Prepayment Penalties                                                         0.00
Realization Loss Amount                                                      0.00
Cumulative Realized Loss                                                     0.00

Ending Scheduled Balance for Premium Loans                         749,881,632.60

Scheduled Principal                                                          0.00
Unscheduled Principal                                               17,672,547.59

Required Overcollateralized Amount                                           0.00
Overcollateralized Increase Amount                                           0.00
Overcollateralized Reduction Amount                                          0.00
Specified O/C Amount                                                 4,599,867.97
Overcollateralization Amount                                         4,599,867.97
Overcollateralized Deficiency Amount                                         0.00
Base Overcollateralization Amount                                            0.00

Extra Principal Distribution Amount                                          0.00
Excess Cash Amount                                                     796,828.65
</Table>

<PAGE>

MISCELLANEOUS REPORTING
<Table>
<S>                                                              <C>
Applied Loss Amount                                                        0.00
1 Month LIBOR Loan Balance                                        76,742,367.35
6 Month LIBOR Loan Balance                                       673,139,265.25
M-1 Target Amount                                                723,635,775.46
M-2 Target Amount                                                738,633,408.11
M-3 Target Amount                                                742,382,816.27
Senior Target Amount                                             701,139,326.48
Step Down Date Reached?                                                      No
Trigger Event?                                                               No
</Table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]