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 2004-11
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate      Beginning
                        Class      Pass-Through     Certificate      Interest
Class      CUSIP     Description       Rate           Balance      Distribution
------   ---------   -----------   ------------   --------------   ------------
<S>      <C>         <C>           <C>            <C>              <C>
A-1      81744FFJ1       SEN         2.71000%     429,944,093.84     970,957.08
A-2      81744FFK8       SEN         2.87000%      85,331,019.62     204,083.36
A-3      81744FFL6       SEN         2.71000%     167,006,801.74     377,157.03
X-A1     81744FFM4        IO         0.54327%               0.00     233,286.81
X-A2     81744FFN2        IO         0.79694%               0.00     110,917.20
X-B      81744FFP7        IO         0.28423%               0.00       3,561.90
B-1      81744FFR3       SUB         2.91000%       8,947,000.00      21,696.48
B-2      81744FFS1       SUB         3.26000%       6,084,000.00      16,528.20
B-3      81744FFT9       SUB         3.33590%       4,294,000.00      11,936.95
B-4      81744FFU6       SUB         3.33590%       1,431,000.00       3,978.06
B-5      81744FFV4       SUB         3.33590%       1,431,000.00       3,978.06
B-6      81744FFW2       SUB         3.33590%       2,865,425.69       7,965.64
A-R      81744FFQ5       RES         3.35700%               0.00           0.00
                                                  --------------   ------------
Totals                                            707,334,340.89   1,966,046.77
                                                  ==============   ============
</TABLE>

<TABLE>
<CAPTION>
           Principal       Current      Ending Certificate       Total         Cumulative
Class    Distribution   Realized Loss         Balance         Distribution   Realized Loss
------   ------------   -------------   ------------------   -------------   -------------
<S>      <C>            <C>             <C>                  <C>             <C>
A-1      4,006,370.82        0.00         425,937,723.02      4,977,327.90        0.00
A-2        344,202.09        0.00          84,986,817.53        548,285.45        0.00
A-3      1,115,290.74        0.00         165,891,511.00      1,492,447.77        0.00
X-A1             0.00        0.00                   0.00        233,286.81        0.00
X-A2             0.00        0.00                   0.00        110,917.20        0.00
X-B              0.00        0.00                   0.00          3,561.90        0.00
B-1              0.00        0.00           8,947,000.00         21,696.48        0.00
B-2              0.00        0.00           6,084,000.00         16,528.20        0.00
B-3              0.00        0.00           4,294,000.00         11,936.95        0.00
B-4              0.00        0.00           1,431,000.00          3,978.06        0.00
B-5              0.00        0.00           1,431,000.00          3,978.06        0.00
B-6              0.00        0.00           2,865,425.69          7,965.64        0.00
A-R              0.00        0.00                   0.00              0.00        0.00
         ------------        ----         --------------      ------------        ----
Totals   5,465,863.65        0.00         701,868,477.24      7,431,910.42        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
Class         Amount          Balance      Distribution   Distribution   Accretion
------   --------------   --------------   ------------   ------------   ---------
<S>      <C>              <C>              <C>            <C>            <C>
A-1      433,985,000.00   429,944,093.84       0.00       4,006,370.82      0.00
A-2       86,036,000.00    85,331,019.62       0.00         344,202.09      0.00
A-3      170,694,000.00   167,006,801.74       0.00       1,115,290.74      0.00
X-A1               0.00             0.00       0.00               0.00      0.00
X-A2               0.00             0.00       0.00               0.00      0.00
X-B                0.00             0.00       0.00               0.00      0.00
B-1        8,947,000.00     8,947,000.00       0.00               0.00      0.00
B-2        6,084,000.00     6,084,000.00       0.00               0.00      0.00
B-3        4,294,000.00     4,294,000.00       0.00               0.00      0.00
B-4        1,431,000.00     1,431,000.00       0.00               0.00      0.00
B-5        1,431,000.00     1,431,000.00       0.00               0.00      0.00
B-6        2,865,425.69     2,865,425.69       0.00               0.00      0.00
A-R              100.00             0.00       0.00               0.00      0.00
         --------------   --------------       ----       ------------      ----
Totals   715,767,525.69   707,334,340.89       0.00       5,465,863.65      0.00
         ==============   ==============       ====       ============      ====
</TABLE>

<TABLE>
<CAPTION>
                        Total           Ending         Ending
         Realized     Principal      Certificate    Certificate   Total Principal
Class    Loss (1)     Reduction        Balance       Percentage     Distribution
------   --------   ------------   --------------   -----------   ---------------
<S>      <C>        <C>            <C>              <C>           <C>
A-1        0.00     4,006,370.82   425,937,723.02    0.98145725     4,006,370.82
A-2        0.00       344,202.09    84,986,817.53    0.98780531       344,202.09
A-3        0.00     1,115,290.74   165,891,511.00    0.97186492     1,115,290.74
X-A1       0.00             0.00             0.00    0.00000000             0.00
X-A2       0.00             0.00             0.00    0.00000000             0.00
X-B        0.00             0.00             0.00    0.00000000             0.00
B-1        0.00             0.00     8,947,000.00    1.00000000             0.00
B-2        0.00             0.00     6,084,000.00    1.00000000             0.00
B-3        0.00             0.00     4,294,000.00    1.00000000             0.00
B-4        0.00             0.00     1,431,000.00    1.00000000             0.00
B-5        0.00             0.00     1,431,000.00    1.00000000             0.00
B-6        0.00             0.00     2,865,425.69    1.00000000             0.00
A-R        0.00             0.00             0.00    0.00000000             0.00
           ----     ------------   --------------    ----------     ------------
Totals     0.00     5,465,863.65   701,868,477.24    0.98058162     5,465,863.65
           ====     ============   ==============    ==========     ============
</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     433,985,000900    990.68883450    0.00000000     9.23158823    0.00000000
A-2      86,036,000.00    991.80598377    0.00000000     4.00067518    0.00000000
A-3     170,694,000.00    978.39878227    0.00000000     6.53386024    0.00000000
X-A1              0.00      0.00000000    0.00000000     0.00000000    0.00000000
X-A2              0.00      0.00000000    0.00000000     0.00000000    0.00000000
X-B               0.00      0.00000000    0.00000000     0.00000000    0.00000000
B-1       8,947,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-2       6,084,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-3       4,294,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-4       1,431,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-5       1,431,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-6       2,865,425.69   1000.00000000    0.00000000     0.00000000    0.00000000
A-R             100.00      0.00000000    0.00000000     0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                           Ending         Ending
         Realized    Total Principal    Certificate    Certificate   Total Principal
Class    Loss (3)       Reduction         Balance       Percentage     Distribution
-----   ----------   ---------------   -------------   -----------   ---------------
<S>     <C>          <C>               <C>             <C>           <C>
A-1     0.00000000      9.23158823      981.45724626    0.98145725      9.23158823
A-2     0.00000000      4.00067518      987.80530859    0.98780531      4.00067518
A-3     0.00000000      6.53386024      971.86492202    0.97186492      6.53386024
X-A1    0.00000000      0.00000000        0.00000000    0.00000000      0.00000000
X-A2    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
          Original Face       Current           Notional         Accrued      Interest
 Class       Amount       Certificate Rate       Balance        Interest      Shortfall
------   --------------   ----------------   --------------   ------------   ----------
<S>      <C>              <C>                <C>              <C>            <C>
  A-1    433,985,000.00       2.71000%       429,944,093.84     970,957.08      0.00
  A-2     80,036,000.00       2.87000%        85,331,019.62     204,083.36      0.00
  A-3    170,694,000.00       2.71000%       167,006,801.74     377,157.03      0.00
 X-A1              0.00       0.54327%       515,275,113.46     233,276.69      0.00
 X-A2              0.00       0.79694%       167,006,801.74     110,912.14      0.00
  X-B              0.00       0.28423%        15,031,000.00       3,560.21      0.00
  B-1      8,947,000.00       2.91000%         8,947,000.00      21,696.48      0.00
  B-2      6,084,000.00       2.26000%         6,084,000.00      16,528.20      0.00
  B-3      4,294,000.00       3.33590%         4,294,000.00      11,936.95      0.00
  B-4      1,431,000.00       3.33590%         1,431,000.00       3,978.06      0.00
  B-5      1,431,000.00       3.33590%         1,431,000.00       3,978.06      0.00
  B-6      2,865,425.69       3.33590%         2,865,425.69       7,965.64      0.00
  A-R            100.00       3.35700%                 0.00           0.00      0.00
         --------------                                       ------------      ----
Totals   715,767,525.69                                       1,966,029.90      0.00
         ==============                                       ============      ====
</TABLE>

<TABLE>
<CAPTION>
                                                                  Remaining       Ending
           Current    Non-Supported                                 Unpaid     Certificate/
           Interest     Interest      Realized   Total Interest    Interest     Notational
 Class    Shortfall     Shortfall     Loss (4)    Distribution    Shortfall      Balance
------    ---------   -------------   --------   --------------   ---------   --------------
<S>       <C>         <C>             <C>        <C>              <C>         <C>
  A-1        0.00          0.00         0.00         970,957.08      0.00     425,937,723.02
  A-2        0.00          0.00         0.00         204,083.36      0.00      84,986,817.53
  A-3        0.00          0.00         0.00         377,157.03      0.00     165,891,511.00
 X-A1        0.00          0.00         0.00         233,286.81      0.00     510,924,540.55
 X-A2        0.00          0.00         0.00         110,917.20      0.00     165,891,511.00
  X-B        0.00          0.00         0.00           3,561.90      0.00      15,031,000.00
  B-1        0.00          0.00         0.00          21,696.48      0.00       8,947,000.00
  B-2        0.00          0.00         0.00          16,528.20      0.00       6,084,000.00
  B-3        0.00          0.00         0.00          11,936.95      0.00       4,294,000.00
  B-4        0.00          0.00         0.00           3,978.06      0.00       1,431,000.00
  B-5        0.00          0.00         0.00           3,978.06      0.00       1,431,000.00
  B-6        0.00          0.00         0.00           7,965.64      0.00       2,865,425.69
  A-R        0.00          0.00         0.00               0.00      0.00               0.00
             ----          ----         ----       ------------      ----
Totals       0.00          0.00         0.00       1,966,046.77      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
             Original Face   Certificate     Certificate/     Current Accrued    Interest
Class (5)       Amount           Rate      Notional Balance      Interest        Shortfall
---------   --------------   -----------   ----------------   ---------------   ----------
<S>         <C>              <C>           <C>                <C>               <C>
    A-1     433,985,000.00     2.71000%       990.68883450       2.23730562     0.00000000
    A-2      86,036,000.00     2.87000%       991.80598377       2.37206937     0.00000000
    A-3     170,694,000.00     2.71000%       978.39878227       2.20955060     0.00000000
   X-A1               0.00     0.54327%       990.87366368       0.44859090     0.00000000
   X-A2               0.00     0.79694%       978.39878227       0.64977176     0.00000000
    X-B               0.00     0.28423%      1000.00000000       0.23685783     0.00000000
    B-1       8,947,000.00     2.91000%      1000.00000000       2.42500056     0.00000000
    B-2       6,084,000.00     3.26000%      1000.00000000       2.71666667     0.00000000
    B-3       4,294,000.00     3.33590%      1000.00000000       2.77991383     0.00000000
    B-4       1,431,000.00     3.33590%      1000.00000000       2.77991614     0.00000000
    B-5       1,431,000.00     3.33590%      1000.00000000       2.77991614     0.00000000
    B-6       2,865,425.69     3.33590%      1000.00000000       2.77991505     0.00000000
    A-R             100.00     3.35700%         0.00000000       0.00000000     0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                                        Remaining
              Current    Non-Supported                                   Unpaid
             Interest       Interest      Realized    Total Interest    Interest    Ending Certificate/
Class (5)    Shortfall     Shortfall      Loss (6)     Distribution     Shortfall   Notational Balance
---------   ----------   -------------   ----------   --------------   ----------   -------------------
<S>         <C>          <C>             <C>          <C>              <C>          <C>
    A-1     0.00000000     0.00000000    0.00000000     2.23730562     0.00000000       981.45724626
    A-2     0.00000000     0.00000000    0.00000000     2.37206937     0.00000000       987.80530859
    A-3     0.00000000     0.00000000    0.00000000     2.20955060     0.00000000       971.86492202
   X-A1     0.00000000     0.00000000    0.00000000     0.44861036     0.00000000       982.50751518
   X-A2     0.00000000     0.00000000    0.00000000     0.64980140     0.00000000       971.86492202
    X-B     0.00000000     0.00000000    0.00000000     0.23697026     0.00000000      1000.00000000
    B-1     0.00000000     0.00000000    0.00000000     2.42500056     0.00000000      1000.00000000
    B-2     0.00000000     0.00000000    0.00000000     2.71666667     0.00000000      1000.00000000
    B-3     0.00000000     0.00000000    0.00000000     2.77991383     0.00000000      1000.00000000
    B-4     0.00000000     0.00000000    0.00000000     2.77991614     0.00000000      1000.00000000
    B-5     0.00000000     0.00000000    0.00000000     2.77991614     0.00000000      1000.00000000
    B-6     0.00000000     0.00000000    0.00000000     2.77991505     0.00000000      1000.00000000
    A-R     0.00000000     0.00000000    0.00000000     0.00000000     0.00000000         0.00000000
</TABLE>

(5)  Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

   Payments of Interest and Principal                          7,580,657.83
   Liquidations, Insurance Proceeds, Reserve Funds                     0.00
   Proceeds from Repurchased Loans                                     0.00
   Other Amounts (Servicer Advances)                              62,389.85
   Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
   Prepayment Penalties                                                0.00
                                                               ------------
Total Deposits                                                 7,643,047.68

Withdrawals

   Reimbursement for Servicer Advances                             1,705.83
   Payment of Service Fee                                        209,431.43
   Payment of Interest and Principal                           7,431,910.42
                                                               ------------
Total Withdrawals (Pool Distribution Amount)                   7,643,047.68

Ending Balance                                                         0.00
                                                               ============
</TABLE>
<PAGE>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<CAPTION>
<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>
<CAPTION>
<S>                                                   <C>
Gross Servicing Fee                                   203,831.70
Master Servicing Fee                                    5,599.73
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     209,431.43
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning     Current      Current    Ending
           Account Type               Balance    Withdrawals   Deposits    Balance
----------------------------------   ---------   -----------   --------   --------
<S>                                  <C>         <C>           <C>        <C>
Class X-A1 Pool 1 Comp. Sub Amount    3,000.00       5.06        5.06     3,000.00
Class X-A1 Pool 2 Comp. Sub Amount    3,000.00       5.06        5.06     3,000.00
Class X-A2 Sub Amount                 3,000.00       5.06        5.06     3,000.00
Class X-B Sub Amount                  1,000.00       1.69        1.69     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         49       21,402,980.01   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
                --       -------------                 --        ----                   --        ----
                49       21,402,980.01                  0        0.00                    0        0.00
                ==       =============                 ==        ====                   ==        ====
</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       49     21,402,980.01
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                   49     21,402,980.01
              ==        ====                   ==     =============
</TABLE>

<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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     2.540176%  3.049428%   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%
            --------   --------                --------   --------                --------   --------
            2.540176%  3.049428%               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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     2.540176%  3.049428%
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%               2.540176%  3.049428%
            ========   ========                ========   ========
</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  62,389.85
</TABLE>

<TABLE>
<CAPTION>
              Original $     Original%     Current $      Current %   Current Class %   Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>         <C>             <C>          <C>             <C>          <C>               <C>
Class A     25,052,425.69   3.50007856%  25,052,425.69   3.56939035%     96.430610%       0.000000%
Class B-1   16,105,425.69   2.25009170%  16,105,425.69   2.29465010%      1.274740%      35.713109%
Class B-2   10,021,425.69   1.40009505%  10,021,425.69   1.42782103%      0.866829%      24.285074%
Class B-3    5,727,425.69   0.80017959%   5,727,425.69   0.81602549%      0.611796%      17.140057%
Class B-4    4,296,425.69   0.60025435%   4,296,425.69   0.61214114%      0.203884%       5.712022%
Class B-5    2,865,425.69   0.40032910%   2,865,425.69   0.40825679%      0.203884%       5.712022%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.408257%      11.437718%
</TABLE>

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

<TABLE>
<CAPTION>
             DELINQUENT                           BANKRUPTCY                         FORECLOSURE
------------------------------------   --------------------------------   --------------------------------
POOL ONE
             No. of      Principal                  No. of    Principal                No. of    Principal
              Loans       Balance                    Loans     Balance                  Loans     Balance
            --------   -------------               --------   ---------               --------   ---------
<S>         <C>        <C>             <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days       0               0.00   0-29 Days       0         0.00     0-29 Days       0         0.00
30 Days        31      16,302,301.09   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
               --      -------------                  --         ----                    --         ----
               31      16,302,301.09                   0         0.00                     0         0.00
               ==      =============                  ==         ====                    ==         ====
</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        31      16,302,301.09
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                    31      16,302,301.09
               ==         ====                    ==      =============
</TABLE>

<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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     2.651839%  3.690988%   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%
            --------   --------                --------   ---------               --------   ---------
            2.651839%  3.690988%               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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     2.651839%  3.690988%
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%               2.651839%  3.690988%
            ========   ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                       FORECLOSURE
---------------------------------   -------------------------------   -------------------------------
POOL TWO                                       1.183654%
            No. of     Principal                 No. of   Principal                No. of   Principal
             Loans      Balance                  Loans     Balance                 Loans     Balance
            ------   ------------               -------   ---------               -------   ---------
<S>         <C>      <C>            <C>         <C>       <C>         <C>         <C>       <C>
0-29 Days      0             0.00   0-29 Days       0        0.00     0-29 Days       0        0.00
30 Days        5     1,623,659.40   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
              --     ------------                  --        ----                    ---       ----
               5     1,623,659.40                   0        0.00                     0        0.00
              ==     ============                  ==        ====                    ==        ====
</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        5     1,623,659.40
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                    5     1,623,659.40
              ==        ====                   ==     ============
</TABLE>

<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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     2.092050%  1.842816%   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%
            --------   ---------               --------   --------                --------   --------
            2.092050%  1.842816%               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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     2.092050%  1.842816%
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%               2.092050%  1.842816%
            ========   ========                ========   ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             DELINQUENT                          BANKRUPTCY                         FORECLOSURE
-----------------------------------   --------------------------------   --------------------------------
POOL THREE                                        1.183654%
             No. of      Principal                 No. of    Principal                No. of    Principal
              Loans       Balance                  Loans      Balance                  Loans     Balance
            --------   ------------               --------   ---------               --------   ---------
<S>         <C>        <C>            <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days       0              0.00   0-29 Days       0         0.00     0-29 Days       0         0.00
30 Days        13      3,477,019.52   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
               --      ------------                  --         ----                    --         ----
               13      3,477,019.52                   0         0.00                     0         0.00
               ==      ============                  ==         ====                    ==         ====
</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        13      3,477,019.52
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                    13      3,477,019.52
               ==         ====                    ==      ============
</TABLE>

<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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     2.495202%  2.020553%   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%
            --------   --------                --------   --------                --------   --------
            2.495202%  2.020553%               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   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     2.495202%  2.020553%
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%               2.495202%  2.020553%
            ========   ========                ========   ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                             Fixed & Mixed Arm
----------------------                             -----------------
<S>                                                <C>
Weighted Average Gross Coupon                              3.690693%
Weighted Average Net Coupon                                3.344891%
Weighted Average Pass-Through Rate                         3.335391%
Weighted Average Maturity (Stepdown Calculation)                302

Beginning Scheduled Collateral Loan Count                     1,945
Number of Loans Paid in Full                                     16
Ending Scheduled Collateral Loan Count                        1,929

Beginning Scheduled Collateral Balance               707,334,340.89
Ending Scheduled Collateral Balance                  701,868,477.24
Ending Actual Collateral Balance at 31-Dec-2004      701,868,621.85

Monthly P&I Constant                                   2,175,461.64
Special Servicing Fee                                          0.00
Prepayment Penalties                                           0.00
Realization Loss Amount                                        0.00
Cumulative Realized Loss                                       0.00

Class A Optimal Amount                                 7,362,249.94

Scheduled Principal                                            0.00
Unscheduled Principal                                  5,465,863.65
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                       <C>
Rapid Prepay Condition?   NO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             GROUP                   POOL ONE           POOL TWO         POOL THREE           TOTAL
             -----                --------------   -----------------   --------------   -----------------
<S>                               <C>              <C>                 <C>              <C>
Collateral Description                 Mixed ARM   6 Month LIBOR ARM        Mixed ARM   Fixed & Mixed ARM
Weighted Average Coupon Rate            3.653753            3.728504         3.766441            3.690693
Weighted Average Net Rate               3.276515            3.353504         3.516441            3.344891
Pass-Through Rate                       3.267015            3.344044         3.506941            3.335391
Weighted Average Maturity                    332                 336              209                 302
Record Date                           12/31/2004          12/31/2004       12/31/2004          12/31/2004
Principal and Interest Constant     1,357,018.05          274,827.18       543,616.41        2,175,461.64
Beginning Loan Count                       1,176                 240              529               1,945
Loans Paid in Full                             7                   1                8                  16
Ending Loan Count                          1,169                 239              521               1,929
Beginning Scheduled Balance       445,684,710.99       88,451,736.88   173,197,893.02      707,334,340.89
Ending Scheduled Balance          441,678,340.17       88,107,534.79   172,082,602.28      701,868,477.24
Scheduled Principal                         0.00                0.00             0.00                0.00
Unscheduled Principal               4,006,370.82          344,202.09     1,115,290.74        5,465,863.65
Scheduled Interest                  1,357,018.05          274,827.18       543,616.41        2,175,461.64
Servicing Fee                         140,107.64           27,641.17        36,082.89          203,831.70
Master Servicing Fee                    3,528.34              700.24         1,371.15            5,599.73
Trustee Fee                                 0.00                0.00             0.00                0.00
FRY Amount                                  0.00                0.00             0.00                0.00
Special Hazard Fee                          0.00                0.00             0.00                0.00
Other Fee                                   0.00                0.00             0.00                0.00
Pool Insurance Fee                          0.00                0.00             0.00                0.00
Spread 1                                    0.00                0.00             0.00                0.00
Spread 2                                    0.00                0.00             0.00                0.00
Spread 3                                    0.00                0.00             0.00                0.00
Net Interest                        1,213,382.07          246,485.77       506,162.37        1,966,030.21
Realized Loss Amount                        0.00                0.00             0.00                0.00
Cumulative Realized Loss                    0.00                0.00             0.00                0.00
Percentage of Cumulative Losses             0.00                0.00             0.00                0.00
Prepayment Penalties                        0.00                0.00             0.00                0.00
Special Servicing Fee                       0.00                0.00             0.00                0.00
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Group Pool One
One Month Libor Loan Balance     220,063,413.49
Six Month Libor Loan Balance     221,614,926.68
Principal Transfer Amount                  0.00
Pro Rata Senior Percent               96.468217%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Interest Transfer Amount                   0.00

Group Pool Two
Principal Transfer Amount                  0.00
Pro Rata Senior Percent               96.471842%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Interest Transfer Amount                   0.00

Group Pool Three
One Month Libor Loan Balance      86,536,371.79
Six Month Libor Loan Balance      85,546,230.49
Principal Transfer Amount                  0.00
Pro Rata Senior Percent               96.425423%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Interest Transfer Amount                   0.00
</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 2004-12
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate
                        Class      Pass-Through        Beginning           Interest
 Class     CUSIP     Description       Rate       Certificate Balance    Distribution
------   ---------   -----------   ------------   -------------------   -------------
<S>      <C>         <C>           <C>            <C>                   <C>
  A-1    81744FFY8       SEN         2.68313%        380,510,000.00        794,078.29
  A-2    81744FFZ5       SEN         3.04000%        208,392,000.00        492,731.31
  A-3    81744FGZ9       SEN         3.07000%        218,330,615.00        521,324.99
 X-A1    81744FGC5        IO         0.73827%                  0.00        362,305.87
 X-A2    81744FGD3        IO         0.47210%                  0.00         85,894.62
  X-B    81744FGF8        IO         0.19315%                  0.00          2,095.41
  B-1    81744FGG6       SUB         2.91313%          8,588,000.00         19,458.41
  B-2    81744FGH4       SUB         3.26313%          6,134,000.00         15,568.03
  B-3    81744FGJ0       SUB         3.66313%          3,680,000.00         10,484.69
  B-4    81744FGK7       SUB         3.36039%          2,453,000.00          6,869.19
  B-5    81744FGK7       SUB         3.36039%            920,000.00          2,576.30
  B-6    81744FGL5       SUB         3.36039%          2,762,778.00          7,736.67
  A-R    81744FGE1       RES         3.33123%                100.00          3,926.81
------                                               --------------      ------------
Totals                                               831,770,493.00      2,325,050.59
======                                               ==============      ============
</TABLE>

<TABLE>
<CAPTION>
           Principal        Current      Ending Certificate       Total         Cumulative
 Class    Distribution   Realized Loss        Balance          Distribution   Realized Loss
------   -------------   -------------   ------------------   -------------   -------------
<S>      <C>             <C>             <C>                  <C>             <C>
  A-1     3,827,518.46        0.00         376,682,481.54      4,621,596.75        0.00
  A-2     3,274,584.98        0.00         205,117,415.02      3,767,316.29        0.00
  A-3     6,044,586.44        0.00         212,286,028.56      6,565,911.43        0.00
 X-A1             0.00        0.00                   0.00        362,305.87        0.00
 X-A2             0.00        0.00                   0.00         85,894.62        0.00
  X-B             0.00        0.00                   0.00          2,095.41        0.00
  B-1             0.00        0.00           8,588,000.00         19,458.41        0.00
  B-2             0.00        0.00           6,134,000.00         15,568.03        0.00
  B-3             0.00        0.00           3,680,000.00         10,484.69        0.00
  B-4             0.00        0.00           2,453,000.00          6,869.19        0.00
  B-5             0.00        0.00             920,000.00          2,576.30        0.00
  B-6             0.00        0.00           2,762,778.00          7,736.67        0.00
  A-R           100.00        0.00                   0.00          4,026.81        0.00
------   -------------        ----         --------------     -------------        ----
Totals   13,146,789.88        0.00         818,623,703.12     15,471,840.47        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
 Class       Amount           Balance      Distribution    Distribution   Accretion
------   --------------   --------------   ------------   -------------   ---------
<S>      <C>              <C>              <C>            <C>             <C>
  A-1    380,510,000.00   380,510,000.00     1,146.332     3,826,372.14      0.00
  A-2    208,392,000.00   208,392,000.00        583.50     3,274,001.48      0.00
  A-3    218,330,615.00   218,330,615.00          0.00     6,044,586.44      0.00
 X-A1              0.00             0.00          0.00             0.00      0.00
 X-A2              0.00             0.00          0.00             0.00      0.00
  X-B              0.00             0.00          0.00             0.00      0.00
  B-1      8,588,000.00     8,588,000.00          0.00             0.00      0.00
  B-2      6,134,000.00     6,134,000.00          0.00             0.00      0.00
  B-3      3,680,000.00     3,680,000.00          0.00             0.00      0.00
  B-4      2,453,000.00     2,453,000.00          0.00             0.00      0.00
  B-5        920,000.00       920,000.00          0.00             0.00      0.00
  B-6      2,762,778.00     2,762,778.00          0.00             0.00      0.00
  A-R            100.00           100.00          0.03            99.97      0.00
------   --------------   --------------     ---------    -------------      ----
Totals   831,770,493.00   831,770,493.00      1,729.85    13,145,060.03      0.00
======   ==============   ==============     =========    =============      ====
</TABLE>

<TABLE>
<CAPTION>
         Realized   Total Principal   Ending Certificate   Ending Certificate   Total Principal
 Class   Loss (1)      Reduction            Balance            Percentage         Distribution
------   --------   ---------------   ------------------   ------------------   ---------------
<S>      <C>        <C>               <C>                  <C>                  <C>
  A-1       0.00      3,827,518.46      376,682,481.54         0.98994108         3,827,518.46
  A-2       0.00      3,274,584.98      205,117,415.02         0.98428642         3,274,584.98
  A-3       0.00      6,044,586.44      212,286,028.56         0.97231453         6,044,586.44
 X-A1       0.00              0.00                0.00         0.00000000                 0.00
 X-A2       0.00              0.00                0.00         0.00000000                 0.00
  X-B       0.00              0.00                0.00         0.00000000                 0.00
  B-1       0.00              0.00        8,588,000.00         1.00000000                 0.00
  B-2       0.00              0.00        6,134,000.00         1.00000000                 0.00
  B-3       0.00              0.00        3,680,000.00         1.00000000                 0.00
  B-4       0.00              0.00        2,453,000.00         1.00000000                 0.00
  B-5       0.00              0.00          920,000.00         1.00000000                 0.00
  B-6       0.00              0.00        2,762,778.00         1.00000000                 0.00
  A-R       0.00            100.00                0.00         0.00000000               100.00
------      ----     -------------      --------------         ----------        -------------
Totals      0.00     13,146,789.88      818,623,703.12         0.98419421        13,146,789.88
======      ====     =============      ==============         ==========        =============
</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   380,510,000.00   1000.00000000    0.00301259     10.05590429   0.00000000
  A-2   208,392,000.00   1000.00000000    0.00280001     15.71078295   0.00000000
  A-3   218,330,615.00   1000.00000000    0.00000000     27.68547343   0.00000000
 X-A1             0.00      0.00000000    0.00000000      0.00000000   0.00000000
 X-A2             0.00      0.00000000    0.00000000      0.00000000   0.00000000
  X-B             0.00      0.00000000    0.00000000      0.00000000   0.00000000
  B-1     8,588,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-2     6,134,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-3     3,680,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-4     2,453,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-5       920,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-6     2,762,778.00   1000.00000000    0.00000000      0.00000000   0.00000000
  A-R           100.00   1000.00000000    0.30000000    999.70000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                               Ending
         Realized    Total Principal   Ending Certificate   Certificate   Total Principal
Class    Loss (3)       Reduction            Balance         Percentage     Distribution
-----   ----------   ---------------   ------------------   -----------   ---------------
<S>     <C>          <C>               <C>                  <C>           <C>
  A-1   0.00000000      10.05891687        989.94108313      0.98994108      10.05891687
  A-2   0.00000000      15.71358296        984.28641704      0.98428642      15.71358296
  A-3   0.00000000      27.68547343        972.31452657      0.97231453      27.68547343
 X-A1   0.00000000       0.00000000          0.00000000      0.00000000       0.00000000
 X-A2   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    1000.00000000          0.00000000      0.00000000    1000.00000000
</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
          Original Face        Current          Notional         Accrued      Interest
 Class       Amount       Certificate Rate       Balance        Interest     Shortfall
------   --------------   ----------------   --------------   ------------   ----------
<S>      <C>              <C>                <C>              <C>            <C>
  A-1    380,510,000.00        2.68313%      380,510,000.00     794,078.29      0.00
  A-2    208,392,000.00        3.04000%      208,392,000.00     492,731.31      0.00
  A-3    218,330,615.00        3.07000%      218,330,615.00     521,324.99      0.00
 X-A1              0.00        0.73827%      588,902,000.00     362,305.87      0.00
 X-A2              0.00        0.47210%      218,330,615.00      85,894.62      0.00
  X-B              0.00        0.19315%       18,402,000.00       2,961,93      0.00
  B-1      8,588,000.00        2.91313%        8,588,000.00      19,458.41      0.00
  B-2      6,134,000.00        3.26313%        6,134,009.00      15,568.03      0.00
  B-3      3,680,000.00        3.66313%        3,680,000.00      10,484.69      0.00
  B-4      2,453,000.00        3.36039%        2,453,000.00       6,869.19      0.00
  B-5        920,000.00        3.36039%          920,000.00       2,576.30      0.00
  B-6      2,762,778.00        3.36039%        2,762,778.00       7,736.67      0.00
  A-R            100.00        3.33123%              100.00           0.28      0.00
         --------------                                       ------------      ----
Totals   831,770,493.00                                       2,321,990.58      0.00
         ==============                                       ============      ====
</TABLE>

<TABLE>
<CAPTION>
                        Non-                                  Remaining       Ending
          Current    Supported                                  Unpaid     Certificate/
          Interest    Interest   Realized    Total Interest    Interest     Notational
 Class   Shortfall   Shortfall    Loss (4)    Distribution    Shortfall       Balance
------   ---------   ---------   ---------   --------------   ---------   --------------
<S>      <C>         <C>         <C>         <C>              <C>         <C>
  A-1       0.00        0.00        0.00        794,078.29       0.00     376,682,481.54
  A-2       0.00        0.00        0.00        492,731.31       0.00     205,117,415.02
  A-3       0.00        0.00        0.00        521,324.99       0.00     212,286,028.56
 X-A1       0.00        0.00        0.00        362,305.87       0.00     581,799,896.56
 X-A2       0.00        0.00        0.00         85,894.62       0.00     212,286,028.56
  X-B       0.00        0.00        0.00          2,095.41       0.00      18,402,000.00
  B-1       0.00        0.00        0.00         19,458.41       0.00       8,588,000.00
  B-2       0.00        0.00        0.00         15,568.03       0.00       6,134,000.00
  B-3       0.00        0.00        0.00         10,484.69       0.00       3,680,000.00
  B-4       0.00        0.00        0.00          6,869.19       0.00       2,453,000.00
  B-5       0.00        0.00        0.00          2,576.30       0.00         920,000.00
  B-6       0.00        0.00        0.00          7,736.67       0.00       2,762,778.00
  A-R       0.00        0.00        0.00          3,926.81       0.00               0.00
            ----        ----        ----      ------------       ----
Totals      0.00        0.00        0.00      2,325,050.59       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
Class    Original Face   Certificate     Certificate/     Current Accrued    Interest
 (5)        Amount           Rate      Notional Balance       Interest       Shortfall
-----   --------------   -----------   ----------------   ---------------   ----------
<S>     <C>              <C>           <C>                <C>               <C>
  A-1   380,510,000.00     2.68313%      1000.00000000       2.08687890     0.00000000
  A-2   208,392,000.00     3.04000%      1000.00000000       2.36444446     0.00000000
  A-3   218,330,615.00     3.07000%      1000.00000000       2.38777777     0.00000000
 X-A1             0.00     0.73827%      1000.00000000       0.61522269     0.00000000
 X-A2             0.00     0.47210%      1000.00000000       0.39341537     0.00000000
  X-B             0.00     0.19315%      1000.00000000       0.16095696     0.00000000
  B-1     8,588,000.00     2.91313%      1000.00000000       2.26576735     0.00000000
  B-2     6,134,000.00     3.26313%      1000.00000000       2.53798989     0.00000000
  B-3     3,680,000.00     3.66313%      1000.00000000       2.84910054     0.00000000
  B-4     2,453,000.00     3.36039%      1000.00000000       2.80032205     0.00000000
  B-5       920,000.00     3.36039%      1000.00000000       2.80032609     0.00000000
  B-6     2,762,778.00     3.36039%      1000.00000000       2.80032272     0.00000000
  A-R           100.00     3.33123%      1000.00000000       2.80000000     0.00000000
</TABLE>

<TABLE>
<CAPTION>
                        Non-                                     Remaining
          Current     Supported                                   Unpaid
Class    Interest     Interest     Realized    Total Interest    Interest    Ending Certificate/
 (5)     Shortfall    Shortfall    Loss (6)     Distribution     Shortfall    Notational Balance
-----   ----------   ----------   ----------   --------------   ----------   -------------------
<S>     <C>          <C>          <C>          <C>              <C>          <C>
  A-1   0.00000000   0.00000000   0.00000000       2.08687890   0.00000000       989.94108313
  A-2   0.00000000   0.00000000   0.00000000       2.36444446   0.00000000       984.28641704
  A-3   0.00000000   0.00000000   0.00000000       2.38777777   0.00000000       972.31452657
 X-A1   0.00000000   0.00000000   0.00000000       0.61522269   0.00000000       987.94009285
 X-A2   0.00000000   0.00000000   0.00000000       0.39341537   0.00000000       972.31452657
  X-B   0.00000000   0.00000000   0.00000000       0.11386860   0.00000000      1000.00000000
  B-1   0.00000000   0.00000000   0.00000000       2.26576735   0.00000000      1000.00000000
  B-2   0.00000000   0.00000000   0.00000000       2.53798989   0.00000000      1000.00000000
  B-3   0.00000000   0.00000000   0.00000000       2.84910054   0.00000000      1000.00000000
  B-4   0.00000000   0.00000000   0.00000000       2.80032205   0.00000000      1000.00000000
  B-5   0.00000000   0.00000000   0.00000000       2.80032609   0.00000000      1000.00000000
  B-6   0.00000000   0.00000000   0.00000000       2.80032272   0.00000000      1000.00000000
  A-R   0.00000000   0.00000000   0.00000000   39268.10000000   0.00000000         0.00000000
</TABLE>

(5)  Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
   Payments of Interest and Principal                          15,668,322.41
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                                  407.81
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 15,668,730.22

Withdrawals
   Reimbursement for Servicer Advances                                  0.00
   Payment of Service Fee                                         196,889.76
   Payment of Interest and Principal                           15,471,840.46
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   15,668,730.22

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                                   191,777.76
Master Servicing Fee                                    5,112.00
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     196,889.76
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning     Current      Current    Ending
           Account Type               Balance    Withdrawals   Deposits    Balance
----------------------------------   ---------   -----------   --------   --------
<S>                                  <C>         <C>           <C>        <C>
Class X-A1 Pool 1 Comp. Sub Amount    3,000.00        0.00        0.00    3,000.00
Class X-A1 Pool 2 Comp. Sub Amount    3,000.00        0.00        0.00    3,000.00
Class X-A2 Sub Amount                 3,000.00        0.00        0.00    3,000.00
Class X-B Sub Amount                  1,000.00      866.52      866.52    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         1      134,999.99   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      134,999.99                   0         0.00                     0         0.00
               ==      ==========                  ==         ====                    ==         ====
</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        1       134,999.99
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       134,999.99
               ==         ====                   ==       ==========
</TABLE>

<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   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.057241%   0.022265%   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%
            --------    --------                --------    --------               --------    --------
            0.057241%   0.022265%               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   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.057241%   0.022265%
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%              0.057241%   0.022265%
            ========    ========               ========    ========
</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  407.81
</TABLE>
<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         1      134,999.99   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      134,999.99                   0         0.00                     0         0.00
               ==      ==========                  ==         ====                    ==         ====
</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         1      134,999.99
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      134,999.99
               ==         ====                    ==      ==========
</TABLE>

<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   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.090662%   0.034391%   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%
            --------    --------                --------   ---------               --------    --------
            0.090662%   0.034391%               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   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.090662%   0.034391%
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%              0.090662%   0.034391%
            ========    ========               ========    ========
</TABLE>

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

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

<TABLE>
<CAPTION>
               REO                               TOTAL
--------------------------------   ---------------------------------
            No. of     Principal                No. of     Principal
             Loans      Balance                  Loans      Balance
            --------   ---------               --------   ----------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%  60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%  120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%
            --------    --------               --------    --------
            0.000000%   0.000000%              0.000000%   0.000000%
            ========    ========               ========    ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description                             Fixed & Mixed Arm
----------------------                             -----------------
<S>                                                <C>
Weighted Average Gross Coupon                              3.745540%
Weighted Average Net Coupon                                3.468861%
Weighted Average Pass-Through Rate                         2.729527%
Weighted Average Maturity (Stepdown Calculation)                338

Beginning Scheduled Collateral Loan Count                     1,761
Number of Loans Paid in Full                                     14
Ending Scheduled Collateral Loan Count                        1,747

Beginning Scheduled Collateral Balance               831,770,493.00
Ending Scheduled Collateral Balance                  606,337,675.47
Ending Actual Collateral Balance at 31-Dec-2004      606,341,178.21

Monthly P&I Constant                                   1,916,449.67
Special Servicing Fee                                          0.00
Prepayment Penalties                                           0.00
Realization Loss Amount                                        0.00
Cumulative Realized Loss                                       0.00

Scheduled Principal                                        1,729.85
Unscheduled Principal                                  7,100,473.59
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                <C>
Rapid Prepay Condition?                        NO
Underlying Certificate Balance     212,286,028.57
Underlying Certificate Interest        607,219.61
Underlying Certificate Principal     6,044,586.44
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             GROUP                     GROUP           GROUP TWO            TOTAL
-------------------------------   --------------   -----------------   --------------
<S>                               <C>              <C>                 <C>
Collateral Description                 Mixed ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate            3.716359            3.798823         3.745540
Weighted Average Net Rate               3.341228            3.423633         3.468861

Weighted Average Maturity                    337                 341              338
Record Date                           12/31/2004          12/31/2004       12/31/2004
Principal and Interest Constant     1,228,674.74          687,774.93     1,916,449.67
Beginning Loan Count                       1,107                 654            1,761
Loans Paid in Full                             4                  10               14
Ending Loan Count                          1,103                 644            1,747
Beginning Scheduled Balance       396,364,818.85      217,075,060.06   613,439,878.91
Ending Scheduled Balance          392,537,200.39      213,800,475.08   606,337,675.47
Scheduled Principal                     1,146.35              583.50         1,729.85
Unscheduled Principal               3,826,472.11        3,274,001.48     7,100,473.59
Scheduled Interest                  1,227,528.39          687,191.43     1,914,719.82
Servicing Fee                         123,907.36           67,870.40       191,777.76
Master Servicing Fee                        0.00                0.00             0.00
Trustee Fee                                 0.00                0.00             0.00
FRY Amount                                  0.00                0.00             0.00
Special Hazard Fee                          0.00                0.00             0.00
Other Fee                                   0.00                0.00             0.00
Pool Insurance Fee                          0.00                0.00             0.00
Spread 1                                    0.00                0.00             0.00
Spread 2                                    0.00                0.00             0.00
Spread 3                                    0.00                0.00             0.00
Net Interest                        1,103,621.03          619,321.03     1,722,942.06
Realized Loss Amount                        0.00                0.00             0.00
Cumulative Realized Loss                    0.00                0.00             0.00
Percentage of Cumulative Losses             0.00                0.00             0.00
Prepayment Penalties                        0.00                0.00             0.00
Special Servicing Fee                       0.00                0.00             0.00
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Group One
One Month Libor Loan Balance     205,733,473.08
Six Month Libor Loan Balance     186,803,727.31
Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00
Pro Rata Senior Percent               95.999968%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%

Group Two
Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00
Pro Rata Senior Percent               95.999973%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]