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 2004-8
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 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         81744FDJ3         SEN          3.20000%      327,504,952.40       873,346.54
    A-2         81744FDK0         SEN          3.45000%      367,243,066.80     1,055,823.82
    X-A         81744FDL8          IO          0.63697%                0.00       368,776.26
    X-B         81744FDM6          IO          0.47283%                0.00         9,693.06
    B-1         81744FDP9         SUB          3.37000%       16,400,000.00        46,056.67
    B-2         81744FDQ7         SUB          3.75000%        8,200,000.00        25,625.00
    B-3         81744FDR5         SUB          3.96950%        4,100,000.00        13,562.45
    B-4         81744FDS3         SUB          3.96950%        2,460,000.00         8,137.47
    B-5         81744FDT1         SUB          3.96950%        2,050,000.00         6,781.23
    B-6         81744FDU8         SUB          3.96950%        3,690,645.34        12,208.34
    A-R         81744FDN4         SEN          3.08748%                0.00             0.29
                                                             --------------     ------------
Totals                                                       731,648,664.54     2,420,011.13
                                                             --------------     ------------

<CAPTION>
                                                                     Ending
                             Principal        Current          Certificate          Total          Cumulative
   Class          CUSIP     Distribution   Realized Loss         Balance         Distribution     Realized Loss
----------      ---------   -------------  -------------      --------------     -------------   --------------
<S>             <C>         <C>            <C>                <C>                <C>             <C>
    A-1         81744FDJ3    8,921,533.83      0.00           318,583,418.57      9,794,880.37         0.00
    A-2         81744FDK0   13,310,003.95      0.00           353,933,062.85     14,365,827.77         0.00
    X-A         81744FDL8            0.00      0.00                     0.00        368,776.26         0.00
    X-B         81744FDM6            0.00      0.00                     0.00          9,693.06         0.00
    B-1         81744FDP9            0.00      0.00            16,400,000.00         46,056.67         0.00
    B-2         81744FDQ7            0.00      0.00             8,200,000.00         25,625.00         0.00
    B-3         81744FDR5            0.00      0.00             4,100,000.00         13,562.45         0.00
    B-4         81744FDS3            0.00      0.00             2,460,000.00          8,137.47         0.00
    B-5         81744FDT1            0.00      0.00             2,050,000.00          6,781.23         0.00
    B-6         81744FDU8            0.00      0.00             3,690,645.34         12,208.34         0.00
    A-R         81744FDN4            0.00      0.00                     0.00              0.29         0.00
                            -------------      ----           --------------     -------------         ----
Totals                      22,231,537.78      0.00           709,417,126.76     24,651,548.91         0.00
                            -------------      ----           --------------     -------------         ----
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                           Beginning       Scheduled    Unscheduled
          Original Face   Certificate      Principal     Principal               Realized  Total Principal  Ending Certificate
Class       Amount          Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction          Balance
-----    --------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>      <C>             <C>             <C>           <C>            <C>        <C>       <C>              <C>
 A-1     365,049,000.00  327,504,952.40       0.00      8,921,533.83     0.00       0.00     8,921,533.83     318,583,418.57
 A-2     418,050,000.00  367,243,066.80     189.42     13,309,814.53     0.00       0.00    13,310,003.95     353,933,062.85
 X-A               0.00            0.00       0.00              0.00     0.00       0.00             0.00               0.00
 X-B               0.00            0.00       0.00              0.00     0.00       0.00             0.00               0.00
 B-1      16,400,000.00   16,400,000.00       0.00              0.00     0.00       0.00             0.00      16,400,000.00
 B-2       8,200,000.00    8,200,000.00       0.00              0.00     0.00       0.00             0.00       8,200,000.00
 B-3       4,100,000.00    4,100,000.00       0.00              0.00     0.00       0.00             0.00       4,100,000.00
 B-4       2,460,000.00    2,460,000.00       0.00              0.00     0.00       0.00             0.00       2,460,000.00
 B-5       2,050,000.00    2,050,000.00       0.00              0.00     0.00       0.00             0.00       2,050,000.00
 B-6       3,690,645.34    3,690,645.34       0.00              0.00     0.00       0.00             0.00       3,690,645.34
 A-R             100.00            0.00       0.00              0.00     0.00       0.00             0.00               0.00
         --------------  --------------     ------     -------------     ----       ----    -------------     --------------
 Totals  819,999,745.34  731,648,664.54     189.42     22,231,348.36     0.00       0.00    22,231,537.78     709,417,126.76
         --------------  --------------     ------     -------------     ----       ----    -------------     --------------
<CAPTION>

           Ending Certificate  Total Principal
Class          Percentage        Distribution
-----      ------------------  ---------------
<S>        <C>                 <C>
 A-1           0.82771412       8,921,533.83
 A-2           0.84662854      13,310,003.95
 X-A           0.00000000               0.00
 X-B           0.00000000               0.00
 B-1           1.00000000               0.00
 B-2           1.00000000               0.00
 B-3           1.00000000               0.00
 B-4           1.00000000               0.00
 B-5           1.00000000               0.00
 B-6           1.00000000               0.00
 A-R           0.00000000               0.00
               ----------      -------------
 Totals        0.86514311      22,231,537.78
               ----------      -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning     Scheduled    Unscheduled
         Original Face    Certificate    Principal      Principal                Realized   Total Principal  Ending Certificate
Class       Amount          Balance     Distribution  Distribution  Accretion    Loss (3)      Reduction           Balance
-----    --------------  -------------  ------------  ------------  ----------  ----------  ---------------  ------------------
<S>      <C>             <C>            <C>           <C>           <C>         <C>         <C>              <C>
 A-1     365,049,000.00   897.15340242   0.00000000    24.43927755  0.00000000  0.00000000    24.43927755        872.71412487
 A-2     418,050,000.00   878.46685038   0.00045310    31.83785320  0.00000000  0.00000000    31.83830630        846.62854407
 X-A               0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000          0.00000000
 X-B               0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000          0.00000000
 B-1      16,400,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-2       8,200,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-3       4,100,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-4       2,460,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-5       2,050,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-6       3,690,645.34  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 A-R             100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000          0.00000000

<CAPTION>
           Ending Certificate  Total Principal
Class           Percentage       Distribution
-----      ------------------  ---------------
<S>        <C>                 <C>
 A-1              0.87271412     24.43927755
 A-2              0.84662854     31.83830630
 X-A              0.00000000      0.00000000
 X-B              0.00000000      0.00000000
 B-1              1.00000000      0.00000000
 B-2              1.00000000      0.00000000
 B-3              1.00000000      0.00000000
 B-4              1.00000000      0.00000000
 B-5              1.00000000      0.00000000
 B-6              1.00000000      0.00000000
 A-R              0.00000000      0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                             Beginning                    Payment of                Non-
                                            Certificate/      Current       Unpaid     Current   Supported
         Original Face       Current          Notional        Accrued      Interest   Interest    Interest   Realized
 Class      Amount       Certificate Rate     Balance        Interest     Shortfall   Shortfall  Shortfall   Loss (4)
 -----   --------------  ----------------  --------------  -------------  ----------  ---------  ----------  --------
<S>      <C>             <C>               <C>             <C>            <C>         <C>        <C>         <C>
  A-1    365,049,000.00      3.20000%      327,504,952.40     873,346.54      0.00       0.00        0.00       0.00
  A-2    418,050,000.00      3.45000%      367,243,066.80   1,055,823.82      0.00       0.00        0.00       0.00
  X-A              0.00      0.63697%      694,748,019.20     368,776.26      0.00       0.00        0.00       0.00
  X-B              0.00      0.47283%       24,600,000.00       9,693.06      0.00       0.00        0.00       0.00
  B-1     16,400,000.00      3.37000%       16,400,000.00      46,056.67      0.00       0.00        0.00       0.00
  B-2      8,200,000.00      3.75000%        8,200,000.00      25,625.00      0.00       0.00        0.00       0.00
  B-3      4,100,000.00      3.96950%        4,100,000.00      13,562.45      0.00       0.00        0.00       0.00
  B-4      2,460,000.00      3.96950%        2,460,000.00       8,137.47      0.00       0.00        0.00       0.00
  B-5      2,050,000.00      3.96950%        2,050,000.00       6,781.23      0.00       0.00        0.00       0.00
  B-6      3,690,645.34      3.96950%        3,690,645.34      12,208.34      0.00       0.00        0.00       0.00
  A-R            100.00      3.08748%                0.00           0.00      0.00       0.00        0.00       0.00
         --------------      -------       --------------   ------------      ----       ----        ----       ----
Totals   819,999,745.34                                     2,420,010.84      0.00       0.00        0.00       0.00
         --------------      -------       --------------   ------------      ----       ----        ----       ----
<CAPTION>
                           Remaining     Ending
                            Unpaid     Certificate/
           Total Interest  Interest     Notational
 Class     Distribution    Shortfall     Balance
 -----     ------------    ---------  --------------
<S>        <C>             <C>        <C>
  A-1         873,346.54      0.00    318,583,418.57
  A-2       1,055,823.82      0.00    353,933,062.85
  X-A         368,776.26      0.00    672,516,481.42
  X-B           9,693.06      0.00     24,600,000.00
  B-1          46,056.67      0.00     16,400,000.00
  B-2          25,625.00      0.00       8,200,000.0
  B-3          13,562.45      0.00      4,100,000.00
  B-4           8,137.47      0.00      2,460,000.00
  B-5           6,782.23      0.00      2,050,000.00
  B-6          12,208.34      0.00      3,690,645.34
  A-R               0.29      0.00              0.00
            ------------      ----    --------------
Totals      2,420,011.13      0.00
            ------------      ----    --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                                          Non-
                             Current       Beginning                         Payment of      Current    Supported
           Original Face   Certificate    Certificate/    Current Accrued  Unpaid Interest   Interest   Interest     Realized
Class (5)      Amount         Rate      Notional Balance      Interest        Shortfall      Shortfall  Shortfall    Loss (6)
---------  --------------  -----------  ----------------  ---------------  ---------------  ----------  ----------  ----------
<S>        <C>             <C>          <C>               <C>              <C>              <C>         <C>         <C>
   A-1     365,049,000.00    3.20000%     897.15340242       2.39240907      0.00000000     0.00000000  0.00000000  0.00000000
   A-2     418,050,000.00    3.45000%     878.46685038       2.52559220      0.00000000     0.00000000  0.00000000  0.00000000
   X-A               0.00    0.63697%     887.17776322       0.47091908      0.00000000     0.00000000  0.00000000  0.00000000
   X-B               0.00    0.47283%    1000.00000000       0.39402683      0.00000000     0.00000000  0.00000000  0.00000000
   B-1      16,400,000.00    3.37000%    1000.00000000       2.80833354      0.00000000     0.00000000  0.00000000  0.00000000
   B-2       8,200,000.00    3.75000%    1000.00000000       3.12500000      0.00000000     0.00000000  0.00000000  0.00000000
   B-3       4,100,000.00    3.96950%    1000.00000000       3.30791463      0.00000000     0.00000000  0.00000000  0.00000000
   B-4       2,460,000.00    3.96950%    1000.00000000       3.30791463      0.00000000     0.00000000  0.00000000  0.00000000
   B-5       2,050,000.00    3.96950%    1000.00000000       3.30791707      0.00000000     0.00000000  0.00000000  0.00000000
   B-6       3,690,645.34    3.96950%    1000.00000000       3.30791471      0.00000000     0.00000000  0.00000000  0.00000000
   A-R             100.00    3.08748%       0.00000000       0.00000000      0.00000000     0.00000000  0.00000000  0.00000000

<CAPTION>
                             Remaining
                              Unpaid
             Total Interest   Interest    Ending Certificate/
Class (5)    Distribution    Shortfall     Notational Balance
---------    --------------  ----------   -------------------
<S>          <C>             <C>          <C>
   A-1         2.39240907    0.00000000         872.71412487
   A-2         2.52559220    0.00000000         846.62854407
   X-A         0.47091908    0.00000000         858.78858410
   X-B         0.39402683    0.00000000        1000.00000000
   B-1         2.80833354    0.00000000        1000.00000000
   B-2         3.12500000    0.00000000        1000.00000000
   B-3         3.30791463    0.00000000        1000.00000000
   B-4         3.30791463    0.00000000        1000.00000000
   B-5         3.30791707    0.00000000        1000.00000000
   B-6         3.30791471    0.00000000        1000.00000000
   A-R         2.90000000    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                                  24,885,624.90
            Liquidations, Insurance Proceeds, Reserve Funds                              0.00
            Proceeds from Repurchased Loans                                              0.00
            Other Amounts (Servicer Advances)                                            0.00
            Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
            Prepayment Penalties                                                         0.00
                                                                                -------------
Total Deposits                                                                  24,885,624.90

Withdrawals
            Reimbursement for Servicer Advances                                          0.00
            Payment of Service Fee                                                 234,075.99
            Payment of Interest and Principal                                   24,651,548.91
                                                                                -------------
Total Withdrawals (Pool Distribution Amount)                                    24,885,624.90

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                                               229,503.18
Master Servicing Fee                                                4,572.81
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                                  ----------
Net Servicing Fee                                                 234,075.99
                                                                  ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                               BANKRUPTCY                           FORECLOSURE
-------------------------------------     -----------------------------------   -----------------------------------
              No. of      Principal                      No. of     Principal                 No. of     Principal
               Loans       Balance                       Loans      Balance                    Loans      Balance
<S>          <C>         <C>              <C>           <C>         <C>         <C>          <C>         <C>
0-29 Days        0               0.00     0-29 Days        0          0.00      0-29 Days        0             0.00
30 Days         20       8,155,172.52     30 Days          0          0.00      30 Days          0             0.00
60 Days          1         120,555.00     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         1       160,000.00
180+ Days        0               0.00     180+ Days        0          0.00      180+ Days        1       134,800.22
                --       ------------                     --          ----                      --       ----------
                21       8,275,727.52                      0          0.00                       2       294,800.22

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

0-29 Days    0.000000%       0.000000%    0-29 Days     0.000000%   0.000000%   0-29 Days    0.000000%     0.000000%
30 Days      0.962927%       1.149548%    30 Days       0.000000%   0.000000%   30 Days      0.000000%     0.000000%
60 Days      0.048146%       0.016993%    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     0.048146%     0.022553%
180+ Days    0.000000%       0.000000%    180+ Days     0.000000%   0.000000%   180+ Days    0.048146%     0.019001%
             --------        --------                   --------    --------                 --------      --------
             1.011074%       1.166541%                  0.000000%   0.000000%                0.096293%     0.041555%

<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          20         8,155,172.52
60 Days          0          0.00        60 Days           1           120,555.00
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          1           160,000.00
180+ Days        0          0.00        180+ Days         1           134,800.22
                --          ----                        ---         ------------
                 0          0.00                         23         8,570,527.74

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

0-29 Days    0.000000%     0.000000%    0-29 Days     0.000000%         0.000000%
30 Days      0.000000%     0.000000%    30 Days       0.962927%         1.149548%
60 Days      0.000000%     0.000000%    60 Days       0.048146%         0.016993%
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      0.048146%         0.022553%
180+ Days    0.000000%     0.000000%    180+ Days     0.048146%         0.019001%
             --------      --------                   --------          --------
             0.000000%     0.000000%                  1.107366%         1.208096%
</TABLE>

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

<TABLE>
<CAPTION>
               Original $     Original %     Current $        Current %     Current Class %      Prepayment %
             -------------   ----------    -------------     ----------     ---------------      ------------
<S>          <C>             <C>           <C>               <C>            <C>                  <C>
Class A      36,900,645.34   4.50008061%   36,900,645.34     5.20154419%       94.798456%          0.000000%
Class B-1    20,500,645.34   2.50007976%   20,500,645.34     2.88978720%        2.311757%         44.443667%
Class B-2    12,300,645.34   1.50007934%   12,300,645.34     1.73390871%        1.155878%         22.221834%
Class B-3     8,200,645.34   1.00007912%    8,200,645.34     1.15596946%        0.577939%         11.110917%
Class B-4     5,740,645.34   0.70007900%    5,740,645.34     0.80920591%        0.346764%          6.666550%
Class B-5     3,690,645.34   0.45007889%    3,690,645.34     0.52023629%        0.288970%          5.555458%
Class B-6             0.00   0.00000000%            0.00     0.00000000%        0.520236%         10.001574%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
            DELINQUENT                           BANKRUPTCY                       FORECLOSURE
----------------------------------    -------------------------------  -------------------------------
             No. of    Principal                  No. of    Principal              No. of    Principal
POOL ONE     Loans      Balance                   Loans      Balance               Loans      Balance
<S>        <C>        <C>             <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days         0           0.00    0-29 Days         0       0.00   0-29 Days         0       0.00
30 Days          10   4,462,997.10    30 Days           0       0.00   30 Days           0       0.00
60 Days           1     120,555.00    60 Days           0       0.00   60 Days           0       0.00
90 Days           0           0.00    90 Days           0       0.00   90 Days           0       0.00
120 Days          0           0.00    120 Days          0       0.00   120 Days          0       0.00
150 Days          0           0.00    150 Days          0       0.00   150 Days          0       0.00
180+ Days         0           0.00    180+ Days         0       0.00   180+ Days         0       0.00
           --------   ------------               --------   --------              --------   --------
                 11   4,583,552.10                      0       0.00                     0       0.00

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

0-29 Days  0.000000%      0.000000%   0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    1.055966%      1.329126%   30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.105597%      0.035903%   60 Days    0.000000%  0.000000%  60 Days    0.000000%  0.000000%
90 Days    0.000000%      0.000000%   90 Days    0.000000%  0.000000%  90 Days    0.000000%  0.000000%
120 Days   0.000000%      0.000000%   120 Days   0.000000%  0.000000%  120 Days   0.000000%  0.000000%
150 Days   0.000000%      0.000000%   150 Days   0.000000%  0.000000%  150 Days   0.000000%  0.000000%
180+ Days  0.000000%      0.000000%   180+ Days  0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
           --------   ------------               --------   --------              --------   --------
           1.161563%      1.365029%              0.000000%  0.000000%             0.000000%  0.000000%
</TABLE>

<TABLE>
<CAPTION>
               REO                              TOTAL
-------------------------------    ----------------------------------
            No. of    Principal                No. of     Principal
             Loans     Balance                 Loans       Balance
<S>        <C>        <C>          <C>        <C>        <C>
0-29 Days         0       0.00     0-29 Days         0           0.00
30 Days           0       0.00     30 Days          10   4,462,997.10
60 Days           0       0.00     60 Days           1     120,555.00
90 Days           0       0.00     90 Days           0           0.00
120 Days          0       0.00     120 Days          0           0.00
150 Days          0       0.00     150 Days          0           0.00
180+ Days         0       0.00     180+ Days         0           0.00
           --------   --------                --------   ------------
                  0       0.00                      11   4,583,552.10

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

0-29 Days  0.000000%  0.000000%    0-29 Days  0.000000%      0.000000%
30 Days    0.000000%  0.000000%    30 Days    1.055966%      1.329126%
60 Days    0.000000%  0.000000%    60 Days    0.105597%      0.035903%
90 Days    0.000000%  0.000000%    90 Days    0.000000%      0.000000%
120 Days   0.000000%  0.000000%    120 Days   0.000000%      0.000000%
150 Days   0.000000%  0.000000%    150 Days   0.000000%      0.000000%
180+ Days  0.000000%  0.000000%    180+ Days  0.000000%      0.000000%
           --------   --------                --------   ------------
           0.000000%  0.000000%               1.161563%      1.365029%
</TABLE>

<TABLE>
<CAPTION>
                                                BANKRUPTCY
            DELINQUENT               -------------------------------              FORECLOSURE
----------------------------------               1.183654%             --------------------------------
            No. of     Principal                 No. of    Principal               No. of    Principal
POOL TWO     Loans      Balance                  Loans      Balance                Loans      Balance
<S>        <C>        <C>            <C>        <C>        <C>         <C>        <C>        <C>
0-29 Days         0           0.00   0-29 Days         0       0.00    0-29 Days         0         0.00
30 Days          10   3,692,175.42   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          1   160,000.00
180+ Days         0           0.00   180+ Days         0       0.00    180+ Days         1   134,800.22
           --------   ------------              --------   --------               --------   ----------
                 10   3,692,175.42                     0       0.00                      2   294,800.22

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

0-29 Days  0.000000%      0.000000%  0-29 Days  0.000000%  0.000000%   0-29 Days  0.000000%    0.000000%
30 Days    0.884956%      0.988163%  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   0.088496%    0.042822%
180+ Days  0.000000%      0.000000%  180+ Days  0.000000%  0.000000%   180+ Days  0.088496%    0.036078%
           --------   ------------              --------   --------               --------   ----------
           0.884956%      0.988163%             0.000000%  0.000000%              0.176991%    0.078899%
</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          10   3,692,175.42
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          1     160,000.00
180+ Days         0       0.00     180+ Days         1     134,800.22
           --------   --------                --------   ------------
                  0       0.00                      12   3,986,975.64

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

0-29 Days  0.000000%  0.000000%    0-29 Days  0.000000%      0.000000%
30 Days    0.000000%  0.000000%    30 Days    0.884956%      0.988163%
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   0.088496%      0.042822%
180+ Days  0.000000%  0.000000%    180+ Days  0.088496%      0.036078%
           --------   --------                --------   ------------
           0.000000%  0.000000%               1.061947%      1.067063%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                      Mixed Arm
<S>                                                   <C>
Weighted Average Gross Coupon                               4.353051%
Weighted Average Net Coupon                                 3.976636%
Weighted Average Pass-Through Rate                          3.969136%
Weighted Average Maturity (Stepdown Calculation)                 334

Beginning Scheduled Collateral Loan Count                      2,131
Number of Loans Paid in Full                                      54
Ending Scheduled Collateral Loan Count                         2,077

Beginning Scheduled Collateral Balance                731,648,664.54
Ending Scheduled Collateral Balance                   709,417,126.76
Ending Actual Collateral Balance at 31-Mar-2005       709,424,572.02

Monthly P&I Constant                                    2,654,276.16
Special Servicing Fee                                           0.00
Prepayment Penalties                                            0.00
Realization Loss Amount                                         0.00
Cumulative Realized Loss                                        0.00

Class A Optimal Amount                                 24,529,484.40

Scheduled Principal                                           189.42
Unscheduled Principal                                  22,231,348.36
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                             <C>
Rapid Prepay Condition?         NO
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
            GROUP                       POOL 1             POOL 2                 TOTAL
<S>                                  <C>              <C>                    <C>
Collateral Description                    Mixed ARM   1 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate               4.315048            4.386906            4.353051
Weighted Average Net Rate                  3.938073            4.010989            3.976636
Pass-Through Rate                          3.930573            4.003489            3.969136
Weighted Average Maturity                       332                 336                 334
Record Date                              03/31/2005          03/31/2005          03/31/2005
Principal and Interest Constant        1,239,521.04        1,414,755.12        2,654,276.16
Beginning Loan Count                            972               1,159               2,131
Loans Paid in Full                               25                  29                  54
Ending Loan Count                               947               1,130               2,077
Beginning Scheduled Balance          344,706,553.31      386,942,111.23      731,648,664.54
Ending Scheduled Balance             335,785,019.48      373,632,107.28      709,417,126.76
Scheduled Principal                            0.00              189.42              189.42
Unscheduled Principal                  8,921,533.83       13,309,814.53       22,231,348.36
Scheduled Interest                     1,239,521.04        1,414,565.70        2,654,086.74
Servicing Fee                            108,287.97          121,215.21          229,503.18
Master Servicing Fee                       2,154.42            2,418.39            4,572.81
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                           1,129,078.65        1,290,932.10        2,420,010.75
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 Pool One
One-Month LIBOR Loan Balance        189,611,596.98
Six-Month LIBOR Loan Balance        146,173,422.50
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  95.009784%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%

Group Pool Two
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  94.909046%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%
</TABLE><PAGE>

                                                                    EXHIBIT 10.1

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

                                SMT SERIES 2004-9
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate      Beginning
                      Class     Pass-Through    Certificate     Interest     Principal
Class     CUSIP    Description      Rate          Balance     Distribution  Distribution
------  ---------  -----------  ------------  --------------  ------------  -------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>
 A-1    81744FDV6      SEN        3.19000%    419,597,126.44  1,115,429.03  16,573,748.92
 A-2    81744FDW4      SEN        3.65625%    271,620,098.99    827,592.49   7,689,089.19
 X-A    81744FDX2       IO        0.67162%              0.00    386,860.53           0.00
 X-B    81744FDY0       IO        0.55360%              0.00     10,683.10           0.00
 B-1    81744FEA1      SUB        3.36000%     14,915,000.00     41,762.00           0.00
 B-2    81744FEB9      SUB        3.73000%      8,242,000.00     25,618.88           0.00
 B-3    81744FEC7      SUB        4.04529%      4,318,000.00     14,556.30           0.00
 B-4    81744FED5      SUB        4.04529%      2,355,000.00      7,938.88           0.00
 B-5    81744FEE3      SUB        4.04529%      1,962,000.00      6,614.05           0.00
 B-6    81744FEF0      SUB        4.04529%      3,533,134.00     11,910.46           0.00
 A-R    81744FDZ7      SEN        3.20330%              0.00          0.59           0.00
                                              --------------  ------------  -------------
Totals                                        726,542,359.43  2,448,966.31  24,262,838.11
                                              --------------  ------------  -------------
<CAPTION>
                           Ending
           Current       Certificate       Total       Cumulative
Class   Realized Loss     Balance       Distribution  Realized Loss
------  -------------  --------------  -------------  -------------
<S>     <C>            <C>             <C>            <C>
 A-1         0.00      403,023,377.52  17,689,177.95      0.00
 A-2         0.00      263,931,009.80   8,516,681.68      0.00
 X-A         0.00                0.00     386,860.53      0.00
 X-B         0.00                0.00      10,683.10      0.00
 B-1         0.00       14,915,000.00      41,762.00      0.00
 B-2         0.00        8,242,000.00      25,618.88      0.00
 B-3         0.00        4,318,000.00      14,556.30      0.00
 B-4         0.00        2,355,000.00       7,938.88      0.00
 B-5         0.00        1,962,000.00       6,614.05      0.00
 B-6         0.00        3,533,134.00      11,910.46      0.00
 A-R         0.00                0.00           0.59      0.00
             ----      --------------  -------------      ----
Totals       0.00      702,279,521.32  26,711,804.42      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    453,364,000.00  419,597,126.44      0.00      16,573,748.92    0.00
 A-2    296,310,000.00  271,620,098.99      0.00       7,689,089.19    0.00
 X-A              0.00            0.00      0.00               0.00    0.00
 X-B              0.00            0.00      0.00               0.00    0.00
 B-1     14,915,000.00   14,915,000.00      0.00               0.00    0.00
 B-2      8,242,000.00    8,242,000.00      0.00               0.00    0.00
 B-3      4,318,000.00    4,318,000.00      0.00               0.00    0.00
 B-4      2,355,000.00    2,355,000.00      0.00               0.00    0.00
 B-5      1,962,000.00    1,962,000.00      0.00               0.00    0.00
 B-6      3,533,134.00    3,533,134.00      0.00               0.00    0.00
 A-R            100.00            0.00      0.00               0.00    0.00
        --------------  --------------      ----      -------------    ----
Totals  784,999,234.00  726,542,359.43      0.00      24,262,838.11    0.00
        --------------  --------------      ----      -------------    ----
<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    16,573,748.92  403,023,377.52   0.88896202   16,573,748.92
 A-2      0.00     7,689,089.19  263,931,009.80   0.89072596    7,689,089.19
 X-A      0.00             0.00            0.00   0.00000000            0.00
 X-B      0.00             0.00            0.00   0.00000000            0.00
 B-1      0.00             0.00   14,915,000.00   1.00000000            0.00
 B-2      0.00             0.00    8,242,000.00   1.00000000            0.00
 B-3      0.00             0.00    4,318,000.00   1.00000000            0.00
 B-4      0.00             0.00    2,355,000.00   1.00000000            0.00
 B-5      0.00             0.00    1,962,000.00   1.00000000            0.00
 B-6      0.00             0.00    3,533,134.00   1.00000000            0.00
 A-R      0.00             0.00            0.00   0.00000000            0.00
          ----    -------------  --------------   ----------   -------------
Totals    0.00    24,262,838.11  702,279,521.32   0.89462447   24,262,838.11
          ----    -------------  --------------   ----------   -------------
</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   453,364,000.00   925.51928790   0.00000000    36.55726727  0.00000000
 A-2   296,310,000.00   916.67543785   0.00000000    25.94947585  0.00000000
 X-A             0.00     0.00000000   0.00000000     0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000
 B-1    14,915,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-2     8,242,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-3     4,318,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-4     2,355,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-5     1,962,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-6     3,533,134.00  1000.00000000   0.00000000     0.00000000  0.00000000
 A-R           100.00     0.00000000   0.50000000     0.00000000  0.00000000

<CAPTION>
                      Total        Ending        Ending
        Realized    Principal    Certificate   Certificate  Total Principal
Class   Loss (3)    Reduction      Balance     Percentage     Distribution
-----  ----------  -----------  -------------  -----------  ---------------
<S>    <C>         <C>          <C>            <C>          <C>
 A-1   0.00000000  36.55726727   888.96202063   0.88896202    36.55726727
 A-2   0.00000000  25.94947585   890.72596200   0.89075296    25.94947585
 X-A   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>
                        Current      Beginning                       Payment of                     Non-Supported
          Original    Certificate   Certificate/   Current Accrued Unpaid Interest Current Interest    Interest   Realized
Class   Face Amount       Rate    Notional Balance    Interest        Shortfall       Shortfall       Shortfall   Loss (4)
-----   -----------       ----    ----------------    --------        ---------       ---------       ---------   --------
<S>    <C>            <C>         <C>              <C>             <C>             <C>              <C>           <C>
 A-1   453,364,000.00   3.19000%   419,597,126.44    1,115,429.03       0.00             0.00           0.00        0.00
 A-2   296,310,000.00   3.65625%   271,620,098.99      827,592.49       0.00             0.00           0.00        0.00
 X-A             0.00   0.67162%   691,217,225.43      386,860.53       0.00             0.00           0.00        0.00
 X-B             0.00   0.55360%    23,157,000.00       10,683.10       0.00             0.00           0.00        0.00
 B-1    14,915,000.00   3.36000%    14,915,000.00       41,762.00       0.00             0.00           0.00        0.00
 B-2     8,242,000.00   3.73000%     8,242,000.00       25,618.88       0.00             0.00           0.00        0.00
 B-3     4,318,000.00   4.04529%     4,318,000.00       14,556.30       0.00             0.00           0.00        0.00
 B-4     2,355,000.00   4.04529%     2,355,000.00        7,938.88       0.00             0.00           0.00        0.00
 B-5     1,962,000.00   4.04529%     1,962,000.00        6,614.05       0.00             0.00           0.00        0.00
 B-6     3,533,134.00   4.04529%     3,533,134.00       11,910.46       0.00             0.00           0.00        0.00
 A-R           100.00   3.20330%             0.00            0.00       0.00             0.00           0.00        0.00
       --------------   -------    --------------    ------------       ----             ----           ----        ----
Totals 784,999,234.00                                2,448,965.72       0.00             0.00           0.00        0.00
       --------------   -------    --------------    ------------       ----             ----           ----        ----
</TABLE>

<TABLE>
<CAPTION>
       Total Interest Remaining Unpaid   Ending Certificate/
 Class  Distribution  Interest Shortfall  Notational Balance
 -----  ------------  ------------------  ------------------
<S>    <C>            <C>                <C>
  A-1   1,115,429.03         0.00          403,023,377.52
  A-2     827,592.49         0.00          263,931,009.80
  X-A     386,860.53         0.00          666,954,387.32
  X-B      10,683.10         0.00           23,157,000.00
  B-1      41,762.00         0.00           14,915,000.00
  B-2      25,618.88         0.00            8,242,000.00
  B-3      14,556.30         0.00            4,318,000.00
  B-4       7,938.88         0.00            2,355,000.00
  B-5       6,614.05         0.00            1,962,000.00
  B-6      11,910.46         0.00            3,533,134.00
  A-R           0.59         0.00                    0.00
        ------------         ----          --------------
Totals  2,448,966.31         0.00
        ------------         ----          --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Current      Beginning                        Payment of     Current
             Original    Certificate   Certificate/        Current     Unpaid Interest  Interest    Non-Supported     Realized
Class (5)  Face Amount       Rate    Notional Balance Accrued Interest    Shortfall    Shortfall  Interest Shortfall  Loss (6)
---------  -----------       ----    ---------------- ----------------    ---------    ---------  ------------------  --------
<S>       <C>            <C>         <C>              <C>              <C>             <C>        <C>                <C>
   A-1    453,364,000.00   3.19000%     925.51928790     2.46033878       0.00000000   0.00000000      0.00000000    0.00000000
   A-2    296,310,000.00   3.65625%     916.67543785     2.79299548       0.00000000   0.00000000      0.00000000    0.00000000
   X-A              0.00   0.67162%     922.02374023     0.51603834       0.00000000   0.00000000      0.00000000    0.00000000
   X-B              0.00   0.55360%    1000.00000000     0.46133351       0.00000000   0.00000000      0.00000000    0.00000000
   B-1     14,915,000.00   3.36000%    1000.00000000     2.80000000       0.00000000   0.00000000      0.00000000    0.00000000
   B-2      8,242,000.00   3.73000%    1000.00000000     3.10833293       0.00000000   0.00000000      0.00000000    0.00000000
   B-3      4,318,000.00   4.04529%    1000.00000000     3.37107457       0.00000000   0.00000000      0.00000000    0.00000000
   B-4      2,355,000.00   4.04529%    1000.00000000     3.37107431       0.00000000   0.00000000      0.00000000    0.00000000
   B-5      1,962,000.00   4.04529%    1000.00000000     3.37107543       0.00000000   0.00000000      0.00000000    0.00000000
   B-6      3,533,134.00   4.04529%    1000.00000000     3.37107509       0.00000000   0.00000000      0.00000000    0.00000000
   A-R            100.00   3.20330%       0.00000000     0.00000000       0.00000000   0.00000000      0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                            Remaining
          Total Interest Unpaid Interest Ending Certificate/
Class (5)  Distribution     Shortfall    Notational Balance
---------  ------------     ---------    ------------------
<S>       <C>            <C>             <C>
   A-1      2.46033878      0.00000000       888.96202063
   A-2      2.79299548      0.00000000       890.72596200
   X-A      0.51603834      0.00000000       889.65922164
   X-B      0.46133351      0.00000000      1000.00000000
   B-1      2.80000000      0.00000000      1000.00000000
   B-2      3.10833293      0.00000000      1000.00000000
   B-3      3.37107457      0.00000000      1000.00000000
   B-4      3.37107431      0.00000000      1000.00000000
   B-5      3.37107543      0.00000000      1000.00000000
   B-6      3.37107509      0.00000000      1000.00000000
   A-R      5.90000000      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                          26,944,291.90
            Liquidations, Insurance Proceeds, Reserve Funds                      0.00
            Proceeds from Repurchased Loans                                      0.00
            Other Amounts (Servicer Advances)                                    0.00
            Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
            Prepayment Penalties                                                 0.00
                                                                        -------------
Total Deposits                                                          26,944,291.90

Withdrawals
            Reimbursement for Servicer Advances                                  0.00
            Payment of Service Fee                                         232,487.48
            Payment of Interest and Principal                           26,711,804.42
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            26,944,291.90

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                                   227,341.14
Master Servicing Fee                                    5,146.34
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     232,487.48
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

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

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
                DELINQUENT                               BANKRUPTCY                              FORECLOSURE
-----------------------------------------   -----------------------------------    -------------------------------------
             No. of          Principal                   No. of       Principal                   No. of       Principal
              Loans            Balance                    Loans        Balance                     Loans        Balance
<S>         <C>            <C>              <C>         <C>           <C>          <C>          <C>            <C>
0-29 Days           0               0.00    0-29 Days       0            0.00      0-29 Days         0           0.00
30 Days            26      10,120,440.20    30 Days         0            0.00      30 Days           0           0.00
60 Days             0               0.00    60 Days         0            0.00      60 Days           0           0.00
90 Days             0               0.00    90 Days         0            0.00      90 Days           0           0.00
120 Days            0               0.00    120 Days        0            0.00      120 Days          0           0.00
150 Days            0               0.00    150 Days        0            0.00      150 Days          0           0.00
180+ Days           0               0.00    180+ Days       0            0.00      180+ Days         0           0.00
                   --      -------------                   --            ----                       --           ----
                   26      10,120,440.20                    0            0.00                        0           0.00

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

0-29 Days    0.000000%           0.000000%  0-29 Days    0.000000%     0.000000%   0-29 Days     0.000000%     0.000000%
30 Days      1.242236%           1.441081%  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%
             --------            --------                --------      --------                  --------      --------
             1.242236%           1.441081%               0.000000%     0.000000%                 0.000000%     0.000000%

<CAPTION>
                 REO                                          TOTAL
-------------------------------------     ---------------------------------------------
               No. of       Principal                     No. of          Principal
                Loans       Balance                       Loans            Balance
<S>            <C>          <C>           <C>             <C>             <C>
0-29 Days         0           0.00        0-29 Days          0                     0.00
30 Days           0           0.00        30 Days           26            10,120,440.20
60 Days           0           0.00        60 Days            0                     0.00
90 Days           0           0.00        90 Days            0                     0.00
120 Days          0           0.00        120 Days           0                     0.00
150 Days          0           0.00        150 Days           0                     0.00
180+ Days         0           0.00        180+ Days          0                     0.00
                 --           ----                          --            -------------
                  0           0.00                          26            10,120,440.20

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

0-29 Days     0.000000%      0.000000%    0-29 Days      0.000000%             0.000000%
30 Days       0.000000%      0.000000%    30 Days        1.242236%             1.441081%
60 Days       0.000000%      0.000000%    60 Days        0.000000%             0.000000%
90 Days       0.000000%      0.000000%    90 Days        0.000000%             0.000000%
120 Days      0.000000%      0.000000%    120 Days       0.000000%             0.000000%
150 Days      0.000000%      0.000000%    150 Days       0.000000%             0.000000%
180+ Days     0.000000%      0.000000%    180+ Days      0.000000%             0.000000%
              --------       --------                    --------              --------
              0.000000%      0.000000%                   1.242236%             1.441081%
</TABLE>

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

<TABLE>
<CAPTION>
              Original $      Original %      Current $      Current %      Current Class %   Prepayment %
             -------------    ----------    -------------    ----------     --------------    ------------
<S>          <C>              <C>           <C>              <C>            <C>               <C>
Class A      35,325,134.00    4.50002146%   35,325,134.00    5.03006750%        94.969932%       0.000000%
Class B-1    20,410,134.00    2.60001961%   20,410,134.00    2.90626928%         2.123798%      42.222062%
Class B-2    12,168,134.00    1.55008228%   12,168,134.00    1.73266251%         1.173607%      23.331829%
Class B-3     7,850,134.00    1.00001805%    7,850,134.00    1.11780762%         0.614855%      12.223591%
Class B-4     5,495,134.00    0.70001775%    5,495,134.00    0.78247106%         0.335337%       6.666641%
Class B-5     3,533,134.00    0.45008120%    3,533,134.00    0.50309512%         0.279376%       5.554119%
Class B-6             0.00    0.00000000%            0.00    0.00000000%         0.503095%      10.001757%
</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 Balance                   No. of      Principal                    No. of       Principal
              Loans                                           Loans       Balance                      Loans        Balance
<S>          <C>         <C>                   <C>          <C>          <C>           <C>           <C>           <C>
0-29 Days        0                    0.00     0-29 Days         0         0.00        0-29 Days         0            0.00
30 Days         18            6,699,071.24     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
                --            ------------                      --         ----                         --            ----
                18            6,699,071.24                       0         0.00                          0            0.00

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

0-29 Days    0.000000%            0.000000%    0-29 Days     0.000000%    0.000000%    0-29 Days      0.000000%     0.000000%
30 Days      1.465798%            1.578525%    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%
             --------             --------                   --------     --------                    --------      --------
             1.465798%            1.578525%                  0.000000%    0.000000%                   0.000000%     0.000000%

<CAPTION>
                 REO                                         TOTAL
-------------------------------------     -------------------------------------------
               No. of       Principal                   No. of         Principal
                Loans        Balance                     Loans          Balance
<S>           <C>           <C>           <C>          <C>          <C>
0-29 Days          0          0.00        0-29 Days         0                    0.00
30 Days            0          0.00        30 Days          18            6,699,071.24
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                         18            6,699,071.24

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

0-29 Days      0.000000%     0.000000%    0-29 Days     0.000000%            0.000000%
30 Days        0.000000%     0.000000%    30 Days       1.465798%            1.578525%
60 Days        0.000000%     0.000000%    60 Days       0.000000%            0.000000%
90 Days        0.000000%     0.000000%    90 Days       0.000000%            0.000000%
120 Days       0.000000%     0.000000%    120 Days      0.000000%            0.000000%
150 Days       0.000000%     0.000000%    150 Days      0.000000%            0.000000%
180+ Days      0.000000%     0.000000%    180+ Days     0.000000%            0.000000%
               --------      --------                   --------             --------
               0.000000%     0.000000%                  1.465798%            1.578525%

</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         8             3,421,368.96     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
               --             ------------                     --           ----                        --            ----
                8             3,421,368.96                      0           0.00                         0            0.00

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

0-29 Days    0.000000%            0.000000%    0-29 Days     0.000000%    0.000000%    0-29 Days      0.000000%     0.000000%
30 Days      0.924855%            1.231181%    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%
             --------             --------                   --------     --------                    --------      --------
             0.924855%            1.231181%                  0.000000%    0.000000%                   0.000000%     0.000000%

<CAPTION>
                 REO                                         TOTAL
-------------------------------------     -------------------------------------------
               No. of       Principal                    No. of         Principal
                Loans        Balance                     Loans            Balance
<S>           <C>           <C>           <C>          <C>             <C>
0-29 Days         0            0.00       0-29 Days         0                    0.00
30 Days           0            0.00       30 Days           8            3,421,368.96
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                         8            3,421,368.96

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

0-29 Days      0.000000%     0.000000%    0-29 Days     0.000000%            0.000000%
30 Days        0.000000%     0.000000%    30 Days       0.924855%            1.231181%
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%                  0.924855%            1.231181%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                             Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                         4.418673%
Weighted Average Net Coupon                                           4.043183%
Weighted Average Pass-Through Rate                                    4.034683%
Weighted Average Maturity (Stepdown Calculation)                            330

Beginning Scheduled Collateral Loan Count                                 2,145
Number of Loans Paid in Full                                                 52
Ending Scheduled Collateral Loan Count                                    2,093

Beginning Scheduled Collateral Balance                           726,542,360.32
Ending Scheduled Collateral Balance                              702,279,522.21
Ending Actual Collateral Balance at 31-Mar-2005                  702,281,225.05

Monthly P&I Constant                                               2,675,294.29
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            26,592,720.16

Scheduled Principal                                                        0.00
Unscheduled Principal                                             24,262,838.11
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           GROUP                          ONE                      TWO                  TOTAL
<S>                                 <C>                     <C>                    <C>
Collateral Description              1 Month LIBOR ARM       6 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate                 4.333638%               4.549973            4.418673
Weighted Average Net Rate                    3.958205%               4.174396            4.043183
Pass-Through Rate                            3.949705%               4.165896            4.034683
Weighted Average Maturity                         331                     330                 330
Record Date                                03/31/2005              03/31/2005          03/31/2005
Principal and Interest Constant          1,592,467.65            1,082,826.64        2,675,294.29
Beginning Loan Count                            1,261                     884               2,145
Loans Paid in Full                                 33                      19                  52
Ending Loan Count                               1,228                     865               2,093
Beginning Scheduled Balance            440,960,037.32          285,582,323.00      726,542,360.32
Ending Scheduled Balance               424,386,288.40          277,893,233.81      702,279,522.21
Scheduled Principal                              0.00                    0.00                0.00
Unscheduled Principal                   16,573,748.92            7,689,089.19       24,262,838.11
Scheduled Interest                       1,592,467.65            1,082,826.64        2,675,294.29
Servicing Fee                              137,959.28               89,381.86          227,341.14
Master Servicing Fee                         3,123.47                2,022.87            5,146.34
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                             1,451,384.90              991,421.91        2,442,806.81
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
Principal Transfer Amount                                 0.00
Interest Transfer Amount                                  0.00
Pro Rata Senior Percent                              95.155364%
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                              95.110963%
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-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]