EXHIBIT 10.1
CONTACT: CUSTOMER SERVICES -- CTSLINK
WELLS FARGO BANK MINNESOTA, N.A.
SECURITIES ADMINISTRATION SERVICES
7485 NEW HORIZON WAY
FREDERICK, MD 21703
WWW.CTSLINK.COM
TELEPHONE: (301) 815-6600
FAX: (301) 315-6660
SMT SERIES 2004-5
RECORD DATE: DECEMBER 31, 2004
DISTRIBUTION DATE: JANUARY 20, 2005
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning
Class Certificate Pass- Certificate Interest
Class CUSIP Description Through Rate Balance Distribution
- ------ --------- ----------- ----------------- -------------- ------------
A-1 81744FBS5 SEN 3.56737% 477,449,061.60 1,419,365.22
A-2 81744FBT3 SEN 2.67000% 166,672,120.97 370,845.47
A-3 81744FCF2 SEN 2.82000% 67,254,591.04 158,048.29
X-1 81744FBU0 IO 0.79061% 0.00 132,012.25
X-2 81744FBV8 IO 0.11355% 0.00 22,162.98
X-B 81744FBX4 IO 0.51152% 0.00 9,969.23
B-1 81744FBZ9 SUB 2.89000% 14,874,000.00 35,821.55
B-2 81744FCA3 SUB 3.29000% 8,499,000.00 23,301.42
B-3 81744FCB1 SUB 3.54697% 4,674,000.00 13,815.46
B-4 81744FCC9 SUB 3.54697% 2,124,000.00 6,278.14
B-5 81744FCD7 SUB 3.54697% 2,124,000.00 6,278.14
B-6 81744FCE5 SUB 3.54697% 3,830,447.31 11,322.08
A-R 81744FBY2 RES 3.08284% 0.00 0.00
-------------- ------------
Totals 747,501,220.92 2,209,220.23
============== ============
Principal Current Ending Certificate Total Cumulative
Class Distribution Realized Loss Balance Distribution Realized Loss
- ------ ------------- ------------- ------------------ ------------- --------------
A-1 10,241,793.85 0.00 467,207,267.75 11,661,159.07 0.00
A-2 5,652,322.22 0.00 161,019,798.75 6,023,167.69 0.00
A-3 2,280,793.07 0.00 64,973,797.97 2,438,841.36 0.00
X-1 0.00 0.00 0.00 132,012.25 0.00
X-2 0.00 0.00 0.00 22,162.98 0.00
X-B 0.00 0.00 0.00 9,969.23 0.00
B-1 0.00 0.00 14,874,000.00 35,821.55 0.00
B-2 0.00 0.00 8,499,000.00 23,301.42 0.00
B-3 0.00 0.00 4,674,000.00 13,815.46 0.00
B-4 0.00 0.00 2,124,000.00 6,278.14 0.00
B-5 0.00 0.00 2,124,000.00 6,278.14 0.00
B-6 0.00 0.00 3,830,447.31 11,322.08 0.00
A-R 0.00 0.00 0.00 0.00 0.00
------------- ---- -------------- ------------- ----
Totals 18,174,909.14 0.00 729,326,311.78 20,384,129.37 0.00
============= ==== ============== ============= ====
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
PRINCIPAL DISTRIBUTION STATEMENT
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class Amount Balance Distribution Distribution Accretion
- ------ -------------- -------------- ------------ ------------- ---------
A-1 553,000,000.00 477,449,061.60 110,899.65 10,130,894.20 0.00
A-2 185,867,000.00 166,672,120.97 26,310.14 5,626,012.08 0.00
A-3 75,000,000.00 67,254,591.04 10,616.52 2,270,176.55 0.00
X-1 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00
X-B 0.00 0.00 0.00 0.00 0.00
B-1 14,874,000.00 14,874,000.00 0.00 0.00 0.00
B-2 8,499,000.00 8,499,000.00 0.00 0.00 0.00
B-3 4,674,000.00 4,674,000.00 0.00 0.00 0.00
B-4 2,124,000.00 2,124,000.00 0.00 0.00 0.00
B-5 2,124,000.00 2,124,000.00 0.00 0.00 0.00
B-6 3,830,447.31 3,830,447.31 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00
-------------- -------------- ---------- ------------- ----
Totals 849,992,547.31 747,501,220.92 147,826.31 18,027,082.83 0.00
============== ============== ========== ============= ====
Total
Realized Principal Ending Certificate Ending Certificate Total Principal
Class Loss (1) Reduction Balance Percentage Distribution
- ------ -------- ------------- ------------------ ------------------ ---------------
A-1 0.00 10,241,793.85 467,207,267.75 0.84485944 10,241,793.85
A-2 0.00 5,652,322.22 161,019,798.75 0.86631731 5,652,322.22
A-3 0.00 2,280,793.07 64,973,797.97 0.86631731 2,280,793.07
X-1 0.00 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00 0.00000000 0.00
X-B 0.00 0.00 0.00 0.00000000 0.00
B-1 0.00 0.00 14,874,000.00 1.00000000 0.00
B-2 0.00 0.00 8,499,000.00 1.00000000 0.00
B-3 0.00 0.00 4,674,000.00 1.00000000 0.00
B-4 0.00 0.00 2,124,000.00 1.00000000 0.00
B-5 0.00 0.00 2,124,000.00 1.00000000 0.00
B-6 0.00 0.00 3,830,447.31 1.00000000 0.00
A-R 0.00 0.00 0.00 0.00000000 0.00
---- ------------- -------------- ---------- -------------
Totals 0.00 18,174,909.14 729,326,311.78 0.85803848 18,174,909.14
==== ============= ============== ========== =============
(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
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class Amount Balance Distribution Distribution Accretion
- ------ -------------- -------------- ------------- ------------- ----------
A-1 553,000,000.00 863.37985823 0.20054186 18.31988101 0.00000000
A-2 185,867,000.00 896.72788053 0.14155358 30.26902075 0.00000000
A-3 75,000,000.00 896.72788053 0.14155360 30.26902067 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 14,874,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 8,499,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 4,674,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 2,124,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 2,124,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 3,830,447.31 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
Realized Total Principal Ending Certificate Ending Certificate Total Principal
Class Loss (3) Reduction Balance Percentage Distribution
- ------ ---------- --------------- ------------------ ------------------ ---------------
A-1 0.00000000 18.52042288 844.85943535 0.84485944 18.52042288
A-2 0.00000000 30.41057434 866.31730619 0.86631731 30.41057434
A-3 0.00000000 30.41057427 866.31730627 0.86631731 30.41057427
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-5 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-6 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
(3) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a
full description.
INTEREST DISTRIBUTION STATEMENT
Beginning Payment of
Certificate/ Current Unpaid Current
Original Face Current Notional Accrued Interest Interest
Class Amount Certificate Rate Balance Interest Shortfall Shortfall
- ------ -------------- ---------------- -------------- ------------ ---------- ---------
A-1 553,000,000.00 3.56737% 477,449,061.60 1,419,365.22 0.00 0.00
A-2 185,867,000.00 2.67000% 166,672,120.97 370,845.47 0.00 0.00
A-3 75,000,000.00 2.82000% 67,254,591.04 158,048.29 0.00 0.00
X-1 0.00 0.79061% 200,328,541.08 131,985.21 0.00 0.00
X-2 0.00 0.11355% 233,926,712.01 22,135.94 0.00 0.00
X-B 0.00 0.51152% 23,373,000.00 9,963.22 0.00 0.00
B-1 14,874,000.00 2.89000% 14,874,000.00 35,821.55 0.00 0.00
B-2 8,499,000.00 3.29000% 8,499,000.00 23,301.43 0.00 0.00
B-3 4,674,000.00 3.54697% 4,674,000.00 13,815.46 0.00 0.00
B-4 2,124,000.00 3.54697% 2,124,000.00 6,278.14 0.00 0.00
B-5 2,124,000.00 3.54697% 2,124,000.00 6,278.14 0.00 0.00
B-6 3,830,447.31 3.54697% 3,830,447.31 11,322.08 0.00 0.00
A-R 100.00 3.08284% 0.00 0.00 0.00 0.00
-------------- ------------ ---- ----
Totals 849,992,547.31 2,209,160.15 0.00 0.00
============== ============ ==== ====
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notational
Class Shortfall Loss (4) Distribution Shortfall Balance
- ------ --------- -------- -------------- --------- --------------
A-1 0.00 0.00 1,419,365.22 0.00 467,207,267.75
A-2 0.00 0.00 370,845.47 0.00 161,019,798.75
A-3 0.00 0.00 158,048.29 0.00 64,973,797.97
X-1 0.00 0.00 132,012.25 0.00 192,856,262.28
X-2 0.00 0.00 22,162.98 0.00 225,993,596.72
X-B 0.00 0.00 9,969.23 0.00 23,373,000.00
B-1 0.00 0.00 35,821.55 0.00 14,874,000.00
B-2 0.00 0.00 23,301.42 0.00 8,499,000.00
B-3 0.00 0.00 13,815.46 0.00 4,674,000.00
B-4 0.00 0.00 6,278.14 0.00 2,124,000.00
B-5 0.00 0.00 6,278.14 0.00 2,124,000.00
B-6 0.00 0.00 11,322.08 0.00 3,830,447.31
A-R 0.00 0.00 0.00 0.00 0.00
---- ---- ------------ ----
Totals 0.00 0.00 2,209,220.23 0.00
==== ==== ============ ====
(4) Amount does not include excess special hazard, bankruptcy,
or fraud losses unless otherwise disclosed. Please refer
to the prospectus supplement for a full description.
INTEREST DISTRIBUTION FACTORS STATEMENT
Payment of
Current Beginning Unpaid Current
Class Original Face Certificate Certificate/ Current Accrued Interest Interest
(5) Amount Rate Notional Balance Interest Shortfall Shortfall
- ----- -------------- ----------- ---------------- --------------- ---------- ----------
A-1 553,000,000.00 3.56737% 863.37985823 2.56666405 0.00000000 0.00000000
A-2 185,867,000.00 2.67000% 896.72788053 1.99521954 0.00000000 0.00000000
A-3 75,000,000.00 2.82000% 896.72788053 2.10731053 0.00000000 0.00000000
X-1 0.00 0.79061% 767.93362549 0.50594828 0.00000000 0.00000000
X-2 0.00 0.11355% 896.72788053 0.08485527 0.00000000 0.00000000
X-B 0.00 0.51152% 1000.00000000 0.42627048 0.00000000 0.00000000
B-1 14,874,000.00 2.89000% 1000.00000000 2.40833333 0.00000000 0.00000000
B-2 8,499,000.00 3.29000% 1000.00000000 2.74166725 0.00000000 0.00000000
B-3 4,674,000.00 3.54697% 1000.00000000 2.95581087 0.00000000 0.00000000
B-4 2,124,000.00 3.54697% 1000.00000000 2.95580979 0.00000000 0.00000000
B-5 2,124,000.00 3.54697% 1000.00000000 2.95580979 0.00000000 0.00000000
B-6 3,830,447.31 3.54697% 1000.00000000 2.95581145 0.00000000 0.00000000
A-R 100.00 3.08284% 0.00000000 0.00000000 0.00000000 0.00000000
Non- Remaining
Supported Unpaid
Class Interest Realized Total Interest Interest Ending Certificate/
(5) Shortfall Loss (6) Distribution Shortfall Notational Balance
- ----- ---------- ---------- -------------- ---------- -------------------
A-1 0.00000000 0.00000000 2.56666405 0.00000000 844.85943535
A-2 0.00000000 0.00000000 1.99521954 0.00000000 866.31730619
A-3 0.00000000 0.00000000 2.10731053 0.00000000 866.31730627
X-1 0.00000000 0.00000000 0.50605193 0.00000000 739.28960842
X-2 0.00000000 0.00000000 0.08495893 0.00000000 866.31730621
X-B 0.00000000 0.00000000 0.42652762 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 2.40833333 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 2.74166608 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 2.95581087 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 2.95580979 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 2.95580979 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 2.95581145 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
(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
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 20,643,323.03
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 17,640.00
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 20,660,963.03
=============
Withdrawals
Reimbursement for Servicer Advances 37,329.10
Payment of Service Fee 239,504.56
Payment of Interest and Principal 20,384,129.37
-------------
Total Withdrawals (Pool Distribution Amount) 20,660,963.03
Ending Balance 0.00
=============
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment Curtailment Interest Shortfall 0.00
====
SERVICING FEES
Gross Servicing Fee 233,795.39
LPMI 1,037.25
Master Servicing Fee 4,671.92
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 239,504.56
==========
OTHER ACCOUNTS
- ---------------------------------------------------------------------
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- --------------------- --------- ----------- -------- --------
Class X-1 Sub Account 4,500.00 27.04 27.04 4,500.00
Class X-2 Sub Account 4,500.00 27.04 27.04 4,500.00
Class X-B Sub Account 1,000.00 6.01 6.01 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE
- ----------------------------------- -------------------------------- --------------------------------
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
-------- ------------ -------- --------- -------- ---------
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 16 5,230,753.65 30 Days 0 0.00 30 Days 0 0.00
60 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00
90 Days 1 133,459.32 90 Days 0 0.00 90 Days 0 0.00
120 Days 1 243,699.99 120 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 5,607,912.96 0 0.00 0 0.00
== ============ == ==== == ====
REO TOTAL
- ------------------------------ ---------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
------ --------- ------ ------------
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 16 5,230,753.65
60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 1 133,459.32
120 Days 0 0.00 120 Days 1 243,699.99
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
-- ---- -- ------------
0 0.00 18 5,607,912.96
== ==== == ============
DELINQUENT BANKRUPTCY FORECLOSURE
- -------------------------------- -------------------------------- --------------------------------
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 0.731261% 0.717202% 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 0.045704% 0.018299% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.045704% 0.033414% 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%
-------- -------- -------- -------- -------- --------
0.822669% 0.768915% 0.000000% 0.000000% 0.000000% 0.000000%
======== ======== ======== ======== ======== ========
REO TOTAL
- -------------------------------- --------------------------------
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 0.731261% 0.717202%
60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.045704% 0.018299%
120 Days 0.000000% 0.000000% 120 Days 0.045704% 0.033414%
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% 0.822669% 0.768915%
======== ======== ======== ========
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 17,640.00
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ---------- ------------- ---------- --------------- ------------
Class A 36,125,447.31 4.25008989% 36,125,447.31 4.95326258% 95.046737% 0.000000%
Class X-1 36,125,447.31 4.25008989% 36,125,447.31 4.95326258% 0.000000% 0.000000%
Class X-2 36,125,447.31 4.25008989% 36,125,447.31 4.95326258% 0.000000% 0.000000%
Class B-1 21,251,447.31 2.50019219% 21,251,447.31 2.91384624% 2.039416% 41.173193%
Class B-2 12,752,447.31 1.50030107% 12,752,447.31 1.74852423% 1.165322% 23.526352%
Class B-3 8,078,447.31 0.95041390% 8,078,447.31 1.10765883% 0.640865% 12.938248%
Class B-4 5,954,447.31 0.70052936% 5,954,447.31 0.81643117% 0.291228% 5.879512%
Class B-5 3,830,447.31 0.45064481% 3,830,447.31 0.52520350% 0.291228% 5.879512%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.525203% 10.603183%
Please refer to the prospectus supplement for a full description of loss
exposure
DELINQUENCY STATUS BY GROUP
DELINQUENT BANKRUPTCY FORECLOSURE
- ----------------------------------- -------------------------------- --------------------------------
GROUP ONE
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
------ ------------ ------ --------- ------ ---------
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 9 2,452,633.37 30 Days 0 0.00 30 Days 0 0.00
60 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00
90 Days 1 133,459.32 90 Days 0 0.00 90 Days 0 0.00
120 Days 1 243,699.99 120 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 2,829,792.68 0 0.00 0 0.00
== ============ == ==== == ====
REO TOTAL
- -------------------------------- -----------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
------ --------- ------ ------------
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 9 2,452,633.37
60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 1 133,459.32
120 Days 0 0.00 120 Days 1 243,699.99
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
-- ---- -- ------------
0 0.00 11 2,829,792.68
== ==== == ============
DELINQUENT BANKRUPTCY FORECLOSURE
- --------------------------------- -------------------------------- --------------------------------
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 0.590164% 0.498752% 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 0.065574% 0.027139% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.065574% 0.049557% 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%
-------- -------- -------- -------- -------- --------
0.721311% 0.575448% 0.000000% 0.000000% 0.000000% 0.000000%
======== ======== ======== ======== ======== ========
REO TOTAL
- --------------------------------- --------------------------------
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 0.590164% 0.498752%
60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.065574% 0.027139%
120 Days 0.000000% 0.000000% 120 Days 0.065574% 0.049557%
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% 0.721311% 0.575448%
======== ======== ======== ========
DELINQUENT BANKRUPTCY FORECLOSURE
- ---------------------------------- -------------------------------- ------------------------------
GROUP TWO 1.183654%
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
------ ------------ -------- --------- ------ ---------
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 7 2,778,120.28 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
-- ------------ -- ---- -- ----
7 2,778,120.28 0 0.00 0 0.00
== ============ == ==== == ====
REO TOTAL
- ------------------------------- ---------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
------ --------- ------ ------------
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 7 2,778,120.28
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 7 2,778,120.28
== ==== == ============
DELINQUENT BANKRUPTCY FORECLOSURE
- ----------------------------------- -------------------------------- --------------------------------
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 1.055807% 1.169371% 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%
-------- -------- -------- -------- -------- --------
1.055807% 1.169371% 0.000000% 0.000000% 0.000000% 0.000000%
======== ======== ======== ======== ======== ========
REO TOTAL
- -------------------------------- --------------------------------
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 1.055807% 1.169371%
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% 1.055807% 1.169371%
======== ======== ======== ========
COLLATERAL STATEMENT
Collateral Description Mixed Arm
- ---------------------- --------------
Weighted Average Gross Coupon 3.930960%
Weighted Average Net Coupon 3.555637%
Weighted Average Pass-Through Rate 3.546472%
Weighted Average Maturity (Stepdown Calculation) 335
Beginning Scheduled Collateral Loan Count 2,232
Number of Loans Paid in Full 44
Ending Scheduled Collateral Loan Count 2,188
Beginning Scheduled Collateral Balance 747,501,220.92
Ending Scheduled Collateral Balance 729,326,311.78
Ending Actual Collateral Balance at 31-Dec-2004 729,328,293.41
Monthly P&I Constant 2,596,490.99
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 20,277,289.27
Ending Scheduled Balance for Premium Loans 729,326,311.78
Scheduled Principal 147,826.31
Unscheduled Principal 18,027,082.83
GROUP GROUP ONE GROUP TWO TOTAL
- ------------------------------- ----------------- -------------- --------------
Collateral Description 6 Month LIBOR ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 3.951920 3.888104 3.930960
Weighted Average Net Rate 3.576439 3.513104 3.555637
Pass-Through Rate 3.567372 3.503738 3.546472
Weighted Average Maturity 337 330 335
Record Date 12/31/2004 12/31/2004 12/31/2004
Principal and Interest Constant 1,764,102.03 832,388.96 2,596,490.99
Beginning Loan Count 1,552 680 2,232
Loans Paid in Full 27 17 44
Ending Loan Count 1,525 663 2,188
Beginning Scheduled Balance 501,994,732.35 245,506,488.57 747,501,220.92
Ending Scheduled Balance 491,752,938.50 237,573,373.28 729,326,311.78
Scheduled Principal 110,899.65 36,926.66 147,826.31
Unscheduled Principal 10,130,894.20 7,896,188.63 18,027,082.83
Scheduled Interest 1,653,202.38 795,462.30 2,448,664.68
Servicing Fee 157,074.61 76,720.78 233,795.39
Master Servicing Fee 3,137.49 1,534.43 4,671.92
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 655.47 381.78 1,037.25
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 1,492,334.81 716,825.31 2,209,160.12
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
MISCELLANEOUS REPORTING
Group One
Six-Month Libor Loan Balance 491,752,938.50
Interest Transfer Amount 0.00
Principal Transfer Amount 0.00
Prorata Senior Percentage 95.110373%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
Group Two
One-Month Libor Loan Balance 135,394,766.21
Six-Month Libor Loan Balance 102,178,607.07
Interest Transfer Amount 0.00
Principal Transfer Amount 0.00
Prorata Senior Percentage 95.283311%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%