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: MAY 28, 2004
DISTRIBUTION DATE: JUNE 21, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning
Class Certificate Pass- Certificate Interest Principal Current
Class CUSIP Description Through Rate Balance Distribution Distribution Realized Loss
- ----- ----- ----------- ----------------- --------------- ------------ -------------- ---------------
A-1 81744FBS5 SEN 2.74715% 553,000,000.00 1,265,977.58 5,343,207.50 0.00
A-2 81744FBT3 SEN 1.36000% 185,867,000.00 161,497.77 254,430.60 0.00
A-3 81744FCF2 SEN 1.86250% 75,000,000.00 89,244.79 102,666.39 0.00
X-1 81744FBU0 IO 0.80000% 0.00 173,911.33 0.00 0.00
X-2 81744FBV8 IO 0.68843% 0.00 149,656.63 0.00 0.00
X-B 81744FBX4 IO 0.39055% 0.00 27,084.48 0.00 0.00
B-1 81744FBZ9 SUB 1.58000% 14,874,000.00 15,014.48 0.00 0.00
B-2 81744FCA3 SUB 1.98000% 8,499,000.00 10,751.24 0.00 0.00
B-3 81744FCB1 SUB 2.71340% 4,674,000.00 10,568.68 0.00 0.00
B-4 81744FCC9 SUB 2.71340% 2,124,000.00 4,802.71 0.00 0.00
B-5 81744FCD7 SUB 2.71340% 2,124,000.00 4,802.71 0.00 0.00
B-6 81744FCE5 SUB 2.71340% 3,830,447.31 8,661.27 0.00 0.00
A-R 81744FBY2 RES 2.74715% 100.00 0.23 100.00 0.00
-------------- ------------ ------------ ----
Totals 849,992,547.31 1,921,973.90 5,700,404.49 0.00
-------------- ------------ ------------ ----
Ending Certificate Total Cumulative
Class CUSIP Balance Distribution Realized Loss
- ----- ----- ------------------ ------------- -------------
A-1 81744FBS5 547,656,792.50 6,609,185.08 0.00
A-2 81744FBT3 185,612,569.61 415,928.37 0.00
A-3 81744FCF2 74,897,333.61 191,911.18 0.00
X-1 81744FBU0 0.00 173,911.33 0.00
X-2 81744FBV8 0.00 149,656.63 0.00
X-B 81744FBX4 0.00 27,084.48 0.00
B-1 81744FBZ9 14,874,000.00 15,014.48 0.00
B-2 81744FCA3 8,499,000.00 10,751.24 0.00
B-3 81744FCB1 4,674,000.00 10,568.68 0.00
B-4 81744FCC9 2,124,000.00 4,802.71 0.00
B-5 81744FCD7 2,124,000.00 4,802.71 0.00
B-6 81744FCE5 3,830,447.31 8,661.27 0.00
A-R 81744FBY2 0.00 100.23 0.00
-------------- ------------ ----
Totals 884,292,142.82 7,622,378.39 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 Realized Total Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
- ----- ------------- --------------- ------------- ------------- --------- -------- ---------------
A-1 553,000,000.00 553,000,000.00 0.00 5,343,207.50 0.00 0.00 5,343,207.50
A-2 185,867,000.00 185,867,000.00 0.00 254,430.60 0.00 0.00 254,430.60
A-3 75,000,000.00 75,000,000.00 0.00 102,666.39 0.00 0.00 102,666.39
X-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00
X-B 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 14,874,000.00 14,874,000.00 0.00 0.00 0.00 0.00 0.00
B-2 8,499,000.00 8,499,0000.00 0.00 0.00 0.00 0.00 0.00
B-3 4,674,000.00 4,674,000.00 0.00 0.00 0.00 0.00 0.00
B-4 2,124,000.00 2,124,000.00 0.00 0.00 0.00 0.00 0.00
B-5 2,124,000.00 2,124,000.00 0.00 0.00 0.00 0.00 0.00
B-6 3,830,447.31 3,830,447.31 0.00 0.00 0.00 0.00 0.00
A-R 100.00 100.00 0.00 100.00 0.00 0.00 100.00
-------------- -------------- ---- ------------ ---- ---- ---------------
Totals 849,992,547.31 849,992,547.31 0.00 5,700,404.49 0.00 0.00 5,700,404.49
-------------- -------------- ---- ------------ ---- ---- ---------------
Ending Certificate Ending Certificate Total Principal
Class Balance Percentage Distribution
- ----- ------------------ ------------------- ---------------
A-1 547,656,792.50 0.99033778 5,343,207.50
A-2 185,612,569.40 0.99863111 254,430.60
A-3 74,897,333.61 0.99863111 102,666.39
X-1 0.00 0.00000000 0.00
X-2 0.00 0.00000000 0.00
X-B 0.00 0.00000000 0.00
B-1 14,874,000.00 1.00000000 0.00
B-2 8,499,000.00 1.00000000 0.00
B-3 4,674,000.00 1.00000000 0.00
B-4 2,124,000.00 1.00000000 0.00
B-5 2,124,000.00 1.00000000 0.00
B-6 3,830,447.31 1.00000000 0.00
A-R 0.00 0.00000000 100.00
-------------- ---------- ------------
Totals 844,292,142.82 0.99329358 5,700,404.49
-------------- ---------- ------------
(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 Realized Total Principal
Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction
- ----- ------ --------------- ------------- ------------- --------- ---------- ---------------
A-1 553,000,000.00 1000.00000000 0.00000000 9.66221971 0.00000000 0.00000000 9.66221971
A-2 185,867,000.00 1000.00000000 0.00000000 1.36888528 0.00000000 0.00000000 1.36888528
A-3 75,000,000.00 1000.00000000 0.00000000 1.36888520 0.00000000 0.00000000 1.36888520
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 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
B-1 14,874,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,499,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 4,674,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,124,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-5 2,124,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-6 3,830,447.31 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000
Ending Certificate Ending Certificate Total Principal
Class Balance Percentage Distribution
- ----- ------------------ ------------------- ---------------
A-1 990.33778029 0.99033778 9.66221971
A-2 998.63111472 0.99863111 1.36888528
A-3 998.63111480 0.99863111 1.36888520
X-1 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000
X-B 0.00000000 0.00000000 0.00000000
B-1 1000.00000000 1.00000000 0.00000000
B-2 1000.00000000 1.00000000 0.00000000
B-3 1000.00000000 1.00000000 0.00000000
B-4 1000.00000000 1.00000000 0.00000000
B-5 1000.00000000 1.00000000 0.00000000
B-6 1000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 1000.00000000
(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 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)
- ----- -------------- ---------------- --------------- ---------- ----------- --------- --------- ----------
A-1 553,000,000.00 2.74715% 553,000,000.00 1,265,977.57 0.00 0.00 0.00 0.00
A-2 185,867,000.00 1.36000% 185,867,000.00 161,497.77 0.00 0.00 0.00 0.00
A-3 75,000,000.00 1.86250% 75,000,000.00 89,244.79 0.00 0.00 0.00 0.00
X-1 0.00 0.80000% 260,867,000.00 173,911.33 0.00 0.00 0.00 0.00
X-2 0.00 0.68843% 260,867,000.00 149,656.63 0.00 0.00 0.00 0.00
X-B 0.00 1.39055% 23,373,000.00 27,084.48 0.00 0.00 0.00 0.00
B-1 14,874,000.00 1.58000% 14,874,000.00 15,014.48 0.00 0.00 0.00 0.00
B-2 8,499,000.00 1.98000% 8,499,000.00 10,751.24 0.00 0.00 0.00 0.00
B-3 4,674,000.00 2.71340% 4,674,000.00 10,568,68 0.00 0.00 0.00 0.00
B-4 2,124,000.00 2.71340% 2,124,000.00 4,802.71 0.00 0.00 0.00 0.00
B-5 2,124,000.00 2.71340% 2,124,000.00 4,802.71 0.00 0.00 0.00 0.00
B-6 3,830,447.31 2.71340% 3,830,447.31 8,661.27 0.00 0.00 0.00 0.00
A-R 100.00 2.74715% 100.00 0.23 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Totals 849,992,547.31 1,921,973.89 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- ----- -------------- ---------- ---------------
A-1 1,265,977.58 0.00 547,656,792.50
A-2 161,497.77 0.00 185,612,569.40
A-3 89,244.79 0.00 74,897,333.61
X-1 173,911.33 0.00 251,260,118.76
X-2 149,656.63 0.00 260,509,903.01
X-B 27,084.48 0.00 23,373,000.00
B-1 15,014.48 0.00 14,874,000.00
B-2 10,751.24 0.00 8,499,000.00
B-3 10,568.68 0.00 4,674,000.00
B-4 4,802.71 0.00 2,124,000.00
B-5 4,802.71 0.00 2,124,000.00
B-6 8,661.27 0.00 3,830,447.31
A-R 0.23 0.00 0.00
------------ ----
Totals 1,921,973.90 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 Non-Supported
Class Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized
(5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6)
- --------- --------------- ----------- ---------------- --------------- ------------ ---------- ------------- --------
A-1 553,000,000.00 2.74715% 1000.00000000 2.28929036 0.00000000 0.00000000 0.00000000 0.00000000
A-2 185,867,000.00 1.36000% 1000.00000000 0.86888888 0.00000000 0.00000000 0.00000000 0.00000000
A-3 75,000,000.00 1.86250% 1000.00000000 1.18993053 0.00000000 0.00000000 0.00000000 0.00000000
X-1 0.00 0.80000% 1000.00000000 0.66666665 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.68843% 1000.00000000 0.57368939 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 1.39055% 1000.00000000 1.15879348 0.00000000 0.00000000 0.00000000 0.00000000
B-1 14,874,000.00 1.58000% 1000.00000000 1.00944467 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,499,000.00 1.98000% 1000.00000000 1.26500059 0.00000000 0.00000000 0.00000000 0.00000000
B-3 4,674,000.00 2.71340% 1000.00000000 2.26116389 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,124,000.00 2.71340% 1000.00000000 2.26116290 0.00000000 0.00000000 0.00000000 0.00000000
B-5 2,124,000.00 2.71340% 1000.00000000 2.26116290 0.00000000 0.00000000 0.00000000 0.00000000
B-6 3,830,447.31 2.71340% 1000.00000000 2.26116411 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 2.74715% 1000.00000000 2.30000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining
Unpaid
Total Interest Interest Ending Certificate/
Class (5) Distribution Shortfall Notational Balance
- --------- --------------- ---------- -------------------
A-1 2.28929038 0.00000000 990.33778029
A-2 0.86888888 0.00000000 998.63111472
A-3 1.18993053 0.00000000 998.63111480
X-1 0.66666665 0.00000000 963.17325978
X-2 0.57368939 0.00000000 998.63111474
X-B 1.15879348 0.00000000 1000.00000000
B-1 1.00944467 0.00000000 1000.00000000
B-2 1.26500059 0.00000000 1000.00000000
B-3 2.26116389 0.00000000 1000.00000000
B-4 2.26116290 0.00000000 1000.00000000
B-5 2.26116290 0.00000000 1000.00000000
B-6 2.26116411 0.00000000 1000.00000000
A-R 2.30000000 0.00000000 0.00000000
(5) Per $1 Denomination
(6) Amount does not include excess special hazard, bankcruptcy, or fraud losses
unless otherwise disclosed.Please refer to other prospectus supplement for
full description.
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,868,274.22
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 26,454.17
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
------------
Total Deposits 7,894,728.39
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 272,350.00
Payment of Interest and Principal 7,622,378.39
------------
Total Withdrawals (Pool Distribution Amount) 7,894,728.39
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 265,825.33
Master Servicing Fee 5,312.48
PMI 1,212.19
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 272,350.00
==========
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
--------------------- ---------- ---------- -------- --------
Class X-1 Sub Account 4,500.00 0.00 0.00 4,500.00
Class X-2 Sub Account 4,500.00 0.00 0.00 4,500.00
Class X-B Sub Account 1,000.00 0.00 0.00 1,000.00
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 24 11,141,916.70 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
-------- ------------- -------- -------- -------- --------
24 11,141,916.70 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 0.988875% 1.319674% 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%
-------- ------------- -------- -------- -------- --------
0.988875% 1.319674% 0.000000% 0.000000% 0.000000% 0.000000%
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 24 11,141,916.70
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 24 11,141,916.70
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 0.988875% 1.319674%
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% 0.988875% 1.319674%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 26,454.17
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ---------- ------------- ---------- --------------- ------------
Class A 36,125,447.31 4.25008989% 36,125,447.31 4.27878521% 95.721215% 0.000000%
Class X-1 36,125,447.31 4.25008989% 36,125,447.31 4.27878521% 0.000000% 0.000000%
Class X-2 36,125,447.31 4.25008989% 36,125,447.31 4.27878521% 0.000000% 0.000000%
Class B-1 21,251,447.31 2.50019219% 21,251,447.31 2.51707273% 1.761712% 41.173193%
Class B-2 12,752,447.31 1.50030107% 12,752,447.31 1.51043065% 1.006642% 23.526352%
Class B-3 8,078,447.31 0.95041390% 8,078,447.31 0.95683081% 0.553600% 12.938248%
Class B-4 5,954,447.31 0.70052936% 5,954,447.31 0.70525912% 0.251572% 5.879512%
Class B-5 3,830,447.31 0.45064481% 3,830,447.31 0.45368743% 0.251572% 5.879512%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.453687% 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 13 6,772,905.70 30 Days 0 0.00 30 Days 0 0.00
60 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00
-------- ------------ -------- -------- -------- --------
13 6,772,905.70 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 0.765156% 1.183654% 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%
-------- ------------ -------- -------- -------- --------
0.765156% 1.183654% 0.000000% 0.000000% 0.000000% 0.000000%
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 13 6,772,905.70
60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
-------- -------- -------- ------------
0 0.00 13 6,772,905.70
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 0.765156% 1.183654%
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% 0.765156% 1.183654%
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 11 4,369,011.00 30 Days 0 0.00 30 Days 0 0.00
60 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00
-------- ------------ -------- -------- -------- --------
11 4,369,011.00 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 1.510989% 1.605723% 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%
-------- ------------ -------- -------- -------- --------
1.510989% 1.605723% 0.000000% 0.000000% 0.000000% 0.000000%
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 11 4,369,011.00
60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
-------- -------- -------- ------------
0 0.00 11 4,369,011.00
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 1.510989% 1.605723%
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% 1.510989% 1.605723%
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 3.097896%
Weighted Average Net Coupon 2.722610%
Weighted Average Pass-Through Rate 2.713399%
Weighted Average Maturity (Stepdown Calculation) 342
Beginning Scheduled Collateral Loan Count 2,436
Number of Loans Paid in Full 9
Ending Scheduled Collateral Loan Count 2,427
Beginning Scheduled Collateral Balance 849,992,547.31
Ending Scheduled Collateral Balance 844,292,142.82
Ending Actual Collateral Balance at 28-May-2004 844,293,073.50
Monthly P&I Constant 2,194,323.89
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 7,540,692.82
Ending Scheduled Balance for Premium Loans 844,292,142.82
Scheduled Principal 0.00
Unscheduled Principal 5,700,404.49
GROUP GROUP ONE GROUP TWO TOTAL
Collateral Description 6 Month LIBOR ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 3.131794 3.026037 3.097896
Weighted Average Net Rate 2.756373 2.651037 2.722610
Pass-Through Rate 2.747148 2.641854 2.713399
Weighted Average Maturity 344 337 342
Record Date 05/28/2004 05/28/2004 05/28/2004
Principal and Interest Constant 1,507,295.55 687,028.34 2,194,323.89
Beginning Loan Count 1,708 728 2,436
Loans Paid in Full 9 0 9
Ending Loan Count 1,699 728 2,427
Beginning Scheduled Balance 577,545,770.75 272,446,776.56 849,992,547.31
Ending Scheduled Balance 572,202,463.25 272,089,679.57 844,292,142.82
Scheduled Principal 0.00 0.00 0.00
Unscheduled Principal 5,343,307.50 357,096.99 5,700,404.49
Scheduled Interest 1,507,295.55 687,028.34 2,194,323.89
Servicing Fee 180,685.71 85,139.62 265,825.33
Master Servicing Fee 3,609.68 1,702.80 5,312.48
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 830.21 381.98 1,212.19
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 1,322,169.95 599,803.94 1,921,973.89
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 72,202,463.25
Interest Transfer Amount 0.00
Principal Transfer Amount 0.00
Prorata Senior Percentage 95.750004%
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 50,105,568.90
Six-Month Libor Loan Balance 21,984,110.67
Interest Transfer Amount 0.00
Principal Transfer Amount 0.00
Prorata Senior Percentage 95.749711%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%