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 2005-1
RECORD DATE: APRIL 29, 2005
DISTRIBUTION DATE: MAY 20, 2005
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Current Ending Cumulative
Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Loss
- ----- --------- ----------- ------------ -------------- ------------ ------------- -------- -------------- ------------ ----------
A-1 81744FGM# SEN 3.22000% 282,056,045.33 756,850.39 9,461,614.70 0.00 272,594,430.63 10,218,465.09 0.00
A-2 81744FGN1 SEN 3.16875% 97,007,155.00 256,159.52 2,433,180.59 0.00 94,573,974.41 2,689,340.11 0.00
X-A 81744FGP6 IO 0.46522% 0.00 146,955.27 0.00 0.00 0.00 146,955.27 0.00
X-B 81744FGS0 IO 0.13742% 0.00 310.94 0.00 0.00 0.00 310.94 0.00
B-1 81744FGQ4 SUB 3.41000% 7,067,000.00 20,082.06 0.00 0.00 7,067,000.00 20,082.06 0.00
B-2 81744FGR2 SUB 3.69000% 3,949,000.00 12,143.18 0.00 0.00 3,949,000.00 12,143.18 0.00
B-3 81744FGU5 SUB 4.24000% 2,495,000.00 8,815.67 0.00 0.00 2,495,000.00 8,815.67 0.00
B-4 81744FGV3 SUB 3.67273% 1,455,000.00 4,453.18 0.00 0.00 1,455,000.00 4,453.18 0.00
B-5 81744FGW1 SUB 3.67273% 831,000.00 2,543.36 0.00 0.00 831,000.00 2,543.36 0.00
B-6 81744FGX9 SUB 3.67273% 1,871,544.03 5,728.06 0.00 0.00 1,871,544.03 5,728.06 0.00
A-R 81744FGT8 RES 3.75169% 0.00 0.51 0.00 0.00 0.00 0.51 0.00
-------------- ------------ ------------- ---- -------------- ------------- ----
Totals 396,731,744.36 1,214,042.14 11,894,795.29 0.00 384,836,949.07 13,108,837.43 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 Total
Original Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
----- -------------- -------------- ------------ ------------ --------- -------- -------------
A-1 298,055,000.00 282,056,045.33 0.00 9,461,614.70 0.00 0.00 9,461,614.70
A-2 100,000,000.00 97,007,155.00 0.00 2,433,180.59 0.00 0.00 2,433,180.59
X-A 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 7,067,000.00 7,067,000.00 0.00 0.00 0.00 0.00 0.00
B-2 3,949,000.00 3,949,000.00 0.00 0.00 0.00 0.00 0.00
B-3 2,495,000.00 2,495,000.00 0.00 0.00 0.00 0.00 0.00
B-4 1,455,000.00 1,455,000.00 0.00 0.00 0.00 0.00 0.00
B-5 831,000.00 831,000.00 0.00 0.00 0.00 0.00 0.00
B-6 1,871,544.03 1,871,544.03 0.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ---- ------------- ---- ---- -------------
Totals 415,723,644.03 396,731,744.36 0.00 11,894,795.29 0.00 0.00 11,894,795.29
-------------- -------------- ---- ------------- ---- ---- -------------
Ending Ending
Certificate Certificate Total Principal
Class Balance Percentage Distribution
----- -------------- ----------- --------------
A-1 272,594,430.63 0.91457761 9,461,614.70
A-2 94,573,974.41 0.94573974 2,433,180.59
X-A 0.00 0.00000000 0.00
X-B 0.00 0.00000000 0.00
B-1 7,067,000.00 1.00000000 0.00
B-2 3,949,000.00 1.00000000 0.00
B-3 2,495,000.00 1.00000000 0.00
B-4 1,455,000.00 1.00000000 0.00
B-5 831,000.00 1.00000000 0.00
B-6 1,871,544.03 1.00000000 0.00
A-R 0.00 0.00000000 0.00
-------------- ---------- -------------
Totals 384,836,949.07 0.92570378 11,894,795.29
-------------- ---------- -------------
(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-1 298,055,000.00 946.32213964 0.00000000 31.74452601 0.00000000 0.00000000 31.74452601
A-2 100,000,000.00 970.07155000 0.00000000 24.33180590 0.00000000 0.00000000 24.33180590
X-A 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 7,067,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 3,949,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 2,495,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-4 1,455,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-5 831,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-6 1,871,544.03 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Ending
Certificate Certificate Total Principal
Class Balance Percentage Distribution
- ----- ------------- ---------- ---------------
A-1 914.57761363 0.91457761 31.74452601
A-2 945.73974410 0.94573974 24.33180590
X-A 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 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 Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (4)
----- -------------- ----------- -------------- ------------ ---------- --------- --------- --------
A-1 298,055,000.00 3.22000% 282,056,045.33 756,850.39 0.00 0.00 0.00 0.00
A-2 100,000,000.00 3.16875% 97,007,155.00 256,159.52 0.00 0.00 0.00 0.00
X-A 0.00 0.46522% 379,063,200.33 146,955.27 0.00 0.00 0.00 0.00
X-B 0.00 0.13742% 13,511,000.00 1,547.24 0.00 0.00 0.00 0.00
B-1 7,067,000.00 3.41000% 7,067,000.00 20,082.06 0.00 0.00 0.00 0.00
B-2 3,949,000.00 3.69000% 3,949,000.00 12,143.18 0.00 0.00 0.00 0.00
B-3 2,495,000.00 4.24000% 2,495,000.00 8,815.67 0.00 0.00 0.00 0.00
B-4 1,455,000.00 3.67273% 1,455,000.00 4,453.18 0.00 0.00 0.00 0.00
B-5 831,000.00 3.67273% 831,000.00 2,543.36 0.00 0.00 0.00 0.00
B-6 1,871,544.03 3.67273% 1,871,544.03 5,728.06 0.00 0.00 0.00 0.00
A-R 100.00 3.75169% 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Totals 415,723,644.03 1,215,277.93 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notational
Class Distribution Shortfall Balance
----- ------------ --------- ---------------
A-1 756,850.39 0.00 272,594,430.63
A-2 256,159.52 0.00 94,573,974.41
X-A 149,955.27 0.00 367,168,405.04
X-B 310.94 0.00 13,511,000.00
B-1 20,082.06 0.00 7,067,000.00
B-2 12,143.18 0.00 3,949,000.00
B-3 8,815.67 0.00 2,495,000.00
B-4 4,453.18 0.00 1,455,000.00
B-5 2,543.36 0.00 831,000.00
B-6 5,728.06 0.00 1,871,544.03
A-R 0.51 0.00 0.00
------------ ----
Totals 1,214,042.14 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
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class (5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (6)
- --------- -------------- ----------- ------------- ---------- ---------- ---------- ---------- ----------
A-1 298,055,000.00 3.22000% 946.32213964 2.53929775 0.00000000 0.00000000 0.00000000 0.00000000
A-2 100,000,000.00 3.16875% 970.07155000 2.56159520 0.00000000 0.00000000 0.00000000 0.00000000
X-A 0.00 0.46522% 952.28850367 0.36918333 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.13742% 1000.00000000 0.11451706 0.00000000 0.00000000 0.00000000 0.00000000
B-1 7,067,000.00 3.41000% 1000.00000000 2.84166690 0.00000000 0.00000000 0.00000000 0.00000000
B-2 3,949,000.00 3.69000% 1000.00000000 3.07500127 0.00000000 0.00000000 0.00000000 0.00000000
B-3 2,495,000.00 4.24000% 1000.00000000 3.53333467 0.00000000 0.00000000 0.00000000 0.00000000
B-4 1,455,000.00 3.67273% 1000.00000000 3.06060481 0.00000000 0.00000000 0.00000000 0.00000000
B-5 831,000.00 3.67273% 1000.00000000 3.06060168 0.00000000 0.00000000 0.00000000 0.00000000
B-6 1,871,544.03 3.67273% 1000.00000000 3.06060659 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 3.75169% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notational
Class (5) Distribution Shortfall Balance
- --------- ------------ ---------- -------------
A-1 2.53929775 0.00000000 914.57761363
A-2 2.56159520 0.00000000 945.73974410
X-A 0.36918333 0.00000000 922.40621281
X-B 0.02301384 0.00000000 1000.00000000
B-1 2.84166690 0.00000000 1000.00000000
B-2 3.07500127 0.00000000 1000.00000000
B-3 3.53333467 0.00000000 1000.00000000
B-4 3.06060481 0.00000000 1000.00000000
B-5 3.06060168 0.00000000 1000.00000000
B-6 3.06060659 0.00000000 1000.00000000
A-R 5.10000000 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 13,211,887.56
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 40,136.20
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 13,252,023.76
Withdrawals
Reimbursement for Servicer Advances 15,006.67
Payment of Service Fee 128,179.66
Payment of Interest and Principal 13,108,837.43
-------------
Total Withdrawals (Pool Distribution Amount) 13,252,023.76
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 124,047.04
Master Servicing Fee 4,132.62
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 128,179.66
==========
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
------------ --------- ----------- -------- -------
X-A Pool 1 Reserve Fund 4,500.00 0.00 0.00 4,500.00
X-A Pool 2 Reserve Fund 4,500.00 0.00 0.00 4,500.00
X-B Reserve Fund 1,000.00 1,236.30 1,236.30 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 33 11,956,457.12
60 Days 0 0.00
90 Days 1 740,172.89
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- -------------
34 12,696,630.01
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 2.894737% 3.106883%
60 Days 0.000000% 0.000000%
90 Days 0.087719% 0.192334%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
2.982456% 3.299217%
BANKRUPTCY
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
FORECLOSURE
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
REO
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
TOTAL
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 33 11,956,457.12
60 Days 0 0.00
90 Days 1 740,172.89
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- -------------
34 12,696,630.01
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 2.894737% 3.106883%
60 Days 0.000000% 0.000000%
90 Days 0.087719% 0.192334%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
2.982456% 3.299217%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 40,136.20
Original $ Original % Current $ Current % Current Class % Prepayment %
---------- ---------- --------- --------- --------------- ------------
Class A 17,668,544.03 4.25006956% 17,668,544.03 4.59117662% 95.408823% 0.000000%
Class B-1 10,601,544.03 2.55014219% 10,601,544.03 2.75481449% 1.836362% 39.997636%
Class B-2 6,652,544.03 1.60023230% 6,642,544.03 1.72866562% 1.026149% 22.350455%
Class B-3 4,157,544.03 1.00007399% 4,157,544.03 1.08033910% 0.648327% 14.121141%
Class B-4 2,702,544.03 0.65008187% 2,702,544.03 0.70225690% 0.378082% 8.234974%
Class B-5 1,871,544.03 0.45018946% 1,871,544.03 0.48632129% 0.215936% 4.703274%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.486321% 10.592520%
Please refer to the prospectus supplement for a full description of loss
exposure
DELINQUENCY STATUS BY GROUP
DELINQUENT
GROUP ONE
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 23 8,969,693.56
60 Days 0 0.00
90 Days 1 740,172.89
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ------------
24 9,709,866.45
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 2.725118% 3.138177%
60 Days 0.000000% 0.000000%
90 Days 0.118483% 0.258960%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
2.843602% 3.397138%
BANKRUPTCY
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
FORECLOSURE
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
REO
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
TOTAL
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 23 8,969,693.56
60 Days 0 0.00
90 Days 1 740,172.89
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ------------
24 9,709,866.45
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 2.725118% 3.138177%
60 Days 0.000000% 0.000000%
90 Days 0.118483% 0.258960%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
2.843602% 3.397138%
DELINQUENT
GROUP TWO
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 10 2,986,763.56
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ------------
10 2,986,763.56
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 3.378378% 3.016546%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
3.378378% 3.016546%
BANKRUPTCY
1.183654%
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
FORECLOSURE
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
REO
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
TOTAL
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 10 2,986,763.56
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ------------
10 2,986,763.56
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 3.378378% 3.016546%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
3.378378% 3.016546%
COLLATERAL STATEMENT
Collateral Description Mixed ARM
Weighted Average Gross Coupon 4.059836%
Weighted Average Net Coupon 3.684630%
Weighted Average Pass-Through Rate 3.672130%
Weighted Average Maturity (Stepdown Calculation) 332
Beginning Scheduled Collateral Loan Count 1,166
Number of Loans Paid in Full 26
Ending Scheduled Collateral Loan Count 1,140
Beginning Scheduled Collateral Balance 396,731,744.36
Ending Scheduled Collateral Balance 384,836,949.07
Ending Actual Collateral Balance at 29-Apr-2005 384,837,642.54
Monthly P&I Constant 1,342,221.62
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 13,053,524.17
Scheduled Principal 0.00
Unscheduled Principal 11,894,795.29
MISCELLANEOUS REPORTING
Pro Rata Senior Percent 95.546476%
GROUP POOL ONE POOL TWO TOTAL
Collateral Description Mixed ARM 6 Month LIBOR ARM Mixed ARM
Weighted Average Coupon Rate 4.093869 3.960775 4.059836
Weighted Average Net Rate 3.718732 3.585366 3.684630
Pass-Through Rate 3.706232 3.572866 3.672130
Weighted Average Maturity 331 336 332
Record Date 04/29/2005 04/29/2005 04/29/2005
Principal and Interest Constant 1,007,384.62 334,837.00 1,342,221.62
Beginning Loan Count 865 301 1,166
Loans Paid in Full 21 5 26
Ending Loan Count 844 296 1,140
Beginning Scheduled Balance 295,285,851.31 101,445,893.05 396,731,744.36
Ending Scheduled Balance 285,824,236.61 99,012,712.46 384,836,949.07
Scheduled Principal 0.00 0.00 0.00
Unscheduled Principal 9,461,614.70 2,433,180.59 11,894,795.29
Scheduled Interest 1,007,384.62 334,837.00 1,342,221.62
Servicing Fee 92,310.58 31,736.46 124,047.04
Master Servicing Fee 3,075.89 1,056.73 4,132.62
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 911,998.15 302,043.81 1,214,041.96
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 Pool One
One Month Libor Loan Balance 148,026,349.83
Six Month Libor Loan Balance 137,797,886.78
Senior Percent 100.000000%
Senior Prepayment Percent 100.000000%
Subordinate Percent 0.000000%
Subordinate Prepayment Percent 0.000000%
Principal Transfer Amount 0.00
Interest Transfer Amount 0.00
Group Pool Two
Senior Percent 100.000000%
Senior Prepayment Percent 100.000000%
Subordinate Percent 0.000000%
Subordinate Prepayment Percent 0.000000%
Principal Transfer Amount 0.00
Interest Transfer Amount 0.00