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