Sequoia Residential Funding, Inc. has previously registered the offer and sale of Mortgage Pass-Through Certificates issued by Sequoia Mortgage Trust 2004-11 (the Certificates)

EX-10.1 2 f04404fexv10w1.htm EXHIBIT 10.1 exv10w1

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) ###-###-####
	Fax:	(301) ###-###-####

SMT SERIES 2004-11
Record Date: November 30, 2004
Distribution Date: December 20, 2004

Certificateholder Distribution Summary


			Certificate Class	Certificate			Beginning		Interest		Principal		Current Realized		Ending Certificate				Cumulative Realized
Class	CUSIP		Description	Pass-Through Rate			Certificate Balance		Distribution		Distribution		Loss		Balance		Total Distribution		Loss


A-1		81744FFJ1	SEN		2.45000	%		433,985,000.00		797,447.44		4,040,906.16		0.00		429,944,093.84		4,838,353.60		0.00
A-2		81744FFK8	SEN		2.87000	%		86,036,000.00		185,192.49		704,980.38		0.00		85,331,019.62		890,172.87		0.00
A-3		81744FFL6	SEN		2.45000	%		170,694,000.00		313,650.22		3,687,198.26		0.00		167,006,801.74		4,000,848.48		0.00
X-A1		81744FFM4	IO		0.95013	%		0.00		411,737.56		0.00		0.00		0.00		411,737.56		0.00
X-A2		81744FFN2	IO		1.15189	%		0.00		163,850.48		0.00		0.00		0.00		163,850.48		0.00
X-B		81744FFP7	IO		0.73957	%		0.00		9,263.74		0.00		0.00		0.00		9,263.74		0.00
B-1		81744FFR3	SUB		2.65000	%		8,947,000.00		17,782.16		0.00		0.00		8,947,000.00		17,782.16		0.00
B-2		81744FFS1	SUB		3.00000	%		6,084,000.00		13,689.00		0.00		0.00		6,084,000.00		13,689.00		0.00
B-3		81744FFT9	SUB		3.25207	%		4,294,000.00		11,636.99		0.00		0.00		4,294,000.00		11,636.99		0.00
B-4		81744FFU6	SUB		3.25207	%		1,431,000.00		3,878.09		0.00		0.00		1,431,000.00		3,878.09		0.00
B-5		81744FFV4	SUB		3.25207	%		1,431,000.00		3,878.09		0.00		0.00		1,431,000.00		3,878.09		0.00
B-6		81744FFW2	SUB		3.25207	%		2,865,425.69		7,765.47		0.00		0.00		2,865,425.69		7,765.47		0.00
A-R		81744FFQ5	RES		3.19642	%		100.00		12.06		100.00		0.00		0.00		112.06		0.00

Totals								715,767,525.69		1,939,783.79		8,433,184.80		0.00		707,334,340.89		10,372,968.59		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


							Unscheduled
			Beginning		Scheduled Principal		Principal				Realized		Total Principal		Ending Certificate		Ending Certificate		Total Principal
Class	Original Face Amount		Certificate Balance		Distribution		Distribution		Accretion		Loss (1)		Reduction		Balance		Percentage		Distribution


A-1		433,985,000.00		433,985,000.00		0.00		4,040,906.16		0.00		0.00		4,040,906.16		429,944,093.84		0.99068883		4,040,906.16
A-2		86,036,000.00		86,036,000.00		0.00		704,980.38		0.00		0.00		704,980.38		85,331,019.62		0.99180598		704,980.38
A-3		170,694,000.00		170,694,000.00		0.00		3,687,198.26		0.00		0.00		3,687,198.26		167,006,801.74		0.97839878		3,687,198.26
X-A1		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00000000		0.00
X-A2		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00000000		0.00
X-B		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00000000		0.00
B-1		8,947,000.00		8,947,000.00		0.00		0.00		0.00		0.00		0.00		8,947,000.00		1.00000000		0.00
B-2		6,084,000.00		6,084,000.00		0.00		0.00		0.00		0.00		0.00		6,084,000.00		1.00000000		0.00
B-3		4,294,000.00		4,294,000.00		0.00		0.00		0.00		0.00		0.00		4,294,000.00		1.00000000		0.00
B-4		1,431,000.00		1,431,000.00		0.00		0.00		0.00		0.00		0.00		1,431,000.00		1.00000000		0.00
B-5		1,431,000.00		1,431,000.00		0.00		0.00		0.00		0.00		0.00		1,431,000.00		1.00000000		0.00
B-6		2,865,425.69		2,865,425.69		0.00		0.00		0.00		0.00		0.00		2,865,425.69		1.00000000		0.00
A-R		100.00		100.00		0.00		100.00		0.00		0.00		100.00		0.00		0.00000000		100.00

Totals		715,767,525.69		715,767,525.69		0.00		8,433,184.80		0.00		0.00		8,433,184.80		707,334,340.89		0.98821798		8,433,184.80

(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


							Unscheduled
			Beginning		Scheduled Principal		Principal				Realized		Total Principal		Ending Certificate		Ending Certificate		Total Principal
Class	Original Face Amount		Certificate Balance		Distribution		Distribution		Accretion		Loss (3)		Reduction		Balance		Percentage		Distribution

A-1		433,985,000900		1000.00000000		0.00000000		9.31116550		0.00000000		0.00000000		9.31116550		990.68883450		0.99068883		9.31116550
A-2		86,036,000.00		1000.00000000		0.00000000		8.19401623		0.00000000		0.00000000		8.19401623		991.80598377		0.99180598		8.19401623
A-3		170,694,000.00		1000.00000000		0.00000000		21.60121773		0.00000000		0.00000000		21.60121773		978.39878227		0.97839878		21.60121773
X-A1		0.00		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000
X-A2		0.00		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000
X-B		0.00		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000
B-1		8,947,000.00		1000.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		1000.00000000		1.00000000		0.00000000
B-2		6,084,000.00		1000.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		1000.00000000		1.00000000		0.00000000
B-3		4,294,000.00		1000.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		1000.00000000		1.00000000		0.00000000
B-4		1,431,000.00		1000.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		1000.00000000		1.00000000		0.00000000
B-5		1,431,000.00		1000.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		1000.00000000		1.00000000		0.00000000
B-6		2,865,425.69		1000.00000000		0.00000000		0.00000000		0.00000000		0.00000000		0.00000000		1000.00000000		1.00000000		0.00000000
A-R		100.00		1000.00000000		0.00000000		1000.00000000		0.00000000		0.00000000		1000.00000000		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-						Remaining		Ending
						Certificate/		Current		Unpaid		Current		Supported						Unpaid		Certificate/
		Original	Current Certificate			Notional		Accrued		Interest		Interest		Interest		Realized		Total Interest		Interest		Notational
Class	Face Amount		Rate			Balance		Interest		Shortfall		Shortfall		Shortfall		Loss (4)		Distribution		Shortfall		Balance

A-1		433,985,000.00		2.45000	%		433,985,000.00		797,447.44		0.00		0.00		0.00		0.00		797,447.44		0.00		429,944,093.84
A-2		80,036,000.00		2.87000	%		86,036,000.00		185,192.49		0.00		0.00		0.00		0.00		185,192.49		0.00		85,331,019.62
A-3		170,694,000.00		2.45000	%		170,694,000.00		313,650.22		0.00		0.00		0.00		0.00		313,650.22		0.00		167,006,801.74
X-A1		0.00		0.95013	%		520,021,000.00		411,737.56		0.00		0.00		0.00		0.00		411,737.56		0.00		515,275,113.46
X-A2		0.00		1.15189	%		170,694,000.00		163,850.48		0.00		0.00		0.00		0.00		163,850.48		0.00		167,006,801.74
X-B		0.00		0.73957	%		15,031,000.00		9,263.74		0.00		0.00		0.00		0.00		9,263.74		0.00		15,031,000.00
B-1		8,947,000.00		2.65000	%		8,947,000.00		17,782.16		0.00		0.00		0.00		0.00		17,782.16		0.00		8,947,000.00
B-2		6,084,000.00		3.00000	%		6,084,000.00		13,689.00		0.00		0.00		0.00		0.00		13,689.00		0.00		6,084,000.00
B-3		4,294,000.00		3.25207	%		4,294,000.00		11,636.99		0.00		0.00		0.00		0.00		11,636.99		0.00		4,294,000.00
B-4		1,431,000.00		3.25207	%		1,431,000.00		3,878.09		0.00		0.00		0.00		0.00		3,878.09		0.00		1,431,000.00
B-5		1,431,000.00		3.25207	%		1,431,000.00		3,878.09		0.00		0.00		0.00		0.00		3,878.09		0.00		1,431,000.00
B-6		2,865,425.69		3.25207	%		2,865,425.69		7,765.47		0.00		0.00		0.00		0.00		7,765.47		0.00		2,865,425.69
A-R		100.00		3.19642	%		100.00		0.27		0.00		0.00		0.00		0.00		12.06		0.00		0.00

Totals		715,767,525.69							1,939,772.00		0.00		0.00		0.00		0.00		1,939,783.79		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				Non-						Remaining
			Current			Beginning				Unpaid		Current		Supported						Unpaid
	Original Face		Certificate			Certificate/		Current Accrued		Interest		Interest		Interest		Realized		Total Interest		Interest		Ending Certificate/
Class (5)	Amount		Rate			Notional Balance		Interest		Shortfall		Shortfall		Shortfall		Loss (6)		Distribution		Shortfall		Notational Balance


A-1		433,985,000.00		2.45000	%		1000.00000000		1.83750001		0.00000000		0.00000000		0.00000000		0.00000000		1.83750001		0.00000000		990.68883450
A-2		86,036,000.00		2.87000	%		1000.00000000		2.15250000		0.00000000		0.00000000		0.00000000		0.00000000		2.15250000		0.00000000		991.80598377
A-3		170,694,000.00		2.45000	%		1000.00000000		1.83749997		0.00000000		0.00000000		0.00000000		0.00000000		1.83749997		0.00000000		978.39878227
X-A1		0.00		0.95013	%		1000.00000000		0.79177102		0.00000000		0.00000000		0.00000000		0.00000000		0.79177102		0.00000000		990.87366368
X-A2		0.00		1.15189	%		1000.00000000		0.95990767		0.00000000		0.00000000		0.00000000		0.00000000		0.95990767		0.00000000		978.39878227
X-B		0.00		0.73957	%		1000.00000000		0.61630896		0.00000000		0.00000000		0.00000000		0.00000000		0.61630896		0.00000000		1000.00000000
B-1		8,947,000.00		2.65000	%		1000.00000000		1.98749972		0.00000000		0.00000000		0.00000000		0.00000000		1.98749972		0.00000000		1000.00000000
B-2		6,084,000.00		3.00000	%		1000.00000000		2.25000000		0.00000000		0.00000000		0.00000000		0.00000000		2.25000000		0.00000000		1000.00000000
B-3		4,294,000.00		3.25207	%		1000.00000000		2.71005822		0.00000000		0.00000000		0.00000000		0.00000000		2.71005822		0.00000000		1000.00000000
B-4		1,431,000.00		3.25207	%		1000.00000000		2.71005590		0.00000000		0.00000000		0.00000000		0.00000000		2.71005590		0.00000000		1000.00000000
B-5		1,431,000.00		3.25207	%		1000.00000000		2.71005590		0.00000000		0.00000000		0.00000000		0.00000000		2.71005590		0.00000000		1000.00000000
B-6		2,865,425.69		3.25207	%		1000.00000000		2.71005806		0.00000000		0.00000000		0.00000000		0.00000000		2.71005806		0.00000000		1000.00000000
A-R		100.00		3.19642	%		1000.00000000		2.70000000		0.00000000		0.00000000		0.00000000		0.00000000		120.60000000		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			10,583,012.31
Liquidations, Insurance Proceeds, Reserve Funds			0.00
Proceeds from Repurchased Loans			0.00
Other Amounts (Servicer Advances)			1,705.83
Realized Losses (Gains, Subsequent Expenses & Recoveries)			0.00
Prepayment Penalties			0.00

Total Deposits			10,584,718.14

Withdrawals
Reimbursement for Servicer Advances			0.00
Payment of Service Fee			211,749.53
Payment of Interest and Principal			10,372,968.61

Total Withdrawals (Pool Distribution Amount)			10,584,718.14

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			206,083.04
Master Servicing Fee			5,666.49
Supported Prepayment/Curtailment Interest Shortfall			0.00


Net Servicing Fee			211,749.53


Other Accounts
Account Type	Beginning Balance		Current Withdrawals		Current Deposits		Ending Balance
Class X-A1 Pool 1 Comp. Sub Amount		3,000.00		0.00		0.00		3,000.00
Class X-A1 Pool 2 Comp. Sub Amount		3,000.00		0.00		0.00		3,000.00
Class X-A2 Sub Amount		3,000.00		0.00		0.00		3,000.00
Class X-B Sub Amount		1,000.00		0.00		0.00		1,000.00

Loan Status Stratification/Credit Enhancement Statement


DELINQUENT							BANKRUPTCY							FORECLOSURE							REO							TOTAL
	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance

0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00
30 Days		0			0.00		30 Days		0			0.00		30 Days		0			0.00		30 Days		0			0.00		30 Days		1			712,000.00
60 Days		1			712,000.00		60 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		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		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		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		180+ Days		0			0.00		180+ Days		0			0.00

		1			712,000.00				0			0.00				0			0.00				0			0.00				1			712,000.00

	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				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	%	0-29 Days		0.000000	%		0.000000	%	0-29 Days		0.000000	%		0.000000	%
30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%
60 Days		0.051414	%		0.100660	%	60 Days		0.000000	%		0.000000	%	60 Days		0.000000	%		0.000000	%	60 Days		0.000000	%		0.000000	%	60 Days		0.051414	%		0.100660	%
90 Days		0.000000	%		0.000000	%	90 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	%	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	%	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	%	180+ Days		0.000000	%		0.000000	%	180+ Days		0.000000	%		0.000000	%

		0.051414	%		0.100660	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.051414	%		0.100660	%


Current Period Class A Insufficient Funds:			0.00			Principal Balance of Contaminated Properties			0.00			Periodic Advance			1,705.83


	Original $		Original%			Current $		Current %			Current Class %			Prepayment %

Class A		25,052,425.69		3.50007856	%		25,052,425.69		3.54180820	%		96.458192	%		0.000000	%
Class B-1		16,105,425.69		2.25009170	%		16,105,425.69		2.27691839	%		1.264890	%		35.713109	%
Class B-2		10,021,425.69		1.40009505	%		10,021,425.69		1.41678766	%		0.860131	%		24.285074	%
Class B-3		5,727,425.69		0.80017959	%		5,727,425.69		0.80971973	%		0.607068	%		17.140057	%
Class B-4		4,296,425.69		0.60025435	%		4,296,425.69		0.60741087	%		0.202309	%		5.712022	%
Class B-5		2,865,425.69		0.40032910	%		2,865,425.69		0.40510202	%		0.202309	%		5.712022	%
Class B-6		0.00		0.00000000	%		0.00		0.00000000	%		0.405102	%		11.437718	%

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

Delinquency Status by Group


DELINQUENT							BANKRUPTCY							FORECLOSURE							REO							TOTAL
*Pool One*
	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance

0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00
30 Days		0			0.00		30 Days		0			0.00		30 Days		0			0.00		30 Days		0			0.00		30 Days		0			0.00
60 Days		1			712,000.00		60 Days		0			0.00		60 Days		0			0.00		60 Days		0			0.00		60 Days		1			712,000.00
90 Days		0			0.00		90 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		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		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		180+ Days		0			0.00		180+ Days		0			0.00

		1			712,000.00				0			0.00				0			0.00				0			0.00				1			712,000.00

	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				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	%	0-29 Days		0.000000	%		0.000000	%	0-29 Days		0.000000	%		0.000000	%
30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%
60 Days		0.085034	%		0.159754	%	60 Days		0.000000	%		0.000000	%	60 Days		0.000000	%		0.000000	%	60 Days		0.000000	%		0.000000	%	60 Days		0.085034	%		0.159754	%
90 Days		0.000000	%		0.000000	%	90 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	%	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	%	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	%	180+ Days		0.000000	%		0.000000	%	180+ Days		0.000000	%		0.000000	%

		0.085034	%		0.159754	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.085034	%		0.159754	%


DELINQUENT							BANKRUPTCY							FORECLOSURE							REO							TOTAL
*Pool Two*								1.183654%
	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance

0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00
30 Days		0			0.00		30 Days		0			0.00		30 Days		0			0.00		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		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		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		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		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		180+ Days		0			0.00		180+ Days		0			0.00

		0			0.00				0			0.00				0			0.00				0			0.00				0			0.00

	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				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	%	0-29 Days		0.000000	%		0.000000	%	0-29 Days		0.000000	%		0.000000	%
30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	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	%	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	%	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	%	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	%	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	%	180+ Days		0.000000	%		0.000000	%	180+ Days		0.000000	%		0.000000	%

		0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%


DELINQUENT							BANKRUPTCY							FORECLOSURE							REO							TOTAL
*Pool Three*								1.183654%
	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance				Loans			Balance

0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00		0-29 Days		0			0.00
30 Days		0			0.00		30 Days		0			0.00		30 Days		0			0.00		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		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		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		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		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		180+ Days		0			0.00		180+ Days		0			0.00

		0			0.00				0			0.00				0			0.00				0			0.00				0			0.00

	No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal				No. of			Principal
	Loans			Balance				Loans			Balance				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	%	0-29 Days		0.000000	%		0.000000	%	0-29 Days		0.000000	%		0.000000	%
30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	30 Days		0.000000	%		0.000000	%	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	%	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	%	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	%	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	%	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	%	180+ Days		0.000000	%		0.000000	%	180+ Days		0.000000	%		0.000000	%

		0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%			0.000000	%		0.000000	%


Collateral Statement

Collateral Description	Fixed & Mixed Arm

Weighted Average Gross Coupon		3.607093	%
Weighted Average Net Coupon		3.261590	%
Weighted Average Pass-Through Rate		3.252090	%
Weighted Average Maturity (Stepdown Calculation)		303

Beginning Scheduled Collateral Loan Count		1,961
Number of Loans Paid in Full		16
Ending Scheduled Collateral Loan Count		1,945

Beginning Scheduled Collateral Balance		715,767,526.00
Ending Scheduled Collateral Balance		707,334,340.89
Ending Actual Collateral Balance at 30-Nov-2004		707,334,679.41

Monthly P&I Constant		2,151,533.25
Special Servicing Fee		0.00
Prepayment Penalties		0.00
Realization Loss Amount		0.00
Cumulative Realized Loss		0.00

Class A Optimal Amount		10,305,063.26

Scheduled Principal		0.00
Unscheduled Principal		8,433,184.80


Miscellaneous Reporting
Rapid Prepay Condition?		NO


Group	Pool One		Pool Two		Pool Three		Total

Collateral Description	Mixed ARM		6 Month LIBOR ARM		Mixed ARM		Fixed & Mixed ARM
Weighted Average Coupon Rate		3.583162		3.709330		3.616405		3.607093
Weighted Average Net Rate		3.205944		3.334330		3.366405		3.261590
Pass-Through Rate		3.196444		3.324830		3.356905		3.252090
Weighted Average Maturity		333		337		210		303
Record Date		11/30/2004		11/30/2004		11/30/2004		11/30/2004
Principal and Interest Constant		1,342,866.70		275,593.05		533,073.50		2,151,533.25
Beginning Loan Count		1,182		241		538		1,961
Loans Paid in Full		6		1		9		16
Ending Loan Count		1,176		240		529		1,945
Beginning Scheduled Balance		449,725,717.15		89,156,717.26		176,885,091.28		715,767,525.69
Ending Scheduled Balance		445,684,710.99		88,451,736.88		173,197,893.02		707,334,340.89
Scheduled Principal		0.00		0.00		0.00		0.00
Unscheduled Principal		4,041,006.16		704,980.38		3,687,198.26		8,433,184.80
Scheduled Interest		1,342,866.70		275,593.05		533,073.50		2,151,533.25
Servicing Fee		141,370.51		27,861.47		36,851.06		206,083.04
Master Servicing Fee		3,560.33		705.82		1,400.34		5,666.49
Trustee Fee		0.00		0.00		0.00		0.00
FRY Amount		0.00		0.00		0.00		0.00
Special Hazard Fee		0.00		0.00		0.00		0.00
Other Fee		0.00		0.00		0.00		0.00
Pool Insurance Fee		0.00		0.00		0.00		0.00
Spread 1		0.00		0.00		0.00		0.00
Spread 2		0.00		0.00		0.00		0.00
Spread 3		0.00		0.00		0.00		0.00
Net Interest		1,197,935.86		247,025.76		494,822.10		1,939,783.72
Realized Loss Amount		0.00		0.00		0.00		0.00
Cumulative Realized Loss		0.00		0.00		0.00		0.00
Percentage of Cumulative Losses		0.00		0.00		0.00		0.00
Prepayment Penalties		0.00		0.00		0.00		0.00
Special Servicing Fee		0.00		0.00		0.00		0.00


Miscellaneous Reporting

Group Pool One
One Month Libor Loan Balance	222,182,205.89
Six Month Libor Loan Balance	223,502,505.10
Principal Transfer Amount	0.00
Pro Rata Senior Percent	96.499952	%
Senior Percent	100.000000	%
Senior Prepayment Percent	100.000000	%
Subordinate Percent	0.000000	%
Subordinate Prepayment Percent	0.000000	%
Interest Transfer Amount	0.00

Group Pool Two
Principal Transfer Amount	0.00
Pro Rata Senior Percent	96.499740	%
Senior Percent	100.000000	%
Senior Prepayment Percent	100.000000	%
Subordinate Percent	0.000000	%
Subordinate Prepayment Percent	0.000000	%
Interest Transfer Amount	0.00

Group Pool Three
One Month Libor Loan Balance	86,953,559.26
Six Month Libor Loan Balance	86,244,333.76
Principal Transfer Amount	0.00
Pro Rata Senior Percent	96.499936	%
Senior Percent	100.000000	%
Senior Prepayment Percent	100.000000	%
Subordinate Percent	0.000000	%
Subordinate Prepayment Percent	0.000000	%
Interest Transfer Amount	0.00