Sequoia Mortgage Trust 2005-2
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f14512cexv10w1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<PAGE>

                                                                    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 2005-2
                         RECORD DATE: SEPTEMBER 30, 2005
                       DISTRIBUTION DATE: OCTOBER 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate      Beginning
                        Class      Pass-Through     Certificate      Interest
 Class     CUSIP     Description       Rate           Balance      Distribution
------   ---------   -----------   ------------   --------------   ------------
<S>      <C>         <C>           <C>            <C>              <C>
  A-1    81744FGY7       SEN         4.01625%     154,267,933.19     513,105.91
  A-2    81744FGZ4       SEN         4.29000%      91,512,312.98     327,156.52
  A-R    81744FHJ9       REZ         4.07632%               0.00           0.34
  X-A    81744FHD2        IO         0.79384%               0.00     161,872.71
  B-1    81744FHA8       SUB         4.18625%       6,016,000.00      20,906.74
  B-2    81744FHB6       SUB         4.46625%       3,266,000.00      12,109.12
  X-B    81744FHE0        IO         0.62714%               0.00       4,832.32
  B-3    81744FHC4       SUB         4.91191%       1,890,000.00       7,706.64
  B-4    81744FHF7       SUB         4.91191%       1,231,000.00       5,019.51
  B-5    81744FHG5       SUB         4.91191%         687,000.00       2,801.30
  B-6    81744FHH3       SUB         4.91191%       1,549,605.55       6,318.65
                                                  --------------   ------------
Totals                                            260,419,851.72   1,061,829.76
                                                  ==============   ============

<CAPTION>
                          Current       Ending
           Principal     Realized     Certificate        Total         Cumulative
Class     Distribution     Loss         Balance       Distribution   Realized Loss
------   -------------   --------   --------------   -------------   -------------
<S>      <C>             <C>        <C>              <C>             <C>
  A-1     6,768,233.83     0.00     147,499,699.36    7,281,339.74        0.00
  A-2     8,554,107.45     0.00      82,958,205.53    8,881,263.97        0.00
  A-R             0.00     0.00               0.00            0.34        0.00
  X-A             0.00     0.00               0.00      161,872.71        0.00
  B-1             0.00     0.00       6,016,000.00       20,906.74        0.00
  B-2             0.00     0.00       3,266,000.00       12,109.12        0.00
  X-B             0.00     0.00               0.00        4,832.32        0.00
  B-3             0.00     0.00       1,890,000.00        7,706.64        0.00
  B-4             0.00     0.00       1,231,000.00        5,019.51        0.00
  B-5             0.00     0.00         687,000.00        2,801.30        0.00
  B-6             0.00     0.00       1,549,605.55        6,318.65        0.00
         -------------     ----     --------------   -------------        ----
Totals   15,322,341.28     0.00     245,097,510.44   16,384,171.04        0.00
         =============     ====     ==============   =============        ====
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
            Original         Beginning       Scheduled     Unscheduled
              Face          Certificate      Principal      Principal
Class        Amount           Balance      Distribution    Distribution   Accretion
------   --------------   --------------   ------------   -------------   ---------
<S>      <C>              <C>              <C>            <C>             <C>
  A-1    202,462,000.00   154,267,933.19       0.00        6,768,233.83      0.00
  A-2    126,737,000.00    91,512,312.98       2.29        8,554,105.16      0.00
  A-R            100.00             0.00       0.00                0.00      0.00
  X-A              0.00             0.00       0.00                0.00      0.00
  B-1      6,016,000.00     6,016,000.00       0.00                0.00      0.00
  B-2      3,266,000.00     3,266,000.00       0.00                0.00      0.00
  X-B              0.00             0.00       0.00                0.00      0.00
  B-3      1,890,000.00     1,890,000.00       0.00                0.00      0.00
  B-4      1,231,000.00     1,231,000.00       0.00                0.00      0.00
  B-5        687,000.00       687,000.00       0.00                0.00      0.00
  B-6      1,549,605.55     1,549,605.55       0.00                0.00      0.00
         --------------   --------------       ----       -------------      ----
Totals   343,838,705.55   260,419,851.72       2.29       15,322,338.99      0.00
         ==============   ==============       ====       =============      ====

<CAPTION>
                        Total           Ending         Ending          Total
         Realized     Principal       Certificate    Certificate     Principal
Class    Loss (1)     Reduction         Balance       Percentage    Distribution
------   --------   -------------   --------------   -----------   -------------
<S>      <C>        <C>             <C>              <C>           <C>
  A-1      0.00      6,768,233.83   147,499,699.36    0.72853029    6,768,233.83
  A-2      0.00      8,544,107.54    82,958,205.53    0.65456974    8,554,107.45
  A-R      0.00              0.00             0.00    0.00000000            0.00
  X-A      0.00              0.00             0.00    0.00000000            0.00
  B-1      0.00              0.00     6,016,000.00    1.00000000            0.00
  B-2      0.00              0.00     3,266,000.00    1.00000000            0.00
  X-B      0.00              0.00             0.00    0.00000000            0.00
  B-3      0.00              0.00     1,890,000.00    1.00000000            0.00
  B-4      0.00              0.00     1,231,000.00    1.00000000            0.00
  B-5      0.00              0.00       687,000.00    1.00000000            0.00
  B-6      0.00              0.00     1,549,605.55    1.00000000            0.00
           ----     -------------   --------------    ----------   -------------
Totals     0.00     15,322,341.28   245,097,510.44    0.71282699   15,322,341.28
           ====     =============   ==============    ==========   =============
</TABLE>

(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.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
            Original        Beginning       Scheduled    Unscheduled
              Face         Certificate      Principal      Principal
Class        Amount          Balance      Distribution   Distribution    Accretion
------   --------------   -------------   ------------   ------------   ----------
<S>      <C>              <C>             <C>            <C>            <C>
  A-1    202,462,000.00    761.95993910    0.00000000     33.42965016   0.00000000
  A-2    126,737,000.00    722.06469287    0.00001807     67.49493171   0.00000000
  A-R            100.00      0.00000000    0.00000000      0.00000000   0.00000000
  X-A              0.00      0.00000000    0.00000000      0.00000000   0.00000000
  B-1      6,016,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-2      3,266,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  X-B              0.00      0.00000000    0.00000000      0.00000000   0.00000000
  B-3      1,890,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-4      1,231,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-5        687,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  B-6      1,549,605.55   1000.00000000    0.00000000      0.00000000   0.00000000

<CAPTION>
                         Total          Ending         Ending         Total
          Realized     Principal     Certificate    Certificate     Principal
Class     Loss (3)     Reduction       Balance       Percentage   Distribution
------   ----------   -----------   -------------   -----------   ------------
<S>      <C>          <C>           <C>             <C>           <C>
  A-1    0.00000000   33.42965016    728.53028894    0.72853029    33.42965016
  A-2    0.00000000   67.49494978    654.56974309    0.65456974    67.49494978
  A-R    0.00000000    0.00000000      0.00000000    0.00000000     0.00000000
  X-A    0.00000000    0.00000000      0.00000000    0.00000000     0.00000000
  B-1    0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
  B-2    0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
  X-B    0.00000000    0.00000000      0.00000000    0.00000000     0.00000000
  B-3    0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
  B-4    0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
  B-5    0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
  B-6    0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
</TABLE>

(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

<TABLE>
<CAPTION>
                                           Beginning                    Payment of
                            Current      Certificate/       Current       Unpaid      Current
          Original Face   Certificate      Notional         Accrued      Interest     Interest
Class        Amount          Rate           Balance        Interest      Shortfall   Shortfall
------   --------------   -----------   --------------   ------------   ----------   ---------
<S>      <C>              <C>           <C>              <C>            <C>          <C>
  A-1    202,462,000.00     4.01625%    154,267,933.19     516,315.49      0.00         0.00
  A-2    126,737,000.00     4.29000%     91,512,312.98     327,156.52      0.00         0.00
  A-R            100.00     4.07632%              0.00           0.00      0.00         0.00
  X-A              0.00     0.79384%    245,780,246.17     162,591.23      0.00         0.00
  B-1      6,016,000.00     4.18625%      6,016,000.00      20,987.07      0.00         0.00
  B-2      3,266,000.00     4.46625%      3,266,000.00      12,155.64      0.00         0.00
  X-B              0.00     0.62714%      9,282,000.00       4,850.89      0.00         0.00
  B-3      1,890,000.00     4.91191%      1,890,000.00       7,736.25      0.00         0.00
  B-4      1,231,000.00     4.91191%      1,231,000.00       5,038.80      0.00         0.00
  B-5        687,000.00     4.91191%        687,000.00       2,812.07      0.00         0.00
  B-6      1,549,605.55     4.91191%      1,549,605.55       6,342.93      0.00         0.00
         --------------                                  ------------      ----         ----
Totals   343,838,705.55                                  1,065,986.89      0.00         0.00
         ==============                                  ============      ====         ====

<CAPTION>
                                                     Remaining       Ending
         Non-Supported                                 Unpaid     Certificate/
            Interest     Realized   Total Interest    Interest     Notational
Class      Shortfall     Loss (4)    Distribution    Shortfall       Balance
------   -------------   --------   --------------   ---------   --------------
<S>      <C>             <C>        <C>              <C>         <C>
  A-1       3,209.58       0.00        513,105.91       0.00     147,499,699.36
  A-2           0.00       0.00        327,156.52       0.00      82,958,205.53
  A-R           0.00       0.00              0.34       0.00               0.00
  X-A         718.52       0.00        161,872.71       0.00     230,457,904.89
  B-1          80.33       0.00         20,906.74       0.00       6,016,000.00
  B-2          46.53       0.00         12,109.12       0.00       3,266,000.00
  X-B          18.57       0.00          4,832.32       0.00       9,282,000.00
  B-3          29.61       0.00          7,706.64       0.00       1,890,000.00
  B-4          19.29       0.00          5,019.51       0.00       1,231,000.00
  B-5          10.76       0.00          2,801.30       0.00         687,000.00
  B-6          24.28       0.00          6,318.65       0.00       1,549,605.55
            --------       ----      ------------       ----
Totals      4,157.47       0.00      1,061,829.76       0.00
            ========       ====      ============       ====
</TABLE>

(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.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                      Beginning                Payment of
                         Current     Certificate/    Current     Unpaid      Current
Class     Original     Certificate     Notional      Accrued    Interest    Interest
 (5)     Face Amount       Rate        Balance      Interest    Shortfall   Shortfall
-----  --------------  -----------  -------------  ----------  ----------  ----------
<S>    <C>             <C>          <C>            <C>         <C>         <C>
 A-1   202,462,000.00    4.01625%    761.95993910  2.55018468  0.00000000  0.00000000
 A-2   126,737,000.00    4.29000%    722.06469287  2.58138129  0.00000000  0.00000000
 A-R           100.00    4.07632%      0.00000000  0.00000000  0.00000000  0.00000000
 X-A             0.00    0.79384%    746.60082859  0.49389953  0.00000000  0.00000000
 B-1     6,016,000.00    4.18625%   1000.00000000  3.48854222  0.00000000  0.00000000
 B-2     3,266,000.00    4.46625%   1000.00000000  3.71287385  0.00000000  0.00000000
 X-B             0.00    0.62714%   1000.00000000  0.52261258  0.00000000  0.00000000
 B-3     1,890,000.00    4.91191%   1000.00000000  4.09325397  0.00000000  0.00000000
 B-4     1,231,000.00    4.91191%   1000.00000000  4.09325751  0.00000000  0.00000000
 B-5       687,000.00    4.91191%   1000.00000000  4.09326055  0.00000000  0.00000000
 B-6     1,549,605.55    4.91191%   1000.00000000  4.09325457  0.00000000  0.00000000

<CAPTION>
          Non-                                  Remaining      Ending
        Supported                                Unpaid     Certificate/
Class   Interest    Realized   Total Interest   Interest     Notational
 (5)    Shortfall   Loss (6)    Distribution    Shortfall     Balance
-----  ----------  ----------  --------------  ----------  -------------
<S>    <C>         <C>         <C>             <C>         <C>
 A-1   0.01585275  0.00000000    2.53433192    0.00000000   728.53028894
 A-2   0.00000000  0.00000000    2.58138129    0.00000000   654.56974309
 A-R   0.00000000  0.00000000    3.40000000    0.00000000     0.00000000
 X-A   0.00218263  0.00000000    0.49171689    0.00000000   700.05651563
 B-1   0.01335273  0.00000000    3.47518949    0.00000000  1000.00000000
 B-2   0.01424679  0.00000000    3.70763013    0.00000000  1000.00000000
 X-B   0.00200065  0.00000000    0.52061194    0.00000000  1000.00000000
 B-3   0.01566667  0.00000000    4.07758730    0.00000000  1000.00000000
 B-4   0.01567019  0.00000000    4.07758733    0.00000000  1000.00000000
 B-5   0.01566230  0.00000000    4.07758370    0.00000000  1000.00000000
 B-6   0.01566850  0.00000000    4.07758607    0.00000000  1000.00000000
</TABLE>

(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

<TABLE>
<S>                                                            <C>
Beginning Balance                                                       0.00

Deposits
   Payments of Interest and Principal                          16,472,766.99
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                               20,132.11
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 16,492,899.10

Withdrawals
   Reimbursement for Servicer Advances                             22,314.95
   Payment of Service Fee                                          86,413.11
   Payment of Interest and Principal                           16,384,171.04
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   16,492,899.10

Ending Balance                                                          0.00
                                                               =============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                       <C>
Total Prepayment/Curtailment Interest Shortfall               0.00
Servicing Fee Support                                         0.00
                                                          --------
Non-Supported Prepayment Curtailment Interest Shortfall   4,157.47
                                                          ========
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   82,615.32
Master Servicing Fee                                   3,797.79
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                      ---------
Net Servicing Fee                                     86,413.11
                                                      =========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
Account Type   Beginning Balance   Current Withdrawals   Current Deposits   Ending Balance
------------   -----------------   -------------------   ----------------   --------------
<S>            <C>                 <C>                   <C>                <C>
Reserve Fund        4,500.00               0.00                0.00            4,500.00
Reserve Fund        4,500.00               0.00                0.00            4,500.00
Reserve Fund        1,000.00               0.00                0.00            1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                     BANKRUPTCY                    FORECLOSURE
-------------------------------  ----------------------------  ----------------------------
           No. of    Principal              No. of  Principal             No. of  Principal
            Loans     Balance                Loans   Balance               Loans   Balance
           ------  ------------             ------  ---------             ------  ---------
<S>        <C>     <C>           <C>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0           0.00  0-29 Days      0      0.00    0-29 Days      0      0.00
30 Days       13   4,467,484.71  30 Days        0      0.00    30 Days        0      0.00
60 Days        2     406,844.15  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
             ---   ------------               ---      ----                 ---      ----
              15   4,874,328.86                 0      0.00                   0      0.00

<CAPTION>
             REO                           TOTAL
----------------------------  -------------------------------
           No. of  Principal             No. of    Principal
            Loans    Balance              Loans     Balance
           ------  ---------             ------  ------------
<S>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0      0.00    0-29 Days      0           0.00
30 Days        0      0.00    30 Days       13   4,467,484.71
60 Days        0      0.00    60 Days        2     406,844.15
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                  15   4,874,328.86
</TABLE>

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                      FORECLOSURE
------------------------------  ------------------------------  ------------------------------
            No. of   Principal              No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    1.900585% 1.822728%  30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.292398% 0.165992%  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%
           --------  --------              --------  --------              --------  --------
           2.192982% 1.988720%             0.000000% 0.000000%             0.000000% 0.000000%

<CAPTION>
              REO                           TOTAL
------------------------------  ------------------------------
            No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    1.900585% 1.822728%
60 Days    0.000000% 0.000000%  60 Days    0.292398% 0.165992%
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%             2.192982% 1.988720%
</TABLE>

Current Period Class A Insufficient Funds: 0.00

Principal Balance of Contaminated Properties 0.00

Periodic Advance 0.00

<TABLE>
<CAPTION>
              Original $     Original%     Current $      Current %   Current Class %   Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>         <C>             <C>          <C>             <C>          <C>               <C>
Class A     14,639,605.55   4.25769563%  14,639,605.55   5.97297195%     94.027028%       0.000000%
Class B-1    8,623,605.55   2.50803805%   8,623,605.55   3.51843866%      2.454533%      41.094003%
Class B-2    5,357,605.55   1.55817407%   5,357,605.55   2.18590778%      1.332531%      22.309344%
Class B-3    3,467,605.55   1.00849773%   3,467,605.55   1.41478612%      0.771122%      12.910184%
Class B-4    2,236,605.55   0.65048103%   2,236,605.55   0.91253703%      0.502249%       8.408697%
Class B-5    1,549,605.55   0.45067804%   1,549,605.55   0.63224043%      0.280297%       4.692749%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.632240%      10.585023%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
            DELINQUENT                        BANKRUPTCY                       FORECLOSURE
---------------------------------   ------------------------------   ------------------------------
GROUP ONE
            No. of     Principal                No. of   Principal               No. of   Principal
             Loans      Balance                  Loans    Balance                 Loans    Balance
            ------   ------------               ------   ---------               ------   ---------
<S>         <C>      <C>            <C>         <C>      <C>         <C>         <C>        <C>
0-29 Days      0             0.00   0-29 Days      0        0.00     0-29 Days      0        0.00
30 Days        7     2,895,486.86   30 Days        0        0.00     30 Days        0        0.00
60 Days        1       232,000.00   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
             ---     ------------                ---        ----                  ---        ----
               8     3,127,486.86                  0        0.00                    0        0.00

<CAPTION>
              REO                              TOTAL
------------------------------   ---------------------------------

            No. of   Principal               No. of     Principal
             Loans    Balance                 Loans      Balance
            ------   ---------               ------   ------------
<S>         <C>      <C>         <C>         <C>      <C>
0-29 Days      0       0.00      0-29 Days      0             0.00
30 Days        0       0.00      30 Days        7     2,895,486.86
60 Days        0       0.00      60 Days        1       232,000.00
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                     8     3,127,486.86
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   ---------------------------------
             No. of    Principal                No. of    Principal                No. of     Principal
              Loans     Balance                  Loans     Balance                  Loans      Balance
            --------   ---------               --------   ---------               ---------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>         <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%   0.000000%
30 Days     1.662708%  1.849979%   30 Days     0.000000%  0.000000%   30 Days     0.000000%   0.000000%
60 Days     0.237530%  0.148229%   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%
            --------   --------                --------   --------                --------    --------
            1.900238%  1.998208%               0.000000%  0.000000%               0.000000%   0.000000%

<CAPTION>
               REO                               TOTAL
--------------------------------   --------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     1.662708%  1.849979%
60 Days     0.000000%  0.000000%   60 Days     0.237530%  0.148229%
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%               1.900238%  1.998208%
</TABLE>

<TABLE>
<CAPTION>
            DELINQUENT                        BANKRUPTCY                       FORECLOSURE
---------------------------------   ------------------------------   ------------------------------
GROUP TWO                                      1.183654%
            No. of     Principal                No. of   Principal               No. of   Principal
             Loans      Balance                  Loans    Balance                 Loans    Balance
            ------   ------------               ------   ---------               ------   ---------
<S>         <C>      <C>            <C>         <C>      <C>         <C>         <C>      <C>
0-29 Days      0             0.00   0-29 Days      0        0.00     0-29 Days      0        0.00
30 Days        6     1,571,997.85   30 Days        0        0.00     30 Days        0        0.00
60 Days        1       174,844.15   60 Days        0        0.00     60 Days        0        0.00
90 Days        0             0.00   90 Days        0        0.00     90 Days        0        0.00
120 Days       0             0.00   120 Days       0        0.00     120 Days       0        0.00
150 Days       0             0.00   150 Days       0        0.00     150 Days       0        0.00
180+ Days      0             0.00   180+ Days      0        0.00     180+ Days      0        0.00
             ---     ------------                ---        ----                  ---        ----
               7     1,746,842.00                  0        0.00                    0        0.00

<CAPTION>
              REO                              TOTAL
------------------------------   ---------------------------------

            No. of   Principal               No. of     Principal
             Loans    Balance                 Loans      Balance
            ------   ---------               ------   ------------
<S>         <C>      <C>         <C>         <C>      <C>
0-29 Days      0        0.00     0-29 Days      0             0.00
30 Days        0        0.00     30 Days        6     1,571,997.85
60 Days        0        0.00     60 Days        1       174,844.15
90 Days        0        0.00     90 Days        0             0.00
120 Days       0        0.00     120 Days       0             0.00
150 Days       0        0.00     150 Days       0             0.00
180+ Days      0        0.00     180+ Days      0             0.00
             ---        ----                  ---     ------------
               0        0.00                    7     1,746,842.00
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     2.281369%  1.774580%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.380228%  0.197376%   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%
            --------   --------                --------   --------                --------   --------
            2.661597%  1.971956%               0.000000%  0.000000%               0.000000%  0.000000%

<CAPTION>
               REO                               TOTAL
--------------------------------   --------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     2.281369%  1.774580%
60 Days     0.000000%  0.000000%   60 Days     0.380228%  0.197376%
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%               2.661597%  1.971956%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                <C>
Collateral Description                                  Mixed ARM

Weighted Average Gross Coupon                            5.235810%
Weighted Average Net Coupon                              4.855123%
Weighted Average Pass-Through Rate                       4.837624%
Weighted Average Maturity (Stepdown Calculation)              330

Beginning Scheduled Collateral Loan Count                     728
Number of Loans Paid in Full                                   44
Ending Scheduled Collateral Loan Count                        684

Beginning Scheduled Collateral Balance             260,419,851.72
Ending Scheduled Collateral Balance                245,097,510.44
Ending Actual Collateral Balance at 30-Sept-2005   245,098,846.58

Monthly P&I Constant                                 1,136,259.72
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realization Loss Amount                                      0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              16,328,404.52

Scheduled Principal                                          2.29
Unscheduled Principal                               15,322,338.99
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                            <C>
Pro Rata Senior Percent        94.378460%
Pro Rata Subordinate Percent    5.621540%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                      ONE             TWO             TOTAL
-------------------------------   --------------   -------------   --------------
<S>                               <C>              <C>             <C>
Collateral Description                 Mixed ARM       Mixed ARM        Mixed ARM
Weighted Average Coupon Rate            5.192637        5.308381         5.235810
Weighted Average Net Rate               4.814215        4.923888         4.855123
Pass-Through Rate                       4.796715        4.906388         4.837624
Weighted Average Maturity                    327             335              330
Record Date                           09/30/2005      09/30/2005       09/30/2005
Principal and Interest Constant       706,553.14      429,706.31     1,136,259.72
Beginning Loan Count                         443             285              728
Loans Paid in Full                            22              22               44
Ending Loan Count                            421             263              684
Beginning Scheduled Balance       163,281,986.14   97,137,865.58   260,419,851.72
Ending Scheduled Balance          156,513,752.31   88,583,758.13   245,097,510.44
Scheduled Principal                         0.00            2.29             2.29
Unscheduled Principal               6,768,233.83    8,554,105.16    15,322,338.99
Scheduled Interest                    706,553.41      429,704.02     1,136,257.43
Servicing Fee                          51,491.31       31,124.01        82,615.32
Master Servicing Fee                    2,381.20        1,416.59         3,797.79
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                          652,680.90      397,163.42     1,049,844.32
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
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Group One
One Month Libor Loan Balance     95,157,331.37
Principal Transfer Amount                 0.00
Senior Percent                      100.000000%
Senior Prepayment Percent           100.000000%
Subordinate Percent                   0.000000%
Subordinate Prepayment Percent        0.000000%
Interest Transfer Amount                  0.00

Group Two
Six-Month Libor Loan Balance     61,356,420.94
Principal Transfer Amount                 0.00
Senior Percent                      100.000000%
Senior Prepayment Percent           100.000000%
Subordinate Percent                   0.000000%
Subordinate Prepayment Percent        0.000000%
Interest Transfer Amount                  0.00
</TABLE>
</TEXT>
</DOCUMENT>
