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 2002-12
RECORD DATE: FEBRUARY 27, 2004
DISTRIBUTION DATE: MARCH 22, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate
Class Pass-Through Beginning Interest Principal Current
Class CUSIP Description Rate Certificate Balance Distribution Distribution Realized Loss
- ----- ----- ----------- ---- ------------------- ------------ ------------ -------------
A 81744BAA4 SEN 1.54125% 928,925,338.18 1,193,088.49 8,425,245.29 0.00
X-1 81744BAB2 IO 0.82092% 0.00 154,600.27 0.00 0.00
X-2 81744BAC0 IO 1.05565% 0.00 633,169.36 0.00 0.00
A-R 81744BAD8 SEN 3.16280% 0.00 0.00 0.00 0.00
B-1 81744BAE6 SUB 1.94125% 16,815,000.00 27,201.77 0.00 0.00
B-2 81744BAF3 SUB 2.54792% 8,968,000.00 19,041.46 0.00 0.00
B-3 81744BAG1 SUB 2.54792% 6,165,000.00 13,089.95 0.00 0.00
B-4 SMT0212B4 SUB 2.54792% 2,802,000.00 5,949.40 0.00 0.00
B-5 SMT0212B5 SUB 2.54792% 1,681,000.00 3,569.21 0.00 0.00
B-6 SMT0212B6 SUB 2.54792% 4,486,095.46 9,525.18 0.00 0.00
--------- --- ------- -------------- ------------ ------------ ----
Totals 969,842,433.64 2,059,235.09 8,425,245.29 0.00
-------------- ------------ ------------ ----
Ending Certificate Total Cumulative
Class CUSIP Balance Distribution Realized Loss
- ----- ----- ------- ------------ -------------
A 81744BAA4 920,500,092.89 9,618,333.78 0.00
X-1 81744BAB2 0.00 154,600.27 0.00
X-2 81744BAC0 0.00 633,169.36 0.00
A-R 81744BAD8 0.00 0.00 0.00
B-1 81744BAE6 16,815,000.00 27,201.77 0.00
B-2 81744BAF3 8,968,000.00 19,041.46 0.00
B-3 81744BAG1 6,165,000.00 13,089.95 0.00
B-4 SMT0212B4 2,802,000.00 5,949.40 0.00
B-5 SMT0212B5 1,681,000.00 3,569.21 0.00
B-6 SMT0212B6 4,486,095.46 9,525.18 0.00
--------- -------------- ------------- ----
Totals 961,417,188.35 10,484,480.38 0.00
-------------- ------------- ----
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
PRINCIPAL DISTRIBUTION STATEMENT
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized Total Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
- ----- ------ ------- ------------ ------------ --------- -------- ---------
A 1,080,076,000.00 928,925,338.18 0.00 8,425,245.29 0.00 0.00 8,425,245.29
X-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 16,815,000.00 16,815,000.00 0.00 0.00 0.00 0.00 0.00
B-2 8,968,000.00 8,968,000.00 0.00 0.00 0.00 0.00 0.00
B-3 6,165,000.00 6,165,000.00 0.00 0.00 0.00 0.00 0.00
B-4 2,802,000.00 2,802,000.00 0.00 0.00 0.00 0.00 0.00
B-5 1,681,000.00 1,681,000.00 0.00 0.00 0.00 0.00 0.00
B-6 4,486,095.46 4,486,095.46 0.00 0.00 0.00 0.00 0.00
---------------- -------------- ---- ------------ ---- ---- ------------
Totals 1,120,993,195.46 969,842,433.64 0.00 8,425,245.29 0.00 0.00 8,425,245.29
---------------- -------------- ---- ------------ ---- ---- ------------
Ending Certificate Ending Certificate Total Principal
Class Balance Percentage Distribution
- ----- ------- ---------- ------------
A 920,500,092.89 0.85225493 8,425,245.29
X-1 0.00 0.00000000 0.00
X-2 0.00 0.00000000 0.00
A-R 0.00 0.00000000 0.00
B-1 16,815,000.00 1.00000000 0.00
B-2 8,968,000.00 1.00000000 0.00
B-3 6,165,000.00 1.00000000 0.00
B-4 2,802,000.00 1.00000000 0.00
B-5 1,681,000.00 1.00000000 0.00
B-6 4,486,095.46 1.00000000 0.00
-------------- ---------- ------------
Totals 961,417,188.35 0.85764766 8,425,245.29
-------------- ---------- ------------
(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 1,080,076,000.00 860.05553144 0.00000000 7.80060411 0.00000000 0.00000000 7.80060411
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 16,815,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,968,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 6,165,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,802,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-5 1,681,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-6 4,486,095.46 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending
Certificate Ending Certificate Total Principal
Class Balance Percentage Distribution
- ----- ------- ---------- ------------
A 852.25492733 0.85225493 7.80060411
X-1 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000
A-R 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
(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
Payment of Non-
Beginning Current Unpaid Current Supported
Original Face Current Certificate/ Accrued Interest Interest Interest Realized
Class Amount Certificate Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (4)
- ----- ------ ---------------- ---------------- -------- --------- --------- --------- --------
A 1,080,076,000.00 1.54125% 928,925,338.18 1,193,088.48 0.00 0.00 (0.01) 0.00
X-1 0.00 0.82092% 225,991,122.33 154,600.26 0.00 0.00 0.00 0.00
X-2 0.00 1.05565% 719,749,215.85 633,169.36 0.00 0.00 0.00 0.00
A-R 100.00 3.16280% 0.00 0.00 0.00 0.00 0.00 0.00
B-1 16,815,000.00 1.94125% 16,815,000.00 27,201.77 0.00 0.00 0.00 0.00
B-2 8,968,000.00 2.54792% 8,968,000.00 19,041.46 0.00 0.00 0.00 0.00
B-3 6,165,000.00 2.54792% 6,165,000.00 13,089.95 0.00 0.00 0.00 0.00
B-4 2,802,000.00 2.54792% 2,802,000.00 5,949.40 0.00 0.00 0.00 0.00
B-5 1,681,000.00 2.54792% 1,681,000.00 3,569.21 0.00 0.00 0.00 0.00
B-6 4,486,095.46 2.54792% 4,486,095.46 9,525.18 0.00 0.00 0.00 0.00
---------------- ------- -------------- ------------ ---- ---- ----- ----
Totals 1,120,993,195.46 2,059,235.07 0.00 0.00 (0.01) 0.00
---------------- ------------ ---- ---- ----- ----
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- ----- ------------ --------- -------
A 1,193,088.49 0.00 920,500,092.89
X-1 154,600.27 0.00 224,345,509.30
X-2 633,169.36 0.00 712,969,583.59
A-R 0.00 0.00 0.00
B-1 27,201.77 0.00 16,815,000.00
B-2 19,041.46 0.00 8,968,000.00
B-3 13,089.95 0.00 6,165,000.00
B-4 5,949.40 0.00 2,802,000.00
B-5 3,569.21 0.00 1,681,000.00
B-6 9,525.18 0.00 4,486,095.46
------------ ---- --------------
Totals 2,059,235.09 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-
Current Beginning Unpaid Current Supported
Class Original Face Certificate Certificate Current Accrued Interest Interest Interest Realized
(5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6)
--- ------ ---- ---------------- -------- --------- --------- --------- --------
A 1,080,076,000.00 1.54125% 860.05553144 1.10463382 0.00000000 0.00000000 0.00000000 0.00000000
X-1 0.00 0.82092% 904.99858052 0.61910846 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 1.05565% 849.58574738 0.74738763 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 3.16280% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 16,815,000.00 1.94125% 1000.00000000 1.61770859 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,968,000.00 2.54792% 1000.00000000 2.12326717 0.00000000 0.00000000 0.00000000 0.00000000
B-3 6,165,000.00 2.54792% 1000.00000000 2.12326845 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,802,000.00 2.54792% 1000.00000000 2.12326909 0.00000000 0.00000000 0.00000000 0.00000000
B-5 1,681,000.00 2.54792% 1000.00000000 2.12326591 0.00000000 0.00000000 0.00000000 0.00000000
B-6 4,486,095.46 2.54792% 1000.00000000 2.12326735 0.00000000 0.00000000 0.00000000 0.00000000
Remaining
Unpaid
Class Total Interest Interest Ending Certificate/
(5) Distribution Shortfall Notational Balance
--- ------------ --------- ------------------
A 1.10463383 0.00000000 852.25492733
X-1 0.61910850 0.00000000 898.40859839
X-2 0.74738763 0.00000000 841.58312812
A-R 0.00000000 0.00000000 0.00000000
B-1 1.61770859 0.00000000 1000.00000000
B-2 2.12326717 0.00000000 1000.00000000
B-3 2.12326845 0.00000000 1000.00000000
B-4 2.12326909 0.00000000 1000.00000000
B-5 2.12326591 0.00000000 1000.00000000
B-6 2.12326735 0.00000000 1000.00000000
(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
Deposits
Payments of Interest and Principal 10,788,790.91
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 10,788,790.91
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 304,310.54
Payment of Interest and Principal 10,484,480.37
-------------
Total Withdrawals (Pool Distribution Amount) 10,788,790.91
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 (0.01)
=====
SERVICING FEES
Gross Servicing Fee 304,310.54
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 304,310.54
==========
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ------------ ------- ----------- -------- -------
Reserve Fund 10,000.00 0.00 0.00 10,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE
- ------------------------------------- --------------------------------- ---------------------------------
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 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
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
-- ---- -- ---- -- ----
0 0.00 0 0.00 0 0.00
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 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%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
-------- -------- -------- -------- -------- --------
0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
REO TOTAL
- ------------------------------------- ---------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 0 0.00
60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
-- ---- -- ----
0 0.00 0 0.00
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 30 Days 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%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
-------- -------- -------- --------
0.000000% 0.000000% 0.000000% 0.000000%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00
Original $ Original % Current $ Current %
Bankruptcy 218,860.00 0.01952376% 218,860.00 0.02276431%
Fraud 33,629,796.00 3.00000001% 9,908,251.45 1.03058813%
Special Hazard 11,209,932.00 1.00000000% 9,698,424.34 1.00876336%
Limit of subordinate's exposure to certain types of losses
COLLATERAL STATEMENT
Collateral Description Mixed ARM
Weighted Average Gross Coupon 2.924449%
Weighted Average Net Coupon 2.547921%
Weighted Average Pass-Through Rate 2.547921%
Weighted Average Maturity (Stepdown Calculation) 311
Beginning Scheduled Collateral Loan Count 2,818
Number of Loans Paid in Full 22
Ending Scheduled Collateral Loan Count 2,796
Beginning Scheduled Collateral Balance 969,842,433.64
Ending Scheduled Collateral Balance 961,417,188.35
Ending Actual Collateral Balance at 27-Feb-2004 961,425,247.80
Monthly P&I Constant 2,363,545.61
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 961,417,188.35
Scheduled Principal 0.00
Unscheduled Principal 8,425,245.29
MISCELLANEOUS REPORTING
Principal Balance of 1-Month Libor Loans 230,114,323.78
Principal Balance of 6-Month Libor Loans 731,302,864.57
Pro Rata Senior Percentage 95.781057%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
Payment Received from Cap Provide 0