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 2003-2
RECORD DATE: FEBRUARY 27, 2004
DISTRIBUTION DATE: MARCH 22, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate
Certificate Pass- Beginning Current Ending Cumulative
Class Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Loss
- ---------------------------------------------------------------------------------------------------------------------------------
A-1 81743PAP1 SEN 1.42125% 453,489,902.53 537,102.10 3,942,658.88 0.00 449,547,243.65 4,479.760.98 0.00
A-2 81743PAQ9 SEN 1.54625% 271,644,855.60 350,025.71 2,093,177.83 0.00 269,551,677.77 2,443,203.54 0.00
M-1 81743PAR7 SUB 1.74125% 11,480,000.00 16,657.96 0.00 0.00 11,480,000.00 16,657.96 0.00
M-2 81743PAS5 SUB 2.52125% 4,920,000.00 10,337.13 0.00 0.00 4,920,000.00 10,337.13 0.00
X SMT03002X IO 0.00000% 0.00 706,972.74 0.00 0.00 0.00 706,972.74 0.00
R SMT03002R SUB 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
Totals 741,534,758.13 1,621,095.64 6,035,836.71 0.00 735,498,921.42 7,656,932.35 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
Class Amount Balance Distribution Distribution Accretion Loss (1)
- ---------------------------------------------------------------------------------------
A-1 500,000,000.00 453,489,902.53 0.00 3,942,658.88 0.00 0.00
A-2 303,600,000.00 271,644,855.60 0.00 2,093,177.83 0.00 0.00
M-1 11,480,000.00 11,480,000.00 0.00 0.00 0.00 0.00
M-2 4,920,000.00 4,920,000.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------
Totals 820,000,000.00 741,534,758.13 0.00 6,035,836.71 0.00 0.00
- -------------------------------------------------------------------------------------
Total Ending Ending
Principal Certificate Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ------------------------------------------------------------------
A-1 3,942,658.88 449,547,243.65 0.89909449 3,942,658.88
A-2 2,093,177.83 269,551,677.77 0.88785138 2,093,177.83
M-1 0.00 11,480,000.00 1.00000000 0.00
M-2 0.00 4,920,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
- ----------------------------------------------------------------
Totals 6,035,836.71 735,498,921.42 0.89694990 6,035,836.71
- ----------------------------------------------------------------
(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 Total Ending Ending Total
Original Face Certificate Principal Principal Realized Principal Certificate Certificate Principal
Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction Balance Percentage Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 500,000,000.00 906.97980506 0.00000000 7.88531776 0.00000000 0.00000000 7.88531776 899.09448730 0.89909449 7.88531776
A-2 303,600,000.00 894.74590119 0.00000000 6.89452513 0.00000000 0.00000000 6.89452513 887.85137605 0.88785138 6.89452513
M-1 11,480,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 4,920,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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
Payment of Non-
Current Beginning Current Unpaid Current Supported
Original Face Certificate Certificate/ Accrued Interest Interest Interest Realized
Class Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (4)
- -------------------------------------------------------------------------------------------------------------
A-1 500,000,000.00 1.42125% 453,489,902.53 537,102.10 0.00 0.00 0.00 0.00
A-2 303,600,000.00 1.54625% 271,644,855.60 350,025.71 0.00 0.00 0.00 0.00
M-1 11,480,000.00 1.74125% 11,480,000.00 16,657.96 0.00 0.00 0.00 0.00
M-2 4,920,000.00 2.52125% 4,920,000.00 10,337.13 0.00 0.00 0.00 0.00
X 0.00 0.00000% 741,534,758.13 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------
Totals 820,000,000.00 914,122.90 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- -------------------------------------------------
A-1 537,102.10 0.00 449,547,243.65
A-2 350,025.71 0.00 269,551,677.77
M-1 16,657.96 0.00 11,480,000.00
M-2 10,337.13 0.00 4,920,000.00
X 706,972.74 0.00 735,498,921.42
R 0.00 0.00 0.00
- -------------------------------------------------
Totals 1,621,095.64 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-1 500,000,000.00 1.42125% 906.97980506 1.07420420 0.00000000 0.00000000 0.00000000 0.00000000
A-2 303,600,000.00 1.54625% 894.74590119 1.15291736 0.00000000 0.00000000 0.00000000 0.00000000
M-1 11,480,000.00 1.74125% 1000.00000000 1.45104181 0.00000000 0.00000000 0.00000000 0.00000000
M-2 4,920,000.00 2.52125% 1000.00000000 2.10104268 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000% 904.31068065 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining
Unpaid
Class Total Interest Interest Ending Certificate/
(5) Distribution Shortfall Notational Balance
- ------------------------------------------------------
A-1 1.07420420 0.00000000 899.09448730
A-2 1.15291736 0.00000000 887.85137605
M-1 1.45104181 0.00000000 1000.00000000
M-2 2.10104268 0.00000000 1000.00000000
X 0.86216188 0.00000000 896.94990417
R 0.00000000 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 7,891,274.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 14,535.21
Realized Losses 0.00
Prepayment Penalties 0.00
------------
Total Deposits 7,905,809.21
Withdrawals
Reimbursement for Servicer Advances 10,863.09
Payment of Service Fee 238,013.77
Payment of Interest and Principal 7,656,932.35
------------
Total Withdrawals (Pool Distribution Amount) 7,905,809.21
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 233,676.19
Master Servicing Fee 4,337.58
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 238,013.77
==========
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 1 152,768.00 0-29 Days 0 0.00
30 Days 20 6,774,546.58 30 Days 0 0.00 30 Days 0 0.00
60 Days 2 366,395.14 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 0 150 Days 0 0.00 150 Days 0 0.00
180+ Days 1 199,400.00 180+ Days 0 0.00 180+ Days 0 0.00
------------------------ ---------------------- --------------------
23 7,340,341.72 1 152,768.00 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 0.048852% 0.020713% 0-29 Days 0.000000% 0.000000%
30 Days 0.977040% 0.918520% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.097704% 0.049677% 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 0.048852% 0.027035% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
---------------------- -------------------- ---------------------
1.123596% 0.995233% 0.048852% 0.020713% 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 1 152,768.00
30 Days 0 0.00 30 Days 20 6,774,546.58
60 Days 0 0.00 60 Days 2 366,395.14
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
180+ Days 0 0.00 180+ Days 1 199,400.00
------------------ -----------------------
0 0.00 24 7,493109.72
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.48852% 0.020713%
30 Days 0.000000% 0.000000% 30 Days 0.977040% 0.918520%
60 Days 0.000000% 0.000000% 60 Days 0.097704% 0.049677%
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 0.48852% 0.027035%
------------------- --------------------
0.000000% 0.000000% 1.172447% 1.015946%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 14,535.21
DELINQUENCY STATUS BY GROUP
GROUP 1
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 11 2,840,397.29 30 Days 0 0.00 30 Days 0 0.00
60 Days 2 366,395.14 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 1 199,400.00 180+ Days 0 0.00 180+ Days 0 0.00
------------------------ ------------------- --------------------
14 3,406,192.43 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 0.892857% 0.616392% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.162338% 0.079511% 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 0.081169% 0.043272% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
---------------------- -------------------- ---------------------
1.136364% 0.739175% 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 11 2,840,397.29
60 Days 0 0.00 60 Days 2 366,395.14
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
180+ Days 0 0.00 180+ Days 1 199,400.00
------------------ -----------------------
0 0.00 14 3,406,192.43
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 0.892857% 0.616392%
60 Days 0.000000% 0.000000% 60 Days 0.162338% 0.079511%
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 0.081169% 0.043272%
------------------- --------------------
0.000000% 0.000000% 1.136364% 0.739175%
GROUP 2
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 1 152,768.00 0-29 Days 0 0.00
30 Days 9 3,934,149.29 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
------------------------ ---------------------- -------------------
9 3,934,149.29 1 152,768.00 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 0.122699% 0.055203% 0-29 Days 0.000000% 0.000000%
30 Days 1.104294% 1.421603% 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%
--------------------- -------------------- --------------------
1.104294% 1.421603% 0.122699% 0.055203% 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 1 152,768.00
30 Days 0 0.00 30 Days 9 3,934,149.29
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 10 4,086,917.29
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.122699% 0.055203%
30 Days 0.000000% 0.000000% 30 Days 1.104294% 1.421603%
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% 1.226994% 1.476806%
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 3.000238%
Weighted Average Net Coupon 2.623131%
Weighted Average Pass-Through Rate 2.616131%
Weighted Average Maturity (Stepdown Calculation) 322
Beginning Scheduled Collateral Loan Count 2,066
Number of Loans Paid in Full 19
Ending Scheduled Collateral Loan Count 2,047
Beginning Scheduled Collateral Balance 743,584,758.13
Ending Scheduled Collateral Balance 737,548,921.42
Ending Actual Collateral Balance at 30-Jan-2004 737,550,234.20
Monthly P&I Constant 1,859,109.42
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 737,548,921.42
Scheduled Principal 0.00
Unscheduled Principal 6,035,836.71
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 2,050,000.00
Overcollateralized Amount 2,050,000.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Extra Principal Distribution Amount 0.00
Excess Cash Amount 706,972.74
MISCELLANEOUS REPORTING
Applied Loss Amount 0.00
Group 1 - One-Month LIBOR Loans 137,311,812.04
Group 1 - Six-Month LIBOR Loans 323,497,565.01
Group 2 - Six Month LIBOR Loans 276,739,544.37
M-1 Target Amount 725,010,589.76
M-2 Target Amount 733,861,176.81
Senior Target Amount 704,359,219.96
GROUP 1 2 TOTAL
Collateral Description Mixed ARM 6 Month ARM Mixed ARM
Weighted Average Coupon Rate 2.971193 3.048650 3.000238
Weighted Average Net Rate 2.594325 2.671142 2.623131
Pass-Through Rate 2.587325 2.664142 2.616131
Weighted Average Maturity 316 329 322
Record Date 02/27/2004 02/27/2004 02/27/2004
Principal and Interest Constant 1,150,723.28 708,386.14 1,859,109.42
Beginning Loan Count 1,244 822 2,066
Loans Paid in Full 12 7 19
Ending Loan Count 1,232 815 2,047
Beginning Scheduled Balance 464,752,035.93 278,832,722.20 743,584,758.13
Ending Scheduled Balance 460,809,377.05 276,739,544.37 737,548,921.42
Scheduled Principal 0.00 0.00 0.00
Unscheduled Principal 3,942,658.88 2,093,177.83 6,035,836.71
Scheduled Interest 1,150,723.28 708,386.14 1,859,109.42
Servicing Fee 145,958.25 87,717.94 233,676.19
Master Servicing Fee 2,711.05 1,626.53 4,337.58
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 1,002,053.98 619,041.67 1,621,095.65
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