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 2004-4
RECORD DATE: APRIL 30, 2004
DISTRIBUTION DATE: MAY 20, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning
Class Certificate Pass- Certificate Interest Principal
Class CUSIP Description Through Rate Balance Distribution Distribution
- ---------------------------------------------------------------------------------------------
A 81744FBF3 SEN 1.60813% 799,511,000.00 750,001.94 5,511,723.78
X-1 81744FBG1 SEN 0.80000% 0.00 533,007.33 0.00
X-2 81744FBH9 SEN 0.76631% 0.00 510,560.12 0.00
X-B 81744FBJ5 SEN 1.47018% 0.00 28,131.88 0.00
B-1 81744FBK2 SUB 1.60000% 14,612,000.00 13,637.87 0.00
B-2 81744FBL0 SUB 2.00000% 8,350,000.00 9,741.67 0.00
B-3 81744FBM8 SUB 2.69200% 4,175,000.00 9,365.92 0.00
B-4 81744FBN6 SUB 2.69200% 2,509,000.00 5,628.52 0.00
B-5 81744FBP1 SUB 2.69200% 2,088,000.00 4,684.08 0.00
B-6 81744FBQ9 SUB 2.69200% 3,757,983.00 8,430.41 0.00
A-R 81744FBR7 RES 2.69200% 0.00 0.23 100.00
- ---------------------------------------------------------------------------------------------
Totals 835,003,083.00 1,873,189.97 5,511,823.78
- ---------------------------------------------------------------------------------------------
Certificate
Class Current Ending Certificate Total Cumulative
Class CUSIP Description Realized Loss Balance Distribution Realized Loss
- ----------------------------------------------------------------------------------------------
A 81744FBF3 SEN 0.00 793,999,276.22 6,261,725.72 0.00
X-1 81744FBG1 SEN 0.00 0.00 533,007.33 0.00
X-2 81744FBH9 SEN 0.00 0.00 510,560.12 0.00
X-B 81744FBJ5 SEN 0.00 0.00 28,131.88 0.00
B-1 81744FBK2 SUB 0.00 14,612,000.00 13,637.87 0.00
B-2 81744FBL0 SUB 0.00 8,350,000.00 9,741.67 0.00
B-3 81744FBM8 SUB 0.00 4,175,000.00 9,365.92 0.00
B-4 81744FBN6 SUB 0.00 2,509,000.00 5,628.52 0.00
B-5 81744FBP1 SUB 0.00 2,088,000.00 4,684.08 0.00
B-6 81744FBQ9 SUB 0.00 3,757,983.00 8,430.41 0.00
A-R 81744FBR7 RES 0.00 0.00 100.23 0.00
- -----------------------------------------------------------------------------------------
Totals 0.00 829,491,259.22 7,385,013.75 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
Class Amount Balance Distribution Distribution Accretion
- -------------------------------------------------------------------------------
A 799,511,000.00 799,511,000.00 0.00 5,511,723.78 0.00
X-1 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00
X-B 0.00 0.00 0.00 0.00 0.00
B-1 14,612,000.00 14,612,000.00 0.00 0.00 0.00
B-2 8,350,000.00 8,350,000.00 0.00 0.00 0.00
B-3 4,175,000.00 4,175,000.00 0.00 0.00 0.00
B-4 2,509,000.00 2,509,000.00 0.00 0.00 0.00
B-5 2,088,000.00 2,088,000.00 0.00 0.00 0.00
B-6 3,757,983.00 3,757,983.00 0.00 0.00 0.00
A-R 100.00 100.00 0.00 100.00 0.00
- -------------------------------------------------------------------------------
Totals 835,003,083.00 835,003,083.00 0.00 5,511,823.78 0.00
- -------------------------------------------------------------------------------
Realized Total Principal Ending Certificate Ending Certificate Total Principal
Class Loss (1) Reduction Balance Percentage Distribution
- ------------------------------------------------------------------------------------------
A 0.00 5,511,723.78 793,999,276.22 0.99310613 5,511,723.78
X-1 0.00 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00 0.00000000 0.00
X-B 0.00 0.00 0.00 0.00000000 0.00
B-1 0.00 0.00 14,612,000.00 1.00000000 0.00
B-2 0.00 0.00 8,350,000.00 1.00000000 0.00
B-3 0.00 0.00 4,175,000.00 1.00000000 0.00
B-4 0.00 0.00 2,509,000.00 1.00000000 0.00
B-5 0.00 0.00 2,088,000.00 1.00000000 0.00
B-6 0.00 0.00 3,757,983.00 1.00000000 0.00
A-R 0.00 100.00 0.00 0.00000000 100.00
- ----------------------------------------------------------------------------------------
Totals 0.00 5,511,823.78 829,491,259.22 0.99339904 5,511,823.78
- ----------------------------------------------------------------------------------------
(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
Class Amount Balance Distribution Distribution Accretion
- -----------------------------------------------------------------------------
A 799,511,000.00 1000.00000000 0.00000000 6.89386860 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 14,612,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 8,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 4,175,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 2,509,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 2,088,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 3,757,983.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 0.00000000 1000.00000000 0.00000000
- -----------------------------------------------------------------------------
Realized Total Principal Ending Certificate Ending Certificate Total Principal
Class Loss (3) Reduction Balance Percentage Distribution
- -------------------------------------------------------------------------------------------
A 0.00000000 6.89386860 993.10613140 0.99310613 6.89386860
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-B 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
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
A-R 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
Certificate/ Current Unpaid Current
Original Face Current Notional Accrued Interest Interest
Class Amount Certificate Rate Balance Interest Shortfall Shortfall
- ---------------------------------------------------------------------------------------------
A 799,511,000.00 1.60813% 799,511,000.00 750,001.95 0.00 0.00
X-1 0.00 0.80000% 799,511,000.00 533,007.33 0.00 0.00
X-2 0.00 0.76631% 799,511,000.00 510,560.12 0.00 0.00
X-B 0.00 1.47018% 22,962,000.00 28,131.88 0.00 0.00
B-1 14,612,000.00 1.60000% 14,612,000.00 13,637.87 0.00 0.00
B-2 8,350,000.00 2.00000% 8,350,000.00 9,741.67 0.00 0.00
B-3 4,175,000.00 2.69200% 4,175,000.00 9,365.92 0.00 0.00
B-4 2,509,000.00 2.69200% 2,509,000.00 5,628.52 0.00 0.00
B-5 2,088,000.00 2.69200% 2,088,000.00 4,684.08 0.00 0.00
B-6 3,757,983.00 2.69200% 3,757,983.00 8,430.41 0.00 0.00
A-R 100.00 2.69200% 100.00 0.22 0.00 0.00
- -------------------------------------------------------------------------------------------
Totals 835,003,083.00 1,873,189.97 0.00 0.00
- -------------------------------------------------------------------------------------------
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notational
Class Shortfall Loss (4) Distribution Shortfall Balance
- ----------------------------------------------------------------------
A 0.00 0.00 750,001.94 0.00 793,999,276.22
X-1 0.00 0.00 533,007.33 0.00 770,067,484.02
X-2 0.00 0.00 510,560.12 0.00 793,999,276.22
X-B 0.00 0.00 28,131.88 0.00 22,962,000.00
B-1 0.00 0.00 13,637.87 0.00 14,612,000.00
B-2 0.00 0.00 9,741.67 0.00 8,350,000.00
B-3 0.00 0.00 9,365.92 0.00 4,175,000.00
B-4 0.00 0.00 5,628.52 0.00 2,509,000.00
B-5 0.00 0.00 4,684.08 0.00 2,088,000.00
B-6 0.00 0.00 8,430.41 0.00 3,757,983.00
A-R 0.00 0.00 0.23 0.00 0.00
- ----------------------------------------------------------------------
Totals 0.00 0.00 1,873,189.97 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
Current Beginning Unpaid Current
Class Original Face Certificate Certificate/ Current Accrued Interest Interest
(5) Amount Rate Notional Balance Interest Shortfall Shortfall
- ---------------------------------------------------------------------------------------------
A 799,511,000.00 1.60813% 1000.00000000 0.93807584 0.00000000 0.00000000
X-1 0.00 0.80000% 1000.00000000 0.66666666 0.00000000 0.00000000
X-2 0.00 0.76631% 1000.00000000 0.63859049 0.00000000 0.00000000
X-B 0.00 1.47018% 1000.00000000 1.22514938 0.00000000 0.00000000
B-1 14,612,000.00 1.60000% 1000.00000000 0.93333356 0.00000000 0.00000000
B-2 8,350,000.00 2.00000% 1000.00000000 1.16666707 0.00000000 0.00000000
B-3 4,175,000.00 2.69200% 1000.00000000 2.24333413 0.00000000 0.00000000
B-4 2,509,000.00 2.69200% 1000.00000000 2.24333200 0.00000000 0.00000000
B-5 2,088,000.00 2.69200% 1000.00000000 2.24333333 0.00000000 0.00000000
B-6 3,757,983.00 2.69200% 1000.00000000 2.24333372 0.00000000 0.00000000
A-R 100.00 2.69200% 1000.00000000 2.20000000 0.00000000 0.00000000
- ---------------------------------------------------------------------------------------------
Non- Remaining
Supported Unpaid
Class Interest Realized Total Interest Interest Ending Certificate/
(5) Shortfall Loss (6) Distribution Shortfall Notational Balance
- ------------------------------------------------------------------------------
A 0.00000000 0.00000000 0.93807582 0.00000000 993.10613140
X-1 0.00000000 0.00000000 0.66666666 0.00000000 963.17309458
X-2 0.00000000 0.00000000 0.63859049 0.00000000 993.10613140
X-B 0.00000000 0.00000000 1.22514938 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 0.93333356 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 1.16666707 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 2.24333413 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 2.24333200 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 2.24333333 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 2.24333372 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 2.30000000 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 7,642,723.35
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 9,596.46
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
------------
Total Deposits 7,652,319.81
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 267,306.07
Payment of Interest and Principal 7,385,013.74
------------
Total Withdrawals (Pool Distribution Amount) 7,652,319.81
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 262,087.28
Master Servicing Fee 5,218.79
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 267,306.07
==========
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ---------------------------------------------------------------------
Class X-1 Sub Account 4,500.00 0.00 0.00 4,500.00
Class X-2 Sub Account 4,500.00 0.00 0.00 4,500.00
Class X-B Sub Account 1,000.00 0.00 0.00 1,000.00
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 00.00
30 Days 6 3,735,052.21 30 Days 0 0.00 30 Days 0 00.00
60 Days 0 0.00 60 Days 0 0.00 60 Days 0 00.00
90 Days 0 0.00 90 Days 0 0.00 90 Days 0 00.00
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 00.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 00.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 00.00
----------------------- ------------------- -------------------
6 3,735,052.21 0 0.00 0 00.00
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 0.241061% 0.450281% 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%
----------------------- ------------------- -------------------
0.241061% 0.450281% 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 6 3,735,052.21
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 6 3,735,052.21
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 0.241061% 0.450281%
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% 0.241061% 0.450281%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 9,596.46
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ----------- ------------- ----------- --------------- ------------
Class A 35,491,983.00 4.25052119% 35,491,983.00 4.27876516% 95.721235% 0.000000%
Class X-1 35,491,983.00 4.25052119% 35,491,983.00 4.27876516% 0.000000% 0.000000%
Class X-2 35,491,983.00 4.25052119% 35,491,983.00 4.27876516% 0.000000% 0.000000%
Class B-1 20,879,983.00 2.50058753% 20,879,983.00 2.51720350% 1.761562% 41.169861%
Class B-2 12,529,983.00 1.50059123% 12,529,983.00 1.51056239% 1.006641% 23.526440%
Class B-3 8,354,983.00 1.00059307% 8,354,983.00 1.00724184% 0.503321% 11.763220%
Class B-4 5,845,983.00 0.70011514% 5,845,983.00 0.70476728% 0.302475% 7.069202%
Class B-5 3,757,983.00 0.45005618% 3,757,983.00 0.45304673% 0.251721% 5.883019%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.453047% 10.588259%
Please refer to the prospectus supplement for a full description of loss
exposure
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 3.076208%
Weighted Average Net Coupon 2.699557%
Weighted Average Pass-Through Rate 2.692057%
Weighted Average Maturity (Stepdown Calculation) 342
Beginning Scheduled Collateral Loan Count 2,495
Number of Loans Paid in Full 6
Ending Scheduled Collateral Loan Count 2,489
Beginning Scheduled Collateral Balance 835,003,083.00
Ending Scheduled Collateral Balance 829,491,259.96
Ending Actual Collateral Balance at 30-Apr-2004 829,492,947.72
Monthly P&I Constant 2,140,535.81
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 7,333,525.29
Ending Scheduled Balance for Premium Loans 829,491,259.96
Scheduled Principal 0.00
Unscheduled Principal 5,511,823.78
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 110,450,050.01
Six-Month Libor Loan Balance 719,041,209.95
Prorata Senior Percentage 95.749479%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%