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 2004-1
RECORD DATE: APRIL 30, 2004
DISTRIBUTION DATE: MAY 20, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning
Class Pass- Certificate Interest Principal
Class CUSIP Description Through Rate Balance Distribution Distribution
- --------------------------------------------------------------------------------------------------------------
A 81744FAA5 SEN 1.47000% 592,987,690.84 726,409.92 10,483,725.89
X-1 81744FAB3 IO 0.80000% 0.00 358,292.05 0.00
X-2 81744FAC1 IO 0.46892% 0.00 231,717.14 0.00
X-B 81744FAD9 IO 0.82011% 0.00 10,464.54 0.00
B-1 81744FAG2 SUB 1.65000% 9,375,000.00 12,890.63 0.00
B-2 81744FAH0 SUB 2.15000% 5,937,000.00 10,637.13 0.00
B-3 81744FAJ6 SUB 2.66397% 3,437,000.00 7,630.06 0.00
B-4 81744FAK3 SUB 2.66397% 1,562,000.00 3,467.60 0.00
B-5 81744FAL1 SUB 2.66397% 937,000.00 2,080.12 0.00
B-6 81744FAM9 SUB 2.66397% 2,500,468.00 5,550.98 0.00
A-R 81744FAF4 RES 2.66028% 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------
Totals 616,736,158.84 1,369,140.17 10,483,725.89
- --------------------------------------------------------------------------------------------------------------
Certificate Ending
Class Current Certificate Total Cumulative
Class CUSIP Description Realized Loss Balance Distribution Realized Loss
- --------------------------------------------------------------------------------------------------------------------
A 81744FAA5 SEN 0.00 582,503,964.95 11,210,135.81 0.00
X-1 81744FAB3 IO 0.00 0.00 358,292.05 0.00
X-2 81744FAC1 IO 0.00 0.00 231,717.14 0.00
X-B 81744FAD9 IO 0.00 0.00 10,464.54 0.00
B-1 81744FAG2 SUB 0.00 9,375,000.00 12,890.63 0.00
B-2 81744FAH0 SUB 0.00 5,937,000.00 10,637.13 0.00
B-3 81744FAJ6 SUB 0.00 3,437,000.00 7,630.06 0.00
B-4 81744FAK3 SUB 0.00 1,562,000.00 3,467.60 0.00
B-5 81744FAL1 SUB 0.00 937,000.00 2,080.12 0.00
B-6 81744FAM9 SUB 0.00 2,500,468.00 5,550.98 0.00
A-R 81744FAF4 RES 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------
Totals 0.00 606,252,432.95 11,852,866.06 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 601,250,000.00 592,987,690.84 3,065.98 10,480,659.91 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 9,375,000.00 9,375,000.00 0.00 0.00 0.00
B-2 5,937,000.00 5,937,000.00 0.00 0.00 0.00
B-3 3,437,000.00 3,437,000.00 0.00 0.00 0.00
B-4 1,562,000.00 1,562,000.00 0.00 0.00 0.00
B-5 937,000.00 937,000.00 0.00 0.00 0.00
B-6 2,500,468.00 2,500,468.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------
Totals 624,998,568.00 616,736,158.84 3,065.98 10,480,659.91 0.00
- -----------------------------------------------------------------------------------------
Realized Total Principal Ending Certificate Ending Certificate Total Principal
Class Loss (1) Reduction Balance Percentage Distribution
- ----------------------------------------------------------------------------------------------------
A 0.00 10,483,725.89 582,503,964.95 0.96882156 10,483,725.89
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 9,375,000.00 1.00000000 0.00
B-2 0.00 0.00 5,937,000.00 1.00000000 0.00
B-3 0.00 0.00 3,437,000.00 1.00000000 0.00
B-4 0.00 0.00 1,562,000.00 1.00000000 0.00
B-5 0.00 0.00 937,000.00 1.00000000 0.00
B-6 0.00 0.00 2,500,468.00 1.00000000 0.00
A-R 0.00 0.00 0.00 0.00000000 0.00
- ---------------------------------------------------------------------------------------------------
Totals 0.00 10,483,725.89 606,252,432.95 0.97000612 10,483,725.89
- ---------------------------------------------------------------------------------------------------
(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
Class Amount Balance Distribution Distribution Accretion Loss (3)
- -----------------------------------------------------------------------------------------------------
A 601,250,000.00 986.25811366 0.00509934 17.43145099 0.00000000 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 9,375,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 5,937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 3,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-4 1,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-5 937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-6 2,500,468.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
- -----------------------------------------------------------------------------------------------------
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- -----------------------------------------------------------------------------------
A 17.43655034 968.82156333 0.96882156 17.43655034
X-1 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 1000.00000000 1.00000000 0.00000000
B-2 0.00000000 1000.00000000 1.00000000 0.00000000
B-3 0.00000000 1000.00000000 1.00000000 0.00000000
B-4 0.00000000 1000.00000000 1.00000000 0.00000000
B-5 0.00000000 1000.00000000 1.00000000 0.00000000
B-6 0.00000000 1000.00000000 1.00000000 0.00000000
A-R 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
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
- --------------------------------------------------------------------------------------------------------
A 601,250,000.00 1.47000% 592,987,690.84 726,409.92 0.00 0.00
X-1 0.00 0.80000% 537,438,074.61 358,292.05 0.00 0.00
X-2 0.00 0.46892% 592,987,690.84 231,717.14 0.00 0.00
X-B 0.00 0.82011% 15,312,000.00 10,464.54 0.00 0.00
B-1 9,375,000.00 1.65000% 9,375,000.00 12,890.63 0.00 0.00
B-2 5,937,000.00 2.15000% 5,937,000.00 10,637.13 0.00 0.00
B-3 3,437,000.00 2.66397% 3,437,000.00 7,630.06 0.00 0.00
B-4 1,562,000.00 2.66397% 1,562,000.00 3,467.60 0.00 0.00
B-5 937,000.00 2.66397% 937,000.00 2,080.12 0.00 0.00
B-6 2,500,468.00 2.66397% 2,500,468.00 5,550.98 0.00 0.00
A-R 100.00 2.66028% 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------
Totals 624,998,568.00 1,369,140.17 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 0.00 726,409.92 0.00 582,503,964.95
X-1 0.00 0.00 358,292.05 0.00 517,649,540.32
X-2 0.00 0.00 231,717.14 0.00 582,503,964.95
X-B 0.00 0.00 10,464.54 0.00 15,312,000.00
B-1 0.00 0.00 12,890.63 0.00 9,375,000.00
B-2 0.00 0.00 10,637.13 0.00 5,937,000.00
B-3 0.00 0.00 7,630.06 0.00 3,437,000.00
B-4 0.00 0.00 3,467.60 0.00 1,562,000.00
B-5 0.00 0.00 2,080.12 0.00 937,000.00
B-6 0.00 0.00 5,550.98 0.00 2,500,468.00
A-R 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------
Totals 0.00 0.00 1,369,140.17 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 601,250,000.00 1.47000% 986.25811366 1.20816619 0.00000000 0.00000000
X-1 0.00 0.80000% 893.86789956 0.59591193 0.00000000 0.00000000
X-2 0.00 0.46892% 986.25811366 0.38539233 0.00000000 0.00000000
X-B 0.00 0.82011% 1000.00000000 0.68342085 0.00000000 0.00000000
B-1 9,375,000.00 1.65000% 1000.00000000 1.37500053 0.00000000 0.00000000
B-2 5,937,000.00 2.15000% 1000.00000000 1.79166751 0.00000000 0.00000000
B-3 3,437,000.00 2.66397% 1000.00000000 2.21997672 0.00000000 0.00000000
B-4 1,562,000.00 2.66397% 1000.00000000 2.21997439 0.00000000 0.00000000
B-5 937,000.00 2.66397% 1000.00000000 2.21997866 0.00000000 0.00000000
B-6 2,500,468.00 2.66397% 1000.00000000 2.21997642 0.00000000 0.00000000
A-R 100.00 2.66028% 0.00000000 0.00000000 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 1.20816619 0.00000000 968.82156333
X-1 0.00000000 0.00000000 0.59591193 0.00000000 860.95557642
X-2 0.00000000 0.00000000 0.38539233 0.00000000 968.82156333
X-B 0.00000000 0.00000000 0.68342085 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 1.37500053 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 1.79166751 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 2.21997672 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 2.21997439 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 2.21997866 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 2.21997642 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 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 12,053,217.37
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 6,851.34
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 12,060,068.71
Withdrawals
Reimbursement for Servicer Advances 8,704.52
Payment of Service Fee 198,498.13
Payment of Interest and Principal 11,852,866.06
-------------
Total Withdrawals (Pool Distribution Amount) 12,060,068.71
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 193,358.66
Master Servicing Fee 5,139.47
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 198,498.13
==========
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 0.00
30 Days 10 3,187,471.95 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
---------------------- ----------------- -----------------
10 3,187,471.95 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 0.572410% 0.525764% 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%
--------------------- -------------------- --------------------
0.572410% 0.525764% 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 10 3,187,471.95
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 3,187,471.95
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 0.572410% 0.525764%
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% 0.572410% 0.525764%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 6,851.34
Original $ Original % Current $ Current % Current Class % Prepayment %
------------- ----------- ------------- ----------- --------------- ------------
Class A 23,748,468.00 3.79976359% 23,748,468.00 3.91725735% 96.082743% 0.000000%
Class X-1 23,748,468.00 3.79976359% 23,748,468.00 3.91725735% 0.000000% 0.000000%
Class X-2 23,748,468.00 3.79976359% 23,748,468.00 3.91725735% 0.000000% 0.000000%
Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.37087180% 1.546386% 39.476231%
Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.39157676% 0.979295% 24.999507%
Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.82465121% 0.566926% 14.472513%
Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.56700276% 0.257648% 6.577266%
Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.41244667% 0.154556% 3.945518%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.412447% 10.528965%
Please refer to the prospectus supplement for a full description of loss
exposure
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 3.050196%
Weighted Average Net Coupon 2.673973%
Weighted Average Pass-Through Rate 2.663973%
Weighted Average Maturity (Stepdown Calculation) 331
Beginning Scheduled Collateral Loan Count 1,770
Number of Loans Paid in Full 23
Ending Scheduled Collateral Loan Count 1,747
Beginning Scheduled Collateral Balance 616,736,159.27
Ending Scheduled Collateral Balance 606,252,433.38
Ending Actual Collateral Balance at 30-Apr-2004 606,255,741.67
Monthly P&I Constant 1,570,704.29
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 11,810,609.54
Ending Scheduled Balance for Premium Loans 606,252,433.38
Scheduled Principal 3,065.98
Unscheduled Principal 10,480,659.91
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 93,258,973.31
Six-Month Libor Loan Balance 512,717,460.07
Prorata Senior Percentage 96.149331%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%