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: JUNE 30, 2004
DISTRIBUTION DATE: JULY 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% 785,971,431.26 1,053,286.87 12,964,974.49
X-1 81744FBG1 SEN 0.80000% 0.00 494,443.89 0.00
X-2 81744FBH9 SEN 0.32844% 0.00 215,119.59 0.00
X-B 81744FBJ5 SEN 0.76601% 0.00 14,658.11 0.00
B-1 81744FBK2 SUB 1.78000% 14,612,000.00 21,674.47 0.00
B-2 81744FBL0 SUB 2.18000% 8,350,000.00 15,169.17 0.00
B-3 81744FBM8 SUB 2.69147% 4,175,000.00 9,364.05 0.00
B-4 81744FBN6 SUB 2.69147% 2,509,000.00 5,627.40 0.00
B-5 81744FBP1 SUB 2.69147% 2,088,000.00 4,683.15 0.00
B-6 81744FBQ9 SUB 2.69147% 3,757,983.00 8,428.73 0.00
A-R 81744FBR7 RES 2.68605% 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------
Totals 821,463,414.26 1,842,455.43 12,964,974.49
- ----------------------------------------------------------------------------------------------------------------
Current Ending Certificate Total Cumulative
Class Realized Loss Balance Distribution Realized Loss
- ----------------------------------------------------------------------------------------
A 0.00 773,006,456.77 14,018,261.36 0.00
X-1 0.00 0.00 494,443.89 0.00
X-2 0.00 0.00 215,119.59 0.00
X-B 0.00 0.00 14,658.11 0.00
B-1 0.00 14,612,000.00 21,674.47 0.00
B-2 0.00 8,350,000.00 15,169.17 0.00
B-3 0.00 4,175,000.00 9,364.05 0.00
B-4 0.00 2,509,000.00 5,627.40 0.00
B-5 0.00 2,088,000.00 4,683.15 0.00
B-6 0.00 3,757,983.00 8,428.73 0.00
A-R 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------
Totals 0.00 808,498,439.77 14,807,429.92 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 799,511,000.00 785,971,431.26 0.00 12,964,974.49 0.00 0.00
X-1 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
X-B 0.00 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 0.00
B-2 8,350,000.00 8,350,000.00 0.00 0.00 0.00 0.00
B-3 4,175,000.00 4,175,000.00 0.00 0.00 0.00 0.00
B-4 2,509,000.00 2,509,000.00 0.00 0.00 0.00 0.00
B-5 2,088,000.00 2,088,000.00 0.00 0.00 0.00 0.00
B-6 3,757,983.00 3,757,983.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
Totals 835,003,083.00 821,463,414.26 0.00 12,964,974.49 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- --------------------------------------------------------------------------------------------------
A 12,964,974.49 773,006,456.77 0.96684906 12,964,974.49
X-1 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00000000 0.00
X-B 0.00 0.00 0.00000000 0.00
B-1 0.00 14,612,000.00 1.00000000 0.00
B-2 0.00 8,350,000.00 1.00000000 0.00
B-3 0.00 4,175,000.00 1.00000000 0.00
B-4 0.00 2,509,000.00 1.00000000 0.00
B-5 0.00 2,088,000.00 1.00000000 0.00
B-6 0.00 3,757,983.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
- --------------------------------------------------------------------------------------------------
Totals 12,964,974.49 808,498,439.77 0.96825803 12,964,974.49
- --------------------------------------------------------------------------------------------------
(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 799,511,000.00 983.06518767 0.00000000 16.21613022 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 14,612,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 4,175,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,509,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-5 2,088,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-6 3,757,983.00 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 16.21613022 966.84905745 0.96684906 16.21613022
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 Non-
Certificate/ Current Unpaid Current Supported
Original Face Current Notional Accrued Interest Interest Interest Realized
Class Amount Certificate Rate Balance Interest Shortfall Shortfall Shortfall Loss (4)
- ------------------------------------------------------------------------------------------------------------------------------------
A 799,511,000.00 1.60813% 785,971,431.26 1,053,286.86 0.00 0.00 0.00 0.00
X-1 0.00 0.80000% 741,662,104.82 494,441.40 0.00 0.00 0.00 0.00
X-2 0.00 0.32844% 785,971,431.26 215,117.11 0.00 0.00 0.00 0.00
X-B 0.00 0.76601% 22,962,000.00 14,657.55 0.00 0.00 0.00 0.00
B-1 14,612,000.00 1.78000% 14,612,000.00 21,674.47 0.00 0.00 0.00 0.00
B-2 8,350,000.00 2.18000% 8,350,000.00 15,169.17 0.00 0.00 0.00 0.00
B-3 4,175,000.00 2.69147% 4,175,000.00 9,364.05 0.00 0.00 0.00 0.00
B-4 2,509,000.00 2.69147% 2,509,000.00 5,627.40 0.00 0.00 0.00 0.00
B-5 2,088,000.00 2.69147% 2,088,000.00 4,683.15 0.00 0.00 0.00 0.00
B-6 3,757,983.00 2.69147% 3,757,983.00 8,428.73 0.00 0.00 0.00 0.00
A-R 100.00 2.68605% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 835,003,083.00 1,842,449.89 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- --------------------------------------------------------------
A 1,053,286.87 0.00 773,006,456.77
X-1 494,443.89 0.00 714,258,352.25
X-2 215,119.59 0.00 773,006,456.77
X-B 14,658.11 0.00 22,962,000.00
B-1 21,674.47 0.00 14,612,000.00
B-2 15,169.17 0.00 8,350,000.00
B-3 9,364.05 0.00 4,175,000.00
B-4 5,627.40 0.00 2,509,000.00
B-5 4,683.15 0.00 2,088,000.00
B-6 8,428.73 0.00 3,757,983.00
A-R 0.00 0.00 0.00
- --------------------------------------------------------------
Totals 1,842,455.43 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 799,511,000.00 1.60813% 983.06518767 1.31741384 0.00000000 0.00000000 0.00000000 0.00000000
X-1 0.00 0.80000% 927.64465382 0.61842977 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.32844% 983.06518767 0.26906085 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.76601% 1000.00000000 0.63833943 0.00000000 0.00000000 0.00000000 0.00000000
B-1 14,612,000.00 1.78000% 1000.00000000 1.48333356 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,350,000.00 2.18000% 1000.00000000 1.81666707 0.00000000 0.00000000 0.00000000 0.00000000
B-3 4,175,000.00 2.69147% 1000.00000000 2.24288623 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,509,000.00 2.69147% 1000.00000000 2.24288561 0.00000000 0.00000000 0.00000000 0.00000000
B-5 2,088,000.00 2.69147% 1000.00000000 2.24288793 0.00000000 0.00000000 0.00000000 0.00000000
B-6 3,757,983.00 2.69147% 1000.00000000 2.24288668 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 2.68605% 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 1.31741386 0.00000000 966.84905745
X-1 0.61843288 0.00000000 893.36901212
X-2 0.26906395 0.00000000 966.84905745
X-B 0.63836382 0.00000000 1000.00000000
B-1 1.48333356 0.00000000 1000.00000000
B-2 1.81666707 0.00000000 1000.00000000
B-3 2.24288623 0.00000000 1000.00000000
B-4 2.24288561 0.00000000 1000.00000000
B-5 2.24288793 0.00000000 1000.00000000
B-6 2.24288668 0.00000000 1000.00000000
A-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 15,092,002.98
Liquidations, Insurance Proceeds, Reserve Funds 5.52
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 14,336.50
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 15,106,345.00
Withdrawals
Reimbursement for Servicer Advances 35,947.20
Payment of Service Fee 262,967.88
Payment of Interest and Principal 14,807,429.92
-------------
Total Withdrawals (Pool Distribution Amount) 15,106,345.00
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 257,833.73
Master Servicing Fee 5,134.15
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 262,967.88
==========
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- --------------------- ---------- ----------- -------- ---------
Class X-1 Sub Account 4,500.00 2.48 2.48 4,500.00
Class X-2 Sub Account 4,500.00 2.48 2.48 4,500.00
Class X-B Sub Account 1,000.00 0.56 0.56 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 16 5,941,257.77 30 Days 0 0.00 30 Days 0 0.00
60 Days 1 202,000.00 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
-- ------------ - ---- - ----
17 6,143,257.77 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 0.652795% 0.734850% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.040800% 0.024985% 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%
-------- -------- -------- -------- -------- --------
0.693594% 0.759835% 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 16 5,941,257.77
60 Days 0 0.00 60 Days 1 202,000.00
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 17 6,143,257.77
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 0.652795% 0.734850%
60 Days 0.000000% 0.000000% 60 Days 0.040800% 0.024985%
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% 0.693594% 0.759835%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 14,336.50
Original $ Original % Current $ Current % Current Class % Prepayment %
------------- ----------- ------------- ----------- --------------- -------------
Class A 35,491,983.00 4.25052119% 35,491,983.00 4.38986413% 95.610136% 0.000000%
Class X-1 35,491,983.00 4.25052119% 35,491,983.00 4.38986413% 0.000000% 0.000000%
Class X-2 35,491,983.00 4.25052119% 35,491,983.00 4.38986413% 0.000000% 0.000000%
Class B-1 20,879,983.00 2.50058753% 20,879,983.00 2.58256318% 1.807301% 41.169861%
Class B-2 12,529,983.00 1.50059123% 12,529,983.00 1.54978444% 1.032779% 23.526440%
Class B-3 8,354,983.00 1.00059307% 8,354,983.00 1.03339507% 0.516389% 11.763220%
Class B-4 5,845,983.00 0.70011514% 5,845,983.00 0.72306670% 0.310328% 7.069202%
Class B-5 3,757,983.00 0.45005618% 3,757,983.00 0.46481017% 0.258257% 5.883019%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.464810% 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 3.075621%
Weighted Average Net Coupon 2.698975%
Weighted Average Pass-Through Rate 2.691475%
Weighted Average Maturity (Stepdown Calculation) 340
Beginning Scheduled Collateral Loan Count 2,474
Number of Loans Paid in Full 23
Ending Scheduled Collateral Loan Count 2,451
Beginning Scheduled Collateral Balance 821,463,415.00
Ending Scheduled Collateral Balance 808,498,440.51
Ending Actual Collateral Balance at 30-June-2004 808,499,311.83
Monthly P&I Constant 2,105,425.05
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 14,742,477.42
Ending Scheduled Balance for Premium Loans 808,498,440.51
Scheduled Principal 0.00
Unscheduled Principal 12,964,974.49
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 105,145,034.49
Six-Month Libor Loan Balance 703,353,406.02
Prorata Senior Percentage 95.679420%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%