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 2004-3
RECORD DATE: JULY 30, 2004
DISTRIBUTION DATE: AUGUST 20, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning
Class Pass- Certificate Interest Principal
Class CUSIP Description Through Rate Balance Distribution Distribution
- ------------ --------- ----------- ------------ -------------- ------------ -------------
A 81744FAZ0 SEN 1.40000% 848,682,146.89 990,129.16 21,127,130.82
M-1 81744FBA4 SUB 1.92000% 13,800,000.00 22,080.00 0.00
M-2 81744FBB2 SUB 2.32000% 9,200,000.00 17,786.67 0.00
M-3 81744FBC0 SUB 2.88916% 2,300,000.00 5,537.56 0.00
X 81744FBD8 IO 0.00000% 0.00 939,016.33 0.00
R 81744FBE6 RES 0.00000% 0.00 0.00 0.00
- ------------ --------- ----------- ------------ -------------- ------------ -------------
Totals 873,982,146.89 1,974,549.72 21,127,130.82
-------------- ------------ -------------
Ending
Current Certificate Total Cumulative
Class CUSIP Realized Loss Balance Distribution Realized Loss
- ------------ --------- ------------- -------------- ------------- -------------
A 81744FAZ0 0.00 827,555,016.07 22,117,259.98 0.00
M-1 81744FBA4 0.00 13,800,000.00 22,080.00 0.00
M-2 81744FBB2 0.00 9,200,000.00 17,786.67 0.00
M-3 81744FBC0 0.00 2,300,000.00 5,537.56 0.00
X 81744FBD8 0.00 0.00 939,016.33 0.00
R 81744FBE6 0.00 0.00 0.00 0.00
- ------------ --------- ------------- -------------- ------------- -------------
Totals 0.00 852,855,016.07 23,101,680.54 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 894,673,000.00 848,682,146.89 0.00 21,127,130.82 0.00 0.00
M-1 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00
M-2 9,200,000.00 9,200,000.00 0.00 0.00 0.00 0.00
M-3 2,300,000.00 2,300,000.00 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 919,973,000.00 873,982,146.89 0.00 21,127,130.82 0.00 0.00
-------------- -------------- ------------ ------------- --------- --------
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ------------ --------------- ------------------ ------------------ ---------------
A 21,127,130.82 827,555,016.07 0.92498043 21,127,130.82
M-1 0.00 13,800,000.00 1.00000000 0.00
M-2 0.00 9,200,000.00 1.00000000 0.00
M-3 0.00 2,300,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
- ------------ --------------- ------------------ ------------------ ---------------
Totals 21,127,130.82 852,855,016.07 0.92704353 21,127,130.82
--------------- ------------------ ------------------ ---------------
(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 894,673,000.00 948.59479038 0.00000000 23.61436058 0.00000000 0.00000000
M-1 13,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2 9,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-3 2,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ------------ --------------- ------------------ ------------------ ---------------
A 23.61436058 924.98042980 0.92498043 23.61436058
M-1 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 1000.00000000 1.00000000 0.00000000
M-3 0.00000000 1000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000
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 894,673,000.00 1.40000% 848,682,146.89 990,129.17 0.00 0.00
M-1 13,800,000.00 1.92000% 13,800,000.00 22,080.00 0.00 0.00
M-2 9,200,000.00 2.32000% 9,200,000.00 17,786.67 0.00 0.00
M-3 2,300,000.00 2.88916% 2,300,000.00 5,537.56 0.00 0.00
X 0.00 0.00000% 878,441,598.52 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
- ------------ -------------- ------------ ---------- ---------
Totals 919,973,000.00 1,035,533.40 0.00 0.00
-------------- ------------ ---------- ---------
Remaining Ending
Non-Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notational
Class Shortfall Loss (4) Distribution Shortfall Balance
- ------------ ------------- -------- -------------- ---------- --------------
A 0.01 0.00 990,129.16 0.00 827,555,016.07
M-1 0.00 0.00 22,080.00 0.00 13,800,000.00
M-2 0.00 0.00 17,786.67 0.00 9,200,000.00
M-3 0.00 0.00 5,537.56 0.00 2,300,000.00
X 0.00 0.00 939,016.33 0.00 857,454,884.04
R 0.00 0.00 0.00 0.00 0.00
- ------------ ------------- -------- -------------- ----------
Totals 0.01 0.00 1,974,549.72 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
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
- ------------ -------------- ----------- -------------- ------------ ---------- ----------
A 894,673,000.00 1.40000% 948.59479038 1.10669392 0.00000000 0.00000000
M-1 13,800,000.00 1.92000% 1000.00000000 1.60000000 0.00000000 0.00000000
M-2 9,200,000.00 2.32000% 1000.00000000 1.93333370 0.00000000 0.00000000
M-3 2,300,000.00 2.88916% 1000.00000000 2.40763478 0.00000000 0.00000000
X 0.00 0.00000% 954.85523086 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending
Non-Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notational
Class Shortfall Loss (4) Distribution Shortfall Balance
- ------------ ------------- ---------- -------------- ---------- -------------
A 0.00000001 0.00000000 1.10669391 0.00000000 924.98042980
M-1 0.00000000 0.00000000 1.60000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.93333370 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.40763478 0.00000000 1000.00000000
X 0.00000000 0.00000000 1.02069922 0.00000000 932.04292992
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 23,303,626.89
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 96,875.99
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 23,400,502.88
Withdrawals
Reimbursement for Servicer Advances 19,400.44
Payment of Service Fee 279,421.90
Payment of Interest and Principal 23,101,680.54
-------------
Total Withdrawals (Pool Distribution Amount) 23,400,502.88
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 274,663.67
Master Servicing Fee 4,758.23
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 279,421.90
==========
OTHER ACCOUNTS
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 120 38,033,667.36 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
----- ------------- ----- --------- ----- ---------
120 38,033,667.36 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 4.506196% 4.435639% 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%
-------- ------------- -------- --------- -------- ---------
4.506196% 4.435639% 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 120 38,033,667.36
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 0.00 120 38,033,667.36
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 4.506196% 4.435639%
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% 4.506196% 4.435639%
-------- --------- -------- -------------
Current Period Class 0.00 Principal Balance of 0.00 Periodic Advance 96,875.99
A Insufficient Funds: Contaminated Properties
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 3.271980%
Weighted Average Net Coupon 2.896774%
Weighted Average Pass-Through Rate 2.889161%
Weighted Average Maturity (Stepdown Calculation) 341
Beginning Scheduled Collateral Loan Count 2,711
Number of Loans Paid in Full 48
Ending Scheduled Collateral Loan Count 2,663
Beginning Scheduled Collateral Balance 878,441,598.52
Ending Scheduled Collateral Balance 857,454,884.04
Ending Actual Collateral Balance at 30-July-2004 857,456,406.81
Monthly P&I Constant 2,395,202.63
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 857,454,884.04
Scheduled Principal 0.00
Unscheduled Principal 20,986,714.48
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 140,416.34
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 4,599,867.97
Overcollateralization Amount 4,599,867.97
Overcollateralized Deficiency Amount 140,416.34
Base Overcollateralization Amount 0.00
Extra Principal Distribution Amount 140,416.34
Excess Cash Amount 1,079,432.66
MISCELLANEOUS REPORTING
Applied Loss Amount 0.00
1 Month LIBOR Loan Balance 84,899,976.56
6 Month LIBOR Loan Balance 772,554,907.48
M-1 Target Amount 827,443,963.10
M-2 Target Amount 844,593,060.78
M-3 Target Amount 848,880,335.20
Senior Target Amount 801,720,316.58
Step Down Date Reached? No
Trigger Event? No