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: 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 81744FBF3 SEN 1.60813% 773,006,456.77 1,035,912.40 15,798,899.61
X-1 81744FBG1 SEN 0.80000% 0.00 476,172.24 0.00
X-2 81744FBH9 SEN 0.38431% 0.00 247,561.50 0.00
X-B 81744FBJ5 SEN 0.66618% 0.00 12,747.40 0.00
B-1 81744FBK2 SUB 1.92000% 14,612,000.00 23,379.20 0.00
B-2 81744FBL0 SUB 2.32000% 8,350,000.00 16,143.33 0.00
B-3 81744FBM8 SUB 2.73164% 4,175,000.00 9,503.83 0.00
B-4 81744FBN6 SUB 2.73164% 2,509,000.00 5,711.40 0.00
B-5 81744FBP1 SUB 2.73164% 2,088,000.00 4,753.05 0.00
B-6 81744FBQ9 SUB 2.73164% 3,757,983.00 8,554.55 0.00
A-R 81744FBR7 RES 2.68422% 0.00 0.00 0.00
- ------- -------------- ------------ -------------
Totals 808,498,439.77 1,840,438.90 15,798,899.61
-------------- ------------ -------------
Ending
Current Certificate Total Cumulative
Class CUSIP Realized Loss Balance Distribution Realized Loss
- ------------ --------- -------------- -------------- ------------- --------------
A 81744FBF3 0.00 757,207,557.16 16,834,812.01 0.00
X-1 81744FBG1 0.00 0.00 476,172.24 0.00
X-2 81744FBH9 0.00 0.00 247,561.50 0.00
X-B 81744FBJ5 0.00 0.00 12,747.40 0.00
B-1 81744FBK2 0.00 14,612,000.00 23,379.20 0.00
B-2 81744FBL0 0.00 8,350,000.00 16,143.33 0.00
B-3 81744FBM8 0.00 4,175,000.00 9,503.83 0.00
B-4 81744FBN6 0.00 2,509,000.00 5,711.40 0.00
B-5 81744FBP1 0.00 2,088,000.00 4,753.05 0.00
B-6 81744FBQ9 0.00 3,757,983.00 8,554.55 0.00
A-R 81744FBR7 0.00 0.00 0.00 0.00
- ------- ---- -------------- ------------- ----
Totals 0.00 792,699,540.16 17,639,338.51 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 799,511,000.00 773,006,456.77 0.00 15,798,899.61 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 835,003,083.00 808,498,439.77 0.00 15,798,899.61 0.00 0.00
--------------- -------------- -------- -------------- ------- ------
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ------------ --------------- ------------------ ------------------ ---------------
A 15,798,899.61 757,207,557.16 0.94708835 15,798,899.61
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 15,798,899.61 792,699,540.16 0.94933726 15,798,899.61
-------------- ----------------- -------------- ---------------
(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 799,511,000.00 966.84905745 0.00000000 19.76070324 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 19.76070324 947.08835421 0.94708835 19.76070324
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 799,511,000.00 1.60813% 773,006,456.77 1,035,912.39 0.00 0.00
X-1 0.00 0.80000% 714,258,352.25 476,172.23 0.00 0.00
X-2 0.00 0.38431% 773,006,456.77 247,561.50 0.00 0.00
X-B 0.00 0.66618% 22,962,000.00 12,747.40 0.00 0.00
B-1 14,612,000.00 1.92000% 14,612,000.00 23,379.20 0.00 0.00
B-2 8,350,000.00 2.32000% 8,350,000.00 16,143.33 0.00 0.00
B-3 4,175,000.00 2.73164% 4,175,000.00 9,503.83 0.00 0.00
B-4 2,509,000.00 2.73164% 2,509,000.00 5,711.40 0.00 0.00
B-5 2,088,000.00 2.73164% 2,088,000.00 4,753.05 0.00 0.00
B-6 3,757,983.00 2.73164% 3,757,983.00 8,554.55 0.00 0.00
A-R 100.00 2.68422% 0.00 0.00 0.00 0.00
- ------ -------------- ------------ -------- -------
Totals 835,003,083.00 1,840,438.88 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 1,035,912.40 0.00 757,207,557.16
X-1 0.00 0.00 476,172.24 0.00 687,820,907.09
X-2 0.00 0.00 247,561.50 0.00 757,207,557.16
X-B 0.00 0.00 12,747.40 0.00 22,962,000.00
B-1 0.00 0.00 23,379.20 0.00 14,612,000.00
B-2 0.00 0.00 16,143.33 0.00 8,350,000.00
B-3 0.00 0.00 9,503.83 0.00 4,175,000.00
B-4 0.00 0.00 5,711.40 0.00 2,509,000.00
B-5 0.00 0.00 4,753.05 0.00 2,088,000.00
B-6 0.00 0.00 8,554.55 0.00 3,757,983.00
A-R 0.00 0.00 0.00 0.00 0.00
- ------ ------- ------- ------------ --------
Totals 0.00 0.00 1,840,438.90 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% 966.84905745 1.29568247 0.00000000 0.00000000
X-1 0.00 0.80000% 893.36901212 0.59557934 0.00000000 0.00000000
X-2 0.00 0.38431% 966.84905745 0.30964114 0.00000000 0.00000000
X-B 0.00 0.66618% 1000.00000000 0.55515199 0.00000000 0.00000000
B-1 14,612,000.00 1.92000% 1000.00000000 1.60000000 0.00000000 0.00000000
B-2 8,350,000.00 2.32000% 1000.00000000 1.93333293 0.00000000 0.00000000
B-3 4,175,000.00 2.73164% 1000.00000000 2.27636647 0.00000000 0.00000000
B-4 2,509,000.00 2.73164% 1000.00000000 2.27636509 0.00000000 0.00000000
B-5 2,088,000.00 2.73164% 1000.00000000 2.27636494 0.00000000 0.00000000
B-6 3,757,983.00 2.73164% 1000.00000000 2.27636740 0.00000000 0.00000000
A-R 100.00 2.68422% 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 1.29568249 0.00000000 947.08835421
X-1 0.00000000 0.00000000 0.59557935 0.00000000 860.30199346
X-2 0.00000000 0.00000000 0.30964114 0.00000000 947.08835421
X-B 0.00000000 0.00000000 0.55515199 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 1.60000000 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 1.93333293 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 2.27636647 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 2.27636509 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 2.27636494 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 2.27636740 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 17,813,709.32
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 98,331.58
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 17,912,040.90
Withdrawals
Reimbursement for Servicer Advances 14,336.50
Payment of Service Fee 258,365.88
Payment of Interest and Principal 17,639,338.52
-------------
Total Withdrawals (Pool Distribution Amount) 17,912,040.90
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 253,312.76
Master Servicing Fee 5,053.12
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 258,365.88
==========
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 122 41,670,408.51 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
-------- ------------- -------- -------- -------- --------
122 41,670,408.51 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 5.060141% 5.256773% 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%
-------- ----------- -------- -------- -------- --------
5.060141% 5.256773% 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 122 41,670,408.51
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 0.00 122 41,670,408.51
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 5.060141% 5.256773%
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% 5.060141% 5.256773%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 98,331.58
Original $ Original% Current $ Current % Current Class % Prepayment %
---------- --------- --------- --------- --------------- ------------
Class A 35,491,983.00 4.25052119% 35,491,983.00 4.47735632% 95.522644% 0.000000%
Class X-1 35,491,983.00 4.25052119% 35,491,983.00 4.47735632% 0.000000% 0.000000%
Class X-2 35,491,983.00 4.25052119% 35,491,983.00 4.47735632% 0.000000% 0.000000%
Class B-1 20,879,983.00 2.50058753% 20,879,983.00 2.63403496% 1.843321% 41.169861%
Class B-2 12,529,983.00 1.50059123% 12,529,983.00 1.58067242% 1.053363% 23.526440%
Class B-3 8,354,983.00 1.00059307% 8,354,983.00 1.05399115% 0.526681% 11.763220%
Class B-4 5,845,983.00 0.70011514% 5,845,983.00 0.73747778% 0.316513% 7.069202%
Class B-5 3,757,983.00 0.45005618% 3,757,983.00 0.47407407% 0.263404% 5.883019%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.474074% 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 3.115115%
Weighted Average Net Coupon 2.739140%
Weighted Average Pass-Through Rate 2.731640%
Weighted Average Maturity (Stepdown Calculation) 339
Beginning Scheduled Collateral Loan Count 2,451
Number of Loans Paid in Full 40
Ending Scheduled Collateral Loan Count 2,411
Beginning Scheduled Collateral Balance 808,498,440.51
Ending Scheduled Collateral Balance 792,699,540.90
Ending Actual Collateral Balance at 30-July-2004 792,699,380.87
Monthly P&I Constant 2,098,804.75
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 17,571,293.13
Ending Scheduled Balance for Premium Loans 792,699,540.90
Scheduled Principal 0.00
Unscheduled Principal 15,798,899.61
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 104,996,697.47
Six-Month Libor Loan Balance 687,702,843.43
Prorata Senior Percentage 95.610136%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%