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: AUGUST 31, 2004
DISTRIBUTION DATE: SEPTEMBER 20, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning
Class Certificate Pass- Certificate Interest
Class CUSIP Description Through Rate Balance Distribution
- ----- ----- ------------ ----------------- ------------ ------------
A 81744FBF3 SEN 1.60813% 757,207,557.16 1,014,740.15
X-1 81744FBG1 SEN 0.80000% 0.00 458,547.27
X-2 81744FBH9 SEN 0.44149% 0.00 278,585.76
X-B 81744FBJ5 SEN 0.53086% 0.00 10,157.98
B-1 81744FBK2 SUB 2.10000% 14,612,000.00 25,571.00
B-2 81744FBL0 SUB 2.50000% 8,350,000.00 17,395.83
B-3 81744FBM8 SUB 2.77632% 4,175,000.00 9,659.27
B-4 81744FBN6 SUB 2.77632% 2,509,000.00 5,804.82
B-5 81744FBP1 SUB 2.77632% 2,088,000.00 4,830.79
B-6 81744FBQ9 SUB 2.77632% 3,757,983.00 8,694.46
A-R 81744FBR7 RES 2.68401% 0.00 0.00
-------------- ------------
Totals 792,699,540.16 1,833,987.33
-------------- ------------
Principal Current Ending Certificate Total Cumulative
Class CUSIP Distribution Realized Loss Balance Distribution Realized Loss
- ----- ----- ------------ ------------- ------------------ ------------ ------------
A 81744FBF3 13,704,784.45 0.00 743,502,772.71 14,719,524.60 0.00
X-1 81744FBG1 0.00 0.00 0.00 458,547.27 0.00
X-2 81744FBH9 0.00 0.00 0.00 278,585.76 0.00
X-B 81744FBJ5 0.00 0.00 0.00 10,157.98 0.00
B-1 81744FBK2 0.00 0.00 14,612,000.00 25,571.00 0.00
B-2 81744FBL0 0.00 0.00 8,350,000.00 17,395.83 0.00
B-3 81744FBM8 0.00 0.00 4,175,000.00 9,659.27 0.00
B-4 81744FBN6 0.00 0.00 2,509,000.00 5,804.82 0.00
B-5 81744FBP1 0.00 0.00 2,088,000.00 4,830.79 0.00
B-6 81744FBQ9 0.00 0.00 3,757,983.00 8,694.46 0.00
A-R 81744FBR7 0.00 0.00 0.00 0.00 0.00
------------- ---- -------------- ------------- ----
Totals 13,704,784.45 0.00 778,994,755.71 15,538,771.78 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 799,511,000.00 757,207,557.16 0.00 13,704,784.45 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 835,003,083.00 792,699,540.16 0.00 13,704,784.45 0.00 0.00
-------------- -------------- ---- ------------- ---- ----
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ----- --------------- ------------------ ------------------ ----------------
A 13,704,784.45 743,502,772.71 0.92994690 13,704,784.45
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 13,704,784.45 778,994,755.71 0.93292441 13,704,784.45
------------- -------------- ---------- -------------
(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 799,511,000.00 947.08835421 0.00000000 17.14145828 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 17.14145828 929.94689593 0.92994690 17.14145828
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
Certificate/
Original Face Current Notional
Class Amount Certificate Rate Balance
- ----- ------------- ---------------- ------------
A 799,511,000.00 1.60813% 757,207,557.16
X-1 0.00 0.80000% 687,820,907.09
X-2 0.00 0.44149% 757,207,557.16
X-B 0.00 0.53086% 22,962,000.00
B-1 14,612,000.00 2.10000% 14,612,000.00
B-2 8,350,000.00 2.50000% 8,350,000.00
B-3 4,175,000.00 2.77632% 4,175,000.00
B-4 2,509,000.00 2.77632% 2,509,000.00
B-5 2,088,000.00 2.77632% 2,088,000.00
B-6 3,757,983.00 2.77632% 3,757,983.00
A-R 100.00 2.68401% 0.00
--------------
Totals 835,003,083.00
--------------
Payment of Non-
Current Unpaid Current Supported
Accrued Interest Interest Interest Realized
Class Interest Shortfall Shortfall Shortfall Loss (4)
- ----- -------- ---------- --------- --------- --------
A 1,014,740.16 0.00 0.00 0.01 0.00
X-1 458,547.27 0.00 0.00 0.00 0.00
X-2 278,585.76 0.00 0.00 0.00 0.00
X-B 10,157.98 0.00 0.00 0.00 0.00
B-1 25,571.00 0.00 0.00 0.00 0.00
B-2 17,395.83 0.00 0.00 0.00 0.00
B-3 9,659.27 0.00 0.00 0.00 0.00
B-4 5,804.82 0.00 0.00 0.00 0.00
B-5 4,830.79 0.00 0.00 0.00 0.00
B-6 8,694.46 0.00 0.00 0.00 0.00
A-R 0.00 0.00 0.00 0.00 0.00
------------ ---- ---- ---- ----
Totals 1,833,987.34 0.00 0.00 0.01 0.00
------------ ---- ---- ---- ----
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- ----- -------------- --------- ------------
A 1,014,740.15 0.00 743,502,772.71
X-1 458,547.27 0.00 662,315,695.52
X-2 278,585.76 0.00 743,502,772.71
X-B 10,157.98 0.00 22,962,000.00
B-1 25,571.00 0.00 14,612,000.00
B-2 17,395.83 0.00 8,350,000.00
B-3 9,659.27 0.00 4,175,000.00
B-4 5,804.82 0.00 2,509,000.00
B-5 4,830.79 0.00 2,088,000.00
B-6 8,694.46 0.00 3,757,983.00
A-R 0.00 0.00 0.00
------------ ----
Totals 1,833,987.33 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% 947.08835421 1.26920100 0.00000000 0.00000000 0.00000001 0.00000000
X-1 0.00 0.80000% 860.30199346 0.57353466 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.44149% 947.08835421 0.34844519 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.53086% 1000.00000000 0.44238220 0.00000000 0.00000000 0.00000000 0.00000000
B-1 14,612,000.00 2.10000% 1000.00000000 1.75000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,350,000.00 2.50000% 1000.00000000 2.08333293 0.00000000 0.00000000 0.00000000 0.00000000
B-3 4,175,000.00 2.77632% 1000.00000000 2.31359760 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,509,000.00 2.77632% 1000.00000000 2.31359904 0.00000000 0.00000000 0.00000000 0.00000000
B-5 2,088,000.00 2.77632% 1000.00000000 2.31359674 0.00000000 0.00000000 0.00000000 0.00000000
B-6 3,757,983.00 2.77632% 1000.00000000 2.31359748 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 2.68401% 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 1.26920099 0.00000000 929.94689593
X-1 0.57353466 0.00000000 828.40097950
X-2 0.34844519 0.00000000 929.94689593
X-B 0.44238220 0.00000000 1000.00000000
B-1 1.75000000 0.00000000 1000.00000000
B-2 2.08333293 0.00000000 1000.00000000
B-3 2.31359760 0.00000000 1000.00000000
B-4 2.31359904 0.00000000 1000.00000000
B-5 2.31359674 0.00000000 1000.00000000
B-6 2.31359748 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 15,855,611.34
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 34,821.17
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
---------------
Total Deposits 15,890,432.51
Withdrawals
Reimbursement for Servicer Advances 98,331.58
Payment of Service Fee 253,329.15
Payment of Interest and Principal 15,538,771.78
---------------
Total Withdrawals (Pool Distribution Amount) 15,890,432.51
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 248,374.76
Master Servicing Fee 4,954.39
Supported Prepayment/Curtailment Interest Shortfall 0.00
------------
Net Servicing Fee 253,329.15
============
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
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 36 11,550,989.78
60 Days 4 2,457,550.67
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
---- -------------
40 14,008,540.45
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 1.515789% 1.482809%
60 Days 0.168421% 0.315478%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
1.684211% 1.798286%
BANKRUPTCY
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
--- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
FORECLOSURE
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
--- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
REO
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
---- ----
0 0.00
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.000000% 0.000000%
TOTAL
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 36 11,550,989.78
60 Days 4 2,457,550.67
90 Days 0 0.00
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
--- -------------
40 14,008,540.45
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 1.515789% 1.482809%
60 Days 0.168421% 0.315478%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
1.684211% 1.798286%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 34,821.17
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ---------- ------------- ---------- --------------- ------------
Class A 35,491,983.00 4.25052119% 35,491,983.00 4.55612605% 95.443874% 0.000000%
Class X-1 35,491,983.00 4.25052119% 35,491,983.00 4.55612605% 0.000000% 0.000000%
Class X-2 35,491,983.00 4.25052119% 35,491,983.00 4.55612605% 0.000000% 0.000000%
Class B-1 20,879,983.00 2.50058753% 20,879,983.00 2.68037529% 1.875751% 41.169861%
Class B-2 12,529,983.00 1.50059123% 12,529,983.00 1.60848105% 1.071894% 23.526440%
Class B-3 8,354,983.00 1.00059307% 8,354,983.00 1.07253392% 0.535947% 11.763220%
Class B-4 5,845,983.00 0.70011514% 5,845,983.00 0.75045216% 0.322082% 7.069202%
Class B-5 3,757,983.00 0.45005618% 3,757,983.00 0.48241442% 0.268038% 5.883019%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.482414% 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 3.159810%
Weighted Average Net Coupon 2.783816%
Weighted Average Pass-Through Rate 2.776316%
Weighted Average Maturity (Stepdown Calculation) 338
Beginning Scheduled Collateral Loan Count 2,411
Number of Loans Paid in Full 36
Ending Scheduled Collateral Loan Count 2,375
Beginning Scheduled Collateral Balance 792,699,540.90
Ending Scheduled Collateral Balance 778,994,756.45
Ending Actual Collateral Balance at 31-Aug-2004 778,993,869.82
Monthly P&I Constant 2,087,316.47
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 15,466,815.62
Ending Scheduled Balance for Premium Loans 778,994,756.45
Scheduled Principal 0.00
Unscheduled Principal 13,704,784.45
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 104,546,086.14
Six-Month Libor Loan Balance 674,448,670.31
Prorata Senior Percentage 95.522644%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%