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: OCTOBER 29, 2004
DISTRIBUTION DATE: NOVEMBER 22, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning
Class Pass- Certificate Interest
Class CUSIP Description Through Rate Balance Distribution
----- ----- ----------- ------------ ------- ------------
A 81744FAA5 SEN 2.19125% 534,156,127.90 975,391.34
X-1 81744FAB3 IO 0.71831% 0.00 256,613.48
X-2 81744FAC1 IO 0.14182% 0.00 63,128.72
X-B 81744FAD9 IO 0.27525% 0.00 3,262.66
B-1 81744FAG2 SUB 2.46000% 9,375,000.00 19,218.75
B-2 81744FAH0 SUB 2.96000% 5,937,000.00 14,644.60
B-3 81744FAJ6 SUB 2.90956% 3,437,000.00 8,333.47
B-4 81744FAK3 SUB 2.90956% 1,562,000.00 3,787.28
B-5 81744FAL1 SUB 2.90956% 937,000.00 2,271.88
B-6 81744FAM9 SUB 2.90956% 2,500,468.00 6,062.72
A-R 81744FAF4 RES 2.57226% 0.00 0.00
--------- --- ------- -------------- ------------
Totals 557,904,595.90 1,352,714.90
--------- --- ------- -------------- ------------
Ending
Principal Current Certificate Total Cumulative
Class Distribution Realized Loss Balance Distribution Realized Loss
----- ------------ ------------- ------- ------------ -------------
A 6,489,798.85 0.00 527,666,329.05 7,465,190.19 0.00
X-1 0.00 0.00 0.00 256,613.48 0.00
X-2 0.00 0.00 0.00 63,128.72 0.00
X-B 0.00 0.00 0.00 3,262.66 0.00
B-1 0.00 0.00 9,375,000.00 19,218.75 0.00
B-2 0.00 0.00 5,937,000.00 14,644.60 0.00
B-3 0.00 0.00 3,347,000.00 8,333.47 0.00
B-4 0.00 0.00 1,562,000.00 3,787.28 0.00
B-5 0.00 0.00 937,000.00 2,271.88 0.00
B-6 0.00 0.00 2,500,468.00 6,062.72 0.00
A-R 0.00 0.00 0.00 0.00 0.00
------------ ---- -------------- ------------ ----
Totals 6,489,798.85 0.00 551,414,797.05 7,842,513.75 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 601,250,000.00 534,156,127.90 642.77 6,489,156.08 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 624,998,568.00 557,904,595.90 642.77 6,489,156.08 0.00
-------------- -------------- ------ ------------ ----
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class Loss (1) Reduction Balance Percentage Distribution
----- -------- --------- ------- ---------- ------------
A 0.00 6,489,798.85 527,666,329.05 0.87761552 6,489,798.85
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 6,489,798.85 551,414,797.05 0.88226570 6,489,798.85
---- ------------ -------------- ---------- ------------
(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
Class Amount Balance Distribution Distribution Accretion
- ----- ------ ------- ------------ ------------ ---------
A 601,250,000.00 888.40936033 0.00106906 10.79277519 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 9,375,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 5,937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 3,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 1,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 2,500,468.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
-------------- ------------ ---------- ----------- ----------
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class Loss (3) Reduction Balance Percentage Distribution
- ----- -------- --------- ------- ---------- ------------
A 0.00000000 10.79384424 877.61551609 0.87761552 10.79384424
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-5 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-6 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-R 0.00000000 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
Original Face Certificate Notional Accrued Interest
Class Amount Rate Balance Interest Shortfall
----- ------ ---- ------- -------- ---------
A 601,250,000.00 2.19125% 534,156,127.90 975,391.35 0.00
X-1 0.00 0.71831% 428,694,308.91 256,613.48 0.00
X-2 0.00 0.14182% 534,156,127.90 63,128.72 0.00
X-B 0.00 0.27525% 15,312,000.00 3,512.20 0.00
B-1 9,375,000.00 2.46000% 9,375,000.00 19,218.75 0.00
B-2 5,937,000.00 2.96000% 5,937,000.00 14,644.60 0.00
B-3 3,437,000.00 2.90956% 3,437,000.00 8,333.47 0.00
B-4 1,562,000.00 2.90956% 1,562,000.00 3,787.28 0.00
B-5 937,000.00 2.90956% 937,000.00 2,271.88 0.00
B-6 2,500,468.00 2.90956% 2,500,468.00 6,062.72 0.00
A-R 100.00 2.57226% 0.00 0.00 0.00
-------------- ------- -------------- ------------ ----
Totals 624,998,568.00 1,352,964.45 0.00
-------------- ------- -------------- ------------ ----
Non- Remaining Ending
Current Supported Unpaid Certificate/
Interest Interest Realized Total Interest Interest Notational
Class Shortfall Shortfall Loss (4) Distribution Shortfall Balance
----- --------- --------- -------- ------------ --------- -------
A 0.00 0.01 0.00 975,391.34 0.00 527,666,329.05
X-1 0.00 0.00 0.00 256,613.48 0.00 412,740,282.52
X-2 0.00 0.00 0.00 63,128.72 0.00 527,666,329.05
X-B 0.00 0.00 0.00 3,262.66 0.00 15,312,000.00
B-1 0.00 0.00 0.00 19,218.75 0.00 9,375,000.00
B-2 0.00 0.00 0.00 14,644.60 0.00 5,937,000.00
B-3 0.00 0.00 0.00 8,333.47 0.00 3,437,000.00
B-4 0.00 0.00 0.00 3,787.28 0.00 1,562,000.00
B-5 0.00 0.00 0.00 2,271.88 0.00 937,000.00
B-6 0.00 0.00 0.00 6,062.72 0.00 2,500,468.00
A-R 0.00 0.00 0.00 0.00 0.00 0.00
---- ---- ---- ------------ ---- --------------
Totals 0.00 0.00 0.00 1,352,714.90 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 601,250,000.00 2.19125% 888.40936033 1.62227252 0.00000000 0.00000000
X-1 0.00 0.71831% 713.00508758 0.42679997 0.00000000 0.00000000
X-2 0.00 0.14182% 888.40936033 0.10499579 0.00000000 0.00000000
X-B 0.00 0.27525% 1000.00000000 0.22937565 0.00000000 0.00000000
B-1 9,375,000.00 2.46000% 1000.00000000 2.05000000 0.00000000 0.00000000
B-2 5,937,000.00 2.96000% 1000.00000000 2.46666667 0.00000000 0.00000000
B-3 3,437,000.00 2.90956% 1000.00000000 2.42463486 0.00000000 0.00000000
B-4 1,562,000.00 2.90956% 1000.00000000 2.42463508 0.00000000 0.00000000
B-5 937,000.00 2.90956% 1000.00000000 2.42463180 0.00000000 0.00000000
B-6 2,500,468.00 2.90956% 1000.00000000 2.42463411 0.00000000 0.00000000
A-R 100.00 2.57226% 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 1.62227250 0.00000000 877.61551609
X-1 0.00000000 0.00000000 0.42679997 0.00000000 686.47032436
X-2 0.00000000 0.00000000 0.10499579 0.00000000 877.61551609
X-B 0.00000000 0.00000000 0.21307863 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 2.05000000 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 2.46666667 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 2.42463486 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 2.42463508 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 2.42463180 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 2.42463411 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 8,009,445.59
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 22,103.58
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
------------
Total Deposits 8,031,549.17
Withdrawals
Reimbursement for Servicer Advances 9,437.12
Payment of Service Fee 179,598.29
Payment of Interest and Principal 7,842,513.76
------------
Total Withdrawals (Pool Distribution Amount) 8,031,549.17
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 174,949.08
Master Servicing Fee 4,649.21
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 179,598.29
==========
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 1,000.00 249.54 249.54 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 18 8,670,432.55
60 Days 0 0.00
90 Days 2 258,241.87
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
---- ------------
20 8,928,674.42
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 1.119403% 1.572396%
60 Days 0.000000% 0.000000%
90 Days 0.124378% 0.046833%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
1.243781% 1.619229%
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 18 8,670,432.55
60 Days 0 0.00
90 Days 2 258,241.87
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
--- ------------
20 8,928,674.42
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 1.119403% 1.572396%
60 Days 0.000000% 0.000000%
90 Days 0.124378% 0.046833%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
1.243781% 1.619229%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 22,103.58
Original $ Original% Current $ Current % Current Class % Prepayment %
---------- --------- --------- --------- --------------- ------------
Class A 23,748,468.00 3.79976359% 23,748,468.00 4.30682457% 95.693175% 0.000000%
Class X-1 23,748,468.00 3.79976359% 23,748,468.00 4.30682457% 0.000000% 0.000000%
Class X-2 23,748,468.00 3.79976359% 23,748,468.00 4.30682457% 0.000000% 0.000000%
Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.60665257% 1.700172% 39.476231%
Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.52996765% 1.076685% 24.999507%
Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.90666192% 0.623306% 14.472513%
Class B-4 3,437,468.00 0.54999614% 3,437,648.00 0.62339060% 0.283271% 6.577266%
Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.45346407% 0.169927% 3.945518%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.453464% 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 3.295861%
Weighted Average Net Coupon 2.919562%
Weighted Average Pass-Through Rate 2.909562%
Weighted Average Maturity (Stepdown Calculation) 325
Beginning Scheduled Collateral Loan Count 1,625
Number of Loans Paid in Full 17
Ending Scheduled Collateral Loan Count 1,608
Beginning Scheduled Collateral Balance 557,904,596.33
Ending Scheduled Collateral Balance 551,414,797.48
Ending Actual Collateral Balance at 29-Oct-2004 551,415,309.26
Monthly P&I Constant 1,532,955.97
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 7,788,444.60
Ending Scheduled Balance for Premium Loans 551,414,797.48
Scheduled Principal 642.77
Unscheduled Principal 6,489,156.08
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 90,012,021.76
Six-Month Libor Loan Balance 461,126,793.68
Prorata Senior Percentage 95.743274%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%