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: OCTOBER 29, 2004
DISTRIBUTION DATE: NOVEMBER 22, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning
Class Certificate Pass- Certificate Interest Principal Current Ending Certificate
Class CUSIP Description Through Rate Balance Distribution Distribution Realized Loss Balance
- ----- ----- ----------- ---------------- ----------- ------------ ------------ ------------- ------------------
A 81744FAZ0 SEN 2.33000% 793,599,692.19 1,540,906.07 15,903,583.04 0.00 777,696,109.15
M-1 81744FBA4 SUB 2.41000% 13,800,000.00 27,715.00 0.00 0.00 13,800,000.00
M-2 81744FBB2 SUB 2.81000% 9,200,000.00 21,543.33 0.00 0.00 9,200,000.00
M-3 81744FBC0 SUB 3.41172% 2,300,000.00 6,539.13 0.00 0.00 2,300,000.00
X 81744FBD8 IO 0.00000% 0.00 744,586.84 0.00 0.00 0.00
R 81744FBE6 RES 0.00000% 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ------------- ---- --------------
Totals 818,899,692.19 2,341,290.37 15,903,583.04 0.00 802,996,109.15
-------------- ------------ ------------- ---- --------------
Total Cumulative
Class Distribution Realized Loss
- ----- ------------ -------------
A 17,444,489.11 0.00
M-1 27,715.00 0.00
M-2 21,543.33 0.00
M-3 6,539.13 0.00
X 744,586.84 0.00
R 0.00 0.00
------------- ----
Totals 18,244,873.41 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 Total Principal Ending Certificate
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance
- ----- ------------- ----------- ------------ ------------ --------- -------- --------------- ------------------
A 894,673,000.00 793,599,692.19 0.00 15,903,583.04 0.00 0.00 15,903,583.04 777,696,109.15
M-1 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00 0.00 13,800,000.00
M-2 9,200,000.00 9,200,000.00 0.00 0.00 0.00 0.00 0.00 9,200,000.00
M-3 2,300,000.00 2,300,000.00 0.00 0.00 0.00 0.00 0.00 2,300,000.00
X 0.00 0.00 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 0.00 0.00
-------------- -------------- ---- ------------- ---- ---- ------------- --------------
Totals 919,973,000.00 818,899,692.19 0.00 15,903,583.04 0.00 0.00 15,903,583.04 802,996,109.15
-------------- -------------- ---- ------------- ---- ---- ------------- --------------
Ending Certificate Total Principal
Class Percentage Distribution
- ----- ------------------ -----------------
A 0.86925179 15,903,583.04
M-1 1.00000000 0.00
M-2 1.00000000 0.00
M-3 1.00000000 0.00
X 0.00000000 0.00
R 0.00000000 0.00
---------- -------------
Totals 0.97284747 15,903,583.04
---------- -------------
(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 Total Principal Ending Certificate
Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction Balance
- ----- -------------- ------------- ------------ ------------ ---------- -------- --------------- ------------------
A 894,673,000.00 887.02765389 0.00000000 17.77586117 0.00000000 0.00000000 17.77586117 869.25179272
M-1 13,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
M-2 9,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
M-3 2,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Certificate Total Principal
Class Percentage Distribution
- ----- ----------------- ---------------
A 0.86925179 17.77586117
M-1 1.00000000 0.00000000
M-2 1.00000000 0.00000000
M-3 1.00000000 0.00000000
X 0.00000000 0.00000000
R 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 894,673,000.00 2.33000% 793,599,692.19 1,540,906.07 0.00 0.00 0.00 0.00
M-1 13,800,000.00 2.41000% 13,800,000.00 27,715.00 0.00 0.00 0.00 0.00
M-2 9,200,000.00 2.81000% 9,200,000.00 21,543.33 0.00 0.00 0.00 0.00
M-3 2,300,000.00 3.41172% 2,300,000.00 6,539.13 0.00 0.00 0.00 0.00
X 0.00 0.00000% 823,499,560.16 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Totals 919,973,000.00 1,596,703.53 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- ----- ------------ --------- -------------
A 1,540,906.07 0.00 777,696,109.15
M-1 27,715.00 0.00 13,800,000.00
M-2 21,543.33 0.00 9,200,000.00
M-3 6,539.13 0.00 2,300,000.00
X 744,586.84 0.00 807,595,977.12
R 0.00 0.00 0.00
------------ ----
Totals 2,341,290.37 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 Interest Interest Interest Realized
(5) Amount Rate Notional Balance Accrued Interest Shortfall Shortfall Shortfall Loss (6)
- --- ------------- ---------- ---------------- ---------------- ----------- --------- --------- ----------
A 894,673,000.00 2.33000% 887.02765389 1.72231203 0.00000000 0.00000000 0.00000001 0.00000000
M-1 13,800,000.00 2.41000% 1000.00000000 2.00833333 0.00000000 0.00000000 0.00000000 0.00000000
M-2 9,200,000.00 2.81000% 1000.00000000 2.34166630 0.00000000 0.00000000 0.00000000 0.00000000
M-3 2,300,000.00 3.41172% 1000.00000000 2.84310000 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000% 895.13390982 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 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 1.72231203 0.00000000 869.25179272
M-1 2.00833333 0.00000000 1000.00000000
M-2 2.34166630 0.00000000 1000.00000000
M-3 2.84310000 0.00000000 1000.00000000
X 0.80935675 0.00000000 877.84691034
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 18,521,668.19
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 58,977.60
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 18,580,645.79
Withdrawals
Reimbursement for Servicer Advances 73,819.21
Payment of Service Fee 261,953.17
Payment of Interest and Principal 18,244,873.41
-------------
Total Withdrawals (Pool Distribution Amount) 18,580,645.79
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 257,492.56
Master Servicing Fee 4,460.61
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 261,953.17
==========
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
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 57 17,881,988.62
60 Days 1 142,999.98
90 Days 1 1,500,000.00
120 Days 2 375,393.54
150 Days 0 0.00
180+ Days 0 0.00
-- -------------
61 19,900,382.14
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 2.242329% 2.214209%
60 Days 0.039339% 0.017707%
90 Days 0.039339% 0.185735%
120 Days 0.078678% 0.046483%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
2.399685% 2.464133%
BANKRUPTCY
No. of Principal
Loans Balance
0-29 Days 1 124,570.47
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
- ----------
1 124,570.47
No. of Principal
Loans Balance
0-29 Days 0.039339% 0.015425%
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%
-------- --------
0.039339% 0.015425%
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 1 124,570.47
30 Days 57 17,881,988.62
60 Days 1 142,999.98
90 Days 1 1,500,000.00
120 Days 2 375,393.54
150 Days 0 0.00
180+ Days 0 0.00
-- -------------
62 20,024,952.61
No. of Principal
Loans Balance
0-29 Days 0.039339% 0.015425%
30 Days 2.242329% 2.214209%
60 Days 0.039339% 0.017707%
90 Days 0.039339% 0.185735%
120 Days 0.078678% 0.046483%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
2.439024% 2.479558%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 58,977.60
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 3.794316%
Weighted Average Net Coupon 3.419099%
Weighted Average Pass-Through Rate 3.411718%
Weighted Average Maturity (Stepdown Calculation) 338
Beginning Scheduled Collateral Loan Count 2,582
Number of Loans Paid in Full 40
Ending Scheduled Collateral Loan Count 2,542
Beginning Scheduled Collateral Balance 823,499,560.16
Ending Scheduled Collateral Balance 807,595,977.12
Ending Actual Collateral Balance at 29-Oct-2004 807,601,833.88
Monthly P&I Constant 2,603,847.68
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 807,595,977.12
Scheduled Principal 0.00
Unscheduled Principal 15,903,583.04
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 4,599,867.97
Overcollateralization Amount 4,599,867.97
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Extra Principal Distribution Amount 0.00
Excess Cash Amount 744,586.84
MISCELLANEOUS REPORTING
Applied Loss Amount 0.00
1 Month LIBOR Loan Balance 81,597,850.78
6 Month LIBOR Loan Balance 725,998,126.34
M-1 Target Amount 779,330,117.92
M-2 Target Amount 795,482,037.46
M-3 Target Amount 799,520,017.35
Senior Target Amount 755,102,238.61
Step Down Date Reached? No
Trigger Event? No