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: DECEMBER 31, 2004
DISTRIBUTION DATE: JANUARY 20, 2005
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning
Class Certificate Pass- Certificate Interest
Class CUSIP Description Through Rate Balance Distribution
- ------ --------- ----------- ----------------- -------------- ------------
A 81744FBF3 SEN 2.46125% 685,144,387.25 1,405,259.69
X-1 81744FBG1 SEN 0.80000% 0.00 394,074.04
X-2 81744FBH9 SEN 0.27257% 0.00 155,652.79
X-B 81744FBJ5 SEN 0.36852% 0.00 7,057.63
B-1 81744FBK2 SUB 2.91000% 14,612,000.00 35,434.10
B-2 81744FBL0 SUB 3.31000% 8,350,000.00 23,032.08
B-3 81744FBM8 SUB 3.42398% 4,175,000.00 11,912.59
B-4 81744FBN6 SUB 3.42398% 2,509,000.00 7,158.97
B-5 81744FBP1 SUB 3.42398% 2,088,000.00 5,957.72
B-6 81744FBQ9 SUB 3.42398% 3,757,983.00 10,722.71
A-R 81744FBR7 RES 2.77956% 0.00 0.00
-------------- ------------
Totals 720,636,370.25 2,056,262.32
============== ============
Principal Current Ending Certificate Total Cumulative
Class Distribution Realized Loss Balance Distribution Realized Loss
- ------ ------------- ------------- ------------------ ------------- -------------
A 14,922,797.07 0.00 670,221,590.18 16,328,056.76 0.00
X-1 0.00 0.00 0.00 394,074.04 0.00
X-2 0.00 0.00 0.00 155,652.79 0.00
X-B 0.00 0.00 0.00 7,057.63 0.00
B-1 0.00 0.00 14,612,000.00 35,434.10 0.00
B-2 0.00 0.00 8,350,000.00 23,032.08 0.00
B-3 0.00 0.00 4,175,000.00 11,912.59 0.00
B-4 0.00 0.00 2,509,000.00 7,158.97 0.00
B-5 0.00 0.00 2,088,000.00 5,957.72 0.00
B-6 0.00 0.00 3,757,983.00 10,722.71 0.00
A-R 0.00 0.00 0.00 0.00 0.00
------------- ---- -------------- ------------- ----
Totals 14,922,797.07 0.00 705,713,573.18 16,979,059.39 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 799,511,000.00 685,144,387.25 444.86 14,922,352.21 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 835,003,083.00 720,636,370.25 444.86 14,922,352.21 0.00 0.00
============== ============== ====== ============= ==== ====
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ------ --------------- ------------------ ------------------ ---------------
A 14,922,797.07 670,221,590.18 0.83828939 14,922,797.07
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 14,922,797.07 705,713,573.18 0.84516284 14,922,797.07
============= ============== ========== =============
(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 799,511,000.00 856.95429738 0.00055642 18.66434885 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 18.66490526 838.28939212 0.83828939 18.66490526
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
Certificate/ Current Unpaid
Original Face Current Notional Accrued Interest
Class Amount Certificate Rate Balance Interest Shortfall
- ------ -------------- ---------------- -------------- ------------ ----------
A 799,511,000.00 2.46125% 685,144,387.25 1,405,259.69 0.00
X-1 0.00 0.80000% 591,070,494.30 394,047.00 0.00
X-2 0.00 0.27257% 685,144,387.25 155,625.75 0.00
X-B 0.00 0.36852% 22,962,000.00 7,051.62 0.00
B-1 14,612,000.00 2.91000% 14,612,000.00 35,434.10 0.00
B-2 8,350,000.00 3.31000% 8,350,000.00 23,032.08 0.00
B-3 4,175,000.00 3.42398% 4,175,000.00 11,912.59 0.00
B-4 2,509,000.00 3.42398% 2,509,000.00 7,158.97 0.00
B-5 2,088,000.00 3.42398% 2,088,000.00 5,957.72 0.00
B-6 3,757,983.00 3.42398% 3,757,983.00 10,722.71 0.00
A-R 100.00 2.77956% 0.00 0.00 0.00
-------------- ------------ ----
Totals 835,003,083.00 2,056,202.23 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 1,405,259.69 0.00 670,221,590.18
X-1 0.00 0.00 0.00 394,074.04 0.00 568,976,882.65
X-2 0.00 0.00 0.00 155,652.79 0.00 670,221,590.18
X-B 0.00 0.00 0.00 7,057.63 0.00 22,962,000.00
B-1 0.00 0.00 0.00 35,434.10 0.00 14,612,000.00
B-2 0.00 0.00 0.00 23,032.08 0.00 8,350,000.00
B-3 0.00 0.00 0.00 11,912.59 0.00 4,175,000.00
B-4 0.00 0.00 0.00 7,158.97 0.00 2,509,000.00
B-5 0.00 0.00 0.00 5,957.72 0.00 2,088,000.00
B-6 0.00 0.00 0.00 10,722.71 0.00 3,757,983.00
A-R 0.00 0.00 0.00 0.00 0.00 0.00
---- ----- ---- ------------ ----
Totals 0.00 (0.01) 0.00 2,056,262.32 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
Class Original Face Certificate Certificate/ Current Accrued Interest
(5) Amount Rate Notional Balance Interest Shortfall
- ----- -------------- ----------- ---------------- --------------- ----------
A 799,511,000.00 2.46125% 856.95429738 1.75764898 0.00000000
X-1 0.00 0.80000% 739.29000889 0.49286001 0.00000000
X-2 0.00 0.27257% 856.96529738 0.19465117 0.00000000
X-B 0.00 0.36852% 1000.00000000 0.30709956 0.00000000
B-1 14,612,000.00 2.91000% 1000.00000000 2.42500000 0.00000000
B-2 8,350,000.00 3.31000% 1000.00000000 2.75833293 0.00000000
B-3 4,175,000.00 3.42398% 1000.00000000 2.85331497 0.00000000
B-4 2,509,000.00 3.42398% 1000.00000000 2.85331606 0.00000000
B-5 2,088,000.00 3.42398% 1000.00000000 2.85331418 0.00000000
B-6 3,757,983.00 3.42398% 1000.00000000 2.85331520 0.00000000
A-R 100.00 2.77956% 0.00000000 0.00000000 0.00000000
Remaining
Current Non-Supported Unpaid
Class Interest Interest Realized Total Interest Interest Ending Certificate/
(5) Shortfall Shortfall Loss (6) Distribution Shortfall Notational Balance
- ----- ---------- ------------- ---------- -------------- ---------- -------------------
A 0.00000000 (0.00000001) 0.00000000 1.75764898 0.00000000 838.28939212
X-1 0.00000000 0.00000000 0.00000000 0.49289383 0.00000000 711,65610311
X-2 0.00000000 0.00000000 0.00000000 0.19468499 0.00000000 838.28939212
X-B 0.00000000 0.00000000 0.00000000 0.30736129 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 0.00000000 2.42500000 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 0.00000000 2.75833293 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 0.00000000 2.85331497 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 0.00000000 2.85331606 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 0.00000000 2.58331418 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 0.00000000 2.85331520 0.00000000 1000.00000000
A-R 0.00000000 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 17,226,665.24
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 14,338.68
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 17,241,003.92
Withdrawals
Reimbursement for Servicer Advances 31,669.78
Payment of Service Fee 230,274.75
Payment of Interest and Principal 16,979,059.39
-------------
Total Withdrawals (Pool Distribution Amount) 17,241,003.92
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 225,770.74
Master Servicing Fee 4,504.01
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 230,274.75
==========
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- --------------------- --------- ----------- -------- --------
Class X-1 Sub Account 4,500.00 27.04 27.04 4,500.00
Class X-2 Sub Account 4,500.00 27.04 27.04 4,500.00
Class X-B Sub Account 1,000.00 6.01 6.01 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 15 3,517,921.78 30 Days 0 0.00 30 Days 0 0.00
60 Days 3 869,873.67 60 Days 0 0.00 60 Days 0 0.00
90 Days 1 138,400.00 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 2 312,548.71 180+ Days 0 0.00 180+ Days 0 0.00
--- ------------ -- ---- -- ----
21 4,838,744.16 0 0.00 0 0.00
== ============ == ==== == ====
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 15 3,517,921.78
60 Days 0 0.00 60 Days 3 869,873.67
90 Days 0 0.00 90 Days 1 138,400.00
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 2 312,548.71
-- ---- -- ------------
0 0.00 21 4,838,744.16
== ==== == ============
DELINQUENT BANKRUPTCY FORECLOSURE
- -------------------------------- -------------------------------- --------------------------------
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 0.679656% 0.498490% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.135931% 0.123261% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.045310% 0.019611% 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 0.090621% 0.044288% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
-------- --------- -------- --------- -------- ---------
0.951518% 0.685651% 0.000000% 0.000000% 0.000000% 0.000000%
======== ======== ======== ======== ======== ========
REO TOTAL
- -------------------------------- --------------------------------
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 0.679656% 0.498490%
60 Days 0.000000% 0.000000% 60 Days 0.135931% 0.123261%
90 Days 0.000000% 0.000000% 90 Days 0.045310% 0.019611%
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 0.090621% 0.044288%
-------- --------- -------- ---------
0.000000% 0.000000% 0.951518% 0.685651%
======== ======== ======== ========
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 14,338.68
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ---------- ------------- ---------- --------------- ------------
Class A 35,491,983.00 4.25052119% 35,491,983.00 5.02923343% 94.970766% 0.000000%
Class X-1 35,491,983.00 4.25052119% 35,491,983.00 5.02923343% 0.000000% 0.000000%
Class X-2 35,491,983.00 4.25052119% 35,491,983.00 5.02923343% 0.000000% 0.000000%
Class B-1 20,879,983.00 2.50058753% 20,879,983.00 2.95870503% 2.070528% 41.169861%
Class B-2 12,529,983.00 1.50059123% 12,529,983.00 1.77550545% 1.183200% 23.526440%
Class B-3 8,354,983.00 1.00059307% 8,354,983.00 1.18390567% 0.591600% 11.763220%
Class B-4 5,845,983.00 0.70011514% 5,845,983.00 0.82837899% 0.355527% 7.069202%
Class B-5 3,757,983.00 0.45005618% 3,757,983.00 0.53250825% 0.295871% 5.883019%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.532508% 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 3.807430%
Weighted Average Net Coupon 3.431477%
Weighted Average Pass-Through Rate 3.423977%
Weighted Average Maturity (Stepdown Calculation) 334
Beginning Scheduled Collateral Loan Count 2,248
Number of Loans Paid in Full 41
Ending Scheduled Collateral Loan Count 2,207
Beginning Scheduled Collateral Balance 720,636,370.99
Ending Scheduled Collateral Balance 705,713,573.92
Ending Actual Collateral Balance at 31-Dec-2004 705,715,641.72
Monthly P&I Constant 2,286,921.78
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 16,884,781.12
Ending Scheduled Balance for Premium Loans 705,713,573.92
Scheduled Principal 444.86
Unscheduled Principal 14,922,352.21
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 98,533,684.05
Six-Month Libor Loan Balance 607,179,889.87
Prorata Senior Percentage 95.074911%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%