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 2002-11
RECORD DATE: DECEMBER 31, 2003
DISTRIBUTION DATE: JANUARY 20, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
- ----- ----- ----------- ---- ------- ------------ ------------
A 81744AAA6 SEN 1.59875% 601,822,509.75 801,803.10 9,742,855.31
X-1A 81744AAC2 IO 0.87153% 0.00 126,003.79 0.00
X-1B 81744AAD0 IO 0.98860% 0.00 353,057.40 0.00
X-B 81744AAE8 IO 0.43486% 0.00 3,704.87 0.00
A-R 81744AAF5 SEN 3.25096% 0.00 0.00 0.00
B-1 81744AAB4 SUB 2.11875% 9,726,000.00 17,172.47 0.00
B-2 81744AAG3 SUB 2.55361% 5,764,000.00 12,265.85 0.00
B-3 81744AAH1 SUB 2.55361% 3,962,000.00 8,431.17 0.00
B-4 SMT0211B4 SUB 2.55361% 1,801,000.00 3,832.54 0.00
B-5 SMT0211B5 SUB 2.55361% 1,080,000.00 2,298.25 0.00
B-6 SMT0211B6 SUB 2.55361% 2,882,787.00 6,134.60 0.00
-------------- ------------ ------------
Totals 627,038,296.75 1,334,704.04 9,742,855.31
-------------- ------------ ------------
Current Ending
Realized Certificate Total Cumulative
Class CUSIP Loss Balance Distribution Realized Loss
- ----- ----- ------- ------- ------------ -------------
A 81744AAA6 0.00 592,079,654.44 10,544,658.41 0.00
X-1A 81744AAC2 0.00 0.00 126,003.79 0.00
X-1B 81744AAD0 0.00 0.00 353,057.40 0.00
X-B 81744AAE8 0.00 0.00 3,704.87 0.00
A-R 81744AAF5 0.00 0.00 0.00 0.00
B-1 81744AAB4 0.00 9,726,000.00 17,172.47 0.00
B-2 81744AAG3 0.00 5,764,000.00 12,265.85 0.00
B-3 81744AAH1 0.00 3,962,000.00 8,431.17 0.00
B-4 SMT0211B4 0.00 1,801,000.00 3,832.54 0.00
B-5 SMT0211B5 0.00 1,080,000.00 2,298.25 0.00
B-6 SMT0211B6 0.00 2,882,787.00 6,134.60 0.00
---- -------------- ------------- ----
Totals 0.00 617,295,441.44 11,077,559.35 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 695,210,000.00 601,822,509.75 0.01 9,742,855.30 0.00
X-1A 0.00 0.00 0.00 0.00 0.00
X-1B 0.00 0.00 0.00 0.00 0.00
X-B 0.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00
B-1 9,726,000.00 9,726,000.00 0.00 0.00 0.00
B-2 5,726,000.00 5,764,000.00 0.00 0.00 0.00
B-3 3,962,000.00 3,962,000.00 0.00 0.00 0.00
B-4 1,801,000.00 1,801,000.00 0.00 0.00 0.00
B-5 1,080,000.00 1,080,000.00 0.00 0.00 0.00
B-6 2,882,787.00 2,882,787.00 0.00 0.00 0.00
-------------- -------------- ---- ------------ ----
Totals 720,425,887.00 627,038,296.75 0.01 9,742,855.30 0.00
-------------- -------------- ---- ------------ ----
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class Loss (1) Reduction Balance Percentage Distribution
- ----- -------- --------- ------- ---------- ------------
A 0.00 9,742,855.31 592,079,654.44 0.85165584 9,742,855.31
X-1A 0.00 0.00 0.00 0.00000000 0.00
X-1B 0.00 0.00 0.00 0.00000000 0.00
X-B 0.00 0.00 0.00 0.00000000 0.00
A-R 0.00 0.00 0.00 0.00000000 0.00
B-1 0.00 0.00 9,726,000.00 1.00000000 0.00
B-2 0.00 0.00 5,764,000.00 1.00000000 0.00
B-3 0.00 0.00 3,962,000.00 1.00000000 0.00
B-4 0.00 0.00 1,801,000.00 1.00000000 0.00
B-5 0.00 0.00 1,080,000.00 1.00000000 0.00
B-6 0.00 0.00 2,882,787.00 1.00000000 0.00
---- ------------ -------------- ---------- ------------
Totals 0.00 9,742,855.31 617,295,441.44 0.85684795 9,742,855.31
---- ------------ -------------- ---------- ------------
(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 695,210,000.00 865.67009932 0.00000001 14.01426231 0.00000000
X-1A 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-1B 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
B-1 9,726,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 5,764,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 3,962,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-4 1,801,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-5 1,080,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-6 2,882,787.00 1000.00000000 0.00000000 0.00000000 0.00000000
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class Loss (3) Reduction Balance Percentage Distribution
- ----- -------- --------- ------- ---------- ------------
A 0.00000000 14.01426232 851.65583700 0.85165584 14.01426232
X-1A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-1B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 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
(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
Payment of
Current Beginning Current Unpaid Current
Original Face Certificate Certificate/ Accrued Interest Interest
Class Amount Rate Notional Balance Interest Shortfall Shortfall
- ----- ------ ---- ---------------- -------- --------- ---------
A 695,210,000.00 1.59875% 601,822,509.75 801,803.11 0.00 0.00
X-1A 0.00 0.87153% 173,427,817.04 125,956.37 0.00 0.00
X-1B 0.00 0.98860% 428,394,692.71 352,924.51 0.00 0.00
X-B 0.00 0.43486% 9,726,000.00 3,524.55 0.00 0.00
A-R 100.00 3.25096% 0.00 0.00 0.00 0.00
B-1 9,726,000.00 2.11875% 9,726,000.00 17,172.47 0.00 0.00
B-2 5,764,000.00 2.55361% 5,764,000.00 12,265.85 0.00 0.00
B-3 3,962,000.00 2.55361% 3,962,000.00 8,431.17 0.00 0.00
B-4 1,801,000.00 2.55361% 1,801,000.00 3,832.55 0.00 0.00
B-5 1,080,000.00 2.55361% 1,080,000.00 2,298.25 0.00 0.00
B-6 2,882,787.00 2.55361% 2,882,787.00 6,134.60 0.00 0.00
-------------- ------------ ---- ----
Totals 720,425,887.00 1,334,343.43 0.00 0.00
-------------- ------------ ---- ----
Remaining Ending
Non-Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notational
Class Shortfall Loss (4) Distribution Shortfall Balance
- ----- --------- -------- ------------ --------- -------
A 0.02 0.00 801,803.10 0.00 592,079,654.44
X-1A 0.00 0.00 126,003.79 0.00 170,696,581.83
X-1B 0.00 0.00 353,057.40 0.00 421,383,072.61
X-B 0.00 0.00 3,704.87 0.00 9,726,000.00
A-R 0.00 0.00 0.00 0.00 0.00
B-1 0.00 0.00 17,172.47 0.00 9,726,000.00
B-2 0.00 0.00 12,265.85 0.00 5,764,000.00
B-3 0.00 0.00 8,431.17 0.00 3,962,000.00
B-4 0.00 0.00 3,832.54 0.00 1,801,000.00
B-5 0.00 0.00 2,298.25 0.00 1,080,000.00
B-6 0.00 0.00 6,134.60 0.00 2,882,787.00
---- ---- ------------ ----
Totals 0.02 0.00 1,334,704.04 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 Current Unpaid Current
Original Face Certificate Certificate/ Accrued Interest Interest
Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall
- --------- ------ ---- ---------------- -------- --------- ---------
A 695,210,000.00 1.59875% 865.67009932 1.15332505 0.00000000 0.00000000
X-1A 0.00 0.87153% 904.39383224 0.65683906 0.00000000 0.00000000
X-1B 0.00 0.98860% 850.92056673 0.70101411 0.00000000 0.00000000
X-B 0.00 0.43486% 1000.00000000 0.36238433 0.00000000 0.00000000
A-R 100.00 3.25096% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 9,726,000.00 2.11875% 1000.00000000 1.76562513 0.00000000 0.00000000
B-2 5,726,000.00 2.55361% 1000.00000000 2.12801006 0.00000000 0.00000000
B-3 3,962,000.00 2.55361% 1000.00000000 2.12800858 0.00000000 0.00000000
B-4 1,801,000.00 2.55361% 1000.00000000 2.12801222 0.00000000 0.00000000
B-5 1,080,000.00 2.55361% 1000.00000000 2.12800926 0.00000000 0.00000000
B-6 2,882,787.00 2.55361% 1000.00000000 2.12801015 0.00000000 0.00000000
Remaining
Non-Supported Unpaid
Interest Realized Total Interest Interest Ending Certificate/
Class (5) Shortfall Loss (6) Distribution Shortfall Notational Balance
- --------- --------- -------- ------------ --------- ------------------
A 0.00000003 0.00000000 1.15332504 0.00000000 851.65583700
X-1A 0.00000000 0.00000000 0.65708635 0.00000000 890.15094826
X-1B 0.00000000 0.00000000 0.70127807 0.00000000 836.99338264
X-B 0.00000000 0.00000000 0.38092433 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 1.76562513 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 2.12801006 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 2.12800858 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 2.12800666 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 2.12800926 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 2.12801015 0.00000000 1000.00000000
(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 11,269,106.18
Liquidations, Insurance Proceeds, Reserve Funds 360.64
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 5,241.55
Realized Losses 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 11,274,708.37
Withdrawals
Reimbursement for Servicer Advances 4,252.60
Payment of Service Fee 192,896.42
Payment of Interest and Principal 11,077,559.35
-------------
Total Withdrawals (Pool Distribution Amount) 11,274,708.37
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 189,238.69
Master Servicing Fee 3,657.73
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 192,896.42
==========
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
------------ ------- ----------- -------- -------
Class X-1 Basis Risk Reserve Fund 5,000.00 180.32 180.32 5,000.00
Class X-B Basis Risk Reserve Fund 5,000.00 180.32 180.32 5,000.00
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 3 2,472,633.91 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
----------------------- ------------------- --------------------
3 2,472,633.91 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 0.168256% 0.400561% 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%
--------------------- ------------------- --------------------
0.168256% 0.400561% 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 3 2,472,633.91
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 3 2,472,633.91
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 0.168256% 0.400561%
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% 0.168256% 0.400561%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5,241.55
Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage
Original $ Original % Current $ Current % Current Class % Prepayment %
---------- ---------- --------- --------- --------------- ------------
Class A 25,215,787.00 3.50012228% 25,215,787.00 4.08488145% 95.915119% 0.000000%
Class X-1-A 25,215,787.00 3.50012228% 25,215,787.00 4.08488145% 0.000000% 0.000000%
Class X-1-B 25,215,787.00 3.50012228% 25,215,787.00 4.08488145% 0.000000% 0.000000%
Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.50929878% 1.575583% 38.571075%
Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.57554816% 0.933751% 22.858696%
Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.93371611% 0.641832% 15.712379%
Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.64195954% 0.291757% 7.142351%
Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.46700280% 0.174957% 4.283031%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.467003% 11.432469%
Please refer to the prospectus supplement for a full description of loss
exposure
Original $ Original % Current $ Current %
---------- ---------- --------- ---------
Bankruptcy 119,754.00 0.01662267% 119,754.00 0.01939979%
Fraud 21,612,777.00 3.00000005% 12,860,062.82 2.08329140%
Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.87916502%
Limit of subordinate's exposure to certain types of losses
COLLATERAL STATEMENT
Collateral Description Mixed ARM
Weighted Average Gross Coupon 2.922769%
Weighted Average Net Coupon 2.560611%
Weighted Average Pass-Through Rate 2.553611%
Weighted Average Maturity (Stepdown Calculation) 312
Beginning Scheduled Collateral Loan Count 1,802
Number of Loans Paid in Full 19
Ending Scheduled Collateral Loan Count 1,783
Beginning Scheduled Collateral Balance 627,038,296.75
Ending Scheduled Collateral Balance 617,295,441.44
Ending Actual Collateral Balance at 31-Dec-2003 617,292,527.92
Monthly P&I Constant 1,527,239.85
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 10,544,658.42
Ending Scheduled Balance for Premium Loans 617,295,441.44
Scheduled Principal 0.01
Unscheduled Principal 9,742,855.30
MISCELLANEOUS REPORTING
Pro Rata Senior Percentage 95.978589%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
One Month LIBOR Loan Balance 177,966,293.97
Six Month LIBOR Loan Balance 439,329,147.47