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 2002-12
RECORD DATE: DECEMBER 31, 2003
DISTRIBUTION DATE: JANUARY 20, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Ending
Class Pass-Through Certificate Interest Principal Current Certificate
Class CUSIP Description Rate Balance Distribution Distribution Realized Loss Balance
----- ----- ----------- ------------ ------------ ------------- ------------- ------------- --------------
A 81744BAA4 SEN 1.59875% 949,908,049.96 1,265,554.58 11,594,267.46 0.00 938,313,782.50
X-1 81744BAB2 IO 0.76323% 0.00 147,029.78 0.00 0.00 0.00
X-2 81744BAC0 IO 0.99711% 0.00 611,217.80 0.00 0.00 0.00
A-R 81744BAD8 SEN 3.16453% 0.00 0.00 0.00 0.00 0.00
B-1 81744BAE6 SUB 1.99875% 16,815,000.00 28,007.48 0.00 0.00 16,815,000.00
B-2 81744BAF3 SUB 2.54689% 8,968,000.00 19,033.77 0.00 0.00 8,968,000.00
B-3 81744BAG1 SUB 2.54689% 6,165,000.00 13,084.65 0.00 0.00 6,165,000.00
B-4 SMT0212B4 SUB 2.54689% 2,802,000.00 5,946.99 0.00 0.00 2,802,000.00
B-5 SMT0212B5 SUB 2.54689% 1,681,000.00 3,567.77 0.00 0.00 1,681,000.00
B-6 SMT0212B6 SUB 2.54689% 4,486,095.46 9,521.33 0.00 0.00 4,486,095.46
-------------- ------------- ------------- ---- --------------
Totals 990,825,145.42 2,102,964.15 11,594,267.46 0.00 979,230,877.96
-------------- ------------- ------------- ---- --------------
Total Cumulative
Class CUSIP Distribution Realized Loss
----- ----- ------------- -------------
A 81744BAA4 12,859,822.04 0.00
X-1 81744BAB2 147,029.78 0.00
X-2 81744BAC0 611,217.80 0.00
A-R 81744BAD8 0.00 0.00
B-1 81744BAE6 28,007.48 0.00
B-2 81744BAF3 19,033.77 0.00
B-3 81744BAG1 13,084.65 0.00
B-4 SMT0212B4 5,946.99 0.00
B-5 SMT0212B5 3,567.77 0.00
B-6 SMT0212B6 9,521.33 0.00
------------- ----
Totals 13,697,231.61 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 Ending
Original Face Certificate Principal Principal Realized Total Principal Certificate
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance
----- ---------------- -------------- ------------ ------------- --------- -------- --------------- --------------
A 1,080,076,000.00 949,908,049.96 0.00 11,594,267.46 0.00 0.00 11,594,267.46 938,313,782.50
X-1 0.00 0.00 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 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 16,815,000.00 16,815,000.00 0.00 0.00 0.00 0.00 0.00 16,815,000.00
B-2 8,968,000.00 8,968,000.00 0.00 0.00 0.00 0.00 0.00 8,968,000.00
B-3 6,165,000.00 6,165,000.00 0.00 0.00 0.00 0.00 0.00 6,165,000.00
B-4 2,802,000.00 2,802,000.00 0.00 0.00 0.00 0.00 0.00 2,802,000.00
B-5 1,681,000.00 1,681,000.00 0.00 0.00 0.00 0.00 0.00 1,681,000.00
B-6 4,486,095.46 4,486,095.46 0.00 0.00 0.00 0.00 0.00 4,486,095.46
---------------- -------------- ---- ------------- ---- ---- ------------- --------------
Totals 1,120,993,195.46 990,825,145.42 0.00 11,594,267.46 0.00 0.00 11,594,267.46 979,230,877.96
---------------- -------------- ---- ------------- ---- ---- ------------- --------------
Ending
Certificate Total Principal
Class Percentage Distribution
----- ----------- ---------------
A 0.86874792 11,594,267.46
X-1 0.00000000 0.00
X-2 0.00000000 0.00
A-R 0.00000000 0.00
B-1 1.00000000 0.00
B-2 1.00000000 0.00
B-3 1.00000000 0.00
B-4 1.00000000 0.00
B-5 1.00000000 0.00
B-6 1.00000000 0.00
---------- -------------
Totals 0.87353865 11,594,267.46
---------- -------------
(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 Ending
Original Face Certificate Principal Principal Realized Total Principal Certificate
Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction Balance
- ----- ---------------- -------------- ------------ ------------ ---------- ---------- --------------- -------------
A 1,080,076,000.00 879.48260119 0.00000000 10.73467743 0.00000000 0.00000000 10.73467743 868.74792376
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 16,815,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-2 8,968,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-3 6,165,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-4 2,802,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-5 1,681,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-6 4,486,095.46 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
Ending
Certificate Total Principal
Class Percentage Distribution
- ----- ----------- ---------------
A 0.86874792 10.73467743
X-1 0.00000000 0.00000000
X-2 0.00000000 0.00000000
A-R 0.00000000 0.00000000
B-1 1.00000000 0.00000000
B-2 1.00000000 0.00000000
B-3 1.00000000 0.00000000
B-4 1.00000000 0.00000000
B-5 1.00000000 0.00000000
B-6 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 Non-
Current Beginning Current Unpaid Current Supported
Original Face Certificate Certificate/ Accrued Interest Interest Interest Realized Total Interest
Class Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (4) Distribution
----- ---------------- ----------- ---------------- ------------ ---------- --------- --------- -------- --------------
A 1,080,076,000.00 1.59875% 949,908,049.96 1,265,554.58 0.00 0.00 0.00 0.00 1,265,554.58
X-1 0.00 0.76323% 231,162,303.70 147,024.42 0.00 0.00 0.00 0.00 147,029.78
X-2 0.00 0.99711% 735,560,746.26 611,195.52 0.00 0.00 0.00 0.00 611,217.80
A-R 100.00 3.16453% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 16,815,000.00 1.99875% 16,815,000.00 28,007.48 0.00 0.00 0.00 0.00 28,007.48
B-2 8,968,000.00 2.54689% 8,968,000.00 19,033.77 0.00 0.00 0.00 0.00 19,033.77
B-3 6,165,000.00 2.54689% 6,165,000.00 13,084.65 0.00 0.00 0.00 0.00 13,084.65
B-4 2,802,000.00 2.54689% 2,802,000.00 5,946.99 0.00 0.00 0.00 0.00 5,946.99
B-5 1,681,000.00 2.54689% 1,681,000.00 3,567.77 0.00 0.00 0.00 0.00 3,567.77
B-6 4,486,095.46 2.54689% 4,486,095.46 9,521.33 0.00 0.00 0.00 0.00 9,521.33
---------------- -------- -------------- ------------ ---- ---- ---- ---- ------------
Totals 1,120,993,195.46 2,102,936.51 0.00 0.00 0.00 0.00 2,102,964.15
---------------- ------------ ---- ---- ---- ---- ------------
Remaining Ending
Unpaid Certificate/
Interest Notational
Class Shortfall Balance
----- --------- ---------------
A 0.00 938,313,782.50
X-1 0.00 227,555,844.04
X-2 0.00 727,572,938.46
A-R 0.00 0.00
B-1 0.00 16,815,000.00
B-2 0.00 8,968,000.00
B-3 0.00 6,165,000.00
B-4 0.00 2,802,000.00
B-5 0.00 1,681,000.00
B-6 0.00 4,486,095.46
---- --------------
Totals 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 Current Unpaid Current Supported
Class Original Face Certificate Certificate Accrued Interest Interest Interest Realized Total Interest
(5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) Distribution
- ----- ---------------- ----------- ---------------- ---------- ---------- ---------- ---------- ---------- --------------
A 1,080,076,000.00 1.59875% 879.48260119 1.17172734 0.00000000 0.00000000 0.00000000 0.00000000 1.17172734
X-1 0.00 0.76323% 925.70696831 0.58877044 0.00000000 0.00000000 0.00000000 0.00000000 0.58879190
X-2 0.00 0.99711% 868.24954108 0.72144990 0.00000000 0.00000000 0.00000000 0.00000000 0.72147620
A-R 100.00 3.16453% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 16,815,000.00 1.99875% 1000.00000000 1.66562474 0.00000000 0.00000000 0.00000000 0.00000000 1.66562474
B-2 8,968,000.00 2.54689% 1000.00000000 2.12240968 0.00000000 0.00000000 0.00000000 0.00000000 2.12240968
B-3 6,165,000.00 2.54689% 1000.00000000 2.12240876 0.00000000 0.00000000 0.00000000 0.00000000 2.12240876
B-4 2,802,000.00 2.54689% 1000.00000000 2.12240899 0.00000000 0.00000000 0.00000000 0.00000000 2.12240899
B-5 1,681,000.00 2.54689% 1000.00000000 2.12240928 0.00000000 0.00000000 0.00000000 0.00000000 2.12240928
B-6 4,486,095.46 2.54689% 1000.00000000 2.12240914 0.00000000 0.00000000 0.00000000 0.00000000 2.12240914
Remaining
Unpaid
Class Interest Ending Certificate/
(5) Shortfall Notational Balance
- ----- ---------- -------------------
A 0.00000000 868.74792376
X-1 0.00000000 911.26462722
X-2 0.00000000 858.82080186
A-R 0.00000000 0.00000000
B-1 0.00000000 1000.00000000
B-2 0.00000000 1000.00000000
B-3 0.00000000 1000.00000000
B-4 0.00000000 1000.00000000
B-5 0.00000000 1000.00000000
B-6 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
Deposits
Payments of Interest and Principal 14,009,165.37
Liquidations, Insurance Proceeds, Reserve Funds 27.64
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 14,009,193.01
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 311,961.40
Payment of Interest and Principal 13,697,231.61
-------------
Total Withdrawals (Pool Distribution Amount) 14,009,193.01
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 311,961.40
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 311,961.40
==========
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ------------ --------- ----------- -------- -------
Reserve Fund 10,000.00 27.64 27.64 10,000.00
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 0 0.00 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
- ---------- - ---- - ----
v 177,206.76 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 0.000000% 0.000000% 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%
-------- -------- -------- -------- -------- --------
0.000000% 0.000000% 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 v 177,206.76
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 v 177,206.76
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 0.000000% 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%
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% 0.000000% 0.000000%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00
Original $ Original % Current $ Current %
Bankruptcy 218,860.00 0.01952376% 218,860.00 0.02235019%
Fraud 33,629,796.00 3.00000001% 19,816,502.91 2.02368036%
Special Hazard 11,209,932.00 1.00000000% 9,792,308.78 1.00000000%
Limit of subordinate's exposure to certain types of losses
COLLATERAL STATEMENT
Collateral Description Mixed ARM
Weighted Average Gross Coupon 2.924711%
Weighted Average Net Coupon 2.546891%
Weighted Average Pass-Through Rate 2.546891%
Weighted Average Maturity (Stepdown Calculation) 313
Beginning Scheduled Collateral Loan Count 2,863
Number of Loans Paid in Full 24
Ending Scheduled Collateral Loan Count 2,839
Beginning Scheduled Collateral Balance 990,825,145.42
Ending Scheduled Collateral Balance 979,230,877.96
Ending Actual Collateral Balance at 31-Dec-2003 979,237,853.24
Monthly P&I Constant 2,414,897.91
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 979,230,877.96
Scheduled Principal 0.00
Unscheduled Principal 11,594,267.46
MISCELLANEOUS REPORTING
Principal Balance of 1-Month Libor Loans 233,298,077.73
Principal Balance of 6-Month Libor Loans 745,932,800.23
Pro Rata Senior Percentage 95.870402%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
Payment Received from Cap Provide 0