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: MAY 28, 2004
DISTRIBUTION DATE: JUNE 21, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning
Class Certificate Pass- Certificate Interest Principal Current
Class CUSIP Description Through Rate Balance Distribution Distribution Realized Loss
- ----- ----- ----------- ------------ ------- ------------ ------------ -------------
A 81744FAA5 SEN 1.47000% 582,503,964.95 713,567.36 7,770,216.88 0.00
X-1 81744FAB3 IO 0.80000% 0.00 345,099.69 0.00 0.00
X-2 81744FAC1 IO 0.48074% 0.00 233,362.94 0.00 0.00
X-B 81744FAD9 IO 0.81781% 0.00 10,435.22 0.00 0.00
B-1 81744FAG2 SUB 1.65000% 9,375,000.00 12,890.63 0.00 0.00
B-2 81744FAH0 SUB 2.15000% 5,937,000.00 10,637.13 0.00 0.00
B-3 81744FAJ6 SUB 2.66168% 3,437,000.00 7,623.48 0.00 0.00
B-4 81744FAK3 SUB 2.66168% 1,562,000.00 3,464.61 0.00 0.00
B-5 81744FAL1 SUB 2.66168% 937,000.00 2,078.32 0.00 0.00
B-6 81744FAM9 SUB 2.66168% 2,500,468.00 5,546.19 0.00 0.00
A-R 81744FAF4 RES 2.65940% 0.00 0.00 0.00 0.00
-------------- ------------ ------------ ----
Totals 606,252,432.95 1,344,705.57 7,770,216.88 0.00
-------------- ------------ ------------ ----
Ending Certificate Total Cumulative
Class CUSIP Balance Distribution Realized Loss
- ----- ----- ------- ------------ -------- ----
A 81744FAA5 574,733,748.07 8,483,784.24 0.00
X-1 81744FAB3 0.00 345,099.69 0.00
X-2 81744FAC1 0.00 233,362.94 0.00
X-B 81744FAD9 0.00 10,435.22 0.00
B-1 81744FAG2 9,375,000.00 12,890.63 0.00
B-2 81744FAH0 5,937,000.00 10,637.13 0.00
B-3 81744FAJ6 3,437,000.00 7,623.48 0.00
B-4 81744FAK3 1,562,000.00 3,464.61 0.00
B-5 81744FAL1 937,000.00 2,078.32 0.00
B-6 81744FAM9 2,500,468.00 5,546.19 0.00
A-R 81744FAF4 0.00 0.00 0.00
-------------- ------------ ----
Totals 598,482,216.07 9,114,922.45 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
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
- ------ -------------- -------------- ------------ ------------- --------- -------- ---------------
A 601,250,000.00 582,503,964.95 3,902.67 7,766,314.21 0.00 0.00 7,770,216.88
X-1 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
X-B 0.00 0.00 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 0.00 0.00
B-2 5,937,000.00 5,937,000.00 0.00 0.00 0.00 0.00 0.00
B-3 3,437,000.00 3,437,000.00 0.00 0.00 0.00 0.00 0.00
B-4 1,562,000.00 1,562,000.00 0.00 0.00 0.00 0.00 0.00
B-5 937,000.00 937,000.00 0.00 0.00 0.00 0.00 0.00
B-6 2,500,468.00 2,500,468.00 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
-------------- -------------- -------- ------------ ---- ---- ------------
Totals 624,998,568.00 606,252,432.95 3,902.67 7,766,314.21 0.00 0.00 7,770,216.88
-------------- -------------- -------- ------------ ---- ---- ------------
Ending Certificate Ending Certificate Total Principal
Class Balance Percentage Distribution
- ------ ------------------ ------------------ ---------------
A 574,733,748.07 0.95589813 7,770,216.88
X-1 0.00 0.00000000 0.00
X-2 0.00 0.00000000 0.00
X-B 0.00 0.00000000 0.00
B-1 9,375,000.00 1.00000000 0.00
B-2 5,937,000.00 1.00000000 0.00
B-3 3,437,000.00 1.00000000 0.00
B-4 1,562,000.00 1.00000000 0.00
B-5 937,000.00 1.00000000 0.00
B-6 2,500,468.00 1.00000000 0.00
A-R 0.00 0.00000000 0.00
-------------- ---------- ------------
Totals 598,482,216.07 0.95757374 7,770,216.88
-------------- ---------- ------------
(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
Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction
- ----- -------------- ------------- ------------ ------------ ---------- ---------- ---------------
A 601,250,000.00 968.82156333 0.00649093 12.91694671 0.00000000 0.00000000 12.92343764
X-1 0.00 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
X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 9,375,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 5,937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 3,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-4 1,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-5 937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-6 2,500,468.00 1000.00000000 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
Ending Certificate Ending Certificate Total Principal
Class Balance Percentage Distribution
- ----- ------------------ ------------------ ---------------
A 955.89812569 0.95589813 12.92343764
X-1 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000
X-B 0.00000000 0.00000000 0.00000000
B-1 1000.00000000 1.00000000 0.00000000
B-2 1000.00000000 1.00000000 0.00000000
B-3 1000.00000000 1.00000000 0.00000000
B-4 1000.00000000 1.00000000 0.00000000
B-5 1000.00000000 1.00000000 0.00000000
B-6 1000.00000000 1.00000000 0.00000000
A-R 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 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 601,250,000.00 1.47000% 582,503,964.95 713,567.36 0.00 0.00 0.00 0.00
X-1 0.00 0.80000% 517,649,540.32 345,099.69 0.00 0.00 0.00 0.00
X-2 0.00 0.48074% 582,503,964.95 233,362.94 0.00 0.00 0.00 0.00
X-B 0.00 0.81781% 15,312,000.00 10,435.22 0.00 0.00 0.00 0.00
B-1 9,375,000.00 1.65000% 9,375,000.00 12,890.63 0.00 0.00 0.00 0.00
B-2 5,937,000.00 2.15000% 5,937,000.00 10,637.13 0.00 0.00 0.00 0.00
B-3 3,437,000.00 2.66168% 3,437,000.00 7,623.48 0.00 0.00 0.00 0.00
B-4 1,562,000.00 2.66168% 1,562,000.00 3,464.61 0.00 0.00 0.00 0.00
B-5 937,000.00 2.66168% 937,000.00 2,078.32 0.00 0.00 0.00 0.00
B-6 2,500,468.00 2.66168% 2,500,468.00 5,546.19 0.00 0.00 0.00 0.00
A-R 100.00 2.65940% 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Totals 624,998,568.00 1,344,705.57 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ----
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- ------ --------------- --------- --------------
A 713,567.36 0.00 574,733,748.07
X-1 345,099.69 0.00 498,558,786.64
X-2 233,362.94 0.00 574,733,748.07
X-B 10,435.22 0.00 15,312,000.00
B-1 12,890.63 0.00 9,375,000.00
B-2 10,637.13 0.00 5,937,000.00
B-3 7,623.48 0.00 3,437,000.00
B-4 3,464.61 0.00 1,562,000.00
B-5 2,078.32 0.00 937,000.00
B-6 5,546.19 0.00 2,500,468.00
A-R 0.00 0.00 0.00
------------ ----
Totals 1,344,705.57 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 Accrued Interest Interest Interest Realized
(5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6)
- ----- -------------- ----------- ---------------- --------------- ---------- ---------- ---------- ----------
A 601,250,000.00 1.47000% 968.82156333 1.18680642 0.00000000 0.00000000 0.00000000 0.00000000
X-1 0.00 0.80000% 860.95557642 0.57397038 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.48074% 968.82156333 0.38812963 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.81781% 1000.00000000 0.68150601 0.00000000 0.00000000 0.00000000 0.00000000
B-1 9,375,000.00 1.65000% 1000.00000000 1.37500053 0.00000000 0.00000000 0.00000000 0.00000000
B-2 5,937,000.00 2.15000% 1000.00000000 1.79166751 0.00000000 0.00000000 0.00000000 0.00000000
B-3 3,437,000.00 2.66168% 1000.00000000 2.21806226 0.00000000 0.00000000 0.00000000 0.00000000
B-4 1,562,000.00 2.66168% 1000.00000000 2.21806018 0.00000000 0.00000000 0.00000000 0.00000000
B-5 937,000.00 2.66168% 1000.00000000 2.21805763 0.00000000 0.00000000 0.00000000 0.00000000
B-6 2,500,468.00 2.66168% 1000.00000000 2.21806078 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 2.65940% 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 1.18680642 0.00000000 955.89812569
X-1 0.57397038 0.00000000 829.20380314
X-2 0.38812963 0.00000000 955.89812569
X-B 0.68150601 0.00000000 1000.00000000
B-1 1.37500053 0.00000000 1000.00000000
B-2 1.79166751 0.00000000 1000.00000000
B-3 2.21806226 0.00000000 1000.00000000
B-4 2.21806018 0.00000000 1000.00000000
B-5 2.21805763 0.00000000 1000.00000000
B-6 2.21806078 0.00000000 1000.00000000
A-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 9,292,258.49
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 24,649.92
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
------------
Total Deposits 9,316,908.41
Withdrawals
Reimbursement for Servicer Advances 6,851.34
Payment of Service Fee 195,134.62
Payment of Interest and Principal 9,114,922.45
------------
Total Withdrawals (Pool Distribution Amount) 9,316,908.41
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 190,082.49
Master Servicing Fee 5,052.13
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 195,134.62
==========
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 0.00 0.00 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 5 2,079,160.55 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
-------- ------------ -------- -------- -------- --------
5 2,079,160.55 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 0.289017% 0.347405% 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%
-------- ------------ -------- -------- -------- --------
0.289017% 0.347405% 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 5 2,079,160.55
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 5 2,079,160.55
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 0.289017% 0.347405%
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% 0.289017% 0.347405%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 24,649.92
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ----------- ------------- ----------- --------------- ------------
Class A 23,748,468.00 3.79976359% 23,748,468.00 3.96811590% 96.031884% 0.000000%
Class X-1 23,748,468.00 3.79976359% 23,748,468.00 3.96811590% 0.000000% 0.000000%
Class X-2 23,748,468.00 3.79976359% 23,748,468.00 3.96811590% 0.000000% 0.000000%
Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.40165332% 1.566463% 39.476231%
Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.40964389% 0.992009% 24.999507%
Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.83535782% 0.574286% 14.472513%
Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.57436427% 0.260994% 6.577266%
Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.41780155% 0.156563% 3.945518%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.417802% 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 3.047919%
Weighted Average Net Coupon 2.671675%
Weighted Average Pass-Through Rate 2.661675%
Weighted Average Maturity (Stepdown Calculation) 330
Beginning Scheduled Collateral Loan Count 1,747
Number of Loans Paid in Full 17
Ending Scheduled Collateral Loan Count 1,730
Beginning Scheduled Collateral Balance 606,252,433.38
Ending Scheduled Collateral Balance 598,482,216.50
Ending Actual Collateral Balance at 28-May-2004 598,484,053.13
Monthly P&I Constant 1,543,742.84
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 9,072,682.09
Ending Scheduled Balance for Premium Loans 598,482,216.50
Scheduled Principal 3,902.67
Unscheduled Principal 7,766,314.21
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 93,010,724.00
Six-Month Libor Loan Balance 505,195,492.50
Prorata Senior Percentage 96.082743%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%