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: FEBRUARY 28, 2005
DISTRIBUTION DATE: MARCH 21, 2005
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 81744FBF3 SEN 2.46125% 653,044,169.51 1,339,420.81 14,379,987.64 0.00 638,664,181.87
X-1 81744FBG1 SEN 0.80000% 0.00 365,108.22 0.00 0.00 0.00
X-2 81744FBH9 SEN 0.43613% 0.00 237,342.76 0.00 0.00 0.00
X-B 81744FBJ5 SEN 0.32469% 0.00 6,213.04 0.00 0.00 0.00
B-1 81744FBK2 SUB 3.09813% 14,612,000.00 37,724.90 0.00 0.00 14,612,000.00
B-2 81744FBL0 SUB 3.49813% 8,350,000.00 24,341.15 0.00 0.00 8,350,000.00
B-3 81744FBM8 SUB 3.56828% 4,175,000.00 12,414.65 0.00 0.00 4,175,000.00
B-4 81744FBN6 SUB 3.56828% 2,509,000.00 7,460.68 0.00 0.00 2,509,000.00
B-5 81744FBP1 SUB 3.56828% 2,088,000.00 6,208.81 0.00 0.00 2,088,000.00
B-6 81744FBQ9 SUB 3.56828% 3,757,983.00 11,174.62 0.00 0.00 3,757,983.00
A-R 81744FBR7 RES 2.77719% 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ------------- ---------- --------------
Totals 688,536,152.51 2,047,409.64 14,379,987.64 0.00 674,156,164.87
-------------- ------------ ------------- ---------- --------------
Total Cumulative
Class Distribution Realized Loss
- ------ ------------- -------------
A 15,719,408.45 0.00
X-1 365,108.22 0.00
X-2 237,342.76 0.00
X-B 6,213.04 0.00
B-1 37,724.90 0.00
B-2 24,341.15 0.00
B-3 12,414.65 0.00
B-4 7,460.68 0.00
B-5 6,208.81 0.00
B-6 11,174.62 0.00
A-R 0.00 0.00
------------- ----------
Totals 16,427,397.28 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 799,511,000.00 653,044,169.51 0.00 14,379,987.64 0.00 0.00 14,379,987.64 638,664,181.87
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
X-B 0.00 0.00 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 0.00 14,612,000.00
B-2 8,350,000.00 8,350,000.00 0.00 0.00 0.00 0.00 0.00 8,350,000.00
B-3 4,175,000.00 4,175,000.00 0.00 0.00 0.00 0.00 0.00 4,175,000.00
B-4 2,509,000.00 2,509,000.00 0.00 0.00 0.00 0.00 0.00 2,509,000.00
B-5 2,088,000.00 2,088,000.00 0.00 0.00 0.00 0.00 0.00 2,088,000.00
B-6 3,757,983.00 3,757,983.00 0.00 0.00 0.00 0.00 0.00 3,757,983.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- -------------- --------- ------------- ------- ------- -------------- ----------------
Totals 835,003,083.00 688,536,152.51 0.00 14,379,987.64 0.00 0.00 14,379,987.64 674,156,164.87
-------------- -------------- --------- ------------- ------- ------- -------------- ----------------
Ending Certificate Total Principal
Class Percentage Distribution
----- ------------------ --------------
A 0.79881851 14,379,987.64
X-1 0.00000000 0.00
X-2 0.00000000 0.00
X-B 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
A-R 0.00000000 0.00
---------------- --------------
Totals 0.80736967 14,379,987.64
---------------- --------------
(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 799,511,000.00 816.80448363 0.00000000 17.98597848 0.00000000 0.00000000 17.98597848 798.81850515
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
X-B 0.00 0.00000000 0.00000000 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 0.00000000 1000.00000000
B-2 8,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-3 4,175,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-4 2,509,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-5 2,088,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-6 3,757,983.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Certificate Total Principal
Class Percentage Distribution
- ----- ------------------ ---------------
A 0.79881851 17.98597848
X-1 0.00000000 0.00000000
X-2 0.00000000 0.00000000
X-B 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
A-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 799,511,000.00 2.46125% 653,044,169.51 1,339,420.80 0.00 0.00 (0.01) 0.00
X-1 0.00 0.80000% 547,662,332.94 365,108.22 0.00 0.00 0.00 0.00
X-2 0.00 0.43613% 653,044,169.51 237,342.75 0.00 0.00 0.00 0.00
X-B 0.00 0.32469% 22,962,000.00 6,213.04 0.00 0.00 0.00 0.00
B-1 14,612,000.00 3.09813% 14,612,000.00 37,724.90 0.00 0.00 0.00 0.00
B-2 8,350,000.00 3.49813% 8,350,000.00 24,341.15 0.00 0.00 0.00 0.00
B-3 4,175,000.00 3.56828% 4,175,000.00 12,414.65 0.00 0.00 0.00 0.00
B-4 2,509,000.00 3.56828% 2,509,000.00 7,460.68 0.00 0.00 0.00 0.00
B-5 2,088,000.00 3.56828% 2,088,000.00 6,208.81 0.00 0.00 0.00 0.00
B-6 3,757,983.00 3.56828% 3,757,983.00 11,174.62 0.00 0.00 0.00 0.00
A-R 100.00 2.77719% 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------ -------- ------- ------- -------
Totals 835,003,083.00 2,047,409.62 0.00 0.00 (0.01) 0.00
-------------- ------------ -------- ------- ------- -------
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- ------ -------------- --------- --------------
A 1,339,420.81 0.00 638,664,181.87
X-1 365,108.22 0.00 527,099,373.98
X-2 237,342.76 0.00 638,664,181.87
X-B 6,213.04 0.00 22,962,000.00
B-1 37,724.90 0.00 14,612,000.00
B-2 24,341.15 0.00 8,350,000.00
B-3 12,414.65 0.00 4,175,000.00
B-4 7,460.68 0.00 2,509,000.00
B-5 6,208.81 0.00 2,088,000.00
B-6 11,174.62 0.00 3,757,983.00
A-R 0.00 0.00 0.00
------------- -------
Totals 2,047,409.64 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
Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized
Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6)
- --------- -------------- ----------- ---------------- --------------- ---------- ---------- ------------ ----------
A 799,511,000.00 2.46125% 816.80448363 1.67530003 0.00000000 0.00000000 (0.00000001) 0.00000000
X-1 0.00 0.80000% 684.99662036 0.45666441 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.43613% 816.80448363 0.29685989 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.32469% 1000.00000000 0.27057922 0.00000000 0.00000000 0.00000000 0.00000000
B-1 14,612,000.00 3.09813% 1000.00000000 2.58177525 0.00000000 0.00000000 0.00000000 0.00000000
B-2 8,350,000.00 3.49813% 1000.00000000 2.91510778 0.00000000 0.00000000 0.00000000 0.00000000
B-3 4,175,000.00 3.56828% 1000.00000000 2.97356886 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,509,000.00 3.56828% 1000.00000000 2.97356716 0.00000000 0.00000000 0.00000000 0.00000000
B-5 2,088,000.00 3.56828% 1000.00000000 2.97356801 0.00000000 0.00000000 0.00000000 0.00000000
B-6 3,757,983.00 3.56828% 1000.00000000 2.97356853 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 2.77719% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining
Unpaid
Class (5) Total Interest Interest Ending Certificate/
Distribution Shortfall Notational Balance
- --------- -------------- ---------- -------------------
A 1.67530004 0.00000000 798.81850515
X-1 0.45666441 0.00000000 659.27720066
X-2 0.29685991 0.00000000 798.81850515
X-B 0.27057922 0.00000000 1000.00000000
B-1 2.58177525 0.00000000 1000.00000000
B-2 2.91510778 0.00000000 1000.00000000
B-3 2.97356886 0.00000000 1000.00000000
B-4 2.97356716 0.00000000 1000.00000000
B-5 2.97356801 0.00000000 1000.00000000
B-6 2.97356853 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 16,616,564.60
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 30,833.85
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 16,647,398.45
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 220,001.17
Payment of Interest and Principal 16,427,397.28
-------------
Total Withdrawals (Pool Distribution Amount) 16,647,398.45
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 215,697.80
Master Servicing Fee 4,303.37
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 220,001.17
==========
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
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 30 9,050,313.00
60 Days 2 773,261.80
90 Days 0 0.00
120 Days 1 138,400.00
150 Days 0 0.00
180+ Days 0 0.00
-------- ------------
33 9,961,974.80
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 1.413761% 1.342461%
60 Days 0.094251% 0.114700%
90 Days 0.000000% 0.000000%
120 Days 0.047125% 0.020529%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- ------------
1.555137% 1.477690%
BANKRUPTCY
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%
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 0 0.00
30 Days 30 9,050,313.00
60 Days 2 773,261.80
90 Days 0 0.00
120 Days 1 138,400.00
150 Days 0 0.00
180+ Days 0 0.00
------- -------------
33 9,961,974.80
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 1.413761% 1.342461%
60 Days 0.094251% 0.114700%
90 Days 0.000000% 0.000000%
120 Days 0.047125% 0.020529%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- -------------
1.555137% 1.477690%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00
Original $ Original % Current $ Current % Current Class % Prepayment %
------------- ----------- ------------- ---------- --------------- ------------
Class A 35,491,983.00 4.25052119% 35,491,983.00 5.26465303% 94.735347% 0.000000%
Class X-1 35,491,983.00 4.25052119% 35,491,983.00 5.26465303% 0.000000% 0.000000%
Class X-2 35,491,983.00 4.25052119% 35,491,983.00 5.26465503% 0.000000% 0.000000%
Class B-1 20,879,983.00 2.50058753% 20,879,983.00 3.09720271% 2.167450% 41.169861%
Class B-2 12,529,983.00 1.50059123% 12,529,983.00 1.85861728% 1.238585% 23.526440%
Class B-3 8,354,983.00 1.00059307% 8,354,983.00 1.23932457% 0.619293% 11.763220%
Class B-4 5,845,983.00 0.70011514% 5,845,983.00 0.86715561% 0.372169% 7.069202%
Class B-5 3,757,983.00 0.45005618% 3,757,983.00 0.55743509% 0.390721% 5.883019%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.557435% 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 3.951707%
Weighted Average Net Coupon 3.575783%
Weighted Average Pass-Through Rate 3.568283%
Weighted Average Maturity (Stepdown Calculation) 332
Beginning Scheduled Collateral Loan Count 2,164
Number of Loans Paid in Full 42
Ending Scheduled Collateral Loan Count 2,122
Beginning Scheduled Collateral Balance 688,536,153.25
Ending Scheduled Collateral Balance 674,156,165.61
Ending Actual Collateral Balance at 28-Feb-2005 674,158,488.04
Monthly P&I Constant 2,267,410.77
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 16,328,072.45
Ending Scheduled Balance for Premium Loans 674,156,165.61
Scheduled Principal 0.00
Unscheduled Principal 14,379,987.64
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance' 94,835,224.87
Six-Month Libor Loan Balance 579,320,940.74
Prorata Senior Percentage 94.845298%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%