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 2004-3
RECORD DATE: MARCH 31, 2005
DISTRIBUTION DATE: APRIL 20, 2005
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Current Ending Cumulative
Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Loss
- ----- --------- ----------- ------------ -------------- ------------ ------------- -------- -------------- ------------ ----------
A 81744FAZ0 SEN 3.54625% 698,494,039.80 2,064,195.42 35,760,089.31 0.00 662,733,950.49 37,824,284.73 0.00
M-1 81744FBA4 SUB 3.35000% 13,800,000.00 38,525.00 0.00 0.00 13,800,000.00 38,525.00 0.00
M-2 81744FBB2 SUB 3.75000% 9,200,000.00 28,750.00 0.00 0.00 9,200,000.00 28,750.00 0.00
M-3 81744FBC0 SUB 4.29664% 2,300,000.00 8,235.23 0.00 0.00 2,300,000.00 8,235.23 0.00
X 81744FBD8 IO 0.00000% 0.00 468,334.03 0.00 0.00 0.00 468,334.03 0.00
R 81744FBE6 RES 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ------------- ------ -------------- ------------- -------
Totals 723,794,039.80 2,608,039.68 35,760,089.31 0.00 688,033,950.49 38,368,128.99 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 Total Ending
Original Face Certificate Principal Principal Realized Principal Certificate
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance
- ----- -------------- -------------- ------------ ------------ --------- -------- ------------- --------------
A 894,673,000.00 698,494,039.80 0.00 35,760,089.31 0.00 0.00 35,760,089.31 662,733,950.49
M-1 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00 0.00 13,800,000.00
M-2 9,200,000.00 9,200,000.00 0.00 0.00 0.00 0.00 0.00 9,200,000.00
M-3 2,300,000.00 2,300,000.00 0.00 0.00 0.00 0.00 0.00 2,300,000.00
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- -------------- -------- ------------- ------- ------ ------------- --------------
Totals 919,973,000.00 723,794,039.80 0.00 35,760,089.31 0.00 0.00 35,760,089.31 688,033,950.49
-------------- -------------- -------- ------------- ------- ------ ------------- --------------
Ending Total
Certificate Principal
Class Percentage Distribution
- ----- ---------- ------------
A 0.74075551 35,760,089.31
M-1 1.00000000 0.00
M-2 1.00000000 0.00
M-3 1.00000000 0.00
X 0.00000000 0.00
R 0.00000000 0.00
----------- -------------
Totals 0.74788494 35,760,089.31
----------- -------------
(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 Total Ending
Original Face Certificate Principal Principal Realized Principal Certificate
Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction Balance
- ----- -------------- ------------- ------------ ------------ ---------- ---------- ----------- -------------
A 894,673,000.00 780.72551625 0.00000000 39.97001062 0.00000000 0.00000000 39.97001062 740.75550563
M-1 13,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
M-2 9,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
M-3 2,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total
Certificate Principal
Class Percentage Distribution
- ----- ----------- ------------
A 0.74075551 39.97001062
M-1 1.00000000 0.00000000
M-2 1.00000000 0.00000000
M-3 1.00000000 0.00000000
X 0.00000000 0.00000000
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-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized Total Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (4) Distribution
- ----- -------------- ----------- -------------- ------------ ---------- --------- --------- --------- --------------
A 894,673,000.00 3.54625% 698,494,039.80 2,064,195.41 0.00 0.00 (0.02) 0.00 2,064,195.42
M-1 13,800,000.00 3.35000% 13,800,000.00 38,525.00 0.00 0.00 0.00 0.00 38,525.00
M-2 9,200,000.00 3.75000% 9,200,000.00 28,750.00 0.00 0.00 0.00 0.00 28,750.00
M-3 2,300,000.00 4.29664% 2,300,000.00 8,235.23 0.00 0.00 0.00 0.00 8,235.23
X 0.00 0.00000% 728,393,907.77 0.00 0.00 0.00 0.00 0.00 468,334.03
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------- -------------- ------------ ---- ---- ----- ---- ------------
Totals 919,973,000.00 2,139,705.64 0.00 0.00 (0.02) 0.00 2,608,039.68
-------------- ------- -------------- ------------ ---- ---- ----- ---- ------------
Remaining Ending
Unpaid Certificate/
Interest Notational
Class Shortfall Balance
- ----- --------- --------------
A 0.00 662,733,950.49
M-1 0.00 13,800,000.00
M-2 0.00 9,200,000.00
M-3 0.00 2,300,000.00
X 0.00 692,633,818.46
R 0.00 0.00
----
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
Current Beginning Current Unpaid Current Non-Supported
Original Face Certificate Certificate/ Accrued Interest Interest Interest Realized Total Interest
Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) Distribution
- --------- --------------- ----------- ---------------- ---------- ---------- ---------- ------------- ---------- --------------
A 894,673,000.00 3.54625% 780.72551625 2.30720655 0.00000000 0.00000000 (0.00000002) 0.00000000 2.30720657
M-1 13,800,000.00 3.35000% 1000.00000000 2.79166667 0.00000000 0.00000000 0.00000000 0.00000000 2.79166667
M-2 9,200,000.00 3.75000% 1000.00000000 3.12500000 0.00000000 0.00000000 0.00000000 0.00000000 3.12500000
M-3 2,300,000.00 4.29664% 1000.00000000 3.58053478 0.00000000 0.00000000 0.00000000 0.00000000 3.58053478
X 0.00 0.00000% 791.75523351 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.50907334
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending
Unpaid Certificate/
Interest Notational
Class (5) Shortfall Balance
- --------- ---------- -------------
A 0.00000000 740.75550563
M-1 0.00000000 1000.00000000
M-2 0.00000000 1000.00000000
M-3 0.00000000 1000.00000000
X 0.00000000 752.88445554
R 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 38,619,067.11
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 30,318.80
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 38,649,385.91
Withdrawals
Reimbursement for Servicer Advances 49,541.87
Payment of Service Fee 231,715.05
Payment of Interest and Principal 38,368,128.99
-------------
Total Withdrawals (Pool Distribution Amount) 38,649,385.91
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 227,769.59
Master Servicing Fee 3,945.46
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 231,715.05
==========
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ------------ --------- ----------- -------- -------
Reserve Fund 10,000.00 0.00 0.00 10,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT
- ---------------------------------------
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 23 7,889,324.25
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
---------- ------------
23 7,889,324.25
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 1.036036% 1.139011%
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%
-------- ------------
1.036036% 1.139011%
-------- ------------
BANKRUPTCY
- ------------------------------------
No. of Principal
Loans Balance
0-29 Days 1 124,570.28
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
--------- ----------
1 124,570.28
No. of Principal
Loans Balance
0-29 Days 0.045045% 0.017985%
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%
-------- ----------
0.045045% 0.017985%
-------- ----------
FORECLOSURE
- ------------------------------------
No. of Principal
Loans Balance
0-29 Days 1 152,000.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 1 259,600.00
180+ Days 0 0.00
--------- ----------
2 411,600.00
No. of Principal
Loans Balance
0-29 Days 0.045045% 0.021945%
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 0.045045% 0.037479%
180+ Days 0.000000% 0.000000%
--------- ----------
0.090090% 0.059424%
--------- ----------
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 2 276,570.28
30 Days 23 7,889,324.25
60 Days 0 0.00
90 Days 0 0.00
120 Days 0 0.00
150 Days 1 259,600.00
180+ Days 0 0.00
------ ------------
26 8,425,494.53
No. of Principal
Loans Balance
0-29 Days 0.090090% 0.039929%
30 Days 1.036036% 1.139011%
60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000%
150 Days 0.045045% 0.037479%
180+ Days 0.000000% 0.000000%
-------- ------------
1.171171% 1.216420%
-------- ------------
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 30,318.80
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 4.679378%
Weighted Average Net Coupon 4.304136%
Weighted Average Pass-Through Rate 4.296642%
Weighted Average Maturity (Stepdown Calculation) 333
Beginning Scheduled Collateral Loan Count 2,329
Number of Loans Paid in Full 109
Ending Scheduled Collateral Loan Count 2,220
Beginning Scheduled Collateral Balance 728,393,907.77
Ending Scheduled Collateral Balance 692,633,818.46
Ending Actual Collateral Balance at 31-Mar-2005 692,647,077.89
Monthly P&I Constant 2,840,358.53
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 692,633,818.46
Scheduled Principal 0.00
Unscheduled Principal 35,760,089.31
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 4,599,867.97
Overcollateralization Amount 4,599,867.97
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Extra Principal Distribution Amount 0.00
Excess Cash Amount 468,334.04
MISCELLANEOUS REPORTING
Applied Loss Amount 0.00
1 Month LIBOR Loan Balance 71,662,365.78
6 Month LIBOR Loan Balance 620,971,452.68
M-1 Target Amount 668,391,634.81
M-2 Target Amount 682,244,311.18
M-3 Target Amount 685,707,480.28
Senior Target Amount 647,612,620.26
Step Down Date Reached? No
Trigger Event? No