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: MARCH 31, 2005
DISTRIBUTION DATE: APRIL 20, 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 81744FAA5 SEN 3.20250% 480,696,091.68 1,282,857.70 20,224,584.00 0.00 460,471,507.68
X-1 81744FAB3 IO 0.64957% 0.00 236,236.64 0.00 0.00 0.00
X-2 81744FAC1 IO 0.17073% 0.00 23,969.28 0.00 0.00 0.00
X-B 81744FAD9 IO 0.27679% 0.00 3,294.70 0.00 0.00 0.00
B-1 81744FAG2 SUB 3.40000% 9,375,000.00 26.562.50 0.00 0.00 9,375,000.00
B-2 81744FAH0 SUB 3.90000% 5,937,000.00 19,295.25 0.00 0.00 5,937,000.00
B-3 81744FAJ6 SUB 3.85207% 3,437,000.00 11,032.98 0.00 0.00 3,437,000.00
B-4 81744FAK3 SUB 3.85207% 1,562,000.00 5,014.11 0.00 0.00 1,562,000.00
B-5 81744FAL1 SUB 3.85207% 937,000.00 3,007.83 0.00 0.00 937,000.00
B-6 81744FAM9 SUB 3.85207% 2,500,468.00 8,026.65 0.00 0.00 2,500,468.00
A-R 81744FAF4 RES 2.56825% 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ------------- ---- --------------
Totals 504,444,559.68 1,619,297.64 20,224,584.00 0.00 484,219,975.68
-------------- ------------ ------------- ---- --------------
Total Cumulative
Class Distribution Realized Loss
- ----- ------------- -------------
A 21,507,441.70 0.00
X-1 236,236.64 0.00
X-2 23,969.28 0.00
X-B 3,294.70 0.00
B-1 26,562.50 0.00
B-2 19,295.25 0.00
B-3 11,032.98 0.00
B-4 5,014.11 0.00
B-5 3,007.83 0.00
B-6 8,026.65 0.00
A-R 0.00 0.00
-------------- ----
Totals 21,843,881.64 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 601,250,000.00 480,696,091.68 431.11 20,224,152.89 0.00 0.00 20,224,584.00 460,471,507.68
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 9,375,000.00 9,375,000.00 0.00 0.00 0.00 0.00 0.00 9,375,000.00
B-2 5,937,000.00 5,937,000.00 0.00 0.00 0.00 0.00 0.00 5,937,000.00
B-3 3,437,000.00 3,437,000.00 0.00 0.00 0.00 0.00 0.00 3,437,000.00
B-4 1,562,000.00 1,562,000.00 0.00 0.00 0.00 0.00 0.00 1,562,000.00
B-5 937,000.00 937,000.00 0.00 0.00 0.00 0.00 0.00 937,000.00
B-6 2,500,468.00 2,500,468.00 0.00 0.00 0.00 0.00 0.00 2,500,468.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------ ------------- ---- ---- ------------- --------------
Totals 624,998,568.00 504,444,559.68 431.11 20,224,152.89 0.00 0.00 20,224,584.00 484,219,975.68
-------------- -------------- ------ ------------- ---- ---- ------------- --------------
Ending Certificate Total Principal
Class Percentage Distribution
- ------ ------------------ ---------------
A 0.76585698 20,224,584.00
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 0.77475374 20,224,584.00
---------- -------------
(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 601,250,000.00 799.49453918 0.00071702 33.63684472 0.00000000 0.00000000 33.63756175 765.85697743
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 9,375,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-2 5,937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-3 3,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-4 1,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-5 937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
B-6 2,500,468.00 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 0.76585698 33.63756175
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 Total Interest
Class Amount Certificate Rate Balance Interest Shortfall Shortfall Shortfall Loss (4) Distribution
----- -------------- ---------------- --------------- ------------ ---------- --------- --------- -------- --------------
A 601,250,000.00 3.20250% 480,696,091.68 1,282,857.69 0.00 0.00 0.00 0.00 1,282,857.70
X-1 0.00 0.64957% 354,354,964.68 191,816.12 0.00 0.00 0.00 0.00 236,236.64
X-2 0.00 0.17073% 480,696,091.68 68,389.80 0.00 0.00 0.00 0.00 23,969.28
X-B 0.00 0.27679% 15,312,000.00 3,531.82 0.00 0.00 0.00 0.00 3,294.70
B-1 9,375,000.00 3.40000% 9,375,000.00 26,562.50 0.00 0.00 0.00 0.00 26,562.50
B-2 5,937,000.00 3.90000% 5,937,000.00 19,295.25 0.00 0.00 0.00 0.00 19,295.25
B-3 3,437,000.00 3.85207% 3,437,000.00 11,032.98 0.00 0.00 0.00 0.00 11,032.98
B-4 1,562,000.00 3.85207% 1,562,000.00 5,014.11 0.00 0.00 0.00 0.00 5,014.11
B-5 937,000.00 3.85207% 937,000.00 3,007.83 0.00 0.00 0.00 0.00 3,007.83
B-6 2,500,468.00 3.85207% 2,500,468.00 8,026.65 0.00 0.00 0.00 0.00 8,026.65
A-R 100.00 2.56825% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- ------------ ---- ---- ---- ---- -------------
Totals 624,998,568.00 1,619,534.75 0.00 0.00 0.00 0.00 1,619,297.64
-------------- ------------ ---- ---- ---- ---- -------------
Remaining Ending
Unpaid Certificate/
Interest Notational
Class Shortfall Balance
----- --------- --------------
A 0.00 460,471,507.68
X-1 0.00 341,022,282.15
X-2 0.00 460,471,507.68
X-B 0.00 15,312,000.00
B-1 0.00 9,375,000.00
B-2 0.00 5,937,000.00
B-3 0.00 3,437,000.00
B-4 0.00 1,562,000.00
B-5 0.00 937,000.00
B-6 0.00 2,500,468.00
A-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 Non-
Current Beginning Unpaid Current Supported
Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized Total Interest
Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) Distribution
- --------- -------------- ----------- ---------------- --------------- ---------- ---------- ---------- ---------- --------------
A 601,250,000.00 3.20250% 799.49453918 2.13365104 0.00000000 0.00000000 0.00000000 0.00000000 2.13365106
X-1 0.00 0.64957% 589.36376662 0.31902889 0.00000000 0.00000000 0.00000000 0.00000000 0.39290917
X-2 0.00 0.17073% 799.49453918 0.11374603 0.00000000 0.00000000 0.00000000 0.00000000 0.03986575
X-B 0.00 0.27679% 1000.00000000 0.23065700 0.00000000 0.00000000 0.00000000 0.00000000 0.21517111
B-1 9,375,000.00 3.40000% 1000.00000000 2.83333333 0.00000000 0.00000000 0.00000000 0.00000000 2.83333333
B-2 5,937,000.00 3.90000% 1000.00000000 3.25000000 0.00000000 0.00000000 0.00000000 0.00000000 3.25000000
B-3 3,437,000.00 3.85207% 1000.00000000 3.21006110 0.00000000 0.00000000 0.00000000 0.00000000 3.21006110
B-4 1,562,000.00 3.85207% 1000.00000000 3.21005762 0.00000000 0.00000000 0.00000000 0.00000000 3.21005762
B-5 937,000.00 3.85207% 1000.00000000 3.21006403 0.00000000 0.00000000 0.00000000 0.00000000 3.21006403
B-6 2,500,468.00 3.85207% 1000.00000000 3.21005908 0.00000000 0.00000000 0.00000000 0.00000000 3.21005908
A-R 100.00 2.56825% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining
Unpaid
Interest Ending Certificate/
Class (5) Shortfall Notational Balance
- --------- ---------- -----------------
A 0.00000000 765.85697743
X-1 0.00000000 567.18882686
X-2 0.00000000 765.85697743
X-B 0.00000000 1000.00000000
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
A-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 22,025,169.93
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 10,509.17
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 22,036,679.10
Withdrawals
Reimbursement for Servicer Advances 29,384.41
Payment of Service Fee 162,413.05
Payment of Interest and Principal 21,843,881.64
-------------
Total Withdrawals (Pool Distribution Amount) 22,035,679.10
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 158,209.35
Master Servicing Fee 4,203.70
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 162,413.05
==========
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 44,420.52 44,420.52 4,500.00
Class X-B Sub Account 1,000.00 237.12 237.12 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT
- ------------------------------------------
No. of Principal
Loans Balance
0-29 Days 0 0.00
30 Days 5 2,199,289.42
60 Days 1 135,192.04
90 Days 1 960,000.00
120 Days 1 103,200.00
150 Days 0 0.00
180+ Days 0 0.00
----- ------------
8 3,397,681.46
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.345304% 0.454192%
60 Days 0.069061% 0.027920%
90 Days 0.069061% 0.198257%
120 Days 0.069061% 0.021313%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.552486% 0.701681%
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 5 2,199,289.42
60 Days 1 135,192.04
90 Days 1 960,000.00
120 Days 1 103,200.00
150 Days 0 0.00
180+ Days 0 0.00
---- ------------
8 3,397,681.46
No. of Principal
Loans Balance
0-29 Days 0.000000% 0.000000%
30 Days 0.345304% 0.454192%
60 Days 0.069061% 0.027920%
90 Days 0.069061% 0.198257%
120 Days 0.069061% 0.021313%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
0.552486% 0.701681%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 10,509.17
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ----------- ------------- ----------- --------------- ------------
Class A 23,748,468.00 3.79976359% 23,748,468.00 4.90447920% 95.095521% 0.000000%
Class X-1 23,748,468.00 3.79976359% 23,748,468.00 4.90447920% 0.000000% 0.000000%
Class X-2 23,748,468.00 3.79976359% 23,748,468.00 4.90447920% 0.000000% 0.000000%
Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.96837568% 1.936104% 39.476231%
Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.74228004% 1.226096% 24.999507%
Class B-3 4,999,468.00 0.79991671% 4,999,468.00 1.03247868% 0.709801% 14.472513%
Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.70989802% 0.322581% 6.577266%
Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.51639092% 0.193507% 3.945518%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.516391% 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 4.238430%
Weighted Average Net Coupon 3.862073%
Weighted Average Pass-Through Rate 3.852073%
Weighted Average Maturity (Stepdown Calculation) 320
Beginning Scheduled Collateral Loan Count 1,498
Number of Loans Paid in Full 50
Ending Scheduled Collateral Loan Count 1,448
Beginning Scheduled Collateral Balance 504,444,560.11
Ending Scheduled Collateral Balance 484,219,976.11
Ending Actual Collateral Balance at 31-Mar-2005 484,220,052.90
Monthly P&I Constant 1,782,141.81
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 21,771,179.43
Ending Scheduled Balance for Premium Loans 484,219,976.11
Scheduled Principal 431.11
Unscheduled Principal 20,224,152.89
MISCELLANEOUS REPORTING
One-Month Libor Loan Balance 81,005,818.42
Six-Month Libor Loan Balance 402,938,214.35
Prorata Senior Percentage 95.292155%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%