Certificateholder Distribution Summary for SHT Series 2004-1 Administered by Wells Fargo Bank Minnesota, N.A.

Summary

This document is a distribution summary for certificateholders of the SHT Series 2004-1, administered by Wells Fargo Bank Minnesota, N.A. It details the interest and principal payments made to holders of various classes of certificates as of July 30, 2004, with distributions occurring on August 20, 2004. The summary includes payment amounts, outstanding balances, and realized losses, as well as compliance with the Pooling and Servicing Agreement. The report is intended to inform investors of the financial status and distributions related to their certificates.

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EX-10.1 2 f01651exv10w1.txt EXHIBIT 10.1 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 SHT SERIES 2004-1 RECORD DATE: JULY 30, 2004 DISTRIBUTION DATE: AUGUST 20, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY - ------------------------------------------------------------------------------------------ Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution - ------------------------------------------------------------------------------------------ NOTE 817419AA2 SEN 1.68000% 316,413,679.92 457,745.12 1,608,148.88 L SHT04002L DRAW 1.95000% 237,043.03 398.03 237,043.03 O SHT04002O OC 0.00000% 630,402.05 0.00 0.00 AMBAC FEE 0.12000% 0.00 31,641.36 0.00 - ------------------------------------------------------------------------------------------ Totals 317,281,125.00 489,784.51 1,845,191.91 - ------------------------------------------------------------------------------------------
CERTIFICATEHOLDER DISTRIBUTION SUMMARY - -------------------------------------------------------------------------------- Ending Current Certificate Total Cumulative Class CUSIP Realized Loss Balance Distribution Realized Loss - -------------------------------------------------------------------------------- NOTE 817419AA2 0.00 314,805,531.04 2,065,894.00 0.00 L SHT04002L 0.00 0.00 237,441.06 0.00 O SHT04002O 0.00 1,056,180.66 0.00 0.00 AMBAC 0.00 0.00 31,641.36 0.00 - -------------------------------------------------------------------------------- Totals 0.00 315,861,711.70 2,334,976.42 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 Class Amount Balance Distribution Distribution Accretion Loss (1) - ---------------------------------------------------------------------------------------------- NOTE 317,044,000.00 316,413,679.92 0.00 1,608,148.88 0.00 0.00 L 0.00 237,043.03 0.00 237,043.03 0.00 0.00 O 81.98 630,402.05 0.00 0.00 0.00 0.00 AMBAC 0.00 0.00 0.00 0.00 0.00 0.00 - ---------------------------------------------------------------------------------------------- Totals 317,044,081.98 317,281,125.00 0.00 1,845,191.91 0.00 0.00 - ----------------------------------------------------------------------------------------------
PRINCIPAL DISTRIBUTION STATEMENT - -------------------------------------------------------------------------- Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution - -------------------------------------------------------------------------- NOTE 1,608,148.88 314,805,531.04 0.99293956 1,608,148.88 L 237,043.03 0.00 0.00000000 237,043.03 O 0.00 1,056,180.66 12,883.39424250 0.00 AMBAC 0.00 0.00 0.00000000 0.00 - -------------------------------------------------------------------------- Totals 1,845,191.91 315,861,711.70 0.99627064 1,845,191.91 - --------------------------------------------------------------------------
(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 Class Amount Balance Distribution Distribution Accretion Loss (3) - ----------------------------------------------------------------------------------------------- NOTE 317,044,000.00 998.01188453 0.00000000 5.07232081 0.00000000 0.00000000 L 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O ###-###-####.41595511 0.00000000 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 - -----------------------------------------------------------------------------------------------
PRINCIPAL DISTRIBUTION FACTORS STATEMENT - ------------------------------------------------------------------------- Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution - ------------------------------------------------------------------------- NOTE 5.07232081 992.93956372 0.99293956 5.07232081 L 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 12883394.24249820 12883.39424250 0.00000000 AMBAC 0.00000000 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 Current Certificate/ Current Unpaid Current Original Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall - ------------------------------------------------------------------------------------------------------------ NOTE 317,044,000.00 1.68000% 316,413,679.92 457,745.12 0.00 0.00 L 0.00 1.95000% 237,043.03 0.00 0.00 0.00 O 81.98 0.00000% 630,402.05 0.00 0.00 0.00 AMBAC 0.00 0.12000% 316,413,679.92 31,641.37 0.00 0.00 - ------------------------------------------------------------------------------------------------------------ Totals 317,044,081.98 489,386.49 0.00 0.00 - ------------------------------------------------------------------------------------------------------------
INTEREST DISTRIBUTION STATEMENT - ---------------------------------------------------------------------------------------- Remaining Ending Non-Supported Unpaid Certificate/ Interest Realized Total Interest Interest Notational Class Shortfall Loss (4) Distribution Shortfall Balance - ---------------------------------------------------------------------------------------- NOTE 0.00 0.00 457,745.12 0.00 314,805,531.04 L 0.00 0.00 398.03 0.00 0.00 O 0.00 0.00 0.00 0.00 1,056,180.66 AMBAC 0.00 0.00 31,641.36 0.00 314,805,531.04 - ---------------------------------------------------------------------------------------- Totals 0.00 0.00 489,784.51 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 Class (5) Original Face Certificate Certificate/ Accrued Interest Interest Amount Rate Notional Balance Interest Shortfall Shortfall - ---------------------------------------------------------------------------------------------------------- NOTE 317,044,000.00 1.68000% 998.01188453 1.44379051 0.00000000 0.00000000 L 0.00 1.95000% 0.00000000 0.00000000 0.00000000 0.00000000 O 81.98 0.00000% 7689705.41595511 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.12000% 998.01188453 0.09980119 0.00000000 0.00000000 - ----------------------------------------------------------------------------------------------------------
INTEREST DISTRIBUTION FACTORS STATEMENT - ------------------------------------------------------------------------------------------ Remaining Ending Non-Supported Total Unpaid Certificate/ Class (5) Interest Realized Interest Interest Notational Shortfall Loss (6) Distribution Shortfall Balance - ------------------------------------------------------------------------------------------ NOTE 0.00000000 0.00000000 1.44379051 0.00000000 992.93956372 L 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 0.00000000 0.00000000 0.00000000 12883394.24249820 AMBAC 0.00000000 0.00000000 0.09980116 0.00000000 992.93956372 - ------------------------------------------------------------------------------------------
(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 2,698,160.64 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 2,698,160.64 --------------- Withdrawals Reimbursement for Servicer Advances 237,043.02 Payment of Service Fee 126,141.20 Payment of Interest and Principal 2,334,976.42 --------------- Total Withdrawals (Pool Distribution Amount) 2,698,160.64 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 122,175.19 Master Servicing Fee 3,966.01 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 126,141.20 ==========
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - --------------------------------------------------------------------------------------------- Financial Guaranty 0.00 0.00 0.00 0.00 - ---------------------------------------------------------------------------------------------
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 3 76,304.65 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 --------------------- -------------------- -------------------- 3 76,304.65 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 0.056487% 0.024158% 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% --------------------- -------------------- -------------------- 0.056487% 0.024158% 0.000000% 0.000000% 0.000000% 0.000000% - ---------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------- REO TOTAL - ----------------------------------------------------------- No. of Principal No. of Principal Loans Balance Loans Balance 0 0.00 0-29 Days 0 0.00 0 0.00 30 Days 3 76,304.65 0 0.00 60 Days 0 0.00 0 0.00 90 Days 0 0.00 0 0.00 120 Days 0 0.00 0 0.00 150 Days 0 0.00 0 0.00 180+ Days 0 0.00 - -------------------- ----------------------- 0 0.00 3 76,304.65 No. of Principal No. of Principal Loans Balance Loans Balance 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.056487% 0.024158% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% - -------------------- ----------------------- 0.000000% 0.000000% 0.056487% 0.024158% - -----------------------------------------------------------
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00
- ------------------------------------------------------------------------------------------ Class L 81.98 0.00002586% 1,056,180.66 0.33463185% 0.000000% 0.000000% Class O 0.00 0.00000000% 0.00 0.00000000% 0.334632% 0.000000% Please refer to the prospectus supplement for a full description of loss exposure - ------------------------------------------------------------------------------------------
COLLATERAL STATEMENT Collateral Description Mixed Arm Weighted Average Gross Coupon 3.939866% Weighted Average Net Coupon 3.477783% Weighted Average Pass-Through Rate 3.462783% Weighted Average Maturity (Stepdown Calculation) 124 Beginning Scheduled Collateral Loan Count 5,414 Number of Loans Paid in Full 103 Ending Scheduled Collateral Loan Count 5,311 Beginning Scheduled Collateral Balance 317,044,081.98 Ending Scheduled Collateral Balance 315,624,668.69 Ending Actual Collateral Balance at 30-July-2004 315,861,711.71 Monthly P&I Constant 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00
MISCELLANEOUS REPORTING Additional Balance Contributed Amount 237,043.03 Additional Balance 14,061,478.94 Cumulative Loss Percent 0.00000% Managed Amortization Period YES Overcollateralization Amount 1,056,180.66 Six Month Rolling Delinquency 0.00000% Specified Overcollateralization Amount 3,963,051.02 3 Largest Loan Balance 5,022,718.14 Draw Amount 14,061,478.94 Rapid Amortization Event NO Excess Cashflow 425,778.60