Wells Fargo Bank Minnesota, N.A. Series 2004-1 Certificateholder Distribution Statement (March 2005)

Summary

This document is a distribution statement prepared by Wells Fargo Bank Minnesota, N.A. for certificateholders of the SHT Series 2004-1 as of February 28, 2005, with distributions made on March 21, 2005. It details the allocation of principal and interest payments, servicing fees, realized losses, and account balances for various classes of certificates. The statement summarizes the financial activity, including payments to investors, servicing fees, and loan delinquency status, as required by the Pooling and Servicing Agreement governing the trust.

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EX-10.1 2 f07714cexv10w1.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: FEBRUARY 28, 2005 DISTRIBUTION DATE: MARCH 21, 2005 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Principal Class CUSIP Description Through Rate Balance Distribution Distribution - ------ --------- ----------- ----------------- -------------- ------------ ------------ NOTE 817419AA2 SEN 2.82813% 274,342,655.77 581,907.52 5,714,706.16 L SHT04002L DRAW 0.00000% 0.00 0.00 0.00 O SHT04002O OC 0.00000% 3,550,065.96 52,102.87 0.00 AMBAC FEE 0.12000% 0.00 27,434.27 0.00 -------------- ------------ ------------ Totals 277,892,721.73 661,444.66 5,714,706.16 -------------- ------------ ------------ Current Ending Certificate Total Cumulative Class Realized Loss Balance Distribution Realized Loss - ------ ------------- ------------------ ------------ ------------- NOTE 0.00 268,627,949.61 6,296,613.68 0.00 L 0.00 0.00 0.00 0.00 O 0.00 3,963,051.02 52,102.87 0.00 AMBAC 0.00 0.00 27,434.27 0.00 ---- -------------- ------------ ---- Totals 0.00 272,591,000.63 6,376,150.82 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 317,044,000.00 274,342,655.77 0.00 5,714,706.16 0.00 0.00 L 0.00 0.00 0.00 0.00 0.00 0.00 O 81.98 3,550,065.96 0.00 0.00 0.00 0.00 AMBAC 0.00 0.00 0.00 0.00 0.00 0.00 -------------- -------------- ---- ------------ ---- ---- Totals 317,044,081.98 277,892,721.73 0.00 5,714,706.16 0.00 0.00 -------------- -------------- ---- ------------ ---- ---- Total Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution - ------ --------------- ------------------ ------------------ --------------- NOTE 5,714,706.16 268,627,949.61 0.84728918 5,714,706.16 L 0.00 0.00 0.00000000 0.00 O 0.00 3,963,051.02 48,341.68114174 0.00 AMBAC 0.00 0.00 0.00000000 0.00 ------------ -------------- --------------- ------------ Totals 5,714,706.16 272,591,000.63 0.85978896 5,714,706.16 ------------ -------------- --------------- ------------
(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
Scheduled Unscheduled Original Face Beginning Principal Principal Realized Class Amount Certificate Balance Distribution Distribution Accretion Loss (3) - ----- -------------- ------------------- ------------ ------------ --------- ---------- NOTE 317,044,000.00 865.31413864 0.00000000 18.02496234 0.00000000 0.00000000 L 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O ###-###-####.28031230 0.00000000 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Total Ending Total Principal Ending Certificate Certificate Principal Class Reduction Balance Percentage Distribution - ----- ----------- ------------------ -------------- ------------ NOTE 18.02496234 847.28917630 0.84728918 18.02496234 L 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 48341681.14174190 48341.68114174 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 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) - ------ -------------- ---------------- -------------- ---------- ---------- --------- --------- -------- NOTE 317,044,000.00 2.82813% 274,342,655.77 581,907.52 0.00 0.00 0.00 0.00 L 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 O 81.98 0.00000% 3,550,065.96 0.00 0.00 0.00 0.00 0.00 AMBAC 0.00 0.12000% 274,342,655.77 27,434.27 0.00 0.00 0.00 0.00 -------------- ---------- ---- ---- ---- ---- Totals 317,044,081.98 609,341.79 0.00 0.00 0.00 0.00 -------------- ---------- ---- ---- ---- ---- Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance - ------ ------------ --------- ------- NOTE 581,907.52 0.00 268,627,949.61 L 0.00 0.00 0.00 O 52,102.87 0.00 3,963,051.02 AMBAC 27,434.27 0.00 268,627,949.61 ---------- ---- Totals 661,444.66 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 Current Unpaid Current Supported Original Face Certificate Beginning Certificate/ Accrued Interest Interest Interest Realized Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) - --------- -------------- ----------- ---------------------- ---------- ---------- ---------- ---------- ---------- NOTE 317,044,000.00 2.82813% 865.31413864 1.83541565 0.00000000 0.00000000 0.00000000 0.00000000 L 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 81.98 0.00000% 43304049.28031230 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.12000% 865.31413864 0.08653143 0.00000000 0.00000000 0.00000000 0.00000000 Remaining Unpaid Total Interest Interest Ending Certificate/ Class (5) Distribution Shortfall Notational Balance - --------- -------------- ---------- ------------------- NOTE 1.83541565 0.00000000 847.28917630 L 0.00000000 0.00000000 0.00000000 O 635555.86728470 0.00000000 48341681.14174190 AMBAC 0.08653143 0.00000000 847.28917630
(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 6,487,536.72 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 6,487,536.72 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 111,385.90 Payment of Interest and Principal 6,376,150.82 ------------ Total Withdrawals (Pool Distribution Amount) 6,487,536.72 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 107,912.24 Master Servicing Fee 3,473.66 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 111,385.90 ==========
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
No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 3 1,226,184.20 60 Days 1 14,860.29 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------ 4 1,241,044.49 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.068182% 0.449826% 60 Days 0.022727% 0.005451% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------ 0.090909% 0.455277%
BANKRUPTCY
No. of Principal Loans Balance 0-29 Days 2 164,313.25 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 -------- ---------- 2 164,313.25 No. of Principal Loans Balance 0-29 Days 0.045455% 0.060278% 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% -------- ---------- 0.045455% 0.060278%
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 2 164,313.25 30 Days 3 1,226,184.20 60 Days 1 14,860.29 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------ 6 1,405,357.74 No. of Principal Loans Balance 0-29 Days 0.045455% 0.060278% 30 Days 0.068182% 0.449826% 60 Days 0.022727% 0.005451% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------ 0.136364% 0.515555%
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% 3,963,051.02 1.47529363% 0.000000% 0.000000% Class O 0.00 0.00000000% 0.00 0.00000000% 1.475294% 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 5.120605% Weighted Average Net Coupon 4.654617% Weighted Average Pass-Through Rate 4.639617% Weighted Average Maturity (Stepdown Calculation) 117 Beginning Scheduled Collateral Loan Count 4,512 Number of Loans Paid in Full 112 Ending Scheduled Collateral Loan Count 4,400 Beginning Scheduled Collateral Balance 274,342,655.77 Ending Scheduled Collateral Balance 268,627,949.61 Ending Actual Collateral Balance at 31-Jan-2005 272,591,000.63 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 0.00 Additional Balance 7,743,193.93 Cumulative Loss Percent 0.00000% Managed Amortization Period YES Overcollateralization Amount 3,550,065.96 Six Month Rolling Delinquency 0 ###-###-####% Specified Overcollateralization Amount 3,963,051.02 3 Largest Loan Balance 5,583,441.03 Draw Amount 7,743,193.93 Rapid Amortization Event NO Excess Cashflow 465,087.93