Wells Fargo Bank Minnesota, N.A. SMT Series 2004-1 Certificateholder Distribution Statement (July 30, 2004 Record Date)

Summary

This document is a distribution statement prepared by Wells Fargo Bank Minnesota, N.A. as Certificate Administrator for the SMT Series 2004-1 trust. It summarizes the interest and principal payments made to certificateholders as of the July 30, 2004 record date, with distributions occurring on August 20, 2004. The statement details the amounts distributed to each class of certificates, the remaining balances, and confirms that all calculations were made in accordance with the Pooling and Servicing Agreement. No realized losses were reported for this period.

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EX-10.1 2 f01646aexv10w1.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 SMT SERIES 2004-1 RECORD DATE: JULY 30, 2004 DISTRIBUTION DATE: AUGUST 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Certificate Interest Principal Current Class CUSIP Description Pass-Through Rate Balance Distribution Distribution Realized Loss ------------ --------- ------------ ------------ --------------- ------------- ------------- ------------- A 81744FAA5 SEN 2.19125% 563,210,966.55 1,028.446.69 12,111,712.37 0.00 X-1 81744FAB3 IO 0.62794% 0.00 251,250.74 0.00 0.00 X-2 81744FAC1 IO 0.09262% 0.00 43,469.17 0.00 0.00 X-B 81744FAD9 IO 0.65533% 0.00 8,361.94 0.00 0.00 B-1 81744FAG2 SUB 1.97000% 9,375,000.00 15,390.62 0.00 0.00 B-2 81744FAH0 SUB 2.47000% 5,937,000.00 12,220.32 0.00 0.00 B-3 81744FAJ6 SUB 2.81919% 3,437,000.00 8,074.64 0.00 0.00 B-4 81744FAK3 SUB 2.81919% 1,562,000.00 3,669.65 0.00 0.00 B-5 81744FAL1 SUB 2.81919% 937,000.00 2,201.32 0.00 0.00 B-6 81744FAM9 SUB 2.81919% 2,500,468.00 5,874.42 0.00 0.00 A-R 81744FAF4 RES 2.57409% 0.00 0.00 0.00 0.00 - --------------------------------------------------------------------------------------------------------------------------------- Totals 586,959,434.55 1,378,959.51 12,111,712.37 0.00 Ending Certificate Total Cumulative Class CUSIP Balance Distribution Realized Loss --------- ---------- ---------------- ----------------- ---------------- A 81744FAA5 551,099,254.18 13,140,159.06 0.00 X-1 81744FAB3 0.00 251,250.74 0.00 X-2 81744FAC1 0.00 43,469.17 0.00 X-B 81744FAD9 0.00 8,361.94 0.00 B-1 81744FAG2 9,375,000.00 15,390.62 0.00 B-2 81744FAH0 5,937,000.00 12,220.32 0.00 B-3 81744FAJ6 3,437,000.00 8,074.64 0.00 B-4 81744FAK3 1,562,000.00 3,669.65 0.00 B-5 81744FAL1 937,000.00 2,201.32 0.00 B-6 81744FAM9 2,500,468.00 5,874.42 0.00 A-R 81744FAF4 0.00 0.00 0.00 - ------------------------------------------------------------------------------- Totals 574,847,722.18 13,490,671.88 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) -------- --------------- ----------------- -------------- -------------- ----------- ---------- A 601,250,000.00 563,210,966.55 176.10 12,111,536.27 0.00 0.00 X-1 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 X-B 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 B-2 5,937,000.00 5,937,000.00 0.00 0.00 0.00 0.00 B-3 3,437,000.00 3,437,000.00 0.00 0.00 0.00 0.00 B-4 1,562,000.00 1,562,000.00 0.00 0.00 0.00 0.00 B-5 937,000.00 937,000.00 0.00 0.00 0.00 0.00 B-6 2,500,468.00 2,500,468.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 - ----------------------------------------------------------------------------------------------------------- Totals 624,998,568.00 586,959,434.55 176.10 12,111,536.27 0.00 0.00 Total Ending Ending Class Principal Certificate Certificate Total Principal Reduction Balance Percentage Distribution - --------- -------------- ----------------- ------------ ---------------- A 12,111,712.37 551,099,254.18 0.91658920 12,111,712.37 X-1 0.00 0.00 0.00000000 0.00 X-2 0.00 0.00 0.00000000 0.00 X-B 0.00 0.00 0.00000000 0.00 B-1 0.00 9,375,000.00 1.00000000 0.00 B-2 0.00 5,937,000.00 1.00000000 0.00 B-3 0.00 3,437,000.00 1.00000000 0.00 B-4 0.00 1,562,000.00 1.00000000 0.00 B-5 0.00 937,000.00 1.00000000 0.00 B-6 0.00 2,500,468.00 1.00000000 0.00 A-R 0.00 0.00 0.00000000 0.00 - ----------------------------------------------------------------------------------- Totals 12,111,712.37 574,847,722.18 0.91975846 12,111,712.37
(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) -------- --------------- ----------------- -------------- -------------- ----------- ---------- - A 601,250,000.00 936.73341630 0.00029289 20.14392727 0.00000000 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 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 B-2 5,937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-5 937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,500,468.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Total Ending Ending Principal Certificate Certificate Total Principal Class Reduction Balance Percentage Distribution - ---------- ------------- ----------------- ------------ ---------------- A 20.14422016 916.58919614 0.91658920 20.14422016 X-1 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 1000.00000000 1.00000000 0.00000000 B-2 0.00000000 1000.00000000 1.00000000 0.00000000 B-3 0.00000000 1000.00000000 1.00000000 0.00000000 B-4 0.00000000 1000.00000000 1.00000000 0.00000000 B-5 0.00000000 1000.00000000 1.00000000 0.00000000 B-6 0.00000000 1000.00000000 1.00000000 0.00000000 A-R 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 Non-Supported Original Face Certificate Notional Accrued Interest Interest Interest Realized Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (4) ------- -------------- ------------ -------------- ------------ ---------- ----------- ------------- --------- A 601,250,000.00 2.19125% 563,210,966.55 1,028,446.69 0.00 0.00 0.01 0.00 X-1 0.00 0.62794% 480,141,208.52 251,250.74 0.00 0.00 0.00 0.00 X-2 0.00 0.09262% 563,210,966.55 43,469.17 0.00 0.00 0.00 0.00 X-B 0.00 0.65533% 15,312,000.00 8,361.94 0.00 0.00 0.00 0.00 B-1 9,375,000.00 1.97000% 9,375,000.00 15,390.63 0.00 0.00 0.00 0.00 B-2 5,937,000.00 2.47000% 5,937,000.00 12,220.32 0.00 0.00 0.00 0.00 B-3 3,437,000.00 2.81919% 3,437,000.00 8,074.64 0.00 0.00 0.00 0.00 B-4 1,562,000.00 2.81919% 1,562,000.00 3,669.65 0.00 0.00 0.00 0.00 B-5 937,000.00 2.81919% 937,000.00 2,201.32 0.00 0.00 0.00 0.00 B-6 2,500,468.00 2.81919% 2,500,468.00 5,874.42 0.00 0.00 0.00 0.00 A-R 100.00 2.57409% 0.00 0.00 0.00 0.00 0.00 0.00 - ----------------------------------------------------------------------------------------------------------------------------------- Totals 624,998,568.00 1,378,959.52 0.00 0.00 0.00 0.00 Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance ----- -------------- --------- --------------- A 1,028,446.69 0.00 551,099,254.18 X-1 251,250.74 0.00 462,373,068.54 X-2 43,469.17 0.00 551,099,254.18 X-B 8,361.94 0.00 15,312,000.00 B-1 15,390.62 0.00 9,375,000.00 B-2 12,220.32 0.00 5,937,000.00 B-3 8,074.64 0.00 3,437,000.00 B-4 3,669.65 0.00 1,562,000.00 B-5 2,201.32 0.00 937,000.00 B-6 5,874.42 0.00 2,500,468.00 A-R 0.00 0.00 0.00 - ---------------------------------------------------------- Totals 1,378,959.51 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
Beginning Payment of Current Certificate/ Current Unpaid Current Non-Supported Original Face Certificate Notional Accrued Interest Interest Interest Realized Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (6) ------- -------------- ------------ -------------- ------------ ---------- ----------- ------------- --------- A 601,250,000.00 2.19125% 936.73341630 1.71051425 0.00000000 0.00000000 0.00000000 0.00000000 X-1 0.00 0.62794% 798.57165658 0.41788065 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.09262% 936.73341630 0.07229800 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.65533% 1000.00000000 0.54610371 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,375,000.00 1.97000% 1000.00000000 1.64166720 0.00000000 0.00000000 0.00000000 0.00000000 B-2 5,937,000.00 2.47000% 1000.00000000 2.05833249 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,437,000.00 2.81919% 1000.00000000 2.34932790 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,562,000.00 2.81919% 1000.00000000 2.34932778 0.00000000 0.00000000 0.00000000 0.00000000 B-5 937,000.00 2.81919% 1000.00000000 2.34932764 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,500,468.00 2.81919% 1000.00000000 2.34932821 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 2.57409% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance ----- -------------- --------- --------------- A 1.71051425 0.00000000 916.58919614 X-1 0.41788065 0.00000000 769.01965662 X-2 0.07229800 0.00000000 916.58919614 X-B 0.54610371 0.00000000 1000.00000000 B-1 1.64166613 0.00000000 1000.00000000 B-2 2.05833249 0.00000000 1000.00000000 B-3 2.34932790 0.00000000 1000.00000000 B-4 2.34932778 0.00000000 1000.00000000 B-5 2.34932764 0.00000000 1000.00000000 B-6 2.34932821 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 13,627,592.57 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 65,096.67 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 13,692,689.24 Withdrawals Reimbursement for Servicer Advances 13,072.72 Payment of Service Fee 188,944.64 Payment of Interest and Principal 13,490,671.88 ------------- Total Withdrawals (Pool Distribution Amount) 13,692,689.24 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 184,053.31 Master Servicing Fee 4,891.33 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 188,944.64 ==========
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance ------------ --------- ----------- -------- --------- Class X-1 Sub Account 4,500.00 10.20 10.20 4,500.00 Class X-2 Sub Account 4,500.00 10.20 10.20 4,500.00 Class X-B Sub Account 1,000.00 2.28 2.28 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE - ----------------------------------- ------------------------------- ------------------------------- No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance 30 Days 75 26,405,187.76 0-29 Days 0 0.00 0-29 Days 0 0.00 60 Days 1 135,192.04 30 Days 0 0.00 30 Days 0 0.00 90 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00 120 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 150 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 180+ Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 -------- ------------- -------- -------- ------- -------- 76 26,540,379.80 0 0.00 0 0.00 No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance 30 Days 4.480287% 4.593422% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 60 Days 0.059737% 0.023518% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------- -------- -------- -------- -------- 4.540024% 4.616940% 0.000000% 0.000000% 0.000000% 0.000000% REO TOTAL - ------------------------------- ----------------------------------- No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 0 0.00 30 Days 0 0.00 30 Days 75 26,405,187.76 60 Days 0 0.00 60 Days 1 135,192.04 90 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 -------- --------- ------- ------------- 0 0.00 76 26,540,379.80 No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 30 Days 4.480287% 4.593422% 60 Days 0.000000% 0.000000% 60 Days 0.059737% 0.023518% 90 Days 0.000000% 0.000000% 90 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% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- -------- ------------- 0.000000% 0.000000% 4.540024% 4.616940%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 24,649.92
Original $ Original % Current $ Current % Current Class % Prepayment % ------------- ---------- ------------- ---------- --------------- ------------ Class A 23,748,468.00 3.79976359% 23,748,468.00 4.13126243% 95.868737% 0.000000% Class X-1 23,748,468.00 3.79976359% 23,748,468.00 4.13126243% 0.000000% 0.000000% Class X-2 23,748,468.00 3.79976359% 23,748,468.00 4.13126243% 0.000000% 0.000000% Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.50039575% 1.630867% 39.476231% Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.46760049% 1.032795% 24.999507% Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.86970302% 0.597897% 14.472513% Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.59797888% 0.271724% 6.577266% Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.43497920% 0.163000% 3.945518% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.434979% 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 3.205477% Weighted Average Net Coupon 2.829192% Weighted Average Pass-Through Rate 2.819192% Weighted Average Maturity (Stepdown Calculation) 328 Beginning Scheduled Collateral Loan Count 1,699 Number of Loans Paid in Full 25 Ending Scheduled Collateral Loan Count 1,674 Beginning Scheduled Collateral Balance 586,959,434.98 Ending Scheduled Collateral Balance 574,847,722.61 Ending Actual Collateral Balance at 30-July-2004 574,847,825.37 Monthly P&I Constant 1,568,080.25 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 13,443,240.91 Ending Scheduled Balance for Premium Loans 574,847,722.61 Scheduled Principal 176.10 Unscheduled Principal 12,111,536.27
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 92,126,163.62 Six-Month Libor Loan Balance 482,445,558.99 Prorata Senior Percentage 95.953985% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%