Wells Fargo Bank Minnesota, N.A. SMT Series 2004-2 Certificateholder Distribution Statement (July 30, 2004 Record Date)

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Summary

This document, prepared by Wells Fargo Bank Minnesota, N.A. as Certificate Administrator, summarizes the distribution of principal and interest to holders of various classes of certificates for the SMT Series 2004-2 as of July 30, 2004. It details the amounts distributed, current balances, and interest rates for each class, as well as any realized losses. The distributions are made in accordance with the Pooling and Servicing Agreement, and no losses or shortfalls are reported for this period.

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EX-10.1 2 f01646bexv10w1.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 2004-2 RECORD DATE: JULY 30, 2004 DISTRIBUTION DATE: AUGUST 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Principal Class CUSIP Description Through Rate Balance Distribution Distribution ----- ----- ----------- ------------ ------- ------------ ------------ A 81744FAN7 SEN 1.45000% 633,203,931.15 765,121.42 18,189.186.59 X-1 81744FAP2 IO 0.80000% 0.00 371,322.76 0.00 X-2 81744FAQ0 IO 0.75370% 0.00 397,706.66 0.00 X-B 81744FAR8 IO 0.80627% 0.00 12,463.65 0.00 B-1 81744FAT4 SUB 1.92000% 11,550,000.00 18,480.00 0.00 B-2 81744FAU1 SUB 2.40000% 7,000,000.00 14,000.00 0.00 B-3 81744FAV9 SUB 2.90741% 3,150,000.00 7,631.94 0.00 B-4 81744FAW7 SUB 2.90741% 1,750,000.00 4,239.97 0.00 B-5 81744FAX5 SUB 2.90741% 1,400,000.00 3,391.97 0.00 B-6 81744FAY6 SUB 2.90741% 3,150,069.00 7,632.11 0.00 A-R 81744FAS6 RES 2.67828% 0.00 0.00 0.00 -------------- ------------ ------------- Totals 661,204,000.15 1,601,990.48 18,189,186.59 -------------- ------------ ------------- Current Ending Certificate Total Cumulative Class CUSIP Realized Loss Balance Distribution Realized Loss ----- ----- ------------- ------- ------------ ------------- A 81744FAN7 0.00 615,014,744.56 18,954,308.01 0.00 X-1 81744FAP2 0.00 0.00 371,322.76 0.00 X-2 81744FAQ0 0.00 0.00 397,706.66 0.00 X-B 81744FAR8 0.00 0.00 12,463.65 0.00 B-1 81744FAT4 0.00 11,550,000.00 18,480.00 0.00 B-2 81744FAU1 0.00 7,000,000.00 14,000.00 0.00 B-3 81744FAV9 0.00 3,150,000.00 7,631.94 0.00 B-4 81744FAW7 0.00 1,750,000.00 4,239.97 0.00 B-5 81744FAX5 0.00 1,400,000.00 3,391.97 0.00 B-6 81744FAY6 0.00 3,150,069.00 7,632.11 0.00 A-R 81744FAS6 0.00 0.00 0.00 0.00 ---- -------------- ------------- ---- Totals 0.00 643,014,813.56 19,791,177.07 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 671,998,000.00 633,203,931.15 0.00 18,189,186.59 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 11,550,000.00 11,550,000.00 0.00 0.00 0.00 0.00 B-2 7,000,000.00 7,000,000.00 0.00 0.00 0.00 0.00 B-3 3,150,000.00 3,150,000.00 0.00 0.00 0.00 0.00 B-4 1,750,000.00 1,750,000.00 0.00 0.00 0.00 0.00 B-5 1,400,000.00 1,400,000.00 0.00 0.00 0.00 0.00 B-6 3,150,069.00 3,150,069.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 -------------- -------------- ---- ------------- ---- ---- Totals 699,998,169.00 661,204,000.15 0.00 18,189,186.59 0.00 0.00 -------------- -------------- ---- ------------- ---- ---- Total Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution ----- --------- ------- ---------- ------------ A 18,189,186.59 615,014,744.56 0.91520324 18,189,186.59 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 11,550,000.00 1.00000000 0.00 B-2 0.00 7,000,000.00 1.00000000 0.00 B-3 0.00 3,150,000.00 1.00000000 0.00 B-4 0.00 1,750,000.00 1.00000000 0.00 B-5 0.00 1,400,000.00 1.00000000 0.00 B-6 0.00 3,150,069.00 1.00000000 0.00 A-R 0.00 0.00 0.00000000 0.00 ------------- -------------- ---------- ------------- Totals 18,189,186.59 643,014,813.56 0.91859499 18,189,186.59 ------------- -------------- ---------- -------------
(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 671,998,000.00 942.27055906 0.00000000 27.06732251 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 11,550,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-2 7,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-6 3,150,069.00 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 Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution - ----- --------- ------- ---------- ------------ A 27.06732251 915.20323656 0.91520324 27.06732251 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 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) - ------ -------------- ---------------- -------------- ------------ ---------- --------- ---------- -------- A 671,998,000.00 1.45000% 633,203,931.15 765,121.42 0.00 0.00 0.00 0.00 X-1 0.00 0.80000% 556,984,130.59 371,322.75 0.00 0.00 0.00 0.00 X-2 0.00 0.75370% 633,203,931.15 397,706.66 0.00 0.00 0.00 0.00 X-B 0.00 0.80627% 18,550,000.00 12,463.65 0.00 0.00 0.00 0.00 B-1 11,550,000.00 1.92000% 11,550,000.00 18,840.00 0.00 0.00 0.00 0.00 B-2 7,000,000.00 2.40000% 7,000,000.00 14,000.00 0.00 0.00 0.00 0.00 B-3 3,150,000.00 2.90741% 3,150,000.00 7,631.94 0.00 0.00 0.00 0.00 B-4 1,750,000.00 2.90741% 1,750,000.00 4,2239.97 0.00 0.00 0.00 0.00 B-5 1,400,000.00 2.90741% 1,400,000.00 3,391.97 0.00 0.00 0.00 0.00 B-6 3,150,069.00 2.90741% 3,150,069.00 7,632.11 0.00 0.00 0.00 0.00 A-R 100.00 2.67828% 0.00 0.00 0.00 0.00 0.00 0.00 - ------ -------------- ------- -------------- ------------ ---- ---- ---- ---- Totals 699,998,169.00 1,601,990.47 0.00 0.00 0.00 0.00 Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance - ------ -------------- ---------- -------------- A 765,121.42 0.00 615,014,744.56 X-1 371,322.76 0.00 536,356,497.18 X-2 397,706.66 0.00 615,014,744.56 X-B 12,463.65 0.00 18,550,000.00 B-1 18,480.00 0.00 11,550,000.00 B-2 14,000.00 0.00 7,000,000.00 B-3 7,631.94 0.00 3,150,000.00 B-4 4,239.97 0.00 1,750,000.00 B-5 3,391.97 0.00 1,400,000.00 B-6 7,632.11 0.00 3,150,069.00 A-R 0.00 0.00 0.00 - ------ ------------ ---- -------------- Totals 1,601,990.48 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 Class Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) - ----- -------------- ----------- ---------------- --------------- ---------- ---------- ----------- ---------- A 671,998,000.00 1.45000% 942.27055906 1.13857693 0.00000000 0.00000000 0.00000000 0.00000000 X-1 0.00 0.80000% 828.84789923 0.55256526 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.75370% 942.27055906 0.59182715 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.80627% 1000.00000000 0.67189488 0.00000000 0.00000000 0.00000000 0.00000000 B-1 11,550,000.00 1.92000% 1000.00000000 1.60000000 0.00000000 0.00000000 0.00000000 0.00000000 B-2 7,000,000.00 2.40000% 1000.00000000 2.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,150,000.00 2.90741% 1000.00000000 2.42283810 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,750,000.00 2.90741% 1000.00000000 2.42284000 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,400,000.00 2.90741% 1000.00000000 2.42283571 0.00000000 0.00000000 0.00000000 0.00000000 B-6 3,150,069.00 2.90741% 1000.00000000 2.42283899 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 2.67828% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Remaining Unpaid Class Total Interest Interest Ending Certificate/ (5) Distribution Shortfall Notational Balance - ----- -------------- ---------- ------------------- A 1.13857693 0.00000000 915.20323656 X-1 0.55256528 0.00000000 798.15192483 X-2 0.59182715 0.00000000 915.20323656 X-B 0.67189488 0.00000000 1000.00000000 B-1 1.60000000 0.00000000 1000.00000000 B-2 2.00000000 0.00000000 1000.00000000 B-3 2.42283810 0.00000000 1000.00000000 B-4 2.42284000 0.00000000 1000.00000000 B-5 2.42283571 0.00000000 1000.00000000 B-6 2.42283899 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 19,994,579.68 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 22,384.14 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 --------------- Total Deposits 20,016,963.82 Withdrawals Reimbursement for Servicer Advances 12,543.26 Payment of Service Fee 213,243.49 Payment of Interest and Principal 19,791,188.07 --------------- Total Withdrawals (Pool Distribution Amount) 20,016,963.82 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 208,008.96 Master Servicing Fee 5,234.53 Supported Prepayment/Curtailment Interest Shortfall 0.00 ----------- Net Servicing Fee 213,243.49 ===========
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 0.00 0.00 4,500.00 Class X-B Sub Account 1,000.00 0.00 0.00 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 0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00 30 Days 26 8,500,912.59 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 1 506,400.00 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 -------- ------------ -------- -------- -------- -------- 27 9,007,312.59 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 1.379310% 1.322038% 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 0.053050% 0.078754% 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% -------- ------------ -------- -------- -------- -------- 1.432361% 1.400792% 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 26 8,500,912.59 60 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 90 Days 1 0.00 120 Days 0 0.00 120 Days 0 506,400.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 -------- -------- -------- ------------ 0 0.00 27 9,007,312.59 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 1.379310% 1.322038% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.053050% 0.078754% 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% 1.432361% 1.400792%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 22,384.14
Original $ Original% Current $ Current % Current Class % Prepayment % ------------- ----------- ------------- ----------- --------------- ------------ Class A 28,000,069.00 4.00002032% 28,000,069.00 4.35449828% 95.645502% 0.000000% Class X-1 28,000,069.00 4.00002032% 28,000,069.00 4.35449828% 0.000000% 0.000000% Class X-2 28,000,069.00 4.00002032% 28,000,069.00 4.35449828% 0.000000% 0.000000% Class B-1 16,450,069.00 2.35001600% 16,450,069.00 2.55827217% 1.796226% 41.249898% Class B-2 9,450,069.00 1.35001339% 9,450,069.00 1.46965028% 1.088622% 24.999938% Class B-3 6,300,069.00 0.90001221% 6,300,069.00 0.97977043% 0.489880% 11.249972% Class B-4 4,550,069.00 0.65001156% 4,550,069.00 0.70761496% 0.272155% 6.249985% Class B-5 3,150,069.00 0.45001103% 3,150,069.00 0.48989058% 0.217724% 4.999988% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.489891% 11.250219%
Please refer to the prospectus supplement for a full description of loss exposure COLLATERAL STATEMENT Collateral Description Mixed Arm Weighted Average Gross Coupon 3.294416% Weighted Average Net Coupon 2.916906% Weighted Average Pass-Through Rate 2.907406% Weighted Average Maturity (Stepdown Calculation) 339 Beginning Scheduled Collateral Loan Count 1,926 Number of Loans Paid in Full 41 Ending Scheduled Collateral Loan Count 1,885 Beginning Scheduled Collateral Balance 661,204,000.22 Ending Scheduled Collateral Balance 643,014,813.63 Ending Actual Collateral Balance at 30-July-2004 643,015,793.00 Monthly P&I Constant 1,815,233.97 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 19,735,801.07 Ending Scheduled Balance for Premium Loans 643,014,813.63 Scheduled Principal 0.00 Unscheduled Principal 18,189,186.59
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 72,698,868.60 Six-Month Libor Loan Balance 570,315,945.03 Prorata Senior Percentage 95.765290% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%