Wells Fargo Bank Minnesota, N.A. SMT Series 2003-1 Certificateholder Distribution Statement (May 30, 2003 Record Date)

Summary

This document is a distribution statement prepared by Wells Fargo Bank Minnesota, N.A. as Certificate Administrator for the SMT Series 2003-1 trust. It details the principal and interest payments made to certificateholders as of the May 30, 2003 record date, with distributions occurring on June 20, 2003. The statement lists the classes of certificates, their balances, interest rates, and the amounts distributed. All calculations are made in accordance with the Pooling and Servicing Agreement. No realized losses are reported for this period.

EX-10.1 3 f91335aexv10w1.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 2003-1 RECORD DATE: MAY 30, 2003 DISTRIBUTION DATE: JUNE 20, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY

All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. PRINCIPAL DISTRIBUTION STATEMENT

(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

(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

(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

(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 13,906,157.71 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4,796.47 Realized Losses 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 13,910,954.18 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 326,264.04 Payment of Interest and Principal 13,584,690.14 ------------- Total Withdrawals (Pool Distribution Amount) 13,910,954.18 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 317,850.63 Master Servicing Fee 8,413.41 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 326,264.04 ==========~~

Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - -------------------------------------------------------------------------------------------------------------- ~~Class X-1 Reserve Fund Sub Account 5,000.00 0.00 0.00 5,000.00 Class X-2 Reserve Fund Sub Account 2,500.00 0.00 0.00 2,500.00 Class X-B Reserve Fund Sub Account 2,500.00 0.00 0.00 2,500.00~~
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 1,839,496.67 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 1,839,496.67 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 0.107105% 0.184245% 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% -------- ------------ -------- -------- -------- -------- 0.107105% 0.184245% 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 3 1,839,496.67 60 Days 0 0.00 60 Days 0 0.00 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 3 1,839,496.67 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 0.107105% 0.184245% 60 Days 0.000000% 0.000000% 60 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% 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% 0.107105% 0.184245% - ---------------------------------------------------------------------
~~Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4,796.47~~

Original $ Original% Current $ Current % Current Class % Prepayment % ---------------- ------------ -------------- ------------- --------------- ------------- Class A 1,026,174,618.00 99.99999026% 998,401,055.74 100.00000000% 96.197058% 0.000000% Class 1A 227,968,618.00 22.21538048% 222,787,868.12 22.31446640% 77.685534% 2,042.774345% Class 2A 37,968,618.00 3.70001495% 37,968,618.00 3.80294249% 18.511524% 486.768442% Class X-2 37,968,618.00 3.70001495% 37,968,618.00 3.80294249% 0.000000% 0.000000% Class B-1 22,063,618.00 2.15008396% 22,063.618.00 2.20989530% 1.593047% 41.889858% Class B-2 13,853,618.00 1.35002527% 13,853,618.00 1.38758046% 0.822315% 21.623120% Class B-3 8,209,618.00 0.80002146% 8,209,618.00 0.82227657% 0.565304% 14.864908% Class B-4 5,644,618.00 0.55006403% 5,644,618.00 0.56536579% 0.256911% 6.755579% Class B-5 4,105,618.00 0.40008957% 4,105,618.00 0.41121932% 0.154146% 4.053347% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.411219% 10.813188%
Please refer to the prospectus supplement for a full description of loss exposure DELINQUENCY STATUS BY GROUP
POOL 1 - ------------------------------------------------------------------------------------------------------------------------------ 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 1,839,496.67 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 1,839,496.67 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 0.134288% 0.228146% 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% ----------------------- ---------------------- ---------------------- 0.134288% 0.228146% 0.000000% 0.000000% 0.000000% 0.000000% ----------------------- ---------------------- ----------------------

POOL 1 - -------------------------------------------------------------------------------- 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 3 1,839,496.67 60 Days 0 0.00 60 Days 0 0.00 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 3 1,839,496.67 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 0.134288% 0.228146% 60 Days 0.000000% 0.000000% 60 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% 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% 0.134288% 0.228146% ---------------------- -----------------------

POOL 2 - ------------------------------------------------------------------------------------------------------------------------------ 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 0 0.00 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 ----------------------- ---------------------- --------------------- 0 0.00 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 0.000000% 0.000000% 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% ----------------------- ---------------------- ---------------------- 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% ----------------------- ---------------------- ----------------------

POOL 2 - -------------------------------------------------------------------------------- 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 0 0.00 60 Days 0 0.00 60 Days 0 0.00 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 0 0.00 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 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% 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% 0.000000% 0.000000% ---------------------- -----------------------
COLLATERAL STATEMENT
Collateral Description Mixed Arm Weighted Average Gross Coupon 3.209260% Weighted Average Net Coupon 2.831470% Weighted Average Pass-Through Rate 2.821470% Weighted Average Maturity (Stepdown Calculation) 323 Beginning Scheduled Collateral Loan Count 2,838 Number of Loans Paid in Full 37 Ending Scheduled Collateral Loan Count 2,801 Beginning Scheduled Collateral Balance 1,009,611,920.76 Ending Scheduled Collateral Balance 998,401,055.74 Ending Actual Collateral Balance at 30-May-2003 998,398,519.85 Monthly P&I Constant 2,700,089.18 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 13,495,418.00 Ending Scheduled Balance for Premium Loans 998,401,055.74 Scheduled Principal 0.00 Unscheduled Principal 11,210,865.02
MISCELLANEOUS REPORTING ~~Cap Agreement Deposit - 1 month Libor Loan 0 Cap Agreement Deposit - 6 month Libor Loan 0~~

GROUP 1 2 TOTAL 6 Month Collateral Description Mixed ARM LIBOR ARM Mixed ARM Weighted Average Coupon Rate 3.197347 3.259210 3.209260 Weighted Average Net Rate 2.818892 2.884210 2.831470 Pass-Through Rate 2.808892 2.874210 2.821470 Weighted Average Maturity 321 329 323 Record Date 05/30/2003 05/30/2003 05/30/2003 Principal and Interest Constant 2,172,048.22 528,040.96 2,700,089.18 Beginning Loan Count 2,263 575 2,838 Loans Paid in Full 29 8 37 Ending Loan Count 2,234 567 2,801 Beginning Scheduled Balance 815,193,882.02 194,418,038.74 1,009,611,920.76 Ending Scheduled Balance 806,281,963.62 192,119,092.12 998,401,055.74 Scheduled Principal 0.00 0.00 0.00 Unscheduled Principal 8,911,918.40 2,298,946.62 11,210,865.02 Scheduled Interest 2,172,048.22 528,040.96 2,700,089.18 Servicing Fee 257,095.00 60,755.63 317,850.63 Master Servicing Fee 6,793.28 1,620.13 8,413.41 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 1,908,159.94 465,665.20 2,373,825.14 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00
MISCELLANEOUS REPORTING Group Pool 1 One Month Libor Loan Balance 185,336,074.56 Six Month Libor Loan Balance 620,945,889.06 Senior Percent 100.000000% Senior Prepayment Percent 100.000000% Subordinate Percent 0.000000% Subordinate Prepayment Percent 0.000000% Group Pool 2 Six Month Libor Loan Balance 192,119,092.12 Senior Percent 100.000000% Senior Prepayment Percent 100.000000% Subordinate Percent 0.000000% Subordinate Prepayment Percent 0.000000%