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

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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 details the interest and principal payments made to certificateholders as of April 30, 2004, with distributions occurring on May 20, 2004. The statement lists the classes of certificates, their balances, interest rates, and amounts distributed, as well as any realized losses. All calculations are made in accordance with the Pooling and Servicing Agreement governing the trust.

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EX-10.1 2 f99536gexv10w1.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: APRIL 30, 2004 DISTRIBUTION DATE: MAY 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass- Certificate Interest Principal Class CUSIP Description Through Rate Balance Distribution Distribution - -------------------------------------------------------------------------------------------------------------- A 81744FAA5 SEN 1.47000% 592,987,690.84 726,409.92 10,483,725.89 X-1 81744FAB3 IO 0.80000% 0.00 358,292.05 0.00 X-2 81744FAC1 IO 0.46892% 0.00 231,717.14 0.00 X-B 81744FAD9 IO 0.82011% 0.00 10,464.54 0.00 B-1 81744FAG2 SUB 1.65000% 9,375,000.00 12,890.63 0.00 B-2 81744FAH0 SUB 2.15000% 5,937,000.00 10,637.13 0.00 B-3 81744FAJ6 SUB 2.66397% 3,437,000.00 7,630.06 0.00 B-4 81744FAK3 SUB 2.66397% 1,562,000.00 3,467.60 0.00 B-5 81744FAL1 SUB 2.66397% 937,000.00 2,080.12 0.00 B-6 81744FAM9 SUB 2.66397% 2,500,468.00 5,550.98 0.00 A-R 81744FAF4 RES 2.66028% 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------- Totals 616,736,158.84 1,369,140.17 10,483,725.89 - -------------------------------------------------------------------------------------------------------------- Certificate Ending Class Current Certificate Total Cumulative Class CUSIP Description Realized Loss Balance Distribution Realized Loss - -------------------------------------------------------------------------------------------------------------------- A 81744FAA5 SEN 0.00 582,503,964.95 11,210,135.81 0.00 X-1 81744FAB3 IO 0.00 0.00 358,292.05 0.00 X-2 81744FAC1 IO 0.00 0.00 231,717.14 0.00 X-B 81744FAD9 IO 0.00 0.00 10,464.54 0.00 B-1 81744FAG2 SUB 0.00 9,375,000.00 12,890.63 0.00 B-2 81744FAH0 SUB 0.00 5,937,000.00 10,637.13 0.00 B-3 81744FAJ6 SUB 0.00 3,437,000.00 7,630.06 0.00 B-4 81744FAK3 SUB 0.00 1,562,000.00 3,467.60 0.00 B-5 81744FAL1 SUB 0.00 937,000.00 2,080.12 0.00 B-6 81744FAM9 SUB 0.00 2,500,468.00 5,550.98 0.00 A-R 81744FAF4 RES 0.00 0.00 0.00 0.00 - --------------------------------------------------------------------------------------------------------------- Totals 0.00 606,252,432.95 11,852,866.06 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 Class Amount Balance Distribution Distribution Accretion - -------------------------------------------------------------------------------------------- A 601,250,000.00 592,987,690.84 3,065.98 10,480,659.91 0.00 X-1 0.00 0.00 0.00 0.00 0.00 X-2 0.00 0.00 0.00 0.00 0.00 X-B 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 B-2 5,937,000.00 5,937,000.00 0.00 0.00 0.00 B-3 3,437,000.00 3,437,000.00 0.00 0.00 0.00 B-4 1,562,000.00 1,562,000.00 0.00 0.00 0.00 B-5 937,000.00 937,000.00 0.00 0.00 0.00 B-6 2,500,468.00 2,500,468.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 - ----------------------------------------------------------------------------------------- Totals 624,998,568.00 616,736,158.84 3,065.98 10,480,659.91 0.00 - ----------------------------------------------------------------------------------------- Realized Total Principal Ending Certificate Ending Certificate Total Principal Class Loss (1) Reduction Balance Percentage Distribution - ---------------------------------------------------------------------------------------------------- A 0.00 10,483,725.89 582,503,964.95 0.96882156 10,483,725.89 X-1 0.00 0.00 0.00 0.00000000 0.00 X-2 0.00 0.00 0.00 0.00000000 0.00 X-B 0.00 0.00 0.00 0.00000000 0.00 B-1 0.00 0.00 9,375,000.00 1.00000000 0.00 B-2 0.00 0.00 5,937,000.00 1.00000000 0.00 B-3 0.00 0.00 3,437,000.00 1.00000000 0.00 B-4 0.00 0.00 1,562,000.00 1.00000000 0.00 B-5 0.00 0.00 937,000.00 1.00000000 0.00 B-6 0.00 0.00 2,500,468.00 1.00000000 0.00 A-R 0.00 0.00 0.00 0.00000000 0.00 - --------------------------------------------------------------------------------------------------- Totals 0.00 10,483,725.89 606,252,432.95 0.97000612 10,483,725.89 - ---------------------------------------------------------------------------------------------------
(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 601,250,000.00 986.25811366 0.00509934 17.43145099 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 Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution - ----------------------------------------------------------------------------------- A 17.43655034 968.82156333 0.96882156 17.43655034 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 Original Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall - -------------------------------------------------------------------------------------------------------- A 601,250,000.00 1.47000% 592,987,690.84 726,409.92 0.00 0.00 X-1 0.00 0.80000% 537,438,074.61 358,292.05 0.00 0.00 X-2 0.00 0.46892% 592,987,690.84 231,717.14 0.00 0.00 X-B 0.00 0.82011% 15,312,000.00 10,464.54 0.00 0.00 B-1 9,375,000.00 1.65000% 9,375,000.00 12,890.63 0.00 0.00 B-2 5,937,000.00 2.15000% 5,937,000.00 10,637.13 0.00 0.00 B-3 3,437,000.00 2.66397% 3,437,000.00 7,630.06 0.00 0.00 B-4 1,562,000.00 2.66397% 1,562,000.00 3,467.60 0.00 0.00 B-5 937,000.00 2.66397% 937,000.00 2,080.12 0.00 0.00 B-6 2,500,468.00 2.66397% 2,500,468.00 5,550.98 0.00 0.00 A-R 100.00 2.66028% 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------ Totals 624,998,568.00 1,369,140.17 0.00 0.00 - ------------------------------------------------------------------------------------------------------ Non- Remaining Ending Supported Unpaid Certificate/ Interest Realized Total Interest Interest Notational Class Shortfall Loss (4) Distribution Shortfall Balance - ----------------------------------------------------------------------------------- A 0.00 0.00 726,409.92 0.00 582,503,964.95 X-1 0.00 0.00 358,292.05 0.00 517,649,540.32 X-2 0.00 0.00 231,717.14 0.00 582,503,964.95 X-B 0.00 0.00 10,464.54 0.00 15,312,000.00 B-1 0.00 0.00 12,890.63 0.00 9,375,000.00 B-2 0.00 0.00 10,637.13 0.00 5,937,000.00 B-3 0.00 0.00 7,630.06 0.00 3,437,000.00 B-4 0.00 0.00 3,467.60 0.00 1,562,000.00 B-5 0.00 0.00 2,080.12 0.00 937,000.00 B-6 0.00 0.00 5,550.98 0.00 2,500,468.00 A-R 0.00 0.00 0.00 0.00 0.00 - ----------------------------------------------------------------------------------- Totals 0.00 0.00 1,369,140.17 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 Unpaid Current Class Original Face Certificate Certificate/ Current Accrued Interest Interest (5) Amount Rate Notional Balance Interest Shortfall Shortfall - ------------------------------------------------------------------------------------------------------- A 601,250,000.00 1.47000% 986.25811366 1.20816619 0.00000000 0.00000000 X-1 0.00 0.80000% 893.86789956 0.59591193 0.00000000 0.00000000 X-2 0.00 0.46892% 986.25811366 0.38539233 0.00000000 0.00000000 X-B 0.00 0.82011% 1000.00000000 0.68342085 0.00000000 0.00000000 B-1 9,375,000.00 1.65000% 1000.00000000 1.37500053 0.00000000 0.00000000 B-2 5,937,000.00 2.15000% 1000.00000000 1.79166751 0.00000000 0.00000000 B-3 3,437,000.00 2.66397% 1000.00000000 2.21997672 0.00000000 0.00000000 B-4 1,562,000.00 2.66397% 1000.00000000 2.21997439 0.00000000 0.00000000 B-5 937,000.00 2.66397% 1000.00000000 2.21997866 0.00000000 0.00000000 B-6 2,500,468.00 2.66397% 1000.00000000 2.21997642 0.00000000 0.00000000 A-R 100.00 2.66028% 0.00000000 0.00000000 0.00000000 0.00000000 - ------------------------------------------------------------------------------------------------------- Non- Remaining Supported Unpaid Class Interest Realized Total Interest Interest Ending Certificate/ (5) Shortfall Loss (6) Distribution Shortfall Notational Balance - --------------------------------------------------------------------------------------- A 0.00000000 0.00000000 1.20816619 0.00000000 968.82156333 X-1 0.00000000 0.00000000 0.59591193 0.00000000 860.95557642 X-2 0.00000000 0.00000000 0.38539233 0.00000000 968.82156333 X-B 0.00000000 0.00000000 0.68342085 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 1.37500053 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 1.79166751 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 2.21997672 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.21997439 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.21997866 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.21997642 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 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 12,053,217.37 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 6,851.34 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 12,060,068.71 Withdrawals Reimbursement for Servicer Advances 8,704.52 Payment of Service Fee 198,498.13 Payment of Interest and Principal 11,852,866.06 ------------- Total Withdrawals (Pool Distribution Amount) 12,060,068.71 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 193,358.66 Master Servicing Fee 5,139.47 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 198,498.13 ==========
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 10 3,187,471.95 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 ---------------------- ----------------- ----------------- 10 3,187,471.95 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 0.572410% 0.525764% 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% --------------------- -------------------- -------------------- 0.572410% 0.525764% 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 10 3,187,471.95 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 10 3,187,471.95 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 0.572410% 0.525764% 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% 0.572410% 0.525764%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 6,851.34
Original $ Original % Current $ Current % Current Class % Prepayment % ------------- ----------- ------------- ----------- --------------- ------------ Class A 23,748,468.00 3.79976359% 23,748,468.00 3.91725735% 96.082743% 0.000000% Class X-1 23,748,468.00 3.79976359% 23,748,468.00 3.91725735% 0.000000% 0.000000% Class X-2 23,748,468.00 3.79976359% 23,748,468.00 3.91725735% 0.000000% 0.000000% Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.37087180% 1.546386% 39.476231% Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.39157676% 0.979295% 24.999507% Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.82465121% 0.566926% 14.472513% Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.56700276% 0.257648% 6.577266% Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.41244667% 0.154556% 3.945518% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.412447% 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 3.050196% Weighted Average Net Coupon 2.673973% Weighted Average Pass-Through Rate 2.663973% Weighted Average Maturity (Stepdown Calculation) 331 Beginning Scheduled Collateral Loan Count 1,770 Number of Loans Paid in Full 23 Ending Scheduled Collateral Loan Count 1,747 Beginning Scheduled Collateral Balance 616,736,159.27 Ending Scheduled Collateral Balance 606,252,433.38 Ending Actual Collateral Balance at 30-Apr-2004 606,255,741.67 Monthly P&I Constant 1,570,704.29 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 11,810,609.54 Ending Scheduled Balance for Premium Loans 606,252,433.38 Scheduled Principal 3,065.98 Unscheduled Principal 10,480,659.91
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 93,258,973.31 Six-Month Libor Loan Balance 512,717,460.07 Prorata Senior Percentage 96.149331% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%