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EX-10.1 3 f96263aexv10w1.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 ###-###-#### FAX: (301 ###-###-#### SMT SERIES 2003-7 RECORD DATE: DECEMBER 31, 2003 DISTRIBUTION DATE: JANUARY 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Principal Current Ending Certificate Class CUSIP Description Through Rate Balance Distribution Distribution Realized Loss Balance - --------------------------------------------------------------------------------------------------------------------------------- A-1 81743PDK9 SEN 1.46875% 288,307,020.04 352,875.78 2,267,511.63 0.00 286,039,508.41 A-2 81743PDL7 SEN 1.57375% 502,552,599.24 659,076.79 4,433,449.07 0.00 498,119,150.17 X-1 81743PDM5 IO 0.80000% 0.00 513,045.91 0.00 0.00 0.00 X-2 81743PDN3 IO 0.37999% 0.00 250,430.77 0.00 0.00 0.00 A-R 81743PDQ6 RES 2.63052% 0.00 0.00 0.00 0.00 0.00 B-1 81743PDR4 SUB 1.69875% 16,607,000.00 23,509.28 0.00 0.00 16,607,000.00 B-2 81743PDS2 SUB 2.69391% 6,642,000.00 14,910.80 0.00 0.00 6,642,000.00 B-3 81743PDT0 SUB 2.69391% 4,982,000.00 11,184.22 0.00 0.00 4,982,000.00 B-4 SMT0307B4 SUB 2.69391% 2,490,000.00 5,589.87 0.00 0.00 2,490,000.00 B-5 SMT0307B5 SUB 2.69391% 1,660,000.00 3,726.58 0.00 0.00 1,660,000.00 B-6 SMT0307B6 SUB 2.69391% 2,910,544.86 6,533.96 0.00 0.00 2,910,544.86 X-B 81743PDP8 IO 0.99516% 0.00 13,772.20 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------- Totals 826,151,164.14 1,854,656.16 6,700,960.70 0.00 819,450,203.44
Total Cumulative Class CUSIP Distribution Realized Loss - ----------------------------------------------------- A-1 81743PDK9 2,620,387.41 0.00 A-2 81743PDL7 5,092,525.86 0.00 X-1 81743PDM5 513,045.91 0.00 X-2 81743PDN3 250,430.77 0.00 A-R 81743PDQ6 0.00 0.00 B-1 81743PDR4 23,509.28 0.00 B-2 81743PDS2 14,910.80 0.00 B-3 81743PDT0 11,184.22 0.00 B-4 SMT0307B4 5,589.87 0.00 B-5 SMT0307B5 3,726.58 0.00 B-6 SMT0307B6 6,533.96 0.00 X-B 81743PDP8 13,772.20 0.00 - ------------------------------------------------ Totals 8,555,616.86 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 Total Principal Ending Certificate Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance - ---------------------------------------------------------------------------------------------------------------------------- A-1 290,000,000.00 288,307,020.04 0.00 2,267,511.63 0.00 0.00 2,267,511.63 286,039,508.41 A-2 505,100,000.00 502,552,599.24 0.00 4,433,449.07 0.00 0.00 4,433,449.07 498,119,150.17 X-1 0.00 0.00 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 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 16,607,000.00 16,607,000.00 0.00 0.00 0.00 0.00 0.00 16,607,000.00 B-2 6,642,000.00 6,642,000.00 0.00 0.00 0.00 0.00 0.00 6,642,000.00 B-3 4,982,000.00 4,982,000.00 0.00 0.00 0.00 0.00 0.00 4,982,000.00 B-4 2,490,000.00 2,490,000.00 0.00 0.00 0.00 0.00 0.00 2,490,000.00 B-5 1,660,000.00 1,660,000.00 0.00 0.00 0.00 0.00 0.00 1,660,000.00 B-6 2,910,544.86 2,910,544.86 0.00 0.00 0.00 0.00 0.00 2,910,544.86 X-B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------------------- Totals 830,391,644.86 826,151,164.14 0.00 6,700,960.70 0.00 0.00 6,700,960.70 819,450,203.44
Ending Certificate Total Principal Class Percentage Distribution - ------------------------------------------------ A-1 0.98634313 2,267,511.63 A-2 0.98617927 4,433,449.07 X-1 0.00000000 0.00 X-2 0.00000000 0.00 A-R 0.00000000 0.00 B-1 1.00000000 0.00 B-2 1.00000000 0.00 B-3 1.00000000 0.00 B-4 1.00000000 0.00 B-5 1.00000000 0.00 B-6 1.00000000 0.00 X-B 0.00000000 0.00 - ----------------------------------------------- Totals 0.98682376 6,700,960.70
(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 Total Principal Ending Certificate Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction Balance - ----------------------------------------------------------------------------------------------------------------------------------- A-1 290,000,000.00 994.16213807 0.00000000 7.81900562 0.00000000 0.00000000 7.81900562 986.34313245 A-2 505,100,000.00 994.95664074 0.00000000 8.77736898 0.00000000 0.00000000 8.77736898 986.17927177 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 16,607,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 B-2 6,642,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 B-3 4,982,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 B-4 2,490,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 B-5 1,660,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 B-6 2,910,544.86 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Certificate Total Principal Class Percentage Distribution - ------------------------------------------------ A-1 0.98634313 7.81900562 A-2 0.98617927 8.77736898 X-1 0.00000000 0.00000000 X-2 0.00000000 0.00000000 A-R 0.00000000 0.00000000 B-1 1.00000000 0.00000000 B-2 1.00000000 0.00000000 B-3 1.00000000 0.00000000 B-4 1.00000000 0.00000000 B-5 1.00000000 0.00000000 B-6 1.00000000 0.00000000 X-B 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 Total Interest Class Amount Certificate Rate Balance Interest Shortfall Shortfall Shortfall Loss (4) Distribution - ------------------------------------------------------------------------------------------------------------------------------------ A-1 290,000,000.00 1.46875% 288,307,020.04 352,875.78 0.00 0.00 0.00 0.00 352,875.78 A-2 505,100,000.00 1.57375% 502,552,599.24 659,076.79 0.00 0.00 0.00 0.00 659,076.79 X-1 0.00 0.80000% 769,568,863.95 513,045.91 0.00 0.00 0.00 0.00 513,045.91 X-2 0.00 0.37999% 790,859,618.28 250,430.77 0.00 0.00 0.00 0.00 250,430.77 A-R 100.00 2.63052% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 16,607,000.00 1.69875% 16,607,000.00 23,509.28 0.00 0.00 0.00 0.00 23,509.28 B-2 6,642,000.00 2.69391% 6,642,000.00 14,910.80 0.00 0.00 0.00 0.00 14,910.80 B-3 4,982,000.00 2.69391% 4,982,000.00 11,184.22 0.00 0.00 0.00 0.00 11,184.22 B-4 2,490,000.00 2.69391% 2,490,000.00 5,589.87 0.00 0.00 0.00 0.00 5,589.87 B-5 1,660,000.00 2.69391% 1,660,000.00 3,726.58 0.00 0.00 0.00 0.00 3,726.58 B-6 2,910,544.86 2.69391% 2,910,544.86 6,533.96 0.00 0.00 0.00 0.00 6,533.96 X-B 0.00 0.99516% 16,607,000.00 13,772.20 0.00 0.00 0.00 0.00 13,772.20 - --------------------------------------------------------------------------------------------------------------------------------- Totals 830,391,644.86 1,854,656.16 0.00 0.00 0.00 0.00 1,854,656.16
Remaining Ending Unpaid Certificate/ Interest Notational Class Shortfall Balance - ------------------------------------ A-1 0.00 286,039,508.41 A-2 0.00 498,119,150.17 X-1 0.00 741,187,985.51 X-2 0.00 784,158,658.58 A-R 0.00 0.00 B-1 0.00 16,607,000.00 B-2 0.00 6,642,000.00 B-3 0.00 4,982,000.00 B-4 0.00 2,490,000.00 B-5 0.00 1,660,000.00 B-6 0.00 2,910,544.86 X-B 0.00 16,607,000.00 - ------------------------------------ Totals 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 Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) - ------------------------------------------------------------------------------------------------------------------------- A-1 290,000,000.00 1.46875% 994.16213807 1.21681303 0.00000000 0.00000000 0.00000000 0.00000000 A-2 505,100,000.00 1.57375% 994.95664074 1.30484417 0.00000000 0.00000000 0.00000000 0.00000000 X-1 0.00 0.80000% 967.88940253 0.64525960 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.37999% 994.66685861 0.31496764 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 2.63052% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 16,607,000.00 1.69875% 1000.00000000 1.41562474 0.00000000 0.00000000 0.00000000 0.00000000 B-2 6,642,000.00 2.69391% 1000.00000000 2.24492623 0.00000000 0.00000000 0.00000000 0.00000000 B-3 4,982,000.00 2.69391% 1000.00000000 2.24492573 0.00000000 0.00000000 0.00000000 0.00000000 B-4 2,490,000.00 2.69391% 1000.00000000 2.24492771 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,660,000.00 2.69391% 1000.00000000 2.24492771 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,910,544.86 2.69391% 1000.00000000 2.24492675 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.99516% 1000.00000000 0.82930090 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Unpaid Total Interest Interest Ending Certificate/ Class (5) Distribution Shortfall Notational Balance - ------------------------------------------------------------------ A-1 1.21681303 0.00000000 986.34313245 A-2 1.30484417 0.00000000 986.17927177 X-1 0.64525960 0.00000000 932.19467427 X-2 0.31496764 0.00000000 986.23903733 A-R 0.00000000 0.00000000 0.00000000 B-1 1.41562474 0.00000000 1000.00000000 B-2 2.24492623 0.00000000 1000.00000000 B-3 2.24492573 0.00000000 1000.00000000 B-4 2.24492771 0.00000000 1000.00000000 B-5 2.24492771 0.00000000 1000.00000000 B-6 2.24492675 0.00000000 1000.00000000 X-B 0.82930090 0.00000000 1000.00000000
(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 8,805,746.38 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 24,606.08 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------ Total Deposits 8,830,352.46 Withdrawals Reimbursement for Servicer Advances 12,089.02 Payment of Service Fee 262,646.58 Payment of Interest and Principal 8,555,616.86 ------------ Total Withdrawals (Pool Distribution Amount) 8,830,352.46 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 258,171.61 Master Servicing Fee 4,474.97 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 262,646.58 ==========
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - ------------------------------------------------------------------------------------------------ Pool 1 Companion Reserve Fund 4,000.00 0.00 0.00 4,000.00 Pool 1 NAS Reserve Fund 1,000.00 0.00 0.00 1,000.00 Pool 2 Companion Reserve Fund 500.00 0.00 0.00 500.00 Pool 2 NAS Reserve Fund 2,000.00 0.00 0.00 2,000.00 Class X-B Reserve Fund 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 24 10,048,614.00 30 Days 0 0.00 30 Days 0 0.00 60 Days 2 522,000.00 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 --------------------------- ------------------ ------------------- 26 10,570,614.00 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 0.986031% 1.226261% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.082169% 0.063701% 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% ------------------------ ------------------- -------- -------- 1.068200% 1.289962% 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 24 10,048,614.00 60 Days 0 0.00 60 Days 2 522,000.00 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 26 10,570,614.00 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 0.986031% 1.226261% 60 Days 0.000000% 0.000000% 60 Days 0.082169% 0.063701% 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% 1.068200% 1.289962%
Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 24,606.08
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Original $ Original% Current $ Current % Current Class % Prepayment % ------------- ----------- ------------- ----------- --------------- ------------ Class A 35,291,544.86 4.24998795% 35,291,544.86 4.30673453% 95.693265% 0.000000% Class X-1 35,291,544.86 4.24998795% 35,291,544.86 4.30673453% 0.000000% 0.000000% Class X-2 35,291,544.86 4.24998795% 35,291,544.86 4.30673453% 0.000000% 0.000000% Class B-1 18,684,544.86 2.25008825% 18,684,544.86 2.28013182% 2.026603% 47.056597% Class B-2 12,042,544.86 1.45022471% 12,042,544.86 1.46958837% 0.810543% 18.820372% Class B-3 7,060,544.86 0.85026685% 7,060,644.86 0.86161976% 0.607969% 14.116696% Class B-4 4,750,544.86 0.55040834% 4,570,544.86 0.55775749% 0.303862% 7.055514% Class B-5 2,910,544.86 0.35050267% 2,910,544.86 0.35518264% 0.202575% 4.703676% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.355183% 8.247145%
Please refer to the prospectus supplement for a full description of loss exposure DELINQUENCY STATUS BY GROUP
DELINQUENT BANKRUPTCY FORECLOSURE - ------------------------------------------- ---------------------------------------- ---------------------------------------- GROUP ONE - A 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 1,725,450.00 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 ----------------------------- --------------------- ---------------------- 3 1,725,450.00 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 1.239669% 1.861033% 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% --------------------------- ---------------------- ----------------------- 1.239669% 1.861033% 0.000000% 0.000000% 0.000000% 0.000000%
REO TOTAL - -------------------------------------- ---------------------------------------- No. of Principal No. of Principal GROUP ONE - A Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 0 0.00 30 Days 0 0.00 30 Days 3 1,725,450.00 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 3 1,725,450.00 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 1.239669% 1.861033% 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% 1.239669% 1.861033%