Wells Fargo Bank Minnesota, N.A. SMT Series 2004-2 Certificateholder Distribution Statement (March 31, 2005 Record Date)

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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 2004-2 trust. It summarizes the principal and interest payments made to certificateholders as of the March 31, 2005 record date and April 20, 2005 distribution date. 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 or interest shortfalls are reported for this period.

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EX-10.1 2 f08872cexv10w1.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: MARCH 31, 2005 DISTRIBUTION DATE: APRIL 20, 2005 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Current Ending Cumulative Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Loss - ------ --------- ----------- ------------ -------------- ------------ ------------- -------- -------------- ------------- ---------- A 81744FAN7 SEN 3.35000% 519,223,772.29 1,449,499.70 31,873,312.77 0.00 487,350,459.52 33,322,812.47 0.00 X-1 81744FAP2 IO 0.78271% 0.00 273,969.76 0.00 0.00 0.00 273,969.76 0.00 X-2 81744FAQ0 IO 0.16321% 0.00 64,699.90 0.00 0.00 0.00 64,699.90 0.00 X-B 81744FAR8 IO 0.60158% 0.00 9,299.45 0.00 0.00 0.00 9,299.45 0.00 B-1 81744FAT4 SUB 3.35000% 11,550,000.00 32,243.75 0.00 0.00 11,550,000.00 32,243.75 0.00 B-2 81744FAU1 SUB 3.83000% 7,000,000.00 22,341.67 0.00 0.00 7,000,000.00 22,341.67 0.00 B-3 81744FAV9 SUB 4.13271% 3,150,000.00 10,848.37 0.00 0.00 3,150,000.00 10,848.37 0.00 B-4 81744FAW7 SUB 4.13271% 1,750,000.00 6,026.87 0.00 0.00 1,750,000.00 6,026.87 0.00 B-5 81744FAX5 SUB 4.13271% 1,400,000.00 4,821.50 0.00 0.00 1,400,000.00 4,821.50 0.00 B-6 81744FAY6 SUB 4.13271% 3,150,069.00 10,848.61 0.00 0.00 3,150,069.00 10,848.61 0.00 A-R 81744FAS6 RES 2.66081% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -------------- ------------ ------------- ---- -------------- ------------- ---- Totals 547,223,841.29 1,884,599.58 31,873,312.77 0.00 515,350,528.52 33,757,912.35 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 Total Ending Original Face Certificate Principal Principal Realized Principal Certificate Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance - ------ -------------- -------------- ------------ ------------- --------- -------- ------------- -------------- A 671,998,000.00 519,223,772.29 0.00 31,873,312.77 0.00 0.00 31,873,312.77 487,350,459.52 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 X-B 0.00 0.00 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 0.00 11,550,000.00 B-2 7,000,000.00 7,000,000.00 0.00 0.00 0.00 0.00 0.00 7,000,000.00 B-3 3,150,000.00 3,150,000.00 0.00 0.00 0.00 0.00 0.00 3,150,000.00 B-4 1,750,000.00 1,750,000.00 0.00 0.00 0.00 0.00 0.00 1,750,000.00 B-5 1,400,000.00 1,400,000.00 0.00 0.00 0.00 0.00 0.00 1,400,000.00 B-6 3,150,069.00 3,150,069.00 0.00 0.00 0.00 0.00 0.00 3,150,069.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -------------- -------------- ---- ------------- ---- ---- ------------- -------------- Totals 699,998,169.00 547,223,841.29 0.00 31,873,312.77 0.00 0.00 31,873,312.77 515,350,528.52 -------------- -------------- ---- ------------- ---- ---- ------------- -------------- Ending Total Certificate Principal Class Percentage Distribution - ------ ----------- ------------ A 0.72522606 31,873,312.77 X-1 0.00000000 0.00 X-2 0.00000000 0.00 X-B 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 A-R 0.00000000 0.00 ---------- ------------- Totals 0.73621697 31,873,312.77 ---------- -------------
(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 Total Ending Ending Original Face Certificate Principal Principal Realized Principal Certificate Certificate Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction Balance Percentage - ----- -------------- ------------- ------------ ------------ ---------- ---------- ----------- ------------- ----------- A 671,998,000.00 772.65672262 0.00000000 47.43066612 0.00000000 0.00000000 47.43066612 725.22605651 0.72522606 X-1 0.00 0.00000000 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 0.00000000 X-B 0.00 0.00000000 0.00000000 0.00000000 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 0.00000000 1000.00000000 1.00000000 B-2 7,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 B-3 3,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 B-4 1,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 B-5 1,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 B-6 3,150,069.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Total Principal Class Distribution - ----- ------------ A 47.43066612 X-1 0.00000000 X-2 0.00000000 X-B 0.00000000 B-1 0.00000000 B-2 0.00000000 B-3 0.00000000 B-4 0.00000000 B-5 0.00000000 B-6 0.00000000 A-R 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 Non- Remaining Current Certificate/ Current of Unpaid Current Supported Total Unpaid Original Face Certificate Notional Accrued Interest Interest Interest Realized Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (4) Distribution Shortfall - ------ -------------- ----------- -------------- ------------ --------- --------- --------- -------- ------------ --------- A 671,998,000.00 3.35000% 519,223,772.29 1,449,499.70 0.00 0.00 0.00 0.00 1,449,499.70 0.00 X-1 0.00 0.78271% 410,954,634.60 268,049.87 0.00 0.00 0.00 0.00 273,969.76 0.00 X-2 0.00 0.16321% 519,223,772.29 70,619.79 0.00 0.00 0.00 0.00 64,699.90 0.00 X-B 0.00 0.60158% 18,550,000.00 9,299.45 0.00 0.00 0.00 0.00 9,299.45 0.00 B-1 11,550,000.00 3.35000% 11,550,000.00 32,243.75 0.00 0.00 0.00 0.00 32,243.75 0.00 B-2 7,000,000.00 3.83000% 7,000,000.00 22,341.67 0.00 0.00 0.00 0.00 22,341.67 0.00 B-3 3,150,000.00 4.13271% 3,150,000.00 10,848.37 0.00 0.00 0.00 0.00 10,848.37 0.00 B-4 1,750,000.00 4.13271% 1,750,000.00 6,026.87 0.00 0.00 0.00 0.00 6,026.87 0.00 B-5 1,400,000.00 4.13271% 1,400,000.00 4,821.50 0.00 0.00 0.00 0.00 4,821.50 0.00 B-6 3,150,069.00 4.13271% 3,150,069.00 10,848.61 0.00 0.00 0.00 0.00 10,848.61 0.00 A-R 100.00 2.66081% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -------------- ------------ ---- ---- ---- ---- ------------ ---- Totals 699,998,169.00 1,884,599.58 0.00 0.00 0.00 0.00 1,884,599.58 0.00 -------------- ------------ ---- ---- ---- ---- ------------ ---- Ending Certificate/ Notational Class Balance - ----- ------------------- A 487,350,459.52 X-1 395,476,273.45 X-2 487,350,459.52 X-B 18,550,000.00 B-1 11,550,000.00 B-2 7,000,000.00 B-3 3,150,000.00 B-4 1,750,000.00 B-5 1,400,000.00 B-6 3,150,069.00 A-R 0.00 Totals
(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 Non- Remaining Current Certificate/ Current of Unpaid Current Supported Total Unpaid Class Original Face Certificate Notional Accrued Interest Interest Interest Realized Interest Interest (5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (6) Distribution Shortfall - ----- -------------- ----------- ------------- ---------- ---------- ---------- ---------- ---------- ------------ ---------- A 671,998,000.00 3.35000% 772.65672262 2.15700002 0.00000000 0.00000000 0.00000000 0.00000000 2.15700002 0.00000000 X-1 0.00 0.78271% 611.54145489 0.39888492 0.00000000 0.00000000 0.00000000 0.00000000 0.40769431 0.00000000 X-2 0.00 0.16321% 772.65672262 0.10508929 0.00000000 0.00000000 0.00000000 0.00000000 0.09627990 0.00000000 X-B 0.00 0.60158% 1000.00000000 0.50131806 0.00000000 0.00000000 0.00000000 0.00000000 0.50131806 0.00000000 B-1 11,550,000.00 3.35000% 1000.00000000 2.79166667 0.00000000 0.00000000 0.00000000 0.00000000 2.79166667 0.00000000 B-2 7,000,000.00 3.83000% 1000.00000000 3.19166714 0.00000000 0.00000000 0.00000000 0.00000000 3.19166714 0.00000000 B-3 3,150,000.00 4.13271% 1000.00000000 3.44392698 0.00000000 0.00000000 0.00000000 0.00000000 3.44392698 0.00000000 B-4 1,750,000.00 4.13271% 1000.00000000 3.44392571 0.00000000 0.00000000 0.00000000 0.00000000 3.44392571 0.00000000 B-5 1,400,000.00 4.13271% 1000.00000000 3.44392857 0.00000000 0.00000000 0.00000000 0.00000000 3.44392857 0.00000000 B-6 3,150,069.00 4.13271% 1000.00000000 3.44392774 0.00000000 0.00000000 0.00000000 0.00000000 3.44392774 0.00000000 A-R 100.00 2.66081% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Ending Certificate/ Class Notational (5) Balance - ----- ------------- A 725.22605651 X-1 588.50811081 X-2 725.22605651 X-B 1000.00000000 B-1 1000.00000000 B-2 1000.00000000 B-3 1000.00000000 B-4 1000.00000000 B-5 1000.00000000 B-6 1000.00000000 A-R 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 33,961,039.53 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 19,472.08 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 33,980,511.61 Withdrawals Reimbursement for Servicer Advances 46,590.92 Payment of Service Fee 176,008.34 Payment of Interest and Principal 33,757,912.35 ------------- Total Withdrawals (Pool Distribution Amount) 33,980,511.61 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 171,676.16 Master Servicing Fee 4,322.18 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 176,008.34 ==========
OTHER ACCOUNTS
Account Type Beginning Balance Current Withdrawals Current Deposits Ending Balance ------------ ----------------- ------------------- ---------------- -------------- Class X-1 Sub Account 4,500.00 0.00 0.00 4,500.00 Class X-2 Sub Account 4,500.00 5,919.88 5,919.88 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 - ---------------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 16 4,861,624.34 60 Days 2 328,854.31 90 Days 1 249,279.32 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------ 19 5,439,757.97 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 1.011378% 0.943348% 60 Days 0.126422% 0.063811% 90 Days 0.063211% 0.048370% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------ 1.201011% 1.055529% -------- ------------
BANKRUPTCY - ------------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- -------- 0 0.00 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.000000% 0.000000% -------- --------
FORECLOSURE - ------------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- -------- 0 0.00 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.000000% 0.000000% -------- --------
REO - ------------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 ----- --------- 0 0.00 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.000000% 0.000000% -------- --------
TOTAL - ---------------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 16 4,861,624.34 60 Days 2 328,854.31 90 Days 1 249,279.32 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------ 19 5,439,757.97 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 1.011378% 0.943348% 60 Days 0.126422% 0.063811% 90 Days 0.063211% 0.048370% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------ 1.201011% 1.055529% -------- ------------
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 19,472.08
Original $ Original% Current $ Current % Current Class % Prepayment % ------------- ----------- ------------- ----------- --------------- ------------ Class A 28,000,069.00 4.00002032% 28,000,069.00 5.43320855% 94.566791% 0.000000% Class X-1 28,000,069.00 4.00002032% 28,000,069.00 5.43320855% 0.000000% 0.000000% Class X-2 28,000,069.00 4.00002032% 28,000,069.00 5.43320855% 0.000000% 0.000000% Class B-1 16,450,069.00 2.35001600% 16,450,069.00 3.19201555% 2.241193% 41.249898% Class B-2 9,450,069.00 1.35001339% 9,450,069.00 1.83371676% 1.358299% 24.999938% Class B-3 6,300,069.00 0.90001221% 6,300,069.00 1.22248230% 0.611234% 11.249972% Class B-4 4,550,069.00 0.65001156% 4,550,069.00 0.88290760% 0.339575% 6.249985% Class B-5 3,150,069.00 0.45001103% 3,150,069.00 0.61124785% 0.271660% 4.999988% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.611248% 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 4.518680% Weighted Average Net Coupon 4.142214% Weighted Average Pass-Through Rate 4.132714% Weighted Average Maturity (Stepdown Calculation) 331 Beginning Scheduled Collateral Loan Count 1,658 Number of Loans Paid in Full 76 Ending Scheduled Collateral Loan Count 1,582 Beginning Scheduled Collateral Balance 547,223,841.29 Ending Scheduled Collateral Balance 515,350,528.52 Ending Actual Collateral Balance at 31-Mar-2005 515,358,595.99 Monthly P&I Constant 2,060,607.95 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 33,670,781.58 Ending Scheduled Balance for Premium Loans 515,350,528.52 Scheduled Principal 0.00 Unscheduled Principal 31,873,312.77
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 60,749,623.20 Six-Month Libor Loan Balance 454,600,905.32 Prorata Senior Percentage 94.883251% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%