Wells Fargo Bank Minnesota, N.A. SMT Series 2004-1 Certificateholder Distribution Statement (February 2005)

Contract Categories: Business Operations › Administration Agreements
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 summarizes the principal and interest payments made to certificateholders as of February 28, 2005, with distributions occurring on March 21, 2005. The statement details the amounts distributed to each class of certificateholders, the remaining balances, and confirms that all calculations were made in accordance with the Pooling and Servicing Agreement. No realized losses are reported for this period.

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EX-10.1 2 f07709fexv10w1.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: FEBRUARY 28, 2005 DISTRIBUTION DATE: MARCH 21, 2005 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Principal Current Class CUSIP Description Through Rate Balance Distribution Distribution Realized Loss - ------ --------- ----------- ----------------- -------------- ------------ ------------- ------------- A 81744FAA5 SEN 3.20250% 494,830,787.23 1,320,579.66 14,134,695.55 0.00 X-1 81744FAB3 IO 0.60824% 0.00 245,449.98 0.00 0.00 X-2 81744FAC1 IO 0.15568% 0.00 5,364.12 0.00 0.00 X-B 81744FAD9 IO 0.46874% 0.00 5,981.18 0.00 0.00 B-1 81744FAG2 SUB 3.14813% 9,375,000.00 24,594.77 0.00 0.00 B-2 81744FAH0 SUB 3.64813% 5,937,000.00 18,049.12 0.00 0.00 B-3 81744FAJ6 SUB 3.81074% 3,437,000.00 10,914.60 0.00 0.00 B-4 81744FAK3 SUB 3.81074% 1,562,000.00 4,960.32 0.00 0.00 B-5 81744FAL1 SUB 3.81074% 937,000.00 2,975.55 0.00 0.00 B-6 81744FAM9 SUB 3.81074% 2,500,468.00 7,940.53 0.00 0.00 A-R 81744FAF4 RES 2.56948% 0.00 0.00 0.00 0.00 -------------- ------------ ------------- ---- Totals 518,579,255.23 1,646,809.83 14,134,695.55 0.00 -------------- ------------ ------------- ---- Ending Certificate Total Cumulative Class CUSIP Balance Distribution Realized Loss - ------ --------- ------------------ ------------- ------------- A 81744FAA5 480,696,091.68 15,455,275.21 0.00 X-1 81744FAB3 0.00 245,449.98 0.00 X-2 81744FAC1 0.00 5,364.12 0.00 X-B 81744FAD9 0.00 5,981.18 0.00 B-1 81744FAG2 9,375,000.00 24,594.77 0.00 B-2 81744FAH0 5,937,000.00 18,049.12 0.00 B-3 81744FAJ6 3,437,000.00 10,914.60 0.00 B-4 81744FAK3 1,562,000.00 4,960.32 0.00 B-5 81744FAL1 937,000.00 2,975.55 0.00 B-6 81744FAM9 2,500,468.00 7,940.53 0.00 A-R 81744FAF4 0.00 0.00 0.00 -------------- ------------- ---- Totals 504,444,559.68 15,781,505.38 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 601,250,000.00 494,830,787.23 349.02 14,134,346.53 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 9,375,000.00 9,375,000.00 0.00 0.00 0.00 0.00 B-2 5,937,000.00 5,937,000.00 0.00 0.00 0.00 0.00 B-3 3,437,000.00 3,437,000.00 0.00 0.00 0.00 0.00 B-4 1,562,000.00 1,562,000.00 0.00 0.00 0.00 0.00 B-5 937,000.00 937,000.00 0.00 0.00 0.00 0.00 B-6 2,500,468.00 2,500,468.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 -------------- -------------- ------ ------------- ---- ---- Totals 624,998,568.00 518,579,255.23 349.02 14,134,346.53 0.00 0.00 -------------- -------------- ------ ------------- ---- ---- Total Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution - ------- --------------- ------------------ ------------------ --------------- A 14,134,695.55 480,696,091.68 0.79949454 14,134,695.55 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 9,375,000.00 1.00000000 0.00 B-2 0.00 5,937,000.00 1.00000000 0.00 B-3 0.00 3,437,000.00 1.00000000 0.00 B-4 0.00 1,562,000.00 1.00000000 0.00 B-5 0.00 937,000.00 1.00000000 0.00 B-6 0.00 2,500,468.00 1.00000000 0.00 A-R 0.00 0.00 0.00000000 0.00 ------------- -------------- ---------- ------------- Totals 14,134,695.55 504,444,559.68 0.80711314 14,134,695.55 ------------- -------------- ---------- -------------
(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 Class Amount Balance Distribution Distribution Accretion - ----- -------------- ------------- ------------ ------------ ---------- A 601,250,000.00 823.00338832 0.00058049 23.50826866 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,375,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 5,937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 3,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 1,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-5 937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-6 2,500,468.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 Realized Total Principal Ending Certificate Ending Certificate Total Principal Class Loss (3) Reduction Balance Percentage Distribution - ----- ---------- --------------- ------------------ ------------------ --------------- A 0.00000000 23.50884915 799.49453918 0.79949454 23.50884915 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-5 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-6 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 A-R 0.00000000 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 601,250,000.00 3.20250% 494,830,787.23 1,320,579.66 0.00 0.00 0.00 0.00 X-1 0.00 0.60824% 368,174,966.23 186,616.26 0.00 0.00 0.00 0.00 X-2 0.00 0.15568% 494,830,787.23 64,197.84 0.00 0.00 0.00 0.00 X-B 0.00 0.46874% 15,312,000.00 5,981.18 0.00 0.00 0.00 0.00 B-1 9,375,000.00 3.14813% 9,375,000.00 24,594.77 0.00 0.00 0.00 0.00 B-2 5,937,000.00 3.64813% 5,937,000.00 18,049.12 0.00 0.00 0.00 0.00 B-3 3,437,000.00 3.81074% 3,437,000.00 10,914.60 0.00 0.00 0.00 0.00 B-4 1,562,000.00 3.81074% 1,562,000.00 4,960.32 0.00 0.00 0.00 0.00 B-5 937,000.00 3.81074% 937,000.00 2,975.55 0.00 0.00 0.00 0.00 B-6 2,500,468.00 3.81074% 2,500,468.00 7,940.53 0.00 0.00 0.00 0.00 A-R 100.00 2.56948% 0.00 0.00 0.00 0.00 0.00 0.00 -------------- ------------ ---- ---- ---- ---- Totals 624,998,568.00 1,646,809.83 0.00 0.00 0.00 0.00 -------------- ------------ ---- ---- ---- ---- Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance - ------- -------------- --------- -------------- A 1,320,579.66 0.00 480,696,091.68 X-1 245,449.98 0.00 354,354,964.68 X-2 5,364.12 0.00 480,696,091.68 X-B 5,981.18 0.00 15,312,000.00 B-1 24,594.77 0.00 9,375,000.00 B-2 18,049.12 0.00 5,937,000.00 B-3 10,914.60 0.00 3,437,000.00 B-4 4,960.32 0.00 1,562,000.00 B-5 2,975.55 0.00 937,000.00 B-6 7,940.53 0.00 2,500,468.00 A-R 0.00 0.00 0.00 ------------ ---- Totals 1,646,809.83 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 Original Face Certificate Certificate/ Current Accrued Interest Class (5) Amount Rate Notional Balance Interest Shortfall - --------- -------------- ----------- ---------------- --------------- ---------- A 601,250,000.00 3.20250% 823.00338832 2.19639029 0.00000000 X-1 0.00 0.60824% 612.34921618 0.31038047 0.00000000 X-2 0.00 0.15568% 823.00338832 0.10677395 0.00000000 X-B 0.00 0.46874% 1000.00000000 0.39062043 0.00000000 B-1 9,375,000.00 3.14813% 1000.00000000 2.62344213 0.00000000 B-2 5,937,000.00 3.64813% 1000.00000000 3.04010780 0.00000000 B-3 3,437,000.00 3.81074% 1000.00000000 3.17561827 0.00000000 B-4 1,562,000.00 3.81074% 1000.00000000 3.17562100 0.00000000 B-5 937,000.00 3.81074% 1000.00000000 3.17561366 0.00000000 B-6 2,500,468.00 3.81074% 1000.00000000 3.17561752 0.00000000 A-R 100.00 2.56948% 0.00000000 0.00000000 0.00000000 Non- Remaining Current Supported Unpaid Interest Interest Realized Total Interest Interest Ending Certificate/ Class (5) Shortfall Shortfall Loss (6) Distribution Shortfall Notational Balance - --------- ---------- ---------- ---------- -------------- ---------- ------------------- A 0.00000000 0.00000000 0.00000000 2.19639029 0.00000000 799.49453918 X-1 0.00000000 0.00000000 0.00000000 0.40823281 0.00000000 589.36376662 X-2 0.00000000 0.00000000 0.00000000 0.00892161 0.00000000 799.49453918 X-B 0.00000000 0.00000000 0.00000000 0.39062043 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 0.00000000 2.62344213 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 0.00000000 3.04010780 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 0.00000000 3.17561827 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 0.00000000 3.17562100 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 0.00000000 3.17561366 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 0.00000000 3.17561752 0.00000000 1000.00000000 A-R 0.00000000 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 15,942,995.24 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 29,384.41 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 15,972,379.65 Withdrawals Reimbursement for Servicer Advances 23,926.33 Payment of Service Fee 166,947.94 Payment of Interest and Principal 15,781,505.38 ------------- Total Withdrawals (Pool Distribution Amount) 15,972,379.65 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 162,626.45 Master Servicing Fee 4,321.49 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 166,947.94 ==========
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 58,833.71 58,833.71 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 19 7,873,913.03 60 Days 2 1,095,192.04 90 Days 1 103,200.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------ 22 9,072,305.07 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 1.268358% 1.560907% 60 Days 0.133511% 0.217108% 90 Days 0.066756% 0.020458% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------ 1.468625% 1.798473%
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 19 7,873,913.03 60 Days 2 1,095,192.04 90 Days 1 103,200.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------ 22 9,072,305.07 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 1.268358% 1.560907% 60 Days 0.133511% 0.217108% 90 Days 0.066756% 0.020458% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------ 1.468625% 1.798473%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 29,384.41
Original $ Original% Current $ Current % Current Class % Prepayment % ------------- ---------- ------------- ---------- --------------- ------------ Class A 23,748,468.00 3.79976359% 23,748,468.00 4.70784500% 95.292155% 0.000000% Class X-1 23,748,468.00 3.79976359% 23,748.468.00 4.70784500% 0.000000% 0.000000% Class X-2 23,748,468.00 3.79976359% 23,748,468.00 4.70784500% 0.000000% 0.000000% Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.84936525% 1.858480% 39.476231% Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.67242719% 1.176938% 24.999507% Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.99108374% 0.681343% 14.472513% Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.68143623% 0.309648% 6.577266% Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.49568738% 0.185749% 3.945518% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.495687% 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 4.197062% Weighted Average Net Coupon 3.820742% Weighted Average Pass-Through Rate 3.810742% Weighted Average Maturity (Stepdown Calculation) 321 Beginning Scheduled Collateral Loan Count 1,532 Number of Loans Paid in Full 34 Ending Scheduled Collateral Loan Count 1,498 Beginning Scheduled Collateral Balance 518,579,255.66 Ending Scheduled Collateral Balance 504,444,560.11 Ending Actual Collateral Balance at 28-Feb-2005 504,444,838.59 Monthly P&I Constant 1,814,106.80 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 15,712,070.49 Ending Scheduled Balance for Premium Loans 504,444,560.11 Scheduled Principal 349.02 Unscheduled Principal 14,134,346.53
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 84,394,631.03 Six-Month Libor Loan Balance 419,773,985.74 Prorata Senior Percentage 95.420475% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%