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

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Summary

This document is a distribution statement prepared by Wells Fargo Bank Minnesota, N.A. for certificateholders of the SMT Series 2004-1 trust. It summarizes the interest and principal payments made to holders of various classes of certificates as of January 31, 2005, with distributions occurring on February 22, 2005. The statement details the amounts distributed, remaining balances, and any realized losses, as calculated under the Pooling and Servicing Agreement. No realized losses are reported for this period, and all distributions were made as required by the agreement.

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EX-10.1 2 f06741dexv10w1.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: JANUARY 31, 2005 DISTRIBUTION DATE: FEBRUARY 22, 2005 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Current Class CUSIP Description Rate Balance Distribution Distribution Realized Loss - ------------ ---------------- ------------- ----------------- ------------------ --------------- ---------------- --------------- A 81744FAA5 SEN 3.20250% 508,265,849.83 1,356,434.49 13,435,062.60 0.00 X-1 81744FAB3 IO 0.57796% 0.00 244,798.87 0.00 0.00 X-2 81744FAC1 IO 0.14301% 0.00 0.00 0.00 0.00 X-B 81744FAD9 IO 0.53660% 0.00 6,846.95 0.00 0.00 B-1 81744FAG2 SUB 3.05000% 9,375,000.00 23,828.13 0.00 0.00 B-2 81744FAH0 SUB 3.55000% 5,937,000.00 17,563.63 0.00 0.00 B-3 81744FAJ6 SUB 3.78046% 3,437,000.00 10,827.87 0.00 0.00 B-4 81744FAK3 SUB 3.78046% 1,562,000.00 4,920.90 0.00 0.00 B-5 81744FAL1 SUB 3.78046% 937,000.00 2,951.91 0.00 0.00 B-6 81744FAM9 SUB 3.78046% 2,500,468.00 7,877.44 0.00 0.00 A-R 81744FAF4 RES 2.57032% 0.00 0.00 0.00 0.00 - ------------ ---------------- ------------- ----------------- ----------------- --------------- ---------------- --------------- Totals 532,014,317.83 1,676,050.19 13,435,062.60 0.00 - ------------ ---------------- ------------- ----------------- ----------------- --------------- ---------------- --------------- Ending Certificate Total Cumulative Class CUSIP Balance Distribution Realized Loss - ------------ ---------------- --------------------- ---------------- ---------------- A 81744FAA5 494,830,787.23 14,791,497.09 0.00 X-1 81744FAB3 0.00 244,798.87 0.00 X-2 81744FAC1 0.00 0.00 0.00 X-B 81744FAD9 0.00 6,846.95 0.00 B-1 81744FAG2 9,375,000.00 23,828.13 0.00 B-2 81744FAH0 5,937,000.00 17,563.63 0.00 B-3 81744FAJ6 3,437,000.00 10,827.87 0.00 B-4 81744FAK3 1,562,000.00 4,920.90 0.00 B-5 81744FAL1 937,000.00 2,951.91 0.00 B-6 81744FAM9 2,500,468.00 7,877.44 0.00 A-R 81744FAF4 0.00 0.00 0.00 - ------------ --------------- ------------------ --------------- ---------------- Totals 518,579,255.23 15,111,112.79 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 Original Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction - ------------ ----------------- ------------------ -------------- ----------------- ----------- ------------ ---------------- A 601,250,000.00 508,265,849.83 303.69 13,434,758.91 0.00 0.00 13,435,062.60 X-1 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 X-B 0.00 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 0.00 B-2 5,937,000.00 5,937,000.00 0.00 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 0.00 B-4 1,562,000.00 1,562,000.00 0.00 0.00 0.00 0.00 0.00 B-5 937,000.00 937,000.00 0.00 0.00 0.00 0.00 0.00 B-6 2,500,468.00 2,500,468.00 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 ---------------- ------------------ -------------- ----------------- ----------- ------------ ---------------- Totals 624,998,568.00 532,014,317.83 303.69 13,434,758.91 0.00 0.00 13,435,062.60 ---------------- ------------------ -------------- ----------------- ----------- ------------ ---------------- Ending Ending Class Certificate Certificate Total Principal Balance Percentage Distribution - ------------ ------------------- ------------------- ------------------ A 494,830,787.23 0.82300339 13,435,062.60 X-1 0.00 0.00000000 0.00 X-2 0.00 0.00000000 0.00 X-B 0.00 0.00000000 0.00 B-1 9,375,000.00 1.00000000 0.00 B-2 5,937,000.00 1.00000000 0.00 B-3 3,437,000.00 1.00000000 0.00 B-4 1,562,000.00 1.00000000 0.00 B-5 937,000.00 1.00000000 0.00 B-6 2,500,468.00 1.00000000 0.00 A-R 0.00 0.00000000 0.00 ------------------ ------------------- ------------------ Totals 518,579,255.23 0.82972871 13,435,062.60 ------------------ ------------------- ------------------
(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 Original Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction - ------------ ---------------- ----------------- -------------- --------------- ------------- -------------- ---------------- A 601,250,000.00 845.34860679 0.00050510 22.34471336 0.00000000 0.00000000 22.34521846 X-1 0.00 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 X-B 0.00 0.00000000 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 0.00000000 B-2 5,937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,437,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,562,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-5 937,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,500,468.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 - ------------ --------------- ----------------- -------------- --------------- ------------- -------------- ---------------- Ending Ending Certificate Certificate Total Principal Class Balance Percentage Distribution - ------------ ------------------- ------------------- ------------------ A 823.00338832 0.82300339 22.34521846 X-1 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 X-B 0.00000000 0.00000000 0.00000000 B-1 1000.00000000 1.00000000 0.00000000 B-2 1000.00000000 1.00000000 0.00000000 B-3 1000.00000000 1.00000000 0.00000000 B-4 1000.00000000 1.00000000 0.00000000 B-5 1000.00000000 1.00000000 0.00000000 B-6 1000.00000000 1.00000000 0.00000000 A-R 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 Non-Supported Original Face Certificate Notional Accrued Interest Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Shortfall - ---------- ------------------- ---------------- ---------------- -------------- ------------- ------------- ------------ A 601,250,000.00 3.20250% 508,265,849.83 1,356,434.49 0.00 0.00 0.00 X-1 0.00 0.57796% 382,500,098.65 184,225.62 0.00 0.00 0.00 X-2 0.00 0.14301% 508,265,849.83 60,573.25 0.00 0.00 0.00 X-B 0.00 0.53660% 15,312,000.00 6,846.95 0.00 0.00 0.00 B-1 9,375,000.00 3.05000% 9,375,000.00 23,828.13 0.00 0.00 0.00 B-2 5,937,000.00 3.55000% 5,937,000.00 17,563.63 0.00 0.00 0.00 B-3 3,437,000.00 3.78046% 3,437,000.00 10,827.87 0.00 0.00 0.00 B-4 1,562,000.00 3.78046% 1,562,000.00 4,920.90 0.00 0.00 0.00 B-5 937,000.00 3.78046% 937,000.00 2,951.91 0.00 0.00 0.00 B-6 2,500,468.00 3.78046% 2,500,468.00 7,877.44 0.00 0.00 0.00 A-R 100.00 2.57032% 0.00 0.00 0.00 0.00 0.00 - ---------- ------------------- ---------------- ---------------- -------------- ------------- ------------- ------------ Totals 624,998,568.00 1,676,050.19 0.00 0.00 0.00 - ---------- ------------------- ---------------- ---------------- -------------- ------------- ------------- ------------ Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notational Class Loss(4) Distribution Shortfall Balance - ---------- -------- ---------------- ------------- ------------------ A 0.00 1,356,434.49 0.00 494,830,787.23 X-1 0.00 244,798.87 0.00 368,174,966.23 X-2 0.00 0.00 0.00 494,830,787.23 X-B 0.00 6,846.95 0.00 15,312,000.00 B-1 0.00 23,828.13 0.00 9,375,000.00 B-2 0.00 17,563.63 0.00 5,937,000.00 B-3 0.00 10,827.87 0.00 3,437,000.00 B-4 0.00 4,920.90 0.00 1,562,000.00 B-5 0.00 2,951.91 0.00 937,000.00 B-6 0.00 7,877.44 0.00 2,500,468.00 A-R 0.00 0.00 0.00 0.00 - ---------- -------- ---------------- ------------- ------------------ Totals 0.00 1,676,050.19 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 Non-Supported Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) - ---------- ----------------- ----------- ----------------- ---------------- ----------- ------------ ------------- -------------- A 601,250,000.00 3.20250% 845.34860679 2.25602410 0.00000000 0.00000000 0.00000000 0.00000000 X-1 0.00 0.57796% 636.17480025 0.30640436 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.14301% 845.34860679 0.10074553 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.53660% 1000.00000000 0.44716236 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,375,000.00 3.05000% 1000.00000000 2.54166720 0.00000000 0.00000000 0.00000000 0.00000000 B-2 5,937,000.00 3.55000% 1000.00000000 2.95833418 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,437,000.00 3.78046% 1000.00000000 3.15038406 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,562,000.00 3.78046% 1000.00000000 3.15038412 0.00000000 0.00000000 0.00000000 0.00000000 B-5 937,000.00 3.78046% 1000.00000000 3.15038420 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,500,468.00 3.78046% 1000.00000000 3.15038625 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 2.57032% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Remaining Unpaid Total Interest Interest Ending Certificate/ Class (5) Distribution Shortfall Notational Balance - ---------- ----------------- ------------ -------------------- A 2.25602410 0.00000000 823.00338832 X-1 0.40714989 0.00000000 612.34921618 X-2 0.00000000 0.00000000 823.00338832 X-B 0.44716236 0.00000000 1000.00000000 B-1 2.54166720 0.00000000 1000.00000000 B-2 2.95833418 0.00000000 1000.00000000 B-3 3.15038406 0.00000000 1000.00000000 B-4 3.15038412 0.00000000 1000.00000000 B-5 3.15038420 0.00000000 1000.00000000 B-6 3.15038625 0.00000000 1000.00000000 A-R 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 15,265,757.67 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 23,926.33 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ---------------- Total Deposits 15,289,684.00 Withdrawals Reimbursement for Servicer Advances 7,311.80 Payment of Service Fee 171,259.41 Payment of Interest and Principal 15,111,112.79 ---------------- Total Withdrawals (Pool Distribution Amount) 15,289,684.00 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 166,825.96 Master Servicing Fee 4,433.45 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------- Net Servicing Fee 171,259.41 =============
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 60,573.25 60,573.25 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 17 7,518,891.87 30 Days 0 0.00 30 Days 0 0.00 60 Days 2 283,392.04 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 ------------ ------------- ----------- ----------- ----------- ----------- 19 7,757,283.91 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 1.109661% 1.449901% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.130548% 0.045970% 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% ------------ ------------- ----------- ----------- ----------- ----------- 1.240209% 1.495871% 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 17 7,518,891.87 60 Days 0 0.00 60 Days 2 283,392.04 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 19 7,757,283.91 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 1.109661% 1.449901% 60 Days 0.000000% 0.000000% 60 Days 0.130548% 0.045970% 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% 1.240209% 1.495871%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 23,926.33
Original $ Original% Current $ Current % Current Class % Prepayment % -------------- ------------- -------------- -------------- ---------------- --------------- Class A 23,748,468.00 3.79976359% 23,748,468.00 4.57952526% 95.420475% 0.000000% Class X-1 23,748,468.00 3.79976359% 23,748,468.00 4.57952526% 0.000000% 0.000000% Class X-2 23,748,468.00 3.79976359% 23,748,468.00 4.57952526% 0.000000% 0.000000% Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.77170131% 1.807825% 39.476231% Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.62684255% 1.144859% 24.999507% Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.96407019% 0.662772% 14.472513% Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.66286261% 0.301208% 6.577266% Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.48217663% 0.180686% 3.945518% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.482177% 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 4.166752% Weighted Average Net Coupon 3.790463% Weighted Average Pass-Through Rate 3.780463% Weighted Average Maturity (Stepdown Calculation) 322 Beginning Scheduled Collateral Loan Count 1,558 Number of Loans Paid in Full 26 Ending Scheduled Collateral Loan Count 1,532 Beginning Scheduled Collateral Balance 532,014,318.26 Ending Scheduled Collateral Balance 518,579,255.66 Ending Actual Collateral Balance at 31-Jan-2005 518,579,628.92 Monthly P&I Constant 1,847,613.29 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 15,043,142.91 Ending Scheduled Balance for Premium Loans 518,579,255.66 Scheduled Principal 303.69 Unscheduled Principal 13,434,758.91
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 86,234,285.59 Six-Month Libor Loan Balance 432,069,026.73 Prorata Senior Percentage 95.536122% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%