Wells Fargo Bank Minnesota, N.A. SMT Series 2004-1 Certificateholder Distribution Statement (December 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 summarizes the principal and interest payments made to certificateholders as of December 31, 2004, with distributions occurring on January 20, 2005. 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 f05544bexv10w1.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: DECEMBER 31, 2004 DISTRIBUTION DATE: JANUARY 20, 2005 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Class CUSIP Description Through Rate Balance Distribution - ------ --------- ----------- ----------------- -------------- ------------ A 81744FAA5 SEN 2.19125% 518,653,684.35 947,083.23 X-1 81744FAB3 IO 0.80000% 0.00 264,926.26 X-2 81744FAC1 IO 0.50313% 0.00 217,486.93 X-B 81744FAD9 IO 0.21262% 0.00 1,963.50 B-1 81744FAG2 SUB 2.96000% 9,375,000.00 23,125.00 B-2 81744FAH0 SUB 3.46000% 5,937,000.00 17,118.35 B-3 81744FAJ6 SUB 3.30728% 3,437,000.00 9,472.59 B-4 81744FAK3 SUB 3.30728% 1,562,000.00 4,304.97 B-5 81744FAL1 SUB 3.30728% 937,000.00 2,582.43 B-6 81744FAM9 SUB 3.30728% 2,500,468.00 6,891.45 A-R 81744FAF4 RES 2.57054% 0.00 0.00 -------------- ------------ Totals 542,402,152.35 1,494,954.71 ============== ============
Principal Current Ending Certificate Total Cumulative Class Distribution Realized Loss Balance Distribution Realized Loss - ------ ------------- ------------- ------------------ ------------- ------------- A 0.00 508,265,849.83 11,334,917.75 0.00 X-1 0.00 0.00 0.00 264,926.26 0.00 X-2 0.00 0.00 0.00 217,486.93 0.00 X-B 0.00 0.00 0.00 1,963.50 0.00 B-1 0.00 0.00 9,375,000.00 23,125.00 0.00 B-2 0.00 0.00 5,937,000.00 17,118.35 0.00 B-3 0.00 0.00 3,437,000.00 9,472.59 0.00 B-4 0.00 0.00 1,562,000.00 4,304.97 0.00 B-5 0.00 0.00 937,000.00 2,582.43 0.00 B-6 0.00 0.00 2,500,468.00 6,891.45 0.00 A-R 0.00 0.00 0.00 0.00 0.00 ------------- ---- -------------- ------------- ---- Totals 10,387,834.52 0.00 532,014,317.83 11,882,789.23 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 601,250,000.00 518,653,684.35 467.01 10,387,367.51 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 624,998,568.00 542,402,152.35 467.01 10,387,367.51 0.00 0.00 ============== ============== ====== ============= ==== ====
Total Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution - ------ --------------- ------------------ ------------------ --------------- A 10,387,834.52 508,265,849.83 0.84534861 10,387,834.52 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 10,387,834.52 532,014,317.83 0.85122486 10,387,834.52 ============= ============== ========== =============
(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 601,250,000.00 862.62567044 0.00077673 17.27628692 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 17.27706365 845.34860679 0.84534861 17.27706365 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 Certificate/ Current Unpaid Original Face Current Notional Accrued Interest Class Amount Certificate Rate Balance Interest Shortfall - ------ -------------- ---------------- -------------- ------------ ---------- A 601,250,000.00 2.19125% 518,653,684.35 947,083.24 0.00 X-1 0.00 0.80000% 397,348,824.84 264,899.22 0.00 X-2 0.00 0.50313% 518,653,684.35 217,459.89 0.00 X-B 0.00 0.21262% 15,312,000.00 2,713.09 0.00 B-1 9,375,000.00 2.96000% 9,375,000.00 23,125.00 0.00 B-2 5,937,000.00 3.46000% 5,937,000.00 17,118.35 0.00 B-3 3,437,000.00 3.30728% 3,437,000.00 9,472.59 0.00 B-4 1,562,000.00 3.30728% 1,562,000.00 4,304.97 0.00 B-5 937,000.00 3.30728% 937,000.00 2,582.43 0.00 B-6 2,500,468.00 3.30728% 2,500,468.00 6,891.45 0.00 A-R 100.00 2.57054% 0.00 0.00 0.00 -------------- ------------ ---- Totals 624,998,568.00 1,495,650.23 0.00 ============== ============ ====
Non- Remaining Ending Current Supported Unpaid Certificate/ Interest Interest Realized Total Interest Interest Notational Class Shortfall Shortfall Loss (4) Distribution Shortfall Balance - ------ --------- --------- -------- -------------- --------- -------------- A 0.00 0.00 0.00 947,083.23 0.00 508,265,849.83 X-1 0.00 0.00 0.00 264,926.26 0.00 382,500,098.65 X-2 0.00 0.00 0.00 217,486.93 0.00 508,265,849.83 X-B 0.00 0.00 0.00 1,963.50 0.00 15,312,000.00 B-1 0.00 0.00 0.00 23,125.00 0.00 9,375,000.00 B-2 0.00 0.00 0.00 17,118.35 0.00 5,937,000.00 B-3 0.00 0.00 0.00 9,472.59 0.00 3,437,000.00 B-4 0.00 0.00 0.00 4,304.97 0.00 1,562,000.00 B-5 0.00 0.00 0.00 2,582.43 0.00 937,000.00 B-6 0.00 0.00 0.00 6,891.45 0.00 2,500,468.00 A-R 0.00 0.00 0.00 0.00 0.00 0.00 ---- ---- ---- ------------ ---- Totals 0.00 0.00 0.00 1,494,954.71 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 Class Original Face Certificate Certificate/ Current Accrued Interest (5) Amount Rate Notional Balance Interest Shortfall - ----- -------------- ----------- ---------------- --------------- ---------- A 601,250,000.00 2.19125% 862.62567044 1.57519042 0.00000000 X-1 0.00 0.80000% 660.87122635 0.44058082 0.00000000 X-2 0.00 0.50313% 862.62567044 0.36167965 0.00000000 X-B 0.00 0.21262% 1000.00000000 0.17718717 0.00000000 B-1 9,375,000.00 2.96000% 1000.00000000 2.46666667 0.00000000 B-2 5,937,000.00 3.46000% 1000.00000000 2.88333333 0.00000000 B-3 3,437,000.00 3.30728% 1000.00000000 2.75606343 0.00000000 B-4 1,562,000.00 3.30728% 1000.00000000 2.75606274 0.00000000 B-5 937,000.00 3.30728% 1000.00000000 2.75606190 0.00000000 B-6 2,500,468.00 3.30728% 1000.00000000 2.75606406 0.00000000 A-R 100.00 2.57054% 0.00000000 0.00000000 0.00000000
Non- Remaining Current Supported Unpaid Class Interest Interest Realized Total Interest Interest Ending Certificate/ (5) Shortfall Shortfall Loss (6) Distribution Shortfall Notational Balance - ----- ---------- ---------- ---------- -------------- ---------- ------------------- A 0.00000000 0.00000000 0.00000000 1.57519040 0.00000000 845.34860679 X-1 0.00000000 0.00000000 0.00000000 0.44062580 0.00000000 636.17480025 X-2 0.00000000 0.00000000 0.00000000 0.36172462 0.00000000 845.34860679 X-B 0.00000000 0.00000000 0.00000000 0.12823276 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 0.00000000 2.46666667 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 0.00000000 2.88333333 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 0.00000000 2.75606343 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 0.00000000 2.75606274 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 0.00000000 2.75606190 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 0.00000000 2.75606406 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 12,061,915.99 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 7,311.80 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 12,069,227.79 Withdrawals Reimbursement for Servicer Advances 11,846.35 Payment of Service Fee 174,592.21 Payment of Interest and Principal 11,882,789.23 ------------- Total Withdrawals (Pool Distribution Amount) 12,069,227.79 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 170,072.19 Master Servicing Fee 4,520.02 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 174,592.21 ==========
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - --------------------- --------- ----------- -------- -------- Class X-1 Sub Account 4,500.00 27.04 27.04 4,500.00 Class X-2 Sub Account 4,500.00 27.04 27.04 4,500.00 Class X-B Sub Account 1,000.00 761.61 761.61 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 2,390,720.64 30 Days 0 0.00 30 Days 0 0.00 60 Days 1 135,192.04 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 -- ------------ -- ---- -- ---- 11 2,525,912.68 0 0.00 0 0.00 == ============ == ==== == ====
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 2,390,720.64 60 Days 0 0.00 60 Days 1 135,192.04 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 11 2,525,912.68 == ==== == ============
DELINQUENT BANKRUPTCY FORECLOSURE - ---------------------------------- -------------------------------- -------------------------------- 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 0.641849% 0.449371% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.064185% 0.025411% 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% -------- -------- -------- --------- -------- -------- 0.706033% 0.474782% 0.000000% 0.000000% 0.000000% 0.000000% ======== ======== ======== ======== ======== ========
REO TOTAL - -------------------------------- --------------------------------- 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 0.641849% 0.449371% 60 Days 0.000000% 0.000000% 60 Days 0.064185% 0.025411% 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% 0.706033% 0.474782% ======== ======== ======== ========
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 7,311.80
Original $ Original% Current $ Current % Current Class % Prepayment % ------------- ---------- ------------- ---------- --------------- ------------ Class A 23,748,468.00 3.79976359% 23,748,468.00 4.46387760% 95.536122% 0.000000% Class X-1 23,748,468.00 3.79976359% 23,748,468.00 4.46387760% 0.000000% 0.000000% Class X-2 23,748,468.00 3.79976359% 23,748,468.00 4.46387760% 0.000000% 0.000000% Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.70170699% 1.762171% 39.476231% Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.58575958% 1.115947% 24.999507% Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.93972433% 0.646035% 14.472513% Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.64612321% 0.293601% 6.577266% Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.47000013% 0.176123% 3.945518% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.470000% 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 3.693540% Weighted Average Net Coupon 3.317276% Weighted Average Pass-Through Rate 3.307276% Weighted Average Maturity (Stepdown Calculation) 323 Beginning Scheduled Collateral Loan Count 1,585 Number of Loans Paid in Full 27 Ending Scheduled Collateral Loan Count 1,558 Beginning Scheduled Collateral Balance 542,402,152.78 Ending Scheduled Collateral Balance 532,014,318.26 Ending Actual Collateral Balance at 31-Dec-2004 532,014,859.91 Monthly P&I Constant 1,669,953.84 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 11,819,989.96 Ending Scheduled Balance for Premium Loans 532,014,318.26 Scheduled Principal 467.01 Unscheduled Principal 10,387,367.51
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 87,815,065.23 Six-Month Libor Loan Balance 443,923,291.68 Prorata Senior Percentage 95.621612% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%