EX-10.1 2 f00740bexv10w1.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: JUNE 30, 2004 DISTRIBUTION DATE: JULY 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Class CUSIP Description Through Rate Balance Distribution -------------------------------------------------------------------------- A 81744FAA5 SEN 1.47000% 574,733,748.07 704,048.07 X-1 81744FAB3 IO 0.80000% 0.00 332,382.72 X-2 81744FAC1 IO 0.52922% 0.00 253,476.07 X-B 81744FAD9 IO 0.66932% 0.00 8,542.78 B-1 81744FAG2 SUB 1.83000% 9,375,000.00 14,296.87 B-2 81744FAH0 SUB 2.33000% 5,937,000.00 11,527.67 B-3 81744FAJ6 SUB 2.69319% 3,437,000.00 7,713.73 B-4 81744FAK3 SUB 2.69319% 1,562,000.00 3,505.63 B-5 81744FAL1 SUB 2.69319% 937,000.00 2,102.93 B-6 81744FAM9 SUB 2.69319% 2,500,468.00 5,611.85 A-R 81744FAF4 RES 2.59150% 0.00 0.00 -------------------------------------------------------------------------- Totals 598,482,216.07 1,343,209.09 -------------------------------------------------------------------------- Principal Current Ending Certificate Total Cumulative Class Distribution Realized Loss Balance Distribution Realized Loss --------------------------------------------------------------------------------- A 11,522,781.52 0.00 563,210,966.55 12,226,830.36 0.00 X-1 0.00 0.00 0.00 332,382.72 0.00 X-2 0.00 0.00 0.00 253,476.07 0.00 X-B 0.00 0.00 0.00 8,542.78 0.00 B-1 0.00 0.00 9,375,000.00 14,296.87 0.00 B-2 0.00 0.00 5,937,000.00 11,527.67 0.00 B-3 0.00 0.00 3,437,000.00 7,713.73 0.00 B-4 0.00 0.00 1,562,000.00 3,505.63 0.00 B-5 0.00 0.00 937,000.00 2,102.93 0.00 B-6 0.00 0.00 2,500,468.00 5,611.85 0.00 A-R 0.00 0.00 0.00 0.00 0.00 ---------------------------------------------------------------------------- Totals 11,522,781.52 0.00 586,959,434.55 12,865,990.61 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 601,250,000.00 574,733,748.07 (438.74) 11,523,220.26 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 624,998,568.00 598,482,216.07 (438.74) 11,523,220.26 0.00 0.00 ---------------------------------------------------------------------------------- Total Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution ---------------------------------------------------------------------------- A 11,522,781.52 563,210,966.55 0.93673342 11,522,781.52 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 11,522,781.52 586,959,434.55 0.93913725 11,522,781.52 ----------------------------------------------------------------------------
(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 601,250,000.00 955,89812569 (0.00072971) 19.16543910 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 19.16470939 936.73341630 0.93673342 19.16470939 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 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 1.47000% 574,733,748.07 704,048.84 0.00 0.00 0.01 0.00 X-1 0.00 0.80000% 498,558,786.64 332,372.52 0.00 0.00 0.00 0.00 X-2 0.00 0.52922% 574,733,748.07 253,465.87 0.00 0.00 0.00 0.00 X-B 0.00 0.66932% 15,312,000.00 8,540.50 0.00 0.00 0.00 0.00 B-1 9,375,000.00 1.83000% 9,375,000.00 14,296.88 0.00 0.00 0.00 0.00 B-2 5,937,000.00 2.33000% 5,937,000.00 11,527.68 0.00 0.00 0.00 0.00 B-3 3,437,000.00 2.69319% 3,437,000.00 7,713.73 0.00 0.00 0.00 0.00 B-4 1,562,000.00 2.69319% 1,562,000.00 3,505.63 0.00 0.00 0.00 0.00 B-5 937,000.00 2.69319% 937,000.00 2,102.93 0.00 0.00 0.00 0.00 B-6 2,500,468.00 2.69319% 2,500,468.00 5,611.85 0.00 0.00 0.00 0.00 A-R 100.00 2.59150% 0.00 0.00 0.00 0.00 0.00 0.00 -------------------------------------------------------------------------------------------------------------------- Totals 624,998,568.00 1,343,186.43 0.00 0.00 0.00 0.00 -------------------------------------------------------------------------------------------------------------------- Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance ---------------------------------------------------- A 704,048.84 0.00 563,210,966.55 X-1 332,382.72 0.00 480,141,208.52 X-2 253,476.07 0.00 563,210,966.55 X-B 8,542.78 0.00 15,312,000.00 B-1 14,296.87 0.00 9,375,000.00 B-2 11,527.67 0.00 5,937,000.00 B-3 7,713.73 0.00 3,437,000.00 B-4 3,505.63 0.00 1,562,000.00 B-5 2,102.93 0.00 937,000.00 B-6 5,611.85 0.00 2,500,468.00 A-R 0.00 0.00 0.00 ---------------------------------------------------- Totals 1,343,209.09 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 Class Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) ------------------------------------------------------------------------------------------------------------- A 601,250,000.00 1.47000% 955.89812569 1.17097520 0.00000000 0.00000000 0.00000000 0.00000000 X-1 0.00 0.80000% 829.20380314 0.55280253 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.52922% 955.89812569 0.42156486 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.66932% 1000.00000000 0.55776515 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,375,000.00 1.83000% 1000.00000000 1.52500053 0.00000000 0.00000000 0.00000000 0.00000000 B-2 5,937,000.00 2.33000% 1000.00000000 1.94166751 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,437,000.00 2.69319% 1000.00000000 2.24432063 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,562,000.00 2.69319% 1000.00000000 2.24432138 0.00000000 0.00000000 0.00000000 0.00000000 B-5 937,000.00 2.69319% 1000.00000000 2.24432231 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,500,468.00 2.69319% 1000.00000000 2.24431986 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 2.59150% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Remaining Unpaid Class Total Interest Interest Ending Certificate/ (5) Distribution Shortfall Notational Balance --------------------------------------------------- A 1.17097520 0.00000000 936.73341630 X-1 0.55281949 0.00000000 798.57165658 X-2 0.42158182 0.00000000 936.73341630 X-B 0.55791405 0.00000000 1000.00000000 B-1 1.52499947 0.00000000 1000.00000000 B-2 1.94166582 0.00000000 1000.00000000 B-3 2.24432063 0.00000000 1000.00000000 B-4 2.24432138 0.00000000 1000.00000000 B-5 2.24432231 0.00000000 1000.00000000 B-6 2.24431986 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 13,070,186.68 Liquidations, Insurance Proceeds, Reserve Funds 22.68 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 13,072.72 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 13,083,282.08 Withdrawals Reimbursement for Servicer Advances 24,649.92 Payment of Service Fee 192,641.55 Payment of Interest and Principal 12,865,990.61 ------------- Total Withdrawals (Pool Distribution Amount) 13,083,282.08 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 187,654.18 Master Servicing Fee 4,987.37 Supported Prepayment/Curtailment Interest Shortfall 0.00 ----------- Net Servicing Fee 192,641.552 ===========
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance ------------ --------- ----------- -------- -------- Class X-1 Sub Account 4,500.00 10.20 10.20 4,500.00 Class X-2 Sub Account 4,500.00 10.20 10.20 4,500.00 Class X-B Sub Account 1,000.00 2.28 2.28 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 30 Days 18 5,640,132.29 0-29 Days 0 0.00 0-29 Days 0 0.00 60 Days 0 0.00 30 Days 0 0.00 30 Days 0 0.00 90 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00 120 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 150 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 180+ Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 ----------------------- --------------------- --------------------- 18 5,640,132.29 0 0.00 0 0.00 No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance 30 Days 0.059447% 0.960907% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% --------------------- -------------------- -------------------- 1.059447% 0.960907% 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 18 5,640,132.29 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 18 5,640,132.29 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 1.059447% 0.960907% 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% 1.059447% 0.960907%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 24,649.92
Original $ Original % Current $ Current % Current Class % Prepayment % ------------- ----------- ------------- ----------- --------------- ------------ Class A 23,748,468.00 3.79976359% 23,748,468.00 4.04601521% 95.953985% 0.000000% Class X-1 23,748,468.00 3.79976359% 23,748,468.00 4.04601521% 0.000000% 0.000000% Class X-2 23,748,468.00 3.79976359% 23,748,468.00 4.04601521% 0.000000% 0.000000% Class B-1 14,373,468.00 2.29976015% 14,373,468.00 2.44880091% 1.597214% 39.476231% Class B-2 8,436,468.00 1.34983797% 8,436,468.00 1.43731704% 1.011484% 24.999507% Class B-3 4,999,468.00 0.79991671% 4,999,468.00 0.85175699% 0.585560% 14.472513% Class B-4 3,437,468.00 0.54999614% 3,437,468.00 0.58563979% 0.266117% 6.577266% Class B-5 2,500,468.00 0.40007580% 2,500,468.00 0.42600354% 0.159636% 3.945518% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.426004% 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 3.079446% Weighted Average Net Coupon 2.703186% Weighted Average Pass-Through Rate 2.693186% Weighted Average Maturity (Stepdown Calculation) 329 Beginning Scheduled Collateral Loan Count 1,730 Number of Loans Paid in Full 31 Ending Scheduled Collateral Loan Count 1,699 Beginning Scheduled Collateral Balance 598,482,216.50 Ending Scheduled Collateral Balance 586,959,434.98 Ending Actual Collateral Balance at 30-June-2004 586,959,446.64 Monthly P&I Constant 1,535.389.24 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 12,821,209.26 Ending Scheduled Balance for Premium Loans 586,959,434.98 Scheduled Principal (438.74) Unscheduled Principal 11,523.220.26
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 92,622,220.81 Six-Month Libor Loan Balance 494,061,214.17 Prorata Senior Percentage 96.031884% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%