EX-10.1 2 f00740dexv10w1.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 2004-3 RECORD DATE: JUNE 30, 2004 DISTRIBUTION DATE: JULY 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass- Certificate Interest Principal Class CUSIP Description Through Rate Balance Distribution Distribution ------------------------------------------------------------------------------------------- A 81744FAZ0 SEN 1.40000% 863,937,285.43 1,007,926.84 15,255,138.54 M-1 81744FBA4 SUB 1.78000% 13,800,000.00 20,470.00 0.00 M-2 81744FBB2 SUB 2.18000% 9,200,000.00 16,713.33 0.00 M-3 81744FBC0 SUB 2.76584% 2,300,000.00 5,301.19 0.00 X 81744FBD8 IO 0.00000% 0.00 12.93 0.00 R 81744FBE6 RES 0.00000% 0.00 0.00 0.00 ------------------------------------------------------------------------------------------- Totals 889,237,285.43 1,050,424.29 15,255,138.54 ------------------------------------------------------------------------------------------- Ending Current Certificate Total Cumulative Class Realized Loss Balance Distribution Realized Loss --------------------------------------------------------------------- A 0.00 848,682,146.89 16,263,065.38 0.00 M-1 0.00 13,800,000.00 20,470.00 0.00 M-2 0.00 9,200,000.00 16,713.33 0.00 M-3 0.00 2,300,000.00 5,301.19 0.00 X 0.00 0.00 12.93 0.00 R 0.00 0.00 0.00 0.00 --------------------------------------------------------------------- Totals 0.00 873,982,146.89 16,305,562.83 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 894,673,000.00 863,937,285.43 0.00 15,255,138.54 0.00 0.00 M-1 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00 M-2 9,200,000.00 9,200,000.00 0.00 0.00 0.00 0.00 M-3 2,300,000.00 2,300,000.00 0.00 0.00 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 ------------------------------------------------------------------------------------------ Totals 919,973,000.00 889,237,285.43 0.00 15,255,138.54 0.00 0.00 ------------------------------------------------------------------------------------------ Total Ending Ending Principal Certificate Certificate Total Principal Class Reduction Balance Percentage Distribution --------------------------------------------------------------------- A 15,255,138.54 848,682,146.89 0.94859479 15,255,138.54 M-1 0.00 13,800,000.00 1.00000000 0.00 M-2 0.00 9,200,000.00 1.00000000 0.00 M-3 0.00 2,300,000.00 1.00000000 0.00 X 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 --------------------------------------------------------------------- Totals 15,255,138.54 873,982,146.89 0.95000848 15,255,138.54 ---------------------------------------------------------------------
(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 894,673,000.00 965.64586774 0.00000000 17.05107737 0.00000000 0.00000000 M-1 13,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-2 9,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-3 2,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Ending Total Principal Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution -------------------------------------------------------------------------- A 17.05107737 948.59479038 0.94859479 17.05107737 M-1 0.00000000 1000.00000000 1.00000000 0.00000000 M-2 0.00000000 1000.00000000 1.00000000 0.00000000 M-3 0.00000000 1000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 0.00000000 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- Current Certificate/ Current Unpaid Current Supported Original Face Certificate Notional Accrued Interest Interest Interest Realized Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (4) ------------------------------------------------------------------------------------------------------------- A 894,673,000.00 1.40000% 863,937,285.43 1,007,926.83 0.00 0.00 (0.01) 0.00 M-1 13,800,000.00 1.78000% 13,800,000.00 20,470.00 0.00 0.00 0.00 0.00 M-2 9,200,000.00 2.18000% 9,200,000.00 16,713.33 0.00 0.00 0.00 0.00 M-3 2,300,000.00 2.76584% 2,300,000.00 5,301.19 0.00 0.00 0.00 0.00 X 0.00 0.00000% 892,689,618.51 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 ------------------------------------------------------------------------------------------------------------- Totals 919,973,000.00 1,050,411.35 0.00 0.00 (0.01) 0.00 ------------------------------------------------------------------------------------------------------------- Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance ------------------------------------------------- A 1,007,926.84 0.00 848,682,146.89 M-1 20,470.00 0.00 13,800,000.00 M-2 16,713.33 0.00 9,200,000.00 M-3 5,301.19 0.00 2,300,000.00 X 12.93 0.00 878,441,598.52 R 0.00 0.00 0.00 ------------------------------------------------- Totals 1,050,424.29 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 Current Unpaid Current Supported Original Face Certificate Certificate/ Accrued Interest Interest Interest Realized Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) ---------------------------------------------------------------------------------------------------------------------- A 894,673,000.00 1.40000% 965.64586774 1.12658684 0.00000000 0.00000000 (0.00000001) 0.00000000 M-1 13,800,000.00 1.78000% 1000.00000000 1.48333333 0.00000000 0.00000000 0.00000000 0.00000000 M-2 9,200,000.00 2.18000% 1000.00000000 1.81666630 0.00000000 0.00000000 0.00000000 0.00000000 M-3 2,300,000.00 2.76584% 1000.00000000 2.30486522 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000% 970.34265363 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class (5) Distribution Shortfall Balance ---------------------------------------------------- A 1.12658685 0.00000000 948.59479038 M-1 1.48333333 0.00000000 1000.00000000 M-2 1.81666630 0.00000000 1000.00000000 M-3 2.30486522 0.00000000 1000.00000000 X 0.14050009 0.00000000 954.85523086 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 16,610,408.86 Liquidations, Insurance Proceeds, Reserve Funds 12.93 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 19,400.44 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 16,629,822.23 Withdrawals Reimbursement for Servicer Advances 40,306.92 Payment of Service Fee 283,952.48 Payment of Interest and Principal 16,305,562.83 ------------- Total Withdrawals (Pool Distribution Amount) 16,629,822.23 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 279,117.07 Master Servicing Fee 4,835.41 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 283,952.48 ==========
OTHER ACCOUNTS
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance ------------ ------- ----------- -------- ------- Reserve Fund 10,000.00 12.93 12.93 10,000.00
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 22 7,982,478.48 30 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 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 ------------------------ ------------------- ------------------- 22 7,982,478.48 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 0.811509% 0.908708% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 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% ---------------------- ------------------- ------------------- 0.811509% 0.908708% 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 22 7,982,478.48 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 22 7,982,478.48 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 0.811509% 0.908708% 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% 0.811509% 0.908708%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 19,400.44
COLLATERAL STATEMENT
Collateral Description Mixed Arm Weighted Average Gross Coupon 3.147543% Weighted Average Net Coupon 2.772339% Weighted Average Pass-Through Rate 2.765839% Weighted Average Maturity (Stepdown Calculation) 342 Beginning Scheduled Collateral Loan Count 2,746 Number of Loans Paid in Full 35 Ending Scheduled Collateral Loan Count 2,711 Beginning Scheduled Collateral Balance 892,689,618.51 Ending Scheduled Collateral Balance 878,441,598.52 Ending Actual Collateral Balance at 30-June-2004 878,442,632.07 Monthly P&I Constant 2,341,482.37 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 878,441,598.52 Scheduled Principal 0.00 Unscheduled Principal 14,248,019.99 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 1,007,118.56 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 4,599,867.97 Overcollateralization Amount 4,459,451.63 Overcollateralized Deficiency Amount 1,147,534.90 Base Overcollateralization Amount 0.00 Extra Principal Distribution Amount 1,007,118.56 Excess Cash Amount 1,007,118.56
MISCELLANEOUS REPORTING Applied Loss Amount 0.00 1 Month LIBOR Loan Balance 86,163,965.80 6 Month LIBOR Loan Balance 792,277,632.72 M-1 Target Amount 847,696,142.57 M-2 Target Amount 865,264,974.54 M-3 Target Amount 869,657,182.53 Senior Target Amount 821,342,894.62 Step Down Date Reached? No Trigger Event? No