EX-10.1 2 f07709dexv10w1.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 2004-2 RECORD DATE: FEBRUARY 28, 2005 DISTRIBUTION DATE: MARCH 21, 2005 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Principal Class CUSIP Description Through Rate Balance Distribution Distribution ------- --------- ----------- ----------------- -------------- ------------ ------------- A 81744FAN7 SEN 3.35000% 536,451,907.89 1,497,594.91 17,228,135.60 X-1 81744FAP2 IO 0.75019% 0.00 284,665.83 0.00 X-2 81744FAQ0 IO 0.15306% 0.00 50,700.28 0.00 X-B 81744FAR8 IO 0.82093% 0.00 12,690.13 0.00 B-1 81744FAT4 SUB 3.09813% 11,550,000.00 29,819.50 0.00 B-2 81744FAU1 SUB 3.57813% 7,000,000.00 20,872.43 0.00 B-3 81744FAV9 SUB 4.10019% 3,150,000.00 10,762.99 0.00 B-4 81744FAW7 SUB 4.10019% 1,750,000.00 5,979.44 0.00 B-5 81744FAX5 SUB 4.10019% 1,400,000.00 4,783.55 0.00 B-6 81744FAY6 SUB 4.10019% 3,150,069.00 10,763.23 0.00 A-R 81744FAS6 RES 2.66430% 0.00 0.00 0.00 -------------- ------------ ------------- Totals 564,451,976.89 1,928,632.29 17,228,135.60 -------------- ------------ ------------- Current Ending Certificate Total Cumulative Class Realized Loss Balance Distribution Realized Loss ------- ------------- ------------------ ------------- ------------- A 0.00 519,223,722.29 18,725,730.51 0.00 X-1 0.00 0.00 284,665.83 0.00 X-2 0.00 0.00 50,700.28 0.00 X-B 0.00 0.00 12,690.13 0.00 B-1 0.00 11,550,000.00 29,819.50 0.00 B-2 0.00 7,000,000.00 20,872.43 0.00 B-3 0.00 3,150,000.00 10,762.99 0.00 B-4 0.00 1,750,000.00 5,979.44 0.00 B-5 0.00 1,400,000.00 4,783.55 0.00 B-6 0.00 3,150,069.00 10,763.23 0.00 A-R 0.00 0.00 0.00 0.00 ---- -------------- ------------- ---- Totals 0.00 547,223,841.29 19,156,767.89 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 671,998,000.00 536,451,907.89 0.00 17,228,135.60 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 11,550,000.00 11,550,000.00 0.00 0.00 0.00 0.00 B-2 7,000,000.00 7,000,000.00 0.00 0.00 0.00 0.00 B-3 3,150,000.00 3,150,000.00 0.00 0.00 0.00 0.00 B-4 1,750,000.00 1,750,000.00 0.00 0.00 0.00 0.00 B-5 1,400,000.00 1,400,000.00 0.00 0.00 0.00 0.00 B-6 3,150,069.00 3,150,069.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 -------------- -------------- ---- ------------- ---- ---- Totals 699,998,169.00 564,451,976.89 0.00 17,228,135.60 0.00 0.00 -------------- -------------- ---- ------------- ---- ---- Total Principal Ending Certificate Ending Certificate Total Principal Class Reduction Balance Percentage Distribution ------- --------------- ------------------ ------------------ --------------- A 17,228,135.60 519,223,772.29 0.77265672 17,228,135.60 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 11,550,000.00 1.00000000 0.00 B-2 0.00 7,000,000.00 1.00000000 0.00 B-3 0.00 3,150,000.00 1.00000000 0.00 B-4 0.00 1,750,000.00 1.00000000 0.00 B-5 0.00 1,400,000.00 1.00000000 0.00 B-6 0.00 3,150,069.00 1.00000000 0.00 A-R 0.00 0.00 0.00000000 0.00 -------------- -------------- ---------- ------------- Totals 17,228,135.60 547,223,841.29 0.78175039 17,228,135.60 -------------- -------------- ---------- -------------
(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 Original Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (3) ----- -------------- -------------- ------------ ------------ ---------- ---------- A 671,998,000.00 798.29390557 0.00000000 25.63718285 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 11,550,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-2 7,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-6 3,150,069.00 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 25.63718285 772.65672262 0.77265672 25.63718285 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 671,998,000.00 3.35000% 536,451,907.89 1,497,594.91 0.00 0.00 0.00 0.00 X-1 0.00 0.75019% 426,998,740.85 266,940.81 0.00 0.00 0.00 0.00 X-2 0.00 0.15306% 536,451,907.89 68,425.30 0.00 0.00 0.00 0.00 X-B 0.00 0.82093% 18,550,000.00 12,690.13 0.00 0.00 0.00 0.00 B-1 11,550,000.00 3.09813% 11,550,000.00 29,819.50 0.00 0.00 0.00 0.00 B-2 7,000,000.00 3.57813% 7,000,000.00 20,872.42 0.00 0.00 0.00 0.00 B-3 3,150,000.00 4.10019% 3,150,000.00 10,762.99 0.00 0.00 0.00 0.00 B-4 1,750,000.00 4.10019% 1,750,000.00 5,979.44 0.00 0.00 0.00 0.00 B-5 1,400,000.00 4.10019% 1,400,000.00 4,783.55 0.00 0.00 0.00 0.00 B-6 3,150,069.00 4.10019% 3,150,069.00 10,763.23 0.00 0.00 0.00 0.00 A-R 100.00 2.66430% 0.00 0.00 0.00 0.00 0.00 0.00 -------------- ------------ ---- ---- ---- ---- Totals 699,998,169.00 1,928,632.28 0.00 0.00 0.00 0.00 -------------- ------------ ---- ---- ---- ---- Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance ------ -------------- --------- -------------- A 1,497,594.91 0.00 519,223,772.29 X-1 284,665.83 0.00 410,954,634.60 X-2 50,700.28 0.00 519,223,772.29 X-B 12,690.13 0.00 18,550,000.00 B-1 29,819.50 0.00 11,550,000.00 B-2 20,872.43 0.00 7,000,000.00 B-3 10,762.99 0.00 3,150,000.00 B-4 5,979.44 0.00 1,750,000.00 B-5 4,783.55 0.00 1,400,000.00 B-6 10,763.23 0.00 3,150,069.00 A-R 0.00 0.00 0.00 ------------ ---- Totals 1,928,632.29 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 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 671,998,000.00 3.35000% 798.29390547 2.22857049 0.00000000 0.00000000 0.00000000 0.00000000 X-1 0.00 0.75019% 635.41668405 0.39723453 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.15306% 798.29390547 0.10182367 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.82093% 1000.00000000 0.68410404 0.00000000 0.00000000 0.00000000 0.00000000 B-1 11,550,000.00 3.09813% 1000.00000000 2.58177489 0.00000000 0.00000000 0.00000000 0.00000000 B-2 7,000,000.00 3.57813% 1000.00000000 2.98177429 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,150,000.00 4.10019% 1000.00000000 3.41682222 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,750,000.00 4.10019% 1000.00000000 3.41682286 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,400,000.00 4.10019% 1000.00000000 3.41682143 0.00000000 0.00000000 0.00000000 0.00000000 B-6 3,150,069.00 4.10019% 1000.00000000 3.41682357 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 2.66430% 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 2.22857049 0.00000000 772.65672262 X-1 0.42361113 0.00000000 611.54145489 X-2 0.07544707 0.00000000 772.65672262 X-B 0.68410404 0.00000000 1000.00000000 B-1 2.58177489 0.00000000 1000.00000000 B-2 2.98177571 0.00000000 1000.00000000 B-3 3.41682222 0.00000000 1000.00000000 B-4 3.41682286 0.00000000 1000.00000000 B-5 3.41682143 0.00000000 1000.00000000 B-6 3.41682357 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 19,326,955.02 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 46,590.92 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 19,373,545.94 Withdrawals Reimbursement for Servicer Advances 35,249.16 Payment of Service Fee 181,528.89 Payment of Interest and Principal 19,156,767.89 ------------- Total Withdrawals (Pool Distribution Amount) 19,373,545.94 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 177,060.33 Master Servicing Fee 4,468.56 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 181,528.89 ==========
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 17,725.02 17,725.02 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 33 12,931,710.93 60 Days 2 465,697.58 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 --------- -------- ------------- 35 13,397,408.51 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 1.990350% 2.363108% 60 Days 0.120627% 0.085100% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% --------- -------- ------------- 2.110977% 2.448209%
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 33 12,931,710.93 60 Days 2 465,697.58 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------- 35 13,397,408.51 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 1.990350% 2.363108% 60 Days 0.120627% 0.085100% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------- 2.110977% 2.448209%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 46,590.92
Original $ Original % Current $ Current % Current Class % Prepayment % ------------- ---------- ------------- ---------- --------------- ------------ Class A 28,000,069.00 4.00002032% 28,000,069.00 5.11674874% 94.883251% 0.000000% Class X-1 28,000,069.00 4.00002032% 28,000,069.00 5.11674874% 0.000000% 0.000000% Class X-2 28,000,069.00 4.00002032% 28,000,069.00 5.11674874% 0.000000% 0.000000% Class B-1 16,450,069.00 2.35001600% 16,450,069.00 3.00609509% 2.110654% 41.249898% Class B-2 9,450,069.00 1.35001339% 9,450,069.00 1.72691105% 1.279184% 24.999938% Class B-3 6,300,069.00 0.90001221% 6,300,069.00 1.15127824% 0.575633% 11.249972% Class B-4 4,550,069.00 0.65001156% 4,550,069.00 0.83148223% 0.319796% 6.249985% Class B-5 3,150,069.00 0.45001103% 3,150,069.00 0.57564542% 0.255837% 4.999988% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.575645% 11.250219%
Please refer to the prospectus supplement for a full description of loss exposure COLLATERAL STATEMENT Collateral Description Mixed Arm Weighted Average Gross Coupon 4.486110% Weighted Average Net Coupon 4.109687% Weighted Average Pass-Through Rate 4.100187% Weighted Average Maturity (Stepdown Calculation) 332 Beginning Scheduled Collateral Loan Count 1,702 Number of Loans Paid in Full 44 Ending Scheduled Collateral Loan Count 1,658 Beginning Scheduled Collateral Balance 564,451,976.89 Ending Scheduled Collateral Balance 547,223,841.29 Ending Actual Collateral Balance at 28-Feb-2005 547,233,098.94 Monthly P&I Constant 2,110,161.20 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 19,073,786.75 Ending Scheduled Balance for Premium Loans 547,223,841.29 Scheduled Principal 0.00 Unscheduled Principal 17,228,135.60
MISCELLANEOUS REPORTING One-Month Libor Loan Balance 62,722,673.42 Six-Month Libor Loan Balance 484,501,167.87 Prorata Senior Percentage 95.039424% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%