<PAGE>

                                  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 30, 2004
                      DISTRIBUTION DATE: FEBRUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                    Certificate                      Beginning
                       Class     Certificate Pass-  Certificate       Interest      Principal
 Class     CUSIP    Description     Through Rate      Balance       Distribution  Distribution
----------------------------------------------------------------------------------------------
<S>      <C>        <C>          <C>               <C>              <C>           <C>
   A     81744FAA5      SEN           1.47000%     601,250,000.00    540,122.91   1,851,472.21
  X-1    81744FAB3       IO           0.80000%               0.00    400,833.33           0.00
  X-2    81744FAC1       IO           0.78892%               0.00    395,280.70           0.00
  X-B    81744FAD9       IO           1.31475%               0.00     16,776.19           0.00
  B-1    81744FAG2      SUB           1.65000%       9,375,000.00      9,453.12           0.00
  B-2    81744FAH0      SUB           2.15000%       5,937,000.00      7,800.56           0.00
  B-3    81744FAJ6      SUB           2.66692%       3,437,000.00      7,638.50           0.00
  B-4    81744FAK3      SUB           2.66692%       1,562,000.00      3,471.44           0.00
  B-5    81744FAL1      SUB           2.66692%         937,000.00      2,082.42           0.00
  B-6    81744FAM9      SUB           2.66692%       2,500,468.00      5,557.12           0.00
  A-R    81744FAF4      RES           2.66692%             100.00          0.22         100.00
----------------------------------------------------------------------------------------------
Totals                                             624,998,568.00  1,389,016.51   1,851,572.21
----------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

                       Current     Ending Certificate     Total       Cumulative
 Class     CUSIP    Realized Loss        Balance       Distribution  Realized Loss
----------------------------------------------------------------------------------
<S>      <C>        <C>            <C>                 <C>           <C>
   A     81744FAA5      0.00         599,398,527.79    2,391,595.12      0.00
  X-1    81744FAB3      0.00                   0.00      400,833.33      0.00
  X-2    81744FAC1      0.00                   0.00      395,280.70      0.00
  X-B    81744FAD9      0.00                   0.00       16,776.19      0.00
  B-1    81744FAG2      0.00           9,375,000.00        9,453.12      0.00
  B-2    81744FAH0      0.00           5,937,000.00        7,800.56      0.00
  B-3    81744FAJ6      0.00           3,437,000.00        7,638.50      0.00
  B-4    81744FAK3      0.00           1,562,000.00        3,471.44      0.00
  B-5    81744FAL1      0.00             937,000.00        2,082.42      0.00
  B-6    81744FAM9      0.00           2,500,468.00        5,557.12      0.00
  A-R    81744FAF4      0.00                   0.00          100.22      0.00
----------------------------------------------------------------------------------
Totals                  0.00         623,146,995.79    3,240,588.72      0.00
----------------------------------------------------------------------------------
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                   Beginning         Scheduled     Unscheduled
             Original Face        Certificate        Principal      Principal                     Realized
Class            Amount             Balance        Distribution    Distribution     Accretion     Loss (1)
----------------------------------------------------------------------------------------------------------
<S>          <C>                <C>                <C>             <C>              <C>           <C>
   A         601,250,000.00     601,250,000.00       1,946.06      1,849,526.15        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             100.00           0.11             99.89        0.00         0.00
             ---------------------------------------------------------------------------------------------
Totals       624,998,568.00     624,998,568.00       1,946.17      1,849,626.04        0.00         0.00
----------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

         Total Principal  Ending Certificate    Ending Certificate  Total Principal
Class      Reduction            Balance             Percentage       Distribution
-----------------------------------------------------------------------------------
<S>      <C>              <C>                   <C>                 <C>
   A      1,851,472.21      599,398,527.79          0.99692063       1,851,472.21
  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           100.00                0.00          0.00000000             100.00
         ------------------------------------------------------------------------
Totals    1,851,572.21      623,146,995.79          0.99703748       1,851,572.21
---------------------------------------------------------------------------------
</TABLE>

(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.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning     Scheduled    Unscheduled
        Original Face    Certificate    Principal      Principal                Realized
Class      Amount          Balance     Distribution  Distribution   Accretion   Loss (3)
-----------------------------------------------------------------------------------------
<S>     <C>             <C>            <C>           <C>           <C>         <C>
  A     601,250,000.00  1000.00000000   0.00323669     3.07613497  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  1000.00000000   1.10000000   998.90000000  0.00000000  0.00000000
</TABLE>

<TABLE>
<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction           Balance           Percentage       Distribution
--------------------------------------------------------------------------------
<S>     <C>              <C>                 <C>                 <C>
  A         3.07937166       996.92062834        0.99692063          3.07937166
 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     1000.00000000         0.00000000        0.00000000       1000.00000000
</TABLE>

(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

<TABLE>
<CAPTION>
                                                Beginning                    Payment of
                                              Certificate/       Current      Unpaid      Current
           Original Face       Current          Notional         Accrued     Interest    Interest
 Class        Amount      Certificate Rate      Balance         Interest     Shortfall   Shortfall
--------------------------------------------------------------------------------------------------
<S>       <C>             <C>                <C>              <C>            <C>         <C>
   A      601,250,000.00      1.47000%       601,250,000.00     540,122.92      0.00        0.00
  X-1               0.00      0.80000%       601,250,000.00     400,833.33      0.00        0.00
  X-2               0.00      0.78892%       601,250,000.00     395,280.70      0.00        0.00
  X-B               0.00      1.31475%        15,312,000.00      16,776.19      0.00        0.00
  B-1       9,375,000.00      1.65000%         9,375,000.00       9,453.13      0.00        0.00
  B-2       5,937,000.00      2.15000%         5,937,000.00       7,800.56      0.00        0.00
  B-3       3,437,000.00      2.66692%         3,437,000.00       7,638.50      0.00        0.00
  B-4       1,562,000.00      2.66692%         1,562,000.00       3,471.44      0.00        0.00
  B-5         937,000.00      2.66692%           937,000.00       2,082.42      0.00        0.00
  B-6       2,500,468.00      2.66692%         2,500,468.00       5,557.12      0.00        0.00
  A-R             100.00      2.66692%               100.00           0.22      0.00        0.00
--------------------------------------------------------------------------------------------------
Totals    624,998,568.00                                      1,389,016.53      0.00        0.00
--------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
             Non-                              Remaining      Ending
          Supported                              Unpaid    Certificate/
           Interest  Realized  Total Interest   Interest    Notational
 Class    Shortfall  Loss (4)   Distribution   Shortfall     Balance
------------------------------------------------------------------------
<S>       <C>        <C>       <C>             <C>        <C>
   A         0.00      0.00       540,122.91      0.00    599,398,527.79
  X-1        0.00      0.00       400,833.33      0.00    579,211,434.73
  X-2        0.00      0.00       395,280.70      0.00    599,398,527.79
  X-B        0.00      0.00        16,776.19      0.00     15,312,000.00
  B-1        0.00      0.00         9,453.12      0.00      9,375,000.00
  B-2        0.00      0.00         7,800.56      0.00      5,937,000.00
  B-3        0.00      0.00         7,638.50      0.00      3,437,000.00
  B-4        0.00      0.00         3,471.44      0.00      1,562,000.00
  B-5        0.00      0.00         2,082.42      0.00        937,000.00
  B-6        0.00      0.00         5,557.12      0.00      2,500,468.00
  A-R        0.00      0.00             0.22      0.00              0.00
------------------------------------------------------------------------
Totals       0.00      0.00     1,389,016.51      0.00
------------------------------------------------------------------------
</TABLE>

(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.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                               Payment of                    Non-
                              Current        Beginning                           Unpaid      Current       Supported
             Original Face  Certificate    Certificate/      Current Accrued    Interest     Interest      Interest       Realized
 Class (5)      Amount          Rate     Notional Balance        Interest      Shortfall    Shortfall     Shortfall       Loss (6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>          <C>                 <C>               <C>          <C>           <C>            <C>
   A        601,250,000.00    1.47000%     1000.00000000        0.89833334     0.00000000   0.00000000    0.00000000     0.00000000
  X-1                 0.00    0.80000%     1000.00000000        0.66666666     0.00000000   0.00000000    0.00000000     0.00000000
  X-2                 0.00    0.78892%     1000.00000000        0.65743152     0.00000000   0.00000000    0.00000000     0.00000000
  X-B                 0.00    1.31475%     1000.00000000        1.09562369     0.00000000   0.00000000    0.00000000     0.00000000
  B-1         9,375,000.00    1.65000%     1000.00000000        1.00833387     0.00000000   0.00000000    0.00000000     0.00000000
  B-2         5,937,000.00    2.15000%     1000.00000000        1.31388917     0.00000000   0.00000000    0.00000000     0.00000000
  B-3         3,437,000.00    2.66692%     1000.00000000        2.22243235     0.00000000   0.00000000    0.00000000     0.00000000
  B-4         1,562,000.00    2.66692%     1000.00000000        2.22243278     0.00000000   0.00000000    0.00000000     0.00000000
  B-5           937,000.00    2.66692%     1000.00000000        2.22243330     0.00000000   0.00000000    0.00000000     0.00000000
  B-6         2,500,468.00    2.66692%     1000.00000000        2.22243196     0.00000000   0.00000000    0.00000000     0.00000000
  A-R               100.00    2.66692%     1000.00000000        2.20000000     0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                             Remaining
                              Unpaid
            Total Interest   Interest      Ending Certificate/
 Class (5)   Distribution    Shortfall     Notational Balance
--------------------------------------------------------------
<S>         <C>             <C>            <C>
   A          0.89833332    0.00000000         996.92062834
  X-1         0.66666666    0.00000000         963.34542159
  X-2         0.65743152    0.00000000         996.92062834
  X-B         1.09562369    0.00000000        1000.00000000
  B-1         1.00833280    0.00000000        1000.00000000
  B-2         1.31388917    0.00000000        1000.00000000
  B-3         2.22243235    0.00000000        1000.00000000
  B-4         2.22243278    0.00000000        1000.00000000
  B-5         2.22243330    0.00000000        1000.00000000
  B-6         2.22243196    0.00000000        1000.00000000
  A-R         2.20000000    0.00000000           0.00000000
</TABLE>

(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

<TABLE>
<CAPTION>
<S>                                                                           <C>
Beginning Balance                                                                     0.00

Deposits
         Payments of Interest and Principal                                   3,440,782.40
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                          955.73
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                3,441,738.13

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 201,149.41
         Payment of Interest and Principal                                    3,240,588.72
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  3,441,738.13

Ending Balance                                                                        0.00
                                                                              ============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    195,941.08
Master Servicing Fee                                                     5,208.33
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      201,149.41
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning          Current          Current       Ending
     Account Type                      Balance         Withdrawals       Deposits       Balance
-----------------------------------------------------------------------------------------------
<S>                                   <C>              <C>               <C>           <C>
Class X-1 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-2 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-B Sub Account                 1,000.00            0.00             0.00        1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
--------------------------------------------------------------------------------------------------------------
                No. of       Principal                No. of    Principal                 No. of    Principal
                 Loans        Balance                  Loans     Balance                  Loans      Balance
<S>            <C>          <C>          <C>         <C>        <C>           <C>        <C>        <C>
0-29 Days          0              0.00   0-29 Days       0           0.00     0-29 Days      0           0.00
30 Days            1        398,916.67   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
               -----------------------               --------------------                --------------------
                   1        398,916.67                   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        0.056022%      0.064016%  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%
               -----------------------               --------------------                --------------------
               0.056022%      0.064016%              0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
               REO                                TOTAL
------------------------------------------------------------------------
              No. of     Principal                No. of     Principal
              Loans       Balance                 Loans       Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days        0           0.00    0-29 Days       0              0.00
30 Days          0           0.00    30 Days         1        398,916.67
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                    1        398,916.67

              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     0.056022%      0.064016%
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%               0.056022%      0.064016%
</TABLE>

<TABLE>
<S>                                         <C>   <C>                                           <C>   <C>               <C>
Current Period Class A Insufficient Funds:  0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  955.73
</TABLE>

<TABLE>
<CAPTION>
                Original $      Original%       Current $     Current %     Current Class %    Prepayment %
              -------------     ----------    -------------   ----------    ---------------    ------------
<S>           <C>               <C>           <C>             <C>           <C>                <C>
Class A       23,748,468.00     3.79976359%   23,748,468.00   3.81105392%      96.188946%        0.000000%
Class X-1     23,748,468.00     3.79976359%   23,748,468.00   3.81105392%       0.000000%        0.000000%
Class X-2     23,748,468.00     3.79976359%   23,748,468.00   3.81105392%       0.000000%        0.000000%
Class B-1     14,373,468.00     2.29976015%   14,373,468.00   2.30659348%       1.504460%       39.476231%
Class B-2      8,436,468.00     1.34983797%    8,436,468.00   1.35384878%       0.952745%       24.999507%
Class B-3      4,999,468.00     0.79991671%    4,999,468.00   0.80229352%       0.551555%       14.472513%
Class B-4      3,437,468.00     0.54999614%    3,437,468.00   0.55163036%       0.250663%        6.577266%
Class B-5      2,500,468.00     0.40007580%    2,500,468.00   0.40126455%       0.150366%        3.945518%
Class B-6              0.00     0.00000000%            0.00   0.00000000%       0.401265%       10.528965%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                       Mixed Arm
<S>                                                        <C>
Weighted Average Gross Coupon                                    3.053126%
Weighted Average Net Coupon                                      2.676918%
Weighted Average Pass-Through Rate                               2.666918%
Weighted Average Maturity (Stepdown Calculation)                      334

Beginning Scheduled Collateral Loan Count                           1,786
Number of Loans Paid in Full                                            1
Ending Scheduled Collateral Loan Count                              1,785

Beginning Scheduled Collateral Balance                     624,998,568.00
Ending Scheduled Collateral Balance                        623,146,996.22
Ending Actual Collateral Balance at 30-Jan-2004            623,150,078.10

Monthly P&I Constant                                         1,592,112.09
Special Servicing Fee                                                0.00
Prepayment Penalties                                                 0.00
Realization Loss Amount                                              0.00
Cumulative Realized Loss                                             0.00

Class A Optimal Amount                                       3,204,585.57

Ending Scheduled Balance for Premium Loans                 623,146,996.22

Scheduled Principal                                              1,946.17
Unscheduled Principal                                        1,849,626.04
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                        <C>
One-Month Libor Loan Balance                                94,428,981.25
Six-Month Libor Loan Balance                               528,442,014.97
Prorata Senior Percentage                                       96.200236%
Senior Percentage                                              100.000000%
Senior Prepayment Percentage                                   100.000000%
Subordinate Percentage                                           0.000000%
Subordinate Prepayment Percentage                                0.000000%
</TABLE>