<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 2004-3
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate                          Beginning
                        Class      Certificate Pass-     Certificate      Interest
Class      CUSIP     Description      Through Rate         Balance      Distribution
------   ---------   -----------   -----------------   --------------   ------------
<S>      <C>         <C>           <C>                 <C>              <C>
   A     81744FAZ0       SEN            2.33000%       761,946,542.79   1,479,446.21
  M-1    81744FBA4       SUB            2.91000%        13,800,000.00      33,465.00
  M-2    81744FBB2       SUB            3.31000%         9,200,000.00      23,376.67
  M-3    81744FBC0       SUB            3.47875%         2,300,000.00       6,667.61
   X     81744FBD8        IO            0.00000%                 0.00     750,635.96
   R     81744FBE6       RES            0.00000%                 0.00           0.00
                                                       --------------   ------------
Totals                                                 787,246,542.79   2,295,591.45
                                                       ==============   ============
</TABLE>

<TABLE>
<CAPTION>
  Principal        Current      Ending Certificate       Total        Cumulative
 Distribution   Realized Loss         Balance         Distribution   Realized Loss
-------------   -------------   ------------------   -------------   -------------
<S>             <C>             <C>                  <C>             <C>
24,292,230.57        0.00         737,654,312.22     25,771,676.78        0.00
         0.00        0.00          13,800,000.00         33,465.00        0.00
         0.00        0.00           9,200,000.00         25,376.67        0.00
         0.00        0.00           2,300,000.00          6,667.61        0.00
         0.00        0.00                   0.00        750,635.96        0.00
         0.00        0.00                   0.00              0.00        0.00
-------------        ----         --------------     -------------        ----
24,292,230.57        0.00         762,954,312.22     26,587,822.02        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
Class         Amount          Balance      Distribution    Distribution   Accretion
------   --------------   --------------   ------------   -------------   ---------
<S>      <C>              <C>              <C>            <C>             <C>
   A     894,673,000.00   761,946,542.79       0.00       24,292,230.57      0.00
  M-1     13,800,000.00    13,800,000.00       0.00                0.00      0.00
  M-2      9,200,000.00     9,200,000.00       0.00                0.00      0.00
  M-3      2,300,000.00     2,300,000.00       0.00                0.00      0.00
   X               0.00             0.00       0.00                0.00      0.00
   R               0.00             0.00       0.00                0.00      0.00
         --------------   --------------       ----       -------------      ----
Totals   919,973,000.00   787,246,542.79       0.00       24,292,230.57      0.00
         ==============   ==============       ====       =============      ====
</TABLE>

<TABLE>
<CAPTION>
Realized   Total Principal   Ending Certificate   Ending Certificate   Total Principal
Loss (1)      Reduction            Balance            Percentage         Distribution
--------   ---------------   ------------------   ------------------   ---------------
<S>        <C>               <C>                  <C>                  <C>
  0.00      24,292,230.57      737,654,312.22         0.82449600        24,292,230.57
  0.00               0.00       13,800,000.00         1.00000000                 0.00
  0.00               0.00        9,200,000.00         1.00000000                 0.00
  0.00               0.00        2,300,000.00         1.00000000                 0.00
  0.00               0.00                0.00         0.00000000                 0.00
  0.00               0.00                0.00         0.00000000                 0.00
  ----      -------------      --------------         ----------        -------------
  0.00      24,292,230.57      762,954,312.22         0.82932250        24,292,230.57
  ====      =============      ==============         ==========        =============
</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
Class       Amount          Balance      Distribution   Distribution    Accretion
-----   --------------   -------------   ------------   ------------   ----------
<S>     <C>              <C>             <C>            <C>            <C>
  A     894,673,000.00    851.64808013    0.00000000     27.15207743   0.00000000
 M-1     13,800,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
 M-2      9,200,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
 M-3      2,300,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
  X               0.00      0.00000000    0.00000000      0.00000000   0.00000000
  R               0.00      0.00000000    0.00000000      0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>

       Realized    Total Principal   Ending Certificate   Ending Certificate   Total Principal
Class  Loss (3)       Reduction            Balance            Percentage         Distribution
----- ----------   ---------------   ------------------   ------------------   ---------------
<S>   <C>          <C>               <C>                  <C>                  <C>
  A   0.00000000      27.15207743        824.49600270         0.82449600         27.15207743
 M-1  0.00000000       0.00000000       1000.00000000         1.00000000          0.00000000
 M-2  0.00000000       0.00000000       1000.00000000         1.00000000          0.00000000
 M-3  0.00000000       0.00000000       1000.00000000         1.00000000          0.00000000
  X   0.00000000       0.00000000          0.00000000         0.00000000          0.00000000
  R   0.00000000       0.00000000          0.00000000         0.00000000          0.00000000
</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
          Original Face        Current          Notional         Accrued      Interest
 Class       Amount       Certificate Rate       Balance        Interest     Shortfall
------   --------------   ----------------   --------------   ------------   ----------
<S>      <C>              <C>                <C>              <C>            <C>
   A     894,673,000.00       2.33000%       761,946,542.79   1,479,446.20      0.00
  M-1     13,800,000.00       2.91000%        13,800,000.00      33,465.00      0.00
  M-2      9,200,000.00       3.31000%         9,200,000.00      25,376.67      0.00
  M-3      2,300,000.00       3.47875%         2,300,000.00       6,667.61      0.00
   X               0.00       0.00000%       791,846,410.76           0.00      0.00
   R               0.00       0.00000%                 0.00           0.00      0.00
         --------------                                       ------------      ----
Totals   919,973,000.00                                       1,544,955.48      0.00
         ==============                                       ============      ====
</TABLE>

<TABLE>
<CAPTION>
               Non-                                 Remaining       Ending
 Current    Supported                                 Unpaid     Certificate/
 Interest    Interest   Realized   Total Interest    Interest     Notational
Shortfall   Shortfall   Loss (4)    Distribution    Shortfall       Balance
---------   ---------   --------   --------------   ---------   --------------
<S>         <C>         <C>        <C>              <C>         <C>
   0.00       (0.01)      0.00      1,479,446.21       0.00     737,654,312.22
   0.00        0.00       0.00         33,465.00       0.00      13,800,000.00
   0.00        0.00       0.00         25,376.67       0.00       9,200,000.00
   0.00        0.00       0.00          6,667.61       0.00       2,300,000.00
   0.00        0.00       0.00        750,635.96       0.00     767,554,180.19
   0.00        0.00       0.00              0.00       0.00               0.00
   ----       -----       ----      ------------       ----
   0.00       (0.01)      0.00      2,295,591.45       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
                           Current         Beginning        Current      Unpaid       Current
Class    Original Face   Certificate     Certificate/       Accrued     Interest     Interest
 (5)        Amount          Rate       Notional Balance    Interest     Shortfall    Shortfall
-----   --------------   -----------   ----------------   ----------   ----------   ----------
<S>     <C>              <C>           <C>                <C>          <C>          <C>
  A     894,673,000.00     2.33000%       851.64808013    1.65361668   0.00000000   0.00000000
 M-1     13,800,000.00     2.91000%      1000.00000000    2.42500000   0.00000000   0.00000000
 M-2      9,200,000.00     3.31000%      1000.00000000    2.75833370   0.00000000   0.00000000
 M-3      2,300,000.00     3.47875%      1000.00000000    2.89896087   0.00000000   0.00000000
  X               0.00     0.00000%       860.72732510    0.00000000   0.00000000   0.00000000
  R               0.00     0.00000%         0.00000000    0.00000000   0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
            Non-                                     Remaining
         Supported                                    Unpaid
Class     Interest     Realized    Total Interest    Interest    Ending Certificate/
 (5)     Shortfall     Loss (6)     Distribution     Shortfall   Notational Balance
-----   -----------   ----------   --------------   ----------   -------------------
<S>     <C>           <C>          <C>              <C>          <C>
  A     (0.00000001)  0.00000000     1.65361670     0.00000000       824.49600270
 M-1     0.00000000   0.00000000     2.42500000     0.00000000      1000.00000000
 M-2     0.00000000   0.00000000     2.75833370     0.00000000      1000.00000000
 M-3     0.00000000   0.00000000     2.89896087     0.00000000      1000.00000000
  X      0.00000000   0.00000000     0.81593207     0.00000000       834.32196876
  R      0.00000000   0.00000000     0.00000000     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>
<S>                                                            <C>
Beginning Balance                                                       0.00

Deposits
   Payments of Interest and Principal                          26,856,257.54
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                               21,141.28
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 26,877,398.82
                                                               =============

Withdrawals
   Reimbursement for Servicer Advances                             37,687.64
   Payment of Service Fee                                         251,889.16
   Payment of Interest and Principal                           26,587,822.02
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   26,877,398.82

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   (0.01)
                                                          =====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   247,599.98
Master Servicing Fee                                    4,289.18
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     251,889.16
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
               Beginning     Current      Current     Ending
Account Type    Balance    Withdrawals   Deposits    Balance
------------   ---------   -----------   --------   ---------
<S>            <C>         <C>           <C>        <C>
Reserve Fund   10,000.00      60.09        60.09    10,000.00
</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       1      124,570.47   0-29 Days       0        0.00
30 Days         24     6,496,515.04   30 Days         0            0.00   30 Days         0        0.00
60 Days          2       411,600.00   60 Days         0            0.00   60 Days         0        0.00
90 Days          1        52,392.62   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        2       375,393.54   180+ Days       0            0.00   180+ Days       0        0.00
                --     ------------                  --      ----------                  --        ----
                29     7,335,901.20                   1      124,570.47                   0        0.00
                ==     ============                  ==      ==========                  ==        ====
</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       1        124,570.47
30 Days          0        0.00     30 Days        24      6,496,515.04
60 Days          0        0.00     60 Days         2        411,600.00
90 Days          0        0.00     90 Days         1         52,392.62
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       2        375,393.54
                --        ----                   ---      ------------
                 0        0.00                    30      7,460,471.67
                ==        ====                    ==      ============
</TABLE>

<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   0.000000%    0.000000%    0-29 Days   0.041068%   0.016229%   0-29 Days   0.000000%  0.000000%
30 Days     0.985626%    0.846389%    30 Days     0.000000%   0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.082136%    0.053625%    60 Days     0.000000%   0.000000%   60 Days     0.000000%  0.000000%
90 Days     0.041068%    0.006826%    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   0.082136%    0.048908%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%  0.000000%
            --------     --------                 --------   ---------               ---------   --------
            1.190965%    0.955747%                0.041068%   0.016229%               0.000000%  0.000000%
            ========     ========                 ========    ========                ========   ========

<CAPTION>
               REO                               TOTAL
--------------------------------   -----------------------------------
             No. of    Principal                No. of      Principal
              Loans     Balance                  Loans       Balance
            --------   ---------               --------   ------------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.041068%    0.016229%
30 Days     0.000000%  0.000000%   30 Days     0.985626%    0.846389%
60 Days     0.000000%  0.000000%   60 Days     0.082136%    0.053625%
90 Days     0.000000%  0.000000%   90 Days     0.041068%    0.006826%
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   0.082136%    0.048908%
            --------   --------                --------     --------
            0.000000%  0.000000%               1.232033%    0.971977%
            ========   ========                ========     ========
</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  21,141.28
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                               Mixed Arm
----------------------                                            --------------
<S>                                                               <C>
Weighted Average Gross Coupon                                          3.861392%
Weighted Average Net Coupon                                            3.486168%
Weighted Average Pass-Through Rate                                     3.478752%
Weighted Average Maturity (Stepdown Calculation)                             336

Beginning Scheduled Collateral Loan Count                                  2,500
Number of Loans Paid in Full                                                  65
Ending Scheduled Collateral Loan Count                                     2,435

Beginning Scheduled Collateral Balance                            791,846,410.76
Ending Scheduled Collateral Balance                               767,554,180.19
Ending Actual Collateral Balance at 31-Dec-2004                   767,556,489.53

Monthly P&I Constant                                                2,548,024.49
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                        767,554,180.19

Scheduled Principal                                                         0.00
Unscheduled Principal                                              24,292,230.57

Required Overcollateralized Amount                                          0.00
Overcollateralized Increase Amount                                          0.00
Overcollateralized Reduction Amount                                         0.00
Specified O/C Amount                                                4,599,867.97
Overcollateralization Amount                                        4,599,867.97
Overcollateralized Deficiency Amount                                        0.00
Base Overcollateralization Amount                                           0.00

Extra Principal Distribution Amount                                         0.00
Excess Cash Amount                                                    750,575.88
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                          <C>
Applied Loss Amount                    0.00
1 Month LIBOR Loan Balance    78,359,821.18
6 Month LIBOR Loan Balance   689,194,359.01
M-1 Target Amount            740,689,783.88
M-2 Target Amount            756,040,867.49
M-3 Target Amount            759,878,638.39
Senior Target Amount         717,663,158.48
Step Down Date Reached?                  No
Trigger Event?                           No
</TABLE>