<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

                                SHT SERIES 2004-1
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     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>
 NOTE   817419AA2      SEN           2.82813%      274,342,655.77   581,907.52   5,714,706.16
  L     SHT04002L      DRAW          0.00000%                0.00         0.00           0.00
  O     SHT04002O       OC           0.00000%        3,550,065.96    52,102.87           0.00
AMBAC                  FEE           0.12000%                0.00    27,434.27           0.00
                                                   --------------  ------------  ------------
Totals                                             277,892,721.73   661,444.66   5,714,706.16
                                                   --------------  ------------  ------------

<CAPTION>
             Current      Ending Certificate     Total      Cumulative
Class     Realized Loss         Balance       Distribution  Realized Loss
------    -------------   ------------------  ------------  -------------
<S>       <C>             <C>                 <C>           <C>
 NOTE         0.00          268,627,949.61    6,296,613.68       0.00
  L           0.00                    0.00            0.00       0.00
  O           0.00            3,963,051.02       52,102.87       0.00
AMBAC         0.00                    0.00       27,434.27       0.00
              ----          --------------    ------------       ----
Totals        0.00          272,591,000.63    6,376,150.82       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>
 NOTE   317,044,000.00  274,342,655.77      0.00      5,714,706.16     0.00       0.00
  L               0.00            0.00      0.00              0.00     0.00       0.00
  O              81.98    3,550,065.96      0.00              0.00     0.00       0.00
AMBAC             0.00            0.00      0.00              0.00     0.00       0.00
        --------------  --------------      ----      ------------     ----       ----
Totals  317,044,081.98  277,892,721.73      0.00      5,714,706.16     0.00       0.00
        --------------  --------------      ----      ------------     ----       ----

<CAPTION>

        Total Principal   Ending Certificate  Ending Certificate    Total Principal
Class      Reduction            Balance           Percentage         Distribution
------  ---------------   ------------------  ------------------    ---------------
<S>     <C>               <C>                 <C>                   <C>
 NOTE    5,714,706.16       268,627,949.61           0.84728918       5,714,706.16
  L              0.00                 0.00           0.00000000               0.00
  O              0.00         3,963,051.02      48,341.68114174               0.00
AMBAC            0.00                 0.00           0.00000000               0.00
         ------------       --------------      ---------------       ------------
Totals   5,714,706.16       272,591,000.63           0.85978896       5,714,706.16
         ------------       --------------      ---------------       ------------
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                             Scheduled     Unscheduled
        Original Face       Beginning        Principal      Principal                    Realized
Class      Amount      Certificate Balance  Distribution   Distribution     Accretion    Loss (3)
-----  --------------  -------------------  ------------   ------------     ---------   ----------
<S>    <C>             <C>                  <C>            <C>              <C>         <C>
 NOTE  317,044,000.00        865.31413864    0.00000000     18.02496234     0.00000000  0.00000000
  L              0.00          0.00000000    0.00000000      0.00000000     0.00000000  0.00000000
  O             81.98    3304049.28031230    0.00000000      0.00000000     0.00000000  0.00000000
AMBAC            0.00          0.00000000    0.00000000      0.00000000     0.00000000  0.00000000

<CAPTION>
            Total                             Ending          Total
          Principal   Ending Certificate    Certificate     Principal
Class     Reduction        Balance          Percentage     Distribution
-----    -----------  ------------------  --------------   ------------
<S>      <C>          <C>                 <C>              <C>
 NOTE    18.02496234        847.28917630      0.84728918   18.02496234
  L       0.00000000          0.00000000      0.00000000    0.00000000
  O       0.00000000   48341681.14174190  48341.68114174    0.00000000
AMBAC     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.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            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)
------  --------------  ----------------  --------------  ----------  ----------  ---------  ---------  --------
<S>     <C>                 <C>           <C>             <C>            <C>         <C>       <C>        <C>
 NOTE   317,044,000.00      2.82813%      274,342,655.77  581,907.52     0.00        0.00      0.00       0.00
  L               0.00      0.00000%                0.00        0.00     0.00        0.00      0.00       0.00
  O              81.98      0.00000%        3,550,065.96        0.00     0.00        0.00      0.00       0.00
AMBAC             0.00      0.12000%      274,342,655.77   27,434.27     0.00        0.00      0.00       0.00
        --------------                                    ----------     ----        ----      ----       ----
Totals  317,044,081.98                                    609,341.79     0.00        0.00      0.00       0.00
        --------------                                    ----------     ----        ----      ----       ----

<CAPTION>
                         Remaining      Ending
                          Unpaid     Certificate/
        Total Interest   Interest     Notational
Class    Distribution    Shortfall     Balance
------   ------------    ---------     -------
<S>       <C>              <C>      <C>
 NOTE     581,907.52       0.00     268,627,949.61
  L             0.00       0.00               0.00
  O        52,102.87       0.00       3,963,051.02
AMBAC      27,434.27       0.00     268,627,949.61
          ----------       ----
Totals    661,444.66       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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                              Payment of                   Non-
                              Current                              Current      Unpaid       Current     Supported
            Original Face   Certificate   Beginning Certificate/   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>
  NOTE      317,044,000.00    2.82813%           865.31413864     1.83541565  0.00000000   0.00000000   0.00000000   0.00000000
    L                 0.00    0.00000%             0.00000000     0.00000000  0.00000000   0.00000000   0.00000000   0.00000000
    O                81.98    0.00000%      43304049.28031230     0.00000000  0.00000000   0.00000000   0.00000000   0.00000000
  AMBAC               0.00    0.12000%           865.31413864     0.08653143  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>
  NOTE           1.83541565    0.00000000         847.28917630
    L            0.00000000    0.00000000           0.00000000
    O       635555.86728470    0.00000000    48341681.14174190
  AMBAC          0.08653143    0.00000000         847.28917630
</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                                   6,487,536.72
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                            0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                6,487,536.72

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 111,385.90
         Payment of Interest and Principal                                    6,376,150.82
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  6,487,536.72

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                                                   107,912.24
Master Servicing Fee                                                    3,473.66
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     111,385.90
                                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                 Beginning          Current          Current       Ending
                Account Type                      Balance         Withdrawals       Deposits       Balance
----------------------------                     ---------        -----------       --------       -------
<S>                                              <C>              <C>               <C>            <C>
Financial Guaranty                                 0.00              0.00             0.00          0.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                No. of       Principal
                Loans         Balance
<S>            <C>         <C>
0-29 Days             0            0.00
30 Days               3    1,226,184.20
60 Days               1       14,860.29
90 Days               0            0.00
120 Days              0            0.00
150 Days              0            0.00
180+ Days             0            0.00
               --------    ------------
                      4    1,241,044.49

                No. of      Principal
                Loans        Balance

0-29 Days      0.000000%       0.000000%
30 Days        0.068182%       0.449826%
60 Days        0.022727%       0.005451%
90 Days        0.000000%       0.000000%
120 Days       0.000000%       0.000000%
150 Days       0.000000%       0.000000%
180+ Days      0.000000%       0.000000%
               --------    ------------
               0.090909%       0.455277%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance

<S>        <C>         <C>
0-29 Days         2    164,313.25
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
           --------    ----------
                  2    164,313.25

             No. of     Principal
             Loans       Balance

0-29 Days  0.045455%     0.060278%
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%
           --------    ----------
           0.045455%     0.060278%
</TABLE>

                                  FORECLOSURE

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>             <C>           <C>
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%
</TABLE>

                                      REO

<TABLE>
<CAPTION>
               No. of     Principal
               Loans       Balance
<S>          <C>          <C>
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%
</TABLE>

                                     TOTAL

<TABLE>
<CAPTION>
              No. of       Principal
              Loans         Balance
<S>         <C>          <C>
0-29 Days          2       164,313.25
30 Days            3     1,226,184.20
60 Days            1        14,860.29
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
            --------     ------------
                   6     1,405,357.74

              No. of       Principal
              Loans         Balance

0-29 Days   0.045455%        0.060278%
30 Days     0.068182%        0.449826%
60 Days     0.022727%        0.005451%
90 Days     0.000000%        0.000000%
120 Days    0.000000%        0.000000%
150 Days    0.000000%        0.000000%
180+ Days   0.000000%        0.000000%
            --------     ------------
            0.136364%        0.515555%
</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  0.00
</TABLE>

<TABLE>
<S>         <C>      <C>             <C>               <C>            <C>            <C>
Class L     81.98    0.00002586%     3,963,051.02      1.47529363%    0.000000%      0.000000%
Class O      0.00    0.00000000%             0.00      0.00000000%    1.475294%      0.000000%
</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                                   5.120605%
Weighted Average Net Coupon                                     4.654617%
Weighted Average Pass-Through Rate                              4.639617%
Weighted Average Maturity (Stepdown Calculation)                     117

Beginning Scheduled Collateral Loan Count                          4,512
Number of Loans Paid in Full                                         112
Ending Scheduled Collateral Loan Count                             4,400

Beginning Scheduled Collateral Balance                    274,342,655.77
Ending Scheduled Collateral Balance                       268,627,949.61
Ending Actual Collateral Balance at 31-Jan-2005           272,591,000.63

Monthly P&I Constant                                                0.00
Special Servicing Fee                                               0.00
Prepayment Penalties                                                0.00
Realized Loss Amount                                                0.00
Cumulative Realized Loss                                            0.00
</TABLE>

MISCELLANEOUS REPORTING
<TABLE>
<S>                                                                <C>
Additional Balance Contributed Amount                                      0.00
Additional Balance                                                 7,743,193.93
Cumulative Loss Percent                                                 0.00000%
Managed Amortization Period                                                 YES
Overcollateralization Amount                                       3,550,065.96
Six Month Rolling Delinquency                                        0.3873807%
Specified Overcollateralization Amount                             3,963,051.02
3 Largest Loan Balance                                             5,583,441.03
Draw Amount                                                        7,743,193.93
Rapid Amortization Event                                                     NO
Excess Cashflow                                                      465,087.93
</TABLE>