<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 2004-4
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                       Beginning
                      Class     Certificate Pass-   Certificate      Interest       Principal      Current     Ending Certificate
 Class    CUSIP    Description    Through Rate        Balance      Distribution   Distribution  Realized Loss        Balance
------  ---------  -----------  -----------------  --------------  ------------  -------------  -------------  ------------------
<S>     <C>        <C>          <C>                <C>             <C>           <C>            <C>            <C>
   A    81744FBF3      SEN            2.46125%     653,044,169.51  1,339,420.81  14,379,987.64        0.00       638,664,181.87
  X-1   81744FBG1      SEN            0.80000%               0.00    365,108.22           0.00        0.00                 0.00
  X-2   81744FBH9      SEN            0.43613%               0.00    237,342.76           0.00        0.00                 0.00
  X-B   81744FBJ5      SEN            0.32469%               0.00      6,213.04           0.00        0.00                 0.00
  B-1   81744FBK2      SUB            3.09813%      14,612,000.00     37,724.90           0.00        0.00        14,612,000.00
  B-2   81744FBL0      SUB            3.49813%       8,350,000.00     24,341.15           0.00        0.00         8,350,000.00
  B-3   81744FBM8      SUB            3.56828%       4,175,000.00     12,414.65           0.00        0.00         4,175,000.00
  B-4   81744FBN6      SUB            3.56828%       2,509,000.00      7,460.68           0.00        0.00         2,509,000.00
  B-5   81744FBP1      SUB            3.56828%       2,088,000.00      6,208.81           0.00        0.00         2,088,000.00
  B-6   81744FBQ9      SUB            3.56828%       3,757,983.00     11,174.62           0.00        0.00         3,757,983.00
  A-R   81744FBR7      RES            2.77719%               0.00          0.00           0.00        0.00                 0.00
                                                   --------------  ------------  -------------  ----------       --------------
Totals                                             688,536,152.51  2,047,409.64  14,379,987.64        0.00       674,156,164.87
                                                   --------------  ------------  -------------  ----------       --------------

<CAPTION>
           Total        Cumulative
 Class  Distribution   Realized Loss
------  -------------  -------------
<S>     <C>            <C>
   A    15,719,408.45        0.00
  X-1      365,108.22        0.00
  X-2      237,342.76        0.00
  X-B        6,213.04        0.00
  B-1       37,724.90        0.00
  B-2       24,341.15        0.00
  B-3       12,414.65        0.00
  B-4        7,460.68        0.00
  B-5        6,208.81        0.00
  B-6       11,174.62        0.00
  A-R            0.00        0.00
        -------------  ----------
Totals  16,427,397.28        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  Total Principal  Ending Certificate
  Class      Amount          Balance      Distribution   Distribution  Accretion  Loss (1)     Reduction          Balance
  -----  ---------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>      <C>              <C>             <C>           <C>            <C>        <C>       <C>              <C>
    A    799,511,000.00   653,044,169.51       0.00     14,379,987.64     0.00       0.00    14,379,987.64     638,664,181.87
   X-1             0.00             0.00       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             0.00               0.00
   X-B             0.00             0.00       0.00              0.00     0.00       0.00             0.00               0.00
   B-1    14,612,000.00    14,612,000.00       0.00              0.00     0.00       0.00             0.00      14,612,000.00
   B-2     8,350,000.00     8,350,000.00       0.00              0.00     0.00       0.00             0.00       8,350,000.00
   B-3     4,175,000.00     4,175,000.00       0.00              0.00     0.00       0.00             0.00       4,175,000.00
   B-4     2,509,000.00     2,509,000.00       0.00              0.00     0.00       0.00             0.00       2,509,000.00
   B-5     2,088,000.00     2,088,000.00       0.00              0.00     0.00       0.00             0.00       2,088,000.00
   B-6     3,757,983.00     3,757,983.00       0.00              0.00     0.00       0.00             0.00       3,757,983.00
   A-R           100.00             0.00       0.00              0.00     0.00       0.00             0.00               0.00
         --------------   --------------  ---------     -------------  -------    -------   --------------   ----------------
Totals   835,003,083.00   688,536,152.51       0.00     14,379,987.64     0.00       0.00    14,379,987.64     674,156,164.87
         --------------   --------------  ---------     -------------  -------    -------   --------------   ----------------

<CAPTION>
           Ending Certificate  Total Principal
  Class         Percentage       Distribution
  -----    ------------------  --------------
<S>        <C>                 <C>
    A            0.79881851     14,379,987.64
   X-1           0.00000000              0.00
   X-2           0.00000000              0.00
   X-B           0.00000000              0.00
   B-1           1.00000000              0.00
   B-2           1.00000000              0.00
   B-3           1.00000000              0.00
   B-4           1.00000000              0.00
   B-5           1.00000000              0.00
   B-6           1.00000000              0.00
   A-R           0.00000000              0.00
           ----------------    --------------
Totals           0.80736967     14,379,987.64
           ----------------    --------------
</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   Total Principal  Ending Certificate
Class      Amount         Balance     Distribution  Distribution   Accretion   Loss (3)      Reduction            Balance
-----  --------------  -------------  ------------  ------------  ----------  ----------  ---------------  ------------------
<S>    <C>             <C>            <C>           <C>           <C>         <C>         <C>              <C>
  A    799,511,000.00   816.80448363  0.00000000     17.98597848  0.00000000  0.00000000     17.98597848       798.81850515
 X-1             0.00     0.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000         0.00000000
 X-2             0.00     0.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000         0.00000000
 X-B             0.00     0.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000         0.00000000
 B-1    14,612,000.00  1000.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000      1000.00000000
 B-2     8,350,000.00  1000.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000      1000.00000000
 B-3     4,175,000.00  1000.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000      1000.00000000
 B-4     2,509,000.00  1000.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000      1000.00000000
 B-5     2,088,000.00  1000.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000      1000.00000000
 B-6     3,757,983.00  1000.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000      1000.00000000
 A-R           100.00     0.00000000  0.00000000      0.00000000  0.00000000  0.00000000      0.00000000         0.00000000

<CAPTION>
         Ending Certificate  Total Principal
Class         Percentage        Distribution
-----    ------------------  ---------------
<S>      <C>                 <C>
  A           0.79881851        17.98597848
 X-1          0.00000000         0.00000000
 X-2          0.00000000         0.00000000
 X-B          0.00000000         0.00000000
 B-1          1.00000000         0.00000000
 B-2          1.00000000         0.00000000
 B-3          1.00000000         0.00000000
 B-4          1.00000000         0.00000000
 B-5          1.00000000         0.00000000
 B-6          1.00000000         0.00000000
 A-R          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                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>
  A     799,511,000.00       2.46125%     653,044,169.51  1,339,420.80      0.00       0.00     (0.01)       0.00
 X-1              0.00       0.80000%     547,662,332.94    365,108.22      0.00       0.00       0.00       0.00
 X-2              0.00       0.43613%     653,044,169.51    237,342.75      0.00       0.00       0.00       0.00
 X-B              0.00       0.32469%      22,962,000.00      6,213.04      0.00       0.00       0.00       0.00
 B-1     14,612,000.00       3.09813%      14,612,000.00     37,724.90      0.00       0.00       0.00       0.00
 B-2      8,350,000.00       3.49813%       8,350,000.00     24,341.15      0.00       0.00       0.00       0.00
 B-3      4,175,000.00       3.56828%       4,175,000.00     12,414.65      0.00       0.00       0.00       0.00
 B-4      2,509,000.00       3.56828%       2,509,000.00      7,460.68      0.00       0.00       0.00       0.00
 B-5      2,088,000.00       3.56828%       2,088,000.00      6,208.81      0.00       0.00       0.00       0.00
 B-6      3,757,983.00       3.56828%       3,757,983.00     11,174.62      0.00       0.00       0.00       0.00
 A-R            100.00       2.77719%               0.00          0.00      0.00       0.00       0.00       0.00
        --------------                                    ------------  --------    -------    -------    -------
Totals  835,003,083.00                                    2,047,409.62      0.00       0.00      (0.01)      0.00
        --------------                                    ------------  --------    -------    -------    -------

<CAPTION>

                         Remaining      Ending
                          Unpaid      Certificate/
         Total Interest  Interest     Notational
Class     Distribution   Shortfall      Balance
------   --------------  ---------  --------------
<S>        <C>             <C>        <C>
  A       1,339,420.81      0.00    638,664,181.87
 X-1        365,108.22      0.00    527,099,373.98
 X-2        237,342.76      0.00    638,664,181.87
 X-B          6,213.04      0.00     22,962,000.00
 B-1         37,724.90      0.00     14,612,000.00
 B-2         24,341.15      0.00      8,350,000.00
 B-3         12,414.65      0.00      4,175,000.00
 B-4          7,460.68      0.00      2,509,000.00
 B-5          6,208.81      0.00      2,088,000.00
 B-6         11,174.62      0.00      3,757,983.00
 A-R              0.00      0.00              0.00
         -------------   -------
Totals    2,047,409.64      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      799,511,000.00    2.46125%      816.80448363      1.67530003    0.00000000  0.00000000   (0.00000001) 0.00000000
   X-1               0.00    0.80000%      684.99662036      0.45666441    0.00000000  0.00000000    0.00000000  0.00000000
   X-2               0.00    0.43613%      816.80448363      0.29685989    0.00000000  0.00000000    0.00000000  0.00000000
   X-B               0.00    0.32469%     1000.00000000      0.27057922    0.00000000  0.00000000    0.00000000  0.00000000
   B-1      14,612,000.00    3.09813%     1000.00000000      2.58177525    0.00000000  0.00000000    0.00000000  0.00000000
   B-2       8,350,000.00    3.49813%     1000.00000000      2.91510778    0.00000000  0.00000000    0.00000000  0.00000000
   B-3       4,175,000.00    3.56828%     1000.00000000      2.97356886    0.00000000  0.00000000    0.00000000  0.00000000
   B-4       2,509,000.00    3.56828%     1000.00000000      2.97356716    0.00000000  0.00000000    0.00000000  0.00000000
   B-5       2,088,000.00    3.56828%     1000.00000000      2.97356801    0.00000000  0.00000000    0.00000000  0.00000000
   B-6       3,757,983.00    3.56828%     1000.00000000      2.97356853    0.00000000  0.00000000    0.00000000  0.00000000
   A-R             100.00    2.77719%        0.00000000      0.00000000    0.00000000  0.00000000    0.00000000  0.00000000

<CAPTION>
                            Remaining
                             Unpaid
Class (5)   Total Interest   Interest   Ending Certificate/
             Distribution   Shortfall   Notational Balance
---------   --------------  ----------  -------------------
<S>         <C>             <C>         <C>
    A         1.67530004    0.00000000     798.81850515
   X-1        0.45666441    0.00000000     659.27720066
   X-2        0.29685991    0.00000000     798.81850515
   X-B        0.27057922    0.00000000    1000.00000000
   B-1        2.58177525    0.00000000    1000.00000000
   B-2        2.91510778    0.00000000    1000.00000000
   B-3        2.97356886    0.00000000    1000.00000000
   B-4        2.97356716    0.00000000    1000.00000000
   B-5        2.97356801    0.00000000    1000.00000000
   B-6        2.97356853    0.00000000    1000.00000000
   A-R        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

<TABLE>
<CAPTION>
<S>                                                                          <C>
                               CERTIFICATE ACCOUNT

Beginning Balance                                                                     0.00

Deposits
         Payments of Interest and Principal                                  16,616,564.60
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       30,833.85
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               16,647,398.45

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 220,001.17
         Payment of Interest and Principal                                   16,427,397.28
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 16,647,398.45

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                                                  215,697.80
Master Servicing Fee                                                   4,303.37
Supported Prepayment/Curtailment Interest Shortfall                        0.00
                                                                     ----------

Net Servicing Fee                                                    220,001.17
                                                                     ==========
</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

              DELINQUENT

<TABLE>
<CAPTION>
                No. of      Principal
                Loans        Balance
<S>           <C>         <C>
0-29 Days            0            0.00
30 Days             30    9,050,313.00
60 Days              2      773,261.80
90 Days              0            0.00
120 Days             1      138,400.00
150 Days             0            0.00
180+ Days            0            0.00
              --------    ------------
                    33    9,961,974.80

                No. of       Principal
                Loans         Balance

0-29 Days     0.000000%       0.000000%
30 Days       1.413761%       1.342461%
60 Days       0.094251%       0.114700%
90 Days       0.000000%       0.000000%
120 Days      0.047125%       0.020529%
150 Days      0.000000%       0.000000%
180+ Days     0.000000%       0.000000%
              --------    ------------
              1.555137%       1.477690%
</TABLE>

            BANKRUPTCY

<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>

             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            0             0.00
30 Days             30     9,050,313.00
60 Days              2       773,261.80
90 Days              0             0.00
120 Days             1       138,400.00
150 Days             0             0.00
180+ Days            0             0.00
               -------    -------------
                    33     9,961,974.80

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%        0.000000%
30 Days       1.413761%        1.342461%
60 Days       0.094251%        0.114700%
90 Days       0.000000%        0.000000%
120 Days      0.047125%        0.020529%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------    -------------
              1.555137%        1.477690%
</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>
<CAPTION>
                 Original $        Original %      Current $            Current %          Current Class %        Prepayment %
               -------------      -----------    -------------         ----------          ---------------        ------------
<S>            <C>                <C>            <C>                   <C>                 <C>                    <C>
Class A        35,491,983.00      4.25052119%    35,491,983.00         5.26465303%            94.735347%            0.000000%
Class X-1      35,491,983.00      4.25052119%    35,491,983.00         5.26465303%             0.000000%            0.000000%
Class X-2      35,491,983.00      4.25052119%    35,491,983.00         5.26465503%             0.000000%            0.000000%
Class B-1      20,879,983.00      2.50058753%    20,879,983.00         3.09720271%             2.167450%           41.169861%
Class B-2      12,529,983.00      1.50059123%    12,529,983.00         1.85861728%             1.238585%           23.526440%
Class B-3       8,354,983.00      1.00059307%     8,354,983.00         1.23932457%             0.619293%           11.763220%
Class B-4       5,845,983.00      0.70011514%     5,845,983.00         0.86715561%             0.372169%            7.069202%
Class B-5       3,757,983.00      0.45005618%     3,757,983.00         0.55743509%             0.390721%            5.883019%
Class B-6               0.00      0.00000000%             0.00         0.00000000%             0.557435%           10.588259%
</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                                                3.951707%
Weighted Average Net Coupon                                                  3.575783%
Weighted Average Pass-Through Rate                                           3.568283%
Weighted Average Maturity (Stepdown Calculation)                                  332

Beginning Scheduled Collateral Loan Count                                       2,164
Number of Loans Paid in Full                                                       42
Ending Scheduled Collateral Loan Count                                          2,122

Beginning Scheduled Collateral Balance                                 688,536,153.25
Ending Scheduled Collateral Balance                                    674,156,165.61
Ending Actual Collateral Balance at 28-Feb-2005                        674,158,488.04

Monthly P&I Constant                                                     2,267,410.77
Special Servicing Fee                                                            0.00
Prepayment Penalties                                                             0.00
Realization Loss Amount                                                          0.00
Cumulative Realized Loss                                                         0.00

Class A Optimal Amount                                                  16,328,072.45

Ending Scheduled Balance for Premium Loans                             674,156,165.61

Scheduled Principal                                                              0.00
Unscheduled Principal                                                   14,379,987.64
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
One-Month Libor Loan Balance'                                     94,835,224.87
Six-Month Libor Loan Balance                                     579,320,940.74
Prorata Senior Percentage                                             94.845298%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
</TABLE>