<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: 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>
   A            81744FAZ0        SEN             2.33000%        719,981,764.63     1,397,964.60    21,487,724.83
  M-1           81744FBA4        SUB             3.09813%         13,800,000.00        35,628.50             0.00
  M-2           81744FBB2        SUB             3.49813%          9,200,000.00        26,819.00             0.00
  M-3           81744FBC0        SUB             3.84107%          2,300,000.00         7,362.05             0.00
   X            81744FBD8        IO              0.00000%                  0.00       932,515.75             0.00
   R            81744FBE6        RES             0.00000%                  0.00             0.00             0.00
------          ---------       -----            -------         --------------     ------------    -------------
Totals                                                           745,281,764.63     2,400,289.90    21,487,724.83

<CAPTION>
                                Current     Ending Certificate       Total          Cumulative
 Class            CUSIP     Realized Loss        Balance          Distribution     Realized Loss
 -----            -----     -------------   ------------------    ------------     -------------
<S>             <C>         <C>             <C>                  <C>               <C>
   A            81744FAZ0       0.00          698,494,039.80     22,885,689.43         0.00
  M-1           81744FBA4       0.00           13,800,000.00         35,628.50         0.00
  M-2           81744FBB2       0.00            9,200,000.00         26,819.00         0.00
  M-3           81744FBC0       0.00            2,300,000.00          7,362.05         0.00
   X            81744FBD8       0.00                    0.00        932,515.75         0.00
   R            81744FBE6       0.00                    0.00              0.00         0.00
------          ---------       ----          --------------     -------------         ----
Totals                          0.00          723,794,039.80     23,888,014.73         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            894,673,000.00     719,981,764.63         0.00          21,487,724.83        0.00         0.00
 M-1            13,800,000.00      13,800,000.00         0.00                   0.00        0.00         0.00
 M-2             9,200,000.00       9,200,000.00         0.00                   0.00        0.00         0.00
 M-3             2,300,000.00       2,300,000.00         0.00                   0.00        0.00         0.00
  X                      0.00               0.00         0.00                   0.00        0.00         0.00
  R                      0.00               0.00         0.00                   0.00        0.00         0.00
------         ---------------    --------------         ----          -------------        ----         ----
Totals         919,973,000.00     745,281,764.63         0.00          21,487,724.83        0.00         0.00

<CAPTION>
               Total Principal    Ending Certificate     Ending Certificate         Total Principal
Class            Reduction            Balance                Percentage               Distribution
-----          ---------------    ------------------     ------------------         ---------------
<S>            <C>                <C>                    <C>                        <C>
  A             21,487,724.83       698,494,039.80           0.78072552              21,487,724.83
 M-1                     0.00        13,800,000.00           1.00000000                       0.00
 M-2                     0.00         9,200,000.00           1.00000000                       0.00
 M-3                     0.00         2,300,000.00           1.00000000                       0.00
  X                      0.00                 0.00           0.00000000                       0.00
  R                      0.00                 0.00           0.00000000                       0.00
------          -------------       --------------           ----------              -------------
Totals          21,487,724.83       723,794,039.80           0.78675574              21,487,724.83
</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        894,673,000.00      804.74292242     0.00000000      24.01740617    0.00000000    0.00000000
 M-1        13,800,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000
 M-2         9,200,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000
 M-3         2,300,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000
  X                  0.00        0.00000000     0.00000000       0.00000000    0.00000000    0.00000000
  R                  0.00        0.00000000     0.00000000       0.00000000    0.00000000    0.00000000

<CAPTION>
               Total             Ending              Ending
             Principal         Certificate         Certificate     Total Principal
Class        Reduction           Balance           Percentage       Distribution
-----        ---------         -----------         -----------     ---------------
<S>         <C>               <C>                  <C>             <C>
  A         24.01740617        780.72551625        0.78072552        24.01740617
 M-1         0.00000000       1000.00000000        1.00000000         0.00000000
 M-2         0.00000000       1000.00000000        1.00000000         0.00000000
 M-3         0.00000000       1000.00000000        1.00000000         0.00000000
  X          0.00000000          0.00000000        0.00000000         0.00000000
  R          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                     Non-
                                  Current       Certificate/      Current        Unpaid       Current       Supported
             Original Face      Certificate       Notional        Accrued       Interest     Interest        Interest   Realized
Class            Amount            Rate           Balance         Interest      Shortfall    Shortfall      Shortfall    Loss (4)
-----        -------------      -----------     ------------      --------     ----------    ---------      ---------    --------
<S>          <C>                <C>            <C>              <C>            <C>           <C>            <C>         <C>
  A          894,673,000.00       2.33000%     719,981,764.63   1,397,964.59       0.00         0.00          (0.01)        0.00
 M-1          13,800,000.00       3.09813%      13,800,000.00      35,628.50       0.00         0.00           0.00         0.00
 M-2           9,200,000.00       3.49813%       9,200,000.00      26,819.00       0.00         0.00           0.00         0.00
 M-3           2,300,000.00       3.84107%       2,300,000.00       7,362.05       0.00         0.00           0.00         0.00
  X                    0.00       0.00000%     749,881,632.60           0.00       0.00         0.00           0.00         0.00
  R                    0.00       0.00000%               0.00           0.00       0.00         0.00           0.00         0.00
------       --------------       -------      --------------   ------------       ----         ----           ----         ----
Totals       919,973,000.00                                     1,467,774.14       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           1,397,964.60          0.00       698,494,039.80
 M-1             35,628.50          0.00        13,800,000.00
 M-2             26,819.00          0.00         9,200,000.00
 M-3              7,362.05          0.00         2,300,000.00
  X             932,515.75          0.00       728,393,907.77
  R                   0.00          0.00                 0.00
------        ------------          ----       --------------
Totals        2,400,289.90          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      Non-Supported
Class      Original Face    Certificate     Certificate/       Accrued       Interest      Interest      Interest         Realized
 (5)           Amount          Rate       Notional Balance    Interest      Shortfall     Shortfall      Shortfall        Loss (6)
-----      -------------    -----------   ----------------    --------      ---------     ---------     -------------     --------
<S>        <C>              <C>           <C>                 <C>           <C>           <C>           <C>              <C>
  A        894,673,000.00    2.33000%       804.74292242      1.56254250    0.00000000    0.00000000    (0.00000001)     0.00000000
 M-1        13,800,000.00    3.09813%      1000.00000000      2.58177536    0.00000000    0.00000000     0.00000000      0.00000000
 M-2         9,200,000.00    3.49813%      1000.00000000      2.91510870    0.00000000    0.00000000     0.00000000      0.00000000
 M-3         2,300,000.00    3.84107%      1000.00000000      3.20089130    0.00000000    0.00000000     0.00000000      0.00000000
  X                  0.00    0.00000%       815.11212654      0.00000000    0.00000000    0.00000000     0.00000000      0.00000000
  R                  0.00    0.00000%         0.00000000      0.00000000    0.00000000    0.00000000     0.00000000      0.00000000

<CAPTION>
                               Remaining          Ending
                                Unpaid         Certificate/
Class       Total Interest     Interest        Notational
 (5)         Distribution      Shortfall         Balance
-----       --------------     ---------       -----------
<S>         <C>               <C>             <C>
  A           1.56254242      0.00000000       780.72551625
 M-1          2.58177536      0.00000000      1000.00000000
 M-2          2.91510870      0.00000000      1000.00000000
 M-3          3.20089130      0.00000000      1000.00000000
  X           1.01363317      0.00000000       791.75523351
  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

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                                  24,107,211.17
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       49,541.87
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               24,156,753.04

Withdrawals
         Reimbursement for Servicer Advances                                     30,191.48
         Payment of Service Fee                                                 238,546.83
         Payment of Interest and Principal                                   23,888,014.73
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 24,156,753.04

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                                               234,484.97
Master Servicing Fee                                                4,061.86
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                                  ----------
Net Servicing Fee                                                 238,546.83
                                                                  ==========
</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        0.00          0.00      10,000.00
</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         41       13,419,062.58
60 Days          2          502,897.55
90 Days          0                0.00
120 Days         0                0.00
150 Days         1           52,392.62
180+ Days        0                0.00
              ---------  -------------
                44       13,974,352.75

               No. of      Principal
               Loans        Balance

0-29 Days     0.000000%    0.000000%
30 Days       1.760412%    1.842275%
60 Days       0.085874%    0.069042%
90 Days       0.000000%    0.000000%
120 Days      0.000000%    0.000000%
150 Days      0.042937%    0.007193%
180+ Days     0.000000%    0.000000%
              ---------  ----------
              1.889223%    1.918510%
</TABLE>

               BANKRUPTCY

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>           <C>        <C>
0-29 Days         1      124,570.47
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
              ---------  ----------
                  1      124,570.47

               No. of     Principal
               Loans      Balance

0-29 Days     0.042937%   0.017102%
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%
              ---------  ----------
              0.042937%   0.017102%
</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        2       411,600.00
150 Days        0             0.00
180+ Days       0             0.00
            ---------   ----------
                2       411,600.00

             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    0.085874%    0.056508%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            ---------   ----------
            0.085874%    0.056508%
</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       1         124,570.47
30 Days        41      13,419,062.58
60 Days         2         502,897.55
90 Days         0               0.00
120 Days        2         411,600.00
150 Days        1          52,392.62
180+ Days       0               0.00
            ---------  -------------
               47      14,510,523.22

             No. of      Principal
             Loans        Balance

0-29 Days   0.042937%    0.017102%
30 Days     1.760412%    1.842275%
60 Days     0.085874%    0.069042%
90 Days     0.000000%    0.000000%
120 Days    0.085874%    0.056508%
150 Days    0.042937%    0.007193%
180+ Days   0.000000%    0.000000%
            ---------  -------------
            2.018033%    1.992119%
</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  49,541.87
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                  Mixed Arm
<S>                                                                  <C>
Weighted Average Gross Coupon                                             4.223772%
Weighted Average Net Coupon                                               3.848536%
Weighted Average Pass-Through Rate                                        3.841070%
Weighted Average Maturity (Stepdown Calculation)                                334

Beginning Scheduled Collateral Loan Count                                     2,385
Number of Loans Paid in Full                                                     56
Ending Scheduled Collateral Loan Count                                        2,329

Beginning Scheduled Collateral Balance                               749,881,632.60
Ending Scheduled Collateral Balance                                  728,393,907.77
Ending Actual Collateral Balance at 28-Feb-2005                      728,396,287.68

Monthly P&I Constant                                                   2,639,440.59
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                           728,393,907.77

Scheduled Principal                                                            0.00
Unscheduled Principal                                                 21,487,724.83

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                                                       932,515.76
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                 <C>
Applied Loss Amount                                                           0.00
1 Month LIBOR Loan Balance                                           75,661,536.02
6 Month LIBOR Loan Balance                                          652,732,371.75
M-1 Target Amount                                                   702,900,120.10
M-2 Target Amount                                                   717,467,999.15
M-3 Target Amount                                                   721,109,968.69
Senior Target Amount                                                681,048,303.76
Step Down Date Reached?                                                         No
Trigger Event?                                                                  No
</TABLE>