<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 2004-2
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate  Certificate   Beginning                                Current     Ending                   Cumulative
                    Class    Pass-Through  Certificate     Interest     Principal   Realized   Certificate     Total       Realized
Class    CUSIP   Description    Rate         Balance     Distribution  Distribution   Loss       Balance    Distribution     Loss
------ --------- ----------- ------------ -------------- ------------ ------------- -------- -------------- ------------- ----------
<S>    <C>       <C>         <C>          <C>            <C>          <C>           <C>      <C>            <C>           <C>
   A   81744FAN7     SEN       3.35000%   519,223,772.29 1,449,499.70 31,873,312.77   0.00   487,350,459.52 33,322,812.47   0.00
  X-1  81744FAP2     IO        0.78271%             0.00   273,969.76          0.00   0.00             0.00    273,969.76   0.00
  X-2  81744FAQ0     IO        0.16321%             0.00    64,699.90          0.00   0.00             0.00     64,699.90   0.00
  X-B  81744FAR8     IO        0.60158%             0.00     9,299.45          0.00   0.00             0.00      9,299.45   0.00
  B-1  81744FAT4     SUB       3.35000%    11,550,000.00    32,243.75          0.00   0.00    11,550,000.00     32,243.75   0.00
  B-2  81744FAU1     SUB       3.83000%     7,000,000.00    22,341.67          0.00   0.00     7,000,000.00     22,341.67   0.00
  B-3  81744FAV9     SUB       4.13271%     3,150,000.00    10,848.37          0.00   0.00     3,150,000.00     10,848.37   0.00
  B-4  81744FAW7     SUB       4.13271%     1,750,000.00     6,026.87          0.00   0.00     1,750,000.00      6,026.87   0.00
  B-5  81744FAX5     SUB       4.13271%     1,400,000.00     4,821.50          0.00   0.00     1,400,000.00      4,821.50   0.00
  B-6  81744FAY6     SUB       4.13271%     3,150,069.00    10,848.61          0.00   0.00     3,150,069.00     10,848.61   0.00
  A-R  81744FAS6     RES       2.66081%             0.00         0.00          0.00   0.00             0.00          0.00   0.00
                                          -------------- ------------ -------------   ----   -------------- -------------   ----
Totals                                    547,223,841.29 1,884,599.58 31,873,312.77   0.00   515,350,528.52 33,757,912.35   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                            Total          Ending
        Original Face     Certificate    Principal      Principal               Realized    Principal      Certificate
Class      Amount           Balance     Distribution  Distribution   Accretion  Loss (1)    Reduction        Balance
------  --------------  --------------  ------------  -------------  ---------  --------  -------------  --------------
<S>     <C>             <C>             <C>           <C>            <C>        <C>       <C>            <C>
  A     671,998,000.00  519,223,772.29     0.00       31,873,312.77    0.00       0.00    31,873,312.77  487,350,459.52
 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     11,550,000.00   11,550,000.00     0.00                0.00    0.00       0.00             0.00   11,550,000.00
 B-2      7,000,000.00    7,000,000.00     0.00                0.00    0.00       0.00             0.00    7,000,000.00
 B-3      3,150,000.00    3,150,000.00     0.00                0.00    0.00       0.00             0.00    3,150,000.00
 B-4      1,750,000.00    1,750,000.00     0.00                0.00    0.00       0.00             0.00    1,750,000.00
 B-5      1,400,000.00    1,400,000.00     0.00                0.00    0.00       0.00             0.00    1,400,000.00
 B-6      3,150,069.00    3,150,069.00     0.00                0.00    0.00       0.00             0.00    3,150,069.00
 A-R            100.00            0.00     0.00                0.00    0.00       0.00             0.00            0.00
        --------------  --------------     ----       -------------    ----       ----    -------------  --------------
Totals  699,998,169.00  547,223,841.29     0.00       31,873,312.77    0.00       0.00    31,873,312.77  515,350,528.52
        --------------  --------------     ----       -------------    ----       ----    -------------  --------------

<CAPTION>
          Ending            Total
        Certificate       Principal
Class   Percentage      Distribution
------  -----------     ------------
<S>     <C>             <C>
  A     0.72522606      31,873,312.77
 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  0.73621697      31,873,312.77
        ----------      -------------
</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                            Total         Ending        Ending
        Original Face    Certificate    Principal      Principal                Realized    Principal    Certificate   Certificate
Class      Amount          Balance     Distribution  Distribution  Accretion    Loss (3)    Reduction      Balance     Percentage
-----   --------------  -------------  ------------  ------------  ----------  ----------  -----------  -------------  -----------
<S>     <C>             <C>            <C>           <C>           <C>         <C>         <C>          <C>            <C>
  A     671,998,000.00   772.65672262   0.00000000   47.43066612   0.00000000  0.00000000  47.43066612   725.22605651  0.72522606
 X-1              0.00     0.00000000   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  0.00000000
 X-B              0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000     0.00000000  0.00000000
 B-1     11,550,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000  1000.00000000  1.00000000
 B-2      7,000,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000  1000.00000000  1.00000000
 B-3      3,150,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000  1000.00000000  1.00000000
 B-4      1,750,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000  1000.00000000  1.00000000
 B-5      1,400,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000  1000.00000000  1.00000000
 B-6      3,150,069.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000  1000.00000000  1.00000000
 A-R            100.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000   0.00000000     0.00000000  0.00000000

<CAPTION>
           Total
        Principal
Class  Distribution
-----  ------------
<S>    <C>
  A    47.43066612
 X-1    0.00000000
 X-2    0.00000000
 X-B    0.00000000
 B-1    0.00000000
 B-2    0.00000000
 B-3    0.00000000
 B-4    0.00000000
 B-5    0.00000000
 B-6    0.00000000
 A-R    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               Non-                         Remaining
                        Current    Certificate/    Current    of Unpaid  Current  Supported             Total      Unpaid
       Original Face  Certificate   Notional       Accrued     Interest  Interest  Interest Realized   Interest    Interest
 Class     Amount        Rate        Balance       Interest   Shortfall Shortfall Shortfall Loss (4) Distribution Shortfall
------ -------------- ----------- -------------- ------------ --------- --------- --------- -------- ------------ ---------
<S>    <C>            <C>         <C>            <C>          <C>       <C>       <C>       <C>      <C>          <C>
   A   671,998,000.00   3.35000%  519,223,772.29 1,449,499.70   0.00      0.00      0.00      0.00   1,449,499.70   0.00
  X-1            0.00   0.78271%  410,954,634.60   268,049.87   0.00      0.00      0.00      0.00     273,969.76   0.00
  X-2            0.00   0.16321%  519,223,772.29    70,619.79   0.00      0.00      0.00      0.00      64,699.90   0.00
  X-B            0.00   0.60158%   18,550,000.00     9,299.45   0.00      0.00      0.00      0.00       9,299.45   0.00
  B-1   11,550,000.00   3.35000%   11,550,000.00    32,243.75   0.00      0.00      0.00      0.00      32,243.75   0.00
  B-2    7,000,000.00   3.83000%    7,000,000.00    22,341.67   0.00      0.00      0.00      0.00      22,341.67   0.00
  B-3    3,150,000.00   4.13271%    3,150,000.00    10,848.37   0.00      0.00      0.00      0.00      10,848.37   0.00
  B-4    1,750,000.00   4.13271%    1,750,000.00     6,026.87   0.00      0.00      0.00      0.00       6,026.87   0.00
  B-5    1,400,000.00   4.13271%    1,400,000.00     4,821.50   0.00      0.00      0.00      0.00       4,821.50   0.00
  B-6    3,150,069.00   4.13271%    3,150,069.00    10,848.61   0.00      0.00      0.00      0.00      10,848.61   0.00
  A-R          100.00   2.66081%            0.00         0.00   0.00      0.00      0.00      0.00           0.00   0.00
       --------------                            ------------   ----      ----      ----      ----   ------------   ----
Totals 699,998,169.00                            1,884,599.58   0.00      0.00      0.00      0.00   1,884,599.58   0.00
       --------------                            ------------   ----      ----      ----      ----   ------------   ----

<CAPTION>
            Ending Certificate/
                Notational
Class            Balance
-----       -------------------
<S>         <C>
   A         487,350,459.52
  X-1        395,476,273.45
  X-2        487,350,459.52
  X-B         18,550,000.00
  B-1         11,550,000.00
  B-2          7,000,000.00
  B-3          3,150,000.00
  B-4          1,750,000.00
  B-5          1,400,000.00
  B-6          3,150,069.00
  A-R                  0.00
Totals
</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>
                                   Beginning                Payment                Non-                            Remaining
                       Current    Certificate/  Current   of Unpaid   Current   Supported                Total      Unpaid
Class Original Face  Certificate    Notional    Accrued    Interest   Interest   Interest   Realized    Interest   Interest
 (5)      Amount        Rate        Balance     Interest  Shortfall  Shortfall  Shortfall   Loss (6)  Distribution Shortfall
----- -------------- ----------- ------------- ---------- ---------- ---------- ---------- ---------- ------------ ----------
<S>   <C>            <C>         <C>           <C>        <C>        <C>        <C>        <C>        <C>          <C>
  A   671,998,000.00   3.35000%   772.65672262 2.15700002 0.00000000 0.00000000 0.00000000 0.00000000  2.15700002  0.00000000
 X-1            0.00   0.78271%   611.54145489 0.39888492 0.00000000 0.00000000 0.00000000 0.00000000  0.40769431  0.00000000
 X-2            0.00   0.16321%   772.65672262 0.10508929 0.00000000 0.00000000 0.00000000 0.00000000  0.09627990  0.00000000
 X-B            0.00   0.60158%  1000.00000000 0.50131806 0.00000000 0.00000000 0.00000000 0.00000000  0.50131806  0.00000000
 B-1   11,550,000.00   3.35000%  1000.00000000 2.79166667 0.00000000 0.00000000 0.00000000 0.00000000  2.79166667  0.00000000
 B-2    7,000,000.00   3.83000%  1000.00000000 3.19166714 0.00000000 0.00000000 0.00000000 0.00000000  3.19166714  0.00000000
 B-3    3,150,000.00   4.13271%  1000.00000000 3.44392698 0.00000000 0.00000000 0.00000000 0.00000000  3.44392698  0.00000000
 B-4    1,750,000.00   4.13271%  1000.00000000 3.44392571 0.00000000 0.00000000 0.00000000 0.00000000  3.44392571  0.00000000
 B-5    1,400,000.00   4.13271%  1000.00000000 3.44392857 0.00000000 0.00000000 0.00000000 0.00000000  3.44392857  0.00000000
 B-6    3,150,069.00   4.13271%  1000.00000000 3.44392774 0.00000000 0.00000000 0.00000000 0.00000000  3.44392774  0.00000000
 A-R          100.00   2.66081%     0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000  0.00000000  0.00000000

<CAPTION>
            Ending
         Certificate/
Class     Notational
 (5)       Balance
-----   -------------
<S>     <C>
  A      725.22605651
 X-1     588.50811081
 X-2     725.22605651
 X-B    1000.00000000
 B-1    1000.00000000
 B-2    1000.00000000
 B-3    1000.00000000
 B-4    1000.00000000
 B-5    1000.00000000
 B-6    1000.00000000
 A-R       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                           33,961,039.53
    Liquidations, Insurance Proceeds, Reserve Funds                       0.00
    Proceeds from Repurchased Loans                                       0.00
    Other Amounts (Servicer Advances)                                19,472.08
    Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
    Prepayment Penalties                                                  0.00
                                                                 -------------
Total Deposits                                                   33,980,511.61

Withdrawals
    Reimbursement for Servicer Advances                              46,590.92
    Payment of Service Fee                                          176,008.34
    Payment of Interest and Principal                            33,757,912.35
                                                                 -------------
Total Withdrawals (Pool Distribution Amount)                     33,980,511.61

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                                       171,676.16
Master Servicing Fee                                        4,322.18
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------

Net Servicing Fee                                         176,008.34
                                                          ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
     Account Type          Beginning Balance    Current Withdrawals  Current Deposits    Ending 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              5,919.88           5,919.88             4,500.00
Class X-B Sub Account          1,000.00                  0.00               0.00             1,000.00
</TABLE>
<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
               DELINQUENT
----------------------------------------
               No. of         Principal
                Loans          Balance
<S>            <C>          <C>
0-29 Days         0                 0.00
30 Days          16         4,861,624.34
60 Days           2           328,854.31
90 Days           1           249,279.32
120 Days          0                 0.00
150 Days          0                 0.00
180+ Days         0                 0.00
              --------      ------------
                 19         5,439,757.97

               No. of         Principal
                Loans          Balance

0-29 Days     0.000000%         0.000000%
30 Days       1.011378%         0.943348%
60 Days       0.126422%         0.063811%
90 Days       0.063211%         0.048370%
120 Days      0.000000%         0.000000%
150 Days      0.000000%         0.000000%
180+ Days     0.000000%         0.000000%
              --------      ------------
              1.201011%         1.055529%
              --------      ------------
</TABLE>

<TABLE>
<CAPTION>
              BANKRUPTCY
-------------------------------------
                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>

<TABLE>
<CAPTION>
             FORECLOSURE
-------------------------------------
                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>

<TABLE>
<CAPTION>
                 REO
-------------------------------------
                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>

<TABLE>
<CAPTION>
                 TOTAL
----------------------------------------
                No. of        Principal
                Loans          Balance
<S>           <C>           <C>
0-29 Days         0                 0.00
30 Days          16         4,861,624.34
60 Days           2           328,854.31
90 Days           1           249,279.32
120 Days          0                 0.00
150 Days          0                 0.00
180+ Days         0                 0.00
              --------      ------------
                 19         5,439,757.97

                No. of        Principal
                Loans          Balance

0-29 Days     0.000000%         0.000000%
30 Days       1.011378%         0.943348%
60 Days       0.126422%         0.063811%
90 Days       0.063211%         0.048370%
120 Days      0.000000%         0.000000%
150 Days      0.000000%         0.000000%
180+ Days     0.000000%         0.000000%
              --------      ------------
              1.201011%         1.055529%
              --------      ------------
</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  19,472.08
</TABLE>

<TABLE>
<CAPTION>
              Original $       Original%       Current $       Current %     Current Class %    Prepayment %
             -------------    -----------    -------------    -----------    ---------------    ------------
<S>          <C>              <C>            <C>              <C>            <C>                <C>
Class A      28,000,069.00    4.00002032%    28,000,069.00    5.43320855%       94.566791%        0.000000%
Class X-1    28,000,069.00    4.00002032%    28,000,069.00    5.43320855%        0.000000%        0.000000%
Class X-2    28,000,069.00    4.00002032%    28,000,069.00    5.43320855%        0.000000%        0.000000%
Class B-1    16,450,069.00    2.35001600%    16,450,069.00    3.19201555%        2.241193%       41.249898%
Class B-2     9,450,069.00    1.35001339%     9,450,069.00    1.83371676%        1.358299%       24.999938%
Class B-3     6,300,069.00    0.90001221%     6,300,069.00    1.22248230%        0.611234%       11.249972%
Class B-4     4,550,069.00    0.65001156%     4,550,069.00    0.88290760%        0.339575%        6.249985%
Class B-5     3,150,069.00    0.45001103%     3,150,069.00    0.61124785%        0.271660%        4.999988%
Class B-6             0.00    0.00000000%             0.00    0.00000000%        0.611248%       11.250219%
</TABLE>

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                             <C>
Collateral Description                                               Mixed Arm

Weighted Average Gross Coupon                                         4.518680%
Weighted Average Net Coupon                                           4.142214%
Weighted Average Pass-Through Rate                                    4.132714%
Weighted Average Maturity (Stepdown Calculation)                           331

Beginning Scheduled Collateral Loan Count                                1,658
Number of Loans Paid in Full                                                76
Ending Scheduled Collateral Loan Count                                   1,582

Beginning Scheduled Collateral Balance                          547,223,841.29
Ending Scheduled Collateral Balance                             515,350,528.52
Ending Actual Collateral Balance at 31-Mar-2005                 515,358,595.99

Monthly P&I Constant                                              2,060,607.95
Special Servicing Fee                                                     0.00
Prepayment Penalties                                                      0.00
Realization Loss Amount                                                   0.00
Cumulative Realized Loss                                                  0.00

Class A Optimal Amount                                           33,670,781.58

Ending Scheduled Balance for Premium Loans                      515,350,528.52

Scheduled Principal                                                       0.00
Unscheduled Principal                                            31,873,312.77
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                             <C>
One-Month Libor Loan Balance                                     60,749,623.20
Six-Month Libor Loan Balance                                    454,600,905.32
Prorata Senior Percentage                                            94.883251%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
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