<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: 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    81744FAZ0     SEN       3.54625%   698,494,039.80 2,064,195.42 35,760,089.31   0.00   662,733,950.49 37,824,284.73    0.00
 M-1   81744FBA4     SUB       3.35000%    13,800,000.00    38,525.00          0.00   0.00    13,800,000.00     38,525.00    0.00
 M-2   81744FBB2     SUB       3.75000%     9,200,000.00    28,750.00          0.00   0.00     9,200,000.00     28,750.00    0.00
 M-3   81744FBC0     SUB       4.29664%     2,300,000.00     8,235.23          0.00   0.00     2,300,000.00      8,235.23    0.00
  X    81744FBD8      IO       0.00000%             0.00   468,334.03          0.00   0.00             0.00    468,334.03    0.00
  R    81744FBE6     RES       0.00000%             0.00         0.00          0.00   0.00             0.00          0.00    0.00
                                          -------------- ------------ ------------- ------   -------------- ------------- -------
Totals                                    723,794,039.80 2,608,039.68 35,760,089.31   0.00   688,033,950.49 38,368,128.99    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    894,673,000.00 698,494,039.80     0.00     35,760,089.31    0.00     0.00   35,760,089.31 662,733,950.49
 M-1    13,800,000.00  13,800,000.00     0.00              0.00    0.00     0.00            0.00  13,800,000.00
 M-2     9,200,000.00   9,200,000.00     0.00              0.00    0.00     0.00            0.00   9,200,000.00
 M-3     2,300,000.00   2,300,000.00     0.00              0.00    0.00     0.00            0.00   2,300,000.00
  X              0.00           0.00     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            0.00           0.00
       -------------- -------------- --------     ------------- -------   ------   ------------- --------------
Totals 919,973,000.00 723,794,039.80     0.00     35,760,089.31    0.00     0.00   35,760,089.31 688,033,950.49
       -------------- -------------- --------     ------------- -------   ------   ------------- --------------
</TABLE>

<TABLE>
<CAPTION>
         Ending        Total
       Certificate   Principal
Class  Percentage  Distribution
-----  ----------  ------------
<S>    <C>         <C>
  A     0.74075551 35,760,089.31
 M-1    1.00000000          0.00
 M-2    1.00000000          0.00
 M-3    1.00000000          0.00
  X     0.00000000          0.00
  R     0.00000000          0.00
       ----------- -------------
Totals  0.74788494 35,760,089.31
       ----------- -------------
</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
      Original Face   Certificate    Principal    Principal              Realized   Principal   Certificate
Class    Amount         Balance    Distribution Distribution  Accretion  Loss (3)   Reduction     Balance
----- -------------- ------------- ------------ ------------ ---------- ---------- ----------- -------------
<S>   <C>            <C>           <C>          <C>          <C>        <C>        <C>         <C>
  A   894,673,000.00  780.72551625  0.00000000   39.97001062 0.00000000 0.00000000 39.97001062  740.75550563
 M-1   13,800,000.00 1000.00000000  0.00000000    0.00000000 0.00000000 0.00000000  0.00000000 1000.00000000
 M-2    9,200,000.00 1000.00000000  0.00000000    0.00000000 0.00000000 0.00000000  0.00000000 1000.00000000
 M-3    2,300,000.00 1000.00000000  0.00000000    0.00000000 0.00000000 0.00000000  0.00000000 1000.00000000
  X             0.00    0.00000000  0.00000000    0.00000000 0.00000000 0.00000000  0.00000000    0.00000000
  R             0.00    0.00000000  0.00000000    0.00000000 0.00000000 0.00000000  0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
         Ending     Total
      Certificate Principal
Class  Percentage Distribution
----- ----------- ------------
<S>   <C>         <C>
  A    0.74075551 39.97001062
 M-1   1.00000000  0.00000000
 M-2   1.00000000  0.00000000
 M-3   1.00000000  0.00000000
  X    0.00000000  0.00000000
  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-
                        Current    Certificate/     Current     Unpaid    Current  Supported
        Original Face Certificate    Notional       Accrued    Interest   Interest Interest  Realized  Total Interest
Class      Amount        Rate        Balance       Interest   Shortfall  Shortfall Shortfall  Loss (4)   Distribution
-----  -------------- ----------- -------------- ------------ ---------- --------- --------- --------- --------------
<S>    <C>            <C>         <C>            <C>          <C>        <C>       <C>       <C>       <C>
  A    894,673,000.00   3.54625%  698,494,039.80 2,064,195.41    0.00       0.00     (0.02)     0.00    2,064,195.42
 M-1    13,800,000.00   3.35000%   13,800,000.00    38,525.00    0.00       0.00      0.00      0.00       38,525.00
 M-2     9,200,000.00   3.75000%    9,200,000.00    28,750.00    0.00       0.00      0.00      0.00       28,750.00
 M-3     2,300,000.00   4.29664%    2,300,000.00     8,235.23    0.00       0.00      0.00      0.00        8,235.23
  X              0.00   0.00000%  728,393,907.77         0.00    0.00       0.00      0.00      0.00      468,334.03
  R              0.00   0.00000%            0.00         0.00    0.00       0.00      0.00      0.00            0.00
       --------------   -------   -------------- ------------    ----       ----     -----      ----    ------------
Totals 919,973,000.00                            2,139,705.64    0.00       0.00     (0.02)     0.00    2,608,039.68
       --------------   -------   -------------- ------------    ----       ----     -----      ----    ------------
</TABLE>

<TABLE>
<CAPTION>
       Remaining     Ending
        Unpaid    Certificate/
       Interest    Notational
Class  Shortfall    Balance
-----  --------- --------------
<S>    <C>       <C>
  A       0.00   662,733,950.49
 M-1      0.00    13,800,000.00
 M-2      0.00     9,200,000.00
 M-3      0.00     2,300,000.00
  X       0.00   692,633,818.46
  R       0.00             0.00
          ----
Totals    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
           Original Face  Certificate  Certificate/      Accrued   Interest   Interest     Interest    Realized  Total Interest
Class (5)      Amount         Rate    Notional Balance  Interest  Shortfall  Shortfall   Shortfall     Loss (6)   Distribution
--------- --------------- ----------- ---------------- ---------- ---------- ---------- ------------- ---------- --------------
<S>       <C>             <C>         <C>              <C>        <C>        <C>        <C>           <C>        <C>
    A      894,673,000.00   3.54625%     780.72551625  2.30720655 0.00000000 0.00000000  (0.00000002) 0.00000000   2.30720657
   M-1      13,800,000.00   3.35000%    1000.00000000  2.79166667 0.00000000 0.00000000   0.00000000  0.00000000   2.79166667
   M-2       9,200,000.00   3.75000%    1000.00000000  3.12500000 0.00000000 0.00000000   0.00000000  0.00000000   3.12500000
   M-3       2,300,000.00   4.29664%    1000.00000000  3.58053478 0.00000000 0.00000000   0.00000000  0.00000000   3.58053478
    X                0.00   0.00000%     791.75523351  0.00000000 0.00000000 0.00000000   0.00000000  0.00000000   0.50907334
    R                0.00   0.00000%       0.00000000  0.00000000 0.00000000 0.00000000   0.00000000  0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
           Remaining     Ending
            Unpaid    Certificate/
           Interest   Notational
Class (5)  Shortfall    Balance
--------- ---------- -------------
<S>       <C>        <C>
    A     0.00000000  740.75550563
   M-1    0.00000000 1000.00000000
   M-2    0.00000000 1000.00000000
   M-3    0.00000000 1000.00000000
    X     0.00000000  752.88445554
    R     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                          38,619,067.11
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                               30,318.80
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                     -------------
Total Deposits                                                       38,649,385.91

Withdrawals
         Reimbursement for Servicer Advances                             49,541.87
         Payment of Service Fee                                         231,715.05
         Payment of Interest and Principal                           38,368,128.99
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         38,649,385.91

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                                   227,769.59
Master Servicing Fee                                    3,945.46
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     231,715.05
                                                      ==========
</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

<TABLE>
<CAPTION>
             DELINQUENT
---------------------------------------
               No. of        Principal
                Loans         Balance
<S>          <C>           <C>
0-29 Days        0                 0.00
30 Days         23         7,889,324.25
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
             ----------    ------------
                23         7,889,324.25

               No. of        Principal
                Loans         Balance

0-29 Days    0.000000%         0.000000%
30 Days      1.036036%         1.139011%
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%
             --------      ------------
             1.036036%         1.139011%
             --------      ------------
</TABLE>

<TABLE>
<CAPTION>
             BANKRUPTCY
------------------------------------
              No. of       Principal
               Loans        Balance
<S>          <C>          <C>
0-29 Days        1        124,570.28
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        124,570.28

              No. of       Principal
               Loans        Balance

0-29 Days    0.045045%      0.017985%
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%
             --------     ----------
             0.045045%      0.017985%
             --------     ----------
</TABLE>

<TABLE>
<CAPTION>
             FORECLOSURE
------------------------------------
               No. of      Principal
               Loans        Balance
<S>          <C>          <C>
0-29 Days         1       152,000.00
30 Days           0             0.00
60 Days           0             0.00
90 Days           0             0.00
120 Days          0             0.00
150 Days          1       259,600.00
180+ Days         0             0.00
             ---------    ----------
                  2       411,600.00

               No. of     Principal
                Loans      Balance

0-29 Days     0.045045%     0.021945%
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      0.045045%     0.037479%
180+ Days     0.000000%     0.000000%
             ---------    ----------
              0.090090%     0.059424%
             ---------    ----------
</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         2         276,570.28
30 Days          23       7,889,324.25
60 Days           0               0.00
90 Days           0               0.00
120 Days          0               0.00
150 Days          1         259,600.00
180+ Days         0               0.00
               ------     ------------
                 26       8,425,494.53

               No. of       Principal
                Loans        Balance

0-29 Days    0.090090%        0.039929%
30 Days      1.036036%        1.139011%
60 Days      0.000000%        0.000000%
90 Days      0.000000%        0.000000%
120 Days     0.000000%        0.000000%
150 Days     0.045045%        0.037479%
180+ Days    0.000000%        0.000000%
             --------     ------------
             1.171171%        1.216420%
             --------     ------------
</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   30,318.80
</TABLE>

<PAGE>

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

Weighted Average Gross Coupon                                           4.679378%
Weighted Average Net Coupon                                             4.304136%
Weighted Average Pass-Through Rate                                      4.296642%
Weighted Average Maturity (Stepdown Calculation)                             333

Beginning Scheduled Collateral Loan Count                                  2,329
Number of Loans Paid in Full                                                 109
Ending Scheduled Collateral Loan Count                                     2,220

Beginning Scheduled Collateral Balance                            728,393,907.77
Ending Scheduled Collateral Balance                               692,633,818.46
Ending Actual Collateral Balance at 31-Mar-2005                   692,647,077.89

Monthly P&I Constant                                                2,840,358.53
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                        692,633,818.46

Scheduled Principal                                                         0.00
Unscheduled Principal                                              35,760,089.31

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                                                    468,334.04
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                     <C>
Applied Loss Amount                               0.00
1 Month LIBOR Loan Balance               71,662,365.78
6 Month LIBOR Loan Balance              620,971,452.68
M-1 Target Amount                       668,391,634.81
M-2 Target Amount                       682,244,311.18
M-3 Target Amount                       685,707,480.28
Senior Target Amount                    647,612,620.26
Step Down Date Reached?                             No
Trigger Event?                                      No
</TABLE>