<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 2004-1
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 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    81744FAA5     SEN          3.20250%     480,696,091.68 1,282,857.70 20,224,584.00      0.00      460,471,507.68
 X-1   81744FAB3      IO          0.64957%               0.00   236,236.64          0.00      0.00                0.00
 X-2   81744FAC1      IO          0.17073%               0.00    23,969.28          0.00      0.00                0.00
 X-B   81744FAD9      IO          0.27679%               0.00     3,294.70          0.00      0.00                0.00
 B-1   81744FAG2     SUB          3.40000%       9,375,000.00    26.562.50          0.00      0.00        9,375,000.00
 B-2   81744FAH0     SUB          3.90000%       5,937,000.00    19,295.25          0.00      0.00        5,937,000.00
 B-3   81744FAJ6     SUB          3.85207%       3,437,000.00    11,032.98          0.00      0.00        3,437,000.00
 B-4   81744FAK3     SUB          3.85207%       1,562,000.00     5,014.11          0.00      0.00        1,562,000.00
 B-5   81744FAL1     SUB          3.85207%         937,000.00     3,007.83          0.00      0.00          937,000.00
 B-6   81744FAM9     SUB          3.85207%       2,500,468.00     8,026.65          0.00      0.00        2,500,468.00
 A-R   81744FAF4     RES          2.56825%               0.00         0.00          0.00      0.00                0.00
                                               -------------- ------------ -------------      ----      --------------
Totals                                         504,444,559.68 1,619,297.64 20,224,584.00      0.00      484,219,975.68
                                               -------------- ------------ -------------      ----      --------------
<CAPTION>
            Total       Cumulative
Class   Distribution  Realized Loss
-----   ------------- -------------
<S>     <C>           <C>
  A     21,507,441.70    0.00
 X-1       236,236.64    0.00
 X-2        23,969.28    0.00
 X-B         3,294.70    0.00
 B-1        26,562.50    0.00
 B-2        19,295.25    0.00
 B-3        11,032.98    0.00
 B-4         5,014.11    0.00
 B-5         3,007.83    0.00
 B-6         8,026.65    0.00
 A-R             0.00    0.00
       --------------    ----
Totals  21,843,881.64    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    601,250,000.00 480,696,091.68    431.11    20,224,152.89    0.00     0.00   20,224,584.00    460,471,507.68
 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     9,375,000.00   9,375,000.00      0.00             0.00    0.00     0.00            0.00      9,375,000.00
 B-2     5,937,000.00   5,937,000.00      0.00             0.00    0.00     0.00            0.00      5,937,000.00
 B-3     3,437,000.00   3,437,000.00      0.00             0.00    0.00     0.00            0.00      3,437,000.00
 B-4     1,562,000.00   1,562,000.00      0.00             0.00    0.00     0.00            0.00      1,562,000.00
 B-5       937,000.00     937,000.00      0.00             0.00    0.00     0.00            0.00        937,000.00
 B-6     2,500,468.00   2,500,468.00      0.00             0.00    0.00     0.00            0.00      2,500,468.00
 A-R           100.00           0.00      0.00             0.00    0.00     0.00            0.00              0.00
       -------------- --------------    ------    -------------    ----     ----   -------------    --------------
Totals 624,998,568.00 504,444,559.68    431.11    20,224,152.89    0.00     0.00   20,224,584.00    484,219,975.68
       -------------- --------------    ------    -------------    ----     ----   -------------    --------------

<CAPTION>
        Ending Certificate Total Principal
Class       Percentage      Distribution
------  ------------------ ---------------
<S>     <C>                <C>
  A         0.76585698     20,224,584.00
 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      0.77475374     20,224,584.00
            ----------     -------------
</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   601,250,000.00  799.49453918 0.00071702   33.63684472  0.00000000  0.00000000   33.63756175      765.85697743
 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    9,375,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-2    5,937,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-3    3,437,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-4    1,562,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-5      937,000.00 1000.00000000 0.00000000    0.00000000  0.00000000  0.00000000    0.00000000     1000.00000000
 B-6    2,500,468.00 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        0.76585698      33.63756175
 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 Total Interest
 Class    Amount      Certificate Rate     Balance       Interest    Shortfall  Shortfall Shortfall Loss (4)  Distribution
 ----- -------------- ---------------- --------------- ------------ ----------  --------- --------- -------- --------------
 <S>   <C>            <C>              <C>             <C>          <C>         <C>       <C>       <C>      <C>
   A   601,250,000.00     3.20250%      480,696,091.68 1,282,857.69   0.00         0.00     0.00      0.00    1,282,857.70
  X-1            0.00     0.64957%      354,354,964.68   191,816.12   0.00         0.00     0.00      0.00      236,236.64
  X-2            0.00     0.17073%      480,696,091.68    68,389.80   0.00         0.00     0.00      0.00       23,969.28
  X-B            0.00     0.27679%       15,312,000.00     3,531.82   0.00         0.00     0.00      0.00        3,294.70
  B-1    9,375,000.00     3.40000%        9,375,000.00    26,562.50   0.00         0.00     0.00      0.00       26,562.50
  B-2    5,937,000.00     3.90000%        5,937,000.00    19,295.25   0.00         0.00     0.00      0.00       19,295.25
  B-3    3,437,000.00     3.85207%        3,437,000.00    11,032.98   0.00         0.00     0.00      0.00       11,032.98
  B-4    1,562,000.00     3.85207%        1,562,000.00     5,014.11   0.00         0.00     0.00      0.00        5,014.11
  B-5      937,000.00     3.85207%          937,000.00     3,007.83   0.00         0.00     0.00      0.00        3,007.83
  B-6    2,500,468.00     3.85207%        2,500,468.00     8,026.65   0.00         0.00     0.00      0.00        8,026.65
  A-R          100.00     2.56825%                0.00         0.00   0.00         0.00     0.00      0.00            0.00
       --------------                                  ------------   ----         ----     ----      ----    -------------
Totals 624,998,568.00                                  1,619,534.75   0.00         0.00     0.00      0.00    1,619,297.64
       --------------                                  ------------   ----         ----     ----      ----    -------------

<CAPTION>
        Remaining     Ending
         Unpaid    Certificate/
        Interest    Notational
 Class  Shortfall     Balance
 -----  --------- --------------
 <S>    <C>       <C>
   A      0.00    460,471,507.68
  X-1     0.00    341,022,282.15
  X-2     0.00    460,471,507.68
  X-B     0.00     15,312,000.00
  B-1     0.00      9,375,000.00
  B-2     0.00      5,937,000.00
  B-3     0.00      3,437,000.00
  B-4     0.00      1,562,000.00
  B-5     0.00        937,000.00
  B-6     0.00      2,500,468.00
  A-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              Non-
                           Current      Beginning                       Unpaid    Current   Supported
          Original Face  Certificate   Certificate/   Current 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     601,250,000.00  3.20250%     799.49453918     2.13365104    0.00000000 0.00000000 0.00000000 0.00000000  2.13365106
   X-1              0.00  0.64957%     589.36376662     0.31902889    0.00000000 0.00000000 0.00000000 0.00000000  0.39290917
   X-2              0.00  0.17073%     799.49453918     0.11374603    0.00000000 0.00000000 0.00000000 0.00000000  0.03986575
   X-B              0.00  0.27679%    1000.00000000     0.23065700    0.00000000 0.00000000 0.00000000 0.00000000  0.21517111
   B-1      9,375,000.00  3.40000%    1000.00000000     2.83333333    0.00000000 0.00000000 0.00000000 0.00000000  2.83333333
   B-2      5,937,000.00  3.90000%    1000.00000000     3.25000000    0.00000000 0.00000000 0.00000000 0.00000000  3.25000000
   B-3      3,437,000.00  3.85207%    1000.00000000     3.21006110    0.00000000 0.00000000 0.00000000 0.00000000  3.21006110
   B-4      1,562,000.00  3.85207%    1000.00000000     3.21005762    0.00000000 0.00000000 0.00000000 0.00000000  3.21005762
   B-5        937,000.00  3.85207%    1000.00000000     3.21006403    0.00000000 0.00000000 0.00000000 0.00000000  3.21006403
   B-6      2,500,468.00  3.85207%    1000.00000000     3.21005908    0.00000000 0.00000000 0.00000000 0.00000000  3.21005908
   A-R            100.00  2.56825%       0.00000000     0.00000000    0.00000000 0.00000000 0.00000000 0.00000000  0.00000000

<CAPTION>
           Remaining
            Unpaid
           Interest   Ending Certificate/
Class (5)  Shortfall  Notational Balance
---------  ---------- -----------------
<S>        <C>        <C>
    A      0.00000000    765.85697743
   X-1     0.00000000    567.18882686
   X-2     0.00000000    765.85697743
   X-B     0.00000000   1000.00000000
   B-1     0.00000000   1000.00000000
   B-2     0.00000000   1000.00000000
   B-3     0.00000000   1000.00000000
   B-4     0.00000000   1000.00000000
   B-5     0.00000000   1000.00000000
   B-6     0.00000000   1000.00000000
   A-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                           22,025,169.93
            Liquidations, Insurance Proceeds, Reserve Funds                       0.00
            Proceeds from Repurchased Loans                                       0.00
            Other Amounts (Servicer Advances)                                10,509.17
            Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
            Prepayment Penalties                                                  0.00
                                                                         -------------
Total Deposits                                                           22,036,679.10

Withdrawals
            Reimbursement for Servicer Advances                              29,384.41
            Payment of Service Fee                                          162,413.05
            Payment of Interest and Principal                            21,843,881.64
                                                                         -------------
Total Withdrawals (Pool Distribution Amount)                             22,035,679.10

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                                                      158,209.35
Master Servicing Fee                                                       4,203.70
Supported Prepayment/Curtailment Interest Shortfall                            0.00
                                                                         ----------

Net Servicing Fee                                                        162,413.05
                                                                         ==========
</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   44,420.52  44,420.52  4,500.00
Class X-B Sub Account  1,000.00      237.12     237.12  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            5          2,199,289.42
60 Days            1            135,192.04
90 Days            1            960,000.00
120 Days           1            103,200.00
150 Days           0                  0.00
180+ Days          0                  0.00
                 -----        ------------
                   8          3,397,681.46

                 No. of        Principal
                 Loans          Balance

0-29 Days       0.000000%      0.000000%
30 Days         0.345304%      0.454192%
60 Days         0.069061%      0.027920%
90 Days         0.069061%      0.198257%
120 Days        0.069061%      0.021313%
150 Days        0.000000%      0.000000%
180+ Days       0.000000%      0.000000%
                --------       --------
                0.552486%      0.701681%
</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            5          2,199,289.42
60 Days            1            135,192.04
90 Days            1            960,000.00
120 Days           1            103,200.00
150 Days           0                  0.00
180+ Days          0                  0.00
                  ----        ------------
                   8          3,397,681.46

                 No. of        Principal
                 Loans          Balance

0-29 Days       0.000000%      0.000000%
30 Days         0.345304%      0.454192%
60 Days         0.069061%      0.027920%
90 Days         0.069061%      0.198257%
120 Days        0.069061%      0.021313%
150 Days        0.000000%      0.000000%
180+ Days       0.000000%      0.000000%
                --------       --------
                0.552486%      0.701681%
</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  10,509.17
</TABLE>

<TABLE>
<CAPTION>
                 Original $        Original%         Current $         Current %       Current Class %      Prepayment %
               -------------      -----------      -------------      -----------      ---------------      ------------
<S>            <C>                <C>              <C>                <C>              <C>                  <C>
Class A        23,748,468.00      3.79976359%      23,748,468.00      4.90447920%         95.095521%          0.000000%
Class X-1      23,748,468.00      3.79976359%      23,748,468.00      4.90447920%          0.000000%          0.000000%
Class X-2      23,748,468.00      3.79976359%      23,748,468.00      4.90447920%          0.000000%          0.000000%
Class B-1      14,373,468.00      2.29976015%      14,373,468.00      2.96837568%          1.936104%         39.476231%
Class B-2       8,436,468.00      1.34983797%       8,436,468.00      1.74228004%          1.226096%         24.999507%
Class B-3       4,999,468.00      0.79991671%       4,999,468.00      1.03247868%          0.709801%         14.472513%
Class B-4       3,437,468.00      0.54999614%       3,437,468.00      0.70989802%          0.322581%          6.577266%
Class B-5       2,500,468.00      0.40007580%       2,500,468.00      0.51639092%          0.193507%          3.945518%
Class B-6               0.00      0.00000000%               0.00      0.00000000%          0.516391%         10.528965%
</TABLE>

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


<PAGE>

<TABLE>
<CAPTION>
                              COLLATERAL STATEMENT

Collateral Description                                         Mixed Arm
<S>                                                          <C>
Weighted Average Gross Coupon                                      4.238430%
Weighted Average Net Coupon                                        3.862073%
Weighted Average Pass-Through Rate                                 3.852073%
Weighted Average Maturity (Stepdown Calculation)                        320

Beginning Scheduled Collateral Loan Count                             1,498
Number of Loans Paid in Full                                             50
Ending Scheduled Collateral Loan Count                                1,448

Beginning Scheduled Collateral Balance                       504,444,560.11
Ending Scheduled Collateral Balance                          484,219,976.11
Ending Actual Collateral Balance at 31-Mar-2005              484,220,052.90

Monthly P&I Constant                                           1,782,141.81
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realization Loss Amount                                                0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                        21,771,179.43

Ending Scheduled Balance for Premium Loans                   484,219,976.11

Scheduled Principal                                                  431.11
Unscheduled Principal                                         20,224,152.89
</TABLE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                                          <C>
One-Month Libor Loan Balance                                  81,005,818.42
Six-Month Libor Loan Balance                                 402,938,214.35
Prorata Senior Percentage                                         95.292155%
Senior Percentage                                                100.000000%
Senior Prepayment Percentage                                     100.000000%
Subordinate Percentage                                             0.000000%
Subordinate Prepayment Percentage                                  0.000000%
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