<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: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                  Certificate  Certificate     Beginning
                     Class        Pass-       Certificate      Interest      Principal
Class    CUSIP    Description  Through Rate     Balance      Distribution  Distribution
-----  ---------  -----------  ------------  --------------  ------------  -------------
<S>    <C>        <C>          <C>           <C>             <C>           <C>
  A    81744FAZ0      SEN        2.33000%    810,524,611.20  1,573,768.63  16,924,919.01
 M-1   81744FBA4      SUB        2.31125%     13,800,000.00     26,579.38           0.00
 M-2   81744FBB2      SUB        2.71125%      9,200,000.00     20,786.25           0.00
 M-3   81744FBC0      SUB        3.36206%      2,300,000.00      6,443.95           0.00
  X    81744FBD8       IO        0.00000%              0.00    727,052.76           0.00
  R    81744FBE6      RES        0.00000%              0.00          0.00           0.00
                                             --------------  ------------  -------------
Totals                                       835,824,611.20  2,354,630.97  16,924,919.01
                                             --------------  ------------  -------------

<CAPTION>
                                      Ending
                      Current      Certificate       Total        Cumulative
Class    CUSIP     Realized Loss     Balance      Distribution   Realized Loss
-----  ---------  --------------  --------------  -------------  -------------
<S>    <C>        <C>             <C>             <C>            <C>
  A    81744FAZ0       0.00       793,599,692.19  18,498,687.64       0.00
 M-1   81744FBA4       0.00        13,800,000.00      26,579.38       0.00
 M-2   81744FBB2       0.00         9,200,000.00      20,786.25       0.00
 M-3   81744FBC0       0.00         2,300,000.00       6,443.95       0.00
  X    81744FBD8       0.00                 0.00     727,052.76       0.00
  R    81744FBE6       0.00                 0.00           0.00       0.00
                       ----       --------------  -------------       ----
Totals                 0.00       818,899,692.19  19,279,549.98       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  810,524,611.20      0.00       16,924,919.01     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  835,824,611.20      0.00       16,924,919.01     0.00       0.00
        --------------  --------------      ----       -------------     ----       ----

<CAPTION>
           Total           Ending       Ending
         Principal      Certificate   Certificate  Total Principal
Class    Reduction        Balance     Percentage    Distribution
-----  -------------  --------------  -----------  ---------------
<S>    <C>            <C>             <C>          <C>
  A    16,924,919.01  793,599,692.19  0.88702765   16,924,919.01
 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 16,924,919.01  818,899,692.19  0.89013448   16,924,919.01
       -------------  --------------  ----------   -------------
</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   905.94508966   0.00000000   18.91743577   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     18.91743577   887.02765389   0.88702765   18.91743577
 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-
        Original Face     Current     Certificate/     Current      Unpaid     Current    Supported
 Class      Amount      Certificate     Notional       Accrued     Interest    Interest   Interest   Realized
                           Rate         Balance       Interest     Shortfall   Shortfall  Shortfall  Loss (4)
------  --------------  -----------  --------------  ------------  ----------  ---------  ---------  --------
<S>     <C>              <C>         <C>             <C>           <C>         <C>        <C>        <C>
   A    894,673,000.00   2.33000%    810,524,611.20  1,573,768.62     0.00       0.00      (0.01)      0.00
  M-1    13,800,000.00   2.31125%     13,800,000.00     26,579.38     0.00       0.00       0.00       0.00
  M-2     9,200,000.00   2.71125%      9,200,000.00     20,786.25     0.00       0.00       0.00       0.00
  M-3     2,300,000.00   3.36206%      2,300,000.00      6,443.95     0.00       0.00       0.00       0.00
   X              0.00   0.00000%    840,424,479.17          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                               1,627,578.20     0.00       0.00      (0.01)      0.00
        --------------                               ------------     ----       ----      -----       ----

<CAPTION>
                         Remaining       Ending
                          Unpaid      Certificate/
 Class   Total Interest  Interest      Notational
          Distribution   Shortfall      Balance
------   --------------  ---------  ---------------
<S>      <C>             <C>        <C>
   A      1,573,768.63     0.00     793,599,692.19
  M-1        26,579.38     0.00      13,800,000.00
  M-2        20,786.25     0.00       9,200,000.00
  M-3         6,443.95     0.00       2,300,000.00
   X        727,052.76     0.00     823,499,560.16
   R              0.00     0.00               0.00
          ------------     ----
Totals    2,354,630.97     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 (5)  Original Face    Certificate    Certificate/     Accrued      Interest   Interest     Interest     Realized
               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%      905.94508966   1.75904338  0.00000000  0.00000000   (0.0000001)   0.00000000
   M-1       13,800,000.00    2.31125%     1000.00000000   1.92604203  0.00000000  0.00000000    0.00000000   0.00000000
   M-2        9,200,000.00    2.71125%     1000.00000000   2.25937500  0.00000000  0.00000000    0.00000000   0.00000000
   M-3        2,300,000.00    3.36206%     1000.00000000   2.80171739  0.00000000  0.00000000    0.00000000   0.00000000
    X                 0.00    0.00000%      913.53108895   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 (5)  Total Interest  Interest     Notational
           Distribution    Shortfall      Balance
---------  --------------  ----------  -------------
<S>        <C>             <C>         <C>
    A        1.75904339    0.00000000   887.02765389
   M-1       1.92604203    0.00000000  1000.00000000
   M-2       2.25937500    0.00000000  1000.00000000
   M-3       2.80171739    0.00000000  1000.00000000
    X        0.79029742    0.00000000   895.13390982
    R        0.00000000    0.00000000     0.00000000
</TABLE>

(5)   Per $1 denomination

(6)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                      CERTIFICATEHOLDER ACCOUNT STATEMENT

<TABLE>
<CAPTION>
                               CERTIFICATE ACCOUNT

<S>                                                                    <C>
Beginning Balance                                                               0.00

Deposits
         Payments of Interest and Principal                            19,503,188.13
         Liquidations, Insurance Proceeds, Reserve Funds                        0.00
         Proceeds from Repurchased Loans                                        0.00
         Other Amounts (Servicer Advances)                                 73,819.21
         Realized Losses (Gains, Subsequent Expenses & Recoveries)              0.00
         Prepayment Penalties                                                   0.00
                                                                       -------------
Total Deposits                                                         19,577,007.34

Withdrawals
         Reimbursement for Servicer Advances                               30,122.91
         Payment of Service Fee                                           267,334.46
         Payment of Interest and Principal                             19,279,549.97
                                                                       -------------
Total Withdrawals (Pool Distribution Amount)                           19,577,007.34
Ending Balance                                                                  0.00
                                                                       =============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                             <C>
Total Prepayment/Curtailment Interest Shortfall                                 0.00
Servicing Fee Support                                                           0.00
                                                                               -----
Non-Supported Prepayment Curtailment Interest Shortfall                        (0.01)
                                                                               =====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                       <C>
Gross Servicing Fee                                                       262,782.15
Master Servicing Fee                                                        4,552.31
Supported Prepayment/Curtailment Interest Shortfall                             0.00
                                                                          ----------
Net Servicing Fee                                                         267,334.46
                                                                          ==========

</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           75      23,193,419.43
60 Days            1         172,939.62
90 Days            4       2,139,203.89
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                 -----    -------------
                  80      25,505,562.94
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days      0.000000%    0.000000%
30 Days        2.904725%    2.816433%
60 Days        0.038730%    0.021000%
90 Days        0.154919%    0.259769%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               3.098373%    3.097203%
</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
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
0-29 Days      0.038730%   0.015127%
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%
               --------    --------
               0.038730%   0.015127%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
 0-29 Days         0          0.00
 30 Days           0          0.00
 60 Days           0          0.00
 90 Days           0          0.00
 120 Days          0          0.00
 150 Days          0          0.00
 180+ Days         0          0.00
                  ---         ----
                   0          0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
 0-29 Days     0.000000%     0.000000%
 30 Days       0.000000%     0.000000%
 60 Days       0.000000%     0.000000%
 90 Days       0.000000%     0.000000%
 120 Days      0.000000%     0.000000%
 150 Days      0.000000%     0.000000%
 180+ Days     0.000000%     0.000000%
               --------      --------
               0.000000%     0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
 0-29 Days         0           0.00
 30 Days           0           0.00
 60 Days           0           0.00
 90 Days           0           0.00
 120 Days          0           0.00
 150 Days          0           0.00
 180+ Days         0           0.00
                  ---          ----
                   0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
 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          75      23,193,419.43
 60 Days           1         172,939.62
 90 Days           4       2,139,203.89
 120 Days          0               0.00
 150 Days          0               0.00
 180+ Days         0               0.00
                 ----     -------------
                  81      25,630,133.41
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
               ---------  -------------
<S>            <C>        <C>
 0-29 Days   0.038730%     0.015127%
 30 Days     2.904725%     2.816433%
 60 Days     0.038730%     0.021000%
 90 Days     0.154919%     0.259769%
 120 Days    0.000000%     0.000000%
 150 Days    0.000000%     0.000000%
 180+ Days   0.000000%     0.000000%
             --------      --------
             3.137103%     3.112329%
</TABLE>

<TABLE>
<CAPTION>
<S>                                        <C>   <C>                                          <C>   <C>              <C>
Current Period Class A Insufficient Funds: 0.00  Principal Balance of Contaminated Properties 0.00  Periodic Advance 73,819.21
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                  3.744936%
Weighted Average Net Coupon                                    3.369723%
Weighted Average Pass-Through Rate                             3.362060%
Weighted Average Maturity (Stepdown Calculation)                    339

Beginning Scheduled Collateral Loan Count                         2,621
Number of Loans Paid in Full                                         39
Ending Scheduled Collateral Loan Count                            2,582

Beginning Scheduled Collateral Balance                   840,424,479.17
Ending Scheduled Collateral Balance                      823,499,560.16
Ending Actual Collateral Balance at 30-Sept-2004         823,503,222.89

Monthly P&I Constant                                       2,622,779.93
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               823,499,560.16

Scheduled Principal                                                0.00
Unscheduled Principal                                     16,924,919.01

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                                           727,052.77
</TABLE>

<PAGE>


MISCELLANEOUS REPORTING

<TABLE>
<S>                                                      <C>
Applied Loss Amount                                                0.00
1 Month LIBOR Loan Balance                                82,545,823.74
6 Month LIBOR Loan Balance                               740,953,736.42
M-1 Target Amount                                        794,677,075.55
M-2 Target Amount                                        811,147,066.76
M-3 Target Amount                                        815,264,564.56
Senior Target Amount                                     769,972,088.75
Step Down Date Reached?                                              No
Trigger Event?                                                       No
</TABLE>