<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: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     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       2.19125%   590,012,796.53 1,077,387.96 12,632,821.73   0.00   577,379,974.80 13,710,209.69    0.00
  X-1  81744FAP2      IO       0.80000%             0.00   331,505.13          0.00   0.00             0.00    331,505.13    0.00
  X-2  81744FAQ0      IO       0.36422%             0.00   179,081.30          0.00   0.00             0.00    179,081.30    0.00
  X-B  81744FAR8      IO       0.63858%             0.00     9,871.32          0.00   0.00             0.00      9,871.32    0.00
  B-1  81744FAT4     SUB       2.41000%    11,550,000.00    23,196.25          0.00   0.00    11,550,000.00     23,196.25    0.00
  B-2  81744FAU1     SUB       2.89000%     7,000,000.00    16,858.33          0.00   0.00     7,000,000.00     16,858.33    0.00
  B-3  81744FAV9     SUB       3.22971%     3,150,000.00     8,477.98          0.00   0.00     3,150,000.00      8,477.98    0.00
  B-4  81744FAW7     SUB       3.22971%     1,750,000.00     4,709.99          0.00   0.00     1,750,000.00      4,709.99    0.00
  B-5  81744FAX5     SUB       3.22971%     1,400,000.00     3,767.99          0.00   0.00     1,400,000.00      3,767.99    0.00
  B-6  81744FAY6     SUB       3.22971%     3,150,069.00     8,478.17          0.00   0.00     3,150,069.00      8,478.17    0.00
  A-R  81744FAS6     RES       2.67054%             0.00       476.81          0.00   0.00             0.00        476.81    0.00
                                          ---------------------------------------------------------------------------------------
Totals                                    618,012,865.53 1,663,811.23 12,632,821.73   0.00   605,380,043.80 14,296,632.96    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
           Original Face      Certificate      Principal        Principal                    Realized      Principal
Class          Amount           Balance       Distribution     Distribution     Accretion    Loss (1)      Reduction
----------------------------------------------------------------------------------------------------------------------
<S>       <C>               <C>               <C>             <C>               <C>          <C>         <C>
   A      671,998,000.00    590,012,796.53         0.00       12,632,821.73        0.00         0.00     12,632,821.73
  X-1               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
  X-B               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
  B-2       7,000,000.00      7,000,000.00         0.00                0.00        0.00         0.00              0.00
  B-3       3,150,000.00      3,150,000.00         0.00                0.00        0.00         0.00              0.00
  B-4       1,750,000.00      1,750,000.00         0.00                0.00        0.00         0.00              0.00
  B-5       1,400,000.00      1,400,000.00         0.00                0.00        0.00         0.00              0.00
  B-6       3,150,069.00      3,150,069.00         0.00                0.00        0.00         0.00              0.00
  A-R             100.00              0.00         0.00                0.00        0.00         0.00              0.00
          ------------------------------------------------------------------------------------------------------------
Totals    699,998,169.00    618,012,865.53         0.00       12,632,821.73        0.00         0.00     12,632,821.73
          ------------------------------------------------------------------------------------------------------------

<CAPTION>
              Ending          Ending           Total
            Certificate     Certificate      Principal
Class         Balance       Percentage      Distribution
--------------------------------------------------------
<S>       <C>               <C>            <C>
   A      577,379,974.80     0.85919895    12,632,821.73
  X-1               0.00     0.00000000             0.00
  X-2               0.00     0.00000000             0.00
  X-B               0.00     0.00000000             0.00
  B-1      11,550,000.00     1.00000000             0.00
  B-2       7,000,000.00     1.00000000             0.00
  B-3       3,150,000.00     1.00000000             0.00
  B-4       1,750,000.00     1.00000000             0.00
  B-5       1,400,000.00     1.00000000             0.00
  B-6       3,150,069.00     1.00000000             0.00
  A-R               0.00     0.00000000             0.00
          ----------------------------------------------
Totals    605,380,043.80     0.86483090    12,632,821.73
          ----------------------------------------------
</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
           Original Face       Certificate      Principal       Principal                     Realized        Principal
Class         Amount             Balance      Distribution    Distribution     Accretion      Loss (3)        Reduction
-----------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>             <C>             <C>             <C>            <C>             <C>
  A        671,998,000.00      877.99784602    0.00000000      18.79889781    0.00000000     0.00000000      18.79889781
 X-1                 0.00        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
 X-B                 0.00        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
 B-2         7,000,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-3         3,150,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-4         1,750,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-5         1,400,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-6         3,150,069.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000

<CAPTION>
           Ending               Ending            Total
        Certificate          Certificate         Principal
Class     Balance            Percentage        Distribution
-----------------------------------------------------------
<S>    <C>                   <C>               <C>
  A     859.19894821          0.85919895        18.79889781
 X-1      0.00000000          0.00000000         0.00000000
 X-2      0.00000000          0.00000000         0.00000000
 X-B      0.00000000          0.00000000         0.00000000
 B-1   1000.00000000          1.00000000         0.00000000
 B-2   1000.00000000          1.00000000         0.00000000
 B-3   1000.00000000          1.00000000         0.00000000
 B-4   1000.00000000          1.00000000         0.00000000
 B-5   1000.00000000          1.00000000         0.00000000
 B-6   1000.00000000          1.00000000         0.00000000
 A-R      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
                                     Current     Certificate/       Current        Unpaid       Current    Non-Supported
               Original Face       Certificate     Notional         Accrued       Interest      Interest     Interest     Realized
 Class            Amount              Rate          Balance        Interest      Shortfall     Shortfall    Shortfall     Loss (4)
----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                  <C>          <C>              <C>             <C>           <C>         <C>            <C>
   A          671,998,000.00         2.19125%   590,012,796.53   1,077,387.95       0.00          0.00        (0.01)        0.00
  X-1                   0.00         0.80000%   497,257,688.40     331,505.13       0.00          0.00         0.00         0.00
  X-2                   0.00         0.36422%   590,012,796.53     179,081.30       0.00          0.00         0.00         0.00
  X-B                   0.00         0.63858%    18,550,000.00       9,871.32       0.00          0.00         0.00         0.00
  B-1          11,550,000.00         2.41000%    11,550,000.00      23,196.25       0.00          0.00         0.00         0.00
  B-2           7,000,000.00         2.89000%     7,000,000.00      16,858.33       0.00          0.00         0.00         0.00
  B-3           3,150,000.00         3.22971%     3,150,000.00       8,477.98       0.00          0.00         0.00         0.00
  B-4           1,750,000.00         3.22971%     1,750,000.00       4,709.99       0.00          0.00         0.00         0.00
  B-5           1,400,000.00         3.22971%     1,400,000.00       3,767.99       0.00          0.00         0.00         0.00
  B-6           3,150,069.00         3.22971%     3,150,069.00       8,478.17       0.00          0.00         0.00         0.00
  A-R                 100.00         2.67054%             0.00           0.00       0.00          0.00         0.00         0.00
              ------------------------------------------------------------------------------------------------------------------
Totals        699,998,169.00                                     1,663,334.41       0.00          0.00        (0.01)        0.00
              ------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                Remaining        Ending
                                 Unpaid       Certificate/
            Total Interest      Interest      Notational
 Class        Distribution      Shortfall        Balance
----------------------------------------------------------
<S>         <C>                 <C>         <C>
   A         1,077,387.96          0.00     577,379,974.80
  X-1          331,505.13          0.00     478,736,120.69
  X-2          179,081.30          0.00     577,379,974.80
  X-B            9,871.32          0.00      18,550,000.00
  B-1           23,196.25          0.00      11,550,000.00
  B-2           16,858.33          0.00       7,000,000.00
  B-3            8,477.98          0.00       3,150,000.00
  B-4            4,709.99          0.00       1,750,000.00
  B-5            3,767.99          0.00       1,400,000.00
  B-6            8,478.17          0.00       3,150,069.00
  A-R              476.81          0.00               0.00
             ---------------------------------------------
Totals       1,663,811.23          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                           Unpaid        Current    Non-Supported
Class (5)     Original Face  Certificate    Certificate/      Current 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        671,998,000.00    2.19125%      877.99784602        1.60326065     0.00000000   0.00000000   (0.00000001)    0.00000000
   X-1                 0.00    0.80000%      739.96900050        0.49331267     0.00000000   0.00000000    0.00000000     0.00000000
   X-2                 0.00    0.36422%      877.99784602        0.26649082     0.00000000   0.00000000    0.00000000     0.00000000
   X-B                 0.00    0.63858%     1000.00000000        0.53214663     0.00000000   0.00000000    0.00000000     0.00000000
   B-1        11,550,000.00    2.41000%     1000.00000000        2.00833333     0.00000000   0.00000000    0.00000000     0.00000000
   B-2         7,000,000.00    2.89000%     1000.00000000        2.40833286     0.00000000   0.00000000    0.00000000     0.00000000
   B-3         3,150,000.00    3.22971%     1000.00000000        2.69142222     0.00000000   0.00000000    0.00000000     0.00000000
   B-4         1,750,000.00    3.22971%     1000.00000000        2.69142286     0.00000000   0.00000000    0.00000000     0.00000000
   B-5         1,400,000.00    3.22971%     1000.00000000        2.69142143     0.00000000   0.00000000    0.00000000     0.00000000
   B-6         3,150,069.00    3.22971%     1000.00000000        2.69142358     0.00000000   0.00000000    0.00000000     0.00000000
   A-R               100.00    2.67054%        0.00000000        0.00000000     0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                           Remaining
                             Unpaid
Class (5)  Total Interest   Interest      Ending Certificate/
            Distribution    Shortfall      Notational Balance
--------------------------------------------------------------
<S>        <C>             <C>            <C>
    A         1.60326066   0.00000000         859.19894821
   X-1        0.49331267   0.00000000         712.40706176
   X-2        0.26649082   0.00000000         859.19894821
   X-B        0.53214663   0.00000000        1000.00000000
   B-1        2.00833333   0.00000000        1000.00000000
   B-2        2.40833286   0.00000000        1000.00000000
   B-3        2.69142222   0.00000000        1000.00000000
   B-4        2.69142286   0.00000000        1000.00000000
   B-5        2.69142143   0.00000000        1000.00000000
   B-6        2.69142358   0.00000000        1000.00000000
   A-R     4768.10000000   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                                  14,492,670.04
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       28,691.91
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               14,521,361.95

Withdrawals
         Reimbursement for Servicer Advances                                     25,268.71
         Payment of Service Fee                                                 199,460.26
         Payment of Interest and Principal                                   14,296,632.98
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 14,521,361.95

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                                                    194,566.27
Master Servicing Fee                                                     4,893.99
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      199,460.26
                                                                       ==========
</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            0.00             0.00        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

                                   DELINQUENT

<TABLE>
<CAPTION>
               No. of       Principal
                Loans        Balance
<S>            <C>       <C>
0-29 Days         0               0.00
30 Days          28       8,981,046.20
60 Days           3         605,522.71
90 Days           0               0.00
120 Days          0               0.00
150 Days          0               0.00
180+ Days         1         506,400.00
                 --      -------------
                 32      10,092,968.91
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal
                Loans       Balance
<S>           <C>          <C>
0-29 Days     0.000000%    0.000000%
30 Days       1.559889%    1.483092%
60 Days       0.167131%    0.099993%
90 Days       0.000000%    0.000000%
120 Days      0.000000%    0.000000%
150 Days      0.000000%    0.000000%
180+ Days     0.055710%    0.083625%
              --------     --------
              1,782730%    1.666710%
</TABLE>

                                   BANKRUPTCY

<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>
              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>

                                   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       0               0.00
30 Days        28       8,981,046.20
60 Days         3         605,522.71
90 Days         0               0.00
120 Days        0               0.00
150 Days        0               0.00
180+ Days       1         506,400.00
               --      -------------
               32      10,092,968.91
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>         <C>          <C>
0-29 Days   0.000000%    0.000000%
30 Days     1.559889%    1.483092%
60 Days     0.167131%    0.099993%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%
180+ Days   0.055710%    0.083625%
            --------     --------
            1,782730%    1.666710%
</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  28,691.91
</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    4.62385201%      95.346892%       0.000000%
Class X-1   28,000,069.00    4.00002032%  28,000,069.00    4.62385201%       0.000000%       0.000000%
Class X-2   28,000,069.00    4.00002032%  28,000,069.00    4.62385201%       0.000000%       0.000000%
Class B-1   16,450,069.00    2.35001600%  16,450,069.00    2.71651776%       1.907334%      41.249898%
Class B-2    9,450,069.00    1.35001339%   9,450,069.00    1.56055760%       1.155960%      24.999938%
Class B-3    6,300,069.00    0.90001221%   6,300,069.00    1.04037553%       0.520182%      11.249972%
Class B-4    4,550,069.00    0.65001156%   4,550,069.00    0.75138550%       0.288990%       6.249985%
Class B-5    3,150,069.00    0.45001103%   3,150,069.00    0.52019346%       0.231192%       4.999988%
Class B-6            0.00    0.00000000%           0.00    0.00000000%       0.520193%      11.250219%
</TABLE>

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                                                   Mixed Arm
<S>                                                                                                 <C>
Weighted Average Gross Coupon                                                                             3.616891%
Weighted Average Net Coupon                                                                               3.239100%
Weighted Average Pass-Through Rate                                                                        3.229708%
Weighted Average Maturity (Stepdown Calculation)                                                               336

Beginning Scheduled Collateral Loan Count                                                                    1,823
Number of Loans Paid in Full                                                                                    28
Ending Scheduled Collateral Loan Count                                                                       1,795

Beginning Scheduled Collateral Balance                                                              618,012,865.60
Ending Scheduled Collateral Balance                                                                 605,557,204.61
Ending Actual Collateral Balance at 29-Oct-2004                                                     605,562,227.76

Monthly P&I Constant                                                                                  1,863,271.52
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realization Loss Amount                                                                                       0.00
Cumulative Realized Loss                                                                                      0.00

Class A Optimal Amount                                                                               14,230,667.43

Ending Scheduled Balance for Premium Loans                                                          605,557,204.61

Scheduled Principal                                                                                           0.00
Unscheduled Principal                                                                                12,632,821.73
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
One-Month Libor Loan Balance                                      71,501,772.19
Six-Month Libor Loan Balance                                     534,055,432.42
Prorata Senior Percentage                                             95.441979%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
</TABLE>