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

                     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     81744FAZ0     SEN          2.33000%       793,599,692.19  1,540,906.07  15,903,583.04       0.00         777,696,109.15
 M-1    81744FBA4     SUB          2.41000%        13,800,000.00     27,715.00           0.00       0.00          13,800,000.00
 M-2    81744FBB2     SUB          2.81000%         9,200,000.00     21,543.33           0.00       0.00           9,200,000.00
 M-3    81744FBC0     SUB          3.41172%         2,300,000.00      6,539.13           0.00       0.00           2,300,000.00
  X     81744FBD8      IO          0.00000%                 0.00    744,586.84           0.00       0.00                   0.00
  R     81744FBE6     RES          0.00000%                 0.00          0.00           0.00       0.00                   0.00
                                                  --------------  ------------  -------------       ----         --------------
Totals                                            818,899,692.19  2,341,290.37  15,903,583.04       0.00         802,996,109.15
                                                  --------------  ------------  -------------       ----         --------------

<CAPTION>
            Total            Cumulative
Class    Distribution      Realized Loss
-----    ------------      -------------
<S>      <C>               <C>
  A      17,444,489.11         0.00
 M-1         27,715.00         0.00
 M-2         21,543.33         0.00
 M-3          6,539.13         0.00
  X         744,586.84         0.00
  R               0.00         0.00
         -------------         ----
Totals   18,244,873.41         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    894,673,000.00  793,599,692.19     0.00     15,903,583.04     0.00           0.00       15,903,583.04     777,696,109.15
 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  818,899,692.19     0.00     15,903,583.04     0.00           0.00       15,903,583.04     802,996,109.15
       --------------  --------------     ----     -------------     ----           ----       -------------     --------------

<CAPTION>
        Ending Certificate     Total Principal
Class       Percentage           Distribution
-----   ------------------     -----------------
<S>     <C>                    <C>
  A         0.86925179         15,903,583.04
 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      0.97284747         15,903,583.04
            ----------         -------------
</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     894,673,000.00   887.02765389   0.00000000   17.77586117   0.00000000  0.00000000   17.77586117       869.25179272
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

<CAPTION>

       Ending Certificate  Total Principal
Class      Percentage       Distribution
-----  -----------------   ---------------
<S>    <C>                 <C>
 A       0.86925179         17.77586117
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-
                                          Certificate    Current        Unpaid       Current     Supported
        Original Face      Current         Notional      Accrued       Interest      Interest     Interest    Realized
Class       Amount     Certificate Rate     Balance      Interest     Shortfall     Shortfall    Shortfall    Loss (4)
-----   -------------  ----------------   -----------    --------     ----------    ---------    ---------    --------
<S>     <C>            <C>              <C>            <C>            <C>           <C>          <C>          <C>
  A     894,673,000.00   2.33000%       793,599,692.19 1,540,906.07     0.00          0.00         0.00         0.00
 M-1     13,800,000.00   2.41000%        13,800,000.00    27,715.00     0.00          0.00         0.00         0.00
 M-2      9,200,000.00   2.81000%         9,200,000.00    21,543.33     0.00          0.00         0.00         0.00
 M-3      2,300,000.00   3.41172%         2,300,000.00     6,539.13     0.00          0.00         0.00         0.00
  X               0.00   0.00000%       823,499,560.16         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                                 1,596,703.53     0.00          0.00         0.00         0.00
        --------------                                 ------------     ----          ----         ----         ----

<CAPTION>
                             Remaining         Ending
                              Unpaid        Certificate/
           Total Interest     Interest       Notational
Class       Distribution     Shortfall         Balance
-----       ------------     ---------      -------------
<S>        <C>               <C>         <C>
  A        1,540,906.07        0.00      777,696,109.15
 M-1          27,715.00        0.00       13,800,000.00
 M-2          21,543.33        0.00        9,200,000.00
 M-3           6,539.13        0.00        2,300,000.00
  X          744,586.84        0.00      807,595,977.12
  R                0.00        0.00                0.00
           ------------        ----
Totals     2,341,290.37        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
Class    Original Face   Certificate   Certificate/         Current        Interest        Interest        Interest    Realized
(5)         Amount          Rate      Notional Balance  Accrued Interest   Shortfall       Shortfall      Shortfall     Loss (6)
---      -------------   ----------   ----------------  ----------------  -----------      ---------      ---------    ----------
<S>     <C>              <C>          <C>               <C>               <C>              <C>            <C>          <C>
 A      894,673,000.00    2.33000%      887.02765389       1.72231203      0.00000000      0.00000000     0.00000001   0.00000000
M-1      13,800,000.00    2.41000%     1000.00000000       2.00833333      0.00000000      0.00000000     0.00000000   0.00000000
M-2       9,200,000.00    2.81000%     1000.00000000       2.34166630      0.00000000      0.00000000     0.00000000   0.00000000
M-3       2,300,000.00    3.41172%     1000.00000000       2.84310000      0.00000000      0.00000000     0.00000000   0.00000000
 X                0.00    0.00000%      895.13390982       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
                           Unpaid
Class   Total Interest    Interest       Ending Certificate/
(5)      Distribution     Shortfall      Notational Balance
---     --------------   ----------      ------------------
<S>     <C>              <C>             <C>
 A        1.72231203     0.00000000         869.25179272
M-1       2.00833333     0.00000000        1000.00000000
M-2       2.34166630     0.00000000        1000.00000000
M-3       2.84310000     0.00000000        1000.00000000
 X        0.80935675     0.00000000         877.84691034
 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

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                          <C>
Beginning Balance                                                                     0.00

Deposits
         Payments of Interest and Principal                                  18,521,668.19
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       58,977.60
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               18,580,645.79

Withdrawals
         Reimbursement for Servicer Advances                                     73,819.21
         Payment of Service Fee                                                 261,953.17
         Payment of Interest and Principal                                   18,244,873.41
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 18,580,645.79

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                                      257,492.56
Master Servicing Fee                                       4,460.61
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------
Net Servicing Fee                                        261,953.17
                                                         ==========
</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       57       17,881,988.62
60 Days        1          142,999.98
90 Days        1        1,500,000.00
120 Days       2          375,393.54
150 Days       0                0.00
180+ Days      0                0.00
              --       -------------
              61       19,900,382.14
</TABLE>

<TABLE>
<CAPTION>
              No. of     Principal
               Loans      Balance
<S>          <C>         <C>
0-29 Days    0.000000%   0.000000%
30 Days      2.242329%   2.214209%
60 Days      0.039339%   0.017707%
90 Days      0.039339%   0.185735%
120 Days     0.078678%   0.046483%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             2.399685%   2.464133%
</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  0.039339%   0.015425%
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%
           --------    --------
           0.039339%   0.015425%
</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        57       17,881,988.62
60 Days         1          142,999.98
90 Days         1        1,500,000.00
120 Days        2          375,393.54
150 Days        0                0.00
180+ Days       0                0.00
               --       -------------
               62       20,024,952.61
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans       Balance
<S>         <C>          <C>
0-29 Days   0.039339%    0.015425%
30 Days     2.242329%    2.214209%
60 Days     0.039339%    0.017707%
90 Days     0.039339%    0.185735%
120 Days    0.078678%    0.046483%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            --------     --------
            2.439024%    2.479558%
</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 58,977.60
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                             Mixed Arm
<S>                                                             <C>
Weighted Average Gross Coupon                                         3.794316%
Weighted Average Net Coupon                                           3.419099%
Weighted Average Pass-Through Rate                                    3.411718%
Weighted Average Maturity (Stepdown Calculation)                           338

Beginning Scheduled Collateral Loan Count                                2,582
Number of Loans Paid in Full                                                40
Ending Scheduled Collateral Loan Count                                   2,542

Beginning Scheduled Collateral Balance                          823,499,560.16
Ending Scheduled Collateral Balance                             807,595,977.12
Ending Actual Collateral Balance at 29-Oct-2004                 807,601,833.88

Monthly P&I Constant                                              2,603,847.68
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                      807,595,977.12

Scheduled Principal                                                       0.00
Unscheduled Principal                                            15,903,583.04

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                                                  744,586.84
</TABLE>

<PAGE>

<TABLE>
<S>                                                              <C>
MISCELLANEOUS REPORTING

Applied Loss Amount                                                        0.00
1 Month LIBOR Loan Balance                                        81,597,850.78
6 Month LIBOR Loan Balance                                       725,998,126.34
M-1 Target Amount                                                779,330,117.92
M-2 Target Amount                                                795,482,037.46
M-3 Target Amount                                                799,520,017.35
Senior Target Amount                                             755,102,238.61
Step Down Date Reached?                                                      No
Trigger Event?                                                               No
</TABLE>