<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 2005-3
                           RECORD DATE: JUNE 30, 2005
                        DISTRIBUTION DATE: JULY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                Certificate Certificate     Beginning
                   Class    Pass-Through   Certificate    Interest     Principal
Class   CUSIP   Description     Rate         Balance    Distribution  Distribution
----- --------- ----------- ------------ -------------- ------------  -------------
<S>   <C>       <C>         <C>          <C>            <C>           <C>
 A-R  81744FHN0     SEN        4.29702%            0.00         0.00           0.00
 A-1  81744FHK6     SEN        3.46000%  334,739,962.47   965,166.89  10,790,032.12
 B-1  81744FHP5     SUB        3.63000%    6,208,000.00    18,779.20           0.00
 B-2  81744FHQ3     SUB        3.90000%    3,287,000.00    10,682.75           0.00
 B-3  81744FHR1     SUB        4.03464%    2,374,000.00     7,981.86           0.00
 B-4  81744FHS9     SUB        4.03464%    1,095,000.00     3,681.61           0.00
 B-5  81744FHT7     SUB        4.03464%      731,000.00     2,457.77           0.00
 B-6  81744FHU4     SUB        4.03464%    1,826,168.26     6,139.94           0.00
 X-A  81744FHL4      IO        0.57464%            0.00   160,294.73           0.00
 X-B  81744FHM2      IO        0.31117%            0.00     2,462.11           0.00
                                         -------------- ------------  -------------
Totals                                   350,261,130.73 1,177,646.86  10,790,032.12
                                         -------------- ------------  -------------

<CAPTION>
                            Ending
       Current Realized   Certificate      Total      Cumulative Realized
Class       Loss            Balance     Distribution         Loss
-----  ---------------- -------------- -------------  -------------------
<S>    <C>              <C>            <C>            <C>
 A-R        0.00                  0.00          0.00          0.00
 A-1        0.00        323,949,930.35 11,755,199.01          0.00
 B-1        0.00          6,208,000.00     18,779.20          0.00
 B-2        0.00          3,287,000.00     10,682.75          0.00
 B-3        0.00          2,374,000.00      7,981.86          0.00
 B-4        0.00          1,095,000.00      3,681.61          0.00
 B-5        0.00            731,000.00      2,457.77          0.00
 B-6        0.00          1,826,168.26      6,139.94          0.00
 X-A        0.00                  0.00    160,294.73          0.00
 X-B        0.00                  0.00      2,462.11          0.00
            ----        -------------- -------------          ----
Totals      0.00        339,471,098.61 11,967,678.98          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-R           100.00           0.00       0.00            0.00   0.00      0.00
 A-1   349,687,000.00 334,739,962.47   3,120.03   10,786,912.09   0.00      0.00
 B-1     6,208,000.00   6,208,000.00       0.00            0.00   0.00      0.00
 B-2     3,287,000.00   3,287,000.00       0.00            0.00   0.00      0.00
 B-3     2,374,000.00   2,374,000.00       0.00            0.00   0.00      0.00
 B-4     1,095,000.00   1,095,000.00       0.00            0.00   0.00      0.00
 B-5       731,000.00     731,000.00       0.00            0.00   0.00      0.00
 B-6     1,826,168.26   1,826,168.26       0.00            0.00   0.00      0.00
 X-A             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
       -------------- --------------   --------   -------------   ----      ----
Totals 365,208,268.26 350,261,130.73   3,120.03   10,786,912.09   0.00      0.00
       -------------- --------------   --------   -------------   ----      ----

<CAPTION>
        Total Principal Ending Certificate Ending Certificate Total Principal
Class      Reduction         Balance           Percentage      Distribution
------  --------------- ------------------ ------------------ ---------------
<S>     <C>             <C>                <C>                <C>
 A-R              0.00              0.00        0.00000000              0.00
 A-1     10,790,032.12    323,949,930.35        0.92639970     10,790,032.12
 B-1              0.00      6,208,000.00        1.00000000              0.00
 B-2              0.00      3,287,000.00        1.00000000              0.00
 B-3              0.00      2,374,000.00        1.00000000              0.00
 B-4              0.00      1,095,000.00        1.00000000              0.00
 B-5              0.00        731,000.00        1.00000000              0.00
 B-6              0.00      1,826,168.26        1.00000000              0.00
 X-A              0.00              0.00        0.00000000              0.00
 X-B              0.00              0.00        0.00000000              0.00
         -------------    --------------        ----------     -------------
Totals   10,790,032.12    339,471,098.61        0.92952742     10,790,032.12
         -------------    --------------        ----------     -------------
</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    Certificate   Principal     Principal              Realized
Class   Face Amount     Balance    Distribution Distribution  Accretion   Loss (3)
----- -------------- ------------- ------------ ------------ ---------- ----------
<S>   <C>            <C>           <C>          <C>          <C>        <C>
 A-R          100.00    0.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 A-1  349,687,000.00  957.25595310   0.00892235  30.84733516 0.00000000 0.00000000
 B-1    6,208,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 B-2    3,287,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 B-3    2,374,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 B-4    1,095,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 B-5      731,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 B-6    1,826,168.26 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 X-A            0.00    0.00000000   0.00000000   0.00000000 0.00000000 0.00000000
 X-B            0.00    0.00000000   0.00000000   0.00000000 0.00000000 0.00000000

<CAPTION>
         Total       Ending       Ending      Total
       Principal   Certificate  Certificate  Principal
Class  Reduction     Balance     Percentage Distribution
----- ----------- ------------- ----------- ------------
<S>   <C>         <C>           <C>         <C>
 A-R   0.00000000    0.00000000  0.00000000  0.00000000
 A-1  30.85625751  926.39969558  0.92639970 30.85625751
 B-1   0.00000000 1000.00000000  1.00000000  0.00000000
 B-2   0.00000000 1000.00000000  1.00000000  0.00000000
 B-3   0.00000000 1000.00000000  1.00000000  0.00000000
 B-4   0.00000000 1000.00000000  1.00000000  0.00000000
 B-5   0.00000000 1000.00000000  1.00000000  0.00000000
 B-6   0.00000000 1000.00000000  1.00000000  0.00000000
 X-A   0.00000000    0.00000000  0.00000000  0.00000000
 X-B   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
                        Current    Certificate/    Current      Unpaid    Current
        Original Face Certificate    Notional      Accrued     Interest  Interest
 Class     Amount        Rate        Balance       Interest    Shortfall Shortfall
------ -------------- ----------- -------------- ------------ ---------- ---------
<S>    <C>            <C>         <C>            <C>          <C>        <C>
  A-R          100.00   4.29702%            0.00         0.00    0.00       0.00
  A-1  349,687,000.00   3.46000%  334,739,962.47   965,166.89    0.00       0.00
  B-1    6,208,000.00   3.63000%    6,208,000.00    18,779.20    0.00       0.00
  B-2    3,287,000.00   3.90000%    3,287,000.00    10,682.75    0.00       0.00
  B-3    2,374,000.00   4.03464%    2,374,000.00     7,981.86    0.00       0.00
  B-4    1,095,000.00   4.03464%    1,095,000.00     3,681.61    0.00       0.00
  B-5      731,000.00   4.03464%      731,000.00     2,457.77    0.00       0.00
  B-6    1,826,168.26   4.03464%    1,826,168.26     6,139.94    0.00       0.00
  X-A            0.00   0.57464%  334,739,962.47   160,294.73    0.00       0.00
  X-B            0.00   0.31117%    9,495,000.00     2,462.11    0.00       0.00
       --------------                            ------------    ----       ----
Totals 365,208,268.26                            1,177,646.86    0.00       0.00
       --------------                            ------------    ----       ----

<CAPTION>
                                              Remaining     Ending
       Non-Supported                           Unpaid     Certificate/
         Interest    Realized Total Interest  Interest     Notational
 Class  Shortfall    Loss (4)  Distribution   Shortfall      Balance
------ ------------- -------- -------------- ----------- --------------
<S>    <C>           <C>      <C>            <C>         <C>
  A-R     0.00         0.00           0.00      0.00               0.00
  A-1     0.00         0.00     965,166.89      0.00     323,949,930.35
  B-1     0.00         0.00      18,779.20      0.00       6,208,000.00
  B-2     0.00         0.00      10,682.75      0.00       3,287,000.00
  B-3     0.00         0.00       7,981.86      0.00       2,374,000.00
  B-4     0.00         0.00       3,681.61      0.00       1,095,000.00
  B-5     0.00         0.00       2,457.77      0.00         731,000.00
  B-6     0.00         0.00       6,139.94      0.00       1,826,168.26
  X-A     0.00         0.00     160,294.73      0.00     323,949,930.35
  X-B     0.00         0.00       2,462.11      0.00       9,495,000.00
          ----         ----   ------------      ----
Totals    0.00         0.00   1,177,646.86      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      Current    Unpaid     Current  Supported
Class  Original Face  Certificate   Certificate/     Accrued   Interest   Interest   Interest   Realized
 (5)      Amount         Rate     Notional Balance  Interest  Shortfall   Shortfall Shortfall   Loss (6)
----- --------------- ----------- ---------------- ---------- ---------- ---------- ---------- ----------
<S>   <C>             <C>         <C>              <C>        <C>        <C>        <C>        <C>
 A-R           100.00   4.29702%      0.00000000   0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
 A-1   349,687,000.00   3.46000%    957.25595310   2.76008799 0.00000000 0.00000000 0.00000000 0.00000000
 B-1     6,208,000.00   3.63000%   1000.00000000   3.02500000 0.00000000 0.00000000 0.00000000 0.00000000
 B-2     3,287,000.00   3.90000%   1000.00000000   3.25000000 0.00000000 0.00000000 0.00000000 0.00000000
 B-3     2,374,000.00   4.03464%   1000.00000000   3.36219882 0.00000000 0.00000000 0.00000000 0.00000000
 B-4     1,095,000.00   4.03464%   1000.00000000   3.36220091 0.00000000 0.00000000 0.00000000 0.00000000
 B-5       731,000.00   4.03464%   1000.00000000   3.36220246 0.00000000 0.00000000 0.00000000 0.00000000
 B-6     1,826,168.26   4.03464%   1000.00000000   3.36219840 0.00000000 0.00000000 0.00000000 0.00000000
 X-A             0.00   0.57464%    957.25595310   0.45839488 0.00000000 0.00000000 0.00000000 0.00000000
 X-B             0.00   0.31117%   1000.00000000   0.25930595 0.00000000 0.00000000 0.00000000 0.00000000

<CAPTION>
                                    Remaining
                         Total       Unpaid
Class  Original Face    Interest     Interest    Ending Certificate/
 (5)      Amount      Distribution  Shortfall   Notational Balance
----- --------------- ------------  ----------  --------------------
<S>   <C>             <C>           <C>         <C>
 A-R           100.00  0.00000000   0.00000000         0.00000000
 A-1   349,687,000.00  2.76008799   0.00000000       926.39969558
 B-1     6,208,000.00  3.02500000   0.00000000      1000.00000000
 B-2     3,287,000.00  3.25000000   0.00000000      1000.00000000
 B-3     2,374,000.00  3.36219882   0.00000000      1000.00000000
 B-4     1,095,000.00  3.36220091   0.00000000      1000.00000000
 B-5       731,000.00  3.36220246   0.00000000      1000.00000000
 B-6     1,826,168.26  3.36219840   0.00000000      1000.00000000
 X-A             0.00  0.45839488   0.00000000       926.39969558
 X-B             0.00  0.25930595   0.00000000      1000.00000000
</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                                  12,090,147.25
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                        7,701.53
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
Total Deposits                                                               12,097,218.78
                                                                             -------------

Withdrawals
         Reimbursement for Servicer Advances                                     14,634.51
         Payment of Service Fee                                                 114,905.29
         Payment of Interest and Principal                                   11,967,678.98
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 12,097,218.78

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                                                    110,089.20
Master Servicing Fee                                                     4,816.09
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      114,905.29
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                   Beginning          Current           Current       Ending
Account Type        Balance         Withdrawals        Deposits       Balance
------------       ---------        -----------        --------      --------
<S>                <C>              <C>                <C>           <C>
Reserve Fund        5,000.00            0.00             0.00        5,000.00
Reserve Fund        5,000.00            0.00             0.00        5,000.00
</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                           6                      1,943,478.40
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
                                 --                      ------------
                                  6                      1,943,478.40
</TABLE>

<TABLE>
<CAPTION>
                               No. of                     Principal
                                Loans                      Balance
<S>                           <C>                         <C>
0-29 Days                     0.000000%                   0.000000%
30 Days                       0.592885%                   0.572497%
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%
                              --------                    --------
                              0.592885%                   0.572497%
</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>
<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>

                                   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                        6                       1,943,478.40
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
                              --                       ------------
                               6                       1,943,478.40
</TABLE>

<TABLE>
<CAPTION>
                             No. of                     Principal
                             Loans                       Balance
<S>                        <C>                          <C>
0-29 Days                  0.000000%                    0.000000%
30 Days                    0.592885%                    0.572497%
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%
                           --------                     --------
                           0.592885%                    0.572497%
</TABLE>

<TABLE>
<S>                                              <C>
Current Period Class A Insufficient Funds:           0.00
Principal Balance of Contaminated Properties         0.00
Periodic Advance                                 7,071.53
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                   Mixed ARM
<S>                                                   <C>
Weighted Average Gross Coupon                               4.428303%
Weighted Average Net Coupon                                 4.051136%
Weighted Average Pass-Through Rate                          4.034636%
Weighted Average Maturity (Stepdown Calculation)                 335

Beginning Scheduled Collateral Loan Count                      1,039
Number of Loans Paid in Full                                      27
Ending Scheduled Collateral Loan Count                         1,012

Beginning Scheduled Collateral Balance                350,261,130.73
Ending Scheduled Collateral Balance                   339,471,098.61
Ending Actual Collateral Balance at 30-June-2005      339,474,256.09

Monthly P&I Constant                                    1,295,672.11
Special Servicing Fee                                           0.00
Prepayment Penalties                                            0.00
Realized Loss Amount                                            0.00
Cumulative Realized Loss                                        0.00

Scheduled Principal                                         3,120.03
Unscheduled Principal                                  10,786,912.09
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                <C>
Senior Percentage                                                       100%
Senior Prepayment Percentage                                            100%
Subordinate Prepayment Percentage                                  0.000000%
Subordinate Percentage                                             0.000000%
</TABLE>