<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 2004-4

                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                         Certificate    Certificate     Beginning
                            Class       Pass-Through   Certificate         Interest        Principal      Current
  Class       CUSIP      Description        Rate          Balance        Distribution    Distribution   Realized Loss
---------   ---------    -----------    ------------   --------------    ------------   --------------  -------------

<S>         <C>          <C>            <C>            <C>               <C>            <C>             <C>
     A      81744FBF3        SEN            2.46125%   670,221,590.18    1,374,652.41   17,177,420.67            0.00
    X-1     81744FBG1        SEN            0.80000%             0.00      379,317.92            0.00            0.00
    X-2     81744FBH9        SEN            0.37928%             0.00      211,832.42            0.00            0.00
    X-B     81744FBJ5        SEN            0.37422%             0.00        7,160.68            0.00            0.00
    B-1     81744FBK2        SUB            3.00000%    14,612,000.00       36,530.00            0.00            0.00
    B-2     81744FBL0        SUB            3.40000%     8,350,000.00       23,658.33            0.00            0.00
    B-3     81744FBM8        SUB            3.51968%     4,175,000.00       12,245.54            0.00            0.00
    B-4     81744FBN6        SUB            3.51968%     2,509,000.00        7,359.06            0.00            0.00
    B-5     81744FBP1        SUB            3.51968%     2,088,000.00        6,124.24            0.00            0.00
    B-6     81744FBQ9        SUB            3.51968%     3,757,983.00       11,022.40            0.00            0.00
    A-R     81744FBR7        RES            2.77802%             0.00            0.00            0.00            0.00
---------   ---------    -----------    ------------   --------------    ------------   --------------  -------------
Totals                                                 705,713,573.18    2,069,903.00   17,177,420.67            0.00
---------   ---------    -----------    ------------   --------------    ------------   --------------  -------------

<Caption>
               Ending
             Certificate         Total           Cumulative
  Class        Balance        Distribution     Realized Loss
---------   --------------    -------------    -------------

<S>         <C>               <C>              <C>
     A      653,044,169.51    18,552,073.08            0.00
    X-1               0.00       379,317.92            0.00
    X-2               0.00       211,832.42            0.00
    X-B               0.00         7,160.68            0.00
    B-1      14,612,000.00        36,530.00            0.00
    B-2       8,350,000.00        23,658.33            0.00
    B-3       4,175,000.00        12,245.54            0.00
    B-4       2,509,000.00         7,359.06            0.00
    B-5       2,088,000.00         6,124.24            0.00
    B-6       3,757,983.00        11,022.40            0.00
    A-R               0.00             0.00            0.00
---------   --------------    -------------    -------------
Totals      688,536,152.51    19,247,323.67            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        Certificate       Principal        Principal                   Realized      Principal
Class        Face Amount         Balance        Distribution    Distribution     Accretion    Loss (1)      Reduction
------      --------------    --------------    ------------    --------------   ---------    --------    -------------

<S>         <C>               <C>               <C>             <C>              <C>          <C>         <C>
   A        799,511,000.00    670,221,590.18            0.00     17,177,420.67        0.00        0.00    17,177,420.67
  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        14,612,000.00     14,612,000.00            0.00              0.00        0.00        0.00             0.00
  B-2         8,350,000.00      8,350,000.00            0.00              0.00        0.00        0.00             0.00
  B-3         4,175,000.00      4,175,000.00            0.00              0.00        0.00        0.00             0.00
  B-4         2,509,000.00      2,509,000.00            0.00              0.00        0.00        0.00             0.00
  B-5         2,088,000.00      2,088,000.00            0.00              0.00        0.00        0.00             0.00
  B-6         3,757,983.00      3,757,983.00            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      835,003,083.00    705,713,573.18            0.00     17,177,420.67        0.00        0.00    17,177,420.67
------      --------------    --------------    ------------    --------------   ---------    --------    -------------

<Caption>
              Ending             Ending          Total
            Certificate        Certificate     Principal
Class         Balance           Percentage     Distribution
------      --------------     ------------    -------------

<S>         <C>                <C>             <C>
   A        653,044,169.51       0.81680448    17,177,420.67
  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        14,612,000.00       1.00000000             0.00
  B-2         8,350,000.00       1.00000000             0.00
  B-3         4,175,000.00       1.00000000             0.00
  B-4         2,509,000.00       1.00000000             0.00
  B-5         2,088,000.00       1.00000000             0.00
  B-6         3,757,983.00       1.00000000             0.00
  A-R                 0.00       0.00000000             0.00
------      --------------     ------------    -------------
Totals      688,536,152.51       0.82459115    17,177,420.67
------      --------------     ------------    -------------
</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
Class               Amount           Balance      Distribution   Distribution    Accretion      Loss (3)        Reduction
-----           --------------    -------------   ------------   -------------   ----------    ----------    ---------------

<S>             <C>               <C>             <C>            <C>             <C>           <C>           <C>
  A             799,511,000.00     838.28939212    0.00000000      21.48490849   0.00000000    0.00000000       21.48490849
 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             14,612,000.00    1000.00000000    0.00000000       0.00000000   0.00000000    0.00000000        0.00000000
 B-2              8,350,000.00    1000.00000000    0.00000000       0.00000000   0.00000000    0.00000000        0.00000000
 B-3              4,175,000.00    1000.00000000    0.00000000       0.00000000   0.00000000    0.00000000        0.00000000
 B-4              2,509,000.00    1000.00000000    0.00000000       0.00000000   0.00000000    0.00000000        0.00000000
 B-5              2,088,000.00    1000.00000000    0.00000000       0.00000000   0.00000000    0.00000000        0.00000000
 B-6              3,757,983.00    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 Certificate  Ending Certificate     Total Principal
Class          Balance            Percentage          Distribution
-----      -----------------  ------------------    ---------------

<S>       <C>                 <C>                   <C>
  A           816.80448363           0.81680448         21.48490849
 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
                   Original Face         Certificate        Notional           Accrued           Interest         Interest
Class                 Amount                 Rate           Balance            Interest          Shortfall        Shortfall
------           ---------------         -----------    --------------      ------------        -----------       ---------

<S>              <C>                     <C>            <C>                 <C>                 <C>               <C>
  A              799,511,000.00            2.46125%     670,221,590.18      1,374,652.41            0.00             0.00
 X-1                       0.00            0.80000%     568,976,882.65        379,317.92            0.00             0.00
 X-2                       0.00            0.37928%     670,221,590.18        211,832.42            0.00             0.00
 X-B                       0.00            0.37422%      22,962,000.00          7,160.68            0.00             0.00
 B-1              14,612,000.00            3.00000%      14,612,000.00         36,530.00            0.00             0.00
 B-2               8,350,000.00            3.40000%       8,350,000.00         23,658.33            0.00             0.00
 B-3               4,175,000.00            3.51968%       4,175,000.00         12,245.54            0.00             0.00
 B-4               2,509,000.00            3.51968%       2,509,000.00          7,359.06            0.00             0.00
 B-5               2,088,000.00            3.51968%       2,088,000.00          6,124.24            0.00             0.00
 B-6               3,757,983.00            3.51968%       3,757,983.00         11,022.40            0.00             0.00
 A-R                     100.00            2.77802%               0.00              0.00            0.00             0.00
------           --------------          -----------    --------------      ------------        --------          -------
Totals           835,003,083.00                                             2,069,903.00            0.00             0.00
------           --------------          -----------    --------------      ------------        --------          -------

<Caption>
           Non-                                              Remaining         Ending
          Supported                                            Unpaid        Certificate/
          Interest        Realized    Total Interest         Interest         Notational
Class     Shortfall       Loss (4)     Distribution          Shortfall         Balance
------    ---------       --------    --------------         ---------      ---------------

<S>       <C>             <C>         <C>                    <C>            <C>
  A          0.00           0.00       1,374,652.41             0.00        653,044,169.51
 X-1         0.00           0.00         379,317.92             0.00        547,662,332.94
 X-2         0.00           0.00         211,832.42             0.00        653,044,169.51
 X-B         0.00           0.00           7,160.68             0.00         22,962,000.00
 B-1         0.00           0.00          36,530.00             0.00         14,612,000.00
 B-2         0.00           0.00          23,658.33             0.00          8,350,000.00
 B-3         0.00           0.00          12,245.54             0.00          4,175,000.00
 B-4         0.00           0.00           7,359.06             0.00          2,509,000.00
 B-5         0.00           0.00           6,124.24             0.00          2,088,000.00
 B-6         0.00           0.00          11,022.40             0.00          3,757,983.00
 A-R         0.00           0.00               0.00             0.00                  0.00
------    -------         ------      -------------          -------        --------------
Totals       0.00           0.00       2,069,903.00             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
                  Original Face     Certificate      Certificate/         Accrued          Interest       Interest     Interest
  Class (5)           Amount            Rate        Notional Balance       Interest         Shortfall      Shortfall    Shortfall
-----------       --------------    ------------    ----------------      ----------       ----------     ----------    ----------
<S>               <C>               <C>             <C>                   <C>              <C>            <C>           <C>
     A            799,511,000.00      2.46125%        838.28939212        1.71936648       0.00000000     0.00000000    0.00000000
    X-1                     0.00      0.80000%        711.65610311        0.47443740       0.00000000     0.00000000    0.00000000
    X-2                     0.00      0.37928%        838.28939212        0.26495248       0.00000000     0.00000000    0.00000000
    X-B                     0.00      0.37422%       1000.00000000        0.31184914       0.00000000     0.00000000    0.00000000
    B-1            14,612,000.00      3.00000%       1000.00000000        2.50000000       0.00000000     0.00000000    0.00000000
    B-2             8,350,000.00      3.40000%       1000.00000000        2.83333293       0.00000000     0.00000000    0.00000000
    B-3             4,175,000.00      3.51968%       1000.00000000        2.93306347       0.00000000     0.00000000    0.00000000
    B-4             2,509,000.00      3.51968%       1000.00000000        2.93306497       0.00000000     0.00000000    0.00000000
    B-5             2,088,000.00      3.51968%       1000.00000000        2.93306513       0.00000000     0.00000000    0.00000000
    B-6             3,757,983.00      3.51968%       1000.00000000        2.93306276       0.00000000     0.00000000    0.00000000
    A-R                   100.00      2.77802%          0.00000000        0.00000000       0.00000000     0.00000000    0.00000000

<Caption>
                                                    Remaining          Ending
                                      Total          Unpaid         Certificate/
                   Realized          Interest       Interest         Notational
 Class (5)         Loss (6)        Distribution     Shortfall          Balance
-----------       ----------       ------------    ----------      --------------
<S>               <C>              <C>             <C>             <C>
     A            0.00000000        1.71936648     0.00000000       816.80448363
    X-1           0.00000000        0.47443740     0.00000000       684.99662036
    X-2           0.00000000        0.26495248     0.00000000       816.80448363
    X-B           0.00000000        0.31184914     0.00000000      1000.00000000
    B-1           0.00000000        2.50000000     0.00000000      1000.00000000
    B-2           0.00000000        2.83333293     0.00000000      1000.00000000
    B-3           0.00000000        2.93306347     0.00000000      1000.00000000
    B-4           0.00000000        2.93306497     0.00000000      1000.00000000
    B-5           0.00000000        2.93306513     0.00000000      1000.00000000
    B-6           0.00000000        2.93306276     0.00000000      1000.00000000
    A-R           0.00000000        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                                  19,466,787.74
           Liquidations, Insurance Proceeds, Reserve Funds                              0.00
           Proceeds from Repurchased Loans                                              0.00
           Other Amounts (Servicer Advances)                                       20,370.76
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
           Prepayment Penalties                                                         0.00
                                                                               -------------
Total Deposits                                                                 19,487,158.50

Withdrawals

           Reimbursement for Servicer Advances                                     14,338.68
           Payment of Service Fee                                                 225,496.15
           Payment of Interest and Principal                                   19,247,323.67
                                                                               -------------
Total Withdrawals (Pool Distribution Amount)                                   19,487,158.50
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
                                                             ----
                                                             0.00
Non-Supported Prepayment Curtailment Interest Shortfall
                                                             ====
</Table>





                                 SERVICING FEES
<Table>
<S>                                                      <C>
Gross Servicing Fee                                      221,085.41
Master Servicing Fee                                       4,410.74
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------

Net Servicing Fee                                        225,496.15
                                                         ==========
</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

</Table>
<PAGE>




             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<Table>
<Caption>
                 DELINQUENT                                 BANKRUPTCY                                FORECLOSURE
--------------------------------------------  ---------------------------------------  -----------------------------------------
<S>             <C>             <C>           <C>           <C>           <C>          <C>             <C>           <C>
                  No. of        Principal                     No. of      Principal                      No. of      Principal
                  Loans          Balance                      Loans        Balance                       Loans        Balance

0-29 Days           0                   0.00  0-29 Days         0                0.00  0-29 Days           0                0.00
30 Days            21           6,299,539.92  30 Days           0                0.00  30 Days             0                0.00
60 Days             0                  .0.00  60 Days           0                0.00  60 Days             0                0.00
90 Days             1             138,400.00  90 Days           0                0.00  90 Days             0                0.00
120 Days            0                   0.00  120 Days          0                0.00  120 Days            0                0.00
150 Days            0                   0.00  150 Days          0                0.00  150 Days            0                0.00
180+ Days           2             312,548.71  180+ Days         0                0.00  180+ Days           0                0.00
                   ---          ------------                   ---      -------------                     ---       ------------
                   24           6,750,488.63                    0                0.00                      0                0.00


                  No. of        Principal                     No. of      Principal                      No. of      Principal
                  Loans          Balance                      Loans        Balance                       Loans        Balance

0-29 Days       0.000000%       0.000000%     0-29 Days     0.000000%     0.000000%    0-29 Days       0.000000%     0.000000%
30 Days         0.970425%       0.914913%     30 Days       0.000000%     0.000000%    30 Days         0.000000%     0.000000%
60 Days         0.000000%       0.000000%     60 Days       0.000000%     0.000000%    60 Days         0.000000%     0.000000%
90 Days         0.046211%       0.020101%     90 Days       0.000000%     0.000000%    90 Days         0.000000%     0.000000%
120 Days        0.000000%       0.000000%     120 Days      0.000000%     0.000000%    120 Days        0.000000%     0.000000%
150 Days        0.000000%       0.000000%     150 Days      0.000000%     0.000000%    150 Days        0.000000%     0.000000%
180+ Days       0.092421%       0.045393%     180+ Days     0.000000%     0.000000%    180+ Days       0.000000%     0.000000%
               ----------       ---------                   ---------     ---------                    ---------     ---------
                1.109057%       0.980407%                   0.000000%     0.000000%                    0.000000%     0.000000%

Current Period Class A Insufficient Funds:                    0.00       Principal Balance of Contaminated Properties        0.00

<Caption>
                   REO                                       TOTAL
-----------------------------------------  ------------------------------------------
<S>            <C>            <C>          <C>            <C>            <C>
                 No. of       Principal                     No. of       Principal
                 Loans         Balance                      Loans         Balance

0-29 Days          0                 0.00  0-29 Days          0                  0.00
30 Days            0                 0.00  30 Days           21          6,299,539.92
60 Days            0                 0.00  60 Days            0                 .0.00
90 Days            0                 0.00  90 Days            1            138,400.00
120 Days           0                 0.00  120 Days           0                  0.00
150 Days           0                 0.00  150 Days           0                  0.00
180+ Days          0                 0.00  180+ Days          2            312,548.71
                  ---      --------------                   ----        -------------
                   0                 0.00                    24          6,750,488.63


                 No. of       Principal                     No. of       Principal
                 Loans         Balance                      Loans         Balance

0-29 Days      0.000000%      0.000000%    0-29 Days      0.000000%      0.000000%
30 Days        0.000000%      0.000000%    30 Days        0.970425%      0.914913%
60 Days        0.000000%      0.000000%    60 Days        0.000000%      0.000000%
90 Days        0.000000%      0.000000%    90 Days        0.046211%      0.020101%
120 Days       0.000000%      0.000000%    120 Days       0.000000%      0.000000%
150 Days       0.000000%      0.000000%    150 Days       0.000000%      0.000000%
180+ Days      0.000000%      0.000000%    180+ Days      0.092421%      0.045393%
               ---------      ---------                   ---------      ---------
               0.000000%      0.000000%                   1.109057%      0.980407%

Periodic Advance                                    20,370.76
</Table>



<Table>
<Caption>
                 Original $      Original%         Current $      Current %     Current Class %     Prepayment %
              -------------    ------------     -------------    -----------    ---------------    -------------

<S>           <C>               <C>             <C>              <C>            <C>                <C>
Class A       35,491,983.00     4.25052119%     35,491,983.00    5.15470144%      94.845298%         0.000000%
Class X-1     35,491,983.00     4.25052119%     35,491,983.00    5.15470144%       0.000000%         0.000000%
Class X-2     35,491,983.00     4.25052119%     35,491,983.00    5.15470144%       0.000000%         0.000000%
Class B-1     20,879,983.00     2.50058753%     20,879,983.00    3.03251803%       2.122183%        41.169861%
Class B-2     12,529,983.00     1.50059123%     12,529,983.00    1.81980030%       1.212718%        23.526440%
Class B-3      8,354,983.00     1.00059307%      8,354,983.00    1.21344144%       0.606359%        11.763220%
Class B-4      5,845,983.00     0.70011514%      5,845,983.00    0.84904518%       0.364396%         7.069202%
Class B-5      3,757,983.00     0.45005618%      3,757,983.00    0.54579313%       0.303252%         5.883019%
Class B-6              0.00     0.00000000%              0.00    0.00000000%       0.545793%        10.588259%

Please refer to the prospectus supplement for a full description of loss exposure
</Table>



<PAGE>


                              COLLATERAL STATEMENT

<Table>
<Caption>
Collateral Description                                   Mixed Arm

<S>                                                 <C>
Weighted Average Gross Coupon                            3.903112%
Weighted Average Net Coupon                              3.527177%
Weighted Average Pass-Through Rate                       3.519677%
Weighted Average Maturity (Stepdown Calculation)               333

Beginning Scheduled Collateral Loan Count                    2,207
Number of Loans Paid in Full                                    43
Ending Scheduled Collateral Loan Count                       2,164

Beginning Scheduled Collateral Balance              705,713,573.92
Ending Scheduled Collateral Balance                 688,536,153.25
Ending Actual Collateral Balance at 31-Jan-2005     688,539,455.95

Monthly P&I Constant                                  2,295,399.12
Special Servicing Fee                                         0.00
Prepayment Penalties                                          0.00
Realization Loss Amount                                       0.00
Cumulative Realized Loss                                      0.00

Class A Optimal Amount                               19,150,384.10

Ending Scheduled Balance for Premium Loans          688,536,153.25

Scheduled Principal                                           0.00
Unscheduled Principal                                17,177,420.67
</Table>

MISCELLANEOUS REPORTING

<Table>
<S>                                         <C>
One-Month Libor Loan Balance`                97,249,581.12
Six-Month Libor Loan Balance                591,286,572.13
Prorata Senior Percentage                       94.970766%
Senior Percentage                              100.000000%
Senior Prepayment Percentage                   100.000000%
Subordinate Percentage                           0.000000%
Subordinate Prepayment Percentage                0.000000%

</Table>