<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

                               SHT SERIES 2004-1
                         RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate                          Beginning
                                 Class        Certificate Pass-   Certificate        Interest        Principal          Current
   Class          CUSIP       Description       Through Rate        Balance        Distribution     Distribution     Realized Loss
   -----          -----       -----------       ------------        -------        ------------     ------------     -------------
<S>             <C>           <C>             <C>                <C>               <C>              <C>              <C>
    NOTE        817419AA2         SEN              2.73000%      281,059,479.17     703,351.35      6,716,823.40        0.00
     L          SHT04002L         DRAW             0.00000%                0.00           0.00              0.00        0.00
     O          SHT04002O          OC              0.00000%        3,193,199.21           0.00              0.00        0.00
   AMBAC                          FEE              0.12000%                0.00      28,105.95              0.00        0.00
                                                                 --------------     ----------      ------------        ----
Totals                                                           284,252,678.38     731,457.30      6,716,823.40        0.00
                                                                 --------------     ----------      ------------        ----

<CAPTION>
                             Ending Certificate      Total            Cumulative
   Class          CUSIP          Balance          Distribution       Realized Loss
   -----          -----          -------          ------------       -------------
<S>             <C>          <C>                  <C>                <C>
    NOTE        817419AA2       274,342,655.77     7,420,174.75           0.00
     L          SHT04002L                 0.00             0.00           0.00
     O          SHT04002O         3,550,065.96             0.00           0.00
   AMBAC                                  0.00        28,105.95           0.00
                                --------------     ------------           ----
Totals                          277,892,721.73     7,448,280.70           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
   Class           Amount           Balance       Distribution     Distribution    Accretion    Loss (1)       Reduction
   -----           ------           -------       ------------     ------------    ---------    --------       ---------
<S>            <C>               <C>              <C>              <C>             <C>          <C>         <C>
    NOTE       317,044,000.00    281,059,479.17       0.00         6,716,823.40      0.00         0.00         6,716,823.40
     L                   0.00              0.00       0.00                 0.00      0.00         0.00                 0.00
     O                  81.98      3,193,199.21       0.00                 0.00      0.00         0.00                 0.00
   AMBAC                 0.00              0.00       0.00                 0.00      0.00         0.00                 0.00
               --------------    --------------       ----         ------------      ----         ----         ------------
Totals         317,044,081.98    284,252,678.38       0.00         6,716,823.40      0.00         0.00         6,716,823.40
               --------------    --------------       ----         ------------      ----         ----         ------------

<CAPTION>
                  Ending Certificate         Ending Certificate      Total Principal
   Class                Balance                 Percentage             Distribution
   -----                -------                 ----------             ------------
<S>               <C>                        <C>                     <C>
    NOTE            274,342,655.77                0.86531414           6,716,823.40
     L                        0.00                0.00000000                   0.00
     O                3,550,065.96           43,304.04928031                   0.00
   AMBAC                      0.00                0.00000000                   0.00
                    --------------           ---------------           ------------
Totals              277,892,721.73                0.87651130           6,716,823.40
                    --------------           ---------------           ------------
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                     Scheduled     Unscheduled                                       Total
               Original Face        Beginning        Principal      Principal                       Realized        Principal
   Class          Amount       Certificate Balance  Distribution   Distribution     Accretion       Loss (3)        Reduction
   -----          ------       -------------------  ------------   ------------     ---------       --------        ---------
<S>            <C>             <C>                  <C>            <C>              <C>             <C>            <C>
    NOTE       317,044,000.00       886.49991537     0.00000000    21.18577674      0.00000000      0.00000000     21.18577674
     L                   0.00         0.00000000     0.00000000     0.00000000      0.00000000      0.00000000      0.00000000
     O                  81.98   8950954.01317390     0.00000000     0.00000000      0.00000000      0.00000000      0.00000000
   AMBAC                 0.00         0.00000000     0.00000000     0.00000000      0.00000000      0.00000000      0.00000000

<CAPTION>
                                           Ending             Total
               Ending Certificate        Certificate        Principal
   Class            Balance              Percentage        Distribution
   -----            -------              ----------        ------------
<S>            <C>                    <C>                  <C>
    NOTE            865.31413864          0.86531414       21.18577674
     L                0.00000000          0.00000000        0.00000000
     O         43304049.28031230      43304.04928031        0.00000000
   AMBAC              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.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                   Beginning                      Payment of                   Non-
                                                  Certificate/       Current       Unpaid       Current      Supported
              Original Face  Current 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>
    NOTE      317,044,000.00      2.73000%       281,059,479.17     703,351.35       0.00          0.00         0.00        0.00
     L                  0.00      0.00000%                 0.00           0.00       0.00          0.00         0.00        0.00
     O                 81.98      0.00000%         3,193,199.21           0.00       0.00          0.00         0.00        0.00
   AMBAC                0.00      0.12000%       281,059,479.17      28,105.95       0.00          0.00         0.00        0.00
              --------------                                        ----------       ----          ----         ----        ----
   Totals     317,044,081.98                                        731,457.30       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>
    NOTE            703,351.35            0.00             274,342,655.77
     L                    0.00            0.00                       0.00
     O                    0.00            0.00               3,550,065.96
   AMBAC             28,105.95            0.00             274,342,655.77
                    ----------            ----
   Totals           731,457.30            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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                  Payment of                   Non-
                                 Current                              Current      Unpaid       Current      Supported
              Original Face    Certificate  Beginning  Certificate/   Accrued     Interest      Interest     Interest     Realized
  Class (5)      Amount           Rate        Notional Balance       Interest     Shortfall     Shortfall    Shortfall    Loss (6)
  ---------      ------           ----        ----------------       --------     ---------     ---------    ---------    --------
<S>           <C>              <C>          <C>                     <C>           <C>           <C>         <C>          <C>
    NOTE      317,044,000.00     2.73000%         886.49991537      2.21846605    0.00000000    0.00000000  0.00000000   0.00000000
      L                 0.00     0.00000%           0.00000000      0.00000000    0.00000000    0.00000000  0.00000000   0.00000000
      O                81.98     0.00000%    38950954.01317390      0.00000000    0.00000000    0.00000000  0.00000000   0.00000000
    AMBAC               0.00     0.12000%         886.49991537      0.08865000    0.00000000    0.00000000  0.00000000   0.00000000

<CAPTION>
                                Remaining
                                 Unpaid
               Total  Interest   Interest    Ending Certificate/
  Class (5)     Distribution    Shortfall    Notational Balance
  ---------     ------------    ---------    ------------------
<S>            <C>              <C>          <C>
    NOTE         2.21846605     0.00000000         865.31413864
      L          0.00000000     0.00000000           0.00000000
      O          0.00000000     0.00000000    43304049.28031230
    AMBAC        0.08865000     0.00000000         865.31413864
</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                                   7,566,325.72
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                            0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                7,566,325.72

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 118,045.03
         Payment of Interest and Principal                                    7,448,280.69
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  7,566,325.72

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                                       114,491.87
Master Servicing Fee                                        3,553.16
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------
Net Servicing Fee                                         118,045.03
                                                          ==========
</TABLE>

                   OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                 Beginning          Current          Current       Ending
                Account Type                      Balance         Withdrawals       Deposits       Balance
                ------------                      -------         -----------       --------       -------
<S>                                              <C>              <C>               <C>            <C>
Financial Guaranty                                 0.00              0.00             0.00          0.00
</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      660,695.73
60 Days               1       10,000.00
90 Days               0            0.00
120 Days              0            0.00
150 Days              0            0.00
180+ Days             0            0.00
                      -      ----------
                      7      670,695.73

                No. of       Principal
                 Loans        Balance

0-29 Days      0.000000%       0.000000%
30 Days        0.132979%       0.237752%
60 Days        0.022163%       0.003599%
90 Days        0.000000%       0.000000%
120 Days       0.000000%       0.000000%
150 Days       0.000000%       0.000000%
180+ Days      0.000000%       0.000000%
               --------        --------
               0.155142%       0.241351%
</TABLE>

                   BANKRUPTCY

<TABLE>
<CAPTION>
                No. of   Principal
                Loans     Balance
<S>             <C>      <C>
0-29 Days            2   164,356.58
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
                     -   ----------
                     2   164,356.58

                No. of   Principal
                Loans     Balance

0-29 Days     0.044326%    0.059144%
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%
              --------     --------
              0.044326%    0.059144%
</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

              No. of    Principal
              Loans      Balance

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

              No. of    Principal
               Loans     Balance

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            2    164,356.58
30 Days              6    660,695.73
60 Days              1     10,000.00
90 Days              0          0.00
120 Days             0          0.00
150 Days             0          0.00
180+ Days            0          0.00
                     -    ----------
                     9    835,052.31

               No. of     Principal
               Loans       Balance

0-29 Days     0.044326%     0.059144%
30 Days       0.132979%     0.237752%
60 Days       0.022163%     0.003599%
90 Days       0.000000%     0.000000%
120 Days      0.000000%     0.000000%
150 Days      0.000000%     0.000000%
180+ Days     0.000000%     0.000000%
              --------      --------
              0.199468%     0.300494%
</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  0.00
</TABLE>

<TABLE>
<S>                <C>           <C>           <C>              <C>              <C>            <C>
Class L            81.98         0.00002586%   3,550,065.96     1.29402624%      0.000000%      0.000000%
Class O             0.00         0.00000000%           0.00     0.00000000%      1.294026%      0.000000%
</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                                                                             5.092803%
Weighted Average Net Coupon                                                                               4.609465%
Weighted Average Pass-Through Rate                                                                        4.594465%
Weighted Average Maturity (Stepdown Calculation)                                                               118

Beginning Scheduled Collateral Loan Count                                                                    4,629
Number of Loans Paid in Full                                                                                   117
Ending Scheduled Collateral Loan Count                                                                       4,512

Beginning Scheduled Collateral Balance                                                              281,059,479.17
Ending Scheduled Collateral Balance                                                                 274,342,655.77
Ending Actual Collateral Balance at 31-Jan-2005                                                     277,892,721.73

Monthly P&I Constant                                                                                          0.00
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realized Loss Amount                                                                                          0.00
Cumulative Realized Loss                                                                                      0.00
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                <C>
Additional Balance Contributed Amount                                      0.00
Additional Balance                                                 8,400,724.23
Cumulative Loss Percent                                                 0.00000%
Managed Amortization Period                                                 YES
Overcollateralization Amount                                       3,193,199.21
Six Month Rolling Delinquency                                         0.4518296%
Specified Overcollateralization Amount                             3,963,051.02
3 Largest Loan Balance                                             5,207,744.34
Draw Amount                                                        8,400,724.23
Rapid Amortization Event                                                     NO
Excess Cashflow                                                      356,866.74
</TABLE>