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

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                      Certificate    Certificate       Beginning                                         Current
                         Class       Pass-Through     Certificate        Interest        Principal      Realized
Class      CUSIP      Description        Rate           Balance         Distribution    Distribution      Loss
-----      -----      -----------    ------------     -----------      -------------   -------------    --------
<S>      <C>          <C>            <C>             <C>               <C>             <C>              <C>
  A      81744FAZ0        SEN          2.33000%      737,654,312.22    1,432,278.78    17,672,547.59       0.00
 M-1     81744FBA4        SUB          3.00000%       13,800,000.00       34,500.00             0.00       0.00
 M-2     81744FBB2        SUB          3.40000%        9,200,000.00       26,066.67             0.00       0.00
 M-3     81744FBC0        SUB          3.59045%        2,300,000.00        6,881.70             0.00       0.00
  X      81744FBD8        IO           0.00000%                0.00      796,828.66             0.00       0.00
  R      81744FBE6        RES          0.00000%                0.00            0.00             0.00       0.00
                                                     --------------    ------------    -------------       ----
Totals                                               762,954,312.22    2,296,555.81    17,672,547.59       0.00
                                                     --------------    ------------    -------------       ----
<Caption>
                        Ending                            Cumulative
                      Certificate           Total         Realized
Class      CUSIP        Balance          Distribution       Loss
-----      -----      -----------        ------------     ----------
<S>      <C>          <C>               <C>               <C>
  A      81744FAZ0    719,981,764.63    19,104,826.37         0.00
 M-1     81744FBA4     13,800,000.00        34,500.00         0.00
 M-2     81744FBB2      9,200,000.00        26,066.67         0.00
 M-3     81744FBC0      2,300,000.00         6,881.70         0.00
  X      81744FBD8              0.00       796,828.66         0.00
  R      81744FBE6              0.00             0.00         0.00
                      --------------    -------------         ----
Totals                745,281,764.63    19,969,103.40         0.00
                      --------------    -------------         ----
</Table>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.


                        PRINCIPAL DISTRIBUTION STATEMENT
<Table>
<Caption>
                               Beginning        Scheduled      Unscheduled                                  Total
           Original Face      Certificate       Principal       Principal                   Realized      Principal
Class         Amount            Balance       Distribution     Distribution    Accretion    Loss (1)      Reduction
-----      -------------      -----------     ------------     ------------    ---------    --------      ---------
<S>       <C>               <C>               <C>             <C>              <C>          <C>         <C>
  A       894,673,000.00    737,654,312.22        0.00        17,672,547.59       0.00        0.00      17,672,547.59
 M-1       13,800,000.00     13,800,000.00        0.00                 0.00       0.00        0.00               0.00
 M-2        9,200,000.00      9,200,000.00        0.00                 0.00       0.00        0.00               0.00
 M-3        2,300,000.00      2,300,000.00        0.00                 0.00       0.00        0.00               0.00
  X                 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
          --------------    --------------        ----        -------------       ----        ----      -------------
Totals    919,973,000.00    762,954,312.22        0.00        17,672,547.59       0.00        0.00      17,672,547.59
          --------------    --------------        ----        -------------       ----        ----      -------------
<Caption>
                 Ending            Ending           Total
              Certificate       Certificate       Principal
Class           Balance         Percentage      Distribution
-----         -----------       -----------     -------------
<S>          <C>                <C>             <C>
  A          719,981,764.63     0.80474292      17,672,547.59
 M-1          13,800,000.00     1.00000000               0.00
 M-2           9,200,000.00     1.00000000               0.00
 M-3           2,300,000.00     1.00000000               0.00
  X                    0.00     0.00000000               0.00
  R                    0.00     0.00000000               0.00
             --------------     ----------      -------------
Totals       745,281,764.63     0.81011265      17,672,547.59
             --------------     ----------      -------------
</Table>

(1) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<Table>
<Caption>
                               Beginning       Scheduled       Unscheduled                                  Total
           Original Face      Certificate      Principal        Principal                   Realized       Principal
Class         Amount            Balance       Distribution     Distribution   Accretion     Loss (3)       Reduction
-----      -------------      -----------     ------------     ------------   ----------    --------       ---------
<S>       <C>               <C>               <C>              <C>            <C>           <C>           <C>
  A       894,673,000.00      824.49600270     0.00000000      19.75308028    0.00000000    0.00000000    19.75308028
 M-1       13,800,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
 M-2        9,200,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
 M-3        2,300,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000     0.00000000
  X                 0.00        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
<Caption>
                 Ending            Ending           Total
              Certificate       Certificate       Principal
Class           Balance         Percentage      Distribution
-----         -----------       -----------     -------------
<S>         <C>                 <C>             <C>
  A          804.74292242       0.80474292        19.75308028
 M-1        1000.00000000       1.00000000         0.00000000
 M-2        1000.00000000       1.00000000         0.00000000
 M-3        1000.00000000       1.00000000         0.00000000
  X            0.00000000       0.00000000         0.00000000
  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                    Non-
                                     Current         Certificate/         Current            Unpaid       Current      Supported
              Original Face        Certificate         Notional           Accrued          Interest      Interest      Interest
  Class           Amount              Rate             Balance            Interest         Shortfall     Shortfall     Shortfall
  -----       ---------------       ----------         -------            --------         ---------     ---------     ---------
<S>           <C>                   <C>            <C>                 <C>                 <C>           <C>           <C>
    A          894,673,000.00        2.33000%      737,654,312.22      1,432,278.79           0.00          0.00         0.01
   M-1          13,800,000.00        3.00000%       13,800,000.00         34,500.00           0.00          0.00         0.00
   M-2           9,200,000.00        3.40000%        9,200,000.00         26,066.67           0.00          0.00         0.00
   M-3           2,300,000.00        3.59045%        2,300,000.00          6,881.70           0.00          0.00         0.00
    X                    0.00        0.00000%      767,554,180.19              0.00           0.00          0.00         0.00
    R                    0.00        0.00000%                0.00              0.00           0.00          0.00         0.00
               --------------                                          ------------           ----          ----         ----
 Totals        919,973,000.00                                          1,499,727.16           0.00          0.00         0.01
               --------------                                          ------------           ----          ----         ----
<Caption>
                                               Remaining              Ending
                                                Unpaid           Certificate/
              Realized    Total Interest       Interest           Notational
  Class       Loss (4)     Distribution        Shortfall             Balance
  -----       --------    -------------        ---------         ------------
<S>           <C>         <C>                  <C>              <C>
    A           0.00       1,432,278.78            0.00         719,981,764.63
   M-1          0.00          34,500.00            0.00          13,800,000.00
   M-2          0.00          26,066.67            0.00           9,200,000.00
   M-3          0.00           6,881.70            0.00           2,300,000.00
    X           0.00         796,828.66            0.00         749,881,632.60
    R           0.00               0.00            0.00                   0.00
                ----       ------------            ----
 Totals         0.00       2,296,555.81            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
 (5)          Amount           Rate       Notional Balance       Interest       Shortfall       Shortfall        Shortfall
----      -------------     -----------   ----------------       --------       ----------      ---------        ---------
<S>       <C>               <C>           <C>                   <C>             <C>             <C>              <C>
   A      894,673,000.00      2.33000%      824.49600270        1.60089641      0.00000000      0.00000000       0.00000001
  M-1      13,800,000.00      3.00000%     1000.00000000        2.50000000      0.00000000      0.00000000       0.00000000
  M-2       9,200,000.00      3.40000%     1000.00000000        2.83333370      0.00000000      0.00000000       0.00000000
  M-3       2,300,000.00      3.59045%     1000.00000000        2.99204348      0.00000000      0.00000000       0.00000000
   X                0.00      0.00000%      834.32196876        0.00000000      0.00000000      0.00000000       0.00000000
   R                0.00      0.00000%        0.00000000        0.00000000      0.00000000      0.00000000       0.00000000
<Caption>
                                                  Remaining           Ending
                                                    Unpaid         Certificate/
Class          Realized       Total Interest       Interest         Notational
 (5)           Loss (6)       Distribution        Shortfall          Balance
----           --------       ------------        ---------        -----------
<S>          <C>              <C>                 <C>             <C>
  A          0.00000000        1.60089639         0.00000000       804.74292242
 M-1         0.00000000        2.50000000         0.00000000      1000.00000000
 M-2         0.00000000        2.83333370         0.00000000      1000.00000000
 M-3         0.00000000        2.99204348         0.00000000      1000.00000000
  X          0.00000000        0.86614297         0.00000000       815.11212654
  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                                  20,204,218.90
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       30,191.48
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                            --------------
Total Deposits                                                               20,234,410.38

Withdrawals
         Reimbursement for Servicer Advances                                     21,141.28
         Payment of Service Fee                                                 244,165.70
         Payment of Interest and Principal                                   19,969,103.40
                                                                            --------------
Total Withdrawals (Pool Distribution Amount)                                 20,234,410.38

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                                                    240,008.11
Master Servicing Fee                                                     4,157.59
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      244,165.70
                                                                       ==========
</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

<Table>
<Caption>
              DELINQUENT                                    BANKRUPTCY                                 FORECLOSURE
--------------------------------------          ---------------------------------           ------------------------------------
               No. of      Principal                          No. of    Principal                         No. of       Principal
                Loans       Balance                           Loans      Balance                          Loans         Balance
<S>            <C>        <C>                   <C>           <C>       <C>                 <C>           <C>          <C>
0-29 Days         0               0.00          0-29 Days       1       124,570.47          0-29 Days       0             0.00
30 Days          27       9,110,217.17          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           2         411,600.00          90 Days         0             0.00          90 Days         0             0.00
120 Days          1          53,392.62          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         1         172,939.68          180+ Days       0             0.00          180+ Days       0             0.00
               ------     ------------                        ----      ----------                        ----           -----
                 31       9,747,149.47                          1       124,570.47                          0             0.00
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal                          No. of    Principal                         No. of    Principal
                Loans       Balance                           Loans      Balance                          Loans      Balance

<S>           <C>          <C>                  <C>         <C>         <C>                 <C>         <C>         <C>
0-29 Days     0.000000%    0.000000%            0-29 Days   0.041929%   0.016612%           0-29 Days   0.000000%   0.000000%
30 Days       1.132075%    1.214882%            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       0.083857%    0.054888%            90 Days     0.000000%   0.000000%           90 Days     0.000000%   0.000000%
120 Days      0.041929%    0.006987%            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     0.041929%    0.023062%            180+ Days   0.000000%   0.000000%           180+ Days   0.000000%   0.000000%
              --------     --------                         --------    --------                        --------    --------
              1.299790%    1.299819%                        0.041929%   0.016612%                       0.000000%   0.000000%
</TABLE>


<TABLE>
<CAPTION>

                  REO                                     TOTAL
--------------------------------------    --------------------------------------
                No. of        Principal                  No. of     Principal
                Loans          Balance                   Loans       Balance

<S>             <C>            <C>         <C>           <C>       <C>
  0-29 Days        0             0.00      0-29 Days        1         124,570.47
  30 Days          0             0.00      30 Days         27       9,110,217.17
  60 Days          0             0.00      60 Days          0               0.00
  90 Days          0             0.00      90 Days          2         411,600.00
  120 Days         0             0.00      120 Days         1          53,392.62
  150 Days         0             0.00      150 Days         0               0.00
  180+ Days        0             0.00      180+ Days        1         172,939.68
                 ----           -----                     ----      ------------
                   0             0.00                      32       9,871,719.94
</TABLE>

<TABLE>
<CAPTION>
                No. of     Principal                    No. of     Principal
                 Loans      Balance                     Loans       Balance
 <S>          <C>          <C>            <C>         <C>          <C>
  0-29 Days    0.000000%   0.000000%      0-29 Days   0.041929%    0.016612%
  30 Days      0.000000%   0.000000%      30 Days     1.132075%    1.214882%
  60 Days      0.000000%   0.000000%      60 Days     0.000000%    0.000000%
  90 Days      0.000000%   0.000000%      90 Days     0.083857%    0.054888%
  120 Days     0.000000%   0.000000%      120 Days    0.041929%    0.006987%
  150 Days     0.000000%   0.000000%      150 Days    0.000000%    0.000000%
  180+ Days    0.000000%   0.000000%      180+ Days   0.041929%    0.023062%
               --------    --------                   --------     --------
               0.000000%   0.000000%                  1.341719%    1.316431%
</Table>


<Table>
<S>                                              <C>
Current Period Class A Insufficient Funds:            0.00
Principal Balance of Contaminated Properties          0.00
Periodic Advance                                 30,191.48

</Table>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                  Mixed Arm
<S>                                                                <C>
Weighted Average Gross Coupon                                           3.973127%
Weighted Average Net Coupon                                             3.597897%
Weighted Average Pass-Through Rate                                      3.590453%
Weighted Average Maturity (Stepdown Calculation)                              335

Beginning Scheduled Collateral Loan Count                                   2,435
Number of Loans Paid in Full                                                   50
Ending Scheduled Collateral Loan Count                                      2,385

Beginning Scheduled Collateral Balance                             767,554,180.19
Ending Scheduled Collateral Balance                                749,881,632.60
Ending Actual Collateral Balance at 31-Jan-2005                    749,884,877.05

Monthly P&I Constant                                                 2,541,325.46
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                         749,881,632.60

Scheduled Principal                                                          0.00
Unscheduled Principal                                               17,672,547.59

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                                                     796,828.65
</Table>

<PAGE>

MISCELLANEOUS REPORTING
<Table>
<S>                                                              <C>
Applied Loss Amount                                                        0.00
1 Month LIBOR Loan Balance                                        76,742,367.35
6 Month LIBOR Loan Balance                                       673,139,265.25
M-1 Target Amount                                                723,635,775.46
M-2 Target Amount                                                738,633,408.11
M-3 Target Amount                                                742,382,816.27
Senior Target Amount                                             701,139,326.48
Step Down Date Reached?                                                      No
Trigger Event?                                                               No
</Table>