<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 2004-2
                           RECORD DATE: APRIL 30, 2004
                         DISTRIBUTION DATE: MAY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                    Certificate                       Beginning
                       Class     Certificate Pass-   Certificate      Interest     Principal
 Class     CUSIP    Description     Through Rate       Balance      Distribution  Distribution
----------------------------------------------------------------------------------------------
<S>      <C>        <C>          <C>                <C>             <C>           <C>
   A     81744FAN7      SEN           1.45000%      663,746,300.67    802,026.78  9,499,093.62
  X-1    81744FAP2      IO            0.80000%                0.00    415,668.00          0.00
  X-2    81744FAQ0      IO            0.55641%                0.00    307,763.34          0.00
  X-B    81744FAR8      IO            0.97677%                0.00     15,099.29          0.00
  B-1    81744FAT4      SUB           1.60000%       11,550,000.00     15,400.00          0.00
  B-2    81744FAU1      SUB           2.08000%        7,000,000.00     12,133.33          0.00
  B-3    81744FAV9      SUB           2.75791%        3,150,000.00      7,239.50          0.00
  B-4    81744FAW7      SUB           2.75791%        1,750,000.00      4,021.95          0.00
  B-5    81744FAX5      SUB           2.75791%        1,400,000.00      3,217.56          0.00
  B-6    81744FAY6      SUB           2.75791%        3,150,069.00      7,239.66          0.00
  A-R    81744FAS6      RES           2.74914%                0.00          0.00          0.00
----------------------------------------------------------------------------------------------
Totals                                              691,746,369.67  1,589,809.41  9,499,093.62
----------------------------------------------------------------------------------------------

<CAPTION>
                    Certificate
                       Class        Current     Ending Certificate      Total        Cumulative
 Class     CUSIP    Description  Realized Loss        Balance        Distribution  Realized Loss
------------------------------------------------------------------------------------------------
<S>      <C>        <C>          <C>            <C>                 <C>            <C>
   A     81744FAN7      SEN           0.00        654,247,207.05    10,301,120.40       0.00
  X-1    81744FAP2      IO            0.00                  0.00       415,668.00       0.00
  X-2    81744FAQ0      IO            0.00                  0.00       307,763.34       0.00
  X-B    81744FAR8      IO            0.00                  0.00        15,099.29       0.00
  B-1    81744FAT4      SUB           0.00         11,550,000.00        15,400.00       0.00
  B-2    81744FAU1      SUB           0.00          7,000,000.00        12,133.33       0.00
  B-3    81744FAV9      SUB           0.00          3,150,000.00         7,239.50       0.00
  B-4    81744FAW7      SUB           0.00          1,750,000.00         4,021.95       0.00
  B-5    81744FAX5      SUB           0.00          1,400,000.00         3,217.56       0.00
  B-6    81744FAY6      SUB           0.00          3,150,069.00         7,239.66       0.00
  A-R    81744FAS6      RES           0.00                  0.00             0.00       0.00
--------------------------------------------------------------------------------------------
Totals                                0.00        682,247,276.05    11,088,903.03       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
 Class       Amount         Balance      Distribution  Distribution  Accretion
------------------------------------------------------------------------------
<S>      <C>             <C>             <C>           <C>           <C>
   A     671,998,000.00  663,746,300.67      0.00      9,499,093.62     0.00
  X-1              0.00            0.00      0.00              0.00     0.00
  X-2              0.00            0.00      0.00              0.00     0.00
  X-B              0.00            0.00      0.00              0.00     0.00
  B-1     11,550,000.00   11,550,000.00      0.00              0.00     0.00
  B-2      7,000,000.00    7,000,000.00      0.00              0.00     0.00
  B-3      3,150,000.00    3,150,000.00      0.00              0.00     0.00
  B-4      1,750,000.00    1,750,000.00      0.00              0.00     0.00
  B-5      1,400,000.00    1,400,000.00      0.00              0.00     0.00
  B-6      3,150,069.00    3,150,069.00      0.00              0.00     0.00
  A-R            100.00          100.00      0.00              0.00     0.00
----------------------------------------------------------------------------
Totals   699,998,169.00  691,746,369.67      0.00      9,499,093.62     0.00
----------------------------------------------------------------------------

<CAPTION>
         Realized  Total Principal  Ending Certificate  Ending Certificate  Total Principal
 Class   Loss (1)     Reduction          Balance            Percentage       Distribution
-------------------------------------------------------------------------------------------
<S>      <C>       <C>              <C>                 <C>                 <C>
   A        0.00    9,499,093.62     654,247,207.05         0.97358505       9,499,093.62
  X-1       0.00            0.00               0.00         0.00000000               0.00
  X-2       0.00            0.00               0.00         0.00000000               0.00
  X-B       0.00            0.00               0.00         0.00000000               0.00
  B-1       0.00            0.00      11,550,000.00         1.00000000               0.00
  B-2       0.00            0.00       7,000,000.00         1.00000000               0.00
  B-3       0.00            0.00       3,150,000.00         1.00000000               0.00
  B-4       0.00            0.00       1,750,000.00         1.00000000               0.00
  B-5       0.00            0.00       1,400,000.00         1.00000000               0.00
  B-6       0.00            0.00       3,150,069.00         1.00000000               0.00
  A-R       0.00            0.00               0.00         0.00000000               0.00
-----------------------------------------------------------------------------------------
Totals      0.00    9,499,093.62     682,247,276.05         0.97464152       9,499,093.62
-----------------------------------------------------------------------------------------
</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
 Class     Amount          Balance     Distribution  Distribution  Accretion
----------------------------------------------------------------------------
<S>     <C>             <C>            <C>           <C>           <C>
   A    671,998,000.00   987.72064898   0.00000000    14.13559805  0.00000000
  X-1             0.00     0.00000000   0.00000000     0.00000000  0.00000000
  X-2             0.00     0.00000000   0.00000000     0.00000000  0.00000000
  X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000
  B-1    11,550,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
  B-2     7,000,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
  B-3     3,150,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
  B-4     1,750,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
  B-5     1,400,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
  B-6     3,150,069.00  1000.00000000   0.00000000     0.00000000  0.00000000
  A-R           100.00     0.00000000   0.00000000     0.00000000  0.00000000
-----------------------------------------------------------------------------

<CAPTION>

         Realized   Total Principal  Ending Certificate  Ending Certificate  Total Principal
 Class   Loss (3)      Reduction          Balance            Percentage       Distribution
--------------------------------------------------------------------------------------------
<S>     <C>         <C>              <C>                 <C>                 <C>
   A    0.00000000    14.13559805       973.58505092           0.97358505      14.13559805
  X-1   0.00000000     0.00000000         0.00000000           0.00000000       0.00000000
  X-2   0.00000000     0.00000000         0.00000000           0.00000000       0.00000000
  X-B   0.00000000     0.00000000         0.00000000           0.00000000       0.00000000
  B-1   0.00000000     0.00000000      1000.00000000           1.00000000       0.00000000
  B-2   0.00000000     0.00000000      1000.00000000           1.00000000       0.00000000
  B-3   0.00000000     0.00000000      1000.00000000           1.00000000       0.00000000
  B-4   0.00000000     0.00000000      1000.00000000           1.00000000       0.00000000
  B-5   0.00000000     0.00000000      1000.00000000           1.00000000       0.00000000
  B-6   0.00000000     0.00000000      1000.00000000           1.00000000       0.00000000
  A-R   0.00000000     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
                                           Certificate/     Current       Unpaid
        Original Face       Current          Notional       Accrued      Interest
 Class     Amount       Certificate Rate      Balance       Interest    Shortfall
----------------------------------------------------------------------------------
<S>     <C>             <C>               <C>             <C>           <C>
   A    671,998,000.00      1.45000%      663,746,300.67    802,026.78      0.00
  X-1             0.00      0.80000%      623,501,996.31    415,668.00      0.00
  X-2             0.00      0.55641%      663,746,300.67    307,763.34      0.00
  X-B             0.00      0.97677%       18,550,000.00     15,099.29      0.00
  B-1    11,550,000.00      1.60000%       11,550,000.00     15,400.00      0.00
  B-2     7,000,000.00      2.08000%        7,000,000.00     12,133.33      0.00
  B-3     3,150,000.00      2.75791%        3,150,000.00      7,239.50      0.00
  B-4     1,750,000.00      2.75791%        1,750,000.00      4,021.95      0.00
  B-5     1,400,000.00      2.75791%        1,400,000.00      3,217.56      0.00
  B-6     3,150,069.00      2.75791%        3,150,069.00      7,239.66      0.00
  A-R           100.00      2.74914%                0.00          0.00      0.00
--------------------------------------------------------------------------------
Totals  699,998,169.00                                    1,589,809.41      0.00
--------------------------------------------------------------------------------

<CAPTION>
                      Non-                               Remaining      Ending
         Current   Supported                              Unpaid     Certificate/
        Interest    Interest  Realized   Total Interest  Interest     Notational
 Class  Shortfall  Shortfall  Loss (4)    Distribution   Shortfall     Balance
----------------------------------------------------------------------------------
<S>     <C>        <C>        <C>       <C>              <C>        <C>
   A       0.00       0.00      0.00      802,026.78        0.00    654,247,207.05
  X-1      0.00       0.00      0.00      415,668.00        0.00    600,528,818.95
  X-2      0.00       0.00      0.00      307,763.34        0.00    654,247,207.05
  X-B      0.00       0.00      0.00       15,099.29        0.00     18,550,000.00
  B-1      0.00       0.00      0.00       15,400.00        0.00     11,550,000.00
  B-2      0.00       0.00      0.00       12,133.33        0.00      7,000,000.00
  B-3      0.00       0.00      0.00        7,239.50        0.00      3,150,000.00
  B-4      0.00       0.00      0.00        4,021.95        0.00      1,750,000.00
  B-5      0.00       0.00      0.00        3,217.56        0.00      1,400,000.00
  B-6      0.00       0.00      0.00        7,239.66        0.00      3,150,069.00
  A-R      0.00       0.00      0.00            0.00        0.00              0.00
----------------------------------------------------------------------------------
Totals     0.00       0.00      0.00    1,589,809.41        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
                               Current       Beginning                         Unpaid
            Original Face    Certificate    Certificate/    Current Accrued   Interest
Class (5)      Amount            Rate     Notional Balance      Interest      Shortfall
---------------------------------------------------------------------------------------
<S>         <C>              <C>          <C>               <C>              <C>
    A        671,998,000.00    1.45000%      987.72064898     1.19349578     0.00000000
   X-1                 0.00    0.80000%      927.83311306     0.61855541     0.00000000
   X-2                 0.00    0.55641%      987.72064898     0.45798252     0.00000000
   X-B                 0.00    0.97677%     1000.00000000     0.81397790     0.00000000
   B-1        11,550,000.00    1.60000%     1000.00000000     1.33333333     0.00000000
   B-2         7,000,000.00    2.08000%     1000.00000000     1.73333286     0.00000000
   B-3         3,150,000.00    2.75791%     1000.00000000     2.29825397     0.00000000
   B-4         1,750,000.00    2.75791%     1000.00000000     2.29825714     0.00000000
   B-5         1,400,000.00    2.75791%     1000.00000000     2.29825714     0.00000000
   B-6         3,150,069.00    2.75791%     1000.00000000     2.29825442     0.00000000
   A-R               100.00    2.74914%        0.00000000     0.00000000     0.00000000
---------------------------------------------------------------------------------------

<CAPTION>
                          Non-                                  Remaining
             Current    Supported                                Unpaid
            Interest    Interest     Realized   Total Interest   Interest   Ending Certificate/
Class (5)   Shortfall   Shortfall    Loss (6)    Distribution   Shortfall   Notational Balance
-----------------------------------------------------------------------------------------------
<S>        <C>          <C>         <C>         <C>             <C>         <C>
    A      0.00000000   0.00000000  0.00000000    1.19349578    0.00000000      973.58505092
   X-1     0.00000000   0.00000000  0.00000000    0.61855541    0.00000000      893.64673548
   X-2     0.00000000   0.00000000  0.00000000    0.45798252    0.00000000      973.58505092
   X-B     0.00000000   0.00000000  0.00000000    0.81397790    0.00000000     1000.00000000
   B-1     0.00000000   0.00000000  0.00000000    1.33333333    0.00000000     1000.00000000
   B-2     0.00000000   0.00000000  0.00000000    1.73333286    0.00000000     1000.00000000
   B-3     0.00000000   0.00000000  0.00000000    2.29825397    0.00000000     1000.00000000
   B-4     0.00000000   0.00000000  0.00000000    2.29825714    0.00000000     1000.00000000
   B-5     0.00000000   0.00000000  0.00000000    2.29825714    0.00000000     1000.00000000
   B-6     0.00000000   0.00000000  0.00000000    2.29825442    0.00000000     1000.00000000
   A-R     0.00000000   0.00000000  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                                               11,323,045.43
           Liquidations, Insurance Proceeds, Reserve Funds                                           0.00
           Proceeds from Repurchased Loans                                                           0.00
           Other Amounts (Servicer Advances)                                                     2,633.61
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                                 0.00
           Prepayment Penalties                                                                      0.00
                                                                                            -------------
Total Deposits                                                                              11,325,679.04

Withdrawals

           Reimbursement for Servicer Advances                                                  13,745.51
           Payment of Service Fee                                                              223,030.50
           Payment of Interest and Principal                                                11,088,903.03
                                                                                            -------------
Total Withdrawals (Pool Distribution Amount)                                                11,325,679.04

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                                                                  217,554.17
Master Servicing Fee                                                                   5,476.33
Supported Prepayment/Curtailment Interest Shortfall                                        0.00
                                                                                     ----------

Net Servicing Fee                                                                    223,030.50
                                                                                     ==========
</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
Class X-B Sub Account     1,000.00           0.00            0.00          1,000.00
</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      0          0.00   0-29 Days      0          0.00
30 Days        4      1,118,189.20   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        0              0.00   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      0              0.00   180+ Days      0          0.00   180+ Days      0          0.00
           -----------------------              -------------------              -------------------
               4      1,118,189.20                  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    0.202020%      0.163898%  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    0.000000%      0.000000%  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  0.000000%      0.000000%  180+ Days  0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
           -----------------------              -------------------              -------------------
           0.202020%      0.163898%             0.000000%  0.000000%             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      0              0.00
30 Days        0          0.00   30 Days        4      1,118,189.20
60 Days        0          0.00   60 Days        0              0.00
90 Days        0          0.00   90 Days        0              0.00
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      0              0.00
           -------------------              -----------------------
               0          0.00                  4      1,118,189.20

            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    0.202020%      0.163898%
60 Days    0.000000%  0.000000%  60 Days    0.000000%      0.000000%
90 Days    0.000000%  0.000000%  90 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%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%      0.000000%
           -------------------              -----------------------
           0.000000%  0.000000%             0.202020%      0.163898%
</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  2,633.61
</TABLE>

<TABLE>
<CAPTION>
             Original $     Original%     Current $     Current %    Current Class %     Prepayment %
           --------------  -----------  -------------  -----------   ---------------     ------------
<S>        <C>             <C>          <C>            <C>           <C>                 <C>
Class A     28,000,069.00  4.00002032%  28,000,069.00  4.10409392%   95.895906%            0.000000%
Class X-1   28,000,069.00  4.00002032%  28,000,069.00  4.10409392%    0.000000%            0.000000%
Class X-2   28,000,069.00  4.00002032%  28,000,069.00  4.10409392%    0.000000%            0.000000%
Class B-1   16,450,069.00  2.35001600%  16,450,069.00  2.41115935%    1.692935%           41.249898%
Class B-2    9,450,069.00  1.35001339%   9,450,069.00  1.38513840%    1.026021%           24.999938%
Class B-3    6,300,069.00  0.90001221%   6,300,069.00  0.92342897%    0.461709%           11.249972%
Class B-4    4,550,069.00  0.65001156%   4,550,069.00  0.66692373%    0.256505%            6.249985%
Class B-5    3,150,069.00  0.45001103%   3,150,069.00  0.46171954%    0.205204%            4.999988%
Class B-6            0.00  0.00000000%           0.00  0.00000000%    0.461720%           11.250219%
</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                                       3.139516%
Weighted Average Net Coupon                                         2.762116%
Weighted Average Pass-Through Rate                                  2.752616%
Weighted Average Maturity (Stepdown Calculation)                         342

Beginning Scheduled Collateral Loan Count                              2,000
Number of Loans Paid in Full                                              20
Ending Scheduled Collateral Loan Count                                 1,980

Beginning Scheduled Collateral Balance                        691,746,369.74
Ending Scheduled Collateral Balance                           682,247,276.12
Ending Actual Collateral Balance at 30-Apr-2004               682,247,612.21

Monthly P&I Constant                                            1,809,790.80
Special Servicing Fee                                                   0.00
Prepayment Penalties                                                    0.00
Realization Loss Amount                                                 0.00
Cumulative Realized Loss                                                0.00

Class A Optimal Amount                                         11,039,651.03

Ending Scheduled Balance for Premium Loans                    682,247,276.12

Scheduled Principal                                                     0.00
Unscheduled Principal                                           9,499,093.62
</TABLE>

<TABLE>
<CAPTION>
    MISCELLANEOUS REPORTING
<S>                                                          <C>
One-Month Libor Loan Balance                                  77,309,645.65
Six-Month Libor Loan Balance                                 604,937,630.47
Prorata Senior Percentage                                         95.952264%
Senior Percentage                                                100.000000%
Senior Prepayment Percentage                                     100.000000%
Subordinate Percentage                                             0.000000%
Subordinate Prepayment Percentage                                  0.000000%
</TABLE>