<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: 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   81744FBF3      SEN          1.60813%       799,511,000.00    750,001.94  5,511,723.78
   X-1  81744FBG1      SEN          0.80000%                 0.00    533,007.33          0.00
   X-2  81744FBH9      SEN          0.76631%                 0.00    510,560.12          0.00
   X-B  81744FBJ5      SEN          1.47018%                 0.00     28,131.88          0.00
   B-1  81744FBK2      SUB          1.60000%        14,612,000.00     13,637.87          0.00
   B-2  81744FBL0      SUB          2.00000%         8,350,000.00      9,741.67          0.00
   B-3  81744FBM8      SUB          2.69200%         4,175,000.00      9,365.92          0.00
   B-4  81744FBN6      SUB          2.69200%         2,509,000.00      5,628.52          0.00
   B-5  81744FBP1      SUB          2.69200%         2,088,000.00      4,684.08          0.00
   B-6  81744FBQ9      SUB          2.69200%         3,757,983.00      8,430.41          0.00
   A-R  81744FBR7      RES          2.69200%                 0.00          0.23        100.00
---------------------------------------------------------------------------------------------
Totals                                             835,003,083.00  1,873,189.97  5,511,823.78
---------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<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   81744FBF3      SEN          0.00         793,999,276.22    6,261,725.72      0.00
   X-1  81744FBG1      SEN          0.00                   0.00      533,007.33      0.00
   X-2  81744FBH9      SEN          0.00                   0.00      510,560.12      0.00
   X-B  81744FBJ5      SEN          0.00                   0.00       28,131.88      0.00
   B-1  81744FBK2      SUB          0.00          14,612,000.00       13,637.87      0.00
   B-2  81744FBL0      SUB          0.00           8,350,000.00        9,741.67      0.00
   B-3  81744FBM8      SUB          0.00           4,175,000.00        9,365.92      0.00
   B-4  81744FBN6      SUB          0.00           2,509,000.00        5,628.52      0.00
   B-5  81744FBP1      SUB          0.00           2,088,000.00        4,684.08      0.00
   B-6  81744FBQ9      SUB          0.00           3,757,983.00        8,430.41      0.00
   A-R  81744FBR7      RES          0.00                   0.00          100.23      0.00
-----------------------------------------------------------------------------------------
Totals                              0.00         829,491,259.22    7,385,013.75      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   799,511,000.00  799,511,000.00      0.00      5,511,723.78    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   14,612,000.00   14,612,000.00      0.00              0.00    0.00
   B-2    8,350,000.00    8,350,000.00      0.00              0.00    0.00
   B-3    4,175,000.00    4,175,000.00      0.00              0.00    0.00
   B-4    2,509,000.00    2,509,000.00      0.00              0.00    0.00
   B-5    2,088,000.00    2,088,000.00      0.00              0.00    0.00
   B-6    3,757,983.00    3,757,983.00      0.00              0.00    0.00
   A-R          100.00          100.00      0.00            100.00    0.00
-------------------------------------------------------------------------------
Totals  835,003,083.00  835,003,083.00      0.00      5,511,823.78    0.00
-------------------------------------------------------------------------------
</TABLE>

<TABLE>
<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     5,511,723.78      793,999,276.22        0.99310613       5,511,723.78
   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       14,612,000.00        1.00000000               0.00
   B-2    0.00             0.00        8,350,000.00        1.00000000               0.00
   B-3    0.00             0.00        4,175,000.00        1.00000000               0.00
   B-4    0.00             0.00        2,509,000.00        1.00000000               0.00
   B-5    0.00             0.00        2,088,000.00        1.00000000               0.00
   B-6    0.00             0.00        3,757,983.00        1.00000000               0.00
   A-R    0.00           100.00                0.00        0.00000000             100.00
----------------------------------------------------------------------------------------
Totals    0.00     5,511,823.78      829,491,259.22        0.99339904       5,511,823.78
----------------------------------------------------------------------------------------
</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    799,511,000.00  1000.00000000   0.00000000      6.89386860  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    14,612,000.00  1000.00000000   0.00000000      0.00000000  0.00000000
 B-2     8,350,000.00  1000.00000000   0.00000000      0.00000000  0.00000000
 B-3     4,175,000.00  1000.00000000   0.00000000      0.00000000  0.00000000
 B-4     2,509,000.00  1000.00000000   0.00000000      0.00000000  0.00000000
 B-5     2,088,000.00  1000.00000000   0.00000000      0.00000000  0.00000000
 B-6     3,757,983.00  1000.00000000   0.00000000      0.00000000  0.00000000
 A-R           100.00  1000.00000000   0.00000000   1000.00000000  0.00000000
-----------------------------------------------------------------------------
</TABLE>

<TABLE>
<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      6.89386860      993.10613140         0.99310613          6.89386860
 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   1000.00000000        0.00000000         0.00000000       1000.00000000
------------------------------------------------------------------------------------------
</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     Current
        Original Face       Current          Notional       Accrued      Interest   Interest
 Class     Amount       Certificate Rate     Balance        Interest    Shortfall   Shortfall
---------------------------------------------------------------------------------------------
 <S>    <C>             <C>               <C>             <C>           <C>         <C>
    A   799,511,000.00      1.60813%      799,511,000.00    750,001.95     0.00        0.00
   X-1            0.00      0.80000%      799,511,000.00    533,007.33     0.00        0.00
   X-2            0.00      0.76631%      799,511,000.00    510,560.12     0.00        0.00
   X-B            0.00      1.47018%       22,962,000.00     28,131.88     0.00        0.00
   B-1   14,612,000.00      1.60000%       14,612,000.00     13,637.87     0.00        0.00
   B-2    8,350,000.00      2.00000%        8,350,000.00      9,741.67     0.00        0.00
   B-3    4,175,000.00      2.69200%        4,175,000.00      9,365.92     0.00        0.00
   B-4    2,509,000.00      2.69200%        2,509,000.00      5,628.52     0.00        0.00
   B-5    2,088,000.00      2.69200%        2,088,000.00      4,684.08     0.00        0.00
   B-6    3,757,983.00      2.69200%        3,757,983.00      8,430.41     0.00        0.00
   A-R          100.00      2.69200%              100.00          0.22     0.00        0.00
-------------------------------------------------------------------------------------------
Totals  835,003,083.00                                    1,873,189.97     0.00        0.00
-------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<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       750,001.94     0.00     793,999,276.22
   X-1    0.00       0.00       533,007.33     0.00     770,067,484.02
   X-2    0.00       0.00       510,560.12     0.00     793,999,276.22
   X-B    0.00       0.00        28,131.88     0.00      22,962,000.00
   B-1    0.00       0.00        13,637.87     0.00      14,612,000.00
   B-2    0.00       0.00         9,741.67     0.00       8,350,000.00
   B-3    0.00       0.00         9,365.92     0.00       4,175,000.00
   B-4    0.00       0.00         5,628.52     0.00       2,509,000.00
   B-5    0.00       0.00         4,684.08     0.00       2,088,000.00
   B-6    0.00       0.00         8,430.41     0.00       3,757,983.00
   A-R    0.00       0.00             0.23     0.00               0.00
----------------------------------------------------------------------
Totals    0.00       0.00     1,873,189.97     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     Current
Class  Original Face   Certificate    Certificate/    Current Accrued   Interest    Interest
 (5)      Amount          Rate      Notional Balance      Interest     Shortfall   Shortfall
---------------------------------------------------------------------------------------------
<S>    <C>             <C>          <C>               <C>              <C>         <C>
  A    799,511,000.00   1.60813%     1000.00000000      0.93807584     0.00000000  0.00000000
 X-1             0.00   0.80000%     1000.00000000      0.66666666     0.00000000  0.00000000
 X-2             0.00   0.76631%     1000.00000000      0.63859049     0.00000000  0.00000000
 X-B             0.00   1.47018%     1000.00000000      1.22514938     0.00000000  0.00000000
 B-1    14,612,000.00   1.60000%     1000.00000000      0.93333356     0.00000000  0.00000000
 B-2     8,350,000.00   2.00000%     1000.00000000      1.16666707     0.00000000  0.00000000
 B-3     4,175,000.00   2.69200%     1000.00000000      2.24333413     0.00000000  0.00000000
 B-4     2,509,000.00   2.69200%     1000.00000000      2.24333200     0.00000000  0.00000000
 B-5     2,088,000.00   2.69200%     1000.00000000      2.24333333     0.00000000  0.00000000
 B-6     3,757,983.00   2.69200%     1000.00000000      2.24333372     0.00000000  0.00000000
 A-R           100.00   2.69200%     1000.00000000      2.20000000     0.00000000  0.00000000
---------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
          Non-                                 Remaining
       Supported                                 Unpaid
Class   Interest    Realized   Total Interest   Interest   Ending Certificate/
 (5)   Shortfall    Loss (6)    Distribution   Shortfall   Notational Balance
------------------------------------------------------------------------------
<S>    <C>         <C>         <C>             <C>         <C>
  A    0.00000000  0.00000000    0.93807582    0.00000000      993.10613140
 X-1   0.00000000  0.00000000    0.66666666    0.00000000      963.17309458
 X-2   0.00000000  0.00000000    0.63859049    0.00000000      993.10613140
 X-B   0.00000000  0.00000000    1.22514938    0.00000000     1000.00000000
 B-1   0.00000000  0.00000000    0.93333356    0.00000000     1000.00000000
 B-2   0.00000000  0.00000000    1.16666707    0.00000000     1000.00000000
 B-3   0.00000000  0.00000000    2.24333413    0.00000000     1000.00000000
 B-4   0.00000000  0.00000000    2.24333200    0.00000000     1000.00000000
 B-5   0.00000000  0.00000000    2.24333333    0.00000000     1000.00000000
 B-6   0.00000000  0.00000000    2.24333372    0.00000000     1000.00000000
 A-R   0.00000000  0.00000000    2.30000000    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                          7,642,723.35
           Liquidations, Insurance Proceeds, Reserve Funds                     0.00
           Proceeds from Repurchased Loans                                     0.00
           Other Amounts (Servicer Advances)                               9,596.46
           Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
           Prepayment Penalties                                                0.00
                                                                       ------------
Total Deposits                                                         7,652,319.81

Withdrawals
           Reimbursement for Servicer Advances                                 0.00
           Payment of Service Fee                                        267,306.07
           Payment of Interest and Principal                           7,385,013.74
                                                                       ------------
Total Withdrawals (Pool Distribution Amount)                           7,652,319.81

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                                   262,087.28
Master Servicing Fee                                    5,218.79
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     267,306.07
                                                      ==========
</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         00.00
30 Days        6      3,735,052.21   30 Days        0          0.00   30 Days        0         00.00
60 Days        0              0.00   60 Days        0          0.00   60 Days        0         00.00
90 Days        0              0.00   90 Days        0          0.00   90 Days        0         00.00
120 Days       0              0.00   120 Days       0          0.00   120 Days       0         00.00
150 Days       0              0.00   150 Days       0          0.00   150 Days       0         00.00
180+ Days      0              0.00   180+ Days      0          0.00   180+ Days      0         00.00
           -----------------------              -------------------              -------------------
               6      3,735,052.21                  0          0.00                  0         00.00

            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    0.241061%      0.450281%  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%
           -----------------------              -------------------              -------------------
           0.241061%      0.450281%             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        6      3,735,052.21
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                  6      3,735,052.21

             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    0.241061%      0.450281%
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%             0.241061%      0.450281%
</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  9,596.46
</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  4.27876516%    95.721235%       0.000000%
Class X-1  35,491,983.00  4.25052119%  35,491,983.00  4.27876516%     0.000000%       0.000000%
Class X-2  35,491,983.00  4.25052119%  35,491,983.00  4.27876516%     0.000000%       0.000000%
Class B-1  20,879,983.00  2.50058753%  20,879,983.00  2.51720350%     1.761562%      41.169861%
Class B-2  12,529,983.00  1.50059123%  12,529,983.00  1.51056239%     1.006641%      23.526440%
Class B-3   8,354,983.00  1.00059307%   8,354,983.00  1.00724184%     0.503321%      11.763220%
Class B-4   5,845,983.00  0.70011514%   5,845,983.00  0.70476728%     0.302475%       7.069202%
Class B-5   3,757,983.00  0.45005618%   3,757,983.00  0.45304673%     0.251721%       5.883019%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.453047%      10.588259%
</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                           3.076208%
Weighted Average Net Coupon                             2.699557%
Weighted Average Pass-Through Rate                      2.692057%
Weighted Average Maturity (Stepdown Calculation)             342

Beginning Scheduled Collateral Loan Count                  2,495
Number of Loans Paid in Full                                   6
Ending Scheduled Collateral Loan Count                     2,489

Beginning Scheduled Collateral Balance            835,003,083.00
Ending Scheduled Collateral Balance               829,491,259.96
Ending Actual Collateral Balance at 30-Apr-2004   829,492,947.72

Monthly P&I Constant                                2,140,535.81
Special Servicing Fee                                       0.00
Prepayment Penalties                                        0.00
Realization Loss Amount                                     0.00
Cumulative Realized Loss                                    0.00

Class A Optimal Amount                              7,333,525.29

Ending Scheduled Balance for Premium Loans        829,491,259.96

Scheduled Principal                                         0.00
Unscheduled Principal                               5,511,823.78
</TABLE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                 <C>
One-Month Libor Loan Balance        110,450,050.01
Six-Month Libor Loan Balance        719,041,209.95
Prorata Senior Percentage                95.749479%
Senior Percentage                       100.000000%
Senior Prepayment Percentage            100.000000%
Subordinate Percentage                    0.000000%
Subordinate Prepayment Percentage         0.000000%
</TABLE>