<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: APRIL 30, 2004
                        DISTRIBUTION DATE: MAY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate      Beginning
                      Class        Pass-        Certificate     Interest      Principal
 Class    CUSIP    Description  Through Rate      Balance     Distribution  Distribution
----------------------------------------------------------------------------------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>
   A    81744FAZ0      SEN        1.40000%    887,322,190.72  1,035,209.23  9,977,299.12
  M-1   81744FBA4      SUB        1.60000%     13,800,000.00     18,400.00          0.00
  M-2   81744FBB2      SUB        2.00000%      9,200,000.00     15,333.33          0.00
  M-3   81744FBC0      SUB        2.76554%      2,300,000.00      5,300.61          0.00
   X    81744FBD8       IO        0.00000%              0.00          0.00          0.00
   R    81744FBE6      RES        0.00000%              0.00          0.00          0.00
----------------------------------------------------------------------------------------
Totals                                        912,622,190.72  1,074,243.17  9,977,299.12
----------------------------------------------------------------------------------------

<CAPTION>
                   Certificate  Current      Ending
                      Class     Realized   Certificate        Total        Cumulative
 Class    CUSIP    Description    Loss       Balance       Distribution   Realized Loss
---------------------------------------------------------------------------------------
<S>     <C>        <C>          <C>       <C>             <C>             <C>
   A    81744FAZ0      SEN        0.00    877,344,891.60  11,012,508.35        0.00
  M-1   81744FBA4      SUB        0.00     13,800,000.00      18,400.00        0.00
  M-2   81744FBB2      SUB        0.00      9,200,000.00      15,333.33        0.00
  M-3   81744FBC0      SUB        0.00      2,300,000.00       5,300.61        0.00
   X    81744FBD8       IO        0.00              0.00           0.00        0.00
   R    81744FBE6      RES        0.00              0.00           0.00        0.00
-----------------------------------------------------------------------------------
Totals                            0.00    902,644,891.60  11,051,542.29        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
Class        Amount         Balance     Distribution  Distribution  Accretion  Loss (1)
---------------------------------------------------------------------------------------
<S>     <C>             <C>             <C>           <C>           <C>        <C>
  A     894,673,000.00  887,322,190.72       0.00     9,977,299.12     0.00      0.00
 M-1     13,800,000.00   13,800,000.00       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
 M-3      2,300,000.00    2,300,000.00       0.00             0.00     0.00      0.00
  X               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
-------------------------------------------------------------------------------------
Totals  919,973,000.00  912,622,190.72       0.00     9,977,299.12     0.00      0.00
-------------------------------------------------------------------------------------

<CAPTION>
            Total         Ending         Ending
          Principal    Certificate    Certificate   Total Principal
Class     Reduction      Balance       Percentage     Distribution
-------------------------------------------------------------------
<S>     <C>           <C>             <C>           <C>
  A     9,977,299.12  877,344,891.60   0.98063191     9,977,299.12
 M-1            0.00   13,800,000.00   1.00000000             0.00
 M-2            0.00    9,200,000.00   1.00000000             0.00
 M-3            0.00    2,300,000.00   1.00000000             0.00
  X             0.00            0.00   0.00000000             0.00
  R             0.00            0.00   0.00000000             0.00
------------------------------------------------------------------
Totals  9,977,299.12  902,644,891.60   0.98116455     9,977,299.12
------------------------------------------------------------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning     Scheduled     Unscheduled
       Original Face     Certificate    Principal      Principal                Realized
Class     Amount           Balance     Distribution  Distribution   Accretion   Loss (3)
-----------------------------------------------------------------------------------------
<S>    <C>              <C>            <C>           <C>           <C>         <C>
  A    894,673,000.00    991.78380338   0.00000000    11.15189474  0.00000000  0.00000000
 M-1    13,800,000.00   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 M-2     9,200,000.00   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 M-3     2,300,000.00   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
  X              0.00      0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
  R              0.00      0.00000000   0.00000000     0.00000000  0.00000000  0.00000000

<CAPTION>
            Total         Ending        Ending
          Principal    Certificate    Certificate  Total Principal
Class     Reduction      Balance      Percentage    Distribution
------------------------------------------------------------------
<S>      <C>          <C>             <C>          <C>
  A      11.15189474   980.63190864   0.98063191     11.15189474
 M-1      0.00000000  1000.00000000   1.00000000      0.00000000
 M-2      0.00000000  1000.00000000   1.00000000      0.00000000
 M-3      0.00000000  1000.00000000   1.00000000      0.00000000
  X       0.00000000     0.00000000   0.00000000      0.00000000
  R       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               Non-
                          Current     Certificate/      Current      Unpaid    Current    Supported
        Original Face   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>
  A     894,673,000.00    1.40000%   887,322,190.72  1,035,209.22      0.00       0.00       0.00       0.00
 M-1     13,800,000.00    1.60000%    13,800,000.00     18,400.00      0.00       0.00       0.00       0.00
 M-2      9,200,000.00    2.00000%     9,200,000.00     15,333.33      0.00       0.00       0.00       0.00
 M-3      2,300,000.00    2.76554%     2,300,000.00      5,300.61      0.00       0.00       0.00       0.00
  X               0.00    0.00000%   914,020,064.45          0.00      0.00       0.00       0.00       0.00
  R               0.00    0.00000%             0.00          0.00      0.00       0.00       0.00       0.00
------------------------------------------------------------------------------------------------------------
Totals  919,973,000.00                               1,074,243.16      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>
  A     1,035,209.23       0.00     877,344,891.60
 M-1       18,400.00       0.00      13,800,000.00
 M-2       15,333.33       0.00       9,200,000.00
 M-3        5,300.61       0.00       2,300,000.00
  X             0.00       0.00     905,074,986.39
  R             0.00       0.00               0.00
--------------------------------------------------
Totals  1,074,243.17       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>
                                      Beginning                Payment of                 Non-
                         Current     Certificate    Current      Unpaid     Current     Supported
Class   Original Face  Certificate     Notional     Accrued     Interest    Interest    Interest    Realized
 (5)       Amount         Rate         Balance      Interest    Shortfall  Shortfall    Shortfall   Loss (6)
-------------------------------------------------------------------------------------------------------------
<S>    <C>             <C>          <C>            <C>         <C>         <C>         <C>         <C>
  A    894,673,000.00    1.40000%    991.78380338  1.15708110  0.00000000  0.00000000  0.00000000  0.00000000
 M-1    13,800,000.00    1.60000%   1000.00000000  1.33333333  0.00000000  0.00000000  0.00000000  0.00000000
 M-2     9,200,000.00    2.00000%   1000.00000000  1.66666630  0.00000000  0.00000000  0.00000000  0.00000000
 M-3     2,300,000.00    2.76554%   1000.00000000  2.30461304  0.00000000  0.00000000  0.00000000  0.00000000
  X              0.00    0.00000%    993.52858644  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000
  R              0.00    0.00000%      0.00000000  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                     Remaining       Ending
          Total        Unpaid     Certificate/
Class    Interest     Interest     Notational
 (5)   Distribution   Shortfall     Balance
----------------------------------------------
<S>    <C>           <C>         <C>
  A     1.15708111   0.00000000   980.63190864
 M-1    1.33333333   0.00000000  1000.00000000
 M-2    1.66666630   0.00000000  1000.00000000
 M-3    2.30461304   0.00000000  1000.00000000
  X     0.00000000   0.00000000   983.80539643
  R     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                          11,325,830.31
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                               21,522.29
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                     -------------
Total Deposits                                                       11,347,352.60

Withdrawals
         Reimbursement for Servicer Advances                              5,036.70
         Payment of Service Fee                                         290,773.61
         Payment of Interest and Principal                           11,051,542.29
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         11,347,352.60

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                                       285,822.66
Master Servicing Fee                                        4,950.95
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------

Net Servicing Fee                                         290,773.61
                                                          ==========
</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       0           0.00      0-29 Days       0          0.00
30 Days        24      8,783,336.27      30 Days         0           0.00      30 Days         0          0.00
60 Days         1        332,000.00      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
               --      ------------                     ---          ----                     ---         ----
               25      9,115,336.27                      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     0.867365%    0.970451%       30 Days     0.000000%   0.000000%     30 Days     0.000000%   0.000000%
60 Days     0.036140%    0.036682%       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%
            --------     --------                    --------    --------                  --------    --------
            0.903506%    1.007133%                   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         24     8,783,336.27
60 Days          0          0.00       60 Days          1       332,000.00
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                       25     9,115,336.27

              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     0.867365%    0.970451%
60 Days      0.000000%   0.000000%     60 Days     0.036140%    0.036682%
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%                 0.903506%    1.007133%
</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   21,522.29
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
        Collateral Description                                       Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                         3.147251%
Weighted Average Net Coupon                                           2.772000%
Weighted Average Pass-Through Rate                                    2.765500%
Weighted Average Maturity (Stepdown Calculation)                            344

Beginning Scheduled Collateral Loan Count                                 2,784
Number of Loans Paid in Full                                                 17
Ending Scheduled Collateral Loan Count                                    2,767

Beginning Scheduled Collateral Balance                           914,020,064.45
Ending Scheduled Collateral Balance                              905,074,986.39
Ending Actual Collateral Balance at 30-Apr-2004                  905,077,661.68

Monthly P&I Constant                                               2,397,208.67
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                       905,074,986.39

Scheduled Principal                                                        0.00
Unscheduled Principal                                              8,945,078.06

Required Overcollateralized Amount                                         0.00
Overcollateralized Increase Amount                                 1,032,221.06
Overcollateralized Reduction Amount                                        0.00
Specified O/C Amount                                               4,599,867.97
Overcollateralization Amount                                       2,430,094.78
Overcollateralized Deficiency Amount                               3,201,994.24
Base Overcollateralization Amount                                          0.00

Extra Principal Distribution Amount                                1,032,221.06
Excess Cash Amount                                                 1,032,221.06
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Applied Loss Amount                                                        0.00
1 Month LIBOR Loan Balance                                        88,102,800.62
6 Month LIBOR Loan Balance                                       816,972,185.77
M-1 Target Amount                                                873,397,361.87
M-2 Target Amount                                                891,498,861.59
M-3 Target Amount                                                896,024,236.53
Senior Target Amount                                             846,245,112.27
Step Down Date Reached?                                                      No
Trigger Event?                                                               No
</TABLE>