<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 2005-3
                          RECORD DATE: OCTOBER 31, 2005
                      DISTRIBUTION DATE: NOVEMBER 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate   Certificate      Beginning                                                      Ending
                      Class     Pass-Through     Certificate     Interest        Principal       Current       Certificate
Class     CUSIP    Description      Rate           Balance     Distribution     Distribution  Realized Loss      Balance
------  ---------  -----------  -------------  --------------  -------------   -------------  -------------   -------------
<S>     <C>        <C>          <C>            <C>             <C>             <C>            <C>            <C>
A-R     81744FHN0      SEN           4.84344%            0.00           0.00            0.00           0.00            0.00
A-1     81744FHK6      SEN           4.20000%  283,932,768.40     990,968.19   15,885,349.32           0.00  268,047,419.08
B-1     81744FHP5      SUB           4.37000%    6,208,000.00      22,537.50            0.00           0.00    6,208,000.00
B-2     81744FHQ3      SUB           4.64000%    3,287,000.00      12,670.40            0.00           0.00    3,287,000.00
B-3     81744FHR1      SUB           4.97537%    2,374,000.00       9,812.48            0.00           0.00    2,374,000.00
B-4     81744FHS9      SUB           4.97537%    1,095,000.00       4,525.98            0.00           0.00    1,095,000.00
B-5     81744FHT7      SUB           4.97537%      731,000.00       3,021.45            0.00           0.00      731,000.00
B-6     81744FHU4      SUB           4.97537%    1,826,168.26       7,548.12            0.00           0.00    1,826,168.26
X-A     81744FHL4       IO           0.77537%            0.00     182,893.63            0.00           0.00            0.00
X-B     81744FHM2       IO           0.51190%            0.00       4,037.90            0.00           0.00            0.00
                                               --------------  -------------   -------------  -------------  --------------
Totals                                         299,453,936.66   1,237,736.65   15,885,349.32           0.00  283,568,587.34
                                               --------------  -------------   -------------  -------------  --------------

<CAPTION>

             Total         Cumulative
Class     Distribution    Realized Loss
------    -------------   -------------
<S>       <C>             <C>
A-R                0.00            0.00
A-1       16,876,038.51            0.00
B-1           22,537.50            0.00
B-2           12,670.40            0.00
B-3            9,812.48            0.00
B-4            4,525.98            0.00
B-5            3,021.45            0.00
B-6            7,548.12            0.00
X-A          182,893.63            0.00
X-B            4,037.90            0.00
          -------------   -------------
Totals    17,123,085.97            0.00
          -------------   -------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled     Unscheduled
        Original Face    Certificate     Principal      Principal                Realized   Total Principal  Ending Certificate
Class      Amount          Balance      Distribution  Distribution    Accretion  Loss (1)      Reduction          Balance
------  --------------  --------------  ------------  -------------  ----------  ---------  ---------------  ------------------
<S>     <C>             <C>             <C>           <C>            <C>         <C>        <C>              <C>
A-R             100.00            0.00          0.00           0.00        0.00       0.00             0.00                0.00
A-1     349,687,000.00  283,932,768.40        133.93  15,885,215.39        0.00       0.00    15,885,349.32      268,047,419.08
B-1       6,208,000.00    6,208,000.00          0.00           0.00        0.00       0.00             0.00        6,208,000.00
B-2       3,287,000.00    3,287,000.00          0.00           0.00        0.00       0.00             0.00        3,287,000.00
B-3       2,374,000.00    2,374,000.00          0.00           0.00        0.00       0.00             0.00        2,374,000.00
B-4       1,095,000.00    1,095,000.00          0.00           0.00        0.00       0.00             0.00        1,095,000.00
B-5         731,000.00      731,000.00          0.00           0.00        0.00       0.00             0.00          731,000.00
B-6       1,826,168.26    1,826,168.26          0.00           0.00        0.00       0.00             0.00        1,826,168.26
X-A               0.00            0.00          0.00           0.00        0.00       0.00             0.00                0.00
X-B               0.00            0.00          0.00           0.00        0.00       0.00             0.00                0.00
         -------------  --------------  ------------  -------------  ----------  ---------    -------------      --------------
Totals  365,208,268.26  299,453,936.66        133.93  15,885,215.39        0.00       0.00    15,885,349.32      283,568,587.34
         -------------  --------------  ------------  -------------  ----------  ---------    -------------      --------------

<CAPTION>
        Ending Certificate   Total Principal
Class       Percentage        Distribution
------  ------------------   ---------------
<S>     <C>                  <C>
A-R             0.00000000              0.00
A-1             0.76653527     15,885,349.32
B-1             1.00000000              0.00
B-2             1.00000000              0.00
B-3             1.00000000              0.00
B-4             1.00000000              0.00
B-5             1.00000000              0.00
B-6             1.00000000              0.00
X-A             0.00000000              0.00
X-B             0.00000000              0.00
        ------------------   ---------------
totals          0.77645719     15,885,349.32
        ------------------   ---------------
</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     Total Principal
Class         Amount            Balance       Distribution     Distribution     Accretion      Loss (3)        Reduction
-----      --------------    --------------   ------------    --------------    ----------    ----------    ---------------
<S>        <C>               <C>              <C>             <C>               <C>           <C>           <C>
A-R                100.00        0.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
A-1        349,687,000.00      811.96260770     0.00038300       45.42695436    0.00000000    0.00000000        45.42733736
B-1          6,208,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
B-2          3,287,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
B-3          2,374,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
B-4          1,095,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
B-5            731,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
B-6          1,826,168.26     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
X-A                  0.00        0.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000
X-B                  0.00        0.00000000     0.00000000        0.00000000    0.00000000    0.00000000         0.00000000

<CAPTION>
                                  Ending
           Ending Certificate   Certificate     Total Principal
Class           Balance          Percentage      Distribution
-----      ------------------   -----------     ---------------
<S>        <C>                  <C>             <C>
A-R                0.00000000    0.00000000         0.00000000
A-1              766.55327034    0.76653527        45.42733736
B-1             1000.00000000    1.00000000         0.00000000
B-2             1000.00000000    1.00000000         0.00000000
B-3             1000.00000000    1.00000000         0.00000000
B-4             1000.00000000    1.00000000         0.00000000
B-5             1000.00000000    1.00000000         0.00000000
B-6             1000.00000000    1.00000000         0.00000000
X-A                0.00000000    0.00000000         0.00000000
X-B                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-
                                                  Certificate/         Current         Unpaid        Current       Supported
           Original Face         Current            Notional           Accrued        Interest       Interest      Interest
Class        Amount          Certificate Rate        Balance          Interest       Shortfall      Shortfall      Shortfall
-------    --------------    ----------------    --------------     ------------     ----------     ----------     ---------
<S>        <C>               <C>                 <C>                <C>              <C>            <C>            <C>
A-R                100.00            4.84344%              0.00             0.00           0.00           0.00          0.00
A-1        349,687,000.00            4.20000%    283,932,768.40       993,764.69           0.00           0.00      3,075.50
B-1          6,208,000.00            4.37000%      6,208,000.00        22,607.47           0.00           0.00         69.97
B-2          3,287,000.00            4.64000%      3,287,000.00        12,709.73           0.00           0.00         39.33
B-3          2,374,000.00            4.97537%      2,374,000.00         9,842.95           0.00           0.00         30.46
B-4          1,095,000.00            4.97537%      1,095,000.00         4,540.03           0.00           0.00         14.05
B-5            731,000.00            4.97537%        731,000.00         3,030.83           0.00           0.00          9.38
B-6          1,826,168.26            4.97537%      1,826,168.26         7,571.56           0.00           0.00         23.43
X-A                  0.00            0.77537%    283,932,768.40       183,461.40           0.00           0.00        567.78
X-B                  0.00            0.51190%      9,495,000.00         4,050.44           0.00           0.00         12.54
           --------------                                           ------------     ----------     ----------     ---------
 Totals    365,208,268.26                                           1,241,579.10           0.00           0.00      3,842.44
           --------------                                           ------------     ----------     ----------     ---------

<CAPTION>
                                           Remaining         Ending
                                             Unpaid       Certificate/
          Realized     Total Interest       Interest       Notational
Class     Loss (4)      Distribution       Shortfall         Balance
-------   --------     --------------      ---------     --------------
<S>       <C>          <C>                 <C>           <C>
A-R           0.00               0.00           0.00               0.00
A-1           0.00         990,689.19           0.00     268,047,419.08
B-1           0.00          22,537.50           0.00       6,208,000.00
B-2           0.00          12,670.40           0.00       3,287,000.00
B-3           0.00           9,812.48           0.00       2,374,000.00
B-4           0.00           4,525.98           0.00       1,095,000.00
B-5           0.00           3,021.45           0.00         731,000.00
B-6           0.00           7,548.12           0.00       1,826,168.26
X-A           0.00         182,893.63           0.00     268,047,419.08
X-B           0.00           4,037.90           0.00       9,495,000.00
          --------     --------------      ---------
 Totals       0.00       1,237,736.65           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                                Unpaid          Current        Supported
Class      Original Face     Certificate        Certificate/        Current Accrued       Interest        Interest        Interest
 (5)           Amount           Rate          Notional Balance          Interest         Shortfall       Shortfall       Shortfall
-----     --------------     -----------      ----------------      ---------------      ----------      ----------      ----------
<S>       <C>                <C>              <C>                   <C>                  <C>             <C>             <C>
 A-R              100.00       4.84344%             0.00000000           0.00000000      0.00000000      0.00000000      0.00000000
 A-1      349,687,000.00       4.20000%           811.96260770           2.84186913      0.00000000      0.00000000      0.00879501
 B-1        6,208,000.00       4.37000%          1000.00000000           3.64166720      0.00000000      0.00000000      0.01127094
 B-2        3,287,000.00       4.64000%          1000.00000000           3.86666565      0.00000000      0.00000000      0.01196532
 B-3        2,374,000.00       4.97537%          1000.00000000           4.14614575      0.00000000      0.00000000      0.01283067
 B-4        1,095,000.00       4.97537%          1000.00000000           4.14614612      0.00000000      0.00000000      0.01283105
 B-5          731,000.00       4.97537%          1000.00000000           4.14514227      0.00000000      0.00000000      0.01283174
 B-6        1,826,168.26       4.97537%          1000.00000000           4.14614588      0.00000000      0.00000000      0.01283014
 X-A                0.00       0.77537%           811.96260770           0.52464461      0.00000000      0.00000000      0.00162368
 X-B                0.00       0.51190%          1000.00000000           0.42658662      0.00000000      0.00000000      0.00132070
          --------------       ---------         -------------           ----------      ----------      ----------      ----------

<CAPTION>
                                            Remaining
                                              Unpaid
Class      Realized      Total Interest      Interest       Ending Certificate/
 (5)       Loss (6)       Distribution      Shortfall       Notational Balance
-----     ----------     --------------     ----------      -------------------
<S>       <C>            <C>                <C>             <C>
 A-R      0.00000000         0.00000000     0.00000000               0.00000000
 A-1      0.00000000         2.83307412     0.00000000             766.53527034
 B-1      0.00000000         3.63039626     0.00000000            1000.00000000
 B-2      0.00000000         3.85470033     0.00000000            1000.00000000
 B-3      0.00000000         4.13331087     0.00000000            1000.00000000
 B-4      0.00000000         4.13331507     0.00000000            1000.00000000
 B-5      0.00000000         4.13331053     0.00000000            1000.00000000
 B-6      0.00000000         4.13331026     0.00000000            1000.00000000
 X-A      0.00000000         0.52302096     0.00000000             766.53527034
 X-B      0.00000000         0.42526593     0.00000000            1000.00000000
          ----------         ----------     ----------            -------------
</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                           17,221,192.17
         Liquidations, Insurance Proceeds, Reserve Funds                       0.00
         Proceeds from Repurchased Loans                                       0.00
         Other Amounts (Servicer Advances)                                     0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
         Prepayment Penalties                                                  0.00
                                                                      -------------
Total Deposits                                                        17,221,192.17

Withdrawals
         Reimbursement for Servicer Advances                                   0.00
         Payment of Service Fee                                           98,106.20
         Payment of Interest and Principal                            17,123,085.97
                                                                      -------------
Total Withdrawals (Pool Distribution Amount)                          17,221,192.17

Ending Balance                                                                 0.00
                                                                      =============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                        <C>
Total Prepayment/Curtailment Interest Shortfall                            3,842.44
Servicing Fee Support                                                          0.00
                                                                           --------

Non-Supported Prepayment Curtailment Interest Shortfall                    3,842.44
                                                                           ========
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                       <C>
Gross Servicing Fee                                                       93,988.71
Master Servicing Fee                                                       4,117.49
Supported Prepayment/Curtailment Interest Shortfall                            0.00
                                                                          ---------

Net Servicing Fee                                                         98,106.20
                                                                          =========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                            Beginning          Current         Current        Ending
    Account Type            Balance          Withdrawals       Deposits       Balance
--------------------     --------------      -----------       --------      ---------
<S>                      <C>                 <C>               <C>           <C>
Reserve Fund                5,000.00            0.00             0.00        5,000.00
Reserve Fund                5,000.00            0.00             0.00        5,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>             <C>        <C>
0-29 Days          0               0.00
30 Days           14       4,392,534.84
60 Days            0               0.00
90 Days            1         100,000.00
120 Days           1         280,700.00
150 Days           0               0.00
180+ Days          0               0.00
                  --       ------------
                  16       4,773,234.84
</TABLE>

<TABLE>
<CAPTION>
                No. of       Principal
                Loans         Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.658768%    1.549015%
60 Days        0.000000%    0.000000%
90 Days        0.118483%    0.035265%
120 Days       0.118483%    0.098988%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               1.895735%    1.683267%

</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>          <C>       <C>
0-29 Days      0            0.00
30 Days        0            0.00
60 Days        0            0.00
90 Days        0            0.00
120 Days       0            0.00
150 Days       0            0.00
180+ Days      0            0.00
              --            ----
               0            0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                  Loans     Balance
<S>             <C>        <C>
0-29 Days       0.000000%   0.000000%
30 Days         0.000000%   0.000000%
60 Days         0.000000%   0.000000%
90 Days         0.000000%   0.000000%
120 Days        0.000000%   0.000000%
150 Days        0.000000%   0.000000%
180+ Days       0.000000%   0.000000%
                ----------- --------
                0.000000%   0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                  No. of   Principal
                  Loans     Balance
<S>               <C>      <C>
0-29 Days           0           0.00
30 Days             0           0.00
60 Days             0           0.00
90 Days             0           0.00
120 Days            0           0.00
150 Days            0           0.00
180+ Days           0           0.00
                   --           ----
                    0           0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                  Loans     Balance
<S>             <C>        <C>
0-29 Days       0.000000%   0.000000%
30 Days         0.000000%   0.000000%
60 Days         0.000000%   0.000000%
90 Days         0.000000%   0.000000%
120 Days        0.000000%   0.000000%
150 Days        0.000000%   0.000000%
180+ Days       0.000000%   0.000000%
                --------    --------
                0.000000%   0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                  No. of   Principal
                   Loans    Balance
<S>                <C>     <C>
0-29 Days            0          0.00
30 Days              0          0.00
60 Days              0          0.00
90 Days              0          0.00
120 Days             0          0.00
150 Days             0          0.00
180+ Days            0          0.00
                    --          ----
                     0          0.00
</TABLE>

<TABLE>
<CAPTION>
                  No. of    Principal
                   Loans     Balance
<S>              <C>        <C>
0-29 Days        0.000000%   0.000000%
30 Days          0.000000%   0.000000%
60 Days          0.000000%   0.000000%
90 Days          0.000000%   0.000000%
120 Days         0.000000%   0.000000%
150 Days         0.000000%   0.000000%
180+ Days        0.000000%   0.000000%
                 --------    --------
                 0.000000%   0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                  No. of      Principal
                  Loans        Balance
<S>               <C>       <C>
0-29 Days            0              0.00
30 Days             14      4,392,534.84
60 Days              0              0.00
90 Days              1        100,000.00
120 Days             1        280,700.00
150 Days             0              0.00
180+ Days            0              0.00
                    --      ------------
                    16      4,773,234.84
</TABLE>

<TABLE>
<CAPTION>
                  No. of      Principal
                  Loans        Balance
<S>              <C>          <C>
0-29 Days        0.000000%     0.000000%
30 Days          1.658768%     1.549015%
60 Days          0.000000%     0.000000%
90 Days          0.118483%     0.035265%
120 Days         0.118483%     0.098988%
150 Days         0.000000%     0.000000%
180+ Days        0.000000%     0.000000%
                 --------     ---------
                 1.895735%     1.683267%
</TABLE>

<TABLE>
<S>                                                     <C>
Current Period Class A Insufficient Funds:              0.00
Principal Balance of Contaminated Properties            0.00
Periodic Advance                                        0.00
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                            Mixed ARM
<S>                                                                             <C>
Weighted Average Gross Coupon                                                         5.368512%
Weighted Average Net Coupon                                                           4.991872%
Weighted Average Pass-Through Rate                                                    4.975372%
Weighted Average Maturity (Stepdown Calculation)                                           331

Beginning Scheduled Collateral Loan Count                                                  896
Number of Loans Paid in Full                                                                52
Ending Scheduled Collateral Loan Count                                                     844

Beginning Scheduled Collateral Balance                                          299,453,936.66
Ending Scheduled Collateral Balance                                             283,568,587.34
Ending Actual Collateral Balance at 31-Oct-2005                                 283,569,638.88

Monthly P&I Constant                                                              1,339,818.96
Special Servicing Fee                                                                     0.00
Prepayment Penalties                                                                      0.00
Realized Loss Amount                                                                      0.00
Cumulative Realized Loss                                                                  0.00

Scheduled Principal                                                                     133.93
Unscheduled Principal                                                            15,885,215.39
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                                   <C>
Senior Percentage                                                                      94.8168%
Senior Prepayment Percentage                                                          100.0000%
Subordinate Prepayment Percentage                                                     0.000000%
Subordinate Percentage                                                                  5.8132%
</TABLE>