<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: AUGUST 31, 2004
                      DISTRIBUTION DATE: SEPTEMBER 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       81744FAZ0        SEN            1.40000%         827,555,016.07      965,480.87    17,030,404.87
 M-1      81744FBA4        SUB            2.10000%          13,800,000.00       24,150.00             0.00
 M-2      81744FBB2        SUB            2.50000%           9,200,000.00       19,166.67             0.00
 M-3      81744FBC0        SUB            3.05022%           2,300,000.00        5,846.26             0.00
  X       81744FBD8         IO            0.00000%                   0.00    1,164,881.04             0.00
  R       81744FBE6        RES            0.00000%                   0.00            0.00             0.00
------                                                     --------------    ------------    -------------
Totals                                                     852,855,016.07    2,179,524.84    17,030,404.87
------                                                     --------------    ------------    -------------

<CAPTION>
                          Current       Ending Certificate        Total         Cumulative
Class       CUSIP      Realized Loss          Balance         Distribution     Realized Loss
------    ---------    -------------    ------------------    -------------    -------------
<S>       <C>          <C>              <C>                   <C>              <C>
  A       81744FAZ0        0.00           810,524,611.20      17,995,885.74        0.00
 M-1      81744FBA4        0.00            13,800,000.00          24,150.00        0.00
 M-2      81744FBB2        0.00             9,200,000.00          19,166.67        0.00
 M-3      81744FBC0        0.00             2,300,000.00           5,846.26        0.00
  X       81744FBD8        0.00                     0.00       1,164,881.04        0.00
  R       81744FBE6        0.00                     0.00               0.00        0.00
------                     ----           --------------      -------------        ----
Totals                     0.00           835,824,611.20      19,209,929.71        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     827,555,016.07        0.00        17,030,404.87      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     852,855,016.07        0.00        17,030,404.87      0.00         0.00
------     --------------     --------------        ----        -------------      ----         ----

<CAPTION>
          Total Principal    Ending Certificate    Ending Certificate    Total Principal
Class        Reduction            Balance              Percentage         Distribution
------    ---------------    ------------------    ------------------    --------------
<S>       <C>                <C>                   <C>                   <C>
  A        17,030,404.87      810,524,611.20          0.90594509          17,030,404.87
 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     17,030,404.87      835,824,611.20          0.90853168          17,030,404.87
------     -------------      --------------          ----------          -------------
</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    924.98042980    0.00000000      19.03534014    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 Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction          Balance           Percentage         Distribution
-----   ---------------  ------------------  ------------------  ---------------
<S>     <C>              <C>                 <C>                 <C>
  A      19.03534014        905.94508966          0.90594509        19.03534014
 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-
                                            Certificate/    Current      Unpaid     Current   Supported
        Original Face      Current            Notional      Accrued     Interest    Interest   Interest   Realized
 Class      Amount      Certificate Rate      Balance       Interest    Shortfall  Shortfall  Shortfall  Loss (4)
------  --------------  ----------------  -------------- ------------  ----------  ---------  ---------  --------
<S>     <C>             <C>               <C>            <C>           <C>         <C>        <C>        <C>
   A    894,673,000.00     1.40000%       827,555,016.07   965,480.85     0.00        0.00      (0.02)      0.00
  M-1    13,800,000.00     2.10000%        13,800,000.00    24,150.00     0.00        0.00       0.00       0.00
  M-2     9,200,000.00     2.50000%         9,200,000.00    19,166.67     0.00        0.00       0.00       0.00
  M-3     2,300,000.00     3.05022%         2,300,000.00     5,846.26     0.00        0.00       0.00       0.00
   X              0.00     0.00000%       857,454,884.04         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                                   1,014,643.78     0.00        0.00      (0.02)      0.00
------  --------------     -------        -------------- ------------     ----        ----      -----       ----

<CAPTION>
                        Remaining     Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
 Class   Distribution   Shortfall     Balance
------  --------------  ---------  --------------
<S>     <C>             <C>        <C>
   A       965,480.87      0.00    810,524,611.20
  M-1       24,150.00      0.00     13,800,000.00
  M-2       19,166.67      0.00      9,200,000.00
  M-3        5,846.26      0.00      2,300,000.00
   X     1,164,881.04      0.00    840,424,479.17
   R             0.00      0.00              0.00
------   ------------      ----    --------------
Totals   2,179,524.84      0.00
------   ------------      ----    --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                      Payment of                  Non-
                         Current       Beginning         Current        Unpaid      Current     Supported
Class   Original Face  Certificate    Certificate/       Accrued       Interest     Interest    Interest      Realized
 (5)       Amount         Rate      Notional Balance     Interest     Shortfall    Shortfall    Shortfall     Loss (6)
-----  --------------  -----------  ----------------  -------------  -----------  -----------   ----------   ----------
<S>    <C>             <C>          <C>               <C>            <C>          <C>           <C>          <C>
  A    894,673,000.00    1.40000%      924.98042980      1.07914383   0.00000000   0.00000000   (0.0000002)  0.00000000
 M-1    13,800,000.00    2.10000%     1000.00000000      1.75000000   0.00000000   0.00000000   0.00000000   0.00000000
 M-2     9,200,000.00    2.50000%     1000.00000000      2.08333370   0.00000000   0.00000000   0.00000000   0.00000000
 M-3     2,300,000.00    3.05022%     1000.00000000      2.54185217   0.00000000   0.00000000   0.00000000   0.00000000
  X              0.00    0.00000%      932.04292992      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
                        Unpaid
Class  Total Interest  Interest    Ending Certificate/
 (5)    Distribution   Shortfall   Notational Balance
-----  --------------  ----------  -------------------
<S>    <C>             <C>         <C>
  A      1.07914385    0.00000000     905.94508966
 M-1     1.75000000    0.00000000    1000.00000000
 M-2     2.08333370    0.00000000    1000.00000000
 M-3     2.54185217    0.00000000    1000.00000000
  X      1.26621139    0.00000000     913.53108895
  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                                  19,549,432.02
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       30,122.91
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               19,579,554.93

Withdrawals
         Reimbursement for Servicer Advances                                     96,875.99
         Payment of Service Fee                                                 272,749.23
         Payment of Interest and Principal                                   19,209,929.71
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 19,579,554.93

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                     (0.02)
                                                                            =====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    268,104.68
Master Servicing Fee                                                     4,644.55
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      272,749.23
                                                                       ==========
</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

                                   DELINQUENT

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>              <C>       <C>
0-29 Days          0               0.00
30 Days           29       9,242,148.73
60 Days            5       2,312,143.51
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --      -------------
                  34      11,554,292.24
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        1.106448%    1.099700%
60 Days        0.190767%    0.275116%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               1.297215%    1.374816%
</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        29        9,242,148.73
60 Days         5        2,312,143.51
90 Days         0                0.00
120 Days        0                0.00
150 Days        0                0.00
180+ Days       0                0.00
               --       -------------
               34       11,554,292.24
</TABLE>

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>           <C>
0-29 Days   0.000000%     0.000000%
30 Days     1.106448%     1.099700%
60 Days     0.190767%     0.275116%
90 Days     0.000000%     0.000000%
120 Days    0.000000%     0.000000%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            1.297215%     1.374816%
</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  30,122.91
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                     Mixed Arm
<S>                                                                     <C>
Weighted Average Gross Coupon                                                 3.433074%
Weighted Average Net Coupon                                                   3.057864%
Weighted Average Pass-Through Rate                                            3.050224%
Weighted Average Maturity (Stepdown Calculation)                                   340

Beginning Scheduled Collateral Loan Count                                        2,663
Number of Loans Paid in Full                                                        42
Ending Scheduled Collateral Loan Count                                           2,621

Beginning Scheduled Collateral Balance                                  857,454,884.04
Ending Scheduled Collateral Balance                                     840,424,479.17
Ending Actual Collateral Balance at 31-Aug-2004                         840,424,441.59

Monthly P&I Constant                                                      2,453,088.64
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                              840,424,479.17

Scheduled Principal                                                               0.00
Unscheduled Principal                                                    17,030,404.87

Required Overcollateralized Amount                                                0.00
Overcollateralized Increase Amount                                                0.00
Overcollateralized Reduction Amount                                               0.00
Specified O/C Amount                                                      4,599,867.97
Overcollateralization Amount                                              4,599,867.97
Overcollateralized Deficiency Amount                                              0.00
Base Overcollateralization Amount                                                 0.00
                                                                                  0.00

Extra Principal Distribution Amount
Excess Cash Amount                                                        1,164,881.06
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                     <C>
Applied Loss Amount                                                               0.00
1 Month LIBOR Loan Balance                                               84,058,928.51
6 Month LIBOR Loan Balance                                              756,365,550.66
M-1 Target Amount                                                       811,009,622.40
M-2 Target Amount                                                       827,818,111.98
M-3 Target Amount                                                       832,020,234.38
Senior Target Amount                                                    785,796,888.02
Step Down Date Reached?                                                             No
Trigger Event?                                                                      No
</TABLE>