SEQUOIA RESIDENTIAL FUNDING INC
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f01646cexv10w1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<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: JULY 30, 2004
                       DISTRIBUTION DATE: AUGUST 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%  848,682,146.89     990,129.16   21,127,130.82
M-1            81744FBA4       SUB            1.92000%   13,800,000.00      22,080.00            0.00
M-2            81744FBB2       SUB            2.32000%    9,200,000.00      17,786.67            0.00
M-3            81744FBC0       SUB            2.88916%    2,300,000.00       5,537.56            0.00
 X             81744FBD8        IO            0.00000%            0.00     939,016.33            0.00
 R             81744FBE6       RES            0.00000%            0.00           0.00            0.00
------------   ---------   -----------   ------------   --------------   ------------   -------------
Totals                                                  873,982,146.89   1,974,549.72   21,127,130.82
                                                        --------------   ------------   -------------

<CAPTION>
                                              Ending
                              Current       Certificate        Total         Cumulative
   Class         CUSIP     Realized Loss      Balance       Distribution    Realized Loss
------------   ---------   -------------   --------------   -------------   -------------
<S>            <C>         <C>             <C>              <C>             <C>
 A             81744FAZ0            0.00   827,555,016.07   22,117,259.98            0.00
M-1            81744FBA4            0.00    13,800,000.00       22,080.00            0.00
M-2            81744FBB2            0.00     9,200,000.00       17,786.67            0.00
M-3            81744FBC0            0.00     2,300,000.00        5,537.56            0.00
 X             81744FBD8            0.00             0.00      939,016.33            0.00
 R             81744FBE6            0.00             0.00            0.00            0.00
------------   ---------   -------------   --------------   -------------   -------------
Totals                              0.00   852,855,016.07   23,101,680.54            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   848,682,146.89           0.00   21,127,130.82        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   873,982,146.89           0.00   21,127,130.82        0.00       0.00
               --------------   --------------   ------------   -------------   ---------   --------

<CAPTION>
               Total Principal   Ending Certificate   Ending Certificate   Total Principal
   Class          Reduction            Balance            Percentage        Distribution
------------   ---------------   ------------------   ------------------   ---------------
<S>            <C>               <C>                  <C>                  <C>
 A               21,127,130.82       827,555,016.07           0.92498043     21,127,130.82
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           21,127,130.82       852,855,016.07           0.92704353     21,127,130.82
               ---------------   ------------------   ------------------   ---------------
</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    948.59479038     0.00000000    23.61436058   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                 23.61436058         924.98042980           0.92498043       23.61436058
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
                                  Current      Certificate/      Current       Unpaid       Current
               Original Face    Certificate      Notional        Accrued       Interest     Interest
   Class           Amount          Rate           Balance        Interest     Shortfall    Shortfall
------------   --------------   -----------   --------------   ------------   ----------   ---------
<S>            <C>              <C>           <C>              <C>            <C>          <C>
 A             894,673,000.00       1.40000%  848,682,146.89     990,129.17         0.00        0.00
M-1             13,800,000.00       1.92000%   13,800,000.00      22,080.00         0.00        0.00
M-2              9,200,000.00       2.32000%    9,200,000.00      17,786.67         0.00        0.00
M-3              2,300,000.00       2.88916%    2,300,000.00       5,537.56         0.00        0.00
 X                       0.00       0.00000%  878,441,598.52           0.00         0.00        0.00
 R                       0.00       0.00000%            0.00           0.00         0.00        0.00
------------   --------------                                  ------------   ----------   ---------
 Totals        919,973,000.00                                  1,035,533.40         0.00        0.00
               --------------                                  ------------   ----------   ---------

<CAPTION>
                                                           Remaining       Ending
               Non-Supported                                 Unpaid      Certificate/
                 Interest      Realized   Total Interest     Interest     Notational
   Class         Shortfall     Loss (4)    Distribution     Shortfall       Balance
------------   -------------   --------   --------------   ----------   --------------
<S>            <C>             <C>        <C>              <C>          <C>
 A                      0.01       0.00       990,129.16         0.00   827,555,016.07
M-1                     0.00       0.00        22,080.00         0.00    13,800,000.00
M-2                     0.00       0.00        17,786.67         0.00     9,200,000.00
M-3                     0.00       0.00         5,537.56         0.00     2,300,000.00
 X                      0.00       0.00       939,016.33         0.00   857,454,884.04
 R                      0.00       0.00             0.00         0.00             0.00
------------   -------------   --------   --------------   ----------
 Totals                 0.01       0.00     1,974,549.72         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
                                  Current      Certificate/      Current        Unpaid      Current
               Original Face    Certificate      Notional        Accrued       Interest     Interest
  Class (5)        Amount          Rate           Balance        Interest     Shortfall    Shortfall
------------   --------------   -----------   --------------   ------------   ----------   ----------
<S>            <C>              <C>           <C>              <C>            <C>          <C>
 A             894,673,000.00       1.40000%    948.59479038     1.10669392   0.00000000   0.00000000
M-1             13,800,000.00       1.92000%   1000.00000000     1.60000000   0.00000000   0.00000000
M-2              9,200,000.00       2.32000%   1000.00000000     1.93333370   0.00000000   0.00000000
M-3              2,300,000.00       2.88916%   1000.00000000     2.40763478   0.00000000   0.00000000
 X                       0.00       0.00000%    954.85523086     0.00000000   0.00000000   0.00000000
 R                       0.00       0.00000%      0.00000000     0.00000000   0.00000000   0.00000000

<CAPTION>
                                                              Remaining      Ending
               Non-Supported                                   Unpaid     Certificate/
                 Interest       Realized    Total Interest    Interest     Notational
   Class         Shortfall      Loss (4)     Distribution     Shortfall      Balance
------------   -------------   ----------   --------------   ----------   -------------
<S>            <C>             <C>          <C>              <C>          <C>
 A                0.00000001   0.00000000       1.10669391   0.00000000    924.98042980
M-1               0.00000000   0.00000000       1.60000000   0.00000000   1000.00000000
M-2               0.00000000   0.00000000       1.93333370   0.00000000   1000.00000000
M-3               0.00000000   0.00000000       2.40763478   0.00000000   1000.00000000
 X                0.00000000   0.00000000       1.02069922   0.00000000    932.04292992
 R                0.00000000   0.00000000       0.00000000   0.00000000      0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                       <C>
Beginning Balance                                                                  0.00

Deposits
         Payments of Interest and Principal                               23,303,626.89
         Liquidations, Insurance Proceeds, Reserve Funds                           0.00
         Proceeds from Repurchased Loans                                           0.00
         Other Amounts (Servicer Advances)                                    96,875.99
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                 0.00
         Prepayment Penalties                                                      0.00
                                                                          -------------
Total Deposits                                                            23,400,502.88

Withdrawals
         Reimbursement for Servicer Advances                                  19,400.44
         Payment of Service Fee                                              279,421.90
         Payment of Interest and Principal                                23,101,680.54
                                                                          -------------
Total Withdrawals (Pool Distribution Amount)                              23,400,502.88

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                      0.01
                                                                       ==========
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                    <C>
Gross Servicing Fee                                                    274,663.67
Master Servicing Fee                                                     4,758.23
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      279,421.90
                                                                       ==========
</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
------------------------------------   --------------------------------   --------------------------------
<S>         <C>        <C>             <C>         <C>        <C>         <C>         <C>        <C>
             No. of      Principal                  No. of    Principal                No. of    Principal
              Loans       Balance                   Loans      Balance                  Loans     Balance
0-29 Days       0               0.00   0-29 Days       0           0.00   0-29 Days       0           0.00
30 Days       120      38,033,667.36   30 Days         0           0.00   30 Days         0           0.00
60 Days         0               0.00   60 Days         0           0.00   60 Days         0           0.00
90 Days         0               0.00   90 Days         0           0.00   90 Days         0           0.00
120 Days        0               0.00   120 Days        0           0.00   120 Days        0           0.00
150 Days        0               0.00   150 Days        0           0.00   150 Days        0           0.00
180+ Days       0               0.00   180+ Days       0           0.00   180+ Days       0           0.00
            -----      -------------               -----      ---------               -----      ---------
              120      38,033,667.36                   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     4.506196%       4.435639%  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%
            --------   -------------               --------   ---------               --------   ---------
            4.506196%       4.435639%              0.000000%   0.000000%              0.000000%   0.000000%
            --------   -------------               --------   ---------               --------   ---------

<CAPTION>
               REO                               TOTAL
--------------------------------   ------------------------------------
<S>         <C>        <C>         <C>         <C>        <C>
             No. of    Principal                No. of     Principal
             Loans     Balance                  Loans       Balance
0-29 Days       0           0.00   0-29 Days       0               0.00
30 Days         0           0.00   30 Days       120      38,033,667.36
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                 120      38,033,667.36

             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     4.506196%       4.435639%
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%              4.506196%       4.435639%
            --------   ---------               --------   -------------
</TABLE>


<TABLE>
<S>                        <C>    <C>                          <C>       <C>                <C>
Current Period Class       0.00   Principal Balance of         0.00      Periodic Advance   96,875.99
 A Insufficient Funds:              Contaminated Properties
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
          Collateral Description                                                  Mixed Arm
<S>                                                                             <C>
Weighted Average Gross Coupon                                                         3.271980%
Weighted Average Net Coupon                                                           2.896774%
Weighted Average Pass-Through Rate                                                    2.889161%
Weighted Average Maturity (Stepdown Calculation)                                           341

Beginning Scheduled Collateral Loan Count                                                2,711
Number of Loans Paid in Full                                                                48
Ending Scheduled Collateral Loan Count                                                   2,663

Beginning Scheduled Collateral Balance                                          878,441,598.52
Ending Scheduled Collateral Balance                                             857,454,884.04
Ending Actual Collateral Balance at 30-July-2004                                857,456,406.81

Monthly P&I Constant                                                              2,395,202.63
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                                      857,454,884.04

Scheduled Principal                                                                       0.00
Unscheduled Principal                                                            20,986,714.48

Required Overcollateralized Amount                                                        0.00
Overcollateralized Increase Amount                                                  140,416.34
Overcollateralized Reduction Amount                                                       0.00
Specified O/C Amount                                                              4,599,867.97
Overcollateralization Amount                                                      4,599,867.97
Overcollateralized Deficiency Amount                                                140,416.34
Base Overcollateralization Amount                                                         0.00

Extra Principal Distribution Amount                                                 140,416.34
Excess Cash Amount                                                                1,079,432.66
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Applied Loss Amount                                                        0.00
1 Month LIBOR Loan Balance                                        84,899,976.56
6 Month LIBOR Loan Balance                                       772,554,907.48
M-1 Target Amount                                                827,443,963.10
M-2 Target Amount                                                844,593,060.78
M-3 Target Amount                                                848,880,335.20
Senior Target Amount                                             801,720,316.58
Step Down Date Reached?                                                      No
Trigger Event?                                                               No
</TABLE>

</TEXT>
</DOCUMENT>
