Sequoia HELOC Trust 2004-1
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f03804exv10w1.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


                                SHT SERIES 2004-1
                          RECORD DATE: OCTOBER 29, 2004
                      DISTRIBUTION DATE: NOVEMBER 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>

                    Certificate Class
Class     CUSIP        Description      Certificate Pass-Through Rate   Beginning Certificate Balance   Interest Distribution
-----   ---------   -----------------   -----------------------------   -----------------------------   ---------------------
<S>     <C>         <C>                 <C>                             <C>                             <C>
NOTE    817419AA2          SEN                        2.14000%                    299,632,153.69                587,778.40
  L     SHT04002L          DRAW                       2.41000%                              0.00                      0.00
  O     SHT04002O           OC                        0.00000%                      1,928,388.47                      0.00
AMBAC                      FEE                        0.12000%                              0.00                 29,963.22
Totals                                                                            301,560,542.16                617,741.62
</TABLE>

<TABLE>
<CAPTION>

Principal Distribution   Current Realized Loss   Ending Certificate Balance   Total Distribution   Cumulative Realized Loss
----------------------   ---------------------   --------------------------   ------------------   ------------------------
<S>                      <C>                     <C>                          <C>                  <C>
    6,175,617.61                      0.00                293,456,536.08           6,763,396.01                    0.00
            0.00                      0.00                          0.00                   0.00                    0.00
            0.00                      0.00                  2,288,489.09                   0.00                    0.00
            0.00                      0.00                          0.00              29,963.22                    0.00
    6,175,617.61                      0.00                295,745,025.17           6,793,359.23                    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>

                                                                Scheduled Principal   Unscheduled Principal               Realized
Class    Original Face Amount   Beginning Certificate Balance       Distribution          Distribution        Accretion   Loss (1)
-----    --------------------   -----------------------------   -------------------   ---------------------   ---------   --------
<S>      <C>                    <C>                             <C>                   <C>                     <C>         <C>
NOTE         317,044,000.00              299,632,153.69                    0.00             3,963,051.02         0.00        0.00
  L                    0.00                        0.00                    0.00                     0.00         0.00        0.00
  O                   81.98                1,928,388.47                    0.00                     0.00         0.00        0.00
AMBAC                  0.00                        0.00                    0.00                     0.00         0.00        0.00
Totals       317,044,081.98              301,560,542.16                    0.00             3,963,051.02         0.00        0.00
</TABLE>

<TABLE>
<CAPTION>

Total Principal Reduction   Ending Certificate Balance   Ending Certificate Percentage   Total Principal Distribution
-------------------------   --------------------------   -----------------------------   ----------------------------
<S>                         <C>                          <C>                             <C>
        6,175,617.61                 293,456,536.08                    0.92560192                    6,175,617.61
                0.00                           0.00                    0.00000000                            0.00
                0.00                   2,288,489.09               27,915.21212491                            0.00
                0.00                           0.00                    0.00000000                            0.00
        6,175,617.61                 295,745,025.17                   0.923281989                    6,175,617.61
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>

                                                               Scheduled Principal   Unscheduled Principal                Realized
Class   Original Face Amount   Beginning Certificate Balance       Distribution          Distribution         Accretion   Loss (3)
-----   --------------------   -----------------------------   -------------------   ---------------------   ----------   ----------
<S>     <C>                    <C>                             <C>                   <C>                     <C>          <C>
NOTE       317,044,000.00                   945.08066290          0.00000000             12.50000322         0.00000000   0.00000000
  L                  0.00                     0.00000000          0.00000000              0.00000000         0.00000000   0.00000000
  O                 81.98               3522669.79751160          0.00000000              0.00000000         0.00000000   0.00000000
AMBAC                0.00                     0.00000000          0.00000000              0.00000000         0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>

                                                                                         Total Principal
Total Principal Reduction   Ending Certificate Balance   Ending Certificate Percentage    Distribution
-------------------------   --------------------------   -----------------------------   ---------------
<S>                         <C>                          <C>                             <C>
      19.47873989                       925.60192301                 0.92560192          19.47873989
       0.00000000                         0.00000000                 0.00000000           0.00000000
       0.00000000                  27915212.12490850             27915.21212491           0.00000000
       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.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>

                                                           Beginning Certificate/
 Class   Original Face Amount   Current Certificate Rate      Notional Balance      Current Accrued Interest
 -----   --------------------   ------------------------   ----------------------   ------------------------
<S>      <C>                    <C>                        <C>                      <C>
 NOTE      317,044,000.00                2.14000%            299,632,153.69              587,778.41
   L                 0.00                2.41000%                      0.00                    0.00
   O                81.98                0.00000%              1,928,388.47                    0.00
 AMBAC               0.00                0.12000%            299,632,153.69               29,963.22
Totals     317,044,081.98                                                                617,741.63
</TABLE>

<TABLE>
<CAPTION>

Payment of Unpaid Interest                                 Non-Supported Interest   Realized
         Shortfall           Current Interest Shortfall          Shortfall          Loss (4)
--------------------------   --------------------------    ----------------------   --------

<S>                          <C>                           <C>                      <C>
            0.00                        0.00                       0.00              0.00
            0.00                        0.00                       0.00              0.00
            0.00                        0.00                       0.00              0.00
            0.00                        0.00                       0.00              0.00
            0.00                        0.00                       0.00              0.00
</TABLE>

<TABLE>
<CAPTION>

                              Remaining Unpaid Interest   Ending Certificate/
Total Interest Distribution           Shortfall           Notational Balance
---------------------------   -------------------------   -------------------
<S>                           <C>                         <C>
        587,778.40                       0.00               293,456,536.08
              0.00                       0.00                         0.00
              0.00                       0.00                 2,288,489.09
         29,963.22                       0.00               293,456,536.08
        617,741.62                       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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>

                                                              Beginning Certificate/
Class (5)   Original Face Amount   Current Certificate Rate     Notional Balance
---------   --------------------   ------------------------   ----------------------
<S>         <C>                    <C>                        <C>
   NOTE        317,044,000.00            2.14000%                      945.08066290
    L                    0.00            2.41000%                        0.00000000
    O                   81.98            0.00000%                 23522669.79751160
  AMBAC                  0.00            0.12000%                      945.08066290
</TABLE>

<TABLE>
<CAPTION>

Current Accrued   Payment of Unpaid                                 Non-Supported Interest    Realized
   Interest       Interest Shortfall   Current Interest Shortfall         Shortfall           Loss (6)
---------------   ------------------   --------------------------   ----------------------   ----------
<S>               <C>                  <C>                          <C>                      <C>
  1.85393324          0.00000000              0.00000000                0.00000000           0.00000000
  0.00000000          0.00000000              0.00000000                0.00000000           0.00000000
  0.00000000          0.00000000              0.00000000                0.00000000           0.00000000
  0.09450808          0.00000000              0.00000000                0.00000000           0.00000000
</TABLE>

<TABLE>
<CAPTION>

                               Remaining Unpaid       Ending Certificate/
Total Interest Distribution   Interest Shortfall       Notational Balance
---------------------------   ------------------      -------------------
<S>                           <C>                     <C>
           1.85393321            0.00000000                  925.60192301
           0.00000000            0.00000000                    0.00000000
           0.00000000            0.00000000             27915212.12490850
           0.09450808            0.00000000                  925.60192301
</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                                        6,912,113.26
      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                                                                  6,912,113.26

Withdrawals

      Reimbursement for Servicer Advances                                               0.00
      Payment of Service Fee                                                      118,754.03
      Payment of Interest and Principal                                         6,793,359.23
                                                                                ------------
Total Withdrawals (Pool Distribution Amount)                                    6,912,113.26

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                                                 114,984.52
Master Servicing Fee                                                  3,769.51
Supported Prepayment/Curtailment Interest Shortfall                       0.00
                                                                    ----------
Net Servicing Fee                                                   118,754.03
                                                                    ==========
</TABLE>

                                 OTHER ACCOUNTS
<TABLE>
<CAPTION>

    Account Type          Beginning Balance   Current Withdrawals   Current Deposits   Ending Balance
------------------        -----------------   -------------------   ----------------   --------------
<S>                       <C>                 <C>                   <C>                <C>
Financial Guaranty             0.00                 0.00                 0.00              0.00
</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      3      215,151.63  0-29 Days      1      48,000.00
30 Days        1      28,897.57  30 Days        0            0.00  30 Days        0           0.00
60 Days        1      14,739.98  60 Days        0            0.00  60 Days        0           0.00
90 Days        1      48,000.00  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
               ----------------                 -----------------                 ----------------
               3      91,637.55                 3      215,151.63                 1      48,000.00
</TABLE>

<TABLE>
<CAPTION>
             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  0.000000%  0.000000%  0-29 Days  0.061300%   0.072749%  0-29 Days  0.020433%  0.016230%
30 Days    0.020433%  0.009771%  30 Days    0.000000%   0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.020433%  0.004984%  60 Days    0.000000%   0.000000%  60 Days    0.000000%  0.000000%
90 Days    0.020433%  0.016230%  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%
           --------------------             ---------------------             --------------------
           0.061300%  0.030985%             0.061300%   0.072749%             0.020433%  0.016230%
</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      4       263,151.63
30 Days         0          0.00  30 Days        1        28,897.57
60 Days         0          0.00  60 Days        1        14,739.98
90 Days         0          0.00  90 Days        1        48,000.00
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                 7       354,789.18
</TABLE>

<TABLE>
<CAPTION>
             No. of   Principal               No. of    Principal
              Loans    Balance                Loans      Balance
<S>        <C>        <C>        <C>        <C>         <C>
0-29 Days  0.000000%  0.000000%  0-29 Days  0.081733%   0.088979%
30 Days    0.000000%  0.000000%  30 Days    0.020433%   0.009771%
60 Days    0.000000%  0.000000%  60 Days    0.020433%   0.004984%
90 Days    0.000000%  0.000000%  90 Days    0.020433%   0.016230%
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%             0.143032%   0.119965%
</TABLE>


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


<TABLE>
<S>              <C>            <C>                  <C>                   <C>                  <C>                <C>
Class L          81.98          0.00002586%          2,288,489.09          0.77983920%          0.000000%          0.000000%
Class O           0.00          0.00000000%                  0.00          0.00000000%          0.779839%          0.000000%

Please refer to the prospectus supplement for a full description of loss exposure
</TABLE>


<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                                                   Mixed Arm
<S>                                                                                                 <C>
Weighted Average Gross Coupon                                                                            4.363686%
Weighted Average Net Coupon                                                                              3.906128%
Weighted Average Pass-Through Rate                                                                       3.891128%
Weighted Average Maturity (Stepdown Calculation)                                                               121

Beginning Scheduled Collateral Loan Count                                                                    5,031
Number of Loans Paid in Full                                                                                   137
Ending Scheduled Collateral Loan Count                                                                       4,894

Beginning Scheduled Collateral Balance                                                              299,632,153.69
Ending Scheduled Collateral Balance                                                                 293,456,536.08
Ending Actual Collateral Balance at 30-Sept-2004                                                    295,745,025.17

Monthly P&I Constant                                                                                          0.00
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realized Loss Amount                                                                                          0.00
Cumulative Realized Loss                                                                                      0.00
</TABLE>


<TABLE>
<CAPTION>
              MISCELLANEOUS REPORTING
<S>                                                                            <C>
              Additional Balance Contributed Amount                                      0.00
              Additional Balance                                                10,364,927.96
              Cumulative Loss Percent                                                0.00000%
              Managed Amortization Period                                                 YES
              Overcollateralization Amount                                       2,288,489.09
              Six Month Rolling Delinquency                                    122113.326667%
              Specified Overcollateralization Amount                             3,963,051.02
              3 Largest Loan Balance                                             4,906,972.25
              Draw Amount                                                       10,364,927.96
              Rapid Amortization Event                                                     NO
              Excess Cashflow                                                      360,100.61
</TABLE>

</TEXT>
</DOCUMENT>
