SEQUOIA RESIDENTIAL FUNDING INC
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f00740bexv10w1.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 2004-1
                           RECORD DATE: JUNE 30, 2004
                        DISTRIBUTION DATE: JULY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate                     Beginning
                    Class    Certificate Pass-  Certificate     Interest
 Class   CUSIP   Description   Through Rate       Balance     Distribution
--------------------------------------------------------------------------
<S>    <C>       <C>         <C>               <C>            <C>
   A   81744FAA5     SEN          1.47000%     574,733,748.07   704,048.07
  X-1  81744FAB3      IO          0.80000%               0.00   332,382.72
  X-2  81744FAC1      IO          0.52922%               0.00   253,476.07
  X-B  81744FAD9      IO          0.66932%               0.00     8,542.78
  B-1  81744FAG2     SUB          1.83000%       9,375,000.00    14,296.87
  B-2  81744FAH0     SUB          2.33000%       5,937,000.00    11,527.67
  B-3  81744FAJ6     SUB          2.69319%       3,437,000.00     7,713.73
  B-4  81744FAK3     SUB          2.69319%       1,562,000.00     3,505.63
  B-5  81744FAL1     SUB          2.69319%         937,000.00     2,102.93
  B-6  81744FAM9     SUB          2.69319%       2,500,468.00     5,611.85
  A-R  81744FAF4     RES          2.59150%               0.00         0.00
--------------------------------------------------------------------------
Totals                                         598,482,216.07 1,343,209.09
--------------------------------------------------------------------------

<CAPTION>
         Principal      Current    Ending Certificate     Total      Cumulative
 Class Distribution  Realized Loss      Balance       Distribution  Realized Loss
---------------------------------------------------------------------------------
<S>    <C>           <C>           <C>                <C>           <C>
   A   11,522,781.52     0.00        563,210,966.55   12,226,830.36     0.00
  X-1           0.00     0.00                  0.00      332,382.72     0.00
  X-2           0.00     0.00                  0.00      253,476.07     0.00
  X-B           0.00     0.00                  0.00        8,542.78     0.00
  B-1           0.00     0.00          9,375,000.00       14,296.87     0.00
  B-2           0.00     0.00          5,937,000.00       11,527.67     0.00
  B-3           0.00     0.00          3,437,000.00        7,713.73     0.00
  B-4           0.00     0.00          1,562,000.00        3,505.63     0.00
  B-5           0.00     0.00            937,000.00        2,102.93     0.00
  B-6           0.00     0.00          2,500,468.00        5,611.85     0.00
  A-R           0.00     0.00                  0.00            0.00     0.00
----------------------------------------------------------------------------
Totals 11,522,781.52     0.00        586,959,434.55   12,865,990.61     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   601,250,000.00 574,733,748.07   (438.74)   11,523,220.26   0.00      0.00
  X-1            0.00           0.00      0.00             0.00   0.00      0.00
  X-2            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
  B-1    9,375,000.00   9,375,000.00      0.00             0.00   0.00      0.00
  B-2    5,937,000.00   5,937,000.00      0.00             0.00   0.00      0.00
  B-3    3,437,000.00   3,437,000.00      0.00             0.00   0.00      0.00
  B-4    1,562,000.00   1,562,000.00      0.00             0.00   0.00      0.00
  B-5      937,000.00     937,000.00      0.00             0.00   0.00      0.00
  B-6    2,500,468.00   2,500,468.00      0.00             0.00   0.00      0.00
  A-R          100.00           0.00      0.00             0.00   0.00      0.00
----------------------------------------------------------------------------------
Totals 624,998,568.00 598,482,216.07   (438.74)   11,523,220.26   0.00      0.00
----------------------------------------------------------------------------------

<CAPTION>
       Total Principal Ending Certificate Ending Certificate Total Principal
 Class    Reduction          Balance          Percentage      Distribution
----------------------------------------------------------------------------
<S>    <C>             <C>                <C>                <C>
   A    11,522,781.52    563,210,966.55       0.93673342      11,522,781.52
  X-1            0.00              0.00       0.00000000               0.00
  X-2            0.00              0.00       0.00000000               0.00
  X-B            0.00              0.00       0.00000000               0.00
  B-1            0.00      9,375,000.00       1.00000000               0.00
  B-2            0.00      5,937,000.00       1.00000000               0.00
  B-3            0.00      3,437,000.00       1.00000000               0.00
  B-4            0.00      1,562,000.00       1.00000000               0.00
  B-5            0.00        937,000.00       1.00000000               0.00
  B-6            0.00      2,500,468.00       1.00000000               0.00
  A-R            0.00              0.00       0.00000000               0.00
----------------------------------------------------------------------------
Totals  11,522,781.52    586,959,434.55       0.93913725      11,522,781.52
----------------------------------------------------------------------------
</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   601,250,000.00  955,89812569  (0.00072971)  19.16543910 0.00000000 0.00000000
 X-1            0.00    0.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 X-2            0.00    0.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 X-B            0.00    0.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-1    9,375,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-2    5,937,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-3    3,437,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-4    1,562,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-5      937,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-6    2,500,468.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 A-R          100.00    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     19.16470939       936.73341630       0.93673342      19.16470939
 X-1     0.00000000         0.00000000       0.00000000       0.00000000
 X-2     0.00000000         0.00000000       0.00000000       0.00000000
 X-B     0.00000000         0.00000000       0.00000000       0.00000000
 B-1     0.00000000      1000.00000000       1.00000000       0.00000000
 B-2     0.00000000      1000.00000000       1.00000000       0.00000000
 B-3     0.00000000      1000.00000000       1.00000000       0.00000000
 B-4     0.00000000      1000.00000000       1.00000000       0.00000000
 B-5     0.00000000      1000.00000000       1.00000000       0.00000000
 B-6     0.00000000      1000.00000000       1.00000000       0.00000000
 A-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   601,250,000.00        1.47000%     574,733,748.07   704,048.84      0.00        0.00        0.01       0.00
  X-1            0.00        0.80000%     498,558,786.64   332,372.52      0.00        0.00        0.00       0.00
  X-2            0.00        0.52922%     574,733,748.07   253,465.87      0.00        0.00        0.00       0.00
  X-B            0.00        0.66932%      15,312,000.00     8,540.50      0.00        0.00        0.00       0.00
  B-1    9,375,000.00        1.83000%       9,375,000.00    14,296.88      0.00        0.00        0.00       0.00
  B-2    5,937,000.00        2.33000%       5,937,000.00    11,527.68      0.00        0.00        0.00       0.00
  B-3    3,437,000.00        2.69319%       3,437,000.00     7,713.73      0.00        0.00        0.00       0.00
  B-4    1,562,000.00        2.69319%       1,562,000.00     3,505.63      0.00        0.00        0.00       0.00
  B-5      937,000.00        2.69319%         937,000.00     2,102.93      0.00        0.00        0.00       0.00
  B-6    2,500,468.00        2.69319%       2,500,468.00     5,611.85      0.00        0.00        0.00       0.00
  A-R          100.00        2.59150%               0.00         0.00      0.00        0.00        0.00       0.00
--------------------------------------------------------------------------------------------------------------------
Totals 624,998,568.00                                    1,343,186.43      0.00        0.00        0.00       0.00
--------------------------------------------------------------------------------------------------------------------

<CAPTION>
                          Remaining      Ending
                           Unpaid      Certificate/
         Total Interest    Interest     Notational
 Class    Distribution    Shortfall      Balance
----------------------------------------------------
<S>      <C>              <C>         <C>
   A        704,048.84       0.00     563,210,966.55
  X-1       332,382.72       0.00     480,141,208.52
  X-2       253,476.07       0.00     563,210,966.55
  X-B         8,542.78       0.00      15,312,000.00
  B-1        14,296.87       0.00       9,375,000.00
  B-2        11,527.67       0.00       5,937,000.00
  B-3         7,713.73       0.00       3,437,000.00
  B-4         3,505.63       0.00       1,562,000.00
  B-5         2,102.93       0.00         937,000.00
  B-6         5,611.85       0.00       2,500,468.00
  A-R             0.00       0.00               0.00
----------------------------------------------------
Totals    1,343,209.09       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   Realized
 (5)      Amount         Rate    Notional Balance     Interest     Shortfall  Shortfall Shortfall   Loss (6)
-------------------------------------------------------------------------------------------------------------
<S>   <C>            <C>         <C>              <C>             <C>        <C>        <C>        <C>
  A   601,250,000.00   1.47000%    955.89812569      1.17097520   0.00000000 0.00000000 0.00000000 0.00000000
 X-1            0.00   0.80000%    829.20380314      0.55280253   0.00000000 0.00000000 0.00000000 0.00000000
 X-2            0.00   0.52922%    955.89812569      0.42156486   0.00000000 0.00000000 0.00000000 0.00000000
 X-B            0.00   0.66932%   1000.00000000      0.55776515   0.00000000 0.00000000 0.00000000 0.00000000
 B-1    9,375,000.00   1.83000%   1000.00000000      1.52500053   0.00000000 0.00000000 0.00000000 0.00000000
 B-2    5,937,000.00   2.33000%   1000.00000000      1.94166751   0.00000000 0.00000000 0.00000000 0.00000000
 B-3    3,437,000.00   2.69319%   1000.00000000      2.24432063   0.00000000 0.00000000 0.00000000 0.00000000
 B-4    1,562,000.00   2.69319%   1000.00000000      2.24432138   0.00000000 0.00000000 0.00000000 0.00000000
 B-5      937,000.00   2.69319%   1000.00000000      2.24432231   0.00000000 0.00000000 0.00000000 0.00000000
 B-6    2,500,468.00   2.69319%   1000.00000000      2.24431986   0.00000000 0.00000000 0.00000000 0.00000000
 A-R          100.00   2.59150%      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     1.17097520   0.00000000    936.73341630
 X-1    0.55281949   0.00000000    798.57165658
 X-2    0.42158182   0.00000000    936.73341630
 X-B    0.55791405   0.00000000   1000.00000000
 B-1    1.52499947   0.00000000   1000.00000000
 B-2    1.94166582   0.00000000   1000.00000000
 B-3    2.24432063   0.00000000   1000.00000000
 B-4    2.24432138   0.00000000   1000.00000000
 B-5    2.24432231   0.00000000   1000.00000000
 B-6    2.24431986   0.00000000   1000.00000000
 A-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                                  13,070,186.68
         Liquidations, Insurance Proceeds, Reserve Funds                             22.68
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       13,072.72
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               13,083,282.08

Withdrawals
         Reimbursement for Servicer Advances                                     24,649.92
         Payment of Service Fee                                                 192,641.55
         Payment of Interest and Principal                                   12,865,990.61
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 13,083,282.08

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                                                    187,654.18
Master Servicing Fee                                                     4,987.37
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                      -----------
Net Servicing Fee                                                     192,641.552
                                                                      ===========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning          Current          Current       Ending
     Account Type                      Balance         Withdrawals       Deposits       Balance
     ------------                     ---------        -----------       --------      --------
<S>                                   <C>              <C>               <C>           <C>
Class X-1 Sub Account                 4,500.00            10.20            10.20       4,500.00
Class X-2 Sub Account                 4,500.00            10.20            10.20       4,500.00
Class X-B Sub Account                 1,000.00             2.28             2.28       1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
             DELINQUENT                          BANKRUPTCY                       FORECLOSURE
----------------------------------  --------------------------------  --------------------------------
            No. of      Principal                No. of    Principal              No. of    Principal
             Loans       Balance                 Loans      Balance               Loans      Balance
<S>        <C>        <C>           <C>        <C>         <C>        <C>        <C>        <C>
30 Days       18      5,640,132.29  0-29 Days      0         0.00     0-29 Days      0         0.00
60 Days        0              0.00  30 Days        0         0.00     30 Days        0         0.00
90 Days        0              0.00  60 Days        0         0.00     60 Days        0         0.00
120 Days       0              0.00  90 Days        0         0.00     90 Days        0         0.00
150 Days       0              0.00  120 Days       0         0.00     120 Days       0         0.00
180+ Days      0              0.00  150 Days       0         0.00     150 Days       0         0.00
                                    180+ Days      0         0.00     180+ Days      0         0.00
           -----------------------             ---------------------             ---------------------
              18      5,640,132.29                 0         0.00                    0         0.00

            No. of      Principal                No. of    Principal              No. of    Principal
             Loans       Balance                 Loans      Balance               Loans      Balance

30 Days    0.059447%    0.960907%   0-29 Days  0.000000%   0.000000%  0-29 Days  0.000000%   0.000000%
60 Days    0.000000%    0.000000%   30 Days    0.000000%   0.000000%  30 Days    0.000000%   0.000000%
90 Days    0.000000%    0.000000%   60 Days    0.000000%   0.000000%  60 Days    0.000000%   0.000000%
120 Days   0.000000%    0.000000%   90 Days    0.000000%   0.000000%  90 Days    0.000000%   0.000000%
150 Days   0.000000%    0.000000%   120 Days   0.000000%   0.000000%  120 Days   0.000000%   0.000000%
180+ Days  0.000000%    0.000000%   150 Days   0.000000%   0.000000%  150 Days   0.000000%   0.000000%
           0.000000%    0.000000%   180+ Days  0.000000%   0.000000%  180+ Days  0.000000%   0.000000%
           ---------------------               --------------------              --------------------
           1.059447%    0.960907%              0.000000%   0.000000%             0.000000%   0.000000%

<CAPTION>
              REO                                 TOTAL
--------------------------------  ----------------------------------
            No. of    Principal               No. of     Principal
             Loans     Balance                 Loans      Balance
<S>        <C>        <C>         <C>        <C>        <C>
0-29 Days      0         0.00     0-29 Days      0              0.00
30 Days        0         0.00     30 Days       18      5,640,132.29
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                   18      5,640,132.29

            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    1.059447%   0.960907%
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%              1.059447%   0.960907%
</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  24,649.92
</TABLE>

<TABLE>
<CAPTION>
            Original $     Original %    Current $     Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    23,748,468.00  3.79976359%  23,748,468.00  4.04601521%    95.953985%       0.000000%
Class X-1  23,748,468.00  3.79976359%  23,748,468.00  4.04601521%     0.000000%       0.000000%
Class X-2  23,748,468.00  3.79976359%  23,748,468.00  4.04601521%     0.000000%       0.000000%
Class B-1  14,373,468.00  2.29976015%  14,373,468.00  2.44880091%     1.597214%      39.476231%
Class B-2   8,436,468.00  1.34983797%   8,436,468.00  1.43731704%     1.011484%      24.999507%
Class B-3   4,999,468.00  0.79991671%   4,999,468.00  0.85175699%     0.585560%      14.472513%
Class B-4   3,437,468.00  0.54999614%   3,437,468.00  0.58563979%     0.266117%       6.577266%
Class B-5   2,500,468.00  0.40007580%   2,500,468.00  0.42600354%     0.159636%       3.945518%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.426004%      10.528965%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
          Collateral Description                                                  Mixed Arm
<S>                                                                             <C>
Weighted Average Gross Coupon                                                         3.079446%
Weighted Average Net Coupon                                                           2.703186%
Weighted Average Pass-Through Rate                                                    2.693186%
Weighted Average Maturity (Stepdown Calculation)                                           329

Beginning Scheduled Collateral Loan Count                                                1,730
Number of Loans Paid in Full                                                                31
Ending Scheduled Collateral Loan Count                                                   1,699

Beginning Scheduled Collateral Balance                                          598,482,216.50
Ending Scheduled Collateral Balance                                             586,959,434.98
Ending Actual Collateral Balance at 30-June-2004                                586,959,446.64

Monthly P&I Constant                                                              1,535.389.24
Special Servicing Fee                                                                     0.00
Prepayment Penalties                                                                      0.00
Realization Loss Amount                                                                   0.00
Cumulative Realized Loss                                                                  0.00

Class A Optimal Amount                                                           12,821,209.26

Ending Scheduled Balance for Premium Loans                                      586,959,434.98

Scheduled Principal                                                                    (438.74)
Unscheduled Principal                                                            11,523.220.26
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
One-Month Libor Loan Balance                                      92,622,220.81
Six-Month Libor Loan Balance                                     494,061,214.17
Prorata Senior Percentage                                             96.031884%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
</TABLE>

</TEXT>
</DOCUMENT>
