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EX-10.1 3 f93089eexv10w1.txt EXHIBIT 10.1 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 ###-###-#### FAX: (301) 315-6660 SMT SERIES 2002-11 RECORD DATE: JULY 31, 2003 DISTRIBUTION DATE: AUGUST 20, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution - ---------------------------------------------------------------------------- A 81744AAA6 SEN 1.55000% 647,708,287.91 836,623.19 X-1A 81744AAC2 IO 1.15406% 0.00 175,234.77 X-1B 81744AAD0 IO 1.28439% 0.00 498,232.02 X-B 81744AAE8 IO 0.72772% 0.00 5,898.19 A-R 81744AAF5 SEN 3.25418% 0.00 0.00 B-1 81744AAB4 SUB 2.07000% 9,726,000.00 16,777.35 B-2 81744AAG3 SUB 2.79772% 5,764,000.00 13,438.39 B-3 81744AAH1 SUB 2.79772% 3,962,000.00 9,237.15 B-4 SMT0211B4 SUB 2.79772% 1,801,000.00 4,198.92 B-5 SMT0211B5 SUB 2.79772% 1,080,000.00 2,517.95 B-6 SMT0211B6 SUB 2.79772% 2,882,787.00 6,721.03 - ---------------------------------------------------------------------------- Totals 672,924,074.91 1,568,878.96 - ----------------------------------------------------------------------------
Current Ending Principal Realized Certificate Total Cumulative Class Distribution Loss Balance Distribution Realized Loss - ------------------------------------------------------------------------------ A 13,150,859.78 0.00 634,557,428.12 13,987,482.92 0.00 X-1A 0.00 0.00 0.00 175,234.77 0.00 X-1B 0.00 0.00 0.00 498,232.02 0.00 X-B 0.00 0.00 0.00 5,898.19 0.00 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 9,726,000.00 16,777.35 0.00 B-2 0.00 0.00 5,764,000.00 13,438.39 0.00 B-3 0.00 0.00 3,962,000.00 9,237.15 0.00 B-4 0.00 0.00 1,801,000.00 4,198.92 0.00 B-5 0.00 0.00 1,080,000.00 2,517.95 0.00 B-6 0.00 0.00 2,882,787.00 6,721.03 0.00 - ------------------------------------------------------------------------------ Totals 13,150,859.79 0.00 659,773,215.12 14,719,738.75 0.00 - ------------------------------------------------------------------------------
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. PRINCIPAL DISTRIBUTION STATEMENT
Beginning Scheduled Unscheduled Original Certificate Principal Principal Class Face Amount Balance Distribution Distribution Accretion - -------------------------------------------------------------------------------- A 695,210,000.00 647,708,287.91 0.00 13,150,859.79 0.00 X-1A 0.00 0.00 0.00 0.00 0.00 X-1B 0.00 0.00 0.00 0.00 0.00 X-B 0.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 B-1 9,726,000.00 9,726,000.00 0.00 0.00 0.00 B-2 5,726,000.00 5,764,000.00 0.00 0.00 0.00 B-3 3,962,000.00 3,962,000.00 0.00 0.00 0.00 B-4 1,801,000.00 1,801,000.00 0.00 0.00 0.00 B-5 1,080,000.00 1,080,000.00 0.00 0.00 0.00 B-6 2,882,787.00 2,882,787.00 0.00 0.00 0.00 - -------------------------------------------------------------------------------- Totals 720,425,887.00 672,924,074.91 0.00 13,150,859.79 0.00 - --------------------------------------------------------------------------------
Realized Total Principal Ending Certificate Ending Certificate Total Principal Class Loss (1) Reduction Balance Percentage Distribution - -------------------------------------------------------------------------------------------- A 0.00 13,150,859.79 634,557,428.12 0.91275647 13,150,859.79 X-1A 0.00 0.00 0.00 0.00000000 0.00 X-1B 0.00 0.00 0.00 0.00000000 0.00 X-B 0.00 0.00 0.00 0.00000000 0.00 A-R 0.00 0.00 0.00 0.00000000 0.00 B-1 0.00 0.00 9,726,000.00 1.00000000 0.00 B-2 0.00 0.00 5,764,000.00 1.00000000 0.00 B-3 0.00 0.00 3,962,000.00 1.00000000 0.00 B-4 0.00 0.00 1,801,000.00 1.00000000 0.00 B-5 0.00 0.00 1,080,000.00 1.00000000 0.00 B-6 0.00 0.00 2,882,787.00 1.00000000 0.00 - -------------------------------------------------------------------------------------------- Totals 0.00 13,150,859.79 659,773,215.12 0.91580998 13,150,859.79 - --------------------------------------------------------------------------------------------
(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
Beginning Scheduled Unscheduled Original Certificate Principal Principal Class Face Amount Balance Distribution Distribution Accretion - -------------------------------------------------------------------------------- A 695,210,000.00 931.67285843 0.00000000 18.91638468 0.00000000 X-1A 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X-1B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 5,764,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 3,962,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 1,801,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-5 1,080,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-6 2,882,787.00 1000.00000000 0.00000000 0.00000000 0.00000000
Realized Total Principal Ending Certificate Ending Certificate Total Principal Class Loss (3) Reduction Balance Percentage Distribution - ---------------------------------------------------------------------------------------------- A 0.00000000 18.91638468 912.75647376 0.91275647 18.91638468 X-1A 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-1B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-5 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 B-6 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
(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
Beginning Payment of Current Certificate/ Current Unpaid Original Certificate Notional Accrued Interest Class Face Amount Rate Balance Interest Shortfall - ----------------------------------------------------------------------------------- A 695,210,000.00 1.55000% 647,708,287.91 836,623.21 0.00 X-1A 0.00 1.15406% 182,210,675.13 175,234.77 0.00 X-1B 0.00 1.28439% 465,497,612.78 498,232.02 0.00 X-B 0.00 0.72772% 9,726,000.00 5,898.19 0.00 A-R 100.00 3.25418% 0.00 0.00 0.00 B-1 9,726,000.00 2.07000% 9,726,000.00 16,777.35 0.00 B-2 5,764,000.00 2.79772% 5,764,000.00 13,438.39 0.00 B-3 3,962,000.00 2.79772% 3,962,000.00 9,237.15 0.00 B-4 1,801,000.00 2.79772% 1,801,000.00 4,198.92 0.00 B-5 1,080,000.00 2.79772% 1,080,000.00 2,517.95 0.00 B-6 2,882,787.00 2.79772% 2,882,787.00 6,721.03 0.00 - ----------------------------------------------------------------------------------- Totals 720,425,887.00 1,568,878.98 0.00 - -----------------------------------------------------------------------------------
Non- Remaining Ending Current Supported Total Unpaid Certificate/ Interest Interest Realized Interest Interest Notational Class Shortfall Shortfall Loss (4) Distribution Shortfall Balance - --------------------------------------------------------------------------------- A 0.00 0.00 0.00 836,623.19 0.00 634,557,428.12 X-1A 0.00 0.00 0.00 175,234.77 0.00 180,721,813.54 X-1B 0.00 0.00 0.00 498,232.02 0.00 453,835,614.58 X-B 0.00 0.00 0.00 5,898.19 0.00 9,726,000.00 A-R 0.00 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 0.00 16,777.35 0.00 9,726,000.00 B-2 0.00 0.00 0.00 13,438.39 0.00 5,764,000.00 B-3 0.00 0.00 0.00 9,237.15 0.00 3,962,000.00 B-4 0.00 0.00 0.00 4,198.92 0.00 1,801,000.00 B-5 0.00 0.00 0.00 2,517.95 0.00 1,080,000.00 B-6 0.00 0.00 0.00 6,721.03 0.00 2,882,787.00 - --------------------------------------------------------------------------------- Totals 0.00 0.00 0.00 1,568,878.96 0.00 - ---------------------------------------------------------------------------------
(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
Beginning Payment of Current Certificate/ Current Unpaid Current Original Certificate Notional Accrued Interest Interest Class(5) Face Amount Rate Balance Interest Shortfall Shortfall - ----------------------------------------------------------------------------------------- A 695,210,000.00 1.55000% 931.67285843 1.20341078 0.00000000 0.00000000 X-1A 0.00 1.15406% 950.19480478 0.91381676 0.00000000 0.00000000 X-1B 0.00 1.28439% 924.61811320 0.98963848 0.00000000 0.00000000 X-B 0.00 0.72772% 1000.00000000 0.60643533 0.00000000 0.00000000 A-R 100.00 3.25418% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.07000% 1000.00000000 1.72500000 0.00000000 0.00000000 B-2 5,726,000.00 2.79772% 1000.00000000 2.33143477 0.00000000 0.00000000 B-3 3,962,000.00 2.79772% 1000.00000000 2.33143614 0.00000000 0.00000000 B-4 1,801,000.00 2.79772% 1000.00000000 2.33143809 0.00000000 0.00000000 B-5 1,080,000.00 2.79772% 1000.00000000 2.33143519 0.00000000 0.00000000 B-6 2,882,787.00 2.79772% 1000.00000000 2.33143482 0.00000000 0.00000000
Non- Remaining Ending Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notational Class(5) Shortfall Loss (6) Distribution Shortfall Balance - ------------------------------------------------------------------------- A 0.00000000 0.00000000 1.20341075 0.00000000 912.75647376 X-1A 0.00000000 0.00000000 0.91381676 0.00000000 942.43066832 X-1B 0.00000000 0.00000000 0.98963848 0.00000000 901.45388105 X-B 0.00000000 0.00000000 0.60643533 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 1.72500000 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 2.33143477 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 2.33143614 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.33143809 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.33143519 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.33143482 0.00000000 1000.00000000
(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 Beginning Balance 0.00 Deposits Payments of Interest and Principal 14,926,472.45 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4,593.59 Realized Losses 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 14,931,066.04 Withdrawals Reimbursement for Servicer Advances 4,365.78 Payment of Service Fee 206,961.51 Payment of Interest and Principal 14,719,738.75 ------------- Total Withdrawals (Pool Distribution Amount) 14,931,066.04 Ending Balance 0.00 =============
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 ------------- Non-Supported Prepayment Curtailment Interest Shortfall 0.00 =============
SERVICING FEES Gross Servicing Fee 203,036.14 Master Servicing Fee 3,925.37 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------- Net Servicing Fee 206,961.51 =============
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - --------------------------------------------------------------------------------- Class X-1 Basis Risk Reserve Fund 5,000.00 0.00 0.00 5,000.00 Class X-B Basis Risk Reserve Fund 5,000.00 0.00 0.00 5,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT - ------------------------------------ No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 4 1,708,669.94 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 1 123,750.00 180+ Days 0 0.00 ----------------------- 5 1,832,419.94 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.211977% 0.258979% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.052994% 0.018756% 180+ Days 0.000000% 0.000000% ----------------------- 0.264971% 0.277735%
BANKRUPTCY - --------------------------------- No. of Principal Loans Balance 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 No. of Principal Loans Balance 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%
FORECLOSURE - --------------------------------- No. of Principal Loans Balance 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 No. of Principal Loans Balance 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%
REO - --------------------------------- No. of Principal Loans Balance 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 No. of Principal Loans Balance 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%
TOTAL - ---------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 4 1,708,669.94 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 1 123,750.00 180+ Days 0 0.00 ----------------------- 5 1,832,419.94 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.211977% 0.258979% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.052994% 0.018756% 180+ Days 0.000000% 0.000000% ----------------------- 0.264971% 0.277735%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4,593.59 Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage
Original $ Original % Current $ Current % Current Class % Prepayment % ------------- ---------- ------------- ---------- --------------- ------------ Class A 25,215,787.00 3.50012228% 25,215,787.00 3.82188704% 96.178113% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.34774414% 1.474143% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.47411062% 0.873634% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.83760124% 0.600509% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.60062866% 0.272973% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.43693605% 0.163693% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.436936% 11.432469%
Please refer to the prospectus supplement for a full description of loss exposure
Original $ Original % Current $ Current % Bankruptcy 119,754.00 0.01662267% 119,754.00 0.01815078% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.27578879% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.75817989%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 3.166789% Weighted Average Net Coupon 2.804722% Weighted Average Pass-Through Rate 2.797722% Weighted Average Maturity (Stepdown Calculation) 317 Beginning Scheduled Collateral Loan Count 1,919 Number of Loans Paid in Full 32 Ending Scheduled Collateral Loan Count 1,887 Beginning Scheduled Collateral Balance 672,924,074.91 Ending Scheduled Collateral Balance 659,773,215.12 Ending Actual Collateral Balance at 30-July-2003 659,772,306.23 Monthly P&I Constant 1,775,840.51 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 13,987,483.00 Ending Scheduled Balance for Premium Loans 659,773,215.12 Scheduled Principal 0.00 Unscheduled Principal 13,150,859.79
MISCELLANEOUS REPORTING Pro Rata Senior Percentage 96.252804% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% One Month LIBOR Loan Balance 187,903,264.04 Six Month LIBOR Loan Balance 471,869,951.08