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EX-10.1 3 f93523dexv10w1.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: (301) 815-6600 FAX: (301) 315-6660 SMT SERIES 2002-11 RECORD DATE: AUGUST 29, 2003 DISTRIBUTION DATE: SEPTEMBER 22, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Class Pass-Through Beginning Interest Class CUSIP Description Rate Certificate Balance Distribution - ------------------ ------------------ ------------------ ------------------ -------------------- ------------------ A 81744AAA6 SEN 1.56000% 634,557,428.12 824,924.62 X-1A 81744AAC2 IO 0.91328% 0.00 137,541.59 X-1B 81744AAD0 IO 1.15391% 0.00 436,404.80 X-B 81744AAE8 IO 0.56538% 0.00 4,582.40 A-R 81744AAF5 SEN 3.25304% 0.00 0.00 B-1 81744AAB4 SUB 2.08000% 9,726,000.00 16,858.40 B-2 81744AAG3 SUB 2.64538% 5,764,000.00 12,706.64 B-3 81744AAH1 SUB 2.64538% 3,962,000.00 8,734.16 B-4 SMT0211B4 SUB 2.64538% 1,801,000.00 3,970.27 B-5 SMT0211B5 SUB 2.64538% 1,080,000.00 2,380.84 B-6 SMT0211B6 SUB 2.64538% 2,882,787.00 6,355.05 ------------------ ------------------ ------------------ -------------------- ------------------ Totals 659,773,215.12 1,454,458.77 ------------------ ------------------ ------------------ -------------------- ------------------ Ending Principal Current Certificate Total Cumulative Class Distribution Realized Loss Balance Distribution Realized Loss - ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ A 11,081,568.75 0.00 623,475,859.37 11,906,493.37 0.00 X-1A 0.00 0.00 0.00 137,541.59 0.00 X-1B 0.00 0.00 0.00 436,404.80 0.00 X-B 0.00 0.00 0.00 4,582.40 0.00 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 9,726,000.00 16,858.40 0.00 B-2 0.00 0.00 5,764,000.00 12,706.64 0.00 B-3 0.00 0.00 3,962,000.00 8,734.16 0.00 B-4 0.00 0.00 1,801,000.00 3,970.27 0.00 B-5 0.00 0.00 1,080,000.00 2,380.84 0.00 B-6 0.00 0.00 2,882,787.00 6,355.05 0.00 ------------------ ------------------ ------------------ ------------------ ------------------ Totals 11,081,568.75 0.00 648,691,646.37 12,536,027.52 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 695,210,000.00 634,557,428.12 0.00 11,081,568.75 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 720,425,887.00 659,773,215.12 0.00 11,081,568.75 0.00 ------------------ ------------------ ------------------ -------------------- ------------------ Ending Ending Realized Total Principal Certificate Certificate Total Principal Class Loss (1) Reduction Balance Percentage Distribution - --------------------- ----------------- ------------------ ------------------ -------------------- ------------------ A 0.00 11,081,568.75 623,475,859.37 0.89681659 11,081,568.75 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 11,081,568.75 648,691,646.37 0.90042801 11,081,568.75 ----------------- ------------------ ------------------ -------------------- ------------------
(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 695,210,000.00 912.75647376 0.00000000 15.93988687 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 ---------------- ---------------- ---------------- ---------------- ---------------- Ending Realized Total Principal Certificate Ending Certificate Total Principal Class Loss (3) Reduction Balance Percentage Distribution - -------------------- ------------------ ------------------ ------------------ ------------------ ------------------ A 0.00000000 15.93988687 896.81658689 0.89681659 15.93988687 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
Payment of Beginning Current Unpaid Original Face Current Certificate Certificate/ Accrued Interest Class Amount Rate Notional Balance Interest Shortfall - ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ A 695,210,000.00 1.56000% 634,557,428.12 824,924.66 0.00 X-1A 0.00 0.91328% 180,721,813.54 137,541.59 0.00 X-1B 0.00 1.15391% 453,835,614.85 436,404.80 0.00 X-B 0.00 0.56538% 9,726,000.00 4,582.40 0.00 A-R 100.00 3.25304% 0.00 0.00 0.00 B-1 9,726,000.00 2.08000% 9,726,000.00 16,858.40 0.00 B-2 5,764,000.00 2.64538% 5,764,000.00 12,706.64 0.00 B-3 3,962,000.00 2.64538% 3,962,000.00 8,734.16 0.00 B-4 1,801,000.00 2.64538% 1,801,000.00 3,970.27 0.00 B-5 1,080,000.00 2.64538% 1,080,000.00 2,380.84 0.00 B-6 2,882,787.00 2.64538% 2,882,787.00 6,355.05 0.00 ------------------ ------------------ ------------------ ------------------ ------------------ Totals 720,425,887.00 1,454,458.81 0.00 Non- Remaining Ending Current Supported Unpaid Certificate/ Interest Interest Realized Total Interest Interest Notational Class Shortfall Shortfall Loss (4) Distribution Shortfall Balance - ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- A 0.00 0.00 0.00 824,924.62 0.00 623,475,859.37 X-1A 0.00 0.00 0.00 137,541.59 0.00 178,853,451.24 X-1B 0.00 0.00 0.00 436,404.80 0.00 444,622,408.13 X-B 0.00 0.00 0.00 4,582.40 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 16,858.40 0.00 9,726,000.00 B-2 0.00 0.00 0.00 12,706.64 0.00 5,764,000.00 B-3 0.00 0.00 0.00 8,734.16 0.00 3,962,000.00 B-4 0.00 0.00 0.00 3,970.27 0.00 1,801,000.00 B-5 0.00 0.00 0.00 2,380.84 0.00 1,080,000.00 B-6 0.00 0.00 0.00 6,355.05 0.00 2,882,787.00 ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- Totals 0.00 0.00 0.00 1,454,458.77 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
Payment of Current Beginning Current Unpaid Class Original Face Certificate Certificate/ Accrued Interest (5) Amount Rate Notional Balance Interest Shortfall - ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ A 695,210,000.00 1.56000% 912.75647376 1.18658342 0.00000000 X-1A 0.00 0.91328% 942.43066832 0.71725383 0.00000000 X-1B 0.00 1.15391% 901.45388105 0.86683105 0.00000000 X-B 0.00 0.56538% 1000.00000000 0.47114950 0.00000000 A-R 100.00 3.25304% 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.08000% 1000.00000000 1.73333333 0.00000000 B-2 5,726,000.00 2.64538% 1000.00000000 2.20448300 0.00000000 B-3 3,962,000.00 2.64538% 1000.00000000 2.20448258 0.00000000 B-4 1,801,000.00 2.64538% 1000.00000000 2.20448084 0.00000000 B-5 1,080,000.00 2.64538% 1000.00000000 2.20448148 0.00000000 B-6 2,882,787.00 2.64538% 1000.00000000 2.20448129 0.00000000 ------------------ ------------------ ------------------ ------------------ ------------------ Remaining Ending Current Non-Supported Unpaid Certificate/ Class Interest Interest Realized Total Interest Interest Notational (5) Shortfall Shortfall Loss (6) Distribution Shortfall Balance - ------------------ ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- A 0.00000000 0.00000000 0.00000000 1.18658336 0.00000000 896.81658689 X-1A 0.00000000 0.00000000 0.00000000 0.71725383 0.00000000 932.68750618 X-1B 0.00000000 0.00000000 0.00000000 0.86683105 0.00000000 883.15368502 X-B 0.00000000 0.00000000 0.00000000 0.47114950 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 0.00000000 1.73333333 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 0.00000000 2.20448300 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 0.00000000 2.20448258 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 0.00000000 2.20448084 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 0.00000000 2.20448148 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 0.00000000 2.20448129 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 12,743,181.93 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 247.55 Realized Losses 0.00 Prepayment Penalties 0.00 ------------------ Total Deposits 12,743,429.48 Withdrawals Reimbursement for Servicer Advances 4,593.59 Payment of Service Fee 202,808.35 Payment of Interest and Principal 12,536,027.54 ------------------ Total Withdrawals (Pool Distribution Amount) 12,743,429.48 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 198,959.69 Master Servicing Fee 3,848.66 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------ Net Servicing Fee 202,808.35 ============
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 BANKRUPTCY FORECLOSURE - ------------------------------------- --------------------------------------- ------------------------------------------ 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 1 103,945.68 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 ------------ ----------- ------------ ------------ ------------- ------------- 1 103,945.68 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 0.053735% 0.016024% 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% ------------ ----------- ------------ ------------ ------------- ------------- 0.053735% 0.016024% 0.000000% 0.000000% 0.000000% 0.000000% REO TOTAL ------------------------------------------------ ------------------------------------------------ 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 1 103,945.68 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 1 103,945.68 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 0.053735% 0.016024% 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% 0.053735% 0.016024%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 247.55
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 3.88717616% 96.112824% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.38785054% 1.499326% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.49929278% 0.888558% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.88852493% 0.610768% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.61088917% 0.277636% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.44440020% 0.166489% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.444400% 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 0.01846085% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.33174893% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.78821480%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT
Collateral Description Mixed ARM Weighted Average Gross Coupon 3.014249% Weighted Average Net Coupon 2.652380% Weighted Average Pass-Through Rate 2.645380% Weighted Average Maturity (Stepdown Calculation) 316 Beginning Scheduled Collateral Loan Count 1,887 Number of Loans Paid in Full 26 Ending Scheduled Collateral Loan Count 1,861 Beginning Scheduled Collateral Balance 659,773,215.12 Ending Scheduled Collateral Balance 648,691,646.37 Ending Actual Collateral Balance at 29-Aug-2003 648,692,196.76 Monthly P&I Constant 1,657,267.19 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 11,906,493.41 Ending Scheduled Balance for Premium Loans 648,691,646.37 Scheduled Principal 0.00 Unscheduled Principal 11,081,568.75
MISCELLANEOUS REPORTING
Pro Rata Senior Percentage 96.178113% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% One Month LIBOR Loan Balance 186,086,979.95 Six Month LIBOR Loan Balance 462,604,666.42