EX-10.1 3 f93523gexv10w1.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 2003-2 RECORD DATE: AUGUST 29, 2003 DISTRIBUTION DATE: SEPTEMBER 22, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Beginning Certificate Class Certificate Certificate Interest Principal Class CUSIP Description Pass-Through Rate Balance Distribution Distribution - -------- ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- A-1 81743PAP1 SEN 1.44000% 487,498,613.07 584,998.34 8,954,872.63 A-2 81743PAQ9 SEN 1.63313% 290,799,042.70 395,760.53 4,172,625.16 M-1 81743PAR7 SUB 1.76000% 11,480,000.00 16,837.33 0.00 M-2 81743PAS5 SUB 2.54000% 4,920,000.00 10,414.00 0.00 X SMT03002X IO 0.00000% 0.00 784,581.26 0.00 R SMT03002R SUB 0.00000% 0.00 0.00 0.00 ----------------- ----------------- ----------------- ----------------- ----------------- ----------------- Totals 794,697,655.77 1,792,591.46 13,127,497.79 ----------------- ----------------- -----------------
Ending Cumulative Current Realized Certificate Total Realized Class Loss Balance Distribution Loss - -------- ----------------- ----------------- ----------------- ----------------- A-1 0.00 478,543,740.44 9,539,870.97 0.00 A-2 0.00 286,626,417.54 4,568,385.69 0.00 M-1 0.00 11,480,000.00 16,837.33 0.00 M-2 0.00 4,920,000.00 10,414.00 0.00 X 0.00 0.00 784,581.26 0.00 R 0.00 0.00 0.00 0.00 ----------------- ----------------- ----------------- ----------------- Totals 0.00 781,570,157.98 14,920,089.25 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 Total Original Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction - -------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- A-1 500,000,000.00 487,498,613.07 0.00 8,954,872.63 0.00 0.00 8,954,872.63 A-2 303,600,000.00 290,799,042.70 0.00 4,172,625.16 0.00 0.00 4,172,625.16 M-1 11,480,000.00 11,480,000.00 0.00 0.00 0.00 0.00 0.00 M-2 4,920,000.00 4,920,000.00 0.00 0.00 0.00 0.00 0.00 X 0.00 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 0.00 -------------- -------------- -------------- -------------- -------------- -------------- -------------- Totals 820,000,000.00 794,697,655.77 0.00 13,127,497.79 0.00 0.00 13,127,497.79 -------------- -------------- -------------- -------------- -------------- -------------- --------------
Ending Ending Total Certificate Certificate Principal Class Balance Percentage Distribution - -------- -------------- -------------- -------------- A-1 478,543,740.44 0.95708748 8,954,872.63 A-2 286,626,417.54 0.94409228 4,172,625.16 M-1 11,480,000.00 1.00000000 0.00 M-2 4,920,000.00 1.00000000 0.00 X 0.00 0.00000000 0.00 R 0.00 0.00000000 0.00 -------------- -------------- -------------- Totals 781,570,157.98 0.95313434 13,127,497.79 -------------- -------------- --------------
(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 Total Original Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction - -------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- A-1 500,000,000.00 974.99722614 0.00000000 17.90974526 0.00000000 0.00000000 17.90974526 A-2 303,600,000.00 957.83610903 0.00000000 13.74382464 0.00000000 0.00000000 13.74382464 M-1 11,480,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-2 4,920,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Ending Total Certificate Certificate Principal Class Balance Percentage Distribution - -------- -------------- -------------- -------------- A-1 957.08748088 0.95708748 17.90974526 A-2 944.09228439 0.94409228 13.74382464 M-1 1000.00000000 1.00000000 0.00000000 M-2 1000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 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 Current Original Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall - --------- --------------- --------------- --------------- --------------- --------------- --------------- A-1 500,000,000.00 1.44000% 487,498,613.07 584,998.34 0.00 0.00 A-2 303,600,000.00 1.63313% 290,799,042.70 395,760.53 0.00 0.00 M-1 11,480,000.00 1.76000% 11,480,000.00 16,837.33 0.00 0.00 M-2 4,920,000.00 2.54000% 4,920,000.00 10,414.00 0.00 0.00 X 0.00 0.00000% 794,697,655.77 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 --------------- --------------- --------------- --------------- Totals 820,000,000.00 1,008,010.20 0.00 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 Non-Supported Class Original Face Certificate Notional Accrued Interest Interest Interest (5) Amount Rate Balance Interest Shortfall Shortfall Shortfall - -------- -------------- -------------- -------------- -------------- -------------- -------------- -------------- A-1 500,000,000.00 1.44000% 974.99722614 1.16999668 0.00000000 0.00000000 0.00000000 A-2 303,600,000.00 1.63313% 957.83610903 1.30355906 0.00000000 0.00000000 0.00000000 M-1 11,480,000.00 1.76000% 1000.00000000 1.46666638 0.00000000 0.00000000 0.00000000 M-2 4,920,000.00 2.54000% 1000.00000000 2.11666667 0.00000000 0.00000000 0.00000000 X 0.00 0.00000% 969.14348265 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending Unpaid Certificate/ Class Realized Total Interest Interest Notational (5) Loss (6) Distribution Shortfall Balance - -------- -------------- -------------- -------------- -------------- A-1 0.00000000 1.16999668 0.00000000 957.08748088 A-2 0.00000000 1.30355906 0.00000000 944.09228439 M-1 0.00000000 1.46666638 0.00000000 1000.00000000 M-2 0.00000000 2.11666667 0.00000000 1000.00000000 X 0.00000000 0.95680641 0.00000000 953.13433900 R 0.00000000 0.00000000 0.00000000 0.00000000
(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 15,170,812.83 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 13,269.61 Realized Losses 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 15,184,082.44 Withdrawals Reimbursement for Servicer Advances 9,027.67 Payment of Service Fee 254,965.52 Payment of Interest and Principal 14,920,089.25 ------------- Total Withdrawals (Pool Distribution Amount) 15,184,082.44 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 ========
Account Type Beginning Balance Current Withdrawals Current Deposits Ending Balance - ---------------------- ---------------------- ------------------------ -------------------- ----------------- Reserve Fund 10,000.00 0.00 0.00 10,000.00
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 13 6,066,754.99 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 -------- ------------ -------- -------- -------- -------- 13 6,066,754.99 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 0.601017% 0.774193% 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% -------- ------------ -------- -------- -------- -------- 0.601017% 0.774193% 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 13 6,066,754.99 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 13 6,066,754.99
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 0.601017% 0.774193% 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% 0.601017% 0.774193%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 13,269.61
DELINQUENCY STATUS BY GROUP GROUP 1
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 12 5,848,754.99 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 -------- ------------ -------- -------- -------- -------- 12 5,848,754.99 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 0.918836% 1.194091% 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% -------- ------------ -------- -------- -------- -------- 0.918836% 1.194091% 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 12 5,848,754.99 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 12 5,848,754.99
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 0.918836% 1.194091% 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% 0.918836% 1.194091%
GROUP 2
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 1 218,000.00 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 -------- ------------ -------- -------- -------- -------- 1 218,000.00 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 0.116686% 0.074196% 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% -------- ------------ -------- -------- -------- -------- 0.116686% 0.074196% 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 1 218,000.00 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 1 218,000.00
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 0.116686% 0.074196% 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% 0.116686% 0.074196%
COLLATERAL STATEMENT
Collateral Description Mixed Arm Weighted Average Gross Coupon 3.083873% Weighted Average Net Coupon 2.706863% Weighted Average Pass-Through Rate 2.699863% Weighted Average Maturity (Stepdown Calculation) 328 Beginning Scheduled Collateral Loan Count 2,188 Number of Loans Paid in Full 25 Ending Scheduled Collateral Loan Count 2,163 Beginning Scheduled Collateral Balance 796,747,655.77 Ending Scheduled Collateral Balance 783,620,157.98 Ending Actual Collateral Balance at 29-Aug-2003 783,622,819.53 Monthly P&I Constant 2,047,556.95 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 783,620,157.98 Scheduled Principal 0.00 Unscheduled Principal 13,127,497.79 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 2,050,000.00 Overcollateralized Amount 2,050,000.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00 Extra Principal Distribution Amount 784,581.26 Excess Cash Amount 0.00
MISCELLANEOUS REPORTING M-1 Target Amount 770,298,615.29 M-2 Target Amount 779,702,057.19 Senior Target Amount 748,357,250.87 Group 1 - One-Month LIBOR Loans 142,618,748.35 Group 1 - Six-Month LIBOR Loans 347,187,125.49 Group 2 - Six Month LIBOR Loans 293,814,284.14 Applied Loss Amount 0
GROUP 1 2 TOTAL Collateral Description Mixed ARM 6 Month ARM Mixed ARM Weighted Average Coupon Rate 3.045587 3.147953 3.083873 Weighted Average Net Rate 2.668829 2.770524 2.706863 Pass-Through Rate 2.661829 2.763524 2.699863 Weighted Average Maturity 322 335 328 Record Date 08/29/2003 08/29/2003 08/29/2003 Principal and Interest Constant 1,265,849.54 781,707.41 2,047,556.95 Beginning Loan Count 1,322 866 2,188 Loans Paid in Full 16 9 25 Ending Loan Count 1,306 857 2,163 Beginning Scheduled Balance 498,760,746.47 297,986,909.30 796,747,655.77 Ending Scheduled Balance 489,805,873.84 293,814,284.14 783,620,157.98 Scheduled Principal 0.00 0.00 0.00 Unscheduled Principal 8,954,872.63 4,172,625.16 13,127,497.79 Scheduled Interest 1,265,849.54 781,707.41 2,047,556.95 Servicing Fee 156,593.72 93,724.08 250,317.80 Master Servicing Fee 2,909.46 1,738.26 4,647.72 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 1,106,346.36 686,245.07 1,792,591.43 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00
