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EX-10.1 3 f92527eexv10w1.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: JUNE 30, 2003 DISTRIBUTION DATE: JULY 21, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Current Class CUSIP Description Rate Balance Distribution Distribution Realized Loss - ------- --------- ----------- ------------ -------------- ------------- ------------ ------------- A 81744AAA6 SEN 1.55375% 656,559,969.64 850,180.37 8,851,681.73 0.00 X-1A 81744AAC2 IO 1.15011% 0.00 177,877.98 0.00 0.00 X-1B 81744AAD0 IO 1.28992% 0.00 506,277.66 0.00 0.00 X-B 81744AAE8 IO 0.73040% 0.00 5,941.12 0.00 0.00 A-R 81744AAF5 SEN 3.25480% 0.00 0.00 0.00 0.00 B-1 81744AAB4 SUB 2.07375% 9,726,000.00 16,807.74 0.00 0.00 B-2 81744AAG3 SUB 2.80415% 5,764,000.00 13,469.26 0.00 0.00 B-3 81744AAH1 SUB 2.80415% 3,962,000.00 9,258.36 0.00 0.00 B-4 SMT0211B4 SUB 2.80415% 1,801,000.00 4,208.56 0.00 0.00 B-5 SMT0211B5 SUB 2.80415% 1,080,000.00 2,523.73 0.00 0.00 B-6 SMT0211B6 SUB 2.80415% 2,882,787.00 6,736.47 0.00 0.00 --------- --- ------- -------------- ------------ ------------ ---- Totals 681,775,756.64 1,593,209.25 8,851,681.73 0.00
Ending Certificate Total Cumulative Balance Distribution Realized Loss -------------- ------------- ------------- A 647,708,287.91 9,701,790.10 0.00 X-1A 0.00 177,877.98 0.00 X-1B 0.00 506,277.66 0.00 X-B 0.00 5,941.12 0.00 A-R 0.00 0.00 0.00 B-1 9,726,000.00 16,807.74 0.00 B-2 5,764,000.00 13,469.26 0.00 B-3 3,962,000.00 9,258.36 0.00 B-4 1,801,000.00 4,208.56 0.00 B-5 1,080,000.00 2,523.73 0.00 B-6 2,882,787.00 6,736.47 0.00 -------------- ------------- ---- Totals 672,924,074.91 10,444,890.98 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 Ending Original Face Certificate Principal Principal Realized Principal Certificate Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance ----- -------------- -------------- ------------ ------------ --------- -------- ------------ -------------- A 695,210,000.00 656,599,969.64 0.00 8,851,681.73 0.00 0.00 8,851,681.73 647,708,287.91 X-1A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X-1B 0.00 0.00 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 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 9,726,000.00 9,726,000.00 0.00 0.00 0.00 0.00 0.00 9,726,000.00 B-2 5,726,000.00 5,764,000.00 0.00 0.00 0.00 0.00 0.00 5,764,000.00 B-3 3,962,000.00 3,962,000.00 0.00 0.00 0.00 0.00 0.00 3,962,000.00 B-4 1,801,000.00 1,801,000.00 0.00 0.00 0.00 0.00 0.00 1,801,000.00 B-5 1,080,000.00 1,080,000.00 0.00 0.00 0.00 0.00 0.00 1,080,000.00 B-6 2,882,787.00 2,882,787.00 0.00 0.00 0.00 0.00 0.00 2,882,787.00 -------------- -------------- ---- ------------ ---- ---- ------------ -------------- Totals 720,425,887.00 681,775,756.64 0.00 8,851,681.73 0.00 0.00 8,851,681.73 672,924,074.91
Ending Certificate Total Principal Percentage Distribution ----------- --------------- A 0.93167286 8,851,681.73 X-1A 0.00000000 0.00 X-1B 0.00000000 0.00 X-B 0.00000000 0.00 A-R 0.00000000 0.00 B-1 1.00000000 0.00 B-2 1.00000000 0.00 B-3 1.00000000 0.00 B-4 1.00000000 0.00 B-5 1.00000000 0.00 B-6 1.00000000 0.00 ---------- ------------ Totals 0.93406426 8,851,681.73
(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 Face Certificate Principal Principal Realized Total Principal Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction - ----- -------------- ------------- ------------ ------------ ---------- ----------- --------------- A 695,210,000.00 944.40524394 0.00000000 12.73238551 0.00000000 0.00000000 12.73238551 X-1A 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-1B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-2 5,764,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,962,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,801,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,080,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,882,787.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Ending Certificate Certificate Total Principal Balance Percentage Distribution ------------- ----------- --------------- A 931.67285843 0.93167286 12.73238551 X-1A 0.00000000 0.00000000 0.00000000 X-1B 0.00000000 0.00000000 0.00000000 X-B 0.00000000 0.00000000 0.00000000 A-R 0.00000000 0.00000000 0.00000000 B-1 1000.00000000 1.00000000 0.00000000 B-2 1000.00000000 1.00000000 0.00000000 B-3 1000.00000000 1.00000000 0.00000000 B-4 1000.00000000 1.00000000 0.00000000 B-5 1000.00000000 1.00000000 0.00000000 B-6 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 Non- Current Beginning Current Unpaid Current Supported Original Face Certificate Certificate/ Accrued Interest Interest Interest Class Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall ----- -------------- --------------- ---------------- ---------- ---------- --------- ------------ A 695,210,000.00 1.55375% 656,559,969.64 850,108.38 0.00 0.00 0.00 X-1A 0.00 1.15011% 185,587,909.79 177,872.45 0.00 0.00 0.00 X-1B 0.00 1.28992% 470,972,059.85 506,261.94 0.00 0.00 0.00 X-B 0.00 0.73040% 9,726,000.00 5,919.88 0.00 0.00 0.00 A-R 100.00 3.25480% 0.00 0.00 0.00 0.00 0.00 B-1 9,726,000.00 2.07375% 9,726,000.00 16,807.74 0.00 0.00 0.00 B-2 5,764,000.00 2.80415% 5,764,000.00 13,469.26 0.00 0.00 0.00 B-3 3,962,000.00 2.80415% 3,962,000.00 9,258.36 0.00 0.00 0.00 B-4 1,801,000.00 2.80415% 1,801,000.00 4,208.56 0.00 0.00 0.00 B-5 1,080,000.00 2.80415% 1,080,000.00 2,523.73 0.00 0.00 0.00 B-6 2,882,787.00 2.80415% 2,882,787.00 6,736.47 0.00 0.00 0.00 -------------- --------------- -------------- ------------ ---- ---- ------------ Totals 720,425,887.00 1,593,166.77 0.00 0.00 0.00
Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notational Loss (4) Distribution Shortfall Balance -------- -------------- --------- -------------- A 0.00 850,108.37 0.00 647,709,287.91 X-1A 0.00 177,877.98 0.00 182,210,675.13 X-1B 0.00 506,277.66 0.00 465,497,612.78 X-B 0.00 5,941.12 0.00 9,726,000.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 16,807.74 0.00 9,726,000.00 B-2 0.00 13,469.26 0.00 5,764,000.00 B-3 0.00 9,258.36 0.00 3,962,000.00 B-4 0.00 4,208.56 0.00 1,801,000.00 B-5 0.00 2,523.73 0.00 1,080,000.00 B-6 0.00 6,736.47 0.00 2,882,787.00 ---- ------------ ---- -------------- Totals 0.00 1,593,209.25 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 Non- Current Beginning Current Unpaid Current Supported Class Original Face Certificate Certificate/ Accrued Interest Interest Interest (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall - ----- -------------- ----------- ---------------- -------- ---------- --------- ---------- A 695,210,000.00 1.55375% 944.40524394 1.2228 0.00000000 0.00000000 0.00000000 X-1A 0.00 1.15011% 967.80645584 0.9275 0.00000000 0.00000000 0.00000000 X-1B 0.00 1.28992% 935.49200983 1.0055 0.00000000 0.00000000 0.00000000 X-B 0.00 0.73040% 1000.00000000 0.6086 0.00000000 0.00000000 0.00000000 A-R 100.00 3.25480% 0.00000000 0.0000 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.07375% 1000.00000000 1.7281 0.00000000 0.00000000 0.00000000 B-2 5,726,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000 B-3 3,962,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000 B-4 1,801,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000 B-5 1,080,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000 B-6 2,882,787.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000
Remaining Unpaid Realized Total Interest Interest Ending Certificate/ Loss (6) Distribution Shortfall Notational Balance ---------- -------------- ------------ ------------------- A 0.00000000 1.22280803 0.00000000 931.67285843 X-1A 0.00000000 0.92760060 0.00000000 950.19480478 X-1B 0.00000000 1.00561954 0.00000000 924.61811320 X-B 0.00000000 0.61084927 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 1.72812461 0.00000000 1000.00000000 B-2 0.00000000 2.33679042 0.00000000 1000.00000000 B-3 0.00000000 2.33678950 0.00000000 1000.00000000 B-4 0.00000000 2.33679067 0.00000000 1000.00000000 B-5 0.00000000 2.33678704 0.00000000 1000.00000000 B-6 0.00000000 2.33679075 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 10,652,229.34 Liquidations, Insurance Proceeds, Reserve Funds 42.48 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4,365.78 Realized Losses 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 10,656,637.60 Withdrawals Reimbursement for Servicer Advances 1,985.13 Payment of Service Fee 209,761.49 Payment of Interest and Principal 10,444,890.98 ------------- Total Withdrawals (Pool Distribution Amount) 10,656,637.60 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 205,784.46 Master Servicing Fee 3,977.03 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------- Net Servicing Fee 209,761.49 =============
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - --------------------------------- --------- ----------- -------- --------- Class X-1 Basis Risk Reserve Fund 5,000.00 21.24 21.24 5,000.00 Class X-B Basis Risk Reserve Fund 5,000.00 21.24 21.24 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 3 1,599,321.87 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 1 123,750.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 ---- ------------ ---- ---- ---- ---------- 4 1,723,071.87 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 0.156331% 0.237668% 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 0.052110% 0.018390% 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% --------- --------- --------- --------- --------- --------- 0.208442% 0.256058% 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 3 1,599,321.87 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 1 123,750.00 180+ Days 0 0.00 180+ Days 0 0.00 ---------------- --------------------- 0 0.00 4 1,723,071.87 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 0.156331% 0.237668% 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 0.052110% 0.018390% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% --------- --------- --------- --------- 0.000000% 0.000000% 0.208442% 0.256058%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4,365.78 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 3.74719644% 96.252804% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.30186251% 1.445334% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.44530228% 0.856560% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.85652858% 0.588774% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.58889066% 0.267638% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.42839707% 0.160494% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.428397% 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 0.01779606% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.21177051% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.72382003%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT Collateral Description Mixed ARM - ---------------------- --------------- Weighted Average Gross Coupon 3.173351% Weighted Average Net Coupon 2.811148% Weighted Average Pass-Through Rate 2.804148% Weighted Average Maturity (Stepdown Calculation) 318 Beginning Scheduled Collateral Loan Count 1,946 Number of Loans Paid in Full 27 Ending Scheduled Collateral Loan Count 1,919 Beginning Scheduled Collateral Balance 681,775,756.64 Ending Scheduled Collateral Balance 672,924,074.91 Ending Actual Collateral Balance at 30-June-2003 672,923,398.73 Monthly P&I Constant 1,802,928.28 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 9,701,790.11 Ending Scheduled Balance for Premium Loans 672,924,074.91 Scheduled Principal 0.00 Unscheduled Principal 8,851,681.73
MISCELLANEOUS REPORTING Pro Rata Senior Percentage 96.301454% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% One Month LIBOR Loan Balance 189,304,278.31 Six Month LIBOR Loan Balance 483,619,796.60