Certificateholder Distribution Summary for SMT Series 2002-11 (Wells Fargo Bank Minnesota, N.A.)

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Summary

This document is a distribution summary for certificateholders of the SMT Series 2002-11, administered by Wells Fargo Bank Minnesota, N.A. It details the interest and principal payments made to holders of various classes of certificates as of May 30, 2003, with distributions occurring on June 20, 2003. The summary includes beginning and ending balances, distribution amounts, realized losses, and principal and interest distribution factors. All calculations are made in accordance with the Pooling and Servicing Agreement governing the trust.

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EX-10.1 3 f91335fexv10w1.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: MAY 30, 2003 DISTRIBUTION DATE: JUNE 20, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
- ------------------------------------------------------------------------------------------ Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution - ------------------------------------------------------------------------------------------ A 81744AAA6 SEN 1.76813% 666,069,390.81 981,414.39 9,509,421.17 X-1A 81744AAC2 IO 0.84560% 0.00 131,907.74 0.00 X-1B 81744AAD0 IO 1.08131% 0.00 431,510.56 0.00 X-B 81744AAE8 IO 0.49506% 0.00 4,012.48 0.00 A-R 81744AAF5 SEN 3.25507% 0.00 0.00 0.00 B-1 81744AAB4 SUB 2.28813% 9,726,000.00 18,545.29 0.00 B-2 81744AAG3 SUB 2.78319% 5,764,000.00 13,368.60 0.00 B-3 81744AAH1 SUB 2.78319% 3,962,000.00 9,189.17 0.00 B-4 SMT0211B4 SUB 2.78319% 1,801,000.00 4,177.11 0.00 B-5 SMT0211B5 SUB 2.78319% 1,080,000.00 2,504.87 0.00 B-6 SMT0211B6 SUB 2.78319% 2,882,787.00 6,868.13 0.00 - ------------------------------------------------------------------------------------------ Totals 691,285,177.81 1,603,316.34 9,509,421.17 - ------------------------------------------------------------------------------------------ - --------------------------------------------------------------------- Ending Current Certificate Total Cumulative Class Realized Loss Balance Distribution Realized Loss - --------------------------------------------------------------------- A 0.00 656,559,969.64 10,490,835.56 0.00 X-1A 0.00 0.00 131,907.74 0.00 X-1B 0.00 0.00 431,510.56 0.00 X-B 0.00 0.00 4,012.48 0.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 9,726,000.00 18,545.29 0.00 B-2 0.00 5,764,000.00 13,368.60 0.00 B-3 0.00 3,962,000.00 9,189.17 0.00 B-4 0.00 1,801,000.00 4,177.11 0.00 B-5 0.00 1,080,000.00 2,504.87 0.00 B-6 0.00 2,882,787.00 6,686.13 0.00 - --------------------------------------------------------------------- Totals 0.00 681,775,756.64 11,112,737.51 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 Face Certificate Principal Principal Class Amount Balance Distribution Distribution Accretion - -------------------------------------------------------------------------------------------------- A 695,210,000.00 666,069,390.81 0.00 9,509,421.17 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 720,425,887.00 691,285,177.81 0.00 9,509,421.17 0.00 - ------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------- Realized Total Principal Ending Certificate Ending Certificate Total Principal Class Loss (1) Reduction Balance Percentage Distribution - -------------------------------------------------------------------------------------------------------- A 0.00 9,509,421.17 656,559,969.64 0.94440524 9,509,421.17 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 9,509,421.17 681,775,756.64 0.94635100 9,509,421.17 - ------------------------------------------------------------------------------------------------------
(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 Class Amount Balance Distribution Distribution Accretion - -------------------------------------------------------------------------------------------- A 695,210,000.00 958.08373126 0.00000000 13.67848732 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 13.67848732 944.40524394 0.94440524 13.67848732 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 Certificate/ Current Unpaid Original Face Current Notional Accrued Interest Class Amount Certificate Rate Balance Interest Shortfall - ------------------------------------------------------------------------------------------------ A 695,210,000.00 1.76813% 666,069,390.81 981,414.39 0.00 X-1A 0.00 0.84560% 187,192,305.18 131,907.74 0.00 X-1B 0.00 1.08131% 478,877,085.63 431,510.56 0.00 X-B 0.00 0.49506% 9,726,000.00 4,012.48 0.00 A-R 100.00 3.25507% 0.00 0.00 0.00 B-1 9,726,000.00 2.28813% 9,726,000.00 18,545.29 0.00 B-2 5,764,000.00 2.78319% 5,764,000.00 13,368.60 0.00 B-3 3,962,000.00 2.78319% 3,962,000.00 9,189.17 0.00 B-4 1,801,000.00 2.78319% 1,801,000.00 4,177.11 0.00 B-5 1,080,000.00 2.78319% 1,080,000.00 2,504.87 0.00 B-6 2,882,787.00 2.78319% 2,882,787.00 6,686.13 0.00 - ------------------------------------------------------------------------------------------------ Totals 720,425,887.00 1,603,316.34 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 0.00 981,414.39 0.00 656,559,969.64 X-1A 0.00 0.00 0.00 131,907.74 0.00 185,587,909.79 X-1B 0.00 0.00 0.00 431,510.56 0.00 470,972,059.85 X-B 0.00 0.00 0.00 4,012.48 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 18,545.29 0.00 9,726,000.00 B-2 0.00 0.00 0.00 13,368.60 0.00 5,764,000.00 B-3 0.00 0.00 0.00 9,189.17 0.00 3,962,000.00 B-4 0.00 0.00 0.00 4,177.11 0.00 1,801,000.00 B-5 0.00 0.00 0.00 2,504.87 0.00 1,080,000.00 B-6 0.00 0.00 0.00 6,686.13 0.00 2,882,787.00 - ----------------------------------------------------------------------------------------------- Totals 0.00 0.00 0.00 1,603,316.34 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 Unpaid Class Original Face Certificate Certificate/ Current Accrued Interest (5) Amount Rate Notional Balance Interest Shortfall - ----------------------------------------------------------------------------------------- A 695,210,000.00 1.76813% 958.08373126 1.41168049 0.00000000 X-1A 0.00 0.84560% 976.17307960 0.68787435 0.00000000 X-1B 0.00 1.08131% 951.19376602 0.85710962 0.00000000 X-B 0.00 0.49506% 1000.00000000 0.41255192 0.00000000 A-R 100.00 3.25507% 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.28813% 1000.00000000 1.90677462 0.00000000 B-2 5,726,000.00 2.78319% 1000.00000000 2.31932686 0.00000000 B-3 3,962,000.00 2.78319% 1000.00000000 2.31932610 0.00000000 B-4 1,801,000.00 2.78319% 1000.00000000 2.31932815 0.00000000 B-5 1,080,000.00 2.78319% 1000.00000000 2.31932407 0.00000000 B-6 2,882,787.00 2.78319% 1000.00000000 2.31932848 0.00000000 - -----------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------- Non- Remaining Current Supported Unpaid Class Interest Interest Realized Total Interest Interest Ending Certificate/ (5) Shortfall Shortfall Loss (6) Distribution Shortfall Notational Balance - ------------------------------------------------------------------------------------------------------------- A 0.00000000 0.00000000 0.00000000 1.41168049 0.00000000 944.40524394 X-1A 0.00000000 0.00000000 0.00000000 0.68787435 0.00000000 967.80645584 X-1B 0.00000000 0.00000000 0.00000000 0.85710962 0.00000000 935.49200983 X-B 0.00000000 0.00000000 0.00000000 0.41255192 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 1.90677462 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 0.00000000 2.31932686 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 0.00000000 2.31932610 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 0.00000000 2.31932815 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 0.00000000 2.31932407 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 0.00000000 2.31932848 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 11,328,400.86 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1,985.13 Realized Losses 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 11,330,385.99 Withdrawals Reimbursement for Servicer Advances 4,867.06 Payment of Service Fee 212,781.41 Payment of Interest and Principal 11,112,737.52 ------------- Total Withdrawals (Pool Distribution Amount) 11,330,385.99 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 208,748.92 Master Servicing Fee 4,032.49 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 212,781.41 ==========
- ----------------------------------------------------------------------------------------------------- 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 REO - ------------------------------------------------------------------------------------------------------------------------------------ No. of Principal No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00 30 Days 2 684,707.14 30 Days 0 0.00 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 60 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 120 Days 1 123,750.00 120 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 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 --------------------- ------------------- ------------------- --------- -------- 3 808,457.14 0 0.00 0 0.00 0 0.00 No. of Principal No. of Principal No. of Principal No. of Principal Loans Balance 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% 0-29 Days 0.000000% 0.000000% 30 Days 0.102775% 0.100431% 30 Days 0.000000% 0.000000% 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% 60 Days 0.000000% 0.000000% 90 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 0.051387% 0.018151% 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% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% ------------------- ------------------- ------------------- --------- --------- 0.154162% 0.118582% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% - ----------------------------------------------------------------------------------------------------------------------------------
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance
- ---------------------------------- TOTAL - ---------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 2 684,707.14 60 Days 0 0.00 90 Days 0 0.00 120 Days 1 123,750.00 150 Days 0 0.00 180+ Days 0 0.00 ----------------------- 3 808,457.14 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.102775% 0.100431% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.051387% 0.018151% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% ---------------------- 0.154162% 0.118582% - --------------------------------- 1,985.13
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 3.69854556% 96.301454% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.27197680% 1.426569% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.42653752% 0.845439% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.84540803% 0.581129% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.58124493% 0.264163% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.42283507% 0.158410% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.422835% 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 0.01756501% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.17007121% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.70143920% Limit of subordinate's exposure to certain types of losses - ------------------------------------------------------------------------------------------
COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 3.152559% Weighted Average Net Coupon 2.790192% Weighted Average Pass-Through Rate 2.783192% Weighted Average Maturity (Stepdown Calculation) 319 Beginning Scheduled Collateral Loan Count 1,969 Number of Loans Paid in Full 23 Ending Scheduled Collateral Loan Count 1,946 Beginning Scheduled Collateral Balance 681,285,177.81 Ending Scheduled Collateral Balance 681,775,756.64 Ending Actual Collateral Balance at 30-May-2003 681,771,323.87 Monthly P&I Constant 1,816,097.75 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 10,490,835.56 Ending Scheduled Balance for Premium Loans 681,775,756.64 Scheduled Principal 0.00 Unscheduled Principal 9,509,421.17
MISCELLANEOUS REPORTING Pro Rata Senior Percentage 96.352332% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% One Month LIBOR Loan Balance 192,715,583.45 Six Month LIBOR Loan Balance 489,060,173.19