Certificateholder Distribution Statement for SMT Series 2002-11 Administered by Wells Fargo Bank Minnesota, N.A.

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Summary

This document is a distribution statement prepared by Wells Fargo Bank Minnesota, N.A. for certificateholders of the SMT Series 2002-11 trust. It details the principal and interest payments made to holders of various classes of certificates as of April 30, 2003, with distributions occurring on May 20, 2003. The statement includes balances, interest rates, realized losses, and payment breakdowns for each class of certificate, as calculated under the Pooling and Servicing Agreement. No realized losses are reported for this period, and all calculations are performed by the Certificate Administrator on behalf of the Trustee.

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EX-10.1 3 f90804dexv10w1.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: APRIL 30, 2003 DISTRIBUTION DATE: MAY 20, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
- -------------------------------------------------------------------------------------- Certificate Certificate Class Pass-Through Beginning Interest Class CUSIP Description Rate Certificate Balance Distribution - -------------------------------------------------------------------------------------- A 81744AAA6 SEN 1.77938% 670,237,852.46 993,839.86 X-1A 81744AAC2 IO 0.94222% 0.00 147,677.87 X-1B 81744AAD0 IO 1.08500% 0.00 435,951.44 X-B 81744AAE8 IO 0.52494% 0.00 4,254.60 A-R 81744AAF5 SEN 3.26676% 0.00 0.00 B-1 81744AAB4 SUB 2.29938% 9,726,000.00 18,636.47 B-2 81744AAG3 SUB 2.82432% 5,764,000.00 13,566.13 B-3 81744AAH1 SUB 2.82432% 3,962,000.00 9,324.95 B-4 SMT0211B4 SUB 2.82432% 1,801,000.00 4,238.83 B-5 SMT0211B5 SUB 2.82432% 1,080,000.00 2,541.88 B-6 SMT0211B6 SUB 2.82432% 2,882,787.00 6,784.92 - -------------------------------------------------------------------------------------- Totals 695,453,639.46 1,636,816.95 - -------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- Principal Current Ending Certificate Total Cumulative Class CUSIP Distribution Realized Loss Balance Distribution Realized Loss - ----------------------------------------------------------------------------------------------------------- A 81744AAA6 4,168,461.65 0.00 666,069,390.81 5,162,301.51 0.00 X-1A 81744AAC2 0.00 0.00 0.00 147,677.87 0.00 X-1B 81744AAD0 0.00 0.00 0.00 435,951.44 0.00 X-B 81744AAE8 0.00 0.00 0.00 4,254.60 0.00 A-R 81744AAF5 0.00 0.00 0.00 0.00 0.00 B-1 81744AAB4 0.00 0.00 9,726,000.00 18,636.47 0.00 B-2 81744AAG3 0.00 0.00 5,764,000.00 13,566.13 0.00 B-3 81744AAH1 0.00 0.00 3,962,000.00 9,324.95 0.00 B-4 SMT0211B4 0.00 0.00 1,801,000.00 4,238.83 0.00 B-5 SMT0211B5 0.00 0.00 1,080,000.00 2,541.88 0.00 B-6 SMT0211B6 0.00 0.00 2,882,787.00 6,784.92 0.00 - ----------------------------------------------------------------------------------------------------------- Totals 4,168,461.65 0.00 691,285,177.81 5,805,278.60 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 695,210,000.00 670,237,852.46 0.00 4,168,461.65 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 720,425,887.00 695,453,639.46 0.00 4,168,461.65 0.00 - ---------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------- Realized Total Principal Ending Certificate Ending Certificate Total Principal Class Loss (1) Reduction Balance Percentage Distribution - ---------------------------------------------------------------------------------------------- A 0.00 4,168,461.65 666,069,390.81 0.95808373 4,168,461.65 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 4,168,461.65 691,285,177.81 0.95955072 4,168,461.65 - ----------------------------------------------------------------------------------------------
(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 695,210,000.00 964.07970607 0.00000000 5.99597481 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 5.99597481 958.08373126 0.95808373 0.99597481 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 Current Original Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall - ------------------------------------------------------------------------------------------------ A 695,210,000.00 1.77938% 670,237,852.46 993,839.86 0.00 0.00 X-1A 0.00 0.94222% 188,080,422.85 147,677.87 0.00 0.00 X-1B 0.00 1.08500% 482,157,429.61 435,951.44 0.00 0.00 X-B 0.00 0.52494% 9,726,000.00 4,254.60 0.00 0.00 A-R 100.00 3.26676% 0.00 0.00 0.00 0.00 B-1 9,726,000.00 2.29938% 9,726,000.00 18,636.47 0.00 0.00 B-2 5,764,000.00 2.82432% 5,764,000.00 13,566.13 0.00 0.00 B-3 3,962,000.00 2.82432% 3,962,000.00 9,324.95 0.00 0.00 B-4 1,801,000.00 2.82432% 1,801,000.00 4,238.83 0.00 0.00 B-5 1,080,000.00 2.82432% 1,080,000.00 2,541.88 0.00 0.00 B-6 2,882,787.00 2.82432% 2,882,787.00 6,784.92 0.00 0.00 - ------------------------------------------------------------------------------------------------ Totals 720,425,887.00 1,636,816.95 0.00 0.00 - ------------------------------------------------------------------------------------------------ - -------------------------------------------------------------------------------- Non- Remaining Ending Supported Unpaid Certificate/ Interest Realized Total Interest Interest Notational Class Shortfall Loss (4) Distribution Shortfall Balance - -------------------------------------------------------------------------------- A 0.00 0.00 993,839.86 0.00 666,069,390.81 X-1A 0.00 0.00 147,677.87 0.00 187,192,305.18 X-1B 0.00 0.00 435,951.44 0.00 478,877,085.63 X-B 0.00 0.00 4,254.60 0.00 9,726,000.00 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 18,636.47 0.00 9,726,000.00 B-2 0.00 0.00 13,566.13 0.00 5,764,000.00 B-3 0.00 0.00 9,324.95 0.00 3,962,000.00 B-4 0.00 0.00 4,238.83 0.00 1,801,000.00 B-5 0.00 0.00 2,541.88 0.00 1,080,000.00 B-6 0.00 0.00 6,784.92 0.00 2,882,787.00 - -------------------------------------------------------------------------------- Totals 0.00 0.00 1,636,816.95 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 Current Original Face Certificate Certificate/ Current Accrued Interest Interest Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall - ---------------------------------------------------------------------------------------------------- A 695,210,000.00 1.77938% 964.07970607 1.42955346 0.00000000 0.00000000 X-1A 0.00 0.94222% 980.80444818 0.77011264 0.00000000 0.00000000 X-1B 0.00 1.08500% 957.70951471 0.86593054 0.00000000 0.00000000 X-B 0.00 0.52494% 1000.00000000 0.43744602 0.00000000 0.00000000 A-R 100.00 3.26676% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.29938% 1000.00000000 1.91614950 0.00000000 0.00000000 B-2 5,726,000.00 2.82432% 1000.00000000 2.35359646 0.00000000 0.00000000 B-3 3,962,000.00 2.82432% 1000.00000000 2.35359667 0.00000000 0.00000000 B-4 1,801,000.00 2.82432% 1000.00000000 2.35359800 0.00000000 0.00000000 B-5 1,080,000.00 2.82432% 1000.00000000 2.35359259 0.00000000 0.00000000 B-6 2,882,787.00 2.82432% 1000.00000000 2.35359740 0.00000000 0.00000000 - ---------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------- Non- Remaining Supported Unpaid Interest Realized Total Interest Interest Ending Certificate/ Class (5) Shortfall Loss (6) Distribution Shortfall Notational Balance - -------------------------------------------------------------------------------------------- A 0.00000000 0.00000000 1.42955346 0.00000000 958.08373126 X-1A 0.00000000 0.00000000 0.77011264 0.00000000 976.17307960 X-1B 0.00000000 0.00000000 0.86593054 0.00000000 951.19376602 X-B 0.00000000 0.00000000 0.43744602 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 1.91614950 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 2.35359646 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 2.35359667 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.35359800 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.35359259 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.35359740 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 6,014,480.98 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4,867.06 Realized Losses 0.00 Prepayment Penalties 0.00 ------------ Total Deposits 6,019,348.04 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 214,069.44 Payment of Interest and Principal 5,805,278.60 ------------ Total Withdrawals (Pool Distribution Amount) 6,019,348.04 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 210,012.60 Master Servicing Fee 4,056.84 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 214,069.44 ==========
- ----------------------------------------------------------------------------------------------------- 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 3 1,736,875.55 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 1 123,750.00 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 ------------------------- --------------------- --------------------- 4 1,860,625.55 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 0.152362% 0.251256% 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 0.050787% 0.017902% 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% ------------------------- --------------------- --------------------- 0.203149% 0.269157% 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 1,736,875.55 60 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 90 Days 1 123,750.00 120 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 4 1,860,625.55 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 0.152362% 0.251256% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.050787% 0.017902% 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% 0.203149% 0.269157% - ------------------------------------------------------------------------
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4,867.06
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 3.64766782% 96.352332% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.24072315% 1.406945% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.40691386% 0.833809% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.83377847% 0.573135% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.57324924% 0.260529% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.41701859% 0.156231% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.417018% 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 0.01732339% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.12646324% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.67803395%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT
Collateral Description Mixed ARM Weighted Average Gross Coupon 3.193690% Weighted Average Net Coupon 2.831315% Weighted Average Pass-Through Rate 2.824315% Weighted Average Maturity (Stepdown Calculation) 320 Beginning Scheduled Collateral Loan Count 1,981 Number of Loans Paid in Full 12 Ending Scheduled Collateral Loan Count 1,969 Beginning Scheduled Collateral Balance 695,453,639.46 Ending Scheduled Collateral Balance 691,285,177.81 Ending Actual Collateral Balance at 30-Apr-2003 691,277,848.22 Monthly P&I Constant 1,850,886.36 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 5,162,301.51 Ending Scheduled Balance for Premium Loans 691,285,177.81 Scheduled Principal 0.00 Unscheduled Principal 4,168,461.65
MISCELLANEOUS REPORTING Pro Rata Senior Percentage 96.374196% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% One Month LIBOR Loan Balance 194,278,956.15 Six Month LIBOR Loan Balance 497,006,221.66