Wells Fargo Bank Minnesota, N.A. SMT Series 2002-11 Certificateholder Distribution Statement (April 2003)

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Summary

This document is a distribution statement prepared by Wells Fargo Bank Minnesota, N.A. as Certificate Administrator for the SMT Series 2002-11 trust. It summarizes the principal and interest payments made to certificateholders as of the March 31, 2003 record date and April 21, 2003 distribution date. The statement details the amounts distributed to each class of certificates, the remaining balances, and confirms that all calculations were made in accordance with the Pooling and Servicing Agreement. No realized losses or interest shortfalls are reported for this period.

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EX-10.1 3 f89900exv10w1.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: MARCH 31, 2003 DISTRIBUTION DATE: APRIL 21, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Current Class Pass-Through Certificate Interest Principal Realized Loss Class CUSIP Description Rate Balance Distribution Distribution Balance ----- ----- ----------- ---- ------- ------------ ------------ ------- A 81744AAA6 SEN 1.73375% 675,601,883.06 976,103.97 5,364,030.60 0.00 X-1A 81744AAC2 IO 0.94591% 0.00 148,556.06 0.00 0.00 X-1B 81744AAD0 IO 1.16562% 0.00 473,183.87 0.00 0.00 X-B 81744AAE8 IO 0.58433% 0.00 4,736.00 0.00 0.00 A-R 81744AAF5 SEN 3.26702% 0.00 0.00 0.00 0.00 B-1 81744AAB4 SUB 2.25375% 9,726,000.00 18,266.64 0.00 0.00 B-2 81744AAG3 SUB 2.83808% 5,764,000.00 13,632.25 0.00 0.00 B-3 81744AAH1 SUB 2.83808% 3,962,000.00 9,370.40 0.00 0.00 B-4 SMT0211B4 SUB 2.83808% 1,801,000.00 4,259.49 0.00 0.00 B-5 SMT0211B5 SUB 2.83808% 1,080,000.00 2,554.27 0.00 0.00 B-6 SMT0211B6 SUB 2.83808% 2,882,787.00 6,817.99 0.00 0.00 Totals 700,817,670.06 1,657,480.94 5,364,030.60 0.00
Ending Total Cumulative Class Certificate Distribution Realized Loss ----- ----------- ------------ ------------- A 670,237,852.46 6,340,134.57 0.00 X-1A 0.00 148,556.06 0.00 X-1B 0.00 473,183.87 0.00 X-B 0.00 4,736.00 0.00 A-R 0.00 0.00 0.00 B-1 9,726,000.00 18,266.64 0.00 B-2 5,764,000.00 13,632.25 0.00 B-3 3,962,000.00 9,370.40 0.00 B-4 1,801,000.00 4,259.49 0.00 B-5 1,080,000.00 2,554.27 0.00 B-6 2,882,787.00 6,817.99 0.00 Totals 695,453,639.46 7,021,511.54 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 695,210,000.00 675,601,883.06 2,024.59 5,362,006.01 0.00 0.00 5,364,030.60 X-1A 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 X-B 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 B-1 9,726,000.00 9,726,000.00 0.00 0.00 0.00 0.00 0.00 B-2 5,726,000.00 5,764,000.00 0.00 0.00 0.00 0.00 0.00 B-3 3,962,000.00 3,962,000.00 0.00 0.00 0.00 0.00 0.00 B-4 1,801,000.00 1,801,000.00 0.00 0.00 0.00 0.00 0.00 B-5 1,080,000.00 1,080,000.00 0.00 0.00 0.00 0.00 0.00 B-6 2,882,787.00 2,882,787.00 0.00 0.00 0.00 0.00 0.00 Totals 720,425,887.00 700,817,670.06 2,024.59 5,362,006.01 0.00 0.00 5,364,030.60
Ending Ending Certificate Certificate Total Principal Class Balance Percentage Distribution ----- ------- ---------- ------------ A 670,237,852.47 0.96407971 5,364,030.60 X-1A 0.00 0.00000000 0.00 X-1B 0.00 0.00000000 0.00 X-B 0.00 0.00000000 0.00 A-R 0.00 0.00000000 0.00 B-1 9,726,000.00 1.00000000 0.00 B-2 5,764,000.00 1.00000000 0.00 B-3 3,962,000.00 1.00000000 0.00 B-4 1,801,000.00 1.00000000 0.00 B-5 1,080,000.00 1.00000000 0.00 B-6 2,882,787.00 1.00000000 0.00 Totals 695,453,639.46 0.96553683 5,364,030.60
(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 695,210,000.00 971.79540435 0.00291220 7.71278608 0.00000000 0.00000000 7.71569828 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 Class Balance Percentage Distribution ----- ------- ---------- ------------ A 964.07970607 0.96407971 7.71569828 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
Beginning Payment of Current Certificate/ Current Unpaid Current Non-Supported Original Face Certificate Notional Accrued Interest Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Shortfall ----- ------ ---- ------- -------- --------- --------- --------- A 695,210,000.00 1.73375% 675,601,883.06 976,103.97 0.00 0.00 0.00 X-1A 0.00 0.94591% 188,461,260.43 148,556.06 0.00 0.00 0.00 X-1B 0.00 1.16562% 487,140,622.63 473,183.87 0.00 0.00 0.00 X-B 0.00 0.58433% 9,726,000.00 473,183.87 0.00 0.00 0.00 A-R 100.00 3.26702% 0.00 0.00 0.00 0.00 0.00 B-1 9,726,000.00 2.25375% 9,726,000.00 18,266.64 0.00 0.00 0.00 B-2 5,764,000.00 2.83808% 5,764,000.00 13,632.25 0.00 0.00 0.00 B-3 3,962,000.00 2.83808% 3,962,000.00 9,370.40 0.00 0.00 0.00 B-4 1,801,000.00 2.83808% 1,801,000.00 4,259.49 0.00 0.00 0.00 B-5 1,080,000.00 2.83808% 1,080,000.00 2,554.27 0.00 0.00 0.00 B-6 2,882,787.00 2.83808% 2,882,787.00 6,817.99 0.00 0.00 0.00 Totals 720,425,887.00 1,657,480.94 0.00 0.00 0.00
Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notational Class Loss (4) Distribution Shortfall Balance ----- -------- ------------ --------- ------- A 0.00 976,103.97 0.00 670,237,852.46 X-1A 0.00 148,556.06 0.00 188,080,422.85 X-1B 0.00 473,183.87 0.00 482,157,429.61 X-B 0.00 4,736.00 0.00 9,726,000.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 18,266.64 0.00 9,726,000.00 B-2 0.00 13,632.25 0.00 5,764,000.00 B-3 0.00 9,370.40 0.00 3,962,000.00 B-4 0.00 4,259.49 0.00 1,801,000.00 B-5 0.00 2,554.27 0.00 1,080,000.00 B-6 0.00 6,817.99 0.00 2,882,787.00 Totals 0.00 1,657,480.94 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 Current Non-Supported Class Original Face Certificate Certificate/ Accrued Interest Interest Interest Realized (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) A 695,210,000.00 1.73375% 971.79540435 1.40404190 0.00000000 0.00000000 0.00000000 0.00000000 X-1A 0.00 0.94591% 982.79044538 0.77469224 0.00000000 0.00000000 0.00000000 0.00000000 X-1B 0.00 1.65562% 967.60763320 0.93988533 0.00000000 0.00000000 0.00000000 0.00000000 X-B 0.00 0.58433% 1000.00000000 0.48694222 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 3.26702% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.5375% 1000.00000000 1.87812461 0.00000000 0.00000000 0.00000000 0.00000000 B-2 5,726,000.00 2.83808% 1000.00000000 2.36506766 0.00000000 0.00000000 0.00000000 0.00000000 B-3 3,962,000.00 2.83808% 1000.00000000 2.36506815 0.00000000 0.00000000 0.00000000 0.00000000 B-4 1,801,000.00 2.83808% 1000.00000000 2.36506941 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,080,000.00 2.83808% 1000.00000000 2.36506481 0.00000000 0.00000000 0.00000000 0.00000000 B-6 2,882,787.00 2.83808% 1000.00000000 2.36506894 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending Unpaid Certificate/ Class Total Interest Interest Notational (5) Distribution Shortfall Balance A 1.40404190 0.00000000 964.07970607 X-1A 0.77469224 0.00000000 980.80444818 X-1B 0.93988533 0.00000000 957.70951471 X-B 0.48694222 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 0.00000000 B-1 1.87812461 0.00000000 1000.00000000 B-2 2.36506766 0.00000000 1000.00000000 B-3 2.36506815 0.00000000 1000.00000000 B-4 2.36506941 0.00000000 1000.00000000 B-5 2.36506481 0.00000000 1000.00000000 B-6 2.36506894 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 7,236,951.02 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 322.27 Realized Losses 0.00 Prepayment Penalties 0.00 ------------ Total Deposits 7,237,273.29 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 215,761.76 Payment of Interest and Principal 7,021,511.53 ------------ Total Withdrawals (Pool Distribution Amount) 7,237,273.29 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 211,673.66 Master Servicing Fee 4,088.10 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 215,761.76 ==========
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 0 0.00 30 Days 0 0.00 30 Days 0 0.00 60 Days 1 123,750.00 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 1 123,750.00 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 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.050480% 0.017794% 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% 0.050480% 0.017794% 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 0 0.00 60 Days 0 0.00 60 Days 1 123,750.00 90 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 0 0.00 1 123,750.00 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 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 60 Days 0.050480% 0.017794% 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% 0.050480% 0.017794%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 322.27 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 3.62580416% 96.374196% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.22729254% 1.398512% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.39848100% 0.828812% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.82878091% 0.569700% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.56981325% 0.258968% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.41451893% 0.155294% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.414519% 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 0.01721955% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.10772362% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.66797603%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT
Collateral Description Mixed ARM Weighted Average Gross Coupon 3.207527% Weighted Average Net Coupon 2.845081% Weighted Average Pass-Through Rate 2.838081% Weighted Average Maturity (Stepdown Calculation) 321 Beginning Scheduled Collateral Loan Count 1,991 Number of Loans Paid in Full 10 Ending Scheduled Collateral Loan Count 1,981 Beginning Scheduled Collateral Balance 700,817,670.06 Ending Scheduled Collateral Balance 695,453,639.46 Ending Actual Collateral Balance at 28-Mar-2003 695,444,288.95 Monthly P&I Constant 1,875,267.30 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 6,340,134.57 Ending Scheduled Balance for Premium Loans 695,453,639.46 Scheduled Principal 2,024.59 Unscheduled Principal 5,362,006.01
MISCELLANEOUS REPORTING Pro Rata Senior Percentage 96.401948% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% One Month LIBOR Loan Balance 195,156,412.16 Six Month LIBOR Loan Balance 500,297,227.30