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EX-10.1 3 f89237exv10w1.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: FEBRUARY 28, 2003 DISTRIBUTION DATE: MARCH 20, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution - -------- --------- ----------- ------------ -------------- ------------ A 81744AAA6 SEN 1.79000% 681,446,668.39 1,016,491.28 X-1A 81744AAC2 IO 0.94784% 0.00 149,740.43 X-1B 81744AAD0 IO 1.30550% 0.00 535,113.25 X-B 81744AAE8 IO 0.68600% 0.00 5,560.03 A-R 81744AAF5 SEN 3.28494% 0.00 0.00 B-1 81744AAB4 SUB 2.31000% 9,726,000.00 18,722.55 B-2 81744AAG3 SUB 2.99600% 5,764,000.00 14,390.78 B-3 81744AAH1 SUB 2.99600% 3,962,000.00 9,891.79 B-4 SMT0211B4 SUB 2.99600% 1,801,000.00 4,496.50 B-5 SMT0211B5 SUB 2.99600% 1,080,000.00 2,696.40 B-6 SMT0211B6 SUB 2.99600% 2,882,787.00 7,197.36 - -------- --------- ----------- ------------ -------------- ------------ Totals 706,662,455.39 1,764,300.37
Current Ending Principal Realized Certificate Total Cumulative Class CUSIP Distribution Loss Balance Distribution Realized Loss - -------- --------- ------------ -------- -------------- ------------ ------------- A 81744AAA6 5,844,785.33 0.00 675,601,883.06 6,861,276.61 0.00 X-1A 81744AAC2 0.00 0.00 0.00 149,740.43 0.00 X-1B 81744AAD0 0.00 0.00 0.00 535,113.25 0.00 X-B 81744AAE8 0.00 0.00 0.00 5,560.03 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 18,722.55 0.00 B-2 81744AAG3 0.00 0.00 5,764,000.00 14,390.78 0.00 B-3 81744AAH1 0.00 0.00 3,962,000.00 9,891.79 0.00 B-4 SMT0211B4 0.00 0.00 1,801,000.00 4,496.50 0.00 B-5 SMT0211B5 0.00 0.00 1,080,000.00 2,696.40 0.00 B-6 SMT0211B6 0.00 0.00 2,882,787.00 7,197.36 0.00 - -------- --------- ------------ -------- -------------- ------------ ------------- Totals 5,844,785.33 0.00 700,817,670.06 7,609,085.70 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 - ------- -------------- -------------- ------------ ------------ A 695,210,000.00 681,446,668.39 1,175.64 5,843,609.69 X-1A 0.00 0.00 0.00 0.00 X-1B 0.00 0.00 0.00 0.00 X-B 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 B-1 9,726,000.00 9,726,000.00 0.00 0.00 B-2 5,726,000.00 5,764,000.00 0.00 0.00 B-3 3,962,000.00 3,962,000.00 0.00 0.00 B-4 1,801,000.00 1,801,000.00 0.00 0.00 B-5 1,080,000.00 1,080,000.00 0.00 0.00 B-6 2,882,787.00 2,882,787,00 0.00 0.00 -------------- -------------- ------------ ------------ Totals 720,425,887.00 706,662,455.39 1,175.64 5,843,609.69
Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Accretion Loss (1) Reduction Balance Percentage Distribution - ------- --------- ---------- ------------- -------------- ----------- ------------ A 0.00 0.00 5,844,785.33 675,601,883.06 0.97179540 5,844,785.33 X-1A 0.00 0.00 0.00 0.00 0.00000000 0.00 X-1B 0.00 0.00 0.00 0.00 0.00000000 0.00 X-B 0.00 0.00 0.00 0.00 0.00000000 0.00 A-R 0.00 0.00 0.00 0.00 0.00000000 0.00 B-1 0.00 0.00 0.00 9,726,000.00 1.00000000 0.00 B-2 0.00 0.00 0.00 5,764,000.00 1.00000000 0.00 B-3 0.00 0.00 0.00 3,962,000.00 1.00000000 0.00 B-4 0.00 0.00 0.00 1,801,000.00 1.00000000 0.00 B-5 0.00 0.00 0.00 1,080,000.00 1.00000000 0.00 B-6 0.00 0.00 0.00 2,882,787.00 1.00000000 0.00 --------- ---------- ------------- -------------- ----------- ------------ Totals 0.00 0.00 5,844,785.33 700,817,670.06 0.97278246 5,844,785.33
(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 695,210,000.00 980.20262711 0.00169106 8.40553170 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
Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution - ------- ---------- ---------- ------------- ----------- ------------ A 0.00000000 8.40722275 971.79540435 0.97179540 8.40722275 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
Payment of Current Beginning Current Unpaid Original Face Certificate Certificate/ Accrued Interest Class Amount Rate Notional Balance Interest Shortfall - ------- -------------- ----------- ---------------- ------------ ---------- A 695,210,000.00 1.79000% 681,446,668.39 1,016,491.28 0.00 X-1A 0.00 0.94784% 189,577,188.85 149,740.43 0.00 X-1B 0.00 1.30550% 491,869,479.54 535,113.25 0.00 X-B 0.00 0.68600% 9,726,000.00 5,560.03 0.00 A-R 100.00 3.28494% 0.00 0.00 0.00 B-1 9,726,000.00 2.31000% 9,726,000.00 18,722.55 0.00 B-2 5,764,000.00 2.99600% 5,764,000.00 14,390.78 0.00 B-3 3,962,000.00 2.99600% 3,962,000.00 9,891.79 0.00 B-4 1,801,000.00 2.99600% 1,801,000.00 4,496.50 0.00 B-5 1,080,000.00 2.99600% 1,080,000.00 2,696.40 0.00 B-6 2,882,787.00 2.99600% 2,882,787.00 7,197.36 0.00 - ------- -------------- ----------- ---------------- ------------ ---------- Totals 720,425,887.00 1,764,300.37 0.00
Remaining Ending Current Non-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 1,016,491.28 0.00 675,601,883.06 X-1A 0.00 0.00 0.00 149,740.43 0.00 188,461,260.43 X-1B 0.00 0.00 0.00 535,113.25 0.00 487,140,622.63 X-B 0.00 0.00 0.00 5,560.03 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 18,722.55 0.00 9,726,000.00 B-2 0.00 0.00 0.00 14,390.78 0.00 5,764,000.00 B-3 0.00 0.00 0.00 9,891.79 0.00 3,962,000.00 B-4 0.00 0.00 0.00 4,496.50 0.00 1,801,000.00 B-5 0.00 0.00 0.00 2,696.40 0.00 1,080,000.00 B-6 0.00 0.00 0.00 7,197.36 0.00 2,882,787.00 - ------- --------- ------------- -------- -------------- --------- -------------- Totals 0.00 0.00 0.00 1,764,300.37 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 (5) Original Face Certificate Certificate/ Current Interest Amount Rate Notional Balance Accrued Shortfall Interest - --------- -------------- ----------- ---------------- ---------- ---------- A 695,210,000.00 1.79000% 980.20262711 1.46213558 0.00000000 X-1A 0.00 0.94784% 988.60980468 0.78086851 0.00000000 X-1B 0.00 1.30550% 977.00056376 1.06289568 0.00000000 X-B 0.00 0.68600% 1000.00000000 0.57166667 0.00000000 A-R 100.00 3.28494% 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.31000% 1000.00000000 1.92500000 0.00000000 B-2 5,726,000.00 2.99600% 1000.00000000 2.49666551 0.00000000 B-3 3,962,000.00 2.99600% 1000.00000000 2.49666583 0.00000000 B-4 1,801,000.00 2.99600% 1000.00000000 2.49666852 0.00000000 B-5 1,080,000.00 2.99600% 1000.00000000 2.49666667 0.00000000 B-6 2,882,787.00 2.99600% 1000.00000000 2.49666729 0.00000000
Remaining Current Non-Supported Unpaid Class (5) Interest Interest Realized Total Interest Interest Ending Certificate/ Shortfall Shortfall Loss (6) Distribution Shortfall Notational Balance - --------- ---------- ------------- ---------- -------------- ---------- ------------------- A 0.00000000 0.00000000 0.00000000 1.46213558 0.00000000 971.79540435 X-1A 0.00000000 0.00000000 0.00000000 0.78086851 0.00000000 982.79044538 X-1B 0.00000000 0.00000000 0.00000000 1.06289568 0.00000000 967.60763320 X-B 0.00000000 0.00000000 0.00000000 0.57166667 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 1.92500000 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 0.00000000 2.49666551 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 0.00000000 2.49666583 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 0.00000000 2.49666852 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 0.00000000 2.49666667 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 0.00000000 2.49666729 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 7,792,597.34 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 33,964.73 Realized Losses 0.00 Prepayment Penalties 0.00 ------------ Total Deposits 7,826,562.07 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 217,476.37 Payment of Interest and Principal 7,609,085.70 ------------ Total Withdrawals (Pool Distribution Amount) 7,826,562.07 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 213,354.17 Master Servicing Fee 4,122.20 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------ Net Servicing Fee 217,476.37 ============
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 - -------------------------------------- ---------------------------------- No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 0 0.00 30 Days 25 9,553,605.37 30 Days 0 0.00 60 Days 4 3,586,468.28 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 -------- ------------- -------- --------- 29 13,140,073.65 0 0.00 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 1.255650% 1.363225% 30 Days 0.000000% 0.000000% 60 Days 0.200904% 0.511761% 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% -------- ------------- -------- --------- 1.456554% 1.874987% 0.000000% 0.000000%
FORECLOSURE REO - ---------------------------------- ---------------------------------- 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 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 0 0.00 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 0.000000% 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% 0.000000% 0.000000%
TOTAL - ---------------------------------------- No. of Principal Loans Balance 0-29 Days 0 0.00 30 Days 25 9,553,605.37 60 Days 4 3,586,468.28 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -------- ------------- 29 13,140,073.65 No. of Principal Loans Balance 0-29 Days 0.000000% 0.000000% 30 Days 1.255650% 1.363225% 60 Days 0.200904% 0.511761% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- ------------- 1.456554% 1.874987%
Current Period Class A Insufficient Funds: 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 33,964.73
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 3.59805240% 96.401948% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.21024493% 1.387807% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.38777708% 0.822468% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.82243745% 0.565340% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.56545192% 0.256986% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.41134622% 0.154106% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.411346% 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 0.01708775% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.08393722% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.65520941%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT
Collateral Description Mixed ARM Weighted Average Gross Coupon 3.365301% Weighted Average Net Coupon 3.003000% Weighted Average Pass-Through Rate 2.996000% Weighted Average Maturity (Stepdown Calculation) 322 Beginning Scheduled Collateral Loan Count 2,004 Number of Loans Paid in Full 13 Ending Scheduled Collateral Loan Count 1,991 Beginning Scheduled Collateral Balance 706,662,455.39 Ending Scheduled Collateral Balance 700,817,670.06 Ending Actual Collateral Balance at 28-Feb-2003 700,808,916.92 Monthly P&I Constant 1,982,952.39 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 6,861,276.61 Ending Scheduled Balance for Premium Loans 700,817,670.06 Scheduled Principal 1,175.64 Unscheduled Principal 5,843,609.69
MISCELLANEOUS REPORTING
One Month LIBOR Loans 195,495,283.16 Six Month LIBOR Loans 505,322,386.90 Pro Rata Senior Percentage 96.431707% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000%