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EX-10.1 3 f96263eexv10w1.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: DECEMBER 31, 2003 DISTRIBUTION DATE: JANUARY 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution - ----- ----- ----------- ---- ------- ------------ ------------ A 81744AAA6 SEN 1.59875% 601,822,509.75 801,803.10 9,742,855.31 X-1A 81744AAC2 IO 0.87153% 0.00 126,003.79 0.00 X-1B 81744AAD0 IO 0.98860% 0.00 353,057.40 0.00 X-B 81744AAE8 IO 0.43486% 0.00 3,704.87 0.00 A-R 81744AAF5 SEN 3.25096% 0.00 0.00 0.00 B-1 81744AAB4 SUB 2.11875% 9,726,000.00 17,172.47 0.00 B-2 81744AAG3 SUB 2.55361% 5,764,000.00 12,265.85 0.00 B-3 81744AAH1 SUB 2.55361% 3,962,000.00 8,431.17 0.00 B-4 SMT0211B4 SUB 2.55361% 1,801,000.00 3,832.54 0.00 B-5 SMT0211B5 SUB 2.55361% 1,080,000.00 2,298.25 0.00 B-6 SMT0211B6 SUB 2.55361% 2,882,787.00 6,134.60 0.00 -------------- ------------ ------------ Totals 627,038,296.75 1,334,704.04 9,742,855.31 -------------- ------------ ------------ Current Ending Realized Certificate Total Cumulative Class CUSIP Loss Balance Distribution Realized Loss - ----- ----- ------- ------- ------------ ------------- A 81744AAA6 0.00 592,079,654.44 10,544,658.41 0.00 X-1A 81744AAC2 0.00 0.00 126,003.79 0.00 X-1B 81744AAD0 0.00 0.00 353,057.40 0.00 X-B 81744AAE8 0.00 0.00 3,704.87 0.00 A-R 81744AAF5 0.00 0.00 0.00 0.00 B-1 81744AAB4 0.00 9,726,000.00 17,172.47 0.00 B-2 81744AAG3 0.00 5,764,000.00 12,265.85 0.00 B-3 81744AAH1 0.00 3,962,000.00 8,431.17 0.00 B-4 SMT0211B4 0.00 1,801,000.00 3,832.54 0.00 B-5 SMT0211B5 0.00 1,080,000.00 2,298.25 0.00 B-6 SMT0211B6 0.00 2,882,787.00 6,134.60 0.00 ---- -------------- ------------- ---- Totals 0.00 617,295,441.44 11,077,559.35 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 695,210,000.00 601,822,509.75 0.01 9,742,855.30 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 720,425,887.00 627,038,296.75 0.01 9,742,855.30 0.00 -------------- -------------- ---- ------------ ---- Total Ending Ending Realized Principal Certificate Certificate Total Principal Class Loss (1) Reduction Balance Percentage Distribution - ----- -------- --------- ------- ---------- ------------ A 0.00 9,742,855.31 592,079,654.44 0.85165584 9,742,855.31 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 9,742,855.31 617,295,441.44 0.85684795 9,742,855.31 ---- ------------ -------------- ---------- ------------
(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 695,210,000.00 865.67009932 0.00000001 14.01426231 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 Ending Realized Total Principal Certificate Certificate Total Principal Class Loss (3) Reduction Balance Percentage Distribution - ----- -------- --------- ------- ---------- ------------ A 0.00000000 14.01426232 851.65583700 0.85165584 14.01426232 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 Current Original Face Certificate Certificate/ Accrued Interest Interest Class Amount Rate Notional Balance Interest Shortfall Shortfall - ----- ------ ---- ---------------- -------- --------- --------- A 695,210,000.00 1.59875% 601,822,509.75 801,803.11 0.00 0.00 X-1A 0.00 0.87153% 173,427,817.04 125,956.37 0.00 0.00 X-1B 0.00 0.98860% 428,394,692.71 352,924.51 0.00 0.00 X-B 0.00 0.43486% 9,726,000.00 3,524.55 0.00 0.00 A-R 100.00 3.25096% 0.00 0.00 0.00 0.00 B-1 9,726,000.00 2.11875% 9,726,000.00 17,172.47 0.00 0.00 B-2 5,764,000.00 2.55361% 5,764,000.00 12,265.85 0.00 0.00 B-3 3,962,000.00 2.55361% 3,962,000.00 8,431.17 0.00 0.00 B-4 1,801,000.00 2.55361% 1,801,000.00 3,832.55 0.00 0.00 B-5 1,080,000.00 2.55361% 1,080,000.00 2,298.25 0.00 0.00 B-6 2,882,787.00 2.55361% 2,882,787.00 6,134.60 0.00 0.00 -------------- ------------ ---- ---- Totals 720,425,887.00 1,334,343.43 0.00 0.00 -------------- ------------ ---- ---- Remaining Ending Non-Supported Unpaid Certificate/ Interest Realized Total Interest Interest Notational Class Shortfall Loss (4) Distribution Shortfall Balance - ----- --------- -------- ------------ --------- ------- A 0.02 0.00 801,803.10 0.00 592,079,654.44 X-1A 0.00 0.00 126,003.79 0.00 170,696,581.83 X-1B 0.00 0.00 353,057.40 0.00 421,383,072.61 X-B 0.00 0.00 3,704.87 0.00 9,726,000.00 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 17,172.47 0.00 9,726,000.00 B-2 0.00 0.00 12,265.85 0.00 5,764,000.00 B-3 0.00 0.00 8,431.17 0.00 3,962,000.00 B-4 0.00 0.00 3,832.54 0.00 1,801,000.00 B-5 0.00 0.00 2,298.25 0.00 1,080,000.00 B-6 0.00 0.00 6,134.60 0.00 2,882,787.00 ---- ---- ------------ ---- Totals 0.02 0.00 1,334,704.04 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 Original Face Certificate Certificate/ Accrued Interest Interest Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall - --------- ------ ---- ---------------- -------- --------- --------- A 695,210,000.00 1.59875% 865.67009932 1.15332505 0.00000000 0.00000000 X-1A 0.00 0.87153% 904.39383224 0.65683906 0.00000000 0.00000000 X-1B 0.00 0.98860% 850.92056673 0.70101411 0.00000000 0.00000000 X-B 0.00 0.43486% 1000.00000000 0.36238433 0.00000000 0.00000000 A-R 100.00 3.25096% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.11875% 1000.00000000 1.76562513 0.00000000 0.00000000 B-2 5,726,000.00 2.55361% 1000.00000000 2.12801006 0.00000000 0.00000000 B-3 3,962,000.00 2.55361% 1000.00000000 2.12800858 0.00000000 0.00000000 B-4 1,801,000.00 2.55361% 1000.00000000 2.12801222 0.00000000 0.00000000 B-5 1,080,000.00 2.55361% 1000.00000000 2.12800926 0.00000000 0.00000000 B-6 2,882,787.00 2.55361% 1000.00000000 2.12801015 0.00000000 0.00000000 Remaining Non-Supported Unpaid Interest Realized Total Interest Interest Ending Certificate/ Class (5) Shortfall Loss (6) Distribution Shortfall Notational Balance - --------- --------- -------- ------------ --------- ------------------ A 0.00000003 0.00000000 1.15332504 0.00000000 851.65583700 X-1A 0.00000000 0.00000000 0.65708635 0.00000000 890.15094826 X-1B 0.00000000 0.00000000 0.70127807 0.00000000 836.99338264 X-B 0.00000000 0.00000000 0.38092433 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 1.76562513 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 2.12801006 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 2.12800858 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.12800666 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.12800926 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.12801015 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 11,269,106.18 Liquidations, Insurance Proceeds, Reserve Funds 360.64 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 5,241.55 Realized Losses 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 11,274,708.37 Withdrawals Reimbursement for Servicer Advances 4,252.60 Payment of Service Fee 192,896.42 Payment of Interest and Principal 11,077,559.35 ------------- Total Withdrawals (Pool Distribution Amount) 11,274,708.37 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 189,238.69 Master Servicing Fee 3,657.73 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 192,896.42 ==========
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance ------------ ------- ----------- -------- ------- Class X-1 Basis Risk Reserve Fund 5,000.00 180.32 180.32 5,000.00 Class X-B Basis Risk Reserve Fund 5,000.00 180.32 180.32 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 2,472,633.91 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 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 ----------------------- ------------------- -------------------- 3 2,472,633.91 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 0.168256% 0.400561% 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 0.000000% 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% --------------------- ------------------- -------------------- 0.168256% 0.400561% 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 2,472,633.91 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 3 2,472,633.91 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 0.168256% 0.400561% 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% 0.168256% 0.400561%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5,241.55
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 4.08488145% 95.915119% 0.000000% Class X-1-A 25,215,787.00 3.50012228% 25,215,787.00 4.08488145% 0.000000% 0.000000% Class X-1-B 25,215,787.00 3.50012228% 25,215,787.00 4.08488145% 0.000000% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.50929878% 1.575583% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.57554816% 0.933751% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.93371611% 0.641832% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.64195954% 0.291757% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.46700280% 0.174957% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.467003% 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 0.01939979% Fraud 21,612,777.00 3.00000005% 12,860,062.82 2.08329140% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.87916502%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT
Collateral Description Mixed ARM Weighted Average Gross Coupon 2.922769% Weighted Average Net Coupon 2.560611% Weighted Average Pass-Through Rate 2.553611% Weighted Average Maturity (Stepdown Calculation) 312 Beginning Scheduled Collateral Loan Count 1,802 Number of Loans Paid in Full 19 Ending Scheduled Collateral Loan Count 1,783 Beginning Scheduled Collateral Balance 627,038,296.75 Ending Scheduled Collateral Balance 617,295,441.44 Ending Actual Collateral Balance at 31-Dec-2003 617,292,527.92 Monthly P&I Constant 1,527,239.85 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 10,544,658.42 Ending Scheduled Balance for Premium Loans 617,295,441.44 Scheduled Principal 0.01 Unscheduled Principal 9,742,855.30
MISCELLANEOUS REPORTING Pro Rata Senior Percentage 95.978589% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% One Month LIBOR Loan Balance 177,966,293.97 Six Month LIBOR Loan Balance 439,329,147.47