EX-10.1 3 f96263hexv10w1.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 2003-2 RECORD DATE: DECEMBER 31, 2003 DISTRIBUTION DATE: JANUARY 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Pass- Certificate Interest Principal Class CUSIP Description Through Rate Balance Distribution Distribution - ---------------------------------------------------------------------------------------------------------------- A-1 81743PAP1 SEN 1.47875% 460,106,784.90 566,985.76 2,916,166.32 A-2 81743PAQ9 SEN 1.54625% 276,172,803.76 355,860.16 2,498,984.12 M-1 81743PAR7 SUB 1.79875% 11,480,000.00 17,208.04 0.00 M-2 81743PAS5 SUB 2.57875% 4,920,000.00 10,572.88 0.00 X SMT03002X IO 0.00000% 0.00 686,038.20 0.00 R SMT03002R SUB 0.00000% 0.00 0.00 0.00 ------------------------------------------------------------------------------------------------ Totals 752,679,588.66 1,636,665.04 5,415,150.44
Ending Current Certificate Total Cumulative Class CUSIP Realized Loss Balance Distribution Realized Loss - ------------------------------------------------------------------------------------------------- A-1 81743PAP1 0.00 457,190,618.58 3,483,152.08 0.00 A-2 81743PAQ9 0.00 273,673,819.64 2,854,844.28 0.00 M-1 81743PAR7 0.00 11,480,000.00 17,208.04 0.00 M-2 81743PAS5 0.00 4,920,000.00 10,572.88 0.00 X SMT03002X 0.00 0.00 686,038.20 0.00 R SMT03002R 0.00 0.00 0.00 0.00 ------------------------------------------------------------------------------- Totals 0.00 747,264,438.22 7,051,815.48 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 Realized Total Principal Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction - -------------------------------------------------------------------------------------------------------------------------- A-1 500,000,000.00 460,106,784.90 0.00 2,916,166.32 0.00 0.00 2,916,166.32 A-2 303,600,000.00 276,172,803.76 0.00 2,498,984.12 0.00 0.00 2,498,984.12 M-1 11,480,000.00 11,480,000.00 0.00 0.00 0.00 0.00 0.00 M-2 4,920,000.00 4,920,000.00 0.00 0.00 0.00 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 --------------------------------------------------------------------------------------------------------- Totals 820,000,000.00 752,679,588.66 0.00 5,415,150.44 0.00 0.00 5,415,150.44
Ending Certificate Ending Certificate Total Principal Class Balance Percentage Distribution - ----------------------------------------------------------------------- A-1 457,190,618.58 0.91438124 2,916,166.32 A-2 273,673,819.64 0.90142892 2,498,984.12 M-1 11,480,000.00 1.00000000 0.00 M-2 4,920,000.00 1.00000000 0.00 X 0.00 0.00000000 0.00 R 0.00 0.00000000 0.00 ------------------------------------------------------- Totals 747,264,438.22 0.91129810 5,415,150.44
(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-1 500,000,000.00 920.21356980 0.00000000 5.83233264 0.00000000 0.00000000 5.83233264 A-2 303,600,000.00 909.66009144 0.00000000 8.23117299 0.00000000 0.00000000 8.23117299 M-1 11,480,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-2 4,920,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Certificate Ending Certificate Total Principal Class Balance Percentage Distribution - ---------------------------------------------------------------- A-1 914.38123716 0.91438124 5.83233264 A-2 901.42891845 0.90142892 8.23117299 M-1 1000.00000000 1.00000000 0.00000000 M-2 1000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 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 Non- Certificate/ Current Unpaid Current Supported Original Face Current Notional Accrued Interest Interest Interest Class Amount Certificate Rate Balance Interest Shortfall Shortfall Shortfall - ------------------------------------------------------------------------------------------------------------------------ A-1 500,000,000.00 1.47875% 460,106,784.90 566,985.76 0.00 0.00 0.00 A-2 303,600,000.00 1.54625% 276,172,803.76 355,860.16 0.00 0.00 0.00 M-1 11,480,000.00 1.79875% 11,480,000.00 17,208.04 0.00 0.00 0.00 M-2 4,920,000.00 2.57875% 4,920,000.00 10,572.88 0.00 0.00 0.00 X 0.00 0.00000% 752,679,588.66 0.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 ------------------------------------------------------------------------------------------------------------ Totals 820,000,000.00 950,626.84 0.00 0.00 0.00
Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notational Class Loss (4) Distribution Shortfall Balance - ------------------------------------------------------------------- A-1 0.00 566,985.76 0.00 457,190,618.58 A-2 0.00 355,860.16 0.00 273,673,819.64 M-1 0.00 17,208.04 0.00 11,480,000.00 M-2 0.00 10,572.88 0.00 4,920,000.00 X 0.00 686,038.20 0.00 747,264,438.22 R 0.00 0.00 0.00 0.00 --------------------------------------------------------- Totals 0.00 1,636,665.04 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 Non- Current Beginning Unpaid Current Supported Class Original Face Certificate Certificate/ Current Accrued Interest Interest Interest Realized (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) - ---------------------------------------------------------------------------------------------------------------------------------- A-1 500,000,000.00 1.47875% 920.21356980 1.13397152 0.00000000 0.00000000 0.00000000 0.00000000 A-2 303,600,000.00 1.54625% 909.66009144 1.17213491 0.00000000 0.00000000 0.00000000 0.00000000 M-1 11,480,000.00 1.79875% 1000.00000000 1.49895819 0.00000000 0.00000000 0.00000000 0.00000000 M-2 4,920,000.00 2.57875% 1000.00000000 2.14895935 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000% 917.90193739 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Unpaid Class Total Interest Interest Ending Certificate/ (5) Distribution Shortfall Notational Balance - ------------------------------------------------------------ A-1 1.13397152 0.00000000 914.38123716 A-2 1.17213491 0.00000000 901.42891845 M-1 1.49895819 0.00000000 1000.00000000 M-2 2.14895935 0.00000000 1000.00000000 X 0.83663195 0.00000000 911.29809539 R 0.00000000 0.00000000 0.00000000
(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 7,297,158.45 Liquidations, Insurance Proceeds, Reserve Funds 30.20 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 16,095.03 Realized Losses 0.00 Prepayment Penalties 0.00 ------------ Total Deposits 7,313,283.68 Withdrawals Reimbursement for Servicer Advances 19,902.64 Payment of Service Fee 241,565.56 Payment of Interest and Principal 7,051,815.48 ------------ Total Withdrawals (Pool Distribution Amount) 7,313,283.68 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 ====
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - ---------------------------------------------------------------------------- Reserve Fund 10,000.00 30.20 30.20 10,000.00
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 1 152,768.00 0-29 Days 0 0.00 30 Days 11 4,825,810.98 30 Days 0 0.00 30 Days 0 0.00 60 Days 2 1,794,999.99 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 1 199,400.00 120 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 ------------------------ ---------------------- -------------------- 14 6,820,210.97 1 152,768.00 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 0.048054% 0.020388% 0-29 Days 0.000000% 0.000000% 30 Days 0.528592% 0.644030% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.096108% 0.239552% 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 0.048054% 0.026611% 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% --------------------- -------------------- -------------------- 0.672753% 0.910193% 0.048054% 0.020388% 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 1 152,768.00 30 Days 0 0.00 30 Days 11 4,825,810.98 60 Days 0 0.00 60 Days 2 1,794,999.99 90 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 120 Days 1 199,400.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 -------------------- ------------------------ 0 0.00 15 6,972,978.97 No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0.000000% 0.000000% 0-29 Days 0.048054% 0.020388% 30 Days 0.000000% 0.000000% 30 Days 0.528592% 0.644030% 60 Days 0.000000% 0.000000% 60 Days 0.096108% 0.239552% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.048054% 0.026611% 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% 0.720807% 0.930581%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 16,095.03
DELINQUENCY STATUS BY GROUP GROUP 1
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 7 3,284,349.61 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 1 199,400.00 120 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 ----------------------- -------------------- -------------------- 8 3,483,749.61 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 0.558214% 0.701106% 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 0.079745% 0.042566% 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% --------------------- -------------------- -------------------- 0.637959% 0.743672% 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 7 3,284,349.61 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 1 199,400.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 -------------------- ------------------------ 0 0.00 8 3,483,749.61 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 0.558214% 0.701106% 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 0.079745% 0.042566% 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% 0.637959% 0.743672%
GROUP 2
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 1 152,768.00 0-29 Days 0 0.00 30 Days 4 1,541,461.37 30 Days 0 0.00 30 Days 0 0.00 60 Days 2 1,794,999.99 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 ----------------------- --------------------- --------------------- 6 3,336,461.36 1 152,768.00 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 0.120919% 0.054393% 0-29 Days 0.000000% 0.000000% 30 Days 0.483676% 0.548832% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.241838% 0.639104% 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% --------------------- -------------------- --------------------- 0.725514% 1.187936% 0.120919% 0.054393% 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 1 152,768.00 30 Days 0 0.00 30 Days 4 1,541,461.37 60 Days 0 0.00 60 Days 2 1,794,999.99 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 7 3,489,229.36 No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0.000000% 0.000000% 0-29 Days 0.120919% 0.054393% 30 Days 0.000000% 0.000000% 30 Days 0.483676% 0.548832% 60 Days 0.000000% 0.000000% 60 Days 0.241838% 0.639104% 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% 0.846433% 1.242328%
COLLATERAL STATEMENT
Collateral Description Mixed Arm Weighted Average Gross Coupon 2.986289% Weighted Average Net Coupon 2.609206% Weighted Average Pass-Through Rate 2.602206% Weighted Average Maturity (Stepdown Calculation) 324 Beginning Scheduled Collateral Loan Count 2,097 Number of Loans Paid in Full 16 Ending Scheduled Collateral Loan Count 2,081 Beginning Scheduled Collateral Balance 754,729,588.66 Ending Scheduled Collateral Balance 749,314,438.22 Ending Actual Collateral Balance at 31-Dec-2003 749,314,819.84 Monthly P&I Constant 1,878,200.39 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 749,314,438.22 Scheduled Principal 0.00 Unscheduled Principal 5,415,150.44 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 2,050,000.00 Overcollateralized Amount 2,050,000.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00 Extra Principal Distribution Amount 0.00 Excess Cash Amount 686,008.00
MISCELLANEOUS REPORTING M-1 Target Amount 736,576,092.77 M-2 Target Amount 745,567,866.03 Senior Target Amount 715,595,288.50 Group 1 - One-Month LIBOR Loans 138,528,817.13 Group 1 - Six-Month LIBOR Loans 329,923,934.85 Group 2 - Six Month LIBOR Loans 280,861,686.24 Applied Loss Amountn 0
GROUP 1 2 TOTAL Collateral Description Mixed ARM 6 Month ARM Mixed ARM Weighted Average Coupon Rate 2.956381 3.036040 2 ###-###-#### Weighted Average Net Rate 2.579531 2.658570 2.609206 Pass-Through Rate 2.572531 2.651570 2.602206 Weighted Average Maturity 318 331 324 Record Date 12/31/2003 12/31/2003 12/31/2003 Principal and Interest Constant 1,161,288.46 716,911.93 1,878,200.39 Beginning Loan Count 1,262 835 2,097 Loans Paid in Full 8 8 16 Ending Loan Count 1,254 827 2,081 Beginning Scheduled Balance 471,368,918.30 283,360,670.36 754,729,588.66 Ending Scheduled Balance 468,452,751.98 280,861,686.24 749,314,438.22 Scheduled Principal 0.00 0.00 0.00 Unscheduled Principal 2,916,166.32 2,498,984.12 5,415,150.44 Scheduled Interest 1,161,288.46 716,911.93 1,878,200.39 Servicing Fee 148,029.51 89,133.44 237,162.95 Master Servicing Fee 2,749.67 1,652.94 4,402.61 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 1,010,509.28 626,125.55 1,636,634.83 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00
