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

Summary

This document is a distribution summary for certificateholders of the SMT Series 2002-11, administered by Wells Fargo Bank Minnesota, N.A. It details the interest and principal payments made to holders of various classes of certificates as of December 31, 2002, with distributions occurring on January 21, 2003. The summary includes payment rates, balances, and realized losses, as well as compliance with the Pooling and Servicing Agreement. The report is informational and outlines the financial distributions to investors in the securitization trust.

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EX-10.1 3 f87275fexv10w1.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, 2002 DISTRIBUTION DATE: JANUARY 21, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
- ----------------------------------------------------------------------------------------------- Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution - ----------------------------------------------------------------------------------------------- A 81744AAA6 SEN 1.87000% 689,373,021.52 1,074,272.96 X-1A 81744AAC2 IO 1.25240% 0.00 200,041.84 X-1B 81744AAD0 IO 1.48498% 0.00 615,898.95 X-B 81744AAE8 IO 0.90031% 0.00 7,301.03 A-R 81744AAF5 SEN 3.30483% 0.00 0.00 B-1 81744AAB4 SUB 2.39000% 9,726,000.00 19,370.95 B-2 81744AAG3 SUB 3.29031% 5,764,000.00 15,804.46 B-3 81744AAH1 SUB 3.29031% 3,962,000.00 10,863.51 B-4 SMT0211B4 SUB 3.29031% 1,801,000.00 4,938.21 B-5 SMT0211B5 SUB 3.29031% 1,080,000.00 2,961.28 B-6 SMT0211B6 SUB 3.29031% 2,882,787.00 7,904.39 - ----------------------------------------------------------------------------------------------- Totals 714,588,808.52 1,959,357.58 - -----------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------- Current Ending Principal Realized Loss Certificate Total Cumulative Distribution Balance Distribution Realized Loss - ------------------------------------------------------------------------------------- 3,392,472.05 0.00 685,980,549.47 4,466,745.01 0.00 0.00 0.00 0.00 200,041.84 0.00 0.00 0.00 0.00 615,898.95 0.00 0.00 0.00 0.00 7,301.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,726,000.00 19,370.95 0.00 0.00 0.00 5,764,000.00 15,804.46 0.00 0.00 0.00 3,962,000.00 10,863.51 0.00 0.00 0.00 1,801,000.00 4,938.21 0.00 0.00 0.00 1,080,000.00 2,961.28 0.00 0.00 0.00 2,882,787.00 7,904.39 0.00 - ------------------------------------------------------------------------------------- 3,392,472.05 0.00 711,196,336.47 5,351,829.63 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 695,210,000.00 689,373,021.52 42.10 3,392,429.95 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 720,425,887.00 714,588,808.52 42.10 3,392,429.95 0.00 - ---------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------- Total Ending Ending Realized Principal Certificate Certificate Total Principal Loss (1) Reduction Balance Percentage Distribution - --------------------------------------------------------------------------------------- 0.00 3,392,472.05 685,980,549.47 0.98672423 3,392,472.05 0.00 0.00 0.00 0.00000000 0.00 0.00 0.00 0.00 0.00000000 0.00 0.00 0.00 0.00 0.00000000 0.00 0.00 0.00 0.00 0.00000000 0.00 0.00 0.00 9,726,000.00 1.00000000 0.00 0.00 0.00 5,764,000.00 1.00000000 0.00 0.00 0.00 3,962,000.00 1.00000000 0.00 0.00 0.00 1,801,000.00 1.00000000 0.00 0.00 0.00 1,080,000.00 1.00000000 0.00 0.00 0.00 2,882,787.00 1.00000000 0.00 - --------------------------------------------------------------------------------------- 0.00 3,392,472.05 711,196,336.47 0.98718876 3,392,472.05 - ---------------------------------------------------------------------------------------
(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 695,210,000.00 991.60400673 0.00006056 4.87971972 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 1000.00000000 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 Principal Ending Ending Realized Reduction Certificate Certificate Total Principal Loss (3) Balance Percentage Distribution - -------------------------------------------------------------------------------------- 0.00000000 4.87978028 986.72422645 0.98672423 4.87978028 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000 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 1.87000% 689,373,021.52 1,074,272.96 0.00 X-1A 0.00 1.25240% 191,671,304.82 200,040.85 0.00 X-1B 0.00 1.48498% 497,701,716.70 615,895.93 0.00 X-B 0.00 0.90031% 9,726,000.00 7,297.02 0.00 A-R 100.00 3.30483% 0.00 0.00 0.00 B-1 9,726,000.00 2.39000% 9,726,000.00 19,370.95 0.00 B-2 5,764,000.00 3.29031% 5,764,000.00 15,804.46 0.00 B-3 3,962,000.00 3.29031% 3,962,000.00 10,863.51 0.00 B-4 1,801,000.00 3.29031% 1,801,000.00 4,938.21 0.00 B-5 1,080,000.00 3.29031% 1,080,000.00 2,961.28 0.00 B-6 2,882,787.00 3.29031% 2,882,787.00 7,904.39 0.00 - -------------------------------------------------------------------------------------------- Totals 720,425,887.00 1,959,349.56 0.00 - --------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------- Non- Remaining Ending Current Supported Unpaid Certificate/ Interest Interest Realized Total Interest Interest Notational Shortfall Shortfall Loss (4) Distribution Shortfall Balance - ------------------------------------------------------------------------------------- 0.00 0.00 0.00 1,074,272.96 0.00 685,980,549.47 0.00 0.00 0.00 200,041.84 0.00 190,196,078.85 0.00 0.00 0.00 615,898.95 0.00 495,784,470.62 0.00 0.00 0.00 7,301.03 0.00 9,726,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19,370.95 0.00 9,726,000.00 0.00 0.00 0.00 15,804.46 0.00 5,764,000.00 0.00 0.00 0.00 10,863.51 0.00 3,962,000.00 0.00 0.00 0.00 4,938.21 0.00 1,801,000.00 0.00 0.00 0.00 2,961.28 0.00 1,080,000.00 0.00 0.00 0.00 7,904.39 0.00 2,882,787.00 - ------------------------------------------------------------------------------------- 0.00 0.00 0.00 1,959,357.58 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 Class (5) Original Face Certificate Certificate/ Accrued Interest Amount Rate Notional Balance Interest Shortfall - ------------------------------------------------------------------------------------------- A 695,210,000.00 1.87000% 991.60400673 1.54524958 0.00000000 X-1A 0.00 1.25240% 999.53023025 1.04317585 0.00000000 X-1B 0.00 1.48498% 988.58513900 1.22335436 0.00000000 X-B 0.00 0.90031% 1000.00000000 0.75025910 0.00000000 A-R 100.00 3.30483% 0.00000000 0.00000000 0.00000000 B-1 9,726,000.00 2.39000% 1000.00000000 1.99166667 0.00000000 B-2 5,726,000.00 3.29031% 1000.00000000 2.74192575 0.00000000 B-3 3,962,000.00 3.29031% 1000.00000000 2.74192580 0.00000000 B-4 1,801,000.00 3.29031% 1000.00000000 2.74192671 0.00000000 B-5 1,080,000.00 3.29031% 1000.00000000 2.74192593 0.00000000 B-6 2,882,787.00 3.29031% 1000.00000000 2.74192648 0.00000000 - -------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------- Remaining Current Non-Supported Unpaid Interest Interest Realized Total Interest Interest Ending Certificate/ Shortfall Shortfall Loss (6) Distribution Shortfall Notational Balance - --------------------------------------------------------------------------------------------- 0.00000000 0.00000000 0.00000000 1.54524958 0.00000000 986.72422645 0.00000000 0.00000000 0.00000000 1.04318102 0.00000000 991.83720100 0.00000000 0.00000000 0.00000000 1.22336036 0.00000000 984.77691227 0.00000000 0.00000000 0.00000000 0.75067140 0.00000000 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1.99166667 0.00000000 1000.00000000 0.00000000 0.00000000 0.00000000 2.74192575 0.00000000 1000.00000000 0.00000000 0.00000000 0.00000000 2.74192580 0.00000000 1000.00000000 0.00000000 0.00000000 0.00000000 2.74192671 0.00000000 1000.00000000 0.00000000 0.00000000 0.00000000 2.74192593 0.00000000 1000.00000000 0.00000000 0.00000000 0.00000000 2.74192648 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 5,545,279.84 Liquidations, Insurance Proceeds, Reserve Funds 8.02 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 26,462.31 Realized Losses 0.00 Prepayment Penalties 0.00 ------------ Total Deposits 5,571,750.17 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 219,920.54 Payment of Interest and Principal 5,351,829.63 ------------ Total Withdrawals (Pool Distribution Amount) 5,571,750.17 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 215,752.10 Master Servicing Fee 4,168.44 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------ Net Servicing Fee 219,920.54 ============
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - ----------------------------------------------------------------------------------------------------- Class X-1 Basis Risk Reserve Fund 5,000.00 4.01 4.01 5,000.00 Class X-B Basis Risk Reserve Fund 5,000.00 4.01 4.01 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 22 9,330,061.69 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 ------------------------ ----------------------- ----------------------- 22 9,330,061.69 0 0.00 0 0.00 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 30 Days 1.092896% 1.311893% 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% ------------------------ ----------------------- ----------------------- 1.092896% 1.311893% 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 22 9,330,061.69 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 22 9,330,061.69 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 30 Days 1.092896% 1.311893% 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% 1.092896% 1.311893%
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 26,462.31 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 3.54554512% 96.454455% 0.000000% Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.17799027% 1.367555% 38.571075% Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.36752490% 0.810465% 22.858696% Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.81043542% 0.557089% 15.712379% Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.55720014% 0.253235% 7.142351% Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.40534334% 0.151857% 4.283031% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.405343% 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 0.01683839% Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.03893256% Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.63105452%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT
Collateral Description Mixed ARM Weighted Average Gross Coupon 3.659621% Weighted Average Net Coupon 3.297311% Weighted Average Pass-Through Rate 3.290311% Weighted Average Maturity (Stepdown Calculation) 324 Beginning Scheduled Collateral Loan Count 2,020 Number of Loans Paid in Full 7 Ending Scheduled Collateral Loan Count 2,013 Beginning Scheduled Collateral Balance 714,588,808.52 Ending Scheduled Collateral Balance 711,196,336.47 Ending Actual Collateral Balance at 31-Dec-2002 711,190,817.24 Monthly P&I Constant 2,179,312.18 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 4,466,745.01 Ending Scheduled Balance for Premium Loans 711,196,336.47 Scheduled Principal 42.10 Unscheduled Principal 3,392,429.95
MISCELLANEOUS REPORTING One Month LIBOR Loans 197,187,448.82 Six Month LIBOR Loans 514,008,887.65 Pro Rata Senior Percentage 96.471287% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% Remaining Capitalized Interest Balance 0.00 Remaining Prefunding Balance 0.00