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: JUNE 30, 2003
DISTRIBUTION DATE: JULY 21, 2003
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal Current
Class CUSIP Description Rate Balance Distribution Distribution Realized Loss
- ------- --------- ----------- ------------ -------------- ------------- ------------ -------------
A 81744AAA6 SEN 1.55375% 656,559,969.64 850,180.37 8,851,681.73 0.00
X-1A 81744AAC2 IO 1.15011% 0.00 177,877.98 0.00 0.00
X-1B 81744AAD0 IO 1.28992% 0.00 506,277.66 0.00 0.00
X-B 81744AAE8 IO 0.73040% 0.00 5,941.12 0.00 0.00
A-R 81744AAF5 SEN 3.25480% 0.00 0.00 0.00 0.00
B-1 81744AAB4 SUB 2.07375% 9,726,000.00 16,807.74 0.00 0.00
B-2 81744AAG3 SUB 2.80415% 5,764,000.00 13,469.26 0.00 0.00
B-3 81744AAH1 SUB 2.80415% 3,962,000.00 9,258.36 0.00 0.00
B-4 SMT0211B4 SUB 2.80415% 1,801,000.00 4,208.56 0.00 0.00
B-5 SMT0211B5 SUB 2.80415% 1,080,000.00 2,523.73 0.00 0.00
B-6 SMT0211B6 SUB 2.80415% 2,882,787.00 6,736.47 0.00 0.00
--------- --- ------- -------------- ------------ ------------ ----
Totals 681,775,756.64 1,593,209.25 8,851,681.73 0.00
Ending
Certificate Total Cumulative
Balance Distribution Realized Loss
-------------- ------------- -------------
A 647,708,287.91 9,701,790.10 0.00
X-1A 0.00 177,877.98 0.00
X-1B 0.00 506,277.66 0.00
X-B 0.00 5,941.12 0.00
A-R 0.00 0.00 0.00
B-1 9,726,000.00 16,807.74 0.00
B-2 5,764,000.00 13,469.26 0.00
B-3 3,962,000.00 9,258.36 0.00
B-4 1,801,000.00 4,208.56 0.00
B-5 1,080,000.00 2,523.73 0.00
B-6 2,882,787.00 6,736.47 0.00
-------------- ------------- ----
Totals 672,924,074.91 10,444,890.98 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 Ending
Original Face Certificate Principal Principal Realized Principal Certificate
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance
----- -------------- -------------- ------------ ------------ --------- -------- ------------ --------------
A 695,210,000.00 656,599,969.64 0.00 8,851,681.73 0.00 0.00 8,851,681.73 647,708,287.91
X-1A 0.00 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 0.00
X-B 0.00 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 0.00
B-1 9,726,000.00 9,726,000.00 0.00 0.00 0.00 0.00 0.00 9,726,000.00
B-2 5,726,000.00 5,764,000.00 0.00 0.00 0.00 0.00 0.00 5,764,000.00
B-3 3,962,000.00 3,962,000.00 0.00 0.00 0.00 0.00 0.00 3,962,000.00
B-4 1,801,000.00 1,801,000.00 0.00 0.00 0.00 0.00 0.00 1,801,000.00
B-5 1,080,000.00 1,080,000.00 0.00 0.00 0.00 0.00 0.00 1,080,000.00
B-6 2,882,787.00 2,882,787.00 0.00 0.00 0.00 0.00 0.00 2,882,787.00
-------------- -------------- ---- ------------ ---- ---- ------------ --------------
Totals 720,425,887.00 681,775,756.64 0.00 8,851,681.73 0.00 0.00 8,851,681.73 672,924,074.91
Ending
Certificate Total Principal
Percentage Distribution
----------- ---------------
A 0.93167286 8,851,681.73
X-1A 0.00000000 0.00
X-1B 0.00000000 0.00
X-B 0.00000000 0.00
A-R 0.00000000 0.00
B-1 1.00000000 0.00
B-2 1.00000000 0.00
B-3 1.00000000 0.00
B-4 1.00000000 0.00
B-5 1.00000000 0.00
B-6 1.00000000 0.00
---------- ------------
Totals 0.93406426 8,851,681.73
(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 695,210,000.00 944.40524394 0.00000000 12.73238551 0.00000000 0.00000000 12.73238551
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
Balance Percentage Distribution
------------- ----------- ---------------
A 931.67285843 0.93167286 12.73238551
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
Payment of Non-
Current Beginning Current Unpaid Current Supported
Original Face Certificate Certificate/ Accrued Interest Interest Interest
Class Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall
----- -------------- --------------- ---------------- ---------- ---------- --------- ------------
A 695,210,000.00 1.55375% 656,559,969.64 850,108.38 0.00 0.00 0.00
X-1A 0.00 1.15011% 185,587,909.79 177,872.45 0.00 0.00 0.00
X-1B 0.00 1.28992% 470,972,059.85 506,261.94 0.00 0.00 0.00
X-B 0.00 0.73040% 9,726,000.00 5,919.88 0.00 0.00 0.00
A-R 100.00 3.25480% 0.00 0.00 0.00 0.00 0.00
B-1 9,726,000.00 2.07375% 9,726,000.00 16,807.74 0.00 0.00 0.00
B-2 5,764,000.00 2.80415% 5,764,000.00 13,469.26 0.00 0.00 0.00
B-3 3,962,000.00 2.80415% 3,962,000.00 9,258.36 0.00 0.00 0.00
B-4 1,801,000.00 2.80415% 1,801,000.00 4,208.56 0.00 0.00 0.00
B-5 1,080,000.00 2.80415% 1,080,000.00 2,523.73 0.00 0.00 0.00
B-6 2,882,787.00 2.80415% 2,882,787.00 6,736.47 0.00 0.00 0.00
-------------- --------------- -------------- ------------ ---- ---- ------------
Totals 720,425,887.00 1,593,166.77 0.00 0.00 0.00
Remaining Ending
Unpaid Certificate/
Realized Total Interest Interest Notational
Loss (4) Distribution Shortfall Balance
-------- -------------- --------- --------------
A 0.00 850,108.37 0.00 647,709,287.91
X-1A 0.00 177,877.98 0.00 182,210,675.13
X-1B 0.00 506,277.66 0.00 465,497,612.78
X-B 0.00 5,941.12 0.00 9,726,000.00
A-R 0.00 0.00 0.00 0.00
B-1 0.00 16,807.74 0.00 9,726,000.00
B-2 0.00 13,469.26 0.00 5,764,000.00
B-3 0.00 9,258.36 0.00 3,962,000.00
B-4 0.00 4,208.56 0.00 1,801,000.00
B-5 0.00 2,523.73 0.00 1,080,000.00
B-6 0.00 6,736.47 0.00 2,882,787.00
---- ------------ ---- --------------
Totals 0.00 1,593,209.25 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 Current Unpaid Current Supported
Class Original Face Certificate Certificate/ Accrued Interest Interest Interest
(5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall
- ----- -------------- ----------- ---------------- -------- ---------- --------- ----------
A 695,210,000.00 1.55375% 944.40524394 1.2228 0.00000000 0.00000000 0.00000000
X-1A 0.00 1.15011% 967.80645584 0.9275 0.00000000 0.00000000 0.00000000
X-1B 0.00 1.28992% 935.49200983 1.0055 0.00000000 0.00000000 0.00000000
X-B 0.00 0.73040% 1000.00000000 0.6086 0.00000000 0.00000000 0.00000000
A-R 100.00 3.25480% 0.00000000 0.0000 0.00000000 0.00000000 0.00000000
B-1 9,726,000.00 2.07375% 1000.00000000 1.7281 0.00000000 0.00000000 0.00000000
B-2 5,726,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000
B-3 3,962,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000
B-4 1,801,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000
B-5 1,080,000.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000
B-6 2,882,787.00 2.80415% 1000.00000000 2.3367 0.00000000 0.00000000 0.00000000
Remaining
Unpaid
Realized Total Interest Interest Ending Certificate/
Loss (6) Distribution Shortfall Notational Balance
---------- -------------- ------------ -------------------
A 0.00000000 1.22280803 0.00000000 931.67285843
X-1A 0.00000000 0.92760060 0.00000000 950.19480478
X-1B 0.00000000 1.00561954 0.00000000 924.61811320
X-B 0.00000000 0.61084927 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 1.72812461 0.00000000 1000.00000000
B-2 0.00000000 2.33679042 0.00000000 1000.00000000
B-3 0.00000000 2.33678950 0.00000000 1000.00000000
B-4 0.00000000 2.33679067 0.00000000 1000.00000000
B-5 0.00000000 2.33678704 0.00000000 1000.00000000
B-6 0.00000000 2.33679075 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 10,652,229.34
Liquidations, Insurance Proceeds, Reserve Funds 42.48
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 4,365.78
Realized Losses 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 10,656,637.60
Withdrawals
Reimbursement for Servicer Advances 1,985.13
Payment of Service Fee 209,761.49
Payment of Interest and Principal 10,444,890.98
-------------
Total Withdrawals (Pool Distribution Amount) 10,656,637.60
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 205,784.46
Master Servicing Fee 3,977.03
Supported Prepayment/Curtailment Interest Shortfall 0.00
-------------
Net Servicing Fee 209,761.49
=============
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- --------------------------------- --------- ----------- -------- ---------
Class X-1 Basis Risk Reserve Fund 5,000.00 21.24 21.24 5,000.00
Class X-B Basis Risk Reserve Fund 5,000.00 21.24 21.24 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 1,599,321.87 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 1 123,750.00 150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00
---- ------------ ---- ---- ---- ----------
4 1,723,071.87 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 0.156331% 0.237668% 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 0.052110% 0.018390% 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%
--------- --------- --------- --------- --------- ---------
0.208442% 0.256058% 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 1,599,321.87
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 1 123,750.00
180+ Days 0 0.00 180+ Days 0 0.00
---------------- ---------------------
0 0.00 4 1,723,071.87
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 0.156331% 0.237668%
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 0.052110% 0.018390%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
--------- --------- --------- ---------
0.000000% 0.000000% 0.208442% 0.256058%
Current Period Class A Insufficient Funds: 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 4,365.78
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 3.74719644% 96.252804% 0.000000%
Class B-1 15,489,787.00 2.15008751% 15,489,787.00 2.30186251% 1.445334% 38.571075%
Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.44530228% 0.856560% 22.858696%
Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.85652858% 0.588774% 15.712379%
Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.58889066% 0.267638% 7.142351%
Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.42839707% 0.160494% 4.283031%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.428397% 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 0.01779606%
Fraud 21,612,777.00 3.00000005% 21,612,777.00 3.21177051%
Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.72382003%
Limit of subordinate's exposure to certain types of losses
COLLATERAL STATEMENT
Collateral Description Mixed ARM
- ---------------------- ---------------
Weighted Average Gross Coupon 3.173351%
Weighted Average Net Coupon 2.811148%
Weighted Average Pass-Through Rate 2.804148%
Weighted Average Maturity (Stepdown Calculation) 318
Beginning Scheduled Collateral Loan Count 1,946
Number of Loans Paid in Full 27
Ending Scheduled Collateral Loan Count 1,919
Beginning Scheduled Collateral Balance 681,775,756.64
Ending Scheduled Collateral Balance 672,924,074.91
Ending Actual Collateral Balance at 30-June-2003 672,923,398.73
Monthly P&I Constant 1,802,928.28
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 9,701,790.11
Ending Scheduled Balance for Premium Loans 672,924,074.91
Scheduled Principal 0.00
Unscheduled Principal 8,851,681.73
MISCELLANEOUS REPORTING
Pro Rata Senior Percentage 96.301454%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
One Month LIBOR Loan Balance 189,304,278.31
Six Month LIBOR Loan Balance 483,619,796.60