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: NOVEMBER 28, 2003
DISTRIBUTION DATE: DECEMBER 30, 2003
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate
Class Pass-Through Beginning Interest Principal
Class CUSIP Description Rate Certificate Balance Distribution Distribution
- ----------------------------------------------------------------------------------------------------
A 81744AAA6 SEN 1.57000% 609,315,515.91 797,187.79 7,493,006.16
X-1A 81744AAC2 IO 0.90088% 0.00 131,123.51 0.00
X-1B 81744AAD0 IO 1.01781% 0.00 368,663.66 0.00
X-B 81744AAE8 IO 0.46429% 0.00 3,763.09 0.00
A-R 81744AAF5 SEN 3.25132% 0.00 0.00 0.00
B-1 81744AAB4 SUB 2.09000% 9,726,000.00 16,939.45 0.00
B-2 81744AAG3 SUB 2.55429% 5,764,000.00 12,269.12 0.00
B-3 81744AAH1 SUB 2.55429% 3,962,000.00 8,433.42 0.00
B-4 SMT0211B4 SUB 2.55429% 1,801,000.00 3,833.57 0.00
B-5 SMT0211B5 SUB 2.55429% 1,080,000.00 2,298.86 0.00
B-6 SMT0211B6 SUB 2.55429% 2,882,787.00 6,136.23 0.00
- ---------------------------------------------------------------------------------------------------
Totals 634,531,302.91 1,350,648.70 7,493,006.16
- ---------------------------------------------------------------------------------------------------
Current Ending Certificate Total Cumulative
Class Realized Loss Balance Distribution Realized Loss
- ---------------------------------------------------------------------------
A 0.00 601,822,509.75 8,290,193.95 0.00
X-1A 0.00 0.00 131,123.51 0.00
X-1B 0.00 0.00 368,663.66 0.00
X-B 0.00 0.00 3,763.09 0.00
A-R 0.00 0.00 0.00 0.00
B-1 0.00 9,726,000.00 16,939.45 0.00
B-2 0.00 5,764,000.00 12,269.12 0.00
B-3 0.00 3,962,000.00 8,433.42 0.00
B-4 0.00 1,801,000.00 3,833.57 0.00
B-5 0.00 1,080,000.00 2,298.86 0.00
B-6 0.00 2,882,787.00 6,136.23 0.00
- ----------------------------------------------------------------------
Totals 0.00 627,038,296.75 8,843,654.86 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 695,210,000.00 609,315,515.91 0.00 7,493,005.87 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 720,425,887.00 634,531,302.91 0.00 7,493,005.87 0.00
- -----------------------------------------------------------------------------------------------------------------------------
Realized Total Principal Ending Certificate Ending Certificate Total Principal
Class Loss (1) Reduction Balance Percentage Distribution
- -----------------------------------------------------------------------------------------------------------------------------
A 0.00 7,493,006.16 601,822,509.75 0.86567010 7,493,006.16
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 7,493,006.16 627,038,296.75 0.87037169 7,493,006.16
- ----------------------------------------------------------------------------------------------------------------------------
(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 695,210,000.00 876.44814647 0.00000042 10.77804673 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
Realized Total Principal Ending Certificate Ending Certificate Total Principal
Class Loss (3) Reduction Balance Percentage Distribution
- ---------------------------------------------------------------------------------------------------------------------------------
A 0.00000000 10.77804715 865.67009932 0.86567010 10.77804715
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
Beginning Payment of
Certificate/ Current Unpaid Current Non-Supported
Original Face Current Notional Accrued Interest Interest Interest Realized
Class Amount Certificate Rate Balance Interest Shortfall Shortfall Shortfall Loss (4)
- -----------------------------------------------------------------------------------------------------------------------------
A 695,210,000.00 1.57000% 609,315,515.91 797,187.80 0.00 0.00 0.00 0.00
X-1A 0.00 0.90088% 174,660,554.50 131,123.51 0.00 0.00 0.00 0.00
X-1B 0.00 1.01781% 434,654,961.41 368,663.66 0.00 0.00 0.00 0.00
X-B 0.00 0.46429% 9,726,000.00 3,763.09 0.00 0.00 0.00 0.00
A-R 100.00 3.25132% 0.00 0.00 0.00 0.00 0.00 0.00
B-1 9,726,000.00 2.09000% 9,726,000.00 16,939.45 0.00 0.00 0.00 0.00
B-2 5,764,000.00 2.55429% 5,764,000.00 12,269.12 0.00 0.00 0.00 0.00
B-3 3,962,000.00 2.55429% 3,962,000.00 8,433.42 0.00 0.00 0.00 0.00
B-4 1,801,000.00 2.55429% 1,801,000.00 3,833.57 0.00 0.00 0.00 0.00
B-5 1,080,000.00 2.55429% 1,080,000.00 2,298.86 0.00 0.00 0.00 0.00
B-6 2,882,787.00 2.55429% 2,882,787.00 6,136.23 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
Totals 720,425,887.00 1,350,648.71 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notational
Class Distribution Shortfall Balance
- ----------------------------------------------------
A 797,187.79 0.00 601,822,509.75
X-1A 131,123.51 0.00 173,427,817.04
X-1B 368,663.66 0.00 428,394,692.71
X-B 3,763.09 0.00 9,726,000.00
A-R 0.00 0.00 0.00
B-1 16,939.45 0.00 9,726,000.00
B-2 12,269.12 0.00 5,764,000.00
B-3 8,433.42 0.00 3,962,000.00
B-4 3,833.57 0.00 1,801,000.00
B-5 2,298.86 0.00 1,080,000.00
B-6 6,136.23 0.00 2,882,787.00
- ----------------------------------------------------
Totals 1,350,648.70 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
Beginning Payment of
Certificate/ Current Unpaid Current Non-Supported
Class Original Face Current Notional Accrued Interest Interest Interest Realized
(5) Amount Certificate Rate Balance Interest Shortfall Shortfall Shortfall Loss (6)
- ------------------------------------------------------------------------------------------------------------------------------
A 695,210,000.00 1.57000% 876.44814647 1.14668632 0.00000000 0.00000000 0.00000001 0.00000000
X-1A 0.00 0.90088% 910.82232898 0.68378473 0.00000000 0.00000000 0.00000000 0.00000000
X-1B 0.00 1.01781% 863.35534121 0.73227679 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.46429% 1000.00000000 0.38691034 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 3.25132% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 9,726,000.00 2.09000% 1000.00000000 1.74166667 0.00000000 0.00000000 0.00000000 0.00000000
B-2 5,726,000.00 2.55429% 1000.00000000 2.12857738 0.00000000 0.00000000 0.00000000 0.00000000
B-3 3,962,000.00 2.55429% 1000.00000000 2.12857648 0.00000000 0.00000000 0.00000000 0.00000000
B-4 1,801,000.00 2.55429% 1000.00000000 2.12857857 0.00000000 0.00000000 0.00000000 0.00000000
B-5 1,080,000.00 2.55429% 1000.00000000 2.12857407 0.00000000 0.00000000 0.00000000 0.00000000
B-6 2,882,787.00 2.55429% 1000.00000000 2.12857558 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Ending
Unpaid Certificate/
Class Total Interest Interest Notational
(5) Distribution Shortfall Balance
- ---------------------------------------------------
A 1.14668631 0.00000000 865.67009932
X-1A 0.68378473 0.00000000 904.39383224
X-1B 0.73227679 0.00000000 850.92056673
X-B 0.38691034 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000
B-1 1.74166667 0.00000000 1000.00000000
B-2 2.12857738 0.00000000 1000.00000000
B-3 2.12857648 0.00000000 1000.00000000
B-4 2.12857857 0.00000000 1000.00000000
B-5 2.12857407 0.00000000 1000.00000000
B-6 2.12857558 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 9,038,691.73
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 4,252.60
Realized Losses 0.00
Prepayment Penalties 0.00
------------
Total Deposits 9,042,944.33
Withdrawals
Reimbursement for Servicer Advances 4,164.15
Payment of Service Fee 195,125.32
Payment of Interest and Principal 8,843,654.86
------------
Total Withdrawals (Pool Distribution Amount) 9,042,944.33
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 191,423.89
Master Servicing Fee 3,701.43
Supported Prepayment/Curtailment Interest Shortfall 0.00
------------
Net Servicing Fee 195,125.32
============
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 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 1 42,451.91 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 1 1,998,789.74 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
--------- ------------ ------- ---------- -------- ----------
2 2,041,241.65 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 0.055494% 0.006770% 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 0.055494% 0.318768% 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%
--------- ---------- -------- --------- -------- ----------
0.110988% 0.325539% 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 1 42,451.91
60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 1 1,998,789.74
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 2 2,041,241.65
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 0.055494% 0.006770%
60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.055494% 0.318768%
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% 0.110988% 0.325539%
--------- --------- --------- ---------
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties Periodic Advance 4,252.60
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 4.02141099% 95.978589% 0.000000%
Class X-1-A 25,215,787.00 3.50012228% 25,215,787.00 4.02141099% 0.000000% 0.000000%
Class X-1-B 25,215,787.00 3.50012228% 25,215,787.00 4.02141099% 0.000000% 0.000000%
Class B-1 15,489,787.00 2.15008751% 15,489,789.00 2.47030956% 1.551101% 38.571075%
Class B-2 9,725,787.00 1.35000521% 9,725,787.00 1.55106746% 0.919242% 22.858696%
Class B-3 5,763,787.00 0.80005273% 5,763,787.00 0.91920813% 0.631859% 15.712379%
Class B-4 3,962,787.00 0.55006172% 3,962,787.00 0.63198484% 0.287223% 7.142351%
Class B-5 2,882,787.00 0.40015039% 2,882,787.00 0.45974656% 0.172238% 4.283031%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.459747% 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 0.01909836%
Fraud 21,612,777.00 3.00000005% 12,860,062.83 2.05092143%
Special Hazard 11,600,000.00 1.61015869% 11,600,000.00 1.84996675%
Limit of subordinate's exposure to certain types of losses
COLLATERAL STATEMENT
Collateral Description Mixed ARM
Weighted Average Gross Coupon 2.923305%
Weighted Average Net Coupon 2.561292%
Weighted Average Pass-Through Rate 2.554292%
Weighted Average Maturity (Stepdown Calculation) 313
Beginning Scheduled Collateral Loan Count 1,823
Number of Loans Paid in Full 21
Ending Scheduled Collateral Loan Count 1,802
Beginning Scheduled Collateral Balance 634,531,302.91
Ending Scheduled Collateral Balance 627,038,296.75
Ending Actual Collateral Balance at 28-Nov-2003 627,035,026.22
Monthly P&I Constant 1,545,774.32
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realization Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 8,290,193.96
Ending Scheduled Balance for Premium Loans 627,038,296.75
Scheduled Principal 0.00
Unscheduled Principal 7,493,005.87
MISCELLANEOUS REPORTING
Pro Rata Senior Percentage 96.026077%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
One Month LIBOR Loan Balance 180,694,276.54
Six Month LIBOR Loan Balance 446,344,020.21