UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) : September 25, 2002
CHEC FUNDING LLC, (as depositor under the Pooling and Servicing Agreement,
dated March 1, 2002 providing for the issuance of Centex Home Equity Loan Trust
2002-B.
CHEC FUNDING LLC
(Exact name of registrant as specified in its charter)
Delaware 333-69800-02 76-2851805
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
2728 North Harwood
Dallas, Texas 75201
(Address pof principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (214) 981-6811
N/A
(Former name or former address, if changed since last report.)
<page>
Item 5. Other Events.
This report and the attached exhibit is being filed pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities Exchange Act of 1934, as amended, with respect to the Registrant's
Centex Home Equity Loan Trust 2002-B (the "Certificates").
The Certificates were issued, and this report and exhibit is being filed,
pursuant to the terms of the Pooling and Servicing Agreement, dated as of March
1, 2002 ( the "Agreement"), among CHEC Funding, LLC, as Depositor, Centex Home
Equity Company, LLC, as Seller, Harwood Street Funding II LLC, as Conduit
Seller, Centex Home Equity Company, LLC, as Servicer, and JPMorgan Chase Bank,
as Trustee. On September 25, 2002 distributions were made to the
Certificateholders. Specific information with respect to these distributions is
filed as Exhibit 99.1. No other reportable transactions or matters have occurred
during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on September 25, 2002
as Exhibit 99.1.
-2-
<page>
CHEC FUNDING LLC
Centex Home Equity Loan Trust 2002-B
- -------------------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
JPMorgan Chase Bank,
not in its individual capacity but solely
as Trustee under the
Agreement referred to herein
Date: October 1, 2002 By: /s/ Mark W. McDermott
--------------------------------------------
Mark W. McDermott
Assistant Vice President
-3-
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
September 25, 2002
-4-
Exhibit 99.1
Statement to Certificateholders
September 25, 2002
-5-
<page>
<table>
Centex Home Equity Loan Trust 2002-B
STATEMENT TO CERTIFICATEHOLDERS
September 25, 2002
<s> <c> <c>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
AF_1 54,800,000.00 47,942,592.21 2,539,684.71 143,028.73 2,682,713.44 0.00 0.00 45,402,907.50
AF_2 31,000,000.00 31,000,000.00 0.00 115,914.17 115,914.17 0.00 0.00 31,000,000.00
AF_3 25,000,000.00 25,000,000.00 0.00 106,708.33 106,708.33 0.00 0.00 25,000,000.00
AF_4 31,800,000.00 31,800,000.00 0.00 156,244.00 156,244.00 0.00 0.00 31,800,000.00
AF_5 5,000,000.00 5,000,000.00 0.00 26,391.67 26,391.67 0.00 0.00 5,000,000.00
AF_6 16,317,000.00 16,317,000.00 0.00 80,361.23 80,361.23 0.00 0.00 16,317,000.00
MF_1 10,423,000.00 10,423,000.00 0.00 55,745.68 55,745.68 0.00 0.00 10,423,000.00
MF_2 9,000,000.00 9,000,000.00 0.00 51,705.00 51,705.00 0.00 0.00 9,000,000.00
BF 6,160,000.00 6,160,000.00 0.00 36,508.27 36,508.27 0.00 0.00 6,160,000.00
AV 191,470,000.00 180,285,683.03 4,996,223.48 310,992.80 5,307,216.28 0.00 0.00 175,289,459.55
MV_1 17,512,000.00 17,512,000.00 0.00 36,045.53 36,045.53 0.00 0.00 17,512,000.00
MV_2 12,843,000.00 12,843,000.00 0.00 31,679.40 31,679.40 0.00 0.00 12,843,000.00
BV 11,675,000.00 11,673,201.21 0.00 35,797.82 35,797.82 0.00 0.00 11,673,201.21
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 423,000,000.00 404,956,476.45 7,535,908.19 1,187,122.63 8,723,030.82 0.00 0.00 397,420,568.26
AIO_1 48,000,000.00 35,000,000.00 0.00 175,000.00 175,000.00 0.00 0.00 33,000,000.00
AIO_2 56,000,000.00 43,000,000.00 0.00 215,000.00 215,000.00 0.00 0.00 40,000,000.00
X_IO 9,998.46 9,998.46 0.00 14.37 14.37 0.00 0.00 9,998.46
- ---------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------- ------------------------
FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
- --------------------------------------------------------------------------------------------------------- ------------------------
CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- --------------------------------------------------------------------------------------------------------- ------------------------
AF_2 152314EV8 1,000.00000000 0.00000000 3.73916677 3.73916677 1,000.00000000 AF_2 4.487000 %
AF_3 152314EW6 1,000.00000000 0.00000000 4.26833320 4.26833320 1,000.00000000 AF_3 5.122000 %
AF_4 152314EX4 1,000.00000000 0.00000000 4.91333333 4.91333333 1,000.00000000 AF_4 5.896000 %
AF_5 152314EY2 1,000.00000000 0.00000000 5.27833400 5.27833400 1,000.00000000 AF_5 6.334000 %
AF_6 152314EZ9 1,000.00000000 0.00000000 4.92500031 4.92500031 1,000.00000000 AF_6 5.910000 %
MF_1 152314FA3 1,000.00000000 0.00000000 5.34833349 5.34833349 1,000.00000000 MF_1 6.418000 %
MF_2 152314FB1 1,000.00000000 0.00000000 5.74500000 5.74500000 1,000.00000000 MF_2 6.894000 %
BF 152314FC9 1,000.00000000 0.00000000 5.92666721 5.92666721 1,000.00000000 BF 7.112000 %
AV 152314FD7 941.58710519 26.09402768 1.62423774 27.71826542 915.49307751 AV 2.070000 %
MV_1 152314FE5 1,000.00000000 0.00000000 2.05833314 2.05833314 1,000.00000000 MV_1 2.470000 %
MV_2 152314FF2 1,000.00000000 0.00000000 2.46666667 2.46666667 1,000.00000000 MV_2 2.960000 %
BV 152314FG0 999.84592805 0.00000000 3.06619443 3.06619443 999.84592805 BV 3.680000 %
TOTALS 957.34391596 17.81538579 2.80643648 20.62182227 939.52853017
AIO_1 N/A 729.16666667 0.00000000 3.64583333 3.64583333 687.50000000 AIO_1 6.000000 %
AIO_2 N/A 767.85714286 0.00000000 3.83928571 3.83928571 714.28571429 AIO_2 6.000000 %
X_IO N/A 1,000.00000000 0.00000000 1.43722133 1.43722133 1,000.00000000 X_IO 0.000000 %
- -------------------------------------------------------------------------------------------------------- ------------------------
If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
Sora Jun
JPMorgan Chase Bank - Structured Finance Services
450 W. 33rd Street, 8th Floor,
New York, New York 10001
Tel: (212) 946-3669
Fax: (212) 946-3916
Email: Sora.jun@chase.com
---------------------------------------
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.
-6-
<page>
Centex Home Equity Loan Trust 2002-B
STATEMENT TO CERTIFICATEHOLDERS
September 25, 2002
Sec. 7.09(ii) Distributions Allocable to Principal
Group I
Scheduled Monthly Payments 201,894.42
Curtailments 32,407.13
Prepayments in Full 1,905,740.75
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Subordination Increase Amount 399,642.41
Excess Overcollateralization Amount 0.00
Group II
Scheduled Monthly Payments 119,233.58
Curtailments 24,856.43
Prepayments in Full 3,837,187.41
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Subordination Increase Amount 1,014,946.06
Excess Overcollateralization Amount 0.00
Sec. 7.09(iv) Class Interest Carryover Shortfall
Group I Certificates
Class AF-1 0.00
Class AF-2 0.00
Class AF-3 0.00
Class AF-4 0.00
Class AF-5 0.00
Class AF-6 0.00
Class MF-1 0.00
Class MF-2 0.00
Class BF 0.00
Group II Certificates
Class AV 0.00
Class MV-1 0.00
Class MV-2 0.00
Class BV 0.00
Sec. 7.09(v) Class Principal Carryover Shortfall
Group I Certificates
Class AF-1 0.00
Class AF-2 0.00
Class AF-3 0.00
Class AF-4 0.00
Class AF-5 0.00
Class AF-6 0.00
Class MF-1 0.00
Class MF-2 0.00
Class BF 0.00
Group II Certificates
Class AV 0.00
Class MV-1 0.00
Class MV-2 0.00
Class BV 0.00
Sec. 7.09(vi) Aggregate Loan Balance of Each Group
Group I Beginning Aggregate Loan Balance 182,642,592.21
Group I Ending Aggregate Loan Balance 180,502,549.91
Group II Beginning Aggregate Loan Balance 222,313,884.24
Group II Ending Aggregate Loan Balance 218,332,606.82
Sec. 7.09(vii) Overcollateralization
Group I Overcollateralization Amount 399,642.41
Group I Required Overcollateralization Amount 3,316,397.08
Group II Overcollateralization Amount 1,014,946.06
Group II Required Overcollateralization Amount 4,670,031.88
Sec. 7.09(viii) Internal Revenue Code Section 6049(d)(7)(C) Market Discount Information
Sec. 7.09(ix) Substitution Amounts
Group I 0.00
Group II 0.00
Sec. 7.09(ix) Loan Purchase Price Amounts
Group I 0.00
Group II 0.00
Sec. 7.09(x) Weighted Average Net Coupon Rate
Group I 8.8517 %
Group II 8.8764 %
-7-
<page>
Centex Home Equity Loan Trust 2002-B
STATEMENT TO CERTIFICATEHOLDERS
September 25, 2002
Sec. 7.09(xi) Monthly Interest Amount
Group I 1,347,749.49
Group II 1,644,961.61
Sec. 7.09(xiii) Weighted Average Gross Margin - Group II Loans 8.7776 %
Sec. 7.09(xiv) Largest Loan Balance
Group I 526,843.06
Group II 524,798.11
Sec. 7.09(xv) Basic Principal Amount
Group I 2,140,042.30
Group II 3,981,277.42
Sec. 7.09(xvi) Net Wac Cap Carryover
Group I 0.00
Group II 0.00
Sec. 7.09(xvi) Net Wac Cap
Group I 7.70 %
Group II 7.72 %
Sec. 7.09(xix) Applied Realized Loss Amounts
Group I 0.00
Class MF-1 0.00
Class MF-2 0.00
Class BF 0.00
Group II 0.00
Class MV-1 0.00
Class MV-2 0.00
Class BV 0.00
Sec. 7.09(b)(i) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies)
Group 1
-----------------------------------------------
Category Number Principal Balance Percentage
1 Month 43 1,950,545.16 1.08 %
2 Month 21 1,097,118.63 0.61 %
3 Month 11 543,865.30 0.30 %
Total 75 3,591,529.09 1.99 %
Group 2
-----------------------------------------------
Category Number Principal Balance Percentage
1 Month 49 3,508,743.52 1.61 %
2 Month 14 1,323,030.92 0.61 %
3 Month 13 1,179,153.69 0.54 %
Total 76 6,010,928.13 2.76 %
Group Totals
-----------------------------------------------
Category Number Principal Balance Percentage
1 Month 92 5,459,288.68 1.37 %
2 Month 35 2,420,149.55 0.61 %
3 Month 24 1,723,018.99 0.43 %
Total 151 9,602,457.22 2.41 %
Sec. 7.09(b)(ii) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
5 140,811.36 0.08 %
Group 2
Number Principal Balance Percentage
6 528,255.16 0.24 %
Group Totals
Number Principal Balance Percentage
11 669,066.52 0.17 %
Sec. 7.09(b)(iii Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Number Principal Balance Percentage
11 586,770.69 0.33 %
Group 2
Number Principal Balance Percentage
18 1,742,504.28 0.80 %
Group Totals
Number Principal Balance Percentage
29 2,329,274.97 0.58 %
-8-
<page>
Centex Home Equity Loan Trust 2002-B
STATEMENT TO CERTIFICATEHOLDERS
September 25, 2002
Sec. 7.09(b)(iii Balloon Loans
Number of Balloon Loans 177.00
Balance of Balloon Loans 13,411,865.36
Sec. 7.09(b)(iv) Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00 %
Group 2
Number Principal Balance Percentage
2 384,750.00 0.18 %
Group Totals
Number Principal Balance Percentage
2 384,750.00 0.10 %
Sec. 7.09(b)(v) Book Value of REO Loans
Group I 0.00
Group II 384,750.00
Sec. 7.09(b)(vi) Realized Losses
Group I
Monthly Realized Losses 0.00
Cumulative Realized Losses 5.00
Group II
Monthly Realized Losses 0.00
Cumulative Realized Losses 1,798.79
Sec. 7.09(b)(vii Net Liquidation Proceeds
Group I 0.00
Group II 0.00
Sec. 7.09(b)(vii 60+ Delinquency Percentage (Rolling Three Month)
Group I 0.56 %
Group II 1.20 %
Sec. 7.09(b)(ix) Cumulative Loss Percentage
Group I 0.00 %
Group II 0.00 %
Sec. 7.09(b)(x) Has a Trigger Event Occurred?
Group I NO
Group II NO
1-Month LIBOR for Current Distribution Date 1.81 %