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) : December 26, 2002
CHEC FUNDING LLC, (as depositor under the Pooling and Servicing Agreement,
dated August 1, 2002 providing for the issuance of Centex Home Equity Loan Trust
2002-C.
CHEC FUNDING LLC
(Exact name of registrant as specified in its charter)
Delaware 333-69800-03 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-C (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 December 26, 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 December 26, 2002
as Exhibit 99.1.
-2-
<page>
CHEC FUNDING LLC
Centex Home Equity Loan Trust 2002-C
- -------------------------------------------------------------------------------
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: December 27, 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
December 26, 2002
-4-
Exhibit 99.1
Statement to Certificateholders
December 26, 2002
-5-
<page>
<table>
Centex Home Equity Loan Trust 2002-C
STATEMENT TO CERTIFICATEHOLDERS
December 26, 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 69,000,000.00 63,258,314.12 2,696,175.91 125,989.48 2,822,165.39 0.00 0.00 60,562,138.21
AF_2 18,000,000.00 18,000,000.00 0.00 43,050.00 43,050.00 0.00 0.00 18,000,000.00
AF_3 40,000,000.00 40,000,000.00 0.00 118,666.67 118,666.67 0.00 0.00 40,000,000.00
AF_4 60,800,000.00 60,800,000.00 0.00 226,986.67 226,986.67 0.00 0.00 60,800,000.00
AF_5 5,800,000.00 5,800,000.00 0.00 23,731.67 23,731.67 0.00 0.00 5,800,000.00
AF_6 21,000,000.00 21,000,000.00 0.00 78,750.00 78,750.00 0.00 0.00 21,000,000.00
AV 263,900,000.00 251,546,198.86 5,265,934.73 363,903.50 5,629,838.23 0.00 0.00 246,280,264.13
M_1 42,050,000.00 42,050,000.00 0.00 73,505.74 73,505.74 0.00 0.00 42,050,000.00
M_2 26,100,000.00 26,100,000.00 0.00 56,861.75 56,861.75 0.00 0.00 26,100,000.00
B_1 26,100,000.00 26,100,000.00 0.00 73,718.00 73,718.00 0.00 0.00 26,100,000.00
B_2 7,250,000.00 7,250,000.00 0.00 22,037.99 22,037.99 0.00 0.00 7,250,000.00
R_1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 580,000,000.00 561,904,512.98 7,962,110.64 1,207,201.47 9,169,312.11 0.00 0.00 553,942,402.34
AIO_I 90,000,000.00 77,879,000.00 0.00 389,395.00 389,395.00 0.00 0.00 72,866,000.00
AIO_II 120,000,000.00 90,155,000.00 0.00 450,775.00 450,775.00 0.00 0.00 71,756,000.00
X_IO 7,243.94 561,904,512.98 0.00 2,273,770.87 2,273,770.87 0.00 0.00 553,942,402.34
- ---------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------- ------------------------
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_1 152314FJ4 916.78716116 39.07501319 1.82593449 40.90094768 877.71214797 AF_1 2.390000 %
AF_2 152314FK1 1,000.00000000 0.00000000 2.39166667 2.39166667 1,000.00000000 AF_2 2.870000 %
AF_3 152314FL9 1,000.00000000 0.00000000 2.96666675 2.96666675 1,000.00000000 AF_3 3.560000 %
AF_4 152314FM7 1,000.00000000 0.00000000 3.73333339 3.73333339 1,000.00000000 AF_4 4.480000 %
AF_5 152314FN5 1,000.00000000 0.00000000 4.09166724 4.09166724 1,000.00000000 AF_5 4.910000 %
AF_6 152314FP0 1,000.00000000 0.00000000 3.75000000 3.75000000 1,000.00000000 AF_6 4.500000 %
AV 152314 FR6 953.18756673 19.95428090 1.37894468 21.33322558 933.23328583 AV 1.680000 %
M_1 152314 FS4 1,000.00000000 0.00000000 1.74805565 1.74805565 1,000.00000000 M_1 2.030000 %
M_2 152314 FT2 1,000.00000000 0.00000000 2.17861111 2.17861111 1,000.00000000 M_2 2.530000 %
B_1 152314 FU9 1,000.00000000 0.00000000 2.82444444 2.82444444 1,000.00000000 B_1 3.280000 %
B_2 152314 FV7 1,000.00000000 0.00000000 3.03972276 3.03972276 1,000.00000000 B_2 3.530000 %
TOTALS 968.80088445 13.72777697 2.08138184 15.80915881 955.07310748
AIO_I N/A 865.32222222 0.00000000 4.32661111 4.32661111 809.62222222 AIO_I 6.000000 %
AIO_II N/A 751.29166667 0.00000000 3.75645833 3.75645833 597.96666667 AIO_II 6.000000 %
X_IO N/A ## 0.00000000 ## ## ## 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
4 New York Plaza, 6th floor
New York, New York 10004
Tel: (212) 623-4484
Fax: (212) 623-5930
Email: Sora.jun@chase.com
---------------------------------------
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.
-6-
<page>
Centex Home Equity Loan Trust 2002-C
STATEMENT TO CERTIFICATEHOLDERS
December 26, 2002
--------------------------
Sec. 7.09(ii) Distributions Allocable to Principal
Group I
Scheduled Monthly Payments 230,066.05
Curtailments 90,939.58
Prepayments in Full 2,375,170.28
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Group II
Scheduled Monthly Payments 178,546.67
Curtailments 14,941.75
Prepayments in Full 5,072,446.31
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Subordination Increase Amount 0.00
Excess Overcollateralization Amount 0.00
Sec. 7.09(iv) Class Interest Carryover Shortfall
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 AV 0.00
Class M-1 0.00
Class M-2 0.00
Class B-1 0.00
Class B-2 0.00
Sec. 7.09(v) Class Principal Carryover Shortfall
Subordinate Certificates
Class M-1 0.00
Class M-2 0.00
Class B-1 0.00
Class B-2 0.00
Sec. 7.09(vi) Aggregate Loan Balance of Each Group
Group I Beginning Aggregate Loan Balance 208,858,314.12
Group I Ending Aggregate Loan Balance 206,162,138.21
Group II Beginning Aggregate Loan Balance 353,046,198.86
Group II Ending Aggregate Loan Balance 347,780,264.13
Sec. 7.09(vii) Overcollateralization
Total Overcollateralization Amount 0.00
Total Required Overcollateralization Amount 0.00
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 9.5472 %
Group II 9.0394 %
Sec. 7.09(xi) Monthly Remittance Amount
Group I 4,358,351.94
Group II 7,925,888.78
Sec. 7.09(xiii) Weighted Average Gross Margin - Group II Loans 9.0650 %
Sec. 7.09(xiv) Largest Loan Balance
Group I 650,290.42
Group II 598,670.98
Sec. 7.09(xv) Basic Principal Amount
Group I 2,696,175.91
Group II 5,265,934.73
Sec. 7.09(xvi) Net Wac Cap Carryover Paid
Group I 0.00
Group II 0.00
Sec. 7.09(xvi) Remaining Net Wac Cap Carryover
Group I 0.00
Group II 0.00
Sec. 7.09(xviii) Net Wac Cap
Group I 7.31 %
Group II 7.27 %
Sec. 7.09(xix) Applied Realized Loss Amounts
Subordinate Certificates
Class M-1 0.00
Class M-2 0.00
Class B-1 0.00
Class B-2 0.00
Sec. 7.09(xx) Stepdown Date Has Not Occurred
Sec. 7.09(b)(i) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies)
Group 1
Principal
Category Number Balance Percentage
1 Month 56 2,652,956.90 1.29 %
2 Month 21 889,814.84 0.43 %
3 Month 13 755,100.24 0.37 %
Total 90 4,297,871.98 2.09 %
Group 2
Principal
Category Number Balance Percentage
1 Month 80 7,410,968.22 2.13 %
2 Month 29 2,282,196.62 0.66 %
3 Month 17 1,788,095.15 0.51 %
Total 126 11,481,259.99 3.30 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 136 10,063,925.12 1.82 %
2 Month 50 3,172,011.46 0.57 %
3 Month 30 2,543,195.39 0.46 %
Total 216 15,779,131.97 2.85 %
Sec. 7.09(b)(ii) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
1 38,770.13 0.02 %
Group 2
Principal
Number Balance Percentage
3 225,921.74 0.06 %
Group Totals
Principal
Number Balance Percentage
4 264,691.87 0.05 %
Sec. 7.09(b)(iii) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
13 649,842.31 0.32 %
Group 2
Principal
Number Balance Percentage
20 2,214,915.22 0.64 %
Group Totals
Principal
Number Balance Percentage
33 2,864,757.53 0.52 %
Sec. 7.09(b)(iii) Balloon Loans
Number of Balloon Loans 190.00
Balance of Balloon Loans 13,066,392.54
Sec. 7.09(b)(iv) Number and Aggregate Principal Amounts of REO Loans
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 7.09(b)(v) Book Value of REO Loans
Group I 0.00
Group II 0.00
Sec. 7.09(b)(vi) Realized Losses
Group I
Monthly Realized Losses 0.00
Cumulative Realized Losses 0.00
Group II
Monthly Realized Losses 0.00
Cumulative Realized Losses 0.00
Sec. 7.09(b)(vii) Net Liquidation Proceeds
Group I 0.00
Group II 0.00
Sec. 7.09(b)(viii) 60+ Delinquency Percentage (Rolling Three Month) 0.7238 %
Sec. 7.09(b)(ix) Cumulative Loss Percentage
Cumulative Realized Losses Since Cut-Off Date 0.00
Aggregate Loan Balance as of the Cut-Off Date 580,007,243.94
Cumulative Loss Percentage 0.00 %
Sec. 7.09(b)(x) Has a Trigger Event Occurred? NO
1-Month LIBOR for Current Distribution Date 1.3800 %