UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 2002
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-69800-02
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CHEC FUNDING, LLC
on behalf of itself and the Trust described below with
respect to which it is the depositor
(Exact name of registrant as specified in its charter)
Delaware 76-2851805
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation)
2728 North Harwood
Dallas, Texas 75201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (214) 981-5000
Centex Home Equity Loan Asset-Backed Certificates, Series 2002-B,
issued by Centex Home Equity Loan Trust 2002-B
(Title of each class of securities covered by this Form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
Documents incorporated by reference: None
CHEC FUNDING, LLC
Centex Home Equity Loan Trust 2002-B
Centex Home Equity Loan Asset-Backed Certificates, Series 2002-B
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PART I
Item 1. Business
Not applicable.
Item 2. Properties
Not applicable.
Item 3. Legal Proceedings
The Registrant is not aware of any material legal proceeding with
respect to itself, the Servicer or the Trustee, as related to the Trust.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote or consent of Holders of the Offered
Certificates during the fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
There is currently no established public trading market for the
certificates issued by the Trust.
There are less than 300 participants in the DTC System.
As of December 31, 2002 the total number of such DTC participants
with respect to each class of certificates is set forth below:
Class AF_1 3
Class AF_2 5
Class AF_3 2
Class AF_4 5
Class AF_5 1
Class AF_6 12
Class MF_1 2
Class MF_2 2
Class BF 2
Class AV 5
Class MV_1 1
Class MV_2 1
Class BV 2
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial condition and
Results of Operations
Not applicable.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
There was no change of accountants or disagreement with accountants on
any matter of accounting principles or practices or financial disclosure.
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PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The certificates are represented by one or more certificates registered in
the name of Cede & Co., the nominee of The Depository Trust Company. A
beneficial owner of certificates is not entitled to receive a definitive
certificate representing such certificates, except in limited
circumstances. Accordingly, Cede & Co. is the sole holder of certificates,
which it holds on behalf of brokers, dealers, banks and other participants
in the DTC system. Such participants may hold certificates for their own
accounts or for the accounts of their customers.
The address of Cede & Co. is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions
No reportable transactions have occurred.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Not applicable.
(2) Financial Statement Schedules:
Not applicable.
(3) Exhibits:
Annual Summary Statement, to be filed as Exhibit 99.1 hereto.
Annual Statement as to Compliance, to be filed as Exhibit 99.2 hereto.
Annual Independent Public Accountants' Servicing Report to be filed as
Exhibit 99.3 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K with respect
to the Trust were filed by the Registrant for the last quarter of 2002.
Current Reports on Form 8-K dated October 25, 2002, November 25, 2002,
and December 26, 2002 were filed for the purpose of filing the Monthly
Statement sent to the Holders of the Offered Certificates for payments
made on the same date. The items reported in such Current Report were
Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the fiscal year ended December 31, 2002
CHEC FUNDING, LLC
Centex Home Equity Loan Trust 2002-B
Centex Home Equity Loan Asset-Backed Certificates, Series 2002-B
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Servicer of the Trust has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Centex Home Equity Company, LLC, as Servicer of the
Centex Home Equity Loan Trust 2002-B
By:
/s/ Jesse K. Bray
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Name: Jesse K. Bray
Title: Executive Vice President/Chief Financial Officer
Date: March 31, 2003
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SARBANES-OXLEY CERTIFICATION
I, Jesse K. Bray, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of periods
included in the year covered by this annual report, of Centex Home Equity Loan
Trust 2002-B;
2. Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;
3. Based on my knowledge, the distribution or servicing information
required to be provided to the trustee by the servicer under the pooling and
servicing, or similar, agreement, for inclusion in these reports is included in
these reports;
4. I am responsible for reviewing the activities performed by the servicer
under the pooling and servicing, or similar, agreement and based upon my
knowledge and the annual compliance review required under that agreement, and
except as disclosed in the reports, the servicer has fulfilled its obligations
under that agreement; and
5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon the report
provided by an independent public accountant, after conducting a review in
compliance with the Uniform Single Attestation Program for Mortgage Bankers or
similar procedure, as set forth in the pooling and servicing, or similar,
agreement that is included in these reports.
In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: JPMorgan Chase Bank, as
Trustee.
By:
/s/ Jesse K. Bray
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Name: Jesse K. Bray
Company: Centex Home Equity Company, LLC as Servicer
Title: Executive Vice President/Chief Financial Officer
Date: March 31, 2003
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<page>
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.
The registrant has not sent an annual report or proxy material to its security
holders. The registrant will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.
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EXHIBIT INDEX
Exhibit Description
99.1 Annual Summary Statement
99.2 Servicer's Annual Statement of Compliance
99.3 Servicer's Annual Independent Accountant's Report
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EXHIBIT 99.1
Annual Summary Statement
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CLASS CUSIP ORIGINAL PAID PAID TOTAL PAID ENDING PRIN CERT POOL FACTOR
PRINCIPAL PRINCIPAL INTEREST BALANCE (12/26/02 Per 1000)
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CTX02B-AF-1 152314EU0 $ 54,800,000.00 $19,005,043.95 $1,307,420.39 $20,312,464.34 $35,794,956.05 653.19262865
CTX02B-AF-2 152314EV8 $ 31,000,000.00 $ 0.00 $1,043,227.53 $1,043,227.53 $31,000,000.00 1,000.00000000
CTX02B-AF-3 152314EW6 $ 25,000,000.00 $ 0.00 $ 960,374.97 $ 960,374.97 $25,000,000.00 1,000.00000000
CTX02B-AF-4 152314EX4 $ 31,800,000.00 $ 0.00 $1,406,196.00 $1,406,196.00 $31,800,000.00 1,000.00000000
CTX02B-AF-5 152314EY2 $ 5,000,000.00 $ 0.00 $ 237,525.03 $ 237,525.03 $ 5,000,000.00 1,000.00000000
CTX02B-AF-6 152314EZ9 $ 16,317,000.00 $ 0.00 $ 723,251.07 $ 723,251.07 $16,317,000.00 1,000.00000000
CTX02B-MF-1 152314FA3 $ 10,423,000.00 $ 0.00 $ 0.00 $ 0.00 $10,423,000.00 1,000.00000000
CTX02B-MF-2 152314FB1 $ 9,000,000.00 $ 0.00 $ 0.00 $ 0.00 $ 9,000,000.00 1,000.00000000
CTX02B-BF 152314FC9 $ 6,160,000.00 $ 0.00 $ 328,574.43 $ 328,574.43 $ 6,160,000.00 1,000.00000000
CTX02B-AV 152314FD7 $191,470,000.00 $32,675,582.57 $2,888,030.31 $35,563,612.88 $158,794,417.43 829.34359132
CTX02B-MV-1 152314FE5 $ 17,512,000.00 $ 0.00 $ 332,490.93 $ 332,490.93 $17,512,000.00 1,000.00000000
CTX02B-MV-2 152314FF2 $ 12,843,000.00 $ 0.00 $ 292,614.43 $ 292,614.43 $12,843,000.00 1,000.00000000
CTX02B-BV 152314FG0 $ 11,675,000.00 $ 1,798.79 $ 331,127.48 $ 332,926.27 $11,673,201.21 999.84592805
CTX02B-AIO-1AF-1 152314FH8 $104,000,000.00 $ 0.00 $3,795,000.00 $3,795,000.00 $104,000,000.00 1,000.00000000
CTX02B-X-IO N/A $ 9,998.46 $ 0.00 $6,195,541.75 $6,195,541.75 $ 9,998.46 1,000.00000000
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TOTAL TRUSTEE FEE 2002 $12,000.00
TOTAL SERVICING FEE 2002 $1,494,315.26
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EXHIBIT 99.2 - Servicer's Annual Statement of Compliance
To be supplied by amendment to this Form 10-K upon receipt by the Trustee
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EXHIBIT 99.3 - Servicer's Annual Independent Accountant's Report
To be supplied by amendment to this Form 10-K upon receipt by the Trustee
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