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) : May 27, 2003
CHEC FUNDING LLC, (as depositor under the Pooling and Servicing Agreement,
dated December 1, 2002 providing for the issuance of Centex Home Equity Loan
Asset-Backed Certificates, Series 2002-D)
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 333-69800-04 76-2851805
(State or other (Commission File Number) (IRS Employer
jurisdiction of 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
N/A
(Former name or former address, if changed since last report.)
<page>
Item 5. Other Events.
This current report on Form 8-K relates to the monthly distribution
reported to the holders of Centex Home Equity Loan Trust 2002-D pursuant to the
terms of the Pooling and Servicing Agreement, dated as of December 1, 2002,
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 May 27, 2003 distributions were made to the Certificateholders.
Specific information with respect to these distributions is filed as Exhibit
99.1.
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 May 27, 2003
as Exhibit 99.1.
-2-
<page>
CHEC FUNDING,LLC
Centex Home Equity Loan Asset-Backed Certificates, Series 2002-D
- -------------------------------------------------------------------------------
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: May 30, 2003 By: /s/ Mark W. McDermott
--------------------------------------------
Name: Mark W. McDermott
Title: Vice President
-3-
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
May 27, 2003
-4-
<page>
Exhibit 99.1
Statement to Certificateholders
May 27, 2003
<table>
Centex Home Equity Loan Trust 2002-D
STATEMENT TO CERTIFICATEHOLDERS
May 27, 2003
<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 59,837,591.58 4,820,137.32 121,171.12 4,941,308.44 0.00 0.00 55,017,454.26
AF_2 18,500,000.00 18,500,000.00 0.00 47,175.00 47,175.00 0.00 0.00 18,500,000.00
AF_3 38,000,000.00 38,000,000.00 0.00 117,483.33 117,483.33 0.00 0.00 38,000,000.00
AF_4 60,100,000.00 60,100,000.00 0.00 235,892.50 235,892.50 0.00 0.00 60,100,000.00
AF_5 4,830,000.00 4,830,000.00 0.00 20,326.25 20,326.25 0.00 0.00 4,830,000.00
AF_6 21,160,000.00 21,160,000.00 0.00 82,171.33 82,171.33 0.00 0.00 21,160,000.00
AV 286,410,000.00 272,518,669.47 6,414,456.19 426,340.32 6,840,796.51 0.00 0.00 266,104,213.28
M_1 45,000,000.00 45,000,000.00 0.00 95,600.00 95,600.00 0.00 0.00 45,000,000.00
M_2 36,000,000.00 36,000,000.00 0.00 107,840.00 107,840.00 0.00 0.00 36,000,000.00
B 21,000,000.00 21,000,000.00 0.00 89,973.33 89,973.33 0.00 0.00 21,000,000.00
R_1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 600,000,000.00 576,946,261.05 11,234,593.51 1,343,973.18 12,578,566.69 0.00 0.00 565,711,667.54
AIO_I 82,656,000.00 66,000,000.00 0.00 275,000.00 275,000.00 0.00 0.00 54,000,000.00
AIO_II 106,380,000.00 84,000,000.00 0.00 280,000.00 280,000.00 0.00 0.00 60,600,000.00
X_IO 452.49 576,946,260.99 0.00 2,285,974.55 2,285,974.55 0.00 0.00 565,711,667.48
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------- ------------------------
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 152314FW5 867.21147217 69.85706261 1.75610319 71.61316580 797.35440957 AF_1 2.430000 %
AF_2 152314FX3 1,000.00000000 0.00000000 2.55000000 2.55000000 1,000.00000000 AF_2 3.060000 %
AF_3 152314FY1 1,000.00000000 0.00000000 3.09166658 3.09166658 1,000.00000000 AF_3 3.710000 %
AF_4 152314FZ8 1,000.00000000 0.00000000 3.92500000 3.92500000 1,000.00000000 AF_4 4.710000 %
AF_5 152314GA2 1,000.00000000 0.00000000 4.20833333 4.20833333 1,000.00000000 AF_5 5.050000 %
AF_6 152314GB0 1,000.00000000 0.00000000 3.88333318 3.88333318 1,000.00000000 AF_6 4.660000 %
AV 152314GC8 951.49844443 22.39606225 1.48856646 23.88462871 929.10238218 AV 1.760000 %
M_1 152314GD6 1,000.00000000 0.00000000 2.12444444 2.12444444 1,000.00000000 M_1 2.390000 %
M_2 152314GE4 1,000.00000000 0.00000000 2.99555556 2.99555556 1,000.00000000 M_2 3.370000 %
B 152314GF1 1,000.00000000 0.00000000 4.28444429 4.28444429 1,000.00000000 B 4.820000 %
TOTALS 961.57710175 18.72432252 2.23995530 20.96427782 942.85277923
AIO_I N/A 798.49012776 0.00000000 3.32704220 3.32704220 653.31010453 AIO_I 5.000000 %
AIO_II N/A 789.62210942 0.00000000 2.63207370 2.63207370 569.65595037 AIO_II 4.000000 %
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.
-5-
<page>
Centex Home Equity Loan Trust 2002-D
STATEMENT TO CERTIFICATEHOLDERS
May 27, 2003
--------------------------
Sec. 7.09(ii) Distributions Allocable to Principal
Group I
Scheduled Monthly Payments 230,262.29
Curtailments 249,037.73
Prepayments in Full 4,230,340.36
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 101,423.94
Group II
Scheduled Monthly Payments 202,907.72
Curtailments 86,643.48
Prepayments in Full 6,124,904.99
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 0.00
Sec. 7.09(v) Class Principal Carryover Shortfall
Subordinate Certificates
Class M-1 0.00
Class M-2 0.00
Class B 0.00
Sec. 7.09(vi) Aggregate Loan Balance of Each Group
Group I Beginning Aggregate Loan Balance 202,427,591.58
Group I Ending Aggregate Loan Balance 197,607,454.26
Group II Beginning Aggregate Loan Balance 374,518,669.41
Group II Ending Aggregate Loan Balance 368,104,213.22
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 8.9520 %
Group II 8.5995 %
Sec. 7.09(xi) Monthly Remittance Amount
Group I 6,321,676.43
Group II 9,098,855.51
Sec. 7.09(xiii) Weighted Average Gross Margin - Group II Loans 8.6829 %
Sec. 7.09(xiv) Largest Loan Balance
Group I 597,302.71
Group II 763,322.06
Sec. 7.09(xv) Basic Principal Amount
Group I 4,811,064.32
Group II 6,414,456.19
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
Subordinate 0.00
Sec. 7.09(xviii) Net Wac Cap
Group I Net WAC Cap 7.32 %
Group II Net WAC Cap 7.22 %
Subordinate Net WAC Cap 7.22 %
Sec. 7.09(xix) Applied Realized Loss Amounts
Subordinate Certificates
Class M-1 0.00
Class M-2 0.00
Class B 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
Period Number Balance Percentage
30-59 days 46 1,832,604.75 0.93 %
60-89 days 14 750,004.90 0.38 %
90+days 7 505,078.22 0.26 %
Total 67 3,087,687.87 1.57 %
Group 2
Principal
Period Number Balance Percentage
30-59 days 82 6,334,094.41 1.72 %
60-89 days 23 2,189,596.80 0.59 %
90+days 10 775,613.03 0.21 %
Total 115 9,299,304.24 2.52 %
Group Totals
Principal
Period Number Balance Percentage
30-59 days 128 8,166,699.16 1.44 %
60-89 days 37 2,939,601.70 0.52 %
90+days 17 1,280,691.25 0.23 %
Total 182 12,386,992.11 2.19 %
Sec. 7.09(b)(ii) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
12 745,396.78 0.38 %
Group 2
Principal
Number Balance Percentage
20 1,629,312.52 0.44 %
Group Totals
Principal
Number Balance Percentage
32 2,374,709.30 0.42 %
Sec. 7.09(b)(iii) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
13 1,049,198.70 0.53 %
Group 2
Principal
Number Balance Percentage
23 2,273,171.17 0.62 %
Group Totals
Principal
Number Balance Percentage
36 3,322,369.87 0.59 %
Sec. 7.09(b)(iii) Balloon Loans
Number of Balloon Loans 121.00
Balance of Balloon Loans 8,612,597.54
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 9,073.00
Cumulative Realized Losses 9,073.00
Group II
Monthly Realized Losses 0.00
Cumulative Realized Losses 0.00
Sec. 7.09(b)(vii) Net Liquidation Proceeds
Group I 101,423.94
Group II 0.00
Sec. 7.09(b)(viii) 60+ Delinquency Percentage (Rolling Three Month) 0.9755 %
Sec. 7.09(b)(ix) Cumulative Loss Percentage
Cumulative Realized Losses Since Cut-Off Date 9,073.00
Aggregate Loan Balance as of the Cut-Off Date 600,000,452.50
Cumulative Loss Percentage 0.00 %
Sec. 7.09(b)(x) Has a Trigger Event Occurred? NO
1-Month LIBOR for Current Distribution Date 1.32000 %