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, 2003
CHEC FUNDING LLC, (as depositor under the Pooling and Servicing Agreement,
dated March 1, 2003 providing for the issuance of Centex Home Equity Loan
Asset-Backed Certificates, Series 2003-A)
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 333-69800-05 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 2003-A pursuant to the
terms of the Pooling and Servicing Agreement, dated as of March 1, 2003, 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, 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 September 25, 2003
as Exhibit 99.1.
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<page>
CHEC FUNDING,LLC
Centex Home Equity Loan Asset-Backed Certificates, Series 2003-A
- -------------------------------------------------------------------------------
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,
Date: October 2, 2003 By: /s/ Mark W. McDermott
--------------------------------------------
Name: Mark W. McDermott
Title: Vice President
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<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders September 25, 2003
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<page>
Exhibit 99.1
Statement to Certificateholders
September 25, 2003
<table>
Centex Home Equity Loan Trust 2003-A
STATEMENT TO CERTIFICATEHOLDERS
September 25, 2003
<s> <c> <c>
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DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
AF_1 85,250,000.00 69,737,654.94 5,474,350.17 106,698.61 5,581,048.78 0.00 0.00 64,263,304.77
AF_2 15,500,000.00 15,500,000.00 0.00 27,822.50 27,822.50 0.00 0.00 15,500,000.00
AF_3 47,400,000.00 47,400,000.00 0.00 106,966.00 106,966.00 0.00 0.00 47,400,000.00
AF_4 63,000,000.00 63,000,000.00 0.00 196,875.00 196,875.00 0.00 0.00 63,000,000.00
AF_5 6,110,000.00 6,110,000.00 0.00 21,593.76 21,593.76 0.00 0.00 6,110,000.00
AF_6 24,200,000.00 24,200,000.00 0.00 73,689.00 73,689.00 0.00 0.00 24,200,000.00
AV_1 129,053,000.00 116,567,260.63 4,975,556.14 139,524.54 5,115,080.68 0.00 0.00 111,591,704.49
AV_2 128,987,000.00 114,335,749.29 6,542,367.07 137,838.10 6,680,205.17 0.00 0.00 107,793,382.22
M_1 42,000,000.00 41,999,999.99 0.00 63,653.33 63,653.33 0.00 0.00 41,999,999.99
M_2 31,500,000.00 31,500,000.00 0.00 77,035.00 77,035.00 0.00 0.00 31,500,000.00
M_3 19,500,000.00 19,500,000.00 0.00 63,136.67 63,136.67 0.00 0.00 19,500,000.00
B 7,500,000.00 7,500,000.00 0.00 29,772.92 29,772.92 0.00 0.00 7,500,000.00
R_1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 600,000,000.00 557,350,664.85 16,992,273.38 1,044,605.43 18,036,878.81 0.00 0.00 540,358,391.47
AIO_I 82,656,000.00 54,000,000.00 0.00 225,000.00 225,000.00 0.00 0.00 54,000,000.00
AIO_II 53,190,000.00 30,300,000.00 0.00 101,000.00 101,000.00 0.00 0.00 30,300,000.00
AIO_III 53,190,000.00 30,300,000.00 0.00 101,000.00 101,000.00 0.00 0.00 30,300,000.00
X_IO 1,927.13 557,350,664.85 0.00 7.91 7.91 0.00 0.00 542,671,830.21
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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 153214GH7 818.03700809 64.21525126 1.25159660 65.46684786 753.82175683 AF_1 1.836000 %
AF_2 153214GJ3 1,000.00000000 0.00000000 1.79500000 1.79500000 1,000.00000000 AF_2 2.154000 %
AF_3 152314GK0 1,000.00000000 0.00000000 2.25666667 2.25666667 1,000.00000000 AF_3 2.708000 %
AF_4 152314GL8 1,000.00000000 0.00000000 3.12500000 3.12500000 1,000.00000000 AF_4 3.750000 %
AF_5 152314GM6 1,000.00000000 0.00000000 3.53416694 3.53416694 1,000.00000000 AF_5 4.241000 %
AF_6 152314GN4 1,000.00000000 0.00000000 3.04500000 3.04500000 1,000.00000000 AF_6 3.654000 %
AV_1 152314GP9 903.25107227 38.55436247 1.08114139 39.63550386 864.69670980 AV_1 1.390000 %
AV_2 152314GQ7 886.41296635 50.72113523 1.06862009 51.78975532 835.69183111 AV_2 1.400000 %
M_1 152314GR5 999.99999976 0.00000000 1.51555548 1.51555548 999.99999976 M_1 1.760000 %
M_2 152314GS3 1,000.00000000 0.00000000 2.44555556 2.44555556 1,000.00000000 M_2 2.840000 %
M_3 152314GT1 1,000.00000000 0.00000000 3.23777795 3.23777795 1,000.00000000 M_3 3.760000 %
B 152314GU8 1,000.00000000 0.00000000 3.96972267 3.96972267 1,000.00000000 B 4.610000 %
TOTALS 928.91777475 28.32045563 1.74100905 30.06146468 900.59731912
AIO_I N/A 653.31010453 0.00000000 2.72212544 2.72212544 653.31010453 AIO_I 5.000000 %
AIO_II N/A 569.65595037 0.00000000 1.89885317 1.89885317 569.65595037 AIO_II 4.000000 %
AIO_III N/A 569.65595037 0.00000000 1.89885317 1.89885317 569.65595037 AIO_III 4.000000 %
X_IO N/A ######## 0.00000000 4.10454925 4.10454925 #### X_IO 0.000000 %
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If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
Nadezhka Thomas
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor,
New York, New York 10004
Tel: (212) 623-4493
Fax: (212) 623-5930
Email: Nadezhka.Thomas@chase.com
---------------------------------------
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<page>
Sec. 7.09(ii) Distributions Allocable to Principal
Group I
Scheduled Monthly Payments 273,791.73
Curtailments 27,156.60
Prepayments in Full 4,425,576.60
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 1,081.56
Group II
Scheduled Monthly Payments 101,049.25
Curtailments 488,768.25
Prepayments in Full 3,708,484.55
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Group III
Scheduled Monthly Payments 101,871.97
Curtailments 4,246.49
Prepayments in Full 5,545,726.08
Loans Repurchased by Seller 0.00
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Subordination Increase Amount 2,314,520.29
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-1 0.00
Class AV-2 0.00
Class M-1 0.00
Class M-2 0.00
Class M-3 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 M-3 0.00
Class B 0.00
Sec. 7.09(vi) Aggregate Loan Balance of Each Group
Group I Beginning Aggregate Loan Balance 225,947,654.94
Group I Ending Aggregate Loan Balance 221,218,966.89
Group II Beginning Aggregate Loan Balance 166,829,830.27
Group II Ending Aggregate Loan Balance 162,531,528.22
Group III Beginning Aggregate Loan Balance 164,573,179.64
Group III Ending Aggregate Loan Balance 158,921,335.10
Sec. 7.09(vii) Overcollateralization
Total Overcollateralization Amount 2,313,438.73
Total Required Overcollateralization Amount 15,000,048.18
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
Group III 0.00
Sec. 7.09(ix) Loan Purchase Price Amounts
Group I 0.00
Group II 0.00
Group III 0.00
Sec. 7.09(x) Weighted Average Net Coupon Rate
Group I 8.2891 %
Group II 7.9875 %
Group III 8.1294 %
Sec. 7.09(xi) Monthly Remittance Amount
Group I 6,288,698.86
Group II 5,409,096.58
Group III 6,767,083.36
Sec. 7.09(xi) Weighted Average Gross Margin
Group II Loans 8.2946 %
Group III Loans 8.3443 %
Sec. 7.09(xiv) Largest Loan Balance
Group I 588,456.68
Group II 352,737.08
Group III 624,836.18
Sec. 7.09(xv) Basic Principal Amount
Group I 4,727,606.49
Group II 4,298,302.05
Group III 5,651,844.54
Sec. 7.09(xvi) Net Wac Cap Carryover Paid
Group I 0.00
Group II 0.00
Group III 0.00
Subordinate 0.00
Sec. 7.09(xvi) Remaining Net Wac Cap Carryover
Group I 0.00
Group II 0.00
Group III 0.00
Subordinate 0.00
Sec. 7.09(xviii) Net Wac Cap
Group I Net WAC Cap 7.09 %
Group II Net WAC Cap 7.03 %
Group III Net WAC Cap 7.15 %
Subordinate Net WAC Cap 7.09 %
Sec. 7.09(xix) Applied Realized Loss Amounts
Subordinate Certificates
Class M-1 0.00
Class M-2 0.00
Class M-3 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 55 2,541,675.07 1.15 %
60-89 days 21 970,544.59 0.44 %
90+days 10 530,160.98 0.24 %
Total 86 4,042,380.64 1.83 %
Group 2
Principal
Period Number Balance Percentage
30-59 days 24 1,916,966.11 1.18 %
60-89 days 15 1,639,108.09 1.01 %
90+days 4 412,975.46 0.25 %
Total 43 3,969,049.66 2.44 %
Group 3
Principal
Period Number Balance Percentage
30-59 days 41 2,616,021.12 1.65 %
60-89 days 12 827,978.42 0.52 %
90+days 8 584,709.90 0.37 %
Total 61 4,028,709.44 2.54 %
Group Totals
Principal
Period Number Balance Percentage
30-59 days 120 7,074,662.30 1.30 %
60-89 days 48 3,437,631.10 0.63 %
90+days 22 1,527,846.34 0.28 %
Total 190 12,040,139.74 2.21 %
Sec. 7.09(b)(ii) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
22 1,581,684.08 0.71 %
Group 2
Principal
Number Balance Percentage
16 1,345,627.28 0.83 %
Group 3
Principal
Number Balance Percentage
6 910,317.25 0.57 %
Group Totals
Principal
Number Balance Percentage
44 3,837,628.61 0.71 %
Sec. 7.09(b)(iii) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
15 642,992.16 0.29 %
Group 2
Principal
Number Balance Percentage
9 945,322.57 0.58 %
Group 3
Principal
Number Balance Percentage
11 787,862.67 0.50 %
Group Totals
Principal
Number Balance Percentage
35 2,376,177.40 0.44 %
Sec. 7.09(b)(iii) Balloon Loans
Number of Balloon Loans 105.00
Balance of Balloon Loans 7,151,410.85
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
1 121,335.10 0.07 %
Group 3
Principal
Number Balance Percentage
1 133,311.26 0.08 %
Group Totals
Principal
Number Balance Percentage
2 254,646.36 0.05 %
Sec. 7.09(b)(v) Book Value of REO Loans
Group I 0.00
Group II 121,500.00
Group III 0.00
Sec. 7.09(b)(vi) Realized Losses
Group I:
Monthly Realized Losses 0.00
Cumulative Realized Losses 7,926.57
Group II:
Monthly Realized Losses 0.00
Cumulative Realized Losses 0.00
Group III:
Monthly Realized Losses 0.00
Cumulative Realized Losses 0.00
Sec. 7.09(b)(vii) Net Liquidation Proceeds
Group I 1,081.56
Group II 0.00
Group III 0.00
Sec. 7.09(b)(viii) 60+ Delinquency Percentage (Rolling Three Month) 1.3728 %
Sec. 7.09(b)(ix) Cumulative Loss Percentage 0.00 %
Cumulative Realized Losses Since Cut-Off Date 7,926.57
Aggregate Loan Balance as of the Cut-Off Date 600,001,927.13
Sec. 7.09(b)(x) Has a Trigger Event Occurred? NO
1-Month LIBOR for Current Distribution Date 1.11000 %