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): April 25, 2002
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Mortgage Pass-Through Certificates, Series 2001-AC1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-56242-02
Pooling and Servicing Agreement) (Commission
(State or other File Number) PENDING
jurisdiction IRS EIN
of Incorporation)
c/o Wells Fargo Bank Minnesota, N.A.,
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
c/o Wells Fargo Bank Minnesota, N.A.,
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive offices) (Zip Code)
Former name or former address, if changed since last report)
ITEM 5. Other Events
On April 25, 2002 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2001-AC1
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to
holders of Mortgage Pass-Through
Certificates, Series 2001-AC1
Trust, relating to the April 25,
2002 distribution.
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.
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Mortgage Pass-Through Certificates, Series 2001-AC1 Trust
By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 4/30/02
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 2001-AC1 Trust,
relating to the April 25, 2002 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 3/31/02
Distribution Date: 4/25/02
BSA Series: 2001-AC1
Contact: Customer Service - CTSLink
Wells Fargo Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-IO 07384YAS5 IO 8.00000% 0.00 161,333.33 0.00
I-A1 07384YAM8 SEN 2.05000% 24,100,398.99 42,543.90 3,175,671.41
I-A2 07384YAN6 SEN 5.64000% 40,056,000.00 188,263.20 0.00
I-A3 07384YAP1 SEN 6.35000% 16,107,000.00 85,232.87 0.00
I-A4 07384YAQ9 SEN 6.90000% 24,405,000.00 140,328.75 0.00
I-A5 07384YAW6 SEN 7.43000% 13,250,000.00 82,039.58 0.00
II-A 07384YAR7 SEN 7.00000% 78,910,395.86 460,310.64 3,346,194.59
M-1 07384YAT3 SUB 6.85000% 4,841,000.00 27,634.04 0.00
M-2 07384YAU0 SUB 7.00000% 4,236,000.00 24,710.00 0.00
B 07384YAV8 SUB 7.00000% 3,025,000.00 17,645.83 0.00
B-IO BSA1ACBIO IO 0.00000% 605,159.64 249,791.52 0.00
P BSA01AC1P SUB 0.00000% 100.00 27,830.51 0.00
R-1 BSA01ACR1 RES 0.00000% 0.00 0.00 0.00
R-2 BSA01ACR2 RES 0.00000% 0.00 0.00 0.00
R-3 BSA01ACR3 RES 0.00000% 0.00 0.00 0.00
Totals 209,536,054.49 1,507,664.17 6,521,866.00
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-IO 0.00 0.00 161,333.33 0.00
I-A1 0.00 20,924,727.58 3,218,215.31 0.00
I-A2 0.00 40,056,000.00 188,263.20 0.00
I-A3 0.00 16,107,000.00 85,232.87 0.00
I-A4 0.00 24,405,000.00 140,328.75 0.00
I-A5 0.00 13,250,000.00 82,039.58 0.00
II-A 0.00 75,564,201.27 3,806,505.23 0.00
M-1 0.00 4,841,000.00 27,634.04 0.00
M-2 0.00 4,236,000.00 24,710.00 0.00
B 0.00 3,025,000.00 17,645.83 0.00
B-IO 0.00 605,159.64 249,791.52 0.00
P 0.00 100.00 27,830.51 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
Totals 0.00 203,014,188.49 8,029,530.17 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
I-A1 38,552,000.00 24,100,398.99 0.00 3,175,671.41 0.00 0.00
I-A2 40,056,000.00 40,056,000.00 0.00 0.00 0.00 0.00
I-A3 16,107,000.00 16,107,000.00 0.00 0.00 0.00 0.00
I-A4 24,405,000.00 24,405,000.00 0.00 0.00 0.00 0.00
I-A5 13,250,000.00 13,250,000.00 0.00 0.00 0.00 0.00
II-A 97,591,000.00 78,910,395.86 0.00 3,346,194.59 0.00 0.00
M-1 4,841,000.00 4,841,000.00 0.00 0.00 0.00 0.00
M-2 4,236,000.00 4,236,000.00 0.00 0.00 0.00 0.00
B 3,025,000.00 3,025,000.00 0.00 0.00 0.00 0.00
B-IO 756.67 605,159.64 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
Totals 242,063,856.67 209,536,054.49 0.00 6,521,866.00 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-IO 0.00 0.00 0.00000000 0.00
I-A1 3,175,671.41 20,924,727.58 0.54276633 3,175,671.41
I-A2 0.00 40,056,000.00 1.00000000 0.00
I-A3 0.00 16,107,000.00 1.00000000 0.00
I-A4 0.00 24,405,000.00 1.00000000 0.00
I-A5 0.00 13,250,000.00 1.00000000 0.00
II-A 3,346,194.59 75,564,201.27 0.77429477 3,346,194.59
M-1 0.00 4,841,000.00 1.00000000 0.00
M-2 0.00 4,236,000.00 1.00000000 0.00
B 0.00 3,025,000.00 1.00000000 0.00
B-IO 0.00 605,159.64 799.76692614 0.00
P 0.00 100.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
R-3 0.00 0.00 0.00000000 0.00
Totals 6,521,866.00 203,014,188.49 0.83868030 6,521,866.00
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
I-A1 38,552,000.00 625.14004436 0.00000000 82.37371369 0.00000000
I-A2 40,056,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A3 16,107,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A4 24,405,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
I-A5 13,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
II-A 97,591,000.00 808.58271623 0.00000000 34.28794243 0.00000000
M-1 4,841,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 4,236,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 3,025,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 756.67 799766.92613689 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
Per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
I-A1 0.00000000 82.37371369 542.76633067 0.54276633 82.37371369
I-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
I-A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
I-A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
I-A5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
II-A 0.00000000 34.28794243 774.29477380 0.77429477 34.28794243
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-IO 0.00000000 0.00000000 799,766.92613689 799.76692614 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-IO 0.00 8.00000% 24,200,000.00 161,333.33 0.00 0.00
I-A1 38,552,000.00 2.05000% 0.00 42,543.90 0.00 0.00
I-A2 40,056,000.00 5.64000% 0.00 188,263.20 0.00 0.00
I-A3 16,107,000.00 6.35000% 0.00 85,232.88 0.00 0.00
I-A4 24,405,000.00 6.90000% 0.00 140,328.75 0.00 0.00
I-A5 13,250,000.00 7.43000% 0.00 82,039.58 0.00 0.00
II-A 97,591,000.00 7.00000% 0.00 460,310.64 0.00 0.00
M-1 4,841,000.00 6.85000% 0.00 27,634.04 0.00 0.00
M-2 4,236,000.00 7.00000% 0.00 24,710.00 0.00 0.00
B 3,025,000.00 7.00000% 0.00 17,645.83 0.00 0.00
B-IO 756.67 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 0.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R-3 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 242,063,856.67 1,230,042.15 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-IO 0.00 0.00 161,333.33 0.00 24,200,000.00
I-A1 0.00 0.00 42,543.90 0.00 0.00
I-A2 0.00 0.00 188,263.20 0.00 0.00
I-A3 0.00 0.00 85,232.87 0.00 0.00
I-A4 0.00 0.00 140,328.75 0.00 0.00
I-A5 0.00 0.00 82,039.58 0.00 0.00
II-A 0.00 0.00 460,310.64 0.00 0.00
M-1 0.00 0.00 27,634.04 0.00 0.00
M-2 0.00 0.00 24,710.00 0.00 0.00
B 0.00 0.00 17,645.83 0.00 0.00
B-IO 0.00 0.00 249,791.52 0.00 0.00
P 0.00 0.00 27,830.51 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,507,664.17 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-IO 0.00 8.00000% 1000.00000000 6.66666653 0.00000000 0.00000000
I-A1 38,552,000.00 2.05000% 0.00000000 1.10354586 0.00000000 0.00000000
I-A2 40,056,000.00 5.64000% 0.00000000 4.70000000 0.00000000 0.00000000
I-A3 16,107,000.00 6.35000% 0.00000000 5.29166698 0.00000000 0.00000000
I-A4 24,405,000.00 6.90000% 0.00000000 5.75000000 0.00000000 0.00000000
I-A5 13,250,000.00 7.43000% 0.00000000 6.19166642 0.00000000 0.00000000
II-A 97,591,000.00 7.00000% 0.00000000 4.71673249 0.00000000 0.00000000
M-1 4,841,000.00 6.85000% 0.00000000 5.70833299 0.00000000 0.00000000
M-2 4,236,000.00 7.00000% 0.00000000 5.83333333 0.00000000 0.00000000
B 3,025,000.00 7.00000% 0.00000000 5.83333223 0.00000000 0.00000000
B-IO 756.67 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1,000.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-IO 0.00000000 0.00000000 6.66666653 0.00000000 1000.00000000
I-A1 0.00000000 0.00000000 1.10354586 0.00000000 0.00000000
I-A2 0.00000000 0.00000000 4.70000000 0.00000000 0.00000000
I-A3 0.00000000 0.00000000 5.29166636 0.00000000 0.00000000
I-A4 0.00000000 0.00000000 5.75000000 0.00000000 0.00000000
I-A5 0.00000000 0.00000000 6.19166642 0.00000000 0.00000000
II-A 0.00000000 0.00000000 4.71673249 0.00000000 0.00000000
M-1 0.00000000 0.00000000 5.70833299 0.00000000 0.00000000
M-2 0.00000000 0.00000000 5.83333333 0.00000000 0.00000000
B 0.00000000 0.00000000 5.83333223 0.00000000 0.00000000
B-IO 0.00000000 0.00000000 330119.49727094 0.00000000 0.00000000
P 0.00000000 0.00000000 278305.10000000 0.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,979,905.08
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 92,829.52
Realized Losses 0.00
Prepayment Penalties 0.00
Total Deposits 8,072,734.60
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 43,204.43
Payment of Interest and Principal 8,029,530.17
Total Withdrawals (Pool Distribution Amount) 8,072,734.60
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 448.92
Servicing Fee Support 448.92
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 43,653.35
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 448.92
Net Servicing Fee 43,204.43
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 1 0 0 1
226,065.07 0.00 0.00 226,065.07
30 Days 24 0 0 0 24
4,553,603.18 0.00 0.00 0.00 4,553,603.18
60 Days 9 0 2 0 11
1,595,293.10 0.00 783,962.53 0.00 2,379,255.63
90 Days 2 1 0 0 3
183,689.83 153,562.56 0.00 0.00 337,252.39
120 Days 0 0 1 0 1
0.00 0.00 395,710.56 0.00 395,710.56
150 Days 0 1 2 0 3
0.00 102,390.33 526,743.89 0.00 629,134.22
180+ Days 1 1 8 0 10
1,493,273.45 82,404.72 1,826,891.88 0.00 3,402,570.05
Totals 36 4 13 0 53
7,825,859.56 564,422.68 3,533,308.86 0.00 11,923,591.10
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.090009% 0.000000% 0.000000% 0.090009%
0.111267% 0.000000% 0.000000% 0.111267%
30 Days 2.160216% 0.000000% 0.000000% 0.000000% 2.160216%
2.241236% 0.000000% 0.000000% 0.000000% 2.241236%
60 Days 0.810081% 0.000000% 0.180018% 0.000000% 0.990099%
0.785187% 0.000000% 0.385858% 0.000000% 1.171045%
90 Days 0.180018% 0.090009% 0.000000% 0.000000% 0.270027%
0.090410% 0.075582% 0.000000% 0.000000% 0.165992%
120 Days 0.000000% 0.000000% 0.090009% 0.000000% 0.090009%
0.000000% 0.000000% 0.194765% 0.000000% 0.194765%
150 Days 0.000000% 0.090009% 0.180018% 0.000000% 0.270027%
0.000000% 0.050395% 0.259258% 0.000000% 0.309653%
180+ Days 0.090009% 0.090009% 0.720072% 0.000000% 0.900090%
0.734974% 0.040559% 0.899177% 0.000000% 1.674710%
Totals 3.240324% 0.360036% 1.170117% 0.000000% 4.770477%
3.851807% 0.277803% 1.739058% 0.000000% 5.868667%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 1 0 0 1
226,065.07 0.00 0.00 226,065.07
30 Days 19 0 0 0 19
2,769,319.60 0.00 0.00 0.00 2,769,319.60
60 Days 6 0 0 0 6
654,831.52 0.00 0.00 0.00 654,831.52
90 Days 2 1 0 0 3
183,689.83 153,562.56 0.00 0.00 337,252.39
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 1 1 0 2
0.00 102,390.33 215,522.75 0.00 317,913.08
180 Days 0 1 7 0 8
0.00 82,404.72 1,107,702.17 0.00 1,190,106.89
Totals 27 4 8 0 39
3,607,840.95 564,422.68 1,323,224.92 0.00 5,495,488.55
0-29 Days 0.108932% 0.000000% 0.000000% 0.108932%
0.185333% 0.000000% 0.000000% 0.185333%
30 Days 2.069717% 0.000000% 0.000000% 0.000000% 2.069717%
2.270353% 0.000000% 0.000000% 0.000000% 2.270353%
60 Days 0.653595% 0.000000% 0.000000% 0.000000% 0.653595%
0.536846% 0.000000% 0.000000% 0.000000% 0.536846%
90 Days 0.217865% 0.108932% 0.000000% 0.000000% 0.326797%
0.150593% 0.125894% 0.000000% 0.000000% 0.276487%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.108932% 0.108932% 0.000000% 0.217865%
0.000000% 0.083942% 0.176691% 0.000000% 0.260633%
180 Days 0.000000% 0.108932% 0.762527% 0.000000% 0.871460%
0.000000% 0.067557% 0.908120% 0.000000% 0.975677%
Totals 2.941176% 0.435730% 0.871460% 0.000000% 4.248366%
2.957792% 0.462727% 1.084811% 0.000000% 4.505330%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 5 0 0 0 5
1,784,283.58 0.00 0.00 0.00 1,784,283.58
60 Days 3 0 2 0 5
940,461.58 0.00 783,962.53 0.00 1,724,424.11
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 1 0 1
0.00 0.00 395,710.56 0.00 395,710.56
150 Days 0 0 1 0 1
0.00 0.00 311,221.14 0.00 311,221.14
180 Days 1 0 1 0 2
1,493,273.45 0.00 719,189.71 0.00 2,212,463.16
Totals 9 0 5 0 14
4,218,018.61 0.00 2,210,083.94 0.00 6,428,102.55
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.590674% 0.000000% 0.000000% 0.000000% 2.590674%
2.197495% 0.000000% 0.000000% 0.000000% 2.197495%
60 Days 1.554404% 0.000000% 1.036269% 0.000000% 2.590674%
1.158257% 0.000000% 0.965516% 0.000000% 2.123773%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.518135% 0.000000% 0.518135%
0.000000% 0.000000% 0.487351% 0.000000% 0.487351%
150 Days 0.000000% 0.000000% 0.518135% 0.000000% 0.518135%
0.000000% 0.000000% 0.383295% 0.000000% 0.383295%
180 Days 0.518135% 0.000000% 0.518135% 0.000000% 1.036269%
1.839092% 0.000000% 0.885743% 0.000000% 2.724834%
Totals 4.663212% 0.000000% 2.590674% 0.000000% 7.253886%
5.194844% 0.000000% 2.721904% 0.000000% 7.916748%
<FN>
Delinquencies are stratified according to the information provided by the servicer. All 90 day delinquencies reported are actually
90+ day delinquencies.
</FN>
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 92,829.52
COLLATERAL STATEMENT
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 8.724916%
Weighted Average Net Coupon 8.474916%
Weighted Average Pass-Through Rate 8.634299%
Weighted Average Maturity(Stepdown Calculation ) 326
Beginning Scheduled Collateral Loan Count 1,139
Number Of Loans Paid In Full 28
Ending Scheduled Collateral Loan Count 1,111
Beginning Scheduled Collateral Balance 209,536,054.49
Ending Scheduled Collateral Balance 203,014,188.49
Ending Actual Collateral Balance at 31-Mar-2002 203,173,738.71
Monthly P &I Constant 1,665,330.11
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 203,014,188.49
Scheduled Principal 141,843.08
Unscheduled Principal 6,380,022.92
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 605,159.64
Overcollateralized Amount 605,159.64
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 277,622.03
Miscellaneous Reporting
3 Month Rolling Delinquency 2.970134%
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 30 Year Fixed 30 Year Fixed 30 Year
Weighted Average Coupon Rate 8.805848 8.605099 8.724916
Weighted Average Net Rate 8.555848 8.355099 8.474916
Weighted Average Maturity 320 334 326
Beginning Loan Count 938 201 1,139
Loans Paid In Full 20 8 28
Ending Loan Count 918 193 1,111
Beginning Scheduled Balance 125,061,398.49 84,474,656.00 209,536,054.49
Ending scheduled Balance 121,885,727.08 81,128,461.41 203,014,188.49
Record Date 03/31/2002 03/31/2002 03/31/2002
Principal And Interest Constant 1,004,746.15 660,583.96 1,665,330.11
Scheduled Principal 87,019.79 54,823.29 141,843.08
Unscheduled Principal 3,088,651.62 3,291,371.30 6,380,022.92
Scheduled Interest 925,207.63 626,109.91 1,551,317.54
Servicing Fees 26,054.47 17,598.88 43,653.35
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00
Net Interest 899,153.16 608,511.03 1,507,664.19
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00 0.00
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.627633 8.644169 8.634299