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 15, 2003
ASSET BACKED SECURITIES CORP HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2003-HE3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-86750-05 54-2116934
Pooling and Servicing Agreement) (Commission 54-2116935
(State or other File Number) 54-2116936
jurisdiction 54-2116937
of Incorporation) 54-2116938
54-2116939
54-2116940
IRS EIN
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
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 15, 2003 a distribution was made to holders of ASSET BACKED
SECURITIES CORP HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates,
Series 2003-HE3 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
Asset Backed Pass-Through Certificates,
Series 2003-HE3 Trust, relating to the
September 15, 2003 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.
ASSET BACKED SECURIETIES CORP HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2003-HE3 Trust
By: Wells Fargo Bank Minnesota, N.A. as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 9/22/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2003-HE3 Trust,
relating to the September 15, 2003 distribution.
EX-99.1
Asset Backed Securities Corp Home Equity Loan Trust
Asset Backed Pass-Through Certificates
Record Date: 8/31/03
Distribution Date: 9/15/03
ABSC Series: 2003-HE3
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 04541GEK4 SEN IO 4.00000% 0.00 151,333.33 0.00
B-IO 04541GED0 SUB IO 3.50000% 0.00 151,666.67 0.00
A-INV-IO 04541GEC2 SEN IO 0.20000% 0.00 94,756.67 0.00
A1 04541GEH1 SEN 1.44000% 295,887,891.18 366,900.99 6,497,595.06
A2 04541GEJ7 SEN 1.46000% 191,224,760.93 240,412.02 4,296,775.14
M1 04541GEL2 MEZ 1.94000% 39,440,000.00 65,886.71 0.00
M2 04541GEM0 MEZ 3.11000% 33,380,000.00 89,393.49 0.00
M3 04541GEN8 MEZ 3.46000% 10,620,000.00 31,641.70 0.00
M4 04541GEP3 MEZ 5.11000% 15,200,000.00 66,884.22 0.00
M5 04541GEQ1 MEZ 5.11000% 9,112,000.00 40,095.33 0.00
X 04541GEE8 SUB OC 0.00000% 0.01 0.45 0.00
P 04541GEF5 SEN 0.00000% 100.00 174,159.56 0.00
Totals 594,864,752.12 1,473,131.14 10,794,370.20
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 0.00 151,333.33 0.00
B-IO 0.00 0.00 151,666.67 0.00
A-INV-IO 0.00 0.00 94,756.67 0.00
A1 0.00 289,390,296.12 6,864,496.05 0.00
A2 0.00 186,927,985.79 4,537,187.16 0.00
M1 0.00 39,440,000.00 65,886.71 0.00
M2 0.00 33,380,000.00 89,393.49 0.00
M3 0.00 10,620,000.00 31,641.70 0.00
M4 0.00 15,200,000.00 66,884.22 0.00
M5 0.00 9,112,000.00 40,095.33 0.00
X 0.00 0.01 0.45 0.00
P 0.00 100.00 174,159.56 0.00
Totals 0.00 584,070,381.92 12,267,501.34 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
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
A-INV-IO 0.00 0.00 0.00 0.00 0.00 0.00
A1 302,800,000.00 295,887,891.18 0.00 6,497,595.06 0.00 0.00
A2 196,200,000.00 191,224,760.93 0.00 4,296,775.14 0.00 0.00
M1 39,440,000.00 39,440,000.00 0.00 0.00 0.00 0.00
M2 33,380,000.00 33,380,000.00 0.00 0.00 0.00 0.00
M3 10,620,000.00 10,620,000.00 0.00 0.00 0.00 0.00
M4 15,200,000.00 15,200,000.00 0.00 0.00 0.00 0.00
M5 9,112,000.00 9,112,000.00 0.00 0.00 0.00 0.00
X 0.01 0.01 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
Totals 606,752,100.01 594,864,752.12 0.00 10,794,370.20 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
B-IO 0.00 0.00 0.00000000 0.00
A-INV-IO 0.00 0.00 0.00000000 0.00
A1 6,497,595.06 289,390,296.12 0.95571432 6,497,595.06
A2 4,296,775.14 186,927,985.79 0.95274203 4,296,775.14
M1 0.00 39,440,000.00 1.00000000 0.00
M2 0.00 33,380,000.00 1.00000000 0.00
M3 0.00 10,620,000.00 1.00000000 0.00
M4 0.00 15,200,000.00 1.00000000 0.00
M5 0.00 9,112,000.00 1.00000000 0.00
X 0.00 0.01 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
Totals 10,794,370.20 584,070,381.92 0.96261782 10,794,370.20
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
B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-INV-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A1 302,800,000.00 977.17269214 0.00000000 21.45837206 0.00000000
A2 196,200,000.00 974.64200270 0.00000000 21.89997523 0.00000000
M1 39,440,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M2 33,380,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M3 10,620,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M4 15,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M5 9,112,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.01 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
</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
B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-INV-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A1 0.00000000 21.45837206 955.71432008 0.95571432 21.45837206
A2 0.00000000 21.89997523 952.74202747 0.95274203 21.89997523
M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 4.00000% 45,400,000.00 151,333.33 0.00 0.00
B-IO 0.00 3.50000% 52,000,000.00 151,666.67 0.00 0.00
A-INV-IO 0.00 0.20000% 550,200,000.00 94,756.67 0.00 0.00
A1 302,800,000.00 1.44000% 295,887,891.18 366,900.99 0.00 0.00
A2 196,200,000.00 1.46000% 191,224,760.93 240,412.02 0.00 0.00
M1 39,440,000.00 1.94000% 39,440,000.00 65,886.71 0.00 0.00
M2 33,380,000.00 3.11000% 33,380,000.00 89,393.49 0.00 0.00
M3 10,620,000.00 3.46000% 10,620,000.00 31,641.70 0.00 0.00
M4 15,200,000.00 5.11000% 15,200,000.00 66,884.22 0.00 0.00
M5 9,112,000.00 5.11000% 9,112,000.00 40,095.33 0.00 0.00
X 0.01 0.00000% 0.01 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
Totals 606,752,100.01 1,298,971.13 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 0.00 151,333.33 0.00 44,400,000.00
B-IO 0.00 0.00 151,666.67 0.00 52,000,000.00
A-INV-IO 0.00 0.00 94,756.67 0.00 526,900,000.00
A1 0.00 0.00 366,900.99 0.00 289,390,296.12
A2 0.00 0.00 240,412.02 0.00 186,927,985.79
M1 0.00 0.00 65,886.71 0.00 39,440,000.00
M2 0.00 0.00 89,393.49 0.00 33,380,000.00
M3 0.00 0.00 31,641.70 0.00 10,620,000.00
M4 0.00 0.00 66,884.22 0.00 15,200,000.00
M5 0.00 0.00 40,095.33 0.00 9,112,000.00
X 0.00 0.00 0.45 0.00 0.01
P 0.00 0.00 174,159.56 0.00 100.00
Totals 0.00 0.00 1,473,131.14 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 4.00000% 955.78947368 3.18596484 0.00000000 0.00000000
B-IO 0.00 3.50000% 1000.00000000 2.91666673 0.00000000 0.00000000
A-INV-IO 0.00 0.20000% 917.00000000 0.15792778 0.00000000 0.00000000
A1 302,800,000.00 1.44000% 977.17269214 1.21169415 0.00000000 0.00000000
A2 196,200,000.00 1.46000% 974.64200270 1.22534159 0.00000000 0.00000000
M1 39,440,000.00 1.94000% 1000.00000000 1.67055553 0.00000000 0.00000000
M2 33,380,000.00 3.11000% 1000.00000000 2.67805542 0.00000000 0.00000000
M3 10,620,000.00 3.46000% 1000.00000000 2.97944444 0.00000000 0.00000000
M4 15,200,000.00 5.11000% 1000.00000000 4.40027763 0.00000000 0.00000000
M5 9,112,000.00 5.11000% 1000.00000000 4.40027766 0.00000000 0.00000000
X 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</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 3.18596484 0.00000000 934.73684211
B-IO 0.00000000 0.00000000 2.91666673 0.00000000 1000.00000000
A-INV-IO 0.00000000 0.00000000 0.15792778 0.00000000 878.16666667
A1 0.00000000 0.00000000 1.21169415 0.00000000 955.71432008
A2 0.00000000 0.00000000 1.22534159 0.00000000 952.74202747
M1 0.00000000 0.00000000 1.67055553 0.00000000 1000.00000000
M2 0.00000000 0.00000000 2.67805542 0.00000000 1000.00000000
M3 0.00000000 0.00000000 2.97944444 0.00000000 1000.00000000
M4 0.00000000 0.00000000 4.40027763 0.00000000 1000.00000000
M5 0.00000000 0.00000000 4.40027766 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1741595.60000000 0.00000000 1000.00000000
<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 12,312,923.58
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 133,675.64
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 174,159.56
Total Deposits 12,620,758.78
Withdrawals
Reimbursement for Servicer Advances 93,197.12
Payment of Service Fee 260,060.32
Payment of Interest and Principal 12,267,501.34
Total Withdrawals (Pool Distribution Amount) 12,620,758.78
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 248,813.32
Strip Amount 11,247.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 260,060.32
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.45 0.45 1,000.00
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 3 0 0 3
262,801.66 0.00 0.00 262,801.66
30 Days 66 0 0 0 66
10,209,596.45 0.00 0.00 0.00 10,209,596.45
60 Days 36 0 0 0 36
5,125,239.02 0.00 0.00 0.00 5,125,239.02
90 Days 14 0 1 0 15
2,255,377.39 0.00 117,534.14 0.00 2,372,911.53
120 Days 0 0 4 0 4
0.00 0.00 513,630.28 0.00 513,630.28
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 116 3 5 0 124
17,590,212.86 262,801.66 631,164.42 0.00 18,484,178.94
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 0.079470% 0.000000% 0.000000% 0.079470%
0.044646% 0.000000% 0.000000% 0.044646%
30 Days 1.748344% 0.000000% 0.000000% 0.000000% 1.748344%
1.734468% 0.000000% 0.000000% 0.000000% 1.734468%
60 Days 0.953642% 0.000000% 0.000000% 0.000000% 0.953642%
0.870707% 0.000000% 0.000000% 0.000000% 0.870707%
90 Days 0.370861% 0.000000% 0.026490% 0.000000% 0.397351%
0.383157% 0.000000% 0.019967% 0.000000% 0.403125%
120 Days 0.000000% 0.000000% 0.105960% 0.000000% 0.105960%
0.000000% 0.000000% 0.087259% 0.000000% 0.087259%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.072848% 0.079470% 0.132450% 0.000000% 3.284768%
2.988332% 0.044646% 0.107226% 0.000000% 3.140205%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 133,675.64
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.698936%
Weighted Average Net Coupon 7.198936%
Weighted Average Pass-Through Rate 7.198936%
Weighted Average Maturity(Stepdown Calculation ) 350
Beginning Scheduled Collateral Loan Count 3,815
Number Of Loans Paid In Full 40
Ending Scheduled Collateral Loan Count 3,775
Beginning Scheduled Collateral Balance 597,151,947.36
Ending Scheduled Collateral Balance 588,629,741.00
Ending Actual Collateral Balance at 31-Aug-2003 588,629,741.00
Monthly P &I Constant 4,309,682.66
Special Servicing Fee 0.00
Prepayment Penalties 174,159.56
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 588,629,741.00
Scheduled Principal 478,487.38
Unscheduled Principal 8,043,718.98
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 14,258,683.44
Overcollateralized Amount 2,287,195.25
Overcollateralized Deficiency Amount 11,971,488.20
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 2,272,163.84
Miscellaneous Reporting
Overcollateralized Amount 2,287,195.25
Overcollateralization Deficiency Amount 11,971,488.20
Overcollateralization Release Amount 0.00
Overcollateralization Target Amount 14,258,683.44
A1 PTR (excl CAP) for Next Distribution 1.450%
A2 PTR (excl CAP) for Next Distribution 1.470%
M1 PTR (excl CAP) for Next Distribution 1.950%
M2 PTR (excl CAP) for Next Distribution 3.120%
M3 PTR (excl CAP) for Next Distribution 3.470%
M4 PTR (excl CAP) for Next Distribution 5.120%
M5 PTR (excl CAP) for Next Distribution 5.120%
Overcollateralization Increase 2,272,163.84
Percentage of PPP being passed 90.9091%
Has a Stepdown Date occurred? If so, wh NO
Did a Trigger Event occur? NO
Group Level Collateral Statement
Group Sub Group 1 Sub Group 1 Sub Group 1
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.684172 7.559492 7.934004
Weighted Average Net Rate 7.184172 7.059492 7.434004
Weighted Average Maturity (3) (3) (3)
Beginning Loan Count 1,889 103 471
Loans Paid In Full 24 1 3
Ending Loan Count 1,865 102 468
Beginning Scheduled Balance 289,701,298.60 14,897,814.00 58,023,482.73
Ending scheduled Balance 285,424,188.98 14,632,878.11 57,435,646.19
Record Date 08/31/2003 08/31/2003 08/31/2003
Principal And Interest Constant 2,072,808.04 105,340.85 439,304.73
Scheduled Principal 217,712.58 11,490.93 55,672.61
Unscheduled Principal 4,059,397.04 253,444.96 532,163.93
Scheduled Interest 1,855,095.46 93,849.92 383,632.12
Servicing Fees 120,708.88 6,207.42 24,176.46
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 1,734,386.58 87,642.50 359,455.66
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 7.184172 7.059492 7.434004
Group Level Collateral Statement
Group Sub Group 2 Sub Group 2 Sub Group 2
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.479184 7.346615 8.176592
Weighted Average Net Rate 6.979184 6.846615 7.676592
Weighted Average Maturity (3) (3) (3)
Beginning Loan Count 755 32 565
Loans Paid In Full 10 1 1
Ending Loan Count 745 31 564
Beginning Scheduled Balance 164,031,275.17 5,919,051.06 64,579,025.80
Ending scheduled Balance 161,204,128.18 5,496,002.00 64,436,897.54
Record Date 08/31/2003 08/31/2003 08/31/2003
Principal And Interest Constant 1,149,553.53 40,968.40 501,707.11
Scheduled Principal 127,203.51 4,730.91 61,676.84
Unscheduled Principal 2,699,943.48 418,318.15 80,451.42
Scheduled Interest 1,022,350.02 36,237.49 440,030.27
Servicing Fees 68,346.37 2,466.27 26,907.92
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 954,003.65 33,771.22 413,122.35
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 6.979184 6.846615 7.676592
Group Level Collateral Statement
Group Total
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 7.698936
Weighted Average Net Rate 7.198936
Weighted Average Maturity 350.00
Record Date 08/31/2003
Principal And Interest Constant 4,309,682.66
Beginning Loan Count 3,815
Loans Paid In Full 40
Ending Loan Count 3,775
Beginning Scheduled Balance 597,151,947.36
Ending Scheduled Balance 588,629,741.00
Scheduled Principal 478,487.38
Unscheduled Principal 8,043,718.98
Scheduled Interest 3,831,195.28
Servicing Fee 248,813.32
Master Servicing Fee 0.00
Trustee Fee 0.00
Fry Amount 0.00
Special Hazard Fee 0.00
Other Fee 0.00
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 3,582,381.96
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.00
Prepayment Penalties 0.00
Special Servicing Fee 0.00
Pass-Through Rate 7.198936