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
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certs., Series 2003-FM1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-45458-08 54-2116960
Pooling and Servicing Agreement) (Commission 54-2116961
(State or other File Number) 54-2120395
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
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 25, 2003 a distribution was made to holders of ACE SECURITIES
CORP., HOME EQUITY LOAN TRUST, Asset-Backed Pass-Through Certs.,
Series 2003-FM1 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 Certs.,
Series 2003-FM1 Trust, relating to the
September 25, 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.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certs., Series 2003-FM1 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: 9/25/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Pass-Through Certs., Series 2003-FM1 Trust,
relating to the September 25, 2003 distribution.
EX-99.1
ACE Securities Corporation
Asset-Backed Pass-Through Certificates
Record Date: 8/31/03
Distribution Date: 9/25/03
ACE Series: 2003-FM1
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-1 004421BN2 SEN 1.45000% 276,962,170.51 345,818.04 9,046,511.18
A-2 004421BP7 SEN 1.48000% 61,251,103.98 78,061.13 3,293,092.04
A-IO 004421BQ5 SEN 5.50000% 0.00 208,289.58 0.00
M-1 004421BR3 MEZ 1.97000% 27,267,000.00 46,255.44 0.00
M-2 004421BS1 MEZ 2.96000% 26,131,000.00 66,605.02 0.00
M-3 004421BT9 MEZ 3.24000% 4,544,000.00 12,677.76 0.00
M-4 004421BU6 MEZ 4.61000% 7,953,000.00 31,571.20 0.00
M-5 004421BV4 MEZ 4.61000% 9,089,000.00 36,080.81 0.00
M-6 004421BW2 MEZ 4.61000% 4,544,000.00 18,038.42 0.00
CE ACE03F1CE SUB 0.00000% 9,089,206.00 1,900,263.95 0.00
P ACE03FM1P SEN 0.00000% 100.00 362,600.49 0.00
R-III ACE03F1R1 SEN 0.00000% 0.00 0.00 0.00
Totals 426,830,580.49 3,106,261.84 12,339,603.22
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 267,915,659.33 9,392,329.22 0.00
A-2 0.00 57,958,011.94 3,371,153.17 0.00
A-IO 0.00 0.00 208,289.58 0.00
M-1 0.00 27,267,000.00 46,255.44 0.00
M-2 0.00 26,131,000.00 66,605.02 0.00
M-3 0.00 4,544,000.00 12,677.76 0.00
M-4 0.00 7,953,000.00 31,571.20 0.00
M-5 0.00 9,089,000.00 36,080.81 0.00
M-6 0.00 4,544,000.00 18,038.42 0.00
CE 0.00 9,089,206.00 1,900,263.95 0.00
P 0.00 100.00 362,600.49 0.00
R-III 0.00 0.00 0.00 0.00
Totals 0.00 414,490,977.27 15,445,865.06 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-1 298,374,000.00 276,962,170.51 0.00 9,046,511.18 0.00 0.00
A-2 67,458,000.00 61,251,103.98 0.00 3,293,092.04 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 27,267,000.00 27,267,000.00 0.00 0.00 0.00 0.00
M-2 26,131,000.00 26,131,000.00 0.00 0.00 0.00 0.00
M-3 4,544,000.00 4,544,000.00 0.00 0.00 0.00 0.00
M-4 7,953,000.00 7,953,000.00 0.00 0.00 0.00 0.00
M-5 9,089,000.00 9,089,000.00 0.00 0.00 0.00 0.00
M-6 4,544,000.00 4,544,000.00 0.00 0.00 0.00 0.00
CE 9,089,206.86 9,089,206.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
Totals 454,449,306.86 426,830,580.49 0.00 12,339,603.22 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-1 9,046,511.18 267,915,659.33 0.89791892 9,046,511.18
A-2 3,293,092.04 57,958,011.94 0.85917181 3,293,092.04
A-IO 0.00 0.00 0.00000000 0.00
M-1 0.00 27,267,000.00 1.00000000 0.00
M-2 0.00 26,131,000.00 1.00000000 0.00
M-3 0.00 4,544,000.00 1.00000000 0.00
M-4 0.00 7,953,000.00 1.00000000 0.00
M-5 0.00 9,089,000.00 1.00000000 0.00
M-6 0.00 4,544,000.00 1.00000000 0.00
CE 0.00 9,089,206.00 0.99999991 0.00
P 0.00 100.00 1.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
Totals 12,339,603.22 414,490,977.27 0.91207308 12,339,603.22
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-1 298,374,000.00 928.23828655 0.00000000 30.31936824 0.00000000
A-2 67,458,000.00 907.98873343 0.00000000 48.81692372 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 27,267,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 26,131,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 4,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 7,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 9,089,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 4,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 9,089,206.86 999.99990538 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are 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-1 0.00000000 30.31936824 897.91891830 0.89791892 30.31936824
A-2 0.00000000 48.81692372 859.17180972 0.85917181 48.81692372
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
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
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.99990538 0.99999991 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-III 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-1 298,374,000.00 1.45000% 276,962,170.51 345,818.04 0.00 0.00
A-2 67,458,000.00 1.48000% 61,251,103.98 78,061.13 0.00 0.00
A-IO 0.00 5.50000% 45,445,000.00 208,289.58 0.00 0.00
M-1 27,267,000.00 1.97000% 27,267,000.00 46,255.44 0.00 0.00
M-2 26,131,000.00 2.96000% 26,131,000.00 66,605.02 0.00 0.00
M-3 4,544,000.00 3.24000% 4,544,000.00 12,677.76 0.00 0.00
M-4 7,953,000.00 4.61000% 7,953,000.00 31,571.20 0.00 0.00
M-5 9,089,000.00 4.61000% 9,089,000.00 36,080.81 0.00 0.00
M-6 4,544,000.00 4.61000% 4,544,000.00 18,038.42 0.00 0.00
CE 9,089,206.86 0.00000% 9,089,206.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 454,449,306.86 843,397.40 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-1 0.00 0.00 345,818.04 0.00 267,915,659.33
A-2 0.00 0.00 78,061.13 0.00 57,958,011.94
A-IO 0.00 0.00 208,289.58 0.00 45,445,000.00
M-1 0.00 0.00 46,255.44 0.00 27,267,000.00
M-2 0.00 0.00 66,605.02 0.00 26,131,000.00
M-3 0.00 0.00 12,677.76 0.00 4,544,000.00
M-4 0.00 0.00 31,571.20 0.00 7,953,000.00
M-5 0.00 0.00 36,080.81 0.00 9,089,000.00
M-6 0.00 0.00 18,038.42 0.00 4,544,000.00
CE 0.00 0.00 1,900,263.95 0.00 9,089,206.00
P 0.00 0.00 362,600.49 0.00 100.00
R-III 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,106,261.84 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-1 298,374,000.00 1.45000% 928.23828655 1.15900863 0.00000000 0.00000000
A-2 67,458,000.00 1.48000% 907.98873343 1.15718121 0.00000000 0.00000000
A-IO 0.00 5.50000% 1000.00000000 4.58333326 0.00000000 0.00000000
M-1 27,267,000.00 1.97000% 1000.00000000 1.69638904 0.00000000 0.00000000
M-2 26,131,000.00 2.96000% 1000.00000000 2.54888906 0.00000000 0.00000000
M-3 4,544,000.00 3.24000% 1000.00000000 2.79000000 0.00000000 0.00000000
M-4 7,953,000.00 4.61000% 1000.00000000 3.96972212 0.00000000 0.00000000
M-5 9,089,000.00 4.61000% 1000.00000000 3.96972274 0.00000000 0.00000000
M-6 4,544,000.00 4.61000% 1000.00000000 3.96972271 0.00000000 0.00000000
CE 9,089,206.86 0.00000% 999.99990538 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 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-1 0.00000000 0.00000000 1.15900863 0.00000000 897.91891830
A-2 0.00000000 0.00000000 1.15718121 0.00000000 859.17180972
A-IO 0.00000000 0.00000000 4.58333326 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.69638904 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.54888906 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.79000000 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.96972212 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.96972274 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.96972271 0.00000000 1000.00000000
CE 0.00000000 0.00000000 209.06818156 0.00000000 999.99990538
P 0.00000000 0.00000000 3626004.90000000 0.00000000 1000.00000000
R-III 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 Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance Percentage
<s> <c> <c> <c> <c> <c> <c>
A-IO1 5.50000% 37,065,000.00 37,065,000.00 0.00 0.00 100.00000000%
A-IO2 5.50000% 8,380,000.00 8,380,000.00 0.00 0.00 100.00000000%
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 15,249,940.54
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 227,546.38
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 362,600.49
Total Deposits 15,840,087.41
Withdrawals
Reimbursement for Servicer Advances 208,373.22
Payment of Service Fee 185,849.13
Payment of Interest and Principal 15,445,865.06
Total Withdrawals (Pool Distribution Amount) 15,840,087.41
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 177,846.08
Master Servicing Fee - Wells Fargo 8,003.05
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 185,849.13
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 1,000.00 0.00 0.00 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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 117 0 0 0 117
15,180,000.90 0.00 0.00 0.00 15,180,000.90
60 Days 61 0 0 0 61
7,187,349.53 0.00 0.00 0.00 7,187,349.53
90 Days 29 0 0 0 29
2,772,713.86 0.00 0.00 0.00 2,772,713.86
120 Days 28 0 1 0 29
2,689,279.53 0.00 147,429.66 0.00 2,836,709.19
150 Days 2 0 6 0 8
158,281.00 0.00 832,885.21 0.00 991,166.21
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 237 0 7 0 244
27,987,624.82 0.00 980,314.87 0.00 28,967,939.69
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 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 3.378573% 0.000000% 0.000000% 0.000000% 3.378573%
3.658564% 0.000000% 0.000000% 0.000000% 3.658564%
60 Days 1.761478% 0.000000% 0.000000% 0.000000% 1.761478%
1.732238% 0.000000% 0.000000% 0.000000% 1.732238%
90 Days 0.837424% 0.000000% 0.000000% 0.000000% 0.837424%
0.668258% 0.000000% 0.000000% 0.000000% 0.668258%
120 Days 0.808548% 0.000000% 0.028877% 0.000000% 0.837424%
0.648149% 0.000000% 0.035532% 0.000000% 0.683681%
150 Days 0.057753% 0.000000% 0.173260% 0.000000% 0.231014%
0.038148% 0.000000% 0.200735% 0.000000% 0.238883%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 6.843777% 0.000000% 0.202137% 0.000000% 7.045914%
6.745357% 0.000000% 0.236268% 0.000000% 6.981625%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 110 0 0 0 110
13,964,094.46 0.00 0.00 0.00 13,964,094.46
60 Days 55 0 0 0 55
5,689,804.03 0.00 0.00 0.00 5,689,804.03
90 Days 25 0 0 0 25
1,895,909.83 0.00 0.00 0.00 1,895,909.83
120 Days 25 0 1 0 26
2,533,895.93 0.00 147,429.66 0.00 2,681,325.59
150 Days 2 0 5 0 7
158,281.00 0.00 434,052.82 0.00 592,333.82
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 217 0 6 0 223
24,241,985.25 0.00 581,482.48 0.00 24,823,467.73
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 3.526771% 0.000000% 0.000000% 0.000000% 3.526771%
4.100520% 0.000000% 0.000000% 0.000000% 4.100520%
60 Days 1.763386% 0.000000% 0.000000% 0.000000% 1.763386%
1.670796% 0.000000% 0.000000% 0.000000% 1.670796%
90 Days 0.801539% 0.000000% 0.000000% 0.000000% 0.801539%
0.556729% 0.000000% 0.000000% 0.000000% 0.556729%
120 Days 0.801539% 0.000000% 0.032062% 0.000000% 0.833601%
0.744072% 0.000000% 0.043292% 0.000000% 0.787364%
150 Days 0.064123% 0.000000% 0.160308% 0.000000% 0.224431%
0.046479% 0.000000% 0.127458% 0.000000% 0.173937%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 6.957358% 0.000000% 0.192369% 0.000000% 7.149727%
7.118596% 0.000000% 0.170751% 0.000000% 7.289347%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
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 7 0 0 0 7
1,215,906.44 0.00 0.00 0.00 1,215,906.44
60 Days 6 0 0 0 6
1,497,545.50 0.00 0.00 0.00 1,497,545.50
90 Days 4 0 0 0 4
876,804.03 0.00 0.00 0.00 876,804.03
120 Days 3 0 0 0 3
155,383.60 0.00 0.00 0.00 155,383.60
150 Days 0 0 1 0 1
0.00 0.00 398,832.39 0.00 398,832.39
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 20 0 1 0 21
3,745,639.57 0.00 398,832.39 0.00 4,144,471.96
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.034884% 0.000000% 0.000000% 0.000000% 2.034884%
1.634889% 0.000000% 0.000000% 0.000000% 1.634889%
60 Days 1.744186% 0.000000% 0.000000% 0.000000% 1.744186%
2.013576% 0.000000% 0.000000% 0.000000% 2.013576%
90 Days 1.162791% 0.000000% 0.000000% 0.000000% 1.162791%
1.178937% 0.000000% 0.000000% 0.000000% 1.178937%
120 Days 0.872093% 0.000000% 0.000000% 0.000000% 0.872093%
0.208926% 0.000000% 0.000000% 0.000000% 0.208926%
150 Days 0.000000% 0.000000% 0.290698% 0.000000% 0.290698%
0.000000% 0.000000% 0.536264% 0.000000% 0.536264%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 5.813953% 0.000000% 0.290698% 0.000000% 6.104651%
5.036328% 0.000000% 0.536264% 0.000000% 5.572592%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 227,546.38
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 8.236084%
Weighted Average Net Coupon 7.736084%
Weighted Average Pass-Through Rate 7.713585%
Weighted Average Maturity(Stepdown Calculation ) 336
Beginning Scheduled Collateral Loan Count 3,546
Number Of Loans Paid In Full 83
Ending Scheduled Collateral Loan Count 3,463
Beginning Scheduled Collateral Balance 426,830,580.49
Ending Scheduled Collateral Balance 414,490,977.27
Ending Actual Collateral Balance at 31-Aug-2003 414,916,878.58
Monthly P &I Constant 3,311,318.40
Special Servicing Fee 0.00
Prepayment Penalties 362,600.49
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 414,490,977.27
Scheduled Principal 380,691.81
Unscheduled Principal 11,958,911.41
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 9,089,206.00
Overcollateralized Amount 9,089,206.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 8.236084%
Weighted Average Net Rate 7.736084%
Weighted Average Pass Through Rate 7.713585%
Weighted Average Maturity 336
Record Date 08/31/2003
Principal and Interest Constant 3,311,318.40
Beginning Loan Count 3,546
Loans Paid in Full 83
Ending Loan Count 3,463
Beginning Scheduled Balance 426,830,580.49
Ending Scheduled Balance 414,490,977.27
Ending Actual Balance at 31-Aug-2003 414,916,878.58
Scheduled Principal 380,691.81
Unscheduled Principal 11,958,911.41
Scheduled Interest 2,929,510.49
Servicing Fee 177,846.08
Master Servicing Fee 8,003.05
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 2,744,777.46
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.00
Special Servicing Fee 0.00
Prepayment Penalties 362,600.49
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 9,089,206.00
Overcollateralized Amount 9,089,206.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Required Overcollateralization Amount: 9,089,206.00
Overcollateralization Increase Amount: 0.00
Overcollateralization Reduction Amount: 0.00
Credit Enhancement Percentage: 21.3798%
Group Level Collateral Statement
Group 1 2 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 8.347045 7.736651 8.236084
Weighted Average Net Rate 7.847045 7.236652 7.736084
Weighted Average Maturity 333 338 336
Beginning Loan Count 3,190 356 3,546
Loans Paid In Full 71 12 83
Ending Loan Count 3,119 344 3,463
Beginning Scheduled Balance 349,238,748.53 77,591,831.96 426,830,580.49
Ending scheduled Balance 340,192,237.35 74,298,739.92 414,490,977.27
Record Date 08/31/2003 08/31/2003 08/31/2003
Principal And Interest Constant 2,740,024.23 571,294.17 3,311,318.40
Scheduled Principal 310,085.73 70,606.08 380,691.81
Unscheduled Principal 8,736,425.45 3,222,485.96 11,958,911.41
Scheduled Interest 2,429,259.71 500,250.78 2,929,510.49
Servicing Fees 145,516.14 32,329.94 177,846.08
Master Servicing Fees 6,548.20 1,454.85 8,003.05
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 2,277,874.16 466,903.30 2,744,777.46
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 7.824547 7.214151 7.713585