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): December 26, 2003
ACE SECURITIES CORP.
Asset-Backed Pass-Through Certificates, Series 2003-TC1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-45458-09 54-2121770
Pooling and Servicing Agreement) (Commission 54-2121771
(State or other File Number) IRS EIN
jurisdiction
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 December 26, 2003 a distribution was made to holders of ACE SECURITIES
CORP., Asset-Backed Pass-Through Certificates, Series 2003-TC1 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-TC1 Trust, relating to the
December 26, 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.
Asset-Backed Pass-Through Certificates, Series 2003-TC1 Trust
By: Wells Fargo Bank Minnesota, N.A. as Securities
Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 1/7/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Pass-Through Certificates, Series 2003-TC1
Trust, relating to the December 26, 2003 distribution.
EX-99.1
ACE Securities Corporation
Asset-Backed Pass-Through Certificates
Record Date: 11/30/03
Distribution Date: 12/26/03
ACE Series: 2003-TC1
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 004421BX0 SEN 1.42875% 183,838,046.30 226,178.25 8,508,845.41
A-2 004421BY8 SEN 1.50875% 52,895,875.29 68,722.39 2,685,164.08
M-1 004421BZ5 MEZ 1.86875% 11,860,000.00 19,085.13 0.00
M-2 004421CA9 MEZ 3.06875% 9,636,000.00 25,463.46 0.00
M-3 004421CB7 MEZ 3.71875% 2,965,000.00 9,494.69 0.00
M-4 004421CC5 MEZ 4.86875% 2,223,000.00 9,320.00 0.00
CE ACE03TCCE SUB 0.00000% 1,482,144.00 991,956.34 0.00
P ACE03TC1P SEN 0.00000% 100.00 338,157.67 0.00
Totals 264,900,165.59 1,688,377.93 11,194,009.49
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 175,329,200.89 8,735,023.66 0.00
A-2 0.00 50,210,711.21 2,753,886.47 0.00
M-1 0.00 11,860,000.00 19,085.13 0.00
M-2 0.00 9,636,000.00 25,463.46 0.00
M-3 0.00 2,965,000.00 9,494.69 0.00
M-4 0.00 2,223,000.00 9,320.00 0.00
CE 0.00 1,482,144.00 991,956.34 0.00
P 0.00 100.00 338,157.67 0.00
Totals 0.00 253,706,156.10 12,882,387.42 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-1 209,312,000.00 183,838,046.30 0.00 8,508,845.41 0.00 0.00
A-2 59,017,000.00 52,895,875.29 0.00 2,685,164.08 0.00 0.00
M-1 11,860,000.00 11,860,000.00 0.00 0.00 0.00 0.00
M-2 9,636,000.00 9,636,000.00 0.00 0.00 0.00 0.00
M-3 2,965,000.00 2,965,000.00 0.00 0.00 0.00 0.00
M-4 2,223,000.00 2,223,000.00 0.00 0.00 0.00 0.00
CE 1,482,143.52 1,482,144.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
Totals 296,495,243.52 264,900,165.59 0.00 11,194,009.49 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 8,508,845.41 175,329,200.89 0.83764524 8,508,845.41
A-2 2,685,164.08 50,210,711.21 0.85078386 2,685,164.08
M-1 0.00 11,860,000.00 1.00000000 0.00
M-2 0.00 9,636,000.00 1.00000000 0.00
M-3 0.00 2,965,000.00 1.00000000 0.00
M-4 0.00 2,223,000.00 1.00000000 0.00
CE 0.00 1,482,144.00 1.00000032 0.00
P 0.00 100.00 1.00000000 0.00
Totals 11,194,009.49 253,706,156.10 0.85568373 11,194,009.49
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-1 209,312,000.00 878.29673550 0.00000000 40.65149351 0.00000000
A-2 59,017,000.00 896.28200840 0.00000000 45.49814596 0.00000000
M-1 11,860,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 9,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 2,965,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 2,223,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 1,482,143.52 1000.00032386 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 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 40.65149351 837.64524198 0.83764524 40.65149351
A-2 0.00000000 45.49814596 850.78386245 0.85078386 45.49814596
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
CE 0.00000000 0.00000000 1,000.00032386 1.00000032 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
<FN>
(3) 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>
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-1 209,312,000.00 1.42875% 183,838,046.30 226,178.25 0.00 0.00
A-2 59,017,000.00 1.50875% 52,895,875.29 68,722.39 0.00 0.00
M-1 11,860,000.00 1.86875% 11,860,000.00 19,085.13 0.00 0.00
M-2 9,636,000.00 3.06875% 9,636,000.00 25,463.46 0.00 0.00
M-3 2,965,000.00 3.71875% 2,965,000.00 9,494.69 0.00 0.00
M-4 2,223,000.00 4.86875% 2,223,000.00 9,320.00 0.00 0.00
CE 1,482,143.52 0.00000% 1,482,144.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
Totals 296,495,243.52 358,263.92 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 0.00 226,178.25 0.00 175,329,200.89
A-2 0.00 0.00 68,722.39 0.00 50,210,711.21
M-1 0.00 0.00 19,085.13 0.00 11,860,000.00
M-2 0.00 0.00 25,463.46 0.00 9,636,000.00
M-3 0.00 0.00 9,494.69 0.00 2,965,000.00
M-4 0.00 0.00 9,320.00 0.00 2,223,000.00
CE 0.00 0.00 991,956.34 0.00 1,482,144.00
P 0.00 0.00 338,157.67 0.00 100.00
Totals 0.00 0.00 1,688,377.93 0.00
<FN>
(4) 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>
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-1 209,312,000.00 1.42875% 878.29673550 1.08057947 0.00000000 0.00000000
A-2 59,017,000.00 1.50875% 896.28200840 1.16445075 0.00000000 0.00000000
M-1 11,860,000.00 1.86875% 1000.00000000 1.60920152 0.00000000 0.00000000
M-2 9,636,000.00 3.06875% 1000.00000000 2.64253425 0.00000000 0.00000000
M-3 2,965,000.00 3.71875% 1000.00000000 3.20225632 0.00000000 0.00000000
M-4 2,223,000.00 4.86875% 1000.00000000 4.19253261 0.00000000 0.00000000
CE 1,482,143.52 0.00000% 1000.00032386 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 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 1.08057947 0.00000000 837.64524198
A-2 0.00000000 0.00000000 1.16445075 0.00000000 850.78386245
M-1 0.00000000 0.00000000 1.60920152 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.64253425 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.20225632 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 4.19253261 0.00000000 1000.00000000
CE 0.00000000 0.00000000 669.27144815 0.00000000 1000.00032386
P 0.00000000 0.00000000 3381576.70000000 0.00000000 1000.00000000
<FN>
(6) 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>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 12,940,949.71
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 79,075.35
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 338,157.67
Total Deposits 13,358,182.73
Withdrawals
Reimbursement for Servicer Advances 100,204.54
Payment of Service Fee 375,590.77
Payment of Interest and Principal 12,882,387.42
Total Withdrawals (Pool Distribution Amount) 13,358,182.73
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 110,375.09
Credit Risk Manager Fee - Murrayhill 3,311.26
Master Servicing Fee - Wells Fargo 5,518.75
MGIC 256,385.67
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 375,590.77
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
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 4 1 0 5
605,160.50 107,669.52 0.00 712,830.02
30 Days 25 0 3 0 28
3,692,703.77 0.00 405,099.97 0.00 4,097,803.74
60 Days 9 0 1 0 10
1,040,015.50 0.00 91,793.87 0.00 1,131,809.37
90 Days 3 0 9 0 12
484,910.90 0.00 1,203,735.24 0.00 1,688,646.14
120 Days 0 1 11 0 12
0.00 175,737.94 1,649,573.34 0.00 1,825,311.28
150 Days 0 0 9 0 9
0.00 0.00 1,354,961.03 0.00 1,354,961.03
180+ Days 0 0 3 0 3
0.00 0.00 298,227.66 0.00 298,227.66
Totals 37 5 37 0 79
5,217,630.17 780,898.44 5,111,060.63 0.00 11,109,589.24
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 0.260586% 0.065147% 0.000000% 0.325733%
0.238425% 0.042420% 0.000000% 0.280845%
30 Days 1.628664% 0.000000% 0.195440% 0.000000% 1.824104%
1.454874% 0.000000% 0.159604% 0.000000% 1.614478%
60 Days 0.586319% 0.000000% 0.065147% 0.000000% 0.651466%
0.409752% 0.000000% 0.036166% 0.000000% 0.445917%
90 Days 0.195440% 0.000000% 0.586319% 0.000000% 0.781759%
0.191048% 0.000000% 0.474255% 0.000000% 0.665303%
120 Days 0.000000% 0.065147% 0.716612% 0.000000% 0.781759%
0.000000% 0.069238% 0.649909% 0.000000% 0.719147%
150 Days 0.000000% 0.000000% 0.586319% 0.000000% 0.586319%
0.000000% 0.000000% 0.533836% 0.000000% 0.533836%
180+ Days 0.000000% 0.000000% 0.195440% 0.000000% 0.195440%
0.000000% 0.000000% 0.117498% 0.000000% 0.117498%
Totals 2.410423% 0.325733% 2.410423% 0.000000% 5.146580%
2.055674% 0.307663% 2.013687% 0.000000% 4.377025%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I, Sub Grp 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
173,404.20 0.00 0.00 173,404.20
30 Days 3 0 0 0 3
285,868.59 0.00 0.00 0.00 285,868.59
60 Days 1 0 0 0 1
106,079.21 0.00 0.00 0.00 106,079.21
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 0.00 161,294.71 0.00 161,294.71
150 Days 0 0 1 0 1
0.00 0.00 58,893.12 0.00 58,893.12
180 Days 0 0 3 0 3
0.00 0.00 298,227.66 0.00 298,227.66
Totals 4 1 5 0 10
391,947.80 173,404.20 518,415.49 0.00 1,083,767.49
0-29 Days 0.289017% 0.000000% 0.000000% 0.289017%
0.342346% 0.000000% 0.000000% 0.342346%
30 Days 0.867052% 0.000000% 0.000000% 0.000000% 0.867052%
0.564380% 0.000000% 0.000000% 0.000000% 0.564380%
60 Days 0.289017% 0.000000% 0.000000% 0.000000% 0.289017%
0.209428% 0.000000% 0.000000% 0.000000% 0.209428%
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% 0.289017% 0.000000% 0.289017%
0.000000% 0.000000% 0.318438% 0.000000% 0.318438%
150 Days 0.000000% 0.000000% 0.289017% 0.000000% 0.289017%
0.000000% 0.000000% 0.116271% 0.000000% 0.116271%
180 Days 0.000000% 0.000000% 0.867052% 0.000000% 0.867052%
0.000000% 0.000000% 0.588780% 0.000000% 0.588780%
Totals 1.156069% 0.289017% 1.445087% 0.000000% 2.890173%
0.773809% 0.342346% 1.023489% 0.000000% 2.139644%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I, Sub Grp 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 3 1 0 4
431,756.30 107,669.52 0.00 539,425.82
30 Days 21 0 3 0 24
3,357,250.84 0.00 405,099.97 0.00 3,762,350.81
60 Days 7 0 1 0 8
829,276.56 0.00 91,793.87 0.00 921,070.43
90 Days 3 0 8 0 11
484,910.90 0.00 1,109,064.26 0.00 1,593,975.16
120 Days 0 1 8 0 9
0.00 175,737.94 1,017,021.08 0.00 1,192,759.02
150 Days 0 0 8 0 8
0.00 0.00 1,296,067.91 0.00 1,296,067.91
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 31 4 29 0 64
4,671,438.30 607,494.24 4,026,716.61 0.00 9,305,649.15
0-29 Days 0.316790% 0.105597% 0.000000% 0.422386%
0.294233% 0.073375% 0.000000% 0.367608%
30 Days 2.217529% 0.000000% 0.316790% 0.000000% 2.534319%
2.287901% 0.000000% 0.276068% 0.000000% 2.563969%
60 Days 0.739176% 0.000000% 0.105597% 0.000000% 0.844773%
0.565136% 0.000000% 0.062556% 0.000000% 0.627692%
90 Days 0.316790% 0.000000% 0.844773% 0.000000% 1.161563%
0.330457% 0.000000% 0.755806% 0.000000% 1.086263%
120 Days 0.000000% 0.105597% 0.844773% 0.000000% 0.950370%
0.000000% 0.119762% 0.693080% 0.000000% 0.812842%
150 Days 0.000000% 0.000000% 0.844773% 0.000000% 0.844773%
0.000000% 0.000000% 0.883245% 0.000000% 0.883245%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.273495% 0.422386% 3.062302% 0.000000% 6.758184%
3.183494% 0.413995% 2.744129% 0.000000% 6.341618%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I I, Sub Grp 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 1 0 0 0 1
49,584.34 0.00 0.00 0.00 49,584.34
60 Days 1 0 0 0 1
104,659.73 0.00 0.00 0.00 104,659.73
90 Days 0 0 1 0 1
0.00 0.00 94,670.98 0.00 94,670.98
120 Days 0 0 1 0 1
0.00 0.00 116,680.97 0.00 116,680.97
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 2 0 2 0 4
154,244.07 0.00 211,351.95 0.00 365,596.02
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.520833% 0.000000% 0.000000% 0.000000% 0.520833%
0.134707% 0.000000% 0.000000% 0.000000% 0.134707%
60 Days 0.520833% 0.000000% 0.000000% 0.000000% 0.520833%
0.284332% 0.000000% 0.000000% 0.000000% 0.284332%
90 Days 0.000000% 0.000000% 0.520833% 0.000000% 0.520833%
0.000000% 0.000000% 0.257196% 0.000000% 0.257196%
120 Days 0.000000% 0.000000% 0.520833% 0.000000% 0.520833%
0.000000% 0.000000% 0.316991% 0.000000% 0.316991%
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 1.041667% 0.000000% 1.041667% 0.000000% 2.083333%
0.419040% 0.000000% 0.574187% 0.000000% 0.993226%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I I, Sub Grp 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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0.00 354,576.58 0.00 354,576.58
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 0 0 1 0 1
0.00 0.00 354,576.58 0.00 354,576.58
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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% 2.000000% 0.000000% 2.000000%
0.000000% 0.000000% 1.807592% 0.000000% 1.807592%
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 0.000000% 0.000000% 2.000000% 0.000000% 2.000000%
0.000000% 0.000000% 1.807592% 0.000000% 1.807592%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 79,075.35
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.817939%
Weighted Average Net Coupon 7.317938%
Weighted Average Pass-Through Rate 6.116509%
Weighted Average Maturity(Stepdown Calculation ) 344
Beginning Scheduled Collateral Loan Count 1,596
Number Of Loans Paid In Full 61
Ending Scheduled Collateral Loan Count 1,535
Beginning Scheduled Collateral Balance 264,900,165.59
Ending Scheduled Collateral Balance 253,706,156.10
Ending Actual Collateral Balance at 30-Nov-2003 253,816,008.06
Monthly P &I Constant 1,951,816.58
Special Servicing Fee 0.00
Prepayment Penalties 338,157.67
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 253,706,156.10
Scheduled Principal 226,005.56
Unscheduled Principal 10,968,003.93
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 1,482,144.00
Overcollateralized Amount 1,482,144.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.817939%
Weighted Average Net Rate 7.317938%
Weighted Average Pass Through Rate 6.116509%
Weighted Average Maturity 344
Record Date 11/30/2003
Principal and Interest Constant 1,951,816.58
Beginning Loan Count 1,596
Loans Paid in Full 61
Ending Loan Count 1,535
Beginning Scheduled Balance 264,900,165.59
Ending Scheduled Balance 253,706,156.10
Ending Actual Balance at 30-Nov-2003 253,816,008.06
Scheduled Principal 226,005.56
Unscheduled Principal 10,968,003.93
Scheduled Interest 1,725,811.02
Servicing Fee 110,375.09
Master Servicing Fee 5,518.75
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 259,696.93
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 1,350,220.25
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 338,157.67
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 1,482,144.00
Overcollateralized Amount 1,482,144.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Group Level Collateral Statement
Group GRP I, Sub Grp 1 GRP I, Sub Grp 2 GRP I I, Sub Grp 1
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.450643 8.139201 7.199051
Weighted Average Net Rate 6.950643 7.639201 6.699051
Weighted Average Maturity 324 351 337
Beginning Loan Count 359 985 198
Loans Paid In Full 13 38 6
Ending Loan Count 346 947 192
Beginning Scheduled Balance 52,604,312.25 153,205,183.88 38,070,772.74
Ending scheduled Balance 50,635,853.10 146,664,797.62 36,799,922.83
Record Date 11/30/2003 11/30/2003 11/30/2003
Principal And Interest Constant 385,776.94 1,150,619.88 267,091.53
Scheduled Principal 59,163.66 111,480.01 38,696.99
Unscheduled Principal 1,909,295.49 6,428,906.25 1,232,152.92
Scheduled Interest 326,613.28 1,039,139.87 228,394.54
Servicing Fees 21,918.46 63,835.50 15,862.84
Master Servicing Fees 1,095.92 3,191.78 793.14
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 57,946.88 148,846.25 37,360.34
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 245,652.02 823,266.34 174,378.22
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 5.603769 6.448343 5.496444
Group Level Collateral Statement
Group GRP I I, Sub Grp 2 Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.516497 7.817939
Weighted Average Net Rate 7.016497 7.317938
Weighted Average Maturity 352 344
Beginning Loan Count 54 1,596
Loans Paid In Full 4 61
Ending Loan Count 50 1,535
Beginning Scheduled Balance 21,019,896.72 264,900,165.59
Ending scheduled Balance 19,605,582.55 253,706,156.10
Record Date 11/30/2003 11/30/2003
Principal And Interest Constant 148,328.23 1,951,816.58
Scheduled Principal 16,664.90 226,005.56
Unscheduled Principal 1,397,649.27 10,968,003.93
Scheduled Interest 131,663.33 1,725,811.02
Servicing Fees 8,758.29 110,375.09
Master Servicing Fees 437.91 5,518.75
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 15,543.46 259,696.93
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 106,923.67 1,350,220.25
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 6.104140 6.116509