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-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 December 26, 2003 a distribution was made to holders of ACE SECURITIES
CORP., Asset-Backed Pass-Through Certificates, 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 Certificates,
Series 2003-FM1 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-FM1 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-FM1
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-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 1.45875% 241,418,252.43 303,256.53 15,005,079.38
A-2 004421BP7 SEN 1.48875% 52,567,942.46 67,391.01 4,330,637.75
A-IO 004421BQ5 SEN 5.50000% 0.00 208,289.58 0.00
M-1 004421BR3 MEZ 1.97875% 27,267,000.00 46,460.88 0.00
M-2 004421BS1 MEZ 2.96875% 26,131,000.00 66,801.90 0.00
M-3 004421BT9 MEZ 3.24875% 4,544,000.00 12,712.00 0.00
M-4 004421BU6 MEZ 4.61875% 7,953,000.00 31,631.12 0.00
M-5 004421BV4 MEZ 4.61875% 9,089,000.00 36,149.29 0.00
M-6 004421BW2 MEZ 4.61875% 4,544,000.00 18,072.66 0.00
CE ACE03F1CE SUB 0.00000% 9,089,206.00 1,663,916.50 0.00
P ACE03FM1P SEN 0.00000% 100.00 574,994.47 0.00
R-III ACE03F1R1 SEN 0.00000% 0.00 0.00 0.00
Totals 382,603,500.89 3,029,675.94 19,335,717.13
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 226,413,173.05 15,308,335.91 0.00
A-2 0.00 48,237,304.71 4,398,028.76 0.00
A-IO 0.00 0.00 208,289.58 0.00
M-1 0.00 27,267,000.00 46,460.88 0.00
M-2 0.00 26,131,000.00 66,801.90 0.00
M-3 0.00 4,544,000.00 12,712.00 0.00
M-4 0.00 7,953,000.00 31,631.12 0.00
M-5 0.00 9,089,000.00 36,149.29 0.00
M-6 0.00 4,544,000.00 18,072.66 0.00
CE 0.00 9,089,206.00 1,663,916.50 0.00
P 0.00 100.00 574,994.47 0.00
R-III 0.00 0.00 0.00 0.00
Totals 0.00 363,267,783.76 22,365,393.07 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-1 298,374,000.00 241,418,252.43 0.00 15,005,079.38 0.00 0.00
A-2 67,458,000.00 52,567,942.46 0.00 4,330,637.75 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 454,449,306.86 382,603,500.89 0.00 19,335,717.13 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 15,005,079.38 226,413,173.05 0.75882340 15,005,079.38
A-2 4,330,637.75 48,237,304.71 0.71507167 4,330,637.75
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 19,335,717.13 363,267,783.76 0.79935821 19,335,717.13
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-1 298,374,000.00 809.11290002 0.00000000 50.28950036 0.00000000
A-2 67,458,000.00 779.26921136 0.00000000 64.19754143 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 50.28950036 758.82339966 0.75882340 50.28950036
A-2 0.00000000 64.19754143 715.07166993 0.71507167 64.19754143
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, 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-1 298,374,000.00 1.45875% 241,418,252.43 303,256.53 0.00 0.00
A-2 67,458,000.00 1.48875% 52,567,942.46 67,391.01 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 1.97875% 27,267,000.00 46,460.89 0.00 0.00
M-2 26,131,000.00 2.96875% 26,131,000.00 66,801.91 0.00 0.00
M-3 4,544,000.00 3.24875% 4,544,000.00 12,712.00 0.00 0.00
M-4 7,953,000.00 4.61875% 7,953,000.00 31,631.12 0.00 0.00
M-5 9,089,000.00 4.61875% 9,089,000.00 36,149.29 0.00 0.00
M-6 4,544,000.00 4.61875% 4,544,000.00 18,072.66 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 454,449,306.86 790,764.99 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 0.00 303,256.53 0.00 226,413,173.05
A-2 0.00 0.00 67,391.01 0.00 48,237,304.71
A-IO 0.00 0.00 208,289.58 0.00 45,445,000.00
M-1 0.00 0.00 46,460.88 0.00 27,267,000.00
M-2 0.00 0.00 66,801.90 0.00 26,131,000.00
M-3 0.00 0.00 12,712.00 0.00 4,544,000.00
M-4 0.00 0.00 31,631.12 0.00 7,953,000.00
M-5 0.00 0.00 36,149.29 0.00 9,089,000.00
M-6 0.00 0.00 18,072.66 0.00 4,544,000.00
CE 0.00 0.00 1,663,916.50 0.00 9,089,206.00
P 0.00 0.00 574,994.47 0.00 100.00
R-III 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,029,675.94 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-1 298,374,000.00 1.45875% 809.11290002 1.01636379 0.00000000 0.00000000
A-2 67,458,000.00 1.48875% 779.26921136 0.99900694 0.00000000 0.00000000
A-IO 0.00 5.50000% 1000.00000000 4.58333326 0.00000000 0.00000000
M-1 27,267,000.00 1.97875% 1000.00000000 1.70392379 0.00000000 0.00000000
M-2 26,131,000.00 2.96875% 1000.00000000 2.55642379 0.00000000 0.00000000
M-3 4,544,000.00 3.24875% 1000.00000000 2.79753521 0.00000000 0.00000000
M-4 7,953,000.00 4.61875% 1000.00000000 3.97725638 0.00000000 0.00000000
M-5 9,089,000.00 4.61875% 1000.00000000 3.97725712 0.00000000 0.00000000
M-6 4,544,000.00 4.61875% 1000.00000000 3.97725792 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 1.01636379 0.00000000 758.82339966
A-2 0.00000000 0.00000000 0.99900694 0.00000000 715.07166993
A-IO 0.00000000 0.00000000 4.58333326 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.70392342 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.55642341 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.79753521 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.97725638 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.97725712 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.97725792 0.00000000 1000.00000000
CE 0.00000000 0.00000000 183.06509310 0.00000000 999.99990538
P 0.00000000 0.00000000 5749944.70000000 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, Bankruptcy,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 21,915,938.65
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 279,918.87
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 574,994.47
Total Deposits 22,770,851.99
Withdrawals
Reimbursement for Servicer Advances 238,867.00
Payment of Service Fee 166,591.92
Payment of Interest and Principal 22,365,393.07
Total Withdrawals (Pool Distribution Amount) 22,770,851.99
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 159,418.10
Master Servicing Fee - Wells Fargo 7,173.82
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 166,591.92
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 1 0 0 1
35,834.26 0.00 0.00 35,834.26
30 Days 131 3 1 0 135
13,148,920.53 293,113.24 212,766.09 0.00 13,654,799.86
60 Days 51 5 3 0 59
4,994,908.10 292,041.71 481,108.09 0.00 5,768,057.90
90 Days 19 2 20 0 41
1,887,636.68 301,777.07 3,437,168.53 0.00 5,626,582.28
120 Days 7 5 13 0 25
707,132.43 533,687.87 1,874,446.56 0.00 3,115,266.86
150 Days 10 1 14 1 26
257,714.53 67,131.67 2,324,879.24 318,077.81 2,967,803.25
180+ Days 18 8 21 2 49
690,120.03 1,018,799.99 2,305,616.22 219,326.53 4,233,862.77
Totals 236 25 72 3 336
21,686,432.30 2,542,385.81 10,635,984.73 537,404.34 35,402,207.18
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 0.032531% 0.000000% 0.000000% 0.032531%
0.009852% 0.000000% 0.000000% 0.009852%
30 Days 4.261548% 0.097593% 0.032531% 0.000000% 4.391672%
3.615148% 0.080588% 0.058498% 0.000000% 3.754234%
60 Days 1.659076% 0.162655% 0.097593% 0.000000% 1.919323%
1.373294% 0.080294% 0.132275% 0.000000% 1.585863%
90 Days 0.618087% 0.065062% 0.650618% 0.000000% 1.333767%
0.518984% 0.082970% 0.945011% 0.000000% 1.546966%
120 Days 0.227716% 0.162655% 0.422902% 0.000000% 0.813273%
0.194418% 0.146731% 0.515358% 0.000000% 0.856508%
150 Days 0.325309% 0.032531% 0.455433% 0.032531% 0.845804%
0.070856% 0.018457% 0.639199% 0.087452% 0.815964%
180+ Days 0.585556% 0.260247% 0.683149% 0.065062% 1.594014%
0.189741% 0.280108% 0.633903% 0.060301% 1.164053%
Totals 7.677293% 0.813273% 2.342225% 0.097593% 10.930384%
5.962441% 0.699000% 2.924244% 0.147753% 9.733439%
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 1 0 0 1
35,834.26 0.00 0.00 35,834.26
30 Days 125 3 1 0 129
12,547,386.36 293,113.24 212,766.09 0.00 13,053,265.69
60 Days 47 5 2 0 54
4,596,942.81 292,041.71 331,610.82 0.00 5,220,595.34
90 Days 18 1 19 0 38
1,820,221.43 249,377.48 3,158,158.50 0.00 5,227,757.41
120 Days 4 5 12 0 21
215,580.23 533,687.87 1,476,433.92 0.00 2,225,702.02
150 Days 9 1 13 1 24
206,449.14 67,131.67 1,926,612.00 318,077.81 2,518,270.62
180 Days 15 8 20 2 45
552,424.64 1,018,799.99 2,226,118.47 219,326.53 4,016,669.63
Totals 218 24 67 3 312
19,939,004.61 2,489,986.22 9,331,699.80 537,404.34 32,298,094.97
0-29 Days 0.035971% 0.000000% 0.000000% 0.035971%
0.011982% 0.000000% 0.000000% 0.011982%
30 Days 4.496403% 0.107914% 0.035971% 0.000000% 4.640288%
4.195513% 0.098009% 0.071143% 0.000000% 4.364666%
60 Days 1.690647% 0.179856% 0.071942% 0.000000% 1.942446%
1.537096% 0.097651% 0.110882% 0.000000% 1.745629%
90 Days 0.647482% 0.035971% 0.683453% 0.000000% 1.366906%
0.608634% 0.083385% 1.056004% 0.000000% 1.748023%
120 Days 0.143885% 0.179856% 0.431655% 0.000000% 0.755396%
0.072084% 0.178451% 0.493680% 0.000000% 0.744216%
150 Days 0.323741% 0.035971% 0.467626% 0.035971% 0.863309%
0.069031% 0.022447% 0.644208% 0.106357% 0.842043%
180 Days 0.539568% 0.287770% 0.719424% 0.071942% 1.618705%
0.184716% 0.340660% 0.744355% 0.073337% 1.343068%
Totals 7.841727% 0.863309% 2.410072% 0.107914% 11.223022%
6.667075% 0.832585% 3.120273% 0.179694% 10.799627%
<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 6 0 0 0 6
601,534.17 0.00 0.00 0.00 601,534.17
60 Days 4 0 1 0 5
397,965.29 0.00 149,497.27 0.00 547,462.56
90 Days 1 1 1 0 3
67,415.25 52,399.59 279,010.03 0.00 398,824.87
120 Days 3 0 1 0 4
491,552.20 0.00 398,012.64 0.00 889,564.84
150 Days 1 0 1 0 2
51,265.39 0.00 398,267.24 0.00 449,532.63
180 Days 3 0 1 0 4
137,695.39 0.00 79,497.75 0.00 217,193.14
Totals 18 1 5 0 24
1,747,427.69 52,399.59 1,304,284.93 0.00 3,104,112.21
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.040816% 0.000000% 0.000000% 0.000000% 2.040816%
0.930439% 0.000000% 0.000000% 0.000000% 0.930439%
60 Days 1.360544% 0.000000% 0.340136% 0.000000% 1.700680%
0.615563% 0.000000% 0.231239% 0.000000% 0.846802%
90 Days 0.340136% 0.340136% 0.340136% 0.000000% 1.020408%
0.104276% 0.081050% 0.431566% 0.000000% 0.616893%
120 Days 1.020408% 0.000000% 0.340136% 0.000000% 1.360544%
0.760321% 0.000000% 0.615637% 0.000000% 1.375958%
150 Days 0.340136% 0.000000% 0.340136% 0.000000% 0.680272%
0.079296% 0.000000% 0.616030% 0.000000% 0.695326%
180 Days 1.020408% 0.000000% 0.340136% 0.000000% 1.360544%
0.212984% 0.000000% 0.122965% 0.000000% 0.335949%
Totals 6.122449% 0.340136% 1.700680% 0.000000% 8.163265%
2.702880% 0.081050% 2.017437% 0.000000% 4.801367%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 279,918.87
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 8.221378%
Weighted Average Net Coupon 7.721378%
Weighted Average Pass-Through Rate 7.698878%
Weighted Average Maturity(Stepdown Calculation ) 333
Beginning Scheduled Collateral Loan Count 3,214
Number Of Loans Paid In Full 140
Ending Scheduled Collateral Loan Count 3,074
Beginning Scheduled Collateral Balance 382,603,500.89
Ending Scheduled Collateral Balance 363,267,783.76
Ending Actual Collateral Balance at 30-Nov-2003 363,717,361.04
Monthly P &I Constant 2,972,636.99
Special Servicing Fee 0.00
Prepayment Penalties 574,994.47
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 363,267,783.76
Scheduled Principal 351,363.58
Unscheduled Principal 18,984,353.55
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
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 8.221378%
Weighted Average Net Rate 7.721378%
Weighted Average Pass Through Rate 7.698878%
Weighted Average Maturity 333
Record Date 11/30/2003
Principal and Interest Constant 2,972,636.99
Beginning Loan Count 3,214
Loans Paid in Full 140
Ending Loan Count 3,074
Beginning Scheduled Balance 382,603,500.89
Ending Scheduled Balance 363,267,783.76
Ending Actual Balance at 30-Nov-2003 363,717,361.04
Scheduled Principal 351,363.58
Unscheduled Principal 18,984,353.55
Scheduled Interest 2,621,273.41
Servicing Fee 159,418.10
Master Servicing Fee 7,173.82
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 2,454,681.49
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 574,994.47
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: 24.3945%
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 8.335596 7.701421 8.221378
Weighted Average Net Rate 7.835596 7.201422 7.721378
Weighted Average Maturity 330 335 333
Beginning Loan Count 2,897 317 3,214
Loans Paid In Full 117 23 140
Ending Loan Count 2,780 294 3,074
Beginning Scheduled Balance 313,694,830.45 68,908,670.44 382,603,500.89
Ending scheduled Balance 298,689,751.07 64,578,032.69 363,267,783.76
Record Date 11/30/2003 11/30/2003 11/30/2003
Principal And Interest Constant 2,465,347.41 507,289.58 2,972,636.99
Scheduled Principal 286,319.56 65,044.02 351,363.58
Unscheduled Principal 14,718,759.82 4,265,593.73 18,984,353.55
Scheduled Interest 2,179,027.85 442,245.56 2,621,273.41
Servicing Fees 130,706.16 28,711.94 159,418.10
Master Servicing Fees 5,881.78 1,292.04 7,173.82
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 2,042,439.91 412,241.58 2,454,681.49
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 7.813096 7.178923 7.698878