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): October 25, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Mortgage Pass-Through Certificates, Series 2003-3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-91334-10 54-2126362
Pooling and Servicing Agreement) (Commission 54-2126363
(State or other File Number) 54-2126364
jurisdiction IRS EIN
of Incorporation)
c/o Wells Fargo Bank, 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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On October 25, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-3
Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Mortgage Pass-Through Certificates,
Series 2003-3 Trust, relating to the
October 25, 2004 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 2003-3 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 10/29/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 2003-3 Trust,
relating to the October 25, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 9/30/2004
Distribution Date: 10/25/2004
BSA Series: 2003-3
Contact: Customer Service - CTSLink
Wells Fargo Bank, 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 07384YLR5 SEN 2.04000% 103,999,636.08 165,012.76 6,266,802.88
A-IO 07384YLT1 SEN 5.00000% 0.00 114,770.83 0.00
A-2 07384YLS3 SEN 2.43000% 43,840,000.00 82,857.60 0.00
M-1 07384YLU8 MEZ 2.66000% 16,527,000.00 34,192.52 0.00
M-2 07384YLV6 MEZ 3.84000% 15,150,000.00 45,248.00 0.00
B 07384YLW4 SUB 5.34000% 9,641,000.00 40,042.28 0.00
B-IO 07384YMZ6 SUB 0.00000% 0.00 828,187.80 0.00
R-1 07384YLX2 RES 0.00000% 0.00 0.00 0.00
R-2 07384YLY0 RES 0.00000% 0.00 0.00 0.00
R-3 07384YLZ7 RES 0.00000% 0.00 0.00 0.00
OC BSA0303OC OC 0.00000% 8,539,085.13 0.00 0.00
Totals 197,696,721.21 1,310,311.79 6,266,802.88
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 97,732,833.20 6,431,815.64 0.00
A-IO 0.00 0.00 114,770.83 0.00
A-2 0.00 43,840,000.00 82,857.60 0.00
M-1 0.00 16,527,000.00 34,192.52 0.00
M-2 0.00 15,150,000.00 45,248.00 0.00
B 0.00 9,641,000.00 40,042.28 0.00
B-IO 0.00 0.00 828,187.80 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
OC 0.00 8,539,085.13 0.00 0.00
Totals 0.00 191,429,918.33 7,577,114.67 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-1 190,296,000.00 103,999,636.08 0.00 6,266,802.88 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
A-2 43,840,000.00 43,840,000.00 0.00 0.00 0.00 0.00
M-1 16,527,000.00 16,527,000.00 0.00 0.00 0.00 0.00
M-2 15,150,000.00 15,150,000.00 0.00 0.00 0.00 0.00
B 9,641,000.00 9,641,000.00 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
R-1 50.00 0.00 0.00 0.00 0.00 0.00
R-2 50.00 0.00 0.00 0.00 0.00 0.00
R-3 50.00 0.00 0.00 0.00 0.00 0.00
OC 359.01 8,539,085.13 0.00 0.00 0.00 0.00
Totals 275,454,509.01 197,696,721.21 0.00 6,266,802.88 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 6,266,802.88 97,732,833.20 0.51358322 6,266,802.88
A-IO 0.00 0.00 0.00000000 0.00
A-2 0.00 43,840,000.00 1.00000000 0.00
M-1 0.00 16,527,000.00 1.00000000 0.00
M-2 0.00 15,150,000.00 1.00000000 0.00
B 0.00 9,641,000.00 1.00000000 0.00
B-IO 0.00 0.00 0.00000000 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
OC 0.00 8,539,085.13 23,785.08991393 0.00
Totals 6,266,802.88 191,429,918.33 0.69496019 6,266,802.88
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-1 190,296,000.00 546.51509270 0.00000000 32.93186867 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-2 43,840,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 16,527,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 15,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 9,641,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 359.01 23785089.91393000 0.00000000 0.00000000 0.00000000
<FN>
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 32.93186867 513.58322403 0.51358322 32.93186867
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 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
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-IO 0.00000000 0.00000000 0.00000000 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
OC 0.00000000 0.00000000 23,785,089.91393000 23785.08991393 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-1 190,296,000.00 2.04000% 103,999,636.08 165,012.76 0.00 0.00
A-IO 0.00 5.00000% 27,545,000.00 114,770.83 0.00 0.00
A-2 43,840,000.00 2.43000% 43,840,000.00 82,857.60 0.00 0.00
M-1 16,527,000.00 2.66000% 16,527,000.00 34,192.53 0.00 0.00
M-2 15,150,000.00 3.84000% 15,150,000.00 45,248.00 0.00 0.00
B 9,641,000.00 5.34000% 9,641,000.00 40,042.29 0.00 0.00
B-IO 0.00 0.00000% 197,696,721.21 0.00 0.00 0.00
R-1 50.00 0.00000% 0.00 0.00 0.00 0.00
R-2 50.00 0.00000% 0.00 0.00 0.00 0.00
R-3 50.00 0.00000% 0.00 0.00 0.00 0.00
OC 359.01 0.00000% 8,539,085.13 0.00 0.00 0.00
Totals 275,454,509.01 482,124.01 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 0.00 165,012.76 0.00 97,732,833.20
A-IO 0.00 0.00 114,770.83 0.00 27,545,000.00
A-2 0.00 0.00 82,857.60 0.00 43,840,000.00
M-1 0.00 0.00 34,192.52 0.00 16,527,000.00
M-2 0.00 0.00 45,248.00 0.00 15,150,000.00
B 0.00 0.00 40,042.28 0.00 9,641,000.00
B-IO 0.00 0.00 828,187.80 0.00 191,429,918.33
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
OC 0.00 0.00 0.00 0.00 8,539,085.13
Totals 0.00 0.00 1,310,311.79 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-1 190,296,000.00 2.04000% 546.51509270 0.86713730 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666655 0.00000000 0.00000000
A-2 43,840,000.00 2.43000% 1000.00000000 1.89000000 0.00000000 0.00000000
M-1 16,527,000.00 2.66000% 1000.00000000 2.06888909 0.00000000 0.00000000
M-2 15,150,000.00 3.84000% 1000.00000000 2.98666667 0.00000000 0.00000000
B 9,641,000.00 5.34000% 1000.00000000 4.15333368 0.00000000 0.00000000
B-IO 0.00 0.00000% 717.71135487 0.00000000 0.00000000 0.00000000
R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 359.01 0.00000% 23785089.91393000 0.00000000 0.00000000 0.00000000
<FN>
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 0.86713730 0.00000000 513.58322403
A-IO 0.00000000 0.00000000 4.16666655 0.00000000 1000.00000000
A-2 0.00000000 0.00000000 1.89000000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.06888849 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.98666667 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.15333264 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 3.00662441 0.00000000 694.96056994
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
OC 0.00000000 0.00000000 0.00000000 0.00000000 23785089.91393000
<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 7,782,801.96
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 288,796.71
Realized Loss (Gains, Subsequent Expenses & Recoveries) (110,820.25)
Prepayment Penalties 0.00
Total Deposits 7,960,778.42
Withdrawals
Reimbursement for Servicer Advances 299,642.68
Payment of Service Fee 84,021.07
Payment of Interest and Principal 7,577,114.67
Total Withdrawals (Pool Distribution Amount) 7,960,778.42
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 82,373.60
Master Servicing Fee 1,647.47
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 84,021.07
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 0.00 0.00 0.00 0.00
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 119 0 0 119
6,273,414.06 0.00 0.00 6,273,414.06
30 Days 144 11 2 0 157
7,154,250.25 370,861.86 52,454.18 0.00 7,577,566.29
60 Days 70 14 2 0 86
4,517,762.77 945,924.33 120,247.37 0.00 5,583,934.47
90 Days 33 10 22 0 65
2,176,270.10 456,018.44 2,354,259.92 0.00 4,986,548.46
120 Days 7 2 9 0 18
713,135.40 44,305.25 694,835.24 0.00 1,452,275.89
150 Days 8 11 9 1 29
402,081.45 1,198,730.36 785,542.74 207,716.46 2,594,071.01
180+ Days 26 34 53 13 126
1,622,641.68 2,400,276.72 4,304,758.46 1,194,548.73 9,522,225.59
Totals 288 201 97 14 600
16,586,141.65 11,689,531.02 8,312,097.91 1,402,265.19 37,990,035.77
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 3.929987% 0.000000% 0.000000% 3.929987%
3.268455% 0.000000% 0.000000% 3.268455%
30 Days 4.755614% 0.363276% 0.066050% 0.000000% 5.184941%
3.727372% 0.193219% 0.027329% 0.000000% 3.947920%
60 Days 2.311757% 0.462351% 0.066050% 0.000000% 2.840159%
2.353759% 0.492828% 0.062649% 0.000000% 2.909236%
90 Days 1.089828% 0.330251% 0.726552% 0.000000% 2.146631%
1.133839% 0.237586% 1.226572% 0.000000% 2.597997%
120 Days 0.231176% 0.066050% 0.297226% 0.000000% 0.594452%
0.371544% 0.023083% 0.362010% 0.000000% 0.756637%
150 Days 0.264201% 0.363276% 0.297226% 0.033025% 0.957728%
0.209485% 0.624540% 0.409269% 0.108220% 1.351514%
180+ Days 0.858653% 1.122853% 1.750330% 0.429326% 4.161162%
0.845398% 1.250547% 2.242784% 0.622361% 4.961089%
Totals 9.511229% 6.638045% 3.203435% 0.462351% 19.815059%
8.641397% 6.090258% 4.330611% 0.730582% 19.792847%
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 49 0 0 49
2,086,651.76 0.00 0.00 2,086,651.76
30 Days 59 6 1 0 66
2,211,588.66 164,127.17 19,034.48 0.00 2,394,750.31
60 Days 28 9 1 0 38
1,919,914.70 527,429.65 25,335.59 0.00 2,472,679.94
90 Days 12 7 6 0 25
419,307.94 267,486.47 161,830.44 0.00 848,624.85
120 Days 4 2 4 0 10
445,122.87 44,305.25 314,816.30 0.00 804,244.42
150 Days 3 5 3 0 11
131,418.76 453,114.08 337,547.15 0.00 922,079.99
180 Days 14 15 19 5 53
526,087.39 798,557.37 1,091,426.91 518,117.24 2,934,188.91
Totals 120 93 34 5 252
5,653,440.32 4,341,671.75 1,949,990.87 518,117.24 12,463,220.18
0-29 Days 3.532805% 0.000000% 0.000000% 3.532805%
2.610016% 0.000000% 0.000000% 2.610016%
30 Days 4.253785% 0.432588% 0.072098% 0.000000% 4.758472%
2.766289% 0.205293% 0.023809% 0.000000% 2.995391%
60 Days 2.018745% 0.648882% 0.072098% 0.000000% 2.739726%
2.401459% 0.659717% 0.031690% 0.000000% 3.092866%
90 Days 0.865177% 0.504686% 0.432588% 0.000000% 1.802451%
0.524477% 0.334576% 0.202420% 0.000000% 1.061473%
120 Days 0.288392% 0.144196% 0.288392% 0.000000% 0.720981%
0.556767% 0.055418% 0.393777% 0.000000% 1.005961%
150 Days 0.216294% 0.360490% 0.216294% 0.000000% 0.793079%
0.164381% 0.566762% 0.422209% 0.000000% 1.153352%
180 Days 1.009373% 1.081471% 1.369863% 0.360490% 3.821197%
0.658038% 0.998848% 1.365174% 0.648069% 3.670129%
Totals 8.651766% 6.705119% 2.451334% 0.360490% 18.168709%
7.071410% 5.430630% 2.439079% 0.648069% 15.589188%
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 70 0 0 70
4,186,762.30 0.00 0.00 4,186,762.30
30 Days 85 5 1 0 91
4,942,661.59 206,734.69 33,419.70 0.00 5,182,815.98
60 Days 42 5 1 0 48
2,597,848.07 418,494.68 94,911.78 0.00 3,111,254.53
90 Days 21 3 16 0 40
1,756,962.16 188,531.97 2,192,429.48 0.00 4,137,923.61
120 Days 3 0 5 0 8
268,012.53 0.00 380,018.94 0.00 648,031.47
150 Days 5 6 6 1 18
270,662.69 745,616.28 447,995.59 207,716.46 1,671,991.02
180 Days 12 19 34 8 73
1,096,554.29 1,601,719.35 3,213,331.55 676,431.49 6,588,036.68
Totals 168 108 63 9 348
10,932,701.33 7,347,859.27 6,362,107.04 884,147.95 25,526,815.59
0-29 Days 4.265692% 0.000000% 0.000000% 4.265692%
3.738502% 0.000000% 0.000000% 3.738502%
30 Days 5.179768% 0.304692% 0.060938% 0.000000% 5.545399%
4.413471% 0.184600% 0.029842% 0.000000% 4.627913%
60 Days 2.559415% 0.304692% 0.060938% 0.000000% 2.925046%
2.319707% 0.373688% 0.084750% 0.000000% 2.778145%
90 Days 1.279707% 0.182815% 0.975015% 0.000000% 2.437538%
1.568851% 0.168347% 1.957695% 0.000000% 3.694893%
120 Days 0.182815% 0.000000% 0.304692% 0.000000% 0.487508%
0.239317% 0.000000% 0.339332% 0.000000% 0.578649%
150 Days 0.304692% 0.365631% 0.365631% 0.060938% 1.096892%
0.241684% 0.665786% 0.400030% 0.185477% 1.492978%
180 Days 0.731261% 1.157831% 2.071907% 0.487508% 4.448507%
0.979151% 1.430230% 2.869293% 0.604009% 5.882682%
Totals 10.237660% 6.581353% 3.839122% 0.548446% 21.206581%
9.762181% 6.561153% 5.680942% 0.789486% 22.793761%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 288,796.71
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.137487%
Weighted Average Net Coupon 8.637487%
Weighted Average Pass-Through Rate 8.627487%
Weighted Average Maturity(Stepdown Calculation ) 267
Beginning Scheduled Collateral Loan Count 3,111
Number Of Loans Paid In Full 83
Ending Scheduled Collateral Loan Count 3,028
Beginning Scheduled Collateral Balance 197,696,721.21
Ending Scheduled Collateral Balance 191,429,918.33
Ending Actual Collateral Balance at 30-Sep-2004 191,938,206.16
Monthly P &I Constant 1,812,376.58
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 110,820.25
Cumulative Realized Loss 656,815.56
Ending Scheduled Balance for Premium Loans 191,429,918.33
Scheduled Principal 307,000.57
Unscheduled Principal 5,959,802.31
Required Overcollateralization Amount 8,539,085.13
Overcollateralized Increase Amount 110,820.25
Overcollateralized reduction Amount 0.00
Specified O/C Amount 8,539,085.13
Overcollateralized Amount 8,539,085.13
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 110,820.25
Excess Cash Amount 939,008.04
Miscellaneous Reporting
Three Month Rolling 11.500122%
Trigger Event NO
Yield Maintenance Amount 0
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 9.284983 9.029899 9.137487
Weighted Average Net Rate 8.784983 8.529899 8.637487
Weighted Average Maturity 247 282 267
Beginning Loan Count 1,438 1,673 3,111
Loans Paid In Full 51 32 83
Ending Loan Count 1,387 1,641 3,028
Beginning Scheduled Balance 83,383,597.82 114,313,123.39 197,696,721.21
Ending scheduled Balance 79,696,631.42 111,733,286.91 191,429,918.33
Record Date 09/30/2004 09/30/2004 09/30/2004
Principal And Interest Constant 808,512.86 1,003,863.72 1,812,376.58
Scheduled Principal 163,333.48 143,667.09 307,000.57
Unscheduled Principal 3,523,632.92 2,436,169.39 5,959,802.31
Scheduled Interest 645,179.38 860,196.63 1,505,376.01
Servicing Fees 34,743.14 47,630.46 82,373.60
Master Servicing Fees 694.86 952.61 1,647.47
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 609,741.38 811,613.56 1,421,354.94
Realized Loss Amount 110,820.25 0.00 110,820.25
Cumulative Realized Loss 576,847.34 79,968.22 656,815.56
Percentage of Cumulative Losses 0.4901 0.0507 0.2384
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.774983 8.519899 8.627487