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): November 26, 2004
BEAR STEARNS ASSET BACKED SECURITIES TRUST
Asset-Backed 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 November 26, 2004 a distribution was made to holders of BEAR STEARNS ASSET
BACKED SECURITIES TRUST, Asset-Backed 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
Asset-Backed Certificates, Series 2003-3
Trust, relating to the November 26, 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
Asset-Backed 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: 11/27/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-Backed
Certificates, Series 2003-3 Trust, relating to the
November 26, 2004 distribution.
EX-99.1
Bear Stearns Asset Backed Securities
Mortgage Pass-Through Certificates
Record Date: 10/31/2004
Distribution Date: 11/26/2004
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 2.13250% 97,732,833.20 185,258.01 7,190,712.38
A-IO 07384YLT1 SEN 5.00000% 0.00 114,770.83 0.00
A-2 07384YLS3 SEN 2.52250% 43,840,000.00 98,299.02 0.00
M-1 07384YLU8 MEZ 2.75250% 16,527,000.00 40,436.06 0.00
M-2 07384YLV6 MEZ 3.93250% 15,150,000.00 52,957.66 0.00
B 07384YLW4 SUB 5.43250% 9,641,000.00 46,555.32 0.00
B-IO 07384YMZ6 SUB 0.00000% 0.00 820,328.31 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 191,429,918.33 1,358,605.21 7,190,712.38
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 90,542,120.82 7,375,970.39 0.00
A-IO 0.00 0.00 114,770.83 0.00
A-2 0.00 43,840,000.00 98,299.02 0.00
M-1 0.00 16,527,000.00 40,436.06 0.00
M-2 0.00 15,150,000.00 52,957.66 0.00
B 0.00 9,641,000.00 46,555.32 0.00
B-IO 0.00 0.00 820,328.31 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 0.00 184,239,205.95 8,549,317.59 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 97,732,833.20 0.00 7,190,712.38 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 275,454,509.01 191,429,918.33 0.00 7,190,712.38 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 7,190,712.38 90,542,120.82 0.47579624 7,190,712.38
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 7,190,712.38 184,239,205.95 0.66885529 7,190,712.38
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-1 190,296,000.00 513.58322403 0.00000000 37.78698648 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 37.78698648 475.79623755 0.47579624 37.78698648
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 2.13250% 97,732,833.20 185,258.01 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 2.52250% 43,840,000.00 98,299.02 0.00 0.00
M-1 16,527,000.00 2.75250% 16,527,000.00 40,436.06 0.00 0.00
M-2 15,150,000.00 3.93250% 15,150,000.00 52,957.67 0.00 0.00
B 9,641,000.00 5.43250% 9,641,000.00 46,555.32 0.00 0.00
B-IO 0.00 0.00000% 191,429,918.33 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 275,454,509.01 538,276.91 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 0.00 185,258.01 0.00 90,542,120.82
A-IO 0.00 0.00 114,770.83 0.00 27,545,000.00
A-2 0.00 0.00 98,299.02 0.00 43,840,000.00
M-1 0.00 0.00 40,436.06 0.00 16,527,000.00
M-2 0.00 0.00 52,957.66 0.00 15,150,000.00
B 0.00 0.00 46,555.32 0.00 9,641,000.00
B-IO 0.00 0.00 820,328.31 0.00 184,239,205.95
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 1,358,605.21 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 2.13250% 513.58322403 0.97352551 0.00000000 0.00000000
A-IO 0.00 5.00000% 1000.00000000 4.16666655 0.00000000 0.00000000
A-2 43,840,000.00 2.52250% 1000.00000000 2.24222217 0.00000000 0.00000000
M-1 16,527,000.00 2.75250% 1000.00000000 2.44666667 0.00000000 0.00000000
M-2 15,150,000.00 3.93250% 1000.00000000 3.49555578 0.00000000 0.00000000
B 9,641,000.00 5.43250% 1000.00000000 4.82888912 0.00000000 0.00000000
B-IO 0.00 0.00000% 694.96056994 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 0.97352551 0.00000000 475.79623755
A-IO 0.00000000 0.00000000 4.16666655 0.00000000 1000.00000000
A-2 0.00000000 0.00000000 2.24222217 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.44666667 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.49555512 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.82888912 0.00000000 1000.00000000
B-IO 0.00000000 0.00000000 2.97809159 0.00000000 668.85565584
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 8,633,677.20
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 302,669.35
Realized Loss (Gains, Subsequent Expenses & Recoveries) (16,874.52)
Prepayment Penalties 0.00
Total Deposits 8,919,472.03
Withdrawals
Reimbursement for Servicer Advances 288,796.71
Payment of Service Fee 81,357.73
Payment of Interest and Principal 8,549,317.59
Total Withdrawals (Pool Distribution Amount) 8,919,472.03
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 79,762.47
Master Servicing Fee 1,595.26
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 81,357.73
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 120 0 0 120
6,258,600.10 0.00 0.00 6,258,600.10
30 Days 171 10 4 0 185
9,401,199.21 414,332.67 346,945.13 0.00 10,162,477.01
60 Days 60 8 3 0 71
3,737,701.91 380,830.65 153,428.75 0.00 4,271,961.31
90 Days 31 15 15 0 61
1,971,742.06 1,005,810.33 1,303,712.16 0.00 4,281,264.55
120 Days 9 6 21 0 36
362,258.11 241,168.52 2,105,722.25 0.00 2,709,148.88
150 Days 5 6 7 2 20
678,877.32 941,286.39 676,965.61 246,090.30 2,543,219.62
180+ Days 27 40 52 14 133
1,472,000.91 2,588,990.68 4,333,206.94 1,138,641.12 9,532,839.65
Totals 303 205 102 16 626
17,623,779.52 11,831,019.34 8,919,980.84 1,384,731.42 39,759,511.12
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 4.071938% 0.000000% 0.000000% 4.071938%
3.387569% 0.000000% 0.000000% 3.387569%
30 Days 5.802511% 0.339328% 0.135731% 0.000000% 6.277570%
5.088552% 0.224264% 0.187790% 0.000000% 5.500606%
60 Days 2.035969% 0.271463% 0.101798% 0.000000% 2.409230%
2.023092% 0.206131% 0.083046% 0.000000% 2.312269%
90 Days 1.051917% 0.508992% 0.508992% 0.000000% 2.069902%
1.067237% 0.544411% 0.705655% 0.000000% 2.317304%
120 Days 0.305395% 0.203597% 0.712589% 0.000000% 1.221581%
0.196078% 0.130536% 1.139756% 0.000000% 1.466371%
150 Days 0.169664% 0.203597% 0.237530% 0.067866% 0.678656%
0.367453% 0.509487% 0.366419% 0.133200% 1.376559%
180+ Days 0.916186% 1.357313% 1.764506% 0.475059% 4.513064%
0.796744% 1.401333% 2.345419% 0.616308% 5.159805%
Totals 10.281642% 6.956227% 3.461147% 0.542925% 21.241941%
9.539157% 6.403732% 4.828085% 0.749508% 21.520482%
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
2,029,127.10 0.00 0.00 2,029,127.10
30 Days 70 6 2 0 78
2,639,391.88 238,551.07 34,796.98 0.00 2,912,739.93
60 Days 22 3 1 0 26
1,383,074.14 106,002.15 25,172.78 0.00 1,514,249.07
90 Days 12 8 6 0 26
723,524.94 372,567.25 369,906.68 0.00 1,465,998.87
120 Days 6 6 4 0 16
202,700.33 241,168.52 76,698.53 0.00 520,567.38
150 Days 3 4 4 2 13
370,754.55 416,581.45 336,238.62 246,090.30 1,369,664.92
180 Days 15 18 15 5 53
620,918.38 897,023.32 1,076,337.89 327,848.78 2,922,128.37
Totals 128 94 32 7 261
5,940,364.22 4,301,020.86 1,919,151.48 573,939.08 12,734,475.64
0-29 Days 3.667665% 0.000000% 0.000000% 3.667665%
2.649698% 0.000000% 0.000000% 2.649698%
30 Days 5.239521% 0.449102% 0.149701% 0.000000% 5.838323%
3.446602% 0.311508% 0.045439% 0.000000% 3.803548%
60 Days 1.646707% 0.224551% 0.074850% 0.000000% 1.946108%
1.806062% 0.138421% 0.032871% 0.000000% 1.977354%
90 Days 0.898204% 0.598802% 0.449102% 0.000000% 1.946108%
0.944802% 0.486510% 0.483036% 0.000000% 1.914348%
120 Days 0.449102% 0.449102% 0.299401% 0.000000% 1.197605%
0.264693% 0.314925% 0.100155% 0.000000% 0.679773%
150 Days 0.224551% 0.299401% 0.299401% 0.149701% 0.973054%
0.484143% 0.543985% 0.439071% 0.321353% 1.788552%
180 Days 1.122754% 1.347305% 1.122754% 0.374251% 3.967066%
0.810815% 1.171361% 1.405516% 0.428115% 3.815808%
Totals 9.580838% 7.035928% 2.395210% 0.523952% 19.535928%
7.757116% 5.616409% 2.506089% 0.749468% 16.629082%
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 71 0 0 71
4,229,473.00 0.00 0.00 4,229,473.00
30 Days 101 4 2 0 107
6,761,807.33 175,781.60 312,148.15 0.00 7,249,737.08
60 Days 38 5 2 0 45
2,354,627.77 274,828.50 128,255.97 0.00 2,757,712.24
90 Days 19 7 9 0 35
1,248,217.12 633,243.08 933,805.48 0.00 2,815,265.68
120 Days 3 0 17 0 20
159,557.78 0.00 2,029,023.72 0.00 2,188,581.50
150 Days 2 2 3 0 7
308,122.77 524,704.94 340,726.99 0.00 1,173,554.70
180 Days 12 22 37 9 80
851,082.53 1,691,967.36 3,256,869.05 810,792.34 6,610,711.28
Totals 175 111 70 9 365
11,683,415.30 7,529,998.48 7,000,829.36 810,792.34 27,025,035.48
0-29 Days 4.407200% 0.000000% 0.000000% 4.407200%
3.909937% 0.000000% 0.000000% 3.909937%
30 Days 6.269398% 0.248293% 0.124146% 0.000000% 6.641837%
6.250954% 0.162501% 0.288565% 0.000000% 6.702021%
60 Days 2.358783% 0.310366% 0.124146% 0.000000% 2.793296%
2.176736% 0.254065% 0.118566% 0.000000% 2.549368%
90 Days 1.179392% 0.434513% 0.558659% 0.000000% 2.172564%
1.153915% 0.585402% 0.863257% 0.000000% 2.602573%
120 Days 0.186220% 0.000000% 1.055245% 0.000000% 1.241465%
0.147503% 0.000000% 1.875731% 0.000000% 2.023235%
150 Days 0.124146% 0.124146% 0.186220% 0.000000% 0.434513%
0.284844% 0.485064% 0.314985% 0.000000% 1.084893%
180 Days 0.744879% 1.365611% 2.296710% 0.558659% 4.965860%
0.786783% 1.564140% 3.010813% 0.749537% 6.111273%
Totals 10.862818% 6.890130% 4.345127% 0.558659% 22.656735%
10.800736% 6.961109% 6.471918% 0.749537% 24.983299%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 302,669.35
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.132350%
Weighted Average Net Coupon 8.632350%
Weighted Average Pass-Through Rate 8.622350%
Weighted Average Maturity(Stepdown Calculation ) 266
Beginning Scheduled Collateral Loan Count 3,028
Number Of Loans Paid In Full 81
Ending Scheduled Collateral Loan Count 2,947
Beginning Scheduled Collateral Balance 191,429,918.33
Ending Scheduled Collateral Balance 184,239,205.95
Ending Actual Collateral Balance at 31-Oct-2004 184,751,950.35
Monthly P &I Constant 1,758,586.02
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 16,874.52
Cumulative Realized Loss 673,690.08
Ending Scheduled Balance for Premium Loans 184,239,205.95
Scheduled Principal 301,748.56
Unscheduled Principal 6,888,963.82
Required Overcollateralization Amount 8,539,085.13
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 2,858.44
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 0.00
Excess Cash Amount 837,202.82
Miscellaneous Reporting
Three Month Rolling 8.856463%
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 9.262370 9.039609 9.132350
Weighted Average Net Rate 8.762370 8.539609 8.632350
Weighted Average Maturity 246 281 266
Beginning Loan Count 1,387 1,641 3,028
Loans Paid In Full 51 30 81
Ending Loan Count 1,336 1,611 2,947
Beginning Scheduled Balance 79,696,631.42 111,733,286.91 191,429,918.33
Ending scheduled Balance 76,329,503.95 107,909,702.00 184,239,205.95
Record Date 10/31/2004 10/31/2004 10/31/2004
Principal And Interest Constant 775,470.59 983,115.43 1,758,586.02
Scheduled Principal 160,320.86 141,427.70 301,748.56
Unscheduled Principal 3,206,806.61 3,682,157.21 6,888,963.82
Scheduled Interest 615,149.73 841,687.73 1,456,837.46
Servicing Fees 33,206.93 46,555.54 79,762.47
Master Servicing Fees 664.14 931.12 1,595.26
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 581,278.66 794,201.07 1,375,479.73
Realized Loss Amount 5,903.49 10,971.03 16,874.52
Cumulative Realized Loss 582,750.83 90,939.25 673,690.08
Percentage of Cumulative Losses 0.4951 0.0576 0.2446
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 8.752370 8.529609 8.622350