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 - July 25, 2002
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(Date of Earliest Event Reported)
EQUITY ONE ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement dated as of
April 30, 2002, providing for the issuance of
Mortgage Pass-Through Certificates, Series 2002-3)
(Exact Name of Registrant as specified in its charter)
Delaware 333-81506-02 52-2029487
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(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
Item 5. Other Events.
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Attached hereto as Annex A is a copy of the Statement to Certificateholders
sent to Class AF-1, AF-2, AF-3, AF-4, AV-1, M-1, M-2, B-1 and B-2
Certificateholders with respect to the July 25, 2002 Distribution Date.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
EQUITY ONE ABS, INC.
By: /s/ James H. Jenkins
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James H. Jenkins,
Senior Vice President and CFO
Dated: July 26, 2002
3
ANNEX A
Page 1 of 6
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Equity One Mortgage Pass-Through Trust 2002-3
Statement to Certificateholders
July 25, 2002
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DISTRIBUTION IN DOLLARS
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ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
AF1 102,000,000.00 95,326,700.38 5,204,071.10 158,083.44 5,362,154.54 0.00 0.00 90,122,629.28
AF2 27,000,000.00 27,000,000.00 0.00 106,605.00 106,605.00 0.00 0.00 27,000,000.00
AF3 21,000,000.00 21,000,000.00 0.00 96,215.00 96,215.00 0.00 0.00 21,000,000.00
AF4 14,971,000.00 14,971,000.00 0.00 76,214.87 76,214.87 0.00 0.00 14,971,000.00
AV1 78,451,000.00 76,112,542.94 2,640,494.23 134,465.49 2,774,959.72 0.00 0.00 73,472,048.71
M1 15,568,000.00 15,568,000.00 0.00 78,345.96 78,345.96 0.00 0.00 15,568,000.00
M2 11,322,000.00 11,322,000.00 0.00 60,950.10 60,950.10 0.00 0.00 11,322,000.00
B1 8,775,000.00 8,775,000.00 0.00 49,183.88 49,183.88 0.00 0.00 8,775,000.00
B2 3,961,000.00 3,961,000.00 0.00 22,547.99 22,547.99 0.00 0.00 3,961,000.00
R 0.00 0.00 0.00 6.92 6.92 0.00 0.00 0.00
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
TOTALS 283,048,000.00 274,036,243.32 7,844,565.33 782,618.65 8,627,183.98 0.00 0.00 266,191,677.99
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
- ------- ---------------- --------------- -------------- ------------- --------------- --------- -------- ---------------
X 283,048,467.73 275,474,255.10 0.00 0.00 0.00 0.00 0.00 268,827,944.00
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
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CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- -----------
AF1 294751AQ5 934.57549392 51.02030490 1.54983765 52.57014255 883.55518902 AF1 1.990000 %
AF2 294751AR3 1,000.00000000 0.00000000 3.94833333 3.94833333 1,000.00000000 AF2 4.738000 %
AF3 294751AS1 1,000.00000000 0.00000000 4.58166667 4.58166667 1,000.00000000 AF3 5.498000 %
AF4 294751AT9 1,000.00000000 0.00000000 5.09083361 5.09083361 1,000.00000000 AF4 6.109000 %
AV1 294751AU6 970.19213190 33.65787855 1.71400607 35.37188462 936.53425336 AV1 2.120000 %
M1 294751AV4 1,000.00000000 0.00000000 5.03250000 5.03250000 1,000.00000000 M1 6.039000 %
M2 294751AW2 1,000.00000000 0.00000000 5.38333333 5.38333333 1,000.00000000 M2 6.460000 %
B1 294751AX0 1,000.00000000 0.00000000 5.60500057 5.60500057 1,000.00000000 B1 6.726000 %
B2 294751AY8 1,000.00000000 0.00000000 5.69249937 5.69249937 1,000.00000000 B2 6.831000 %
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TOTALS 968.16173695 27.71461141 2.76496796 30.47957936 940.44712554
- ------ --------- ----------------- ---------------- -------------- --------------- ----------------
- ------ --------- ----------------- ---------------- -------------- --------------- ---------------- ------- -----------
X N/A 973.24058070 0.00000000 0.00000000 0.00000000 949.75940395 X 0.000000 %
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
Nadezhka Thomas
JPMorgan Chase Bank - Structured Finance Services
450 West 33 rd St, 14th Fl
New York, New York 10001
Tel: (212) 946-7959 / Fax: (212) 946-8744
Email: Nadezhka.Thomas@chase.com
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[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 2 of 6
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Equity One Mortgage Pass-Through Trust 2002-3
July 25, 2002
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 209,206.20
Group I Curtailments 165,272.10
Group I Prepayments 4,034,673.01
Group I Liquidation Proceeds 0.00
Group II Scheduled Principal 44,750.55
Group II Curtailments 1,828.52
Group II Prepayments 2,190,580.72
Group II Liquidation Proceeds 0.00
Extra Principal Distribution Amount 1,198,254.23
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 158,083.44
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 106,605.00
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 96,215.00
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 76,214.87
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AV-1 134,465.49
Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - M-1 78,345.96
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 60,950.10
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - B-1 49,183.88
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 3 of 6
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Equity One Mortgage Pass-Through Trust 2002-3
July 25, 2002
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Interest Distribution - B-2 22,547.99
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Sec. 4.03(a)(iii) Available Funds Shortfall
Class AF-1 Available Funds Shortfall 0.00
Class AF-2 Available Funds Shortfall 0.00
Class AF-3 Available Funds Shortfall 0.00
Class AF-4 Available Funds Shortfall 0.00
Class AV-1 Available Funds Shortfall 0.00
Class M-1 Available Funds Shortfall 0.00
Class M-2 Available Funds Shortfall 0.00
Class B-1 Available Funds Shortfall 0.00
Class B-2 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances
Group I Beginning Pool Balance 198,565,184.51
Group I Ending Pool Balance 194,156,033.20
Group II Beginning Pool Balance 76,909,070.59
Group II Ending Pool Balance 74,671,910.80
Total Beginning Pool Balance 275,474,255.10
Total Ending Pool Balance 268,827,944.00
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 82,735.49
Group II Servicing Fee 32,045.45
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included
in Current Distribution 160,705.79
Group I Recouped Advances Included
in Current Distribution 0.00
Group I Aggregate Amount of Advances
Outstanding 296,769.01
Group II Delinquency Advances Included
in Current Distribution 47,843.61
Group II Recouped Advances Included
in Current Distribution 0.00
Group II Aggregate Amount of Advances
Outstanding 96,636.49
Section 4.03(a)(ix) A Group I and Group II Loans Delinquent
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Group 1
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Period Number Principal Balance Percentage
0-30 days 425 31,524,246.76 16.24 %
31-60 days 38 2,800,378.46 1.44 %
61-90 days 14 646,850.08 0.33 %
91+days 0 0.00 0.00 %
Total 477 34,971,475.30 18.01 %
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[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 4 of 6
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Equity One Mortgage Pass-Through Trust 2002-3
July 25, 2002
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Group 2
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Period Number Principal Balance Percentage
0-30 days 84 9,853,803.44 13.20 %
31-60 days 7 715,236.87 0.96 %
61-90 days 7 1,001,431.79 1.34 %
91+days 0 0.00 0.00 %
Total 98 11,570,472.10 15.50 %
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Sec. 4.03 (a)(ix) B Group I and Group II Loans in Foreclosure
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Group 1
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Group 2
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Sec. 4.03(a)(x),(xi) Group I and Group II Loans in REO
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Group 1
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Group 2
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Number Principal Balance Percentage
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0 0.00 0.00 %
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Market Value of Group I REO Loans 0.00
Market Value of Group II REO Loans 0.00
Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the
Three Largest Loans
Group I Three Largest Loans 1,424,568.69
Group II Three Largest Loans 1,387,629.90
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
Class AF-1 Net WAC Cap Carryover
Amounts Due 0.00
Class AF-1 Net WAC Cap Carryover Amounts
Paid 0.00
Class AF-1 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts
Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts
Paid 0.00
Class AV-1 Net WAC Cap Carryover Remaining
Amounts Due 0.00
[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 5 of 6
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Equity One Mortgage Pass-Through Trust 2002-3
July 25, 2002
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Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans with
Original Terms <= 36 Months and 60+ Contractually
Past Due
Group I Aggregate Principal Balance
of Balloon Loans 207,058.53
Group II Aggregate Principal Balance
of Balloon Loans 0.00
Sec. 4.03 (a)(xv), Realized Losses
(xxii)
Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
Group II Current Period Realized Losses 0.00
Group II Cumulative Realized Losses 0.00
Sec. 4.03 (a)(xvi) Reserve Fund
Beginning Balance of Reserve Fund 0.00
Funds Withdrawn From Reserve Fund For
Distribution 0.00
Funds Deposited to Reserve Fund 0.00
Ending Balance of Reserve Fund 0.00
Sec. 4.03 (a)(xvii) Number of Loans Repurchased
Group I Number of Loans Repurchased 0.00
Group II Number of Loans Repurchased 0.00
Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding
Loans (as of first day of related Due Period)
Group I Weighted Average Mortgage Rate 9.39
Group II Weighted Average Mortgage Rate 9.28
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 232.00
Group II Weighted Average Remaining Term 350.00
Sec. 4.03 (a)(xx), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 2,636,266.01
Overcollateralization Target Amount 7,359,260.16
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 4,722,994.15
Sec. 4.03 (a)(xxiv) Trigger Events
Has a Trigger Event Occurred and is
continuing? NO
Cumulative Realized Losses as a percentage
of the Original Pool Balance 0.00 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage
of the current Pool Balance 0.61 %
[JPMORGAN
LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.
Page 6 of 6
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Equity One Mortgage Pass-Through Trust 2002-3
July 25, 2002
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Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee
under Yield Maintenance Agreement 0.00
Sec. 4.03 (a)(xxvii) MGIC Monthly Premium 48,120.55