UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 2003
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-107055-14
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 13-3320910
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
11 Madison Ave.
New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code :(212)325-2000
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
HOME EQUITY MORTGAGE TRUST SERIES 2003-7
HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-7
(Title of each class of securities covered by this Form)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ ] No [X]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes No [X]
Documents incorporated by reference: None
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
HOME EQUITY MORTGAGE TRUST SERIES 2003-7
HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-7
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PART I
Item 1. Business
Omitted.
Item 2. Properties
Omitted.
Item 3. Legal Proceedings
The Registrant is not aware of any material legal proceeding with respect to,
the Company, the Master Servicer, the Servicers, the Trust Administrator or the
Trustee, in each case if applicable, as related to the Trust.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote or consent of Holders of the Offered
Certificates during the fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The Trust does not issue stock. There is currently no established secondary
market for the Certificates. As of December 31, 2003, the number
of holders of each Class of Offered Certificates was 34.
Item 6. Selected Financial Data
Omitted.
Item 7. Management's Discussion and Analysis of Financial condition and
Results of Operations
Omitted.
Item 7a. Quantitative and Qualitative Disclosures About Market Risk
Not Applicable
Item 8. Financial Statements and Supplementary Data
Omitted.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
There was no change of accountants or disagreement with accountants on any
matter of accounting principles or practices or financial disclosure.
Item 9a. Controls and Procedures
Not Applicable
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PART III
Item 10. Directors and Executive Officers of the Registrant
Omitted.
Item 11. Executive Compensation
Omitted.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Omitted.
Item 13. Certain Relationships and Related Transactions
No reportable transactions have occurred.
Item 14. Principal Accounting Fees and Services
Not applicable.
PART IV
Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Independent Accountants' Servicing Report,
filed as Exhibit 99.1 hereto.
Annual Servicer's Statement of Compliance, filed as Exhibit 99.2, hereto.
(b) Reports on Form 8-K: No current reports on Form 8-K were filed by the
Registrant during the last quarter of 2003.
(c) Exhibits to this report are listed in Item (15)(a)(3) above.
(d) Not applicable.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
HOME EQUITY MORTGAGE TRUST SERIES 2003-7
HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2003-7
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By: /s/ Andrew Kimura
- -----------------------------
Name: Andrew Kimura
Title: President
Company:CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
Date: March 29, 2003
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Sarbanes-Oxley Certification
I, Andrew Kimura, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Credit
Suisse First Boston Mortgage Securities Corp., Home Equity Mortgage Trust
2003-7, Home Equity Mortgage Pass-Through Certificates, Series 2003-7
2. Based on my knowledge, the information in these reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of
the last day of the period covered by this annual report;
3. Based on my knowledge, the distribution or servicing information required
to be provided to the trustee by the servicer under the pooling and
servicing, or similar, agreement, for inclusion in these reports is
included in these reports;
4. Based on my knowledge and upon the annual compliance statement included in
the report and required to be delivered to the trustee in accordance with
the terms of the pooling and servicing agreement, or similar agreement, and
except as disclosed in the reports, the servicer has fulfilled its
obligations under the servicing agreement; and
5. The reports disclose all significant deficiencies relating to the
servicer's compliance with the minimum servicing standards based upon the
report provided by an independent public accountant, after conducting a
review in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or similar procedure, as set forth in the pooling and
servicing or similar agreement that is included in these reports.
In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: the Trustee, each
Servicer and the Master Servicer.
Date: March 29, 2004
Signature: /s/ Andrew Kimura
--------------------------
Company: Credit Suisse First Boston Mortgage Securities Corp.
Title: President
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SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.
The registrant has not sent an annual report or proxy material to its security
holders. The registrant will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.
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EXHIBIT 99.1 - Annual Independent Accountant's Servicing Report
Wilshire Credit Corp., as Servicer
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Deloitte & Touche LLP
Suite 3900
111 SW Fifth Avenue
Portland, OR 97204-3642
USA
Tel: +1 503 222 1341
Fax: +1 503 224 2172
www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors
Wilshire Credit Corporation
We have examined Wilshire Credit Corporation's (the "Company"), a
wholly-owned subsidiary of Wilshire Financial Services Group, Inc., compliance
with its established minimum servicing standards described in the accompanying
Management's Assertion on Minimum Servicing Standards, dated March 26, 2004 as
of and for the year ended December 31, 2003. Management is responsible for the
Company's compliance with those minimum servicing standards. Our responsibility
is to express an opinion on the Company's compliance based on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with its minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on the Company's compliance with its minimum
servicing standands.
Our examination disclosed the following material noncompliance with the
Company's established minimum servicing standards set forth in Appendix I, Item
V.2, relating to interest rate adjustments on adjustable rate mortgage ("ARM")
loans. In two of the thirty-five ARM loans selected for testing, the Company's
calculations of the interest rate adjustments were not in accordance with the
related mortgage notes and any ARM rider.
In our opinion, except for the material noncompliance described in the
preceding paragraph, the Company complied, in all material respects, with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2003 as set forth in Appendix I.
By: /s/ Deloitte & Touche LLP
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March 26, 2004
WILSHIRE
MANAGEMENT'S ASSERTION ON
MINIMUM SERVICING STANDARDS
As of and for the year ended December 31, 2003, Wilshire Credit Corporation has
complied, in all material respects, (except to the extent as decribed in the
following paragraph) with Wilshire Credit Corporation's established minimum
servicing standards for residential mortgages loans as set forth in Appendix I
(the "Standards"). The Standards are based on the Mortgage Banker's Association
of America's Uniform Single Attestation Program for Mortgage Bankers.
Our auditors have concluded that 2 out of 35 ARM loans selected for testing had
adjustments that were not in accordance with the related mortgage notes and any
ARM rider.
As of and for this same period, the Wilshire Credit Corporation had in effect an
errors and omissions policy in the amount of $5,000,000. Wilshire Credit
Corporation had in effect a fidelity bond in the amount of $10,000,000 from
January 1, 2003 through September 30, 2003 and in the amount of $20,000,000 from
October 1, 2003 through December 31, 2003.
By: /s/ Jay Memott
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Jay Memott, President and Chief Executive Officer
Wilshire Credit Corporation
March 26, 2004
By: /s/ Stephen P. Glennon
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Stephen P. Glennon, President and Chief Financial Officer
Wilshire Credit Corporation
March 26, 2004
By: /s/ Ken Frye
- -------------------------------------------------
Ken Frye, Senior Vice President
Wilshire Credit Corporation
March 26, 2004
APPENDIX I:
MINIMUM SERVICING STANDARDS FOR SINGLE FAMILY RESIDENTIAL MORTGAGES
AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE
ATTESTATION PROGRAM FOR MORTGAGE BANKERS
I. CUSTODIAL BANK ACCOUNTS
1. Reconciliations shall be prepared on a monthly basis for all custodial bank
accounts and related bank clearing accounts. These reconciliations shall:
. be mathematically accurate;
. be prepared within forty-five (45) calendar days after the cutoff date;
. be reviewed and approved by someone other than the person who prepared
the reconciliation; and
. document explanations for reconciling items. These reconciling items
shall be resolved within ninety (90) calendar days of their original
identification.
2. Funds of the servicing entity shall be advanced in cases where there is an
overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured
depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be returned to the
mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
II. MORTGAGE PAYMENTS
1. Mortgage payments shall be deposited into the custodial bank accounts and
related bank clearing accounts within two business days of receipt.
2. Mortgage payments made in accordance with the mortgagor's loan documents
shall be posted to the applicable mortgagor records within two business
days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance,
taxes or other escrow items in accordance with the mortgagor's loan
documents.
4. Mortgage payments identified as loan payoffs shall be allocated in
accordance with the mortgagor's loan documents.
III. DISBURSEMENTS
1. Disbursements made via wire transfer on behalf of a mortgagor or investor
shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be posted
within two business days to the mortgagor's or investor's records
maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or
insurance policy expiration dates, as indicated on tax bills and insurance
premium notices, respectively, provided that such support has been received
by the servicing entity at least thirty (30) calendar days prior to these
dates.
4. Any late payment penalties paid in conjunction with the payment of any tax
bill or insurance premium notice shall be paid from the servicing entity's
funds and not charged to the mortgagor, unless the late payment was due to
the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall
agree with cancelled checks, or other form of payment, or custodial bank
statements.
6. Unused checks shall be safeguarded so as to prevent unauthorized access.
IV. INVESTOR ACCOUNTING AND REPORTING
1. The servicing entity's investor reports shall agree with, or reconcile to,
investors' records on a monthly basis as to the total unpaid principal
balance and number of loans serviced by the servicing entity.
V. MORTGAGOR LOAN ACCOUNTING
1. The servicing entity's mortgage loan records shall agree with, or reconcile
to, the records of mortgagors with respect to the unpaid principal balance
on a monthly basis.
2. Adjustments on ARM loans shall be computed based on the related mortgage
note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan
documents, on at least an annual basis.
4. Interest on escrow accounts shall be paid, or credited, to mortgagors in
accordance with the applicable state laws.
VI. DELINQUENCIES
1. Records documenting collection efforts shall be maintained during the
period a loan is in default and shall be updated at least monthly. Such
records shall describe the entity's activities in monitoring delinquent
loans including, for example, phone calls, letters and mortgage payment
rescheduling plans in cases where the delinquency is deemed temporary
(e.g., illness or unemployment).
VII. INSURANCE POLICIES
1. A fidelity bond and errors and omissions policy shall be in effect on the
servicing entity throughout the reporting period in the amount of coverage
represented to investors in management's assertion.
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Ocwen Federal Bank, FSB, as Servicer
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PricewaterhouseCoopers LLP
222 Lakeview Avenue
Suite 360
West Palm Beach, FL 33401
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S REPORT
To the Board of Directors
Ocwen Federal Bank FSB
We have examined management's assertion, included in the accompanying
Management Assertion of Conpliance with USAP, that, except for the noncompliance
related reconciliations described in the third paragraph and the noncompliance
related to interest on escrows described in the fifth paragraph, Ocwen Federal
Bank FSB (the "Bank")complied with the minimum servicing standards identified in
the Mortgage Bankers Association of America's ("MBA's") Uniform Single
Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended
December 31, 2003. Management is responsible for the Bank's compliance with
those minimum servicing standards. Our responsibility is to express an opinion
on management's assertion about the Bank's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Bank's compliance with the
minimum servicing standards and performing other such procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Bank's compliance with the minimum servicing
standards.
Our examination disclosed noncompliance with minimum servicing standars
related to account reconciliations and interest on escrows applicable to the
Bank during the year ended December 31, 2003. Such noncompliance is described in
the accompanying Management Assertion on Compliance with USAP.
In our opinion, management's assertion that the Bank complied with the
aforementioned minimum servicing standards, except for noncompliance as
described in the accompanying Management Assertion on Compliance with USAP, as
of and for the year ended December 31, 2003 is fairly stated, in all material
respects.
By: /s/PricewaterhouseCoopers, LLC
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PricewaterhouseCoopers, LLC
March 12, 2004
MANAGEMENT ASSERTON ON COMPLIANCE WITH USAP
March 12, 2004
As of and for the year ended December 31, 2003, except as specifically noted
below, Ocwen Federal Bank FSB (the "Bank") has complied in all material respects
with the minimum servicing standards set forth in the Mortgage Bankers
Assocation of America's ("MBA's") Uniform Single Attestation Program for
Mortgage Bankers ("USAP").
Standard: Reconciliations shall be prepared on a monthly basis for all custodial
bank accounts and related bank clearing accounts. These reconciliations shall be
mathematically accurate, be prepared within forty five (45) calendar days of the
cutoff date; be reviewed and approved by someone other than the person who
prepared the reconciliation; and document explanations for reconciling
items.These reconciling items shall be resolved within ninety (90) calendar days
of their original identification.
Certain reconciling items which arose during the year ended December 31, 2003
were not specifically identified and/or were not cleared with 90 days of their
original identification. Management has developed and implemented an action plan
and continues to resolve outstanding reconciling items. All significant
reconciling items have been isolated and reviewed by the Company, and the
Company believes these items will not have a material impact on the status of
any custodial accounts.
Standard: Interest on escrow accounts shall be paid or credited, to mortgagors
in accordance with the applicable state laws.
Interest on escrow accounts in certain states was not paid, or credited, to
mortgagors in accordance with the applicable state laws during the year ended
December 31, 2003. The Bank has corrected the affected accounts by paying or
crediting the appropriate interest on escrow. The bank is currently implementing
an enhancement to its REALServicingTM servicing system to ensure that, for loans
collateralized by properties located in states that require the payment of
interest on escrow accounts, the pay of crediting os cuch interest is in
accordance with applicable state laws.
As of and for this same period, the Bank had in effect a fidelity bond in the
amount of $15,000,000 and an errors and omissions policy in the amount of
$5,000,000.
By: /s/ Ronald M. Faris
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Ronald M. Faris
President
By: /s/ Scott W. Andreson
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Scott W. Andreson
Senior Vice President of Residential Assets
By: /s/ Brian J. LaForest
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Brian J. LaForest
Director of Investor Reporting
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EXHIBIT 99.2 - Annual Servicer's Statement of Compliance
Wilshire Credit Corporation, as Servicer
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Wilshire Credit Corporation
Payments
P.O. Box 30040, Los Angeles, CA 90030-0040
or P.O. Box 650314, Dallas, TX 75265-0314
Correspondence
P.O. Box 8517, Portland, OR 97207-8517
Phone
(503) 952-7947
(888) 502-0100
Fax
(503) 952-7476
Web Site
www.wfsg.com
March 22, 2004
JP Morgan Chase Bank
4 New York Plaza, 6th Floor
New York, NY 10004-2477
Attn: Institutional Trust Services/Structured Finance
Credit Suisse First Boston Mortgage Securities Corp.
3leven Madison Avenue, 4th Floor
New York, NY 10010
Attn: Helaine Hebble
Attn: Office of General Counsel
Standard & Poor's Ratings Group
55 Water Street
New York, NY 10004
Attn: Mortgagae Surveillance Monitoring
Moody's Investors Service, Inc.
99 Church Street
New York, NY 10007
Attn: Residential Pass-Through Monitoring
Fitch, Inc. Ratings
One State Street Plaza, 32 Floor
New York NY 10004
Reference is made to each servicing agreement listed on Exhibit A hereto (each,
an "Agreement") entered into by Wilshire Credit Corporation (the "Servicer"). I,
Heidi Peterson, a Vice President of the Servicer, hereby certify to JPMorgan
Chase Bank, Credit Suisse First Boston Mortgage Securities Corp., Standard &
Poor's Ratings Group, Moody's Investors Service, Inc., and Fitch, Inc. Ratings,
and their respective officers, directors and affiliates, and with the knowledge
and intent that they will relay upon this certification, that:
1. I have reviewed the information required to be delivered pursuant to the
Agreement (the "Servicing Information").
2. Based on my knowledge, the Servicing Information does not contain any
material untrue information or omit to state information necessary to make the
Servicing Information, in light of the circumstances under which such
information was provided, not misleading as of the date of this certificaton;
3. Based on my knowledge, the Servicing Information has been provided when as as
required under each Agreement; and
4. I am responsible for reviewing the activities performed by the Servicer under
the Agreement, and based upon my knowledge and the review required under the
Agreement, and except as disclosed in writing to you on or prior to the date of
this certification either in the accounts' report required under the related
Agreement or in disclosure a copy of which is attached hereto, the Servicer has,
for the period covered by the relataed Form 10-K Annual Report, fulfilled its
obligations under the Agreement.
WILSHIRE CREDIT CORPORATION
By: /s/ Heidi Peterson
- --------------------------------------
Name: Heidi Peterson
Title: Vice President, Client Relations
Exhibit A
(Wilshire Pool 169, HEMT 2003-1) Pooling and Servicing Agreement dated as of
January 1, 2003, between Credit Suisse First Boston Mortgage Securities Corp.,
Depositor, DLJ Mortgage Capital, Inc., Seller, Ocwen Federal Bank, FSB,
Servicer, Wilshire Credit Corporation, Servicer, and JP Morgan Chase Bank,
Trustee, for HEMT Trust Series 2003-1
(Wilshire Pool 179, HEMT 2003-2) Pooling and Servicing Agreement dated as of
April 1, 2003, between Credit Suisse First Boston Mortgage Securities Corp.,
Depositor, DLJ Mortgage Capital, Inc., Seller, Ocwen Federal Bank, FSB,
Servicer, Wilshire Credit Corporation, Servicer, and JP Morgan Chase Bank,
Trustee, for HEMT Trust Series 2003-2
(Wilshire Pool 189, HEMT 2003-3) Pooling and Servicing Agreement dated as of May
1, 2003, between Credit Suisse First Boston Mortgage Securities Corp.,
Depositor, DLJ Mortgage Capital, Inc., Seller, Wilshire Credit Corporation,
Servicer, and JP Morgan Chase Bank, Trustee, for HEMT Trust Series 2003-3
(Wilshire Pool 192, HEMT 2003-4) Pooling and Servicing Agreement dated as of
July 1, 2003, between Credit Suisse First Boston Mortgage Securities Corp.,
Depositor, DLJ Mortgage Capital, Inc., Seller, Ocwen Federal Bank, FSB,
Servicer, Wilshire Credit Corporation, Servicer, Long Beach Mortgage Company,
Servicer, and JP Morgan Chase Bank, Trustee, for HEMT Trust Series 2003-4
(Wilshire Pool 252, HEMT 2003-5) Pooling and Servicing Agreement dated as of
September 1, 2003, between Credit Suisse First Boston Mortgage Securities Corp.,
Depositor, DLJ Mortgage Capital, Inc., Seller, Ocwen Federal Bank, FSB,
Servicer, Wilshire Credit Corporation, Servicer, and JP Morgan Chase Bank,
Trustee, for HEMT Trust Series 2003-5
(Wilshire Pool 267, HEMT 2003-6) Pooling and Servicing Agreement dated as of
November 1, 2003, between Credit Suisse First Boston Mortgage Securities Corp.,
Depositor, DLJ Mortgage Capital, Inc., Seller, Ocwen Federal Bank, FSB,
Servicer, Wilshire Credit Corporation, Servicer, and JP Morgan Chase Bank,
Trustee, for HEMT Trust Series 2003-6
(Wilshire Pool 277, HEMT 2003-7) Pooling and Servicing Agreement dated as of
December 1, 2003, between Credit Suisse First Boston Mortgage Securities Corp.,
Depositor, DLJ Mortgage Capital, Inc., Seller, Ocwen Federal Bank, FSB,
Servicer, Wilshire Credit Corporation, Servicer and Back-up Servicer, and JP
Morgan Chase Bank, Trustee, for HEMT Trust Series 2003-7
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Ocwen Federal Bank, FSB, as Servicer
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Ocwen Federal Bank FSB
1675 Palm Beach Lakes Boulevard
West Palm Beach, FL 33401
P.O. Box 24737
West Palm Beach, FL 33416-4737
OCWEN FEDERAL BANK FSB
Compliance Certification Year ended December 31, 2003
CSFB HEMT 2003-7
The undersigned Officer of Ocwen Federal Bank FSB, (the "Serivcer") confirms
that (i) a review of the activities of the Servicer during the calendar year
ending on December 31, 2003 and of the performance of the Servicer under the
Pooling and Servicing Agreement as of December 1, 2003 for CSFB Home Equity Loan
Trust 2003-7 Mortgage Pass-Through Certificates Series 2003-7 (the "Servicing
Agreement") has been made under his supervision. Except as noted on the
Management Assertion on Compliance with USAP, to the best of the undersigned
Officers knowledge, bason such review, the Servicer has fulfilled all of its
obligation as set forth in the Servicing Agreement.
By: /s/ Scott W. Anderson Dated: March 12, 2004
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Scott W. Anderson, Senior Vice President
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