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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark one)
/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
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 333-68542-24
Bear Stearns ALT-A Trust
Mortgage Pass-Through Certificates
Series 2003-4
(Exact name of registrant as specified in its charter)
New York 54-2126371
54-2126372
54-2126414
54-2126415
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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
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 X No ___
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K ( 229.405 of this chapter) 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.
Not applicable.
Indicate by check mark whether the registrant is an accelerated filer
(as defined in Exchange Act Rule 12b-2).
Yes___ No X
State the aggregate market value of the voting and non-voting common
equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter.
Not applicable.
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Not applicable.
List hereunder the following documents if incorporated by reference and
the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
document is incorporated: (1)Any annual report to security holders; (2)
Any proxy or information statement; and (3)Any prospectus filed pursuant
to Rule 424(b) or (c) under the Securities Act of 1933. The listed
documents should be clearly described for identification purposes (e.g.
annual report to security holders for fiscal year ended December 24, 1980).
Not applicable.
PART I
Item 1. Business.
Omitted.
Item 2. Properties.
See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information
provided in lieu of information required by Item 102 of
Regulation S-K.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings
involving the trust created under the Pooling and Servicing
Agreement (the Trust), the Trustee, the Servicer or the
registrant with respect to the Trust other than routine
litigation incidental to the duties of the respective parties.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters.
No established public trading market for the Certificates exists.
Records provided to the Trust by the DTC and the Trustee
indicate that as of December 31, 2003, the number of holders of
record for each class of Certificate were as follows:
Class I-A-1 8
Class I-A-2 3
Class I-A-3 3
Class II-A-1 9
Class II-A-2 6
Class II-A-3 3
Class B-IO 1
Class M-1 6
Class M-2 5
Class R-I 1
Class R-II 1
Class R-III 1
Class R-IV 1
Class XP 1
Total: 49
Item 6. Selected Financial Data.
Omitted.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
Omitted.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Not applicable.
Item 8. Financial Statements and Supplementary Data.
See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information
provided in lieu of information required by Item 302 of
Regulation S-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Not applicable.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not applicable.
Item 11. Executive Compensation.
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Not applicable.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Item 14. Principal Accounting Fees and Services.
Not applicable.
PART IV
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
(31.1) Rule 13a-14(a)/15d-14(a) Certification
(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 2003.
a) EverHome Mortgage f/k/a/ Alliance Mtg Co, as Servicer
b) Bank of America, as Servicer
c) Wendover, as Subservicer for Banc One, N.A.
d) Cendant Mortgage Corp, as Servicer
e) Countrywide Home Loans Inc., as Servicer
f) EMC Mortgage Corp, as Servicer
g) GMAC Mortgage Corp, as Servicer
h) INDYMAC, as Servicer
i) National City Mortgage Co, as Servicer
j) U.S. Bank Home Mortgage, as Servicer
k) Washington Mutual Bank, F.A., as Servicer
l) Union Federal Bank, as Servicer
m) Wells Fargo Home Mortgage, Inc, as Servicer
(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2003.
a) EverHome Mortgage f/k/a/ Alliance Mtg Co, as Servicer
b) Bank of America, as Servicer
c) Wendover, as Subservicer for Banc One, N.A.
d) Cendant Mortgage Corp, as Servicer
e) Countrywide Home Loans Inc., as Servicer
f) EMC Mortgage Corp, as Servicer
g) GMAC Mortgage Corp, as Servicer
h) INDYMAC, as Servicer
i) National City Mortgage Co, as Servicer
j) U.S. Bank Home Mortgage, as Servicer
k) Washington Mutual Bank, F.A., as Servicer
l) Union Federal Bank, as Servicer
m) Wells Fargo Home Mortgage, Inc, as Servicer
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2003.
a) EverHome Mortgage f/k/a/ Alliance Mtg Co, as Servicer
b) Bank of America, as Servicer
c) Banc One, N.A., as Servicer
d) Cendant Mortgage Corp, as Servicer
e) Countrywide Home Loans Inc., as Servicer
f) EMC Mortgage Corp, as Servicer
g) GMAC Mortgage Corp, as Servicer
h) INDYMAC, as Servicer
i) National City Mortgage Co, as Servicer
j) U.S. Bank Home Mortgage, as Servicer
k) Washington Mutual Bank, F.A., as Servicer
l) Union Federal Bank, as Servicer
m) Wells Fargo Home Mortgage, Inc, as Servicer
(99.4) Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.
(b) On October 22, 2003 a report on Form 8-K was filed in order
to provide the Pooling and Servicing Agreement for the certificates.
On November 10, 2003, December 9, 2003, and January 08, 2004
reports on Form 8-K were filed by the Company in order to provide
the statements for the monthly distributions to holders of the
Certificates. No other reports on Form 8-K have been filed during
the last quarter of the period covered by this report.
On Januaury 8, 2004 a Form 8-K/A was filed for the October 2003
distribution.
(c) Not applicable.
(d) Omitted.
(99.5) Reliance Certifications Mandated under the Pooling and Servicing
Agreement for the year ended December 31, 2003.
a) EverHome Mortgage f/k/a/ Alliance Mtg Co, as Servicer
b) Bank of America, as Servicer
c) Bank One, N.A., as Servicer
d) Cendant Mortgage Corp, as Servicer
e) Countrywide Home Loans Inc., as Servicer
f) EMC Mortgage Corp, as Servicer
g) GMAC Mortgage Corp, as Servicer
h) INDYMAC, as Servicer
i) National City Mortgage Co, as Servicer
j) U.S. Bank Home Mortgage, as Servicer
k) Washington Mutual Bank, F.A., as Servicer
l) Union Federal Bank, as Servicer
m) Wells Fargo Home Mortgage, Inc, as Servicer
Filed herewith.
Certification received.
SIGNATURES
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:
Bear Stearns ALT-A Trust
Mortgage Pass-Through Certificates
Series 2003-4
(Registrant)
Signed: Wells Fargo Bank, N.A. as Master Servicer
By: Brett Handelman, Vice President
By: /s/ Brett Handelman, Vice President
Dated: March 30, 2004
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.
(a)(i) No annual report is provided to the Certificateholders other than
with respect to aggregate principal and interest distributions.
(a)(ii) No proxy statement, form of proxy or other proxy soliciting
material has been sent to any Certificateholder with respect to any
annual or other meeting of Certificateholders.
Exhibit Index
Exhibit No.
Ex-(31.1) Rule 13a-14(a)/15d-14(a) Certification
I, Brett Handelman, 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 Bear Stearns ALT-A Trust Mortgage Pass-Through Certificates,
Series 2003-4 Trust;
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. I am responsible for reviewing the activities performed by the master
servicer under the pooling and servicing, or similar, agreement, and
based on upon my knowledge and the annual compliance review required
under that agreement, and except as disclosed in the reports, the
master servicer has fulfilled its obligations under that 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:
EverHome Mortgage f/k/a/ Alliance Mtg Co as Servicer, Bank of America
as Servicer, Bank One, N.A. as Servicer, Cendant Mortgage Corp as
Servicer, Countrywide Home Loans Inc. as Servicer, EMC Mortgage Corp
as Servicer, GMAC Mortgage Corp as Servicer, INDYMAC as Servicer,
National City Mortgage Co as Servicer, U.S. Bank Home Mortgage as
Servicer, Washington Mutual Bank, F.A. as Servicer, and Union Federal
Bank as Servicer.
Date: March 30, 2004
/s/ Brett Handelman
Signature
Vice President
Title
Ex-99.1(a)
(Logo) Deloitte
Deloitte & Touche LLP
Suite 2801
One Independent Drive
Jacksonville, FL 32202-5034
USA
Tel: +1 9046651400
Fax: +1 9046651600
www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT ON
MANAGEMENT'S ASSERTION ABOUT COMPLIANCE WITH UNIFORM SINGLE ATTESTATION PROGRAM
REQUIREMENTS
To the Board of Directors EverHome Mortgage Company:
We have examined management's assertion about EverHome Mortgage Company's (the
"Company") (formerly Alliance Mortgage Company) compliance with the minimum
servicing standards identified in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the
year ended December 31, 2003 included in the accompanying management assertion.
Management is responsible for the Company's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the entity'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 Company's compliance with the
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 the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2003 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 25, 2004
Member of
Deloitte Touche Tohmatsu
Ex-99.1(b)
(Logo) PricewaterhouseCoopers
PricewaterhouseCoopers
llP 214 N.Tryon Street
Ste 3600
Charlotte NC 28202
Telephone (704) 344 7500
Facsimile (704) 344 4100
Report of Independent Accountants
To the Board of Directors and Shareholder of Bank of America, N.A.
We have examined management's assertion about compliance by the mortgage
division of Bank of America, N.A. (the "Company"), an operating division of Bank
of America, N.A., with the minimum servicing standards identified in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP") as of and for the year ended December 31, 2003
included in the accompanying management assertion (see Exhibit 1). Management is
responsible for the Company's compliance with those minimum servicing standards.
Our responsibility is to express an opinion on management's assertion about the
Company'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 Company's compliance with the
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 the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31,2003 is fairly stated, in all material respects.
/s/ PriceWaterhouseCooper
March 2, 2004
Ex-99.1(c)
(Logo) KPMG
KPMG LLP
Suite 200
150 Fayetteville SueGT Mall
P.O. Box 29543
Raleigh, NC 27626-0543
Independent Accountants' report
The Board of Directors
Wendover Financial Service Corporation
We have examined Wendover Financial Services Corporation's (an indirect wholly
owned subsidiary of Electronic Data Systems Corporation) (Wendover) compliance
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
for the year ended December 31, 2003, except for minimum servicing standard
ill.3 which Wendover has out sourced to third parties and therefore dOC3 not
perform internally. Management responsible for Wendover's compliance with those
minimum servicing standards. Our responsibility is to express an opinion on
Wendover'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 Wendover's
compliance with the minimum servicing standards specified above 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 Wendover's compliance with
the minimum servicing standards.
Our examination disclosed the following noncompliance with Section VI.I of the
aforementioned minimum servicing standards applicable to Wendover as of and for
the year ended December 31. 2003.
Delinquencies (Section VI.I)
For 6 out of 146 delinquent accounts examined, documentation failed to exist for
collection attempts in the form of phone calls or letters sent.
In our opinion, except for the noncompliance with Section VI.I of the minimum
servicing standards described above, Wendover compiled in all material respects;
with the minimum servicing standards described above for the year ended December
31, 2003.
/s/ KPMG LLP
February 18, 2004
(logo) KPMG
Ex-99.1(d)
Deloitte (logo)
Deloitte & Touche LLP
Third Floor
750 College Road East
Princeton, NJ 08540
USA
Tel: +1 609 514 3600
Fax: +1 609 514 3603
www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT
To Cendant Mortgage Corporation:
We have examined management's assertion that Cendant Mortgage Corporation (the
Company) has complied as of and for the year ended December 31, 2003, with its
established minimum servicing standards described in the accompanying Management
Assertion Report. Management is responsible for the Company's compliance with
those minimum servicing standards. Our responsibility is to express an opinion
on management's assertion about 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 standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2003, is fairly stated, in all material respects based on the criteria set
forth in Appendix I.
/s/ Deloitte & Touche
February 23, 2004
Memeber of Deloitte Touche Tohmatsu
APPENDIX I
MINIMUM SERVICING STANDARDS 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 payment 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 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.
Ex-99.1(e)
Grant Thornton (logo)
Accountants and Management Consultants
REPORT OF INDEPENDENT ACCOUNTANTS ON MANAGEMENT'S
ASSERTION ON COMPLIANCE WITH MINIMUM SERVICING STANDARDS
SET FORTH IN THE UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS
Board of Directors
Countrywide Financial Corporation
We have examined management's assertion about Countrywide Financial Corporation
and Subsidiaries' (including its wholly-owned subsidiary, Countrywide Home
Loans, Inc. ("CHL") and Countrywide Home Loans Servicing, L.P., a wholly-owned
subsidiary of CHL) ("the Company") compliance with the minimum servicing
standards identified in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers (USAP) as of and for the year
ended December 31, 2003 included in the accompanying management assertion.
Management is responsible for the Company's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the entity'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 Company's compliance with the
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 the minimum servicing
standards.
In our opinion, management's assertion that Countrywide Financial Corporation
and Subsidiaries (including its wholly-owned subsidiary, Countrywide Home Loans,
Inc., and Countrywide Home Loans Servicing, L.P., a wholly-owned subsidiary of
CHL) complied with the aforementioned minimum servicing standards as of and for
the year ended December 31,2003 is fairly stated, in all material respects,
except as disclosed in the attached Schedule of Findings.
/s/ Grant Thorton LLP
Los Angeles, California
February 27, 2004
Suite 300
1000 Wilshire Blvd.
Los Angeles, CA 90017 2464
T 213 627-1717
F 213 624-6793
W www.grantthornton.com
Grant Thornton LLP
US Member of Grant Thornton International
Ex-99.1(f)
(logo) Deloitte
Deloitte & Touche LLP
750 College Road East
Third Floor
Princeton, NJ 08540
USA
Tel: +16095143600
www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors and Stockholder
EMC Mortgage Corporation
We have examined EMC Mortgage Corporation (the "Company") (a wholly owned
subsidiary of The Bear Stearns Companies Inc.) compliance with its established
servicing standards described in the accompanying Management's Assertion, dated
February 13, 2004, as of and for the year ended November 30, 2003. Management
is responsible for 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 the minimum
servicing standards.
Our examination disclosed the following material noncompliance with the
reconciliation of custodial bank accounts applicable to the Company during the
year ended November 30, 2003. In two of the twenty-two custodial bank accounts
selected for testing, the reconciliations included three items totaling
approximately $258,000 that were older than ninety days.
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
November 30, 2003, as set forth in Appendix I.
/s/ Deloite & Touche LLP
February 13,2004
Member of
Deloitte Touche Tohmatsu
Ex-99.1(g)
(logo) PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
125 High Street
Boston MA 02110
Telephone (617) 530 5000
facsimile (617) 530-5001
Report of Independent Auditors
To the Board of Directors and Stockholder
of GMAC Mortgage Corporation:
We have examined management's assertion about GMAC Mortgage Corporation and its
subsidiaries' (the "Company") compliance with the minimum servicing standards
("standards") identified in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for
the year ended December 31, 2003 included in the accompanying management
assertion (see Exhibit I). Management is responsible for the Company's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the entity'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 Company's compliance with the
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 the standards.
In our opinion, management's assertion that the Company complied with the
aforementioned standards as of and for the year ended December 31, 2003 is
fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
March 24, 2004
Ex-99.1(h)
(logo) Ernst & Young
Ernst & Young LLP
725 South Figueroa Street
Los Angeles, California 90017-5418
Phone: (213) 977-3200
www.ey.com
Report on Management's Assertion on Compliance with the Specified Minimum
Servicing Standards Set Forth in the Uniform Single Attestation Program for
Mortgage Bankers
Report of Independent Accountants
Board of Directors
IndyMac Bank, F.S.B.
We have examined management's assertion, included in the accompanying report
titled Report of Management, that IndyMac Bank, F.S.B. (the Bank) complied with
the servicing standards identified in Exhibit A to the Report of Management (the
"specified minimum servicing standards") as set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) during the year ended December 31,2003. Management is responsible
for the Bank's compliance with those specified 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
specified 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 Bank's compliance with the specified minimum
servicing standards.
In our opinion, management's assertion that the Bank complied with the
aforementioned specified minimum servicing standards during the year ended
December 31, 2003, is fairly stated, in all material respects.
/s/ Ernst & Young LLP
Ernst & Young LLP
January 23,2004
A Member Practice of Ernst & Young Global
Ex-99.1(i)
(LOGO) ERNST & YOUNG
Ernst & Young LLP
1300 Huntington Building
925 Euclid Avenue
Cleveland, Ohio 44115
Phone: (216) 861-5000
www.ey.com
Report on Management's Assertion on Compliance
with the Specified Minimum Servicing Standards Set Forth in the
Uniform Single Attestation Program for Mortgage Bankers
Report of Independent Accountants
Board of Directors
National City Mortgage Co.
We have examined management's assertion, inc1uded in the accompanying report
titled Report of Management, that National City Mortgage Co. (NCM) complied with
the servicing standards identified in Exhibit A to the Report of Management (the
specific minimum servicing standards) as set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP) during the year-ended December 31, 2003. Management is responsible for
NCM's compliance with the specified minimum servicing standards. Our
responsibility is to express an opinion on management's assertions about NCM's
compliance based on our examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about NCM's compliance with the
specified 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 NCM's compliance with specified minimum servicing
standards.
In our opinion, management's assertion that NCM complied with the aforementioned
specified minimum servicing standards during the year ended December 31, 2003,
is fairly stated, in all material respects.
/s/ Ernst & Young LLP
February 25, 2004
A Member Practice of Ernst & Young Global
Ex-99.1(j)
(logo) PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
Suite 1300
650 Third Avenue South
Minneapolis MN 55402
Telephone (612) 596 6000
Facsimile (612) 375 7160
Report of Independent Accountants
To the Board of Directors and Shareholder
of U.S. Bank, N.A.
We have examined management's assertion about U.S. Bank, N.A. (including U.S.
Bank Home Mortgage) (the "Company") compliance with the minimum servicing
standards identified in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year
ended December 31, 2003, included in the accompanying management assertion (see
Exhibit 1). Management is responsible for the Company's compliance with those
minimum servicing standards. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our examination.
Our examination was made 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 the 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 the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2003, is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
March 5, 2004
Ex-99.1(k)
(logo) Deloitte
Deloitte & Touche LLP
Suite 3300
925 Fourth Avenue
Seattle, WA 98104-1126 USA
Tel: +12067167000
Fax: + 1 2069657000
www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors
Washington Mutual Bank, FA and Subsidiaries
We have examined management's assertion that Washington Mutual Bank, FA and
subsidiaries (the "Company") has complied as of and for the year ended December
31, 2003, with its established minimum servicing standards for single family
residential mortgages identified in the accompanying Management's Assertion,
dated February 16, 2004. Management is responsible for the Company's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion about 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 standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 2003, is fairly stated, in all material respects, based on the
criteria set forth in Appendix I.
/s/Deloitte & Touche
February 16, 2004
Member of
Deloitte Touche Tohmatsu
Ex-99.1(l)
(logo) ERNST & YOUNG
Ernst & Young LLP
111 Monument Circle, Suite 2600
P.O. Box 44972
Indianapolis, Indiana 46204-2094
Phone: (317) 681-7000
Fax: (317) 681-7216
Report on Management's Assertion on Compliance with the
Specified Minimum Servicing Standards Set Forth in the Uniform Single
Attestation Program for Mortgage Bankers
Report of Independent Accountants
The Board of Directors
Union Federal Bank of Indianapolis
We have examined management's assertion, included in the accompanying
report titled Report of Management, that Union Federal Bank of Indianapolis
and Subsidiaries (the Bank) complied with the servicing standards identified
in Exhibit A to the Report of Management (the "specified minimum servicing
standards") as set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers (USAP) during the year
ended December 31, 2003. Management is responsible for the Bank's compliance
with those specified minimum servicing standards. Our responsibility is to
express an opinion on management's assertions about the Bank's compliance based
on our examination.
Our examination was made in accordance with attestation standards established
by the American Institute of Certified Public Accountants and, accordingly,
included examinjng, on a test basis, evidence about the Bank's compliance with
the specified 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 Bank's compliance with the specified
minimum servicing standards.
In our opinion, management's assertion, that the Bank complied with the
aforementioned specified minimum servicing standards during the year ended
December 31, 2003, is fairly stated, in all material respects.
/s/ Ernst & Young LLP
Ernst & Young LLP
February 26, 2004
A member Practice of Ernst & Young Global
Exhibit A
Specified Minimum Servicing Standards
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:
a. be mathematically accurate;
b. be prepared within forty-five (45) calendar days after the cutoff date.
The cutoff date is the date as of which a bank account is reconciled every
month. It may, or may not, coincide with a prescribed investor reporting date
but shall be consistent from period to period;
c. be reviewed and approved by someone other than the person who prepared the
reconciliation; and
d. 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 (2) 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 (2) 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.
Exhibit A
Specified Minimum Servicing Standards (continued)
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 (2) 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. Unissued 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 adjustable rate mortgage (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.
Exhibit A
Specified Minimum Servicing Standards (continued)
V. Mortgagor Loan Accounting (continued)
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 undated 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 (i.e., 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.
Ex-99.1(m)
KPMG (logo)
KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, IA 50309
Independent Accountants' Report
The Board of Directors
Wells Fargo Home Mortgage, Inc.:
We have examined management's assertion dated February 25, 2004 that Wells Fargo
Home Mortgage, Inc. (the Company) complied with the minimum servicing standards
set forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers (USAP) 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 management's assertion about 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 the minimum servicing standards specified above and perfonning
such other procedures as we consideccd 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 the minimum servicing standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2003, is fairly stated, in a11 material respects.
/s/ KPMG LLP
February 25, 2004
KPMG LLP a US limited liability partnership, is the US
member of KPMG international a Swiss corporation
Ex-99.2(a)
(logo) EverHome
MORTGAGE COMPANY
As of and for the year ended December 31, 2003, EverHome Mortgage Company
(formerly Alliance Mortgage Company) has complied in all material respects with
the minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers. As of and for
this same period, EverHome Mortgage Company had in effect a fidelity bond and an
errors and omissions policy in the amount of $17 million, respectively.
/s/ Gary A. Meeks
Gary A. Meeks
President & COO
2/25/04
/s/ W. Blake Wilson
W. Blake Wilson
Executive Vice President & CPO
2/25/04
Ex-99.2(b)
Exhibit I
Bank of America
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 2, 2004
As of and for the year ended December 31,2003, the Mortgage division of Bank of
America, N.A. (the "Company"), has complied in all material respects with the
minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP").
As of and for this same period, the Company had in effect a fidelity bond and
errors and omissions policy in the amounts of $340,000,000 and $270,000,000,
respectively.
/s/ Ashish Kamit
Ashish Kamit
Senior Vice President and Managing Director
Bank of America, N .A.
/s/ J Mark Hanson
J Mark Hanson
Senior Vice President
Bank of America, N .A.
/S/ H Randell Chestnut
Senior Vice President
Bank of America, N.A.
Gary K Bettin
Senior Vice President and National Servicing Executive Bank of America, N .A.
/s/ Kevin M Shannon
Kevin M. Shannon
President
Consumer Real Estate
Bank of America, N.A.
USA
[Olympic rings]
2000-2004
US Olympic Teams
Ex-99.2(c)
(logo) Wendover
an EDS company
Management Assertion
As of and for the year ended December 31, 2003, Wendover financial services
Corporation (An indirect and Wholly-owned subsidiary of Electronic Data systems
Corporation ("Wendover") Complied in all Material respects, except for the
matters described below with minimum servicing standards set forth in the
Mortgage Bankers Association of America's of America's Uniform Single
Attestation Program for Mortgage Bankers. As of and for this same period,
Wendover had in effect a fidelity bond policy and errors and omissions policy in
the amount of $25,000,000.
As of and for the year ended December 31, 2003, Wendover noted the instances of
noncompliance with section VI.I of the Aforementioned Minimum servicing
standards.
Delinquencies (Section VI: 1)
For 6 out of 146 de1lenquent accounts examined. Documentation failed to exist
for collection attempts in the form of phone calls or letters sent
/s/ Susan O'Doherty
Susan O'Doherty
President
February 18, 2004
Date
/s/ John Wilkinson
John Wilkinson
Vice President, Chief financial officer
February 18, 2004
Date
72.S N. Regional Road
Greensboro, NC 27409
Ex-99.2(d)
Cendant Mortgage
3000 Leadhenhall Rd.
Mt. Laurel, NJ 08054
CENDANT (logo)
Mortgage
As of and for the year ended December 31, 2003, Cendant Mortgage Corporation
(the Company) has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers. As of and for this same period,
the Company had in effect a fidelity bond and errors and omissions policy in the
amount of $140 million and $20 million, respectively.
Cendant Mortgage Corporation
/s/ Terence W. Edwards
Terence W. Edwards
President and Chief Executive Officer
/s/ Mark Danahy
Mark Danahy
Senior Vice President & Chief Financial Officer
/s/ Martin L. Foster
Martin L. Foster
Senior Vice President-Loan Servicing
Ex-99.2(e)
(logo) Countrywide
4500 Park Granada
Calabasas, California 91302
(818) 225-3000
February 27, 2004
Grant Thornton LLP
1000 Wilshire Boulevard
Suite 300
Los Angeles, CA 900 17
Gentlemen:
As of and for the year ended December 31. 2003, Countrywide Financial
Corporation and Subsidiaries (which includes its wholly-owned subsidiary,
Countrywide Home Loans, Inc. ("CHI."), and Countrywide Home Loans Servicing,
L.P., a wholly owned subsidiary of CHL) ("the Company") has complied in all
material respects with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation for Mortgage
Bankers, except as disclosed in the attached Schedule of Findings to the report.
As of and for this same period the Company had in effect a fidelity bond and
errors and omissions policy in the amount of $215 million and $240 million
respectively.
The Company investigated the matters noted in lhe Schedule of Findings and noted
that due to significant increases in volume of activity and staff turn-over,
these accounts were being handled by inexperienced staff members. The Company
has since increased the number and quality of staff in this area through
additional hiring and training. As a result, manngemcnt is not aware of any
cuuent USAP violations related to these accounts.
Sincerely.
/s/ Thomas K. McLaughlin
Thomas K. McLaughlin
Senior Managing Director and
Chief Financial Officer
/s/ Kevin Meyers
Kevin Meyers
Managing Director Finance
Loan Administration
COUNTRYWIDE FINANCIAL CORPORATION
SCHEDULE OF FINDINGS - USAP
DECEMBER 31, 2003
Statement of Condition:
During our testing of the Custodial Cash bank reconciliations, we noted that 1
reconciliation out of 30 reconciliations was not prepared within 45 days of the
cutoff date. Additionally, there were 2 reconciliations out of 30
reconciliations that had items outstanding greater than 90 days that could have
been cleared earlier. Each of these exceptions did not meet the minimum
servicing standards set forth in the Mortgage Banker's Association's Uniform
Single Attestation Program for Mortgage Bankers (the USAP).
Criteria:
The Uniform Single Attestation Program for Mortgage Bankers, Section I.1.
requirement that reconciliations are mathematically accurate and are prepared
within forty-five (45) calendar days after the cutoff date. Reconciling items
shall also be resolved within ninety (90) calendar days of their original
identification.
Recommendation:
We recommend that the Company prepare Custodial Cash bank reconciliations and
clear reconciling items within the minimum time periods specified by the USAP.
Corrective Action Plan:
Due to significant increases in volume of activity and staff turn-over, these
accounts were being handled by inexperienced staff members. The Company has
since increased the number and quality of staff in this area through additional
hiring and training. As a result, the Company is not aware of any current USAP
violations related to these accounts.
Ex-99.2(f)
EMC (logo)
Mortgage Corporation
MANAGEMENT'S ASSERTION
As of and for the year ended November 30, 2003, EMC Mortgage Corporation (the
"Company") (a wholly owned subsidiary of The Bear Stearns Companies, Inc.), has
complied, in all material respects, except as described in the following
paragraph, with the Company's established minimum servicing standards for
residential mortgage loans as set forth in Appendix I (the "Standards"). The
Standards are based on the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers.
In two of the twenty-two custodial bank accounts selected for testing, the
reconciliations included three items totaling approximately $258,000 that were
older than ninety days. As of and for this same period, the Company had in
effect
a fidelity bond in the amount of $200,000,000 and $100,000,000 for the periods
from December 1, 2002 to September 29, 2003 and from September 30, 2003 to
November 30, 2003, respectively, and an errors and omissions policy in the
amount of $10,000,000 and $15,000,000 for the periods from December 1, 2002 to
February 24, 2003 and from February 25, 2003 to November 30, 2003, respectively.
/s/ Ralene Ruyle 2-13-04
Ralene Ruyle, President Date
/s/ Scott D. Samlin, 2-13-04
Scott D. Samlin, Executive Vice President Date
/s/ Dana Dillard 2-13-04
Dana Dillard, Senior Vice President Date
Two MacArthur Ridge, 909 Hidden Ridge Drive, Suite 200
Irving, Texas 75038
Mailing Address: P.O. Box 141358, Irving, Texas 75014-1358
MBA
Member
Mortgage Bankers
Association of America (logo)
APPENDIX I
MINIMUM SERVICING STANDARDS 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 mortgage
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. MORTGAGE LOAN ACCOUNTING
1. The servicing entity's mortgage loan records shalagree 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.
Ex-99.2(g)
(logo) GMAC Mortgage
Exhibit 1
Managements Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 19,2004
As of and for the year ended December 31, 2003, GMAC Mortgage Corporation and
its subsidiaries (the "Company") have complied in all material respects with the
minimum servicing standards (the "Standards") set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP").
As of and for this same period the Company had in effect fidelity bond and
errors and omissions policies in the amounts of $125,000,000 and $100,000,000,
respectively.
/s/ David Applegate
David Applegate
Chief Executive Officer
GMAC Residential Holding Corp
/s/ Ralph Hall
Ralph Hall
Chief Operating Officer
GMAC Residential Holding Corp
Ex-99.2(h)
(logo) IndyMac Bank
Management's Assertion on Compliance
with the Specified Minimum Servicing Standards Set Forth
in the Uniform Single Attestation Program for Mortgage Bankers
Report of Management
We, as members of management of IndyMac Bank, F.S.B. (the Bank), are responsible
for complying with the servicing standards identified in the attached Exhibit A
(the "specified minimum servicing standards") as set forth in the Mortgage
Bankers Association of America's UnifOrm Single Attestation Program for Mortgage
Bankers (USAP). We are also responsible for establishing and maintaining
effective internal control over compliance with these specified minimum
servicing standards. We have performed an evaluation of the Bank's compliance
with the specified minimum servicing standards as of December 31, 2003 and for
the year then ended. Based on this evaluation, we assert that during the year
ended December 31, 2003, the Bank complied, in all material respects, with the
specified minimum servicing standards.
As of December 31, 2003 and for the year then ended, the Bank had in effect a
fidelity bond in the amount of $40,000,000 and an errors and omissions policy in
the amount of $20,000,000.
/s/ Michael W. Perry
Chairman and
Chief Executive Officer
/s/ Scott Keys
Scott Keys
Executive Vice President and
Chief Financial Officer
/s/ Tony Ebers
Tony Ebers
Executive Vice President
Home Loan Servicing
/s/ Jeff Lankey
Jeff Lankey
Senior Vice President and
Chief Accounting Officer
January 23, 2004
155 North Lake Avenue
Pasadena, California 91101
Telephone: 626-535-5555
www.indymacbank.com
Exhibit A
Specified Minimizing Standards
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. The
cutoff date is the date as of which a bank account is reconciled every month.
It may, or may not, coincide with a prescribed investor reporting date but
shall be consistent from period to period;
* 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 (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 (2) 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 (2) 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.
Exhibit A
Specified Minimum Servicing Standards (continued)
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 (2) 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 (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'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. Unissued 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 or mortgagors with respect to the unpaid principle on a monthly
basis.
2. Adjustments on adjustable rate mortgage (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.
Exhibit A
Specified Minimum Servicing Standards (continued)
V. Mortgage Loan Accounting (continued)
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 undated at least monthly. Such records shall
describe the entity's activities in monitoring delinquent plans in cases where
the delinquency is deemed temporary (i.e.,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.
Ex-99.2(i)
Management's Assertion on Compliance with the Specified Minimum
Servicing Standards Set Forth in the Uniform Single Attestation Program
for Mortgage Bankers
Report of Management
We, as members of management of National City Mortgage Co. (NCM), are
responsible for complying with the servicing standards identified in the
attached Exhibit A (the specified minimum servicing standards) as set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (USAP). We are also responsible for
establishing and maintaining effective internal control over compliance with
these specified minimum servicing standards. We have performed our
evaluation of NCM's compliance with the specified minimum servicing
standards as of December 31, 2003 and for the year then ended. Based on this
evaluation, we assert that during the year ended December 31, 2003, NCM
complied, in all material respects, with the specified minimum servicing
standards set forth in the USAP.
As of December 31, 2003 and for the year then ended, NCM had in effect a
fidelity bond policy in the amount of $200 million and an errors and omissions
policy in the amount of $200 million.
/s/ Steven M. Scheid
Steven M. Scheid, Senior Vice President
February 25, 2004
Exhibit A
Specified Minimum Servicing Standards
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:
a. be mathematically accurate;
b. be prepared within forty-five (45) calendar days after the cutoff date.
The cutoff date is the date as of which a bank account is reconciled
every month. It may, or may not, coincide with a prescribed investor
reporting date but shall be consistent from period to period;
c. be reviewed and approved by someone other than the person who prepared
the reconciliation; and
d. 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 (2) 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 (2)
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.
Exhibit A
Specified Minimum Servicing Standards (continued)
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 (2) 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. Unissued checks shall be safeguarded so as to prevent unauthorized access.
IV. Investor Accouting 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 adjustable rate mortgage (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.
Exhibit A
Specified Minimum Servicing Standards (continued)
V. Mortgagor Loan Accounting (continued)
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
(i.e., 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.
Ex-99.2(j)
Exhibit I
(logo) US Bank
Five Star Service Guaranteed
Home Mortgage
1550 East 79 Street. Suite #880
Bloomington, MN 55425
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 5, 2004
As of and for the year ended December 31, 2003, U.S. Bank. N.A and its
subsidiaries (including U.S. Bank Home Mortgage) (the "Company") have complied
in all material respects with the minimum servicing standards set for1h in the
Mortgage Bankers Association of America's Uniform. Single Attestation Program
for Mortgage Bankers ("USAP").
As of and for this same period, the Company had in effect a fidelity bond and
errors and Omissions policy in the amoW1ts of$150,OOO,000 and $150,000,000
respectively.
/s/ Dan Arrigoni
Dan Arrigoni
President and Chief Executive Officer
US Bank Home Mortgage
/s/ Rick Aneshanel
Rick Aneshanel
Chief Financial Officer
US Bank Home Mortgage
/s/ Robert Smiley
Robert Smiley
Senior vice President, Mortgage Servicing
U.S. Bank Home Mortgage
Ex-99.2(k)
(logo) Washington Mutual
MANAGEMENT'S ASSERTION
As of and for the year ended December 31, 2003, Washington Mutual Inc. and
Subsidiaries (the Company) has complied, in all material respects, with the
Company's established minimum servicing standards for single family residential
mortgages 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. As of and for this same period, the Company had in
effect a fidelity bond in the amount of $110 million, and errors and omissions
policy in the amount of $20 million.
/s/ Deanna Oppenheimer
Deanna Oppenheimer
President
Consumer Group
/s/ Dyn Beito
Dayne Beito
Executive Vice President
Home Loans Service Delivery - Consumer Group
/s/ Anthony T. Meola
Anthony T. Meola
Executive Vice President
Home Loans Production - Consumer Group
February 16, 2004
(logo) Washington Mutual
Washington Mutual WASHINGTON MUTUAL, INC. AND SUBSIDIARIES
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
1. CUSTODIAL BANK ACCOUNTS
1. Recol1ciliations 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.
(logo) Washington Mutual
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.
Ex-99.2(l)
(logo) Union Federal Bank
all your bank should be
Management's Assertion on Compliance with Minimum Servicing
Standards Set Forth in the Uniform Single Attestation Program for
Mortgage Bankers
Report of Management
We, as members of management of Union Federal Bank of Indianapolis and
Subsidiaries (the Bank), are responsible for complying with the minimum
servicing standards as set forth in the Mortgage Banks Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP). We
are also responsible for establishing and maintaining effective internal control
over compliance with these standards. We have performed an evaluation of the
Bank's compliance with the minimum servicing standards as set forth in the USAP
as of December 31, 2003 and for the year then ended. Based on this evaluation,
we assert that during the year ended December 31, 2003, the Bank complied, in
all material respects, with the minimum servicing standards set forth in the
USAP.
For the six month periods ended June 30, 2003 and December 31, 2003, the Bank
had in effect a mortgage errors and omissions policy in the amount of
$15,500,000 and $20,000.000, respectively. From January 1,2003 to December 30,
2003, the Bank had in effect a fidelity bond in the amount of $15,000,000.
Effective December 31,2003 the Bank increased the amount of the fidelity bond to
$20,000,000.
/s/ Alvin T. Stolen III
Alvin T. Stolen III
President and Chief Executive
/s/ Vincent J. Otto
Vincent J. Otto
Executive Vice President
February 26, 2004
Official Bank of the Indianapolis Colts.
Ex-99.2(m)
(Logo) WELLS FARGO HOME MORTGAGE
Management Assertion
As of and for the year ended December 31, 2003, Wells Fargo Home Mortgage, Inc,
has complied in all material respects with the minimum servicing standards set
forth in the Mortgage Bankers of America's Uniform Single Attestation Program
for Mortgage Bankers. As of and for this same period, Wel1s Fargo Home Mortgage,
Inc. had in effect a fidelity bond along with an errors and omissions policy in
the amounts of $lOO million and $20 million, respectively.
/s/ Pete Wissinger
February 25, 2004
Pete Wissinger
Chief Executive Officer
/s/ Michael J. Heid
February 25, 2004
Michael J. Heid
Executive Vice President
/s/ Michael Lepore
February 25, 2004
Michael Lepore
Executive Vice President
Loan Servicing
/s/ Robert Caruso
February 25, 2004
Robert Caruso
Executive Vice President
Servicing Operations
Ex-99.3(a)
Exhibit "A"
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 2003 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the tenants
of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement
and/or Seller/Servicer Guide and to the best of these Officers' knowledge, the
Servicer has fulfilled all of its duties, responsibilities or obligations under
these Agreements throughout such year, or if there has been a default or failure
of the servicer to perform any of such duties, responsibilities or obligations,
a description of each default or failure and the nature and status thereof has
been reported to Wells Fargo Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the tenets of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Wells Fargo Bank Minnesota, N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
By: /s/ Pam E Rothenberg
Name: Pam E Rothenberg
Title: Sr. Vice President
Date: February 6, 2004
Ex-99.3(b)
Bank of America (Logo)
Bank of America
475 CrossPoint Parkway
PO Box 9000
Getzville, NY 14068-9000
Officer's Certificate
Pursuant to the terms of the Servicing Agreement, the undersigned officer
certifies to the following:
1. All hazard (or mortgage impairment if applicable), flood, or other casualty
insurance and primary mortgage guaranty insurance premiums, taxes, ground
rents, assessments, and other charges have been paid in connection with the
Mortgaged Properties;
2. Each officer has reviewed the activities and performance of the
Seller/Servicer during the preceding calendar year and to the best of each
officer's knowledge, based on such review, the Seller/Servicer has
fulfilled all of its obligations under the Agreement throughout the year.
Certified By: /s/ Cynthia A. Mech
Cynthia A. Mech
Vice President
Ex-99.3(c)
Exhibit "A"
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 2003 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of these Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the servicer to perform any
of such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Wells Fargo
Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Wells Fargo Bank Minnesota, N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ Harold R Tower
Title: First Vice President
Date 3/2/04
Ex-99.3(d)
Cendant Mortgage
4001 Leadenhall Rd
Mt. Laurel, NJ 08054
(logo) Cendant Mortgage
March 11, 2004
Wells Fargo Bank, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
Attention: Mervin E. Horst
RE: Officer's Certificate - Annual Certification
Dear Master Servicer:
The undersigned Officer certifies the following for Cendant Mortgage Corp. for
the 2003 calendar year. To the best of our knowledge.
(a) The activities and performances of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Servicer Guide and to
the best of my knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the Servicer to perform any
such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Bank of NY:
(b) The Servicer is currently an approved FNMA or FHLMC Servicer in good
standing;
(c) The Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Servicer Guide are in
full force and effect;
(d) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that such insurance policies are
in full force and effect;
(d) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that such insurance policies are
in full force and effect;
(e) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have been
paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Bank of NY:
(f) All Custodial Accounts have been reconciled and are properly funded; and
(g) All annual reports of Foreclosure and Abandonment of Mortgaged Property
required per section 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ Marc. J. Hinkle
Marc J. Hinkle
Officer
Vice President - Servicing
Title
March 11, 2004
Date
Ex-99.3(e)
(Logo) Countrywide
HOME LOANS
400 Countrywide Way, SV-44
Simi Valley, California 93065-6298
(805) 520-5100
March 18, 2004
Norwest Bank Minn., N.A.
11000 Brokenland Parkway
Columbia, MD 21004
ARM: Karen Chapple
OFFICER'S CERTIFICATE
I, Joseph Candelario, hereby certify that I am the First Vice President, Loan
Administration of Countrywide Home Loans, Inc., fka Countrywide Funding
Corporation. I further certify, with respect to the Servicing Agreements for
Countrywide Mortgage Obligations, Inc., the following:
I have reviewed the activities and performance of the Servicer during the fiscal
year ended December 31, 2003 under the Agreements and, to the best of my
knowledge, based on my review, the Servicer has fulfilled all of its duties,
responsibilities or obligations under the Agreements throughout the fiscal year.
/s/ Joseph Candelario
Joseph Candelario
First Vice President
Compliance Officer
Loan Administrator
3/18/04
Date
Re: Investor Number 5
Ex-99.3(f)
Exhibit" A"
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 2003 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the ten DS of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of these Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the servicer to perform any
of such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Wells Fargo
Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Wells Fargo Bank Minnesota, N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed. Certified by
/s/ Daua Dillarard
Officer
Senior Vice President
Title
February 27, 2003
EMC
Addendum to Officer's Certificate
The following exceptions were noted regarding notation "0" and "E" of EMC
Mortgage Corporation's Officer Certificate and attestation to activities
performed during the preceding fiscal year end of November 30, 2003.
All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;
When a loss occurs, a Mortgaged Property will be insured by EMC Mortgage
Corporation's force place carrier in the event the homeowner's Primary Mortgage
Insurance Policy has not been renewed. Currently there are 233 loans serviced by
EMC Mortgage Corporation that are in a forced place insurance cycle. EMC
Mortgage Corporation has been cooperating with the seller on five of these loans
with aforementioned force placed insurance to reinstate the homeowner's Primary
Mortgage Insurance Policy.
All real estate taxes, governmental assessments and any other expenses accrued
and due, that if not paid could result in a lien or encumbrance on any Mortgaged
Property, have been paid, or if any such costs or expenses have not been paid
with respect to any Mortgaged Property, the reason for the non- payment has been
reported to Wells Fargo Bank Minnesota, N.A.;
All taxes on loans serviced by EMC Mortgage Corporation have been paid according
to the agreed up policies and procedures of HUD, Fannie Mae, Freddie Mac and
Ginnie Mae as well as EMC Mortgage Corporation's own internal policies. EMC
Mortgage Corporation is currently researching 50 delinquent tax bills -including
such matters as taxes on secondary liens, mobile homes assessed as personal
property, newly acquired loans and homeowner association dues.
Two MacArthur Ridge 909 Hidden Ridge Drive, Suite 200 Irving, Texas 75038
Mailing Address: P.O. Box 141358, Irving, Texas 75014-1358
Member Mortgage Bankers MBA Association of America
Ex-99.3(g)
(logo) GMAC Mortgage
March 15, 2004
Wells Fargo Bank, NA
Attn: Kim Wiggins
9062 Old Annapolis Road
Columbia, MD 21045-1951
Re: Officers Statement of Compliance
Year Ending 2003
Wells Fargo Master Serviced Deals
We hereby certify to the best of our knowledge and belief, that for the calendar
year 2003:
1. A review of the activities of the Seller / Servicer and of performance
according to the Seller / Servicer contract has been made with the undersigned
Officer's knowledge.
2. To the best of the undersigned Officer's knowledge, and based on such review,
the Seller/ Servicer has fulfilled all its obligations under the Guides for such
year.
3. If applicable, GMACM has filed the information returns with respect to the
receipt of mortgage interest pursuant to Sections 6050H, 6050J and 6050P of the
Code, received in a trade or business, reports of foreclosures and abandonment's
of any Mortgaged Property and the information returns relating to cancellation
of indebtedness income with respect to any Mortgaged Property.
4. All hazard, flood, FHA mortgage insurance and primary mortgage insurance
premiums, taxes, ground rents, assessments and other lienable items have been
paid in connection with the mortgaged properties.
5. All property inspections have been completed as required.
6. Compliance relative to Adjustable Rate Mortgages has been met.
7. Fidelity Bond and Errors and Omissions Insurance coverage is current, in full
force and effect.
Servicer: GMAC Mortgage Corporation
By: /s/ Michael Kacergis
Name: Michael Kacergis
Title: Manager, Operations Risk Management
GMAC Mortgage Corporation
500 Enterprise Road
Horsham, PA 19044
Ex-99.3(h)
(Logo) IndyMac Bank
Officer's Certificate
The Company will deliver to the Depositor on or before March 1 of each year, an
Officer's Certificate (each, an "Annual Statement of Compliance") staling that
(i) a review of the activities of the Company during tl1e preceding calendar
year and of performance under this Agreement has been made under such officers
supervision, (ii) the Company has fully complied with the provisions of this
Agreement and (iii) to the best of such officers' knowledge, based on such
review, the Company has fulfilled all of its obligations uI1der {his Agreement
throughout such year, or, if there has been in the fulfillment of any such
obligation, specifying each such default known to such officer and the nature
and status thereof.
/s/ Robert M Abraham
Robert M Abraham
Vice President
Home Loan Service
Investor Accounting & Cash
Management
IndyMac Bank
Prepared for: Wells Fargo Bank
Date: March 31, 2004
Ref: USAF Letter and 2003 Annual Audit Financial Statements.
(See Exhibit A)
155 North Lake Avenue
Pasadena California, 91101
Telephone: 626.535.5555
Exhibit A
BSALTA 2003-1
BSALTA 2003-3
BSALTA 2003-4
BSALTA 2003-7
Ex-99.3(i)
National City Mortgage Co.
232 Newmark Drive. Miamisburg, Ohio 45342
Mortgage Telephone (937) 910-1200
Mailing Address:
P.O. Box 1820
Dayton, Ohio 45401-1820
EMC
C/o Wells Fargo Bank Minnesota NA
Attn: Mike Williams
9062 Old Annapolis Road
Columbia, Maryland 21045
RE: Officer's Certification -National City Mortgage Investor Number 436
Dear Master Servicer:
The undersigned Officer certifies the following for the 2003 fiscal year:
a. I have reviewed the activities and performance of the Servicer during the
preceding fiscal year
under the terms of the Servicing Agreement, Trust Agreement, Pooling and
Servicing Agreement and/or Seller/Servicer Guide and to the best of this
Officer's knowledge, the Servicer has fulfilled all of its duties,
responsibilities or obligations under these Agreements throughout such year, or
if there has been a default or failure of the servicer to perform any of such
duties, responsibilities or obligations, a description of each default or
failure and the nature and status thereof has been reported to EMC c/o Wells
Fargo Bank Minnesota NA;
b. I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
c. I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;
d. All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;
e. All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to EMC c/o Wells Fargo Bank Minnesota NA;
f. All custodial accounts have been reconciled and are properly funded; and
g. All annual reports of Foreclosure and Abandonment of Mortgaged Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ Mary Beth Criswell
Officer Mary Beth Criswell
Vice President
Title
February 13, 2004
Date
No one Cares More!
Ex-99.3(j)
Exhibit" A"
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 2003 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of these Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout such
year, or if there has been a default or failure of the servicer to perform any
of such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Wells Fargo
Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Wells Fargo Bank Minnesota, N.A.;
(F) All Custodial AccountS have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ Renee J. Mueller
Renee J. Mueller, Officer
Title: Vice President, U.S. Bank Home Mortgage
Date: 3/26/04
Ex-99.3(k)
OFFICER'S CERTIFICATE
ANNUAL STATEMENT OF COMPLIANCE
Reference is hereby made to Bear Steams ARM Trust, Mortgage Pass- Through
Certificates, Series 2001-1, 2001-3, 2001-4, 2001-5, 2001-6,2001-10,2002-7,
2002-12,2003-1,2003-3 and 2003-8; Bear Steams Asset Backed Securitizations,
Mortgage Pass-Through Certificates, Series 2003-SD1 and 2003-SD2; Bear Stearns
ALT -A Trust, Mortgage Pass-Through Certificates, Series 2003-1, 2003-4 and
2003-7, Structured Mortgage Investments, Inc. Mortgage Pass-Through
Certificates, Series 1999- 1, and E*Trade ARM Trust Series 2001-1 (each, a the
"Securitization"). Washington Mutual Bank, FA (the "servicer") services mortgage
loans in connection with the Securitizations (the "Mortgage Loal1s") pursuant to
the tenants of a Servicing Agreement dated as of April I, 2001 (as amended from
time to time or replaced, with respect to a Securitization, by a reconstituted
servicing agreement or other successor servicing agreement, the "Servicing
Agreement") by and between the Servicer, in its capacity as servicer, and EMC
Mortgage Corporation, as Owner (the "Owner"). This certificate is made pursuant
to Section 4.4(a) of the Servicing Agreement.
I, Pattie Stevens, an authorized officer of the Servicer, certify for the
benefit of any master servicer of any of the Mortgage Loans (each a "Master
Servicer") and any entity which is the depositor of the Mortgage Loans (each, a
"Depositor") with respect to the calendar year immediately preceding the date of
this Officer's Certificate (the "Relevant year"), as follows:
I. A review of the activities of the Servicer during the Relevant Year and of
performance under the Servicing Agreements has been made under my supervision,
and
2. To the best of my knowledge, based on such review, the Servicer has fulfilled
all of its obligations under the Servicing Agreements throughout the Relevant
Year.
DATED as of March 15, 2004.
/s/ unisgned
Name: Pattie Stevens
Title: Senior Vice President
Ex-99.3(l)
Exhibit "A"
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Rd.
Columbia, MD 21045
Attention: Master Servicing
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 2003 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and
to the best of these Officers' knowledge, the Servicer has fulfilled all of
its duties, responsibilities or obligations under these Agreements
throughout such year, or if there has been a default or failure of the
servicer to perform any of such duties, responsibilities or obligations, a
description of each default or failure and the nature and status thereof has
been reported to Wells Fargo Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing
Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/
Servicer Guide are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with
respect to each Mortgaged Property, have been paid and that all such
insurance policies are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on
any Mortgaged Property, have been paid, or if any such costs or expenses
have not been paid with respect to any Mortgaged Property, the reason for
the non-payment has been reported to Wells Fargo Bank Minnesota, N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050H, 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ Angela Thompson
Assistant Vice President
Title
2/13/04
Date
Ex-99.3(m)
Wells Fargo Home Mortgage (logo)
One Home Campus
Des Moines, IA 50328-0001
515-213-5469
515-213-7121 Fax
January 30, 2004
Re: 2003 Annual Certification
We hereby certify to the best of our knowledge and belief that for the calendar
year of 2003:
1. All real estate taxes, bonds assessments and other lienable items have been
paid.
2. All FHA mortgage insurance, private mortgage insurance premiums, and flood
insurance have been paid (if applicable).
3. Hazard insurance policies held by us meet the requirements as specified in
the servicing agreement, or those of a normal prudent lender if not specified,
and those premiums due have been paid.
4. We have made all property inspections as required.
5. Fidelity bond and Errors and Omissions insurance coverage currently exists.
6. That the Officer signing this certificate has reviewed the activities and
performance of the Servicer during the preceding fiscal year under the terms of
the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or
Seller/Servicer Guide or similar agreements and to the best of this officer's
knowledge, the Servicer has fulfilled all of its duties, responsibilities or
obligations of such agreement throughout the year, or if there has been a
default or failure of the servicer to perform any of such duties, responsibility
or obligations, a description of each default or failure and the nature and
status thereof has been reported.
Sincerely,
/s/ John B. Brown
John B. Brown
Vice President
Wells Fargo Home Mortgage Inc.
Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to
Certificateholders
Class Interest Principal Losses Ending Balance
I-A-1 822,614.34 14,681,401.06 0.00 218,918,598.94
I-A-2 116,460.98 5,027,877.08 0.00 34,972,122.92
I-A-3 163,323.62 0.00 0.00 40,000,000.00
II-A-1 193,671.24 18,739,953.52 0.00 43,260,046.49
II-A-2 211,242.10 21,978,338.38 0.00 47,021,661.62
II-A-3 15,433.86 0.00 0.00 3,714,000.00
B-IO 2,038,448.19 0.00 0.00 0.00
M-1 48,894.26 0.00 0.00 10,540,000.00
M-2 67,209.36 0.00 0.00 9,365,300.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 2,341,097.00
XP 6,097.39 0.00 0.00 100.00