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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: 033-44658-33
Structured Asset Mortgage Investments Inc.
Mortgage Pass-Through Certificates
Series 2003-CL1
(Exact name of registrant as specified in its charter)
New York 54-2121824
54-2121825
54-2121826
54-2121827
(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-B1 3
Class I-B2 3
Class I-B3 3
Class I-B4 1
Class I-B5 1
Class I-B6 1
Class I-F1 17
Class I-F2 4
Class I-I1 3
Class I-I2 3
Class I-S1 3
Class I-S2 3
Class II-A1 7
Class II-B1 3
Class II-B2 3
Class II-B3 3
Class II-B4 1
Class II-B5 1
Class II-B6 1
Class I-PO 3
Class R-I 1
Class R-II 1
Class R-III 1
Class R-IV 1
Total: 71
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) ABN Amro Mortgage Group, as Servicer
b) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer
c) Bank of America, as Servicer
d) Bank United FSB (FL), as Servicer
e) EMC Mortgage Corp, as Servicer
f) Liberty Lending Services, Inc., as Servicer
g) MFB Financial, as Servicer
h) Wachovia Mortgage Corporation, as Servicer
i) Washington Mutual Bank, F.A., as Servicer
j) Wells Fargo Home Mortgage, Inc, as Servicer
k) Wendover Financial Services, as Servicer
(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2003.
a) ABN Amro Mortgage Group, as Servicer
b) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer
c) Bank of America, as Servicer
d) Bank United FSB (FL), as Servicer
e) EMC Mortgage Corp, as Servicer
f) Liberty Lending Services, Inc., as Servicer
g) MFB Financial, as Servicer
h) Wachovia Mortgage Corporation, as Servicer
i) Washington Mutual Bank, F.A., as Servicer
j) Wells Fargo Home Mortgage, Inc, as Servicer
k) Wendover Financial Services, as Servicer
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2003.
a) ABN Amro Mortgage Group, as Servicer
b) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer
c) Bank of America, as Servicer
d) Bank United FSB (FL), as Servicer
e) EMC Mortgage Corp, as Servicer
f) Liberty Lending Services, Inc., as Servicer
g) MFB Financial, as Servicer
h) Wachovia Mortgage Corporation, as Servicer
i) Washington Mutual Bank, F.A., as Servicer
j) Wells Fargo Home Mortgage, Inc, as Servicer
k) Wendover Financial Services, as Servicer
(99.4) Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.
(b) On November 7, 2003, December 5, 2003, and January 9, 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.
(c) Not applicable.
(d) Omitted.
(99.5) Reliance Certifications Mandated under the Pooling and Servicing
Agreement for the year ended December 31, 2003.
a) ABN Amro Mortgage Group, as Servicer
b) EverHome Mortgage f/k/a Alliance Mtg Co, as Servicer
c) Bank of America, as Servicer
d) Bank United FSB (FL), as Servicer
e) EMC Mortgage Corp, as Servicer
f) Liberty Lending Services, Inc., as Servicer
g) MFB Financial, as Servicer
h) Wachovia Mortgage Corporation, as Servicer
i) Washington Mutual Bank, F.A., as Servicer
j) Wells Fargo Home Mortgage, Inc, as Servicer
k) Wendover Financial Services, as Servicer
Filed herewith.
Certification recieved.
Certificcation has not been 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:
Structured Asset Mortgage Investments Inc.
Mortgage Pass-Through Certificates
Series 2003-CL1
(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 Structured Asset Mortgage Investments Inc. Mortgage Pass-Through
Certificates, Series 2003-CL1 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: ABN
Amro Mortgage Group as Servicer,EverHome Mortgage f/k/a Alliance Mtg
Co as Servicer, Bank of America as Servicer, EMC Mortgage Corp as
Servicer, Liberty Lending Services, Inc. as Servicer, MFB Financial
as Servicer, Wachovia Mortgage Corporation as Servicer, Washington
Mutual Bank, F.A. as Servicer, and Wendover Financial Services as Servicer.
Date: March 30, 2004
/s/ Brett Handelman
Signature
Vice President
Title
Ex-99.1(a)
ERNST & YOUNG (Logo)
Ernst & Young LLP
Scars Tower
233 South Wacker Drive
Chicago, Illinois 60606-6301
Phone: (312) 879-2000
www.ey.com
Report on Management's Assertion on Compliance with Minimum Servicing Standards
Set Forth in the Uniform Single Attestation Program for Mortgage Bankers
Report of Independent Accountants
Board of Directors
LaSalle Bank Corporation
We have examined management's assertion, included in the accompanying report
titled Report of Management, that ABN AMRO Mortgage Group, Inc. (AAMG, a wholly
owned subsidiary of LaSalle Bank Corporation) 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 AAMG's
compliance with those specified minimum servicing standards. Our responsibility
is to express an opinion on management's assertion about the AAMG'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 AAMG'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 AAMG's compliance with the specified minimum servicing
standards.
In our opinion, management's assertion that the AAMG 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
January 30, 2004
A Member Practice of Ernst & Young Global
Ex-99.1(b)
(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(c)
(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(d)
(logo) PRICEWATERHOUSECOOPERS
Pricewaterhousecoopers LLP
200 South Biscayne Boulevard
Suite 1900
Miami FL 33131
Telephone (305) 375 7400
Facsimile (305) 375 6221
Report of Independent Certified Public Accountants
To the Board of Directors
of BankUnited Financial Corporation
We have examined management's assertion about BankUnited Financial Corporation's
(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 September 30, 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
September 30, 2003 is fairly stated, in all material respects.
/s/ Pricewaterhousecoopers LLP
December 10, 2003
Ex-99.1(e)
(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(f)
(logo) KPMG
KPMG LLP
Suite 500
191 West Nationwide Boulevard
Columbus, OH 43215-2568
Telephone 614-249-2300
Fax 614-249-2348
Independent Accountants' Report
The Board of Directors
Liberty Capital, Inc.:
We have examined management's assertion, included in the accompanying Management
Assertion Regarding Compliance with the Uniform Single Attestation Program for
Mortgage Bankers Minimum Servicing Standards, that Liberty Savings Bank, FSB
("Liberty") complied 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 the year ended December 31, 2003, Management is
responsible for Liberty's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about
Liberty'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 Liberty'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 Liberty's compliance with
the minimum servicing standards.
In our opinion, management's assertion that Liberty Savings Bank, FSB complied
with the aforementioned minimum servicing standards during the year ended
December 31, 2003 is fairly stated, in all material respects.
/s/ KPMG LLP
KPMG LLP
March 12, 2004
Ex-99.1(g)
INDEPENDENT ACCOUNTANT'S REPORT ON MANAGEMENT'S
ASSERTION ABOUT COMPLIANCE WITH MINIMUM
SERVICING STANDARDS
Board of Directors
MFB Financial
Mishawaka, IN
We have examined management's assertion, included in the accompanying management
assertion, that MFB Financial (the Bank) complied 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 September 30, 2003. Management is responsible for the Bank's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion about the entity'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 included examining,
on a test basis, evidence about the Bank'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
Bank's compliance with the minimum servicing standards.
In our opinion, management's assertion that the Bank complied with the
aforementioned minimum servicing standards as of and for the year ended
September 30, 2003 is fairly stated, in all material respects.
This report is intended solely for the information and use of the Board of
Directors and management of the Bank, Residential Funding Corporation and
Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates
Series 2003-CL1 and is not intended to be and should not be used by anyone other
than these specified parties.
/s/ Crowe Chizek and Company LLC
Crowe Chizek and Company LLC
South Bend, Indiana
November 14, 2003
Ex-99.1(h)
[LOGO KPMG]
KPMG LLP
Suite 2300
401 south Tryon Street
Three First Union Center
Charlotte. NC 28202-1911
Independent Accountants' Report
The Board of Directors
Wachovia Mortgage Corporation
We have examined management's assertion, included in the accompanying Management
Assertion, that Wachovia Mortgage Corporation (a subsidiary of Wachovia
Corporation) complied 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 the year ended December 31, 2003. Management is
responsible for Wachovia Mortgage Corporation's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on
management's assertion about Wachovia Mortgage Corporation'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 Wachovia
Mortgage Corporation'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 Wachovia
Mortgage Corporation's compliance with the minimum servicing standards.
In our opinion, management's assertion that Wachovia Mortgage Corporation
complied with the aforementioned minimum servicing standards during the year
ended December 31, 2003 is fairly stated, in all material respects.
/s/ KPMG LLP
March 26, 2004
(Logo) KPMG LLP U.S. Limited Liability partnership is the U.S. Member firm
of KPMG International A Swiss Cooperative
Ex-99.1(i)
(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(j)
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-99.1(k)
(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-99.2(a)
ABN AMRO Mortgage (Logo)
loan Administration
4242 Norm Harlem Avenue
Norridge, Illinois 60706
Management's Assertion on Compliance with the Minimum Servicing Standards Set
Forth in the Uniform Single Attestation Program for Mortgage Bankers
Report of Management
We, as members of management of ABN AMRO Mortgage Group, Inc. (AAMG, a wholly
owned subsidiary of LaSalle Bank Corporation) 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 AAMG'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 and for this same period, LaSalle Bank Corporation had in effect a
fidelity bond in the amount of $500,OOO,00O and an error and omissions policy
in the amount $25,000,000.
/s/ Stanley Rhodes
Stanley Rhodes
President
/s/ Richard Geary
Richard Geary
Group Senior Vice President
January 30, 2004
A Division of ABN AMRO Mortgage Group, Inc.
Affiliate Banks: LaSalle Bank N.A. Standard Federal Bank N.A.
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-99.2(b)
(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(c)
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(d)
(logo) BankUnited
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
December 10, 2003
As of and for the year ended September 30, 2003, BankUnited Financial
Corporation and its subsidiaries (the "Company") have 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 $10,000,000 and $5,000,000,
respectively
/s/ Alfred R. Camner
Alfred R. Camner
Chairman, Chief Executive Officer
/s/ Ramiro A. Ortiz
Ramiro A. Ortiz
President, Chief Operating Officer
/s/ Humberto L. Lopez
Humberto L. Lopez
Senior Executive Vice President,
Chief Financial Officer
/s/ John Kuczwanski
John Kuczwanski
Executive Vice President, REsidential Lending
BANKUNITED FINANCIAL CORPORATiON
7815 N.W. 148th Street . Miami Lakes. Florida 33016 . (305) 231-6400
Ex-99.2(e)
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(f)
(logo) LIBERTY SAVINGS BANK
Our Interest Is In You
Administration
MAnagement Assertion Regarding Compliance with the Uniform
Single Attestation Program for Mortgage Bankers Minimum Servicing
Standards
As of and for the year ended December 31,2003, Liberty Savings Bank,
FSB 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, Liberty Savings Bank, FSB had in effect a
fidelity bond and errors and omissions policy in the amount of
$6,000,000.
/s/ Edward S. Chatfield
Edward S. Chatfield
Vice President, Loan Servicing
Date: 3-24-04
Ex-99.2(g)
MFB (Logo)
121 S. Church St.
P.O. Box 528
Mishawaka, lN 46546-0528
Tel 574.255.3146 or 800.400.0433
www.mfubank.com
November 14, 2003
Crowe Chizek and Company LLC
330 East Jefferson Boulevard
P.O. Box 7 South Bend, IN 46624
Ladies and Gentlemen
In connection with your examination of our assertion that MFB Financial complied
with the minimum servicing standards in The Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of
and for the year ended September 30, 2003, we recognize that obtaining
representations from us concerning the information obtained in this letter is a
significant procedure in enabling you to express an opinion on management's
assertion about compliance with the minimum servicing standards. Accordingly we
make the following representations, which are true to the best of our knowledge
and belief in all material respects:
1. We are responsible for complying with the minimum servicing standards to the
USAP.
2. We are responsible for establishing and maintaining an effective internal
control structure over compliance with the minimum servicing standards.
3. We have performed an evaluation of MFB Financial's compliance with the
minimum servicing standards.
4. As of and for the year ended September 30, 2003 MFB Financial complied with
the minimum servicing standards.
5. We have disclosed to you all known noncompliance with the minimun1 servicing
standards.
6. We have made available to you all documentation related to Compliance with
the minimum servicing standards.
7. We have disclosed any communications from regulatory agencies, internal
auditors, and other practitioners concerning possible noncompliance with the
minimum servicing standards, including communications received between September
30, 2003 and November 14, 2003.
8. We have disclosed to you any known noncompliance occurring subsequent to
September 30, 2003.
/s/ Charles J. Viater
Charles J. Viater
President
/s/ Thomas J. Floumoy
Thomas J. Floumoy
Chief Financial Officer
/s/ Timothy C. Boenne
Timothy C. Boenne
Controller
Ex-99.2(h)
Wachovia Mortgage Corporation
NC1045
401 South Tryon Street, 22nd floor
Charlotte NN 28288
800 961-4912
MANAGEMENT ASSERTION WACHOVIA
As of and for the year ended December 31, 2003, Wachovia Mortgage Corporation
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 the same period, Wachovia Mortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $200 million and $20 million, respectively.
/s/ C.D. Davies March 26, 2004
C.D. Davies, President Date
Chief Executive Officer
/s/Debbie Craig
Debbie Craig, Senior Vice President March 26, 2004
Chief Financial Officer Date
/s/ Tim Schuck
Time Schuck, Vice President March 26, 2004
Director of Serving Date
Ex-99.2(i)
(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(j)
(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-99.2(k)
(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-99.3(a)
(logo)ABNAMRO Mortgage
Loan Administration
4242 N. Harlem Ave.
Norridge, Illinoise 60706
ANNUAL STATEMENT OF COMPLIANCE
The undersigned, an officer of ABN AMRO Mortgage Group, Inc., ("ABN AMRO"),
hereby certifies as follows:
1. I have made, or caused to be made under my supervision, review of the
activities of ABN AMRO Mortgage Group, Inc, during the preceding calendar
year ending December 31,2003, with respect to performance under the Agreement
referenced in the attached.
2. To the best of my knowledge, based on such review ABN AMRO has, as of the
last day of said preceding calendar year, fulfilled all of its material
obligations under said Agreement.
In witness whereof the undersigned has signed this Annual Statement of
Compliance on this 1st day of March, 2004.
ABN AMRO Mortgage Group, Inc.
By: /s/ Richard F. Geary
Richard F. Geary
Group Senior Vice President
A Division of ABN AMRD Mortgage Group. Inc. Affiliate Banks: LaSalle Bank, N.A.,
Standard Federal Bank, N.A.
Wells Fargo Bank Minnesota, National Association
BAF03002 2003-2 INV. 845
BSL03001 2003-1 INV.740
BST01001 2001-1 INV.601
BST01003 2001-3 INV.740
BSTOIO04 2001-4 INV.601
BST03006 2003-6 INV.837
BST03007 2003-7 INV.837
CIT03001 2003-1 INV.724
MAL03009 2003-9 INV. 849
MLM03A04 2003-A4 INV.836
SAMO3CL1 2003-CLI INV. D72
THB02004 2002-4 INV.795
THB03003 2003-3 INV. 795
WFM03003 INV. 724
WFM03004 INV. 724
WFM03005 INV.724
WFM03006 INV.724
WFM03009 INV.724
Ex-99.3(b)
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(c)
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(d)
Exhibit "A"
Inv. #'s 620 & 621
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
Attention: Servicer Oversight Group
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the
2003 fiscal year:
(i) A review of the activities of the Servicer dt1ring the preceding
fiscal year and of the Servicer's perfOm1allCe of the Servicer under the
terms of the Servicing Agreement with respect to such Loans has been made
under the supervision of the officer who signed such Officer's Certificate;
(ii) To the best of such officer's knowledge, based on such review the
Servicer has fulfilled all its obligations under this Agreement throughout
such year, or if there has been a default in the fulfillment of any such
obligation, such Officer's Certificate shall specify each such default know
to such signer and the nature and status thereof and what action the Servicer
proposes to take with respect thereto.
Certified By:
/s/Awilda Bonet
Awilda Bonet
Officer
Loan Servicing Manager/Vice President
Title
3/26/04
Date
Ex-99.3(e)
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(f)
(Logo) Liberty Savings bank
Our Interest Is In You
Administration
Exhibit "A"
Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
Attention: Servicer Oversight Group
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for The 2003 fiscal year:
(i) A review of the activities of the Servicer during the preceding fiscal year
and of the Servicer's performance of the Servicer under the terms of the
Servicing Agreement with respect to such Loans has been made under the
supervision of the officer who signed such Officer's Certificate;
(ii) To the best of such officer's knowledge, based on such review, the Servicer
has fulfilled all its obligations Under this Agreement throughout such year, or,
if there has been a default in the fulfillment of any such obligation, such
Officer's certificate shall specify each such default know to such signer and
the nature and status thereof and what action the Servicer proposes to take with
respect thereto.
/s/ Edward S Chatfield
Officer
Vice President
3-25-04
Date
(logo) FDIC INSURED
2251 Rombach Avenue, P.O. Box 1000, Wilmington, OH 45177 (937) 382.1000
Ex-99.3(g)
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 Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ Donald R. Kyle
Officer
1/13/2004
Title
EVP/COO
Date
Ex-99.3(h)
Wachovia Bank, N.A.
NC4755
1100 Corporate Center Drive
Raleigh, NC 27607
(logo)Wachovia
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 had 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/ Richard Z. Grimm
Richard Z. Grimm
Vice President
March 9, 2004
Ex-99.3(i)
OFFICER'S CERTIFICATE ANNUAL STATEMENT OF COMPLIANCE
Reference is hereby made to Structured Asset Mortgage
Investments Trust 2003- CLI Mortgage Pass-Through
Certificates, Series 2003-CLl (the "Securitization").
Washington Mutual Bank, FA (the "Servicer") services
mortgage loans in connection with the Securitization (the
"Mortgage Loans") pursuant to the terms of a Servicing Agreement
dated as of April, 2003 by and between the Servicer and EMC
Mortgage Corporation (the "Servicing Agreement")
I, Diane L. Ludlow, 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 issuer of the
Mortgage Loans (each, an "Issuer") with respect to the calendar
year immediately preceding the date of this Officer's Certificate
(The "Relevant Year"), as follows:
1. 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/ Diane L. Ludlow
Name: Diane L. Ludlow
Title: Senior Vice President
Ex-99.3(j)
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-99.3(k)
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 tenants 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 60S0H, 60501 and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
/S/ Diane S. Coats
Officer- Diane S. Coats
Senior Vice President
Title
March 25. 2004
Date
Ex-99.4
Schedule of Year-To-Date Principal and Interest Distributions to
Certificateholders
Class Interest Principal Losses Ending Balance
I-B1 32,333.71 47,583.88 0.00 1,269,511.12
I-B2 24,250.28 35,687.90 0.00 952,133.10
I-B3 16,166.87 23,791.96 0.00 634,756.04
I-B4 12,636.80 11,895.98 0.00 317,378.02
I-B5 7,582.05 7,137.57 0.00 190,426.43
I-B6 17,691.52 16,653.30 0.00 444,329.70
I-F1 522,224.30 21,588,638.99 0.00 57,754,676.01
I-F2 322,499.64 15,416,771.49 0.00 29,695,226.50
I-I1 462,389.59 0.00 0.00 0.00
I-I2 40,980.89 0.00 0.00 0.00
1-PO 0.00 636,946.01 0.00 1,350,397.16
I-S1 2,238,427.40 0.00 0.00 0.00
I-S2 1,089,353.20 0.00 0.00 0.00
II-A1 1,016,656.62 6,545,166.30 0.00 34,916,833.70
II-B1 9,481.41 10,933.80 0.00 351,666.19
II-B2 7,807.90 9,003.97 0.00 289,596.04
II-B3 5,577.47 6,431.82 0.00 206,868.17
II-B4 2,787.42 3,214.42 0.00 103,385.59
II-B5 1,673.49 1,929.84 0.00 62,070.15
II-B6 3,904.94 4,503.39 0.00 144,834.60
2-PO 0.00 551,742.88 0.00 763,822.46
I-PO 0.00 1,188,688.91 0.00 2,114,219.62
R-I 0.00 50.00 0.00 0.00
R-II 0.00 50.00 0.00 0.00
R-III 0.00 50.00 0.00 0.00
R-IV 2.87 50.00 0.00 0.00