8-K 1 csfb03ar2_8kapr03.txt APRIL 25, 2003 PDS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 --------------- Date of Report (Date of earliest event reported) : April 25, 2003 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (as depositor under a Pooling and Servicing Agreement, dated as of January 1, 2003, providing for, inter alia, the issuance of CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR2) CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (Exact name of registrant as specified in its charter) Delaware 333-100669-03 13-3320910 State or Other Jurisdiction (Commission (IRS Employer of Incorporation ) File Number) Identification No.) 11 Madison Ave. New York, New York 10010 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code :(212)325-2000 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This report and exhibit is being filed, pursuant to the terms of the Pooling and Servicing Agreement, dated as of January 1, 2003 among Credit Suisse First Boston Mortgage Securities Corp., as depositor, DLJ Mortgage Capital, Inc., as seller, Chase Manhattan Mortgage Corporation, as master servicer, Washington Mutual Mortgage Securities Corp., as seller and servicer, Cendant Mortgage Corp., as seller and servicer, Fairbanks Capital Corp., as servicer and special servicer, Bank One, National Association, as trustee, and JPMorgan Chase Bank, as trust administrator. On April 25, 2003 distribution was made to the Certificateholders. Specific information with respect to the distribution is filed as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) Not applicable. (b) Not applicable. (c) The following exhibits are filed as part of this report: Statement to Certificateholders on April 25, 2003 is filed as Exhibit 99.1 hereto. -2- CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. CSFB MORTGAGE-BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-AR2 ------------------------------------------------------------------- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. JPMORGAN CHASE BANK, not in its individual capacity but solely as Trust Administrator under the Agreement referred to herein Date: April 29, 2003 By: /s/ Mark Volosov --------------------------------------- Mark Volosov Assistant Vice President -3- INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Monthly Certificateholder Statement on April 25, 2003 -4- Exhibit 99.1 Monthly Certificateholder Statement on April 25, 2003 -5- CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR2 Statement to Certificate Holders April 25, 2003 ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ---------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- IA1 123,088,000.00 107,735,944.46 5,494,062.71 408,492.40 5,902,555.11 0.00 0.00 102,241,881.75 IIA1 179,215,000.00 166,599,870.37 11,744,271.28 683,015.49 12,427,286.77 0.00 0.00 154,855,599.09 IIIA1 125,002,000.00 123,383,786.71 2,349,813.65 537,634.79 2,887,448.44 0.00 0.00 121,033,973.06 IVA1 20,002,000.00 19,964,421.71 192,214.72 91,073.15 283,287.87 0.00 0.00 19,772,206.99 VA1 228,594,000.00 213,966,189.72 9,086,027.10 332,568.84 9,418,595.94 0.00 0.00 204,880,162.62 VM1 5,601,000.00 5,601,000.00 0.00 11,117.21 11,117.21 0.00 0.00 5,601,000.00 VM2 4,172,400.00 4,172,400.00 0.00 11,694.89 11,694.89 0.00 0.00 4,172,400.00 CB1 6,466,000.00 6,456,052.58 5,090.38 26,520.10 31,610.48 0.00 0.00 6,450,962.20 CB2 3,233,000.00 3,228,026.29 2,545.19 13,260.05 15,805.24 0.00 0.00 3,225,481.10 CB3 2,079,000.00 2,075,801.63 1,636.70 8,526.95 10,163.65 0.00 0.00 2,074,164.93 CB4 924,000.00 922,578.50 727.42 3,789.76 4,517.18 0.00 0.00 921,851.08 CB5 924,730.00 923,307.37 728.00 3,792.75 4,520.75 0.00 0.00 922,579.37 CB6 923,015.00 921,595.02 726.65 3,785.72 4,512.37 0.00 0.00 920,868.37 AR 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 700,224,245.00 655,950,974.36 28,877,843.80 2,135,272.10 31,013,115.90 0.00 0.00 627,073,130.56 VX 0.00 0.00 0.00 684,778.84 684,778.84 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES --------------------------------------------------------------------------------------------------------- ---------------------- BEGINNING ENDING CURRENT CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU RATE --------------------------------------------------------------------------------------------------------- ---------------------- IA1 22541NZK8 875.27577392 44.63524235 3.31870207 47.95394441 830.64053157 IA1 4.549929 % IIA1 22541NZL6 929.60896337 65.53174277 3.81115135 69.34289412 864.07722060 IIA1 4.919683 % IIIA1 22541NZM4 987.05450081 18.79820843 4.30100950 23.09921793 968.25629238 IIIA1 5.228902 % IVA1 22541NZN2 998.12127337 9.60977502 4.55320218 14.16297720 988.51149835 IVA1 5.474127 % VA1 22541NZP7 936.00964907 39.74744350 1.45484501 41.20228851 896.26220557 VA1 1.805000 % VM1 22541NZQ5 1,000.00000000 0.00000000 1.98486163 1.98486163 1,000.00000000 VM1 2.305000 % VM2 22541NZR3 1,000.00000000 0.00000000 2.80291679 2.80291679 1,000.00000000 VM2 3.255000 % CB1 22541NZS1 998.46158058 0.78725333 4.10146922 4.88872255 997.67432725 CB1 4.929345 % CB2 22541NZT9 998.46158058 0.78725333 4.10146922 4.88872255 997.67432725 CB2 4.929345 % CB3 22541NZU6 998.46158249 0.78725349 4.10146705 4.88872054 997.67432900 CB3 4.929345 % CB4 22541NZW2 998.46158009 0.78725108 4.10147186 4.88872294 997.67432900 CB4 4.929345 % CB5 22541NZX0 998.46157257 0.78725682 4.10146746 4.88872428 997.67431575 CB5 4.929345 % CB6 22541NZY8 998.46158513 0.78725698 4.10147181 4.88872879 997.67432815 CB6 4.929345 % AR 22541NZV4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AR 4.549929 % TOTALS 936.77272537 41.24085106 3.04941184 44.29026290 895.53187431 --------------------------------------------------------------------------------------------------------- ------------------------ IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Mark M. Volosov JPMorgan Chase Bank - Structured Finance Services 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-4494 Fax: 212) 623-5930 Email: mark.volosov@chase.com Copyright 2001 J.P. Morgan Chase & Co. All rights reserved. Section 4.04(a)(i) Scheduled Principal Payments (Total) 476,891.59 Group 1 130,339.25 Group 2 155,471.19 Group 3 45,170.43 Group 4 3,410.03 Group 5 142,500.69 Principal Prepayments (Total) 28,400,952.20 Group 1 5,368,383.48 Group 2 11,594,046.70 Group 3 2,306,083.18 Group 4 188,912.43 Group 5 8,943,526.41 Repurchase Principal (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Substitution Amounts (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Net Liquidation Proceeds (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Insurance Proceeds (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Other Principal (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Section 4.04(a)(v) Beginning Number of Loans Outstanding (Total) 1,896 Group 1 260 Group 2 420 Group 3 296 Group 4 53 Group 5 867 Beginning Aggregate Loan Balances (Total) 657,142,812.35 Group 1 111,730,653.66 Group 2 172,418,392.67 Group 3 127,446,570.85 Group 4 20,615,768.44 Group 5 224,931,426.73 Ending Number of Loans Outstanding (Total) 1,831 Group 1 248 Group 2 394 Group 3 290 Group 4 52 Group 5 847 Ending Aggregate Loan Balances (Total) 628,264,968.56 Group 1 106,231,930.93 Group 2 160,668,874.78 Group 3 125,095,317.24 Group 4 20,423,445.98 Group 5 215,845,399.63 Servicing Fees (Total, including PMI Fees) 276,756.76 Group 1 64,519.97 Group 2 84,385.38 Group 3 40,305.21 Group 4 6,528.33 Group 5 81,017.87 Trust Administrator Fees (Total) 199.99 Group 1 21.60 Group 2 147.75 Group 3 29.51 Group 4 0.00 Group 5 1.13 Section 4.04(a)(viii) Current Advances (Total) N/A Group 1 N/A Group 2 N/A Group 3 N/A Group 4 N/A Group 5 N/A Outstanding Advances (Total) N/A Group 1 N/A Group 2 N/A Group 3 N/A Group 4 N/A Group 5 N/A Section 4.04(a)(ix) Delinquent Mortgage Loans Group 1 Principal Category Number Balance Percentage 1 Month 2 606,264.92 0.57 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 2 606,264.92 0.57 % Group 2 Principal Category Number Balance Percentage 1 Month 3 807,303.56 0.50 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 3 807,303.56 0.50 % Group 3 Principal Category Number Balance Percentage 1 Month 1 397,900.03 0.32 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 1 397,900.03 0.32 % Group 4 Principal Category Number Balance Percentage 1 Month 0 0.00 0.00 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 0 0.00 0.00 % Group 5 Principal Category Number Balance Percentage 1 Month 6 1,360,031.08 0.63 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 6 1,360,031.08 0.63 % Group Totals Principal Category Number Balance Percentage 1 Month 12 3,171,499.59 0.50 % 2 Month 0 0.00 0.00 % 3 Month 0 0.00 0.00 % Total 12 3,171,499.59 0.50 % * Delinquent Bankruptcies are included in the table above. Bankruptcies Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group 5 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % * Only Current Bankruptcies are reflected in the table above. Foreclosures Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group 5 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Section 4.04(a)(xi) REO Properties Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group 5 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Section 4.04(a)(xii) Current Realized Losses (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Cumulative Realized Losses (Total) 0.00 Group 1 0.00 Group 2 0.00 Group 3 0.00 Group 4 0.00 Group 5 0.00 Section 4.04(a)(xiii) Weighted Average Term to Maturity (Deal) 348 Group 1 352 Group 2 354 Group 3 355 Group 4 354 Group 5 336 Group 5 Trigger Event Trigger Event Occurrence NO (Is Rolling 3 Month Delinquency Rate > the lessor of 5.25% and the Sr. Enhancement% x 50%?) Rolling 3 Month Delinquency Rate 0.02154 % The lessor of 5.25% and the Sr. Enhancement% x 50% 2.69869 % Group 5 O/C Reporting Targeted Overcollateralization Amount 1,191,837.01 Ending Overcollateralization Amount 1,191,837.01 Ending Overcollateralization Deficiency 0.00 Group I Monthly Excess Interest 1,862.18 Group II Monthly Excess Interest 2,873.64 Group III Monthly Excess Interest 2,124.11 Group IV Monthly Excess Interest 343.60 Overcollateralization Release Amount 0.00 Monthly Excess Interest 684,774.79 Payment to Class V-X 684,774.79 Amounts on Deposit in the Basis Risk Reserve Fund in excess of Required Amount to Class V-X 4.05 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event

Reported): April 17, 2003

Credit Suisse First Boston Mortgage Securities Corp.,

CSFB Series 2003-AR2,

Mortgage-Backed Pass-Through Certificates, Series 2003-AR2

CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware	333-61840	13-3320910
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11 Madison Avenue New York, New York 10010
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (212) 325-2000

Item 5.

Other Events.

Credit Suisse First Boston Mortgage Securities Corp. (the “Company”) entered into a Pooling and Servicing Agreement dated as of January 1, 2003 (the “Agreement”) among the Company, in its capacity as depositor (in such capacity, the “Depositor”), DLJ Mortgage Capital, Inc. as a seller (in such capacity, a “Seller”), Chase Manhattan Mortgage Corporation in its capacity as master servicer (in such capacity, the “Master Servicer”), Washington Mutual Mortgage Securities Corp., in its capacity as a seller (in such capacity a “Seller”) and in its capacity as a servicer (in such capacity, a “Servicer”), Cendant Mortgage Corporation, in its capacity as Seller (in such capacity a “Seller”) and in its capacity as servicer (in such capacity, a “Servicer”), Fairbanks Capital Corp., in its capacity as a servicer (in such capacity, a “Servicer”) and as special servicer (in such capacity, the “Special Servicer”), Bank One, National Association, as trustee (the Trustee”) and JPMorgan Chase Bank, as trust administrator (the “Trust Administrator”). The Certificates were issued on January 31, 2003. The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

99.1

The Pooling and Servicing Agreement dated as of January 1, 2003, by and among the Company, the Sellers, the Servicers, the Special Servicer, the Master Servicer, the Trustee and the Trust Administrator.

SIGNATURES

Filings Made by the Registrant. The registrant has duly caused this form to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on April 17, 2003.

CREDIT SUISSE FIRST BOSTON MORTGAGE

SECURITIES CORP.

By: /s/ John Graham

Name:

John Graham

Title:

Vice President

Exhibit Index

Exhibit

Page

99.1

Pooling and Servicing Agreement dated as of January 1, 2003,

by and among the Company, the Seller, the Servicers, the Master Servicer,

the Special Servicer, the Trustee and the Trust Administrator.

EXHIBIT 99.1

Filing Compare · CSFB MORTGAGE BACK PASS THR CER SER 2003-AR2