8-K 1 centex2003c_oct03.txt 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) : October 27, 2003 CHEC FUNDING LLC, (as depositor under the Pooling and Servicing Agreement, dated September 1, 2003 providing for the issuance of Centex Home Equity Loan Asset-Backed Certificates, Series 2003-C) CHEC FUNDING, LLC on behalf of itself and the Trust described below with respect to which it is the depositor (Exact name of registrant as specified in its charter) Delaware 333-105322-01 76-2851805 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 2728 North Harwood Dallas, Texas 75201 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (214) 981-5000 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of Centex Home Equity Loan Trust 2003-C pursuant to the terms of the Pooling and Servicing Agreement, dated as of June 1, 2003, among CHEC Funding, LLC, as Depositor, Centex Home Equity Company, LLC, as Seller, Harwood Street Funding II LLC, as Conduit Seller, Centex Home Equity Company, LLC, as Servicer, and JPMorgan Chase Bank, as Trustee. On October 27, 2003 distributions were made to the Certificateholders. Specific information with respect to these distributions is filed as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on October 27, 2003 as Exhibit 99.1. CHEC FUNDING,LLC Centex Home Equity Loan Asset-Backed Certificates, Series 2003-C ------------------------------------------------------------------------------- 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, Date: October 28, 2003 By: /s/ Mark W. McDermott -------------------------------------------- Name: Mark W. McDermott Title: Vice President INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Statement to Certificateholders October 27, 2003 Exhibit 99.1 Statement to Certificateholders October 27, 2003 Centex Home Equity Loan Trust 2003-C STATEMENT TO CERTIFICATEHOLDERS October 27, 2003 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- AF_1 113,000,000.00 113,000,000.00 1,532,713.95 201,516.67 1,734,230.62 0.00 0.00 111,467,286.05 AF_2 27,000,000.00 27,000,000.00 0.00 65,700.00 65,700.00 0.00 0.00 27,000,000.00 AF_3 59,000,000.00 59,000,000.00 0.00 181,425.00 181,425.00 0.00 0.00 59,000,000.00 AF_4 76,000,000.00 76,000,000.00 0.00 314,133.33 314,133.33 0.00 0.00 76,000,000.00 AF_5 10,600,000.00 10,600,000.00 0.00 47,258.33 47,258.33 0.00 0.00 10,600,000.00 AF_6 31,700,000.00 31,700,000.00 0.00 127,064.17 127,064.17 0.00 0.00 31,700,000.00 AV 388,200,000.00 388,200,000.00 2,270,182.66 489,994.67 2,760,177.33 0.00 0.00 385,929,817.34 M_1 57,375,000.00 57,375,000.00 0.00 92,820.00 92,820.00 0.00 0.00 57,375,000.00 M_2 46,750,000.00 46,750,000.00 0.00 113,031.11 113,031.11 0.00 0.00 46,750,000.00 M_3 27,625,000.00 27,625,000.00 0.00 102,396.67 102,396.67 0.00 0.00 27,625,000.00 B 12,750,000.00 12,750,000.00 0.00 56,893.33 56,893.33 0.00 0.00 12,750,000.00 TOTALS 850,000,000.00 850,000,000.00 3,802,896.61 1,792,233.28 5,595,129.89 0.00 0.00 846,197,103.39 X_IO 1,700.89 1,700.89 0.00 3,533,010.86 3,533,010.86 0.00 0.00 1,700.89 ---------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- ------------------------ FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES --------------------------------------------------------------------------------------------------------- ------------------------ CURRENT BEGINNING ENDING PASS-THRU CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE --------------------------------------------------------------------------------------------------------- ------------------------ AF_1 152314HJ2 1,000.00000000 13.56384027 1.78333336 15.34717363 986.43615973 AF_1 2.140000 % AF_2 152314HK9 1,000.00000000 0.00000000 2.43333333 2.43333333 1,000.00000000 AF_2 2.920000 % AF_3 152314HL7 1,000.00000000 0.00000000 3.07500000 3.07500000 1,000.00000000 AF_3 3.690000 % AF_4 152314HM5 1,000.00000000 0.00000000 4.13333329 4.13333329 1,000.00000000 AF_4 4.960000 % AF_5 152314HN3 1,000.00000000 0.00000000 4.45833302 4.45833302 1,000.00000000 AF_5 5.350000 % AF_6 152314HP8 1,000.00000000 0.00000000 4.00833344 4.00833344 1,000.00000000 AF_6 4.810000 % AV 152314HQ6 1,000.00000000 5.84797182 1.26222223 7.11019405 994.15202818 AV 1.420000 % M_1 152314HR4 1,000.00000000 0.00000000 1.61777778 1.61777778 1,000.00000000 M_1 1.820000 % M_2 152314HS2 1,000.00000000 0.00000000 2.41777775 2.41777775 1,000.00000000 M_2 2.720000 % M_3 152314HT0 1,000.00000000 0.00000000 3.70666679 3.70666679 1,000.00000000 M_3 4.170000 % B 152314HU7 1,000.00000000 0.00000000 4.46222196 4.46222196 1,000.00000000 B 5.020000 % TOTALS 1,000.00000000 4.47399601 2.10850974 6.58250575 995.52600399 X_IO N/A 1,000.00000000 0.00000000 ###### ##### 1,000.00000000 X_IO 0.000000 % ---------------------------------------------------------------------------------------------- ---- ------------------------- If there are any questions or problems with this statement, please contact the Administrator listed below: IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: --------------------------------------- RYAN VAUGHN JPMorgan Chase Bank - Structured Finance Services NY 4 NEW YORK PLAZA FLR 6, , New York, New York 10004 Tel: (212) 623-4484 Fax: (212) 623-5930 Email: /JPMCHASE@CHASE --------------------------------------- Sec. 7.09(ii) Distributions Allocable to Principal Group I Scheduled Monthly Payments 352,013.87 Curtailments 32,660.36 Prepayments in Full 1,135,441.20 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Group II Scheduled Monthly Payments 351,063.79 Curtailments 12,973.06 Prepayments in Full 1,920,445.22 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Subordination Increase Amount 0.00 Excess Overcollateralization Amount 1,700.89 Sec. 7.09(iv) Class Interest Carryover Shortfall Class AF-1 0.00 Class AF-2 0.00 Class AF-3 0.00 Class AF-4 0.00 Class AF-5 0.00 Class AF-6 0.00 Class AV 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B 0.00 Sec. 7.09(v) Class Principal Carryover Shortfall Subordinate Certificates Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B 0.00 Sec. 7.09(vi) Aggregate Loan Balance of Each Group Group I Beginning Aggregate Loan Balance 317,287,401.40 Group I Ending Aggregate Loan Balance 315,767,286.05 Group II Beginning Aggregate Loan Balance 532,714,299.41 Group II Ending Aggregate Loan Balance 530,429,817.34 Sec. 7.09(vii) Overcollateralization Total Overcollateralization Amount 0.00 Total Required Overcollateralization Amount 0.00 Sec. 7.09(viii) Internal Revenue Code Section 6049(d)(7)(C) Market Discount Information Sec. 7.09(ix) Substitution Amounts Group I 0.00 Group II 0.00 Sec. 7.09(ix) Loan Purchase Price Amounts Group I 0.00 Group II 0.00 Sec. 7.09(x) Weighted Average Net Coupon Rate Group I 7.7530 % Group II 7.3742 % Sec. 7.09(xi) Monthly Remittance Amount Group I 3,570,543.95 Group II 5,558,595.29 Sec. 7.09(xiii) Weighted Average Gross Margin - Group II Loans 8.1098 % Sec. 7.09(xiv) Largest Loan Balance Group I 746,985.28 Group II 673,228.39 Sec. 7.09(xv) Basic Principal Amount Group I 1,520,115.43 Group II 2,284,482.07 Sec. 7.09(xvi) Net Wac Cap Carryover Paid Group I 0.00 Group II 0.00 Sec. 7.09(xvi) Remaining Net Wac Cap Carryover Group I 0.00 Group II 0.00 Subordinate 0.00 Sec. 7.09(xviii) Net Wac Cap Group I Net WAC Cap 7.75 % Group II Net WAC Cap 6.91 % Subordinate Net WAC Cap 6.91 % Sec. 7.09(xix) Applied Realized Loss Amounts Subordinate Certificates Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B 0.00 Sec. 7.09(xx) Stepdown Date Has Not Occurred Sec. 7.09(b)(i) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies) Group 1 Principal Period Number Balance Percentage 30-59 days 17 1,097,760.44 0.35 % 60-89 days 0 0.00 0.00 % 90+days 0 0.00 0.00 % Total 17 1,097,760.44 0.35 % Group 2 Principal Period Number Balance Percentage 30-59 days 38 3,125,472.82 0.59 % 60-89 days 9 722,245.92 0.14 % 90+days 0 0.00 0.00 % Total 47 3,847,718.74 0.73 % Group Totals Principal Period Number Balance Percentage 30-59 days 55 4,223,233.26 0.50 % 60-89 days 9 722,245.92 0.09 % 90+days 0 0.00 0.00 % Total 64 4,945,479.18 0.59 % Sec. 7.09(b)(ii) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Sec. 7.09(b)(iii) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy Group 1 Principal Number Balance Percentage 4 367,430.77 0.12 % Group 2 Principal Number Balance Percentage 1 33,005.78 0.01 % Group Totals Principal Number Balance Percentage 5 400,436.55 0.05 % Sec. 7.09(b)(iii) Balloon Loans Number of Balloon Loans 81.00 Balance of Balloon Loans 8,002,403.12 Sec. 7.09(b)(iv) Number and Aggregate Principal Amounts of REO Loans Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Sec. 7.09(b)(v) Book Value of REO Loans Group I 0.00 Group II 0.00 Sec. 7.09(b)(vi) Realized Losses Group I Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Group II Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Sec. 7.09(b)(vii) Net Liquidation Proceeds Group I 0.00 Group II 0.00 Sec. 7.09(b)(viii) 60+ Delinquency Percentage (Rolling Three Month) 0.0854 % Sec. 7.09(b)(ix) Cumulative Loss Percentage Cumulative Realized Losses Since Cut-Off Date 0.00 Aggregate Loan Balance as of the Cut-Off Date 850,001,700.81 Cumulative Loss Percentage 0.00 % Sec. 7.09(b)(x) Has a Trigger Event Occurred? NO 1-Month LIBOR for Current Distribution Date 1.12000 %

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): October 10, 2003

Centex Home Equity Loan Trust 2003-C,

Centex Home Loan Asset-Backed Certificates, Series 2003-C

CHEC FUNDING, LLC
(Exact name of registrant as specified in its charter)
Delaware	333-105322	75-2851805
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
2728 North Harwood Street
Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (214) 981-5000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Item 5.

Other Events.

CHEC Funding, LLC, as depositor (the “Depositor”) registered issuance of Asset-Backed Certificates and Asset-Backed Notes on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (Registration File No. 333-105322) (as amended, the “Registration Statement”). Pursuant to the Registration Statement, the Depositor caused Centex Home Equity Loan Trust 2003-C to issue $850,000,000 principal amount of Home Equity Loan Asset-Backed Certificates, Series 2003-C (the “Certificates”), on September 25, 2003 (the “Closing Date”).

The Certificates were issued pursuant to a pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of September 1, 2003, among the Depositor, Centex Home Equity Corporation, as a seller and servicer, Harwood Street Funding II, LLC as conduit seller and JPMorgan Chase Bank, as trustee.

Capitalized terms not defined herein have the meanings assigned in the Pooling and Servicing Agreement attached hereto as Exhibit 4.1.

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

(c)

Exhibits:

4.1

Pooling and Servicing Agreement

SIGNATURES

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.

CHEC FUNDING, LLC

By: /s/Jeffrey B. Upperman

Name: Jeffrey B. Upperman

Title: Vice President

Date:

October 10, 2003

Exhibit Index

Exhibit

4.1

Pooling and Servicing Agreement

EXHIBIT 4.1

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