8-K 1 bst02003.txt JUNE 8-K 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): June 25, 2003 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-09 90-0072844 Pooling and Servicing Agreement) (Commission 90-0072905 (State or other File Number) jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, 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 (Former name or former address, if changed since last report) ITEM 5. Other Events On June 25, 2003 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2002-3 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-3 Trust, relating to the June 25, 2003 distribution. 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. BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-3 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 6/25/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-3 Trust, relating to the June 25, 2003 distribution.

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 45/3031/03 Distribution Date: 56/2725/03 BST Series: 2002-3 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution I-A 07384MJZ6 SEN 65.~~02747~~99627% 4539,~~420~~937,~~469~~432.6456 ~~224~~195,~~764~~138.6390 5,~~483~~280,~~037~~665.0836 II-A 07384MKC5 SEN 6.~~04632~~03329% 5446,~~609~~357,~~487~~133.9990 ~~271~~227,~~094~~904.7890 87,~~252~~011,~~354~~877.0925 R-I 07384MKA9 RES 6.~~11470~~11538% 0.00 0.00 0.00 R-II 07384MKB7 RES 6.~~11470~~11538% 0.00 0.00 0.00 B-1 07384MKE1 SUB 6.~~03798~~01677% 2,~~533~~364,~~923~~372.1174 1211,~~561~~592.4010 ~~169~~163,~~550~~578.3713 B-2 07384MKF8 SUB 6.~~03798~~01677% 1,~~930~~801,~~667~~482.6139 98,~~570~~832.8835 ~~129~~124,~~185~~634.2280 B-3 07384MKG6 SUB 6.~~03798~~01677% 1,~~327~~238,~~412~~592.1105 6,~~580~~072.3760 8885,~~820~~691.0747 B-4 07384MKH4 SUB 6.~~03798~~01677% ~~482~~450,~~622~~328.2694 2,~~392~~207.5088 3231,~~293~~155.3282 B-5 07384MKJ0 SUB 6.~~03798~~01677% ~~482~~450,~~622~~328.2694 2,~~392~~207.5088 3231,~~293~~155.3282 B-6 07384MKK7 SUB 6.~~03798~~01677% ~~482~~450,~~798~~493.7562 2,~~393~~208.3769 3231,~~305~~167.1321 Totals ~~107~~93,~~270~~050,~~003~~165.7314 ~~531~~456,~~750~~165.4330 1412,~~219~~759,~~838~~925.6086

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 3934,~~937~~656,~~432~~767.5621 5,~~707~~475,~~801~~804.7126 0.00 II-A 0.00 4639,~~357~~345,~~133~~256.9066 87,~~523~~239,~~448~~782.8715 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 B-1 0.00 2,~~364~~200,~~372~~794.7460 ~~182~~175,~~111~~170.7723 0.00 B-2 0.00 1,~~801~~676,~~482~~847.3959 ~~138~~133,~~756~~467.1015 0.00 B-3 0.00 1,~~238~~152,~~592~~900.0558 9591,~~400~~764.4407 0.00 B-4 0.00 ~~450~~419,~~328~~173.9412 3433,~~685~~363.8270 0.00 B-5 0.00 ~~450~~419,~~328~~173.9412 3433,~~685~~363.8270 0.00 B-6 0.00 ~~450~~419,~~493~~326.6241 3433,~~698~~375.5090 0.00 Totals 0.00 9380,~~050~~290,~~165~~239.1429 1413,~~751~~216,~~589~~091.0316 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) I-A 113,308,600.00 4539,~~420~~937,~~469~~432.6456 4641,~~895~~624.3664 5,~~436~~239,~~141~~040.72 0.00 0.00 II-A 148,858,000.00 5446,~~609~~357,~~487~~133.9990 4741,~~883~~675.2923 86,~~204~~970,~~470~~202.8002 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 B-1 2,837,800.00 2,~~533~~364,~~923~~372.1174 2,~~396~~276.2970 ~~167~~161,~~154~~301.0943 0.00 0.00 B-2 2,162,200.00 1,~~930~~801,~~667~~482.6139 1,~~825~~734.8068 ~~127~~122,~~359~~900.4212 0.00 0.00 B-3 1,486,600.00 1,~~327~~238,~~412~~592.1105 1,~~255~~192.3166 8784,~~564~~498.7681 0.00 0.00 B-4 540,500.00 ~~482~~450,~~622~~328.2694 ~~456~~433.4163 3130,~~836~~722.9119 0.00 0.00 B-5 540,500.00 ~~482~~450,~~622~~328.2694 ~~456~~433.4163 3130,~~836~~722.9119 0.00 0.00 B-6 540,697.70 ~~482~~450,~~798~~493.7562 ~~456~~433.5779 3130,~~848~~733.5542 0.00 0.00 Totals 270,274,997.70 ~~107~~93,~~270~~050,~~003~~165.7314 ~~101~~89,~~625~~804.4496 1412,~~118~~670,~~213~~120.1690 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution I-A 5,~~483~~280,~~037~~665.0836 3934,~~937~~656,~~432~~767.5621 0.~~35246603~~30586175 5,~~483~~280,~~037~~665.0836 II-A 87,~~252~~011,~~354~~877.0925 4639,~~357~~345,~~133~~256.9066 0.~~31141849~~26431402 87,~~252~~011,~~354~~877.0925 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 B-1 ~~169~~163,~~550~~578.3713 2,~~364~~200,~~372~~794.7460 0.~~83317103~~77552844 ~~169~~163,~~550~~578.3713 B-2 ~~129~~124,~~185~~634.2280 1,~~801~~676,~~482~~847.3959 0.~~83317102~~77552844 ~~129~~124,~~185~~634.2280 B-3 8885,~~820~~691.0747 1,~~238~~152,~~592~~900.0558 0.~~83317103~~77552844 8885,~~820~~691.0747 B-4 3231,~~293~~155.3282 ~~450~~419,~~328~~173.9412 0.~~83317103~~77552844 3231,~~293~~155.3282 B-5 3231,~~293~~155.3282 ~~450~~419,~~328~~173.9412 0.~~83317103~~77552844 3231,~~293~~155.3282 B-6 3231,~~305~~167.1321 ~~450~~419,~~493~~326.6241 0.~~83317096~~77552838 3231,~~305~~167.1321 Totals 1412,~~219~~759,~~838~~925.6086 9380,~~050~~290,~~165~~239.1429 0.~~34427959~~29706869 1412,~~219~~759,~~838~~925.6086

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 113,308,600.00 ~~400~~352.~~85633076~~46603135 0.~~41387291~~36735641 4746.~~97642650~~23692041 0.00000000 II-A 148,858,000.00 ~~366~~311.~~85625220~~41849212 0.~~32167092~~27996634 5546.~~11608916~~82450402 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,837,800.00 ~~892~~833.~~91814434~~17102685 0.~~84441821~~80227641 5856.~~90270280~~84030939 0.00000000 B-2 2,162,200.00 ~~892~~833.~~91814356~~17102488 0.~~84441772~~80227546 5856.~~90270095~~84031079 0.00000000 B-3 1,486,600.00 ~~892~~833.~~91814207~~17102785 0.~~84441679~~80227364 5856.~~90270416~~84031347 0.00000000 B-4 540,500.00 ~~892~~833.~~91814986~~17102683 0.~~84442183~~80227567 5856.~~90270120~~84031452 0.00000000 B-5 540,500.00 ~~892~~833.~~91814986~~17102683 0.~~84442183~~80227567 5856.~~90270120~~84031452 0.00000000 B-6 540,697.70 ~~892~~833.~~91807603~~17095671 0.~~84440899~~80227824 5856.~~90269184~~84030097 0.00000000 2) All Senior Certificates are per $1,000 denomination, all Offered Subordinate Classes are $2

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 4846.~~39029941~~60427682 ~~352~~305.~~46603135~~86175462 0.~~35246603~~30586175 4846.~~39029941~~60427682 II-A 0.00000000 5547.~~43776008~~10447037 ~~311~~264.~~41849212~~31402182 0.~~31141849~~26431402 5547.~~43776008~~10447037 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 5957.~~74711749~~64258581 ~~833~~775.~~17102685~~52843752 0.~~83317103~~77552844 5957.~~74711749~~64258581 B-2 0.00000000 5957.~~74711868~~64258625 ~~833~~775.~~17102488~~52843863 0.~~83317102~~77552844 5957.~~74711868~~64258625 B-3 0.00000000 5957.~~74712095~~64258711 ~~833~~775.~~17102785~~52844074 0.~~83317103~~77552844 5957.~~74712095~~64258711 B-4 0.00000000 5957.~~74712303~~64259019 ~~833~~775.~~17102683~~52843663 0.~~83317103~~77552844 5957.~~74712303~~64259019 B-5 0.00000000 5957.~~74712303~~64259019 ~~833~~775.~~17102683~~52843663 0.~~83317103~~77552844 5957.~~74712303~~64259019 B-6 0.00000000 5957.~~74711932~~64257921 ~~833~~775.~~17095671~~52837750 0.~~83317096~~77552838 5957.~~74711932~~64257921 (3) Amount Does Not Include Excess Special Hazard, ~~Bankruptcy~~Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall I-A 113,308,600.00 65.~~02747~~99627% 4539,~~420~~937,~~469~~432.6456 ~~228~~199,~~142~~562.0990 0.00 0.00 II-A 148,858,000.00 6.~~04632~~03329% 5446,~~609~~357,~~487~~133.9990 ~~275~~233,~~155~~071.5374 0.00 0.00 R-I 50.00 6.~~11470~~11538% 0.00 0.00 0.00 0.00 R-II 50.00 6.~~11470~~11538% 0.00 0.00 0.00 0.00 B-1 2,837,800.00 6.~~03798~~01677% 2,~~533~~364,~~923~~372.1174 1211,~~749~~854.8291 0.00 0.00 B-2 2,162,200.00 6.~~03798~~01677% 1,~~930~~801,~~667~~482.6139 9,~~714~~032.4559 0.00 0.00 B-3 1,486,600.00 6.~~03798~~01677% 1,~~327~~238,~~412~~592.1105 6,~~679~~210.0827 0.00 0.00 B-4 540,500.00 6.~~03798~~01677% ~~482~~450,~~622~~328.2694 2,~~428~~257.3994 0.00 0.00 B-5 540,500.00 6.~~03798~~01677% ~~482~~450,~~622~~328.2694 2,~~428~~257.3994 0.00 0.00 B-6 540,697.70 6.~~03798~~01677% ~~482~~450,~~798~~493.7562 2,~~429~~258.2876 0.00 0.00 Totals 270,274,997.70 ~~539~~466,~~727~~507.0305 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance I-A 34,~~377~~424.4600 0.00 ~~224~~195,~~764~~138.6390 0.00 3934,~~937~~656,~~432~~767.5621 II-A 45,~~060~~166.7584 0.00 ~~271~~227,~~094~~904.7890 0.00 4639,~~357~~345,~~133~~256.9066 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 B-1 ~~188~~262.4280 0.00 1211,~~561~~592.4010 0.00 2,~~364~~200,~~372~~794.7460 B-2 ~~143~~200.5624 0.00 98,~~570~~832.8835 0.00 1,~~801~~676,~~482~~847.3959 B-3 98137.7167 0.00 6,~~580~~072.3760 0.00 1,~~238~~152,~~592~~900.0558 B-4 3550.8906 0.00 2,~~392~~207.5088 0.00 ~~450~~419,~~328~~173.9412 B-5 3550.8906 0.00 2,~~392~~207.5088 0.00 ~~450~~419,~~328~~173.9412 B-6 3550.9007 0.00 2,~~393~~208.3769 0.00 ~~450~~419,~~493~~326.6241 Totals 710,~~976~~341.5874 0.00 ~~531~~456,~~750~~165.4330 0.00 (4) Amount Does Not Include Excess Special Hazard, ~~Bankruptcy~~Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall I-A 113,308,600.00 65.~~02747~~99627% ~~400~~352.~~85633076~~46603135 21.~~01345785~~76123348 0.00000000 0.00000000 II-A 148,858,000.00 6.~~04632~~03329% ~~366~~311.~~85625220~~41849212 1.~~84844301~~56573204 0.00000000 0.00000000 R-I 50.00 6.~~11470~~11538% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 6.~~11470~~11538% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,837,800.00 6.~~03798~~01677% ~~892~~833.~~91814434~~17102685 4.~~49285362~~17750018 0.00000000 0.00000000 B-2 2,162,200.00 6.~~03798~~01677% ~~892~~833.~~91814356~~17102488 4.~~49285450~~17749977 0.00000000 0.00000000 B-3 1,486,600.00 6.~~03798~~01677% ~~892~~833.~~91814207~~17102785 4.~~49285618~~17749899 0.00000000 0.00000000 B-4 540,500.00 6.~~03798~~01677% ~~892~~833.~~91814986~~17102683 4.~~49285846~~17750231 0.00000000 0.00000000 B-5 540,500.00 6.~~03798~~01677% ~~892~~833.~~91814986~~17102683 4.~~49285846~~17750231 0.00000000 0.00000000 B-6 540,697.70 6.~~03798~~01677% ~~892~~833.~~91807603~~17095671 4.~~49286172~~17749142 0.00000000 0.00000000 5) All Senior Certificates are per $1,000 denomination, all Offered Subordinate Classes are $25,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A 0.~~02980762~~03904381 0.00000000 1.~~98365023~~72218967 0.00000000 ~~352~~305.~~46603135~~86175462 II-A 0.~~02727935~~03470986 0.00000000 1.~~82116366~~53102218 0.00000000 ~~311~~264.~~41849212~~31402182 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.~~06639650~~09260695 0.00000000 4.~~42645711~~08488970 0.00000000 ~~833~~775.~~17102685~~52843752 B-2 0.~~06639534~~09260938 0.00000000 4.~~42645454~~08489039 0.00000000 ~~833~~775.~~17102488~~52843863 B-3 0.~~06639984~~09260729 0.00000000 4.~~42645634~~08489170 0.00000000 ~~833~~775.~~17102785~~52844074 B-4 0.~~06640148~~09261795 0.00000000 4.~~42645698~~08488437 0.00000000 ~~833~~775.~~17102683~~52843663 B-5 0.~~06640148~~09261795 0.00000000 4.~~42645698~~08488437 0.00000000 ~~833~~775.~~17102683~~52843663 B-6 0.~~06639570~~09260258 0.00000000 4.~~42644753~~08488884 0.00000000 ~~833~~775.~~17095671~~52837750 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1413,~~760~~230,~~582~~400.6245 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 228,~~147~~031.2243 Realized ~~Losses~~Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 1413,~~782~~238,~~729~~431.8488 Withdrawals Reimbursement for Servicer Advances 022,147.0022 Payment of Service Fee ~~31,140~~193.8150 Payment of Interest and Principal 1413,~~751~~216,~~589~~091.0316 Total Withdrawals (Pool Distribution Amount) 1413,~~782~~238,~~729~~431.8488 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 737,~~976~~219.5861 Servicing Fee Support 026,877.0088 Non-Supported Prepayment/Curtailment Interest Shortfall 710,~~976~~341.5873

SERVICING FEES Gross Servicing Fee 3127,~~140~~071.8138 Supported Prepayment/Curtailment Interest Shortfall 026,877.0088 Net Servicing Fee ~~31,140~~193.8150

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 72 0 0 0 7 2 856,~~846,970~~310.7745 0.00 0.00 0.00 2856,~~846,970~~310.7745 60 Days 10 0 0 0 10 ~~499,160~~0.9800 0.00 0.00 0.00 ~~499,160~~0.9800 90 Days 01 0 0 0 01 0499,160.0098 0.00 0.00 0.00 0499,160.0098 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 10 0 10 0.00 0.00 ~~329,206~~0.1100 0.00 ~~329,206~~0.1100 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 83 0 10 0 9 3 1,~~346~~355,~~131~~471.7543 0.00 ~~329,206~~0.1100 0.00 31,~~675~~355,~~337~~471.8643 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 31.~~211009~~047120% 0.000000% 0.000000% 0.000000% 31.~~211009~~047120% 31.~~057010~~065673% 0.000000% 0.000000% 0.000000% 31.~~057010~~065673% 60 Days 0.~~458716~~000000% 0.000000% 0.000000% 0.000000% 0.~~458716~~000000% 0.~~535987~~000000% 0.000000% 0.000000% 0.000000% 0.~~535987~~000000% 90 Days 0.~~000000~~523560% 0.000000% 0.000000% 0.000000% 0.~~000000~~523560% 0.~~000000~~621203% 0.000000% 0.000000% 0.000000% 0.~~000000~~621203% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.~~458716~~000000% 0.000000% 0.~~458716~~000000% 0.000000% 0.000000% 0.~~353494~~000000% 0.000000% 0.~~353494~~000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 31.~~669725~~570681% 0.000000% 0.~~458716~~000000% 0.000000% 41.~~128440~~570681% 31.~~592997~~686876% 0.000000% 0.~~353494~~000000% 0.000000% 31.~~946491~~686876%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 30 0 0 0 30 ~~1,145,921~~0.5700 0.00 0.00 0.00 ~~1,145,921~~0.5700 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 10 0 10 0.00 0.00 ~~329,206~~0.1100 0.00 ~~329,206~~0.1100 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 30 0 10 0 40 ~~1,145,921~~0.5700 0.00 ~~329,206~~0.1100 0.00 ~~1,475,127~~0.6800 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 30.~~191489~~000000% 0.000000% 0.000000% 0.000000% 30.~~191489~~000000% 20.~~665454~~000000% 0.000000% 0.000000% 0.000000% 20.~~665454~~000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 10.~~063830~~000000% 0.000000% 10.~~063830~~000000% 0.000000% 0.000000% 0.~~765745~~000000% 0.000000% 0.~~765745~~000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 30.~~191489~~000000% 0.000000% 10.~~063830~~000000% 0.000000% 40.~~255319~~000000% 20.~~665454~~000000% 0.000000% 0.~~765745~~000000% 0.000000% 30.~~431199~~000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 42 0 0 0 42 1856,~~701,049~~310.2045 0.00 0.00 0.00 1856,~~701,049~~310.2045 60 Days 10 0 0 0 10 ~~499,160~~0.9800 0.00 0.00 0.00 ~~499,160~~0.9800 90 Days 01 0 0 0 01 0499,160.0098 0.00 0.00 0.00 0499,160.0098 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 53 0 0 0 53 21,~~200~~355,~~210~~471.1843 0.00 0.00 0.00 21,~~200~~355,~~210~~471.1843 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 31.~~225806~~834862% 0.000000% 0.000000% 0.000000% 31.~~225806~~834862% 31.~~392758~~998647% 0.000000% 0.000000% 0.000000% 31.~~392758~~998647% 60 Days 0.~~806452~~000000% 0.000000% 0.000000% 0.000000% 0.~~806452~~000000% 0.~~995581~~000000% 0.000000% 0.000000% 0.000000% 0.~~995581~~000000% 90 Days 0.~~000000~~917431% 0.000000% 0.000000% 0.000000% 0.~~000000~~917431% 01.~~000000~~165052% 0.000000% 0.000000% 0.000000% 01.~~000000~~165052% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 42.~~032258~~752294% 0.000000% 0.000000% 0.000000% 42.~~032258~~752294% 43.~~388339~~163699% 0.000000% 0.000000% 0.000000% 43.~~388339~~163699%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 228,~~147~~031.2243

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 156,966,397.70 58.07655130% 5345,~~112~~633,~~732~~472.5808 5756.~~07967579~~83564090% 4243.~~920324~~164359% 96.~~706505~~490988% Class 2A 8,108,397.70 3.00005467% 6,~~755~~288,~~598~~215.6842 7.~~26016839~~83185537% 49.~~819507~~003786% 2221.~~600068~~955828% Class B-1 5,270,597.70 1.95008704% 4,~~391~~087,~~225~~420.9482 45.~~71920274~~09080662% 2.~~540966~~741049% 1.~~152681~~228109% Class B-2 3,108,397.70 1.15008703% 2,~~589~~410,~~743~~573.5523 23.~~78316921~~00232413% 12.~~936034~~088482% 0.~~878260~~935731% Class B-3 1,621,797.70 0.60005465% 1,~~351~~257,~~151~~672.5065 1.~~45206782~~56640790% 1.~~331101~~435916% 0.~~603839~~643353% Class B-4 1,081,297.70 0.40007315% ~~900~~838,~~822~~499.5653 01.~~96810420~~04433557% 0.~~483964~~522072% 0.~~219545~~233911% Class B-5 540,797.70 0.20009165% ~~450~~419,~~493~~326.6241 0.~~48414059~~52226325% 0.~~483964~~522072% 0.~~219545~~233911% Class B-6 100.00 0.00003700% 0.00 0.00000000% 0.~~484141~~522263% 0.~~219625~~233997% Class R-II 50.00 0.00001850% 0.00 0.00000000% 0.000000% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 6.~~386141~~365320% Weighted Average Net Coupon 6.~~037778~~016200% Weighted Average Pass-Through Rate 6.~~037778~~016201% Weighted Average Maturity(Stepdown Calculation ) ~~344~~343 Beginning Scheduled Collateral Loan Count ~~251~~218 Number Of Loans Paid In Full 3327 Ending Scheduled Collateral Loan Count ~~218~~191 Beginning Scheduled Collateral Balance ~~107~~93,~~270~~050,~~003~~165.7314 Ending Scheduled Collateral Balance 9380,~~050~~290,~~165~~239.1429 Ending Actual Collateral Balance at 3031-~~Apr~~May-2003 9380,~~129~~353,~~262~~960.2350 Monthly P &I Constant ~~672~~583,~~493~~383.2638 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 1412,~~238~~725,~~688~~177.7924 Ending Scheduled Balance for Premium Loans 9380,~~050~~290,~~165~~239.1429 Scheduled Principal ~~101~~89,~~625~~804.4396 Unscheduled Principal 1412,~~118~~670,~~213~~120.1689

Miscellaneous Reporting Average Loss Severity 0.00 Senior Percentage - Group 1 9392.~~413010~~981976% Senior Percentage - Group 2 9392.~~116009~~532229% Senior Prepay Pct - Group 1 96.~~706505~~490988% Senior Prepay Pct - Group 2 96.~~558004~~266115% Subordinate Percentage - Group 1 67.~~586990~~018024% Subordinate Percentage - Group 2 67.~~883991~~467771% Sub Prep Percentage Group 1 3.~~293495~~509012% Sub Prep Percentage Group 2 3.~~441996~~733885%

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.~~343706~~315200 6.~~421324~~408291 6.~~386141~~365320 Weighted Average Net Rate 5.996266 6.~~027470~~033291 6.~~046324~~016200 Pass-Through Rate 5.996266 6.~~037778~~033291 6.016201 Weighted Average Maturity 342 343 ~~344~~343 ~~344~~ Beginning Loan Count ~~109~~94 ~~142~~124 ~~251~~218 Loans Paid In Full 12 15 1827 33 Ending Loan Count 9482 ~~124~~109 ~~218~~191 Beginning Scheduled Balance 4842,~~623~~951,~~280~~800.4908 5850,~~646~~098,~~723~~365.2406 ~~107~~93,~~270~~050,~~003~~165.7314 Ending scheduled Balance 4237,~~951~~477,~~800~~468.0893 5042,~~098~~812,~~365~~770.0636 9380,~~050~~290,~~165~~239.1429 Record Date 0405/3031/2003 0405/3031/2003 0405/3031/2003 Principal And Interest Constant ~~307~~270,~~245~~807.34 ~~365~~312,~~247~~576.9204 ~~672~~583,~~493~~383.2638 Scheduled Principal 5044,~~202~~766.1735 5145,~~423~~038.2661 ~~101~~89,~~625~~804.4396 Unscheduled Principal 5,~~621~~429,~~278~~564.2480 87,~~496~~240,~~934~~556.9209 1412,~~118~~670,~~213~~120.1689 Scheduled Interest ~~257~~226,~~043~~040.1799 ~~313~~267,~~824~~537.6643 ~~570~~493,~~867~~578.8342 Servicing Fees 1211,~~813~~415.7164 1815,~~327~~655.1074 3127,~~140~~071.8138 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~244~~214,~~229~~625.4635 ~~295~~251,~~497~~881.5669 ~~539~~466,~~727~~507.0204 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 ~~Pass-Through Rate 6.027470 6.046324 6.037778~~

Filing Compare · BEAR STEARNS ARM TRUST MORTGAGE PASS THR CERT SERIES 2002-3