8-K 1 bsa03001.txt AUGUST 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): August 25, 2003 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-16 54-2120451 Pooling and Servicing Agreement) (Commission 54-2120452 (State or other File Number) 54-2120453 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 August 25, 2003 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset-Backed Certificates, Series 2003-1 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 Asset-Backed Certificates, Series 2003-1 Trust, relating to the August 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 ASSET BACKED SECURITIES TRUST Asset-Backed Certificates, Series 2003-1 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: 9/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-1 Trust, relating to the August 25, 2003 distribution. EX-99.1

Bear Stearns Asset Backed Securities Asset-Backed Certificates Record Date: 57/31/03 Distribution Date: 68/25/03 BSA Series: 2003-1 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 A-1 07384YGX8 SEN 1.~~82000~~60000% ~~408~~365,~~640~~599,~~994~~205.9861 ~~599~~503,~~113~~714.1046 2519,~~139~~518,~~574~~899.8796 A-2 07384YGY6 SEN 21.~~07000~~85000% 5347,~~417~~790,~~321~~922.4692 8976,~~073~~133.3860 32,~~286~~551,~~231~~499.1164 A-IO 07384YGZ3 SEN 5.00000% 0.00 257,229.1617 0.00 M-1 07384YHA7 MEZ 2.~~42000~~20000% 30,867,000.00 6058,~~173~~475.5082 0.00 M-2 07384YHB5 MEZ 3.~~32000~~10000% 29,324,000.00 78,~~425~~278.4179 0.00 B 07384YHC3 SUB 3.~~57000~~35000% 23,151,000.00 66,~~578~~784.4220 0.00 B-IO BSA031BIO IO 0.00000% 0.00 02,390,776.0155 0.00 R-1 07384YHD1 RES 0.00000% 0.00 0.00 0.00 R-2 07384YHE9 RES 0.00000% 0.00 0.00 0.00 R-3 07384YHF6 RES 0.00000% 0.00 0.00 0.00 OC BSA0301OC OC 0.00000% 510,~~325~~186,~~721~~245.0146 0.00 0.00 Totals ~~550~~506,~~726~~918,~~037~~373.4599 13,~~150~~431,~~592~~392.9859 2822,~~425~~070,~~805~~399.9860

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~383~~346,~~501~~080,~~420~~305.1065 2520,~~738~~022,~~687~~614.9742 0.00 A-2 0.00 5045,~~131~~239,~~090~~423.3527 32,~~375~~627,~~304~~633.4924 0.00 A-IO 0.00 0.00 257,229.1617 0.00 M-1 0.00 30,867,000.00 6058,~~173~~475.5082 0.00 M-2 0.00 29,324,000.00 78,~~425~~278.4179 0.00 B 0.00 23,151,000.00 66,~~578~~784.4220 0.00 B-IO 0.00 0.00 02,390,776.0155 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 OC 0.00 710,~~889~~186,~~883~~245.1346 0.00 0.00 Totals 0.00 ~~524~~484,~~864~~847,~~393~~974.5838 2925,~~576~~501,~~398~~792.9619 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) A-1 472,271,000.00 ~~408~~365,~~640~~599,~~994~~205.9861 0.00 2519,~~139~~518,~~574~~899.8796 0.00 0.00 A-2 61,735,000.00 5347,~~417~~790,~~321~~922.4692 0.00 32,~~286~~551,~~231~~499.1164 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 30,867,000.00 30,867,000.00 0.00 0.00 0.00 0.00 M-2 29,324,000.00 29,324,000.00 0.00 0.00 0.00 0.00 B 23,151,000.00 23,151,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 R-3 50.00 0.00 0.00 0.00 0.00 0.00 OC 59.42 510,~~325~~186,~~721~~245.0146 0.00 0.00 0.00 0.00 Totals 617,348,209.42 ~~550~~506,~~726~~918,~~037~~373.4599 0.00 2822,~~425~~070,~~805~~399.9860 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 A-1 2519,~~139~~518,~~574~~899.8796 ~~383~~346,~~501~~080,~~420~~305.1065 0.~~81203678~~73280025 2519,~~139~~518,~~574~~899.8796 A-2 32,~~286~~551,~~231~~499.1164 5045,~~131~~239,~~090~~423.3527 0.~~81203678~~73280025 32,~~286~~551,~~231~~499.1164 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 30,867,000.00 1.00000000 0.00 M-2 0.00 29,324,000.00 1.00000000 0.00 B 0.00 23,151,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 OC 0.00 710,~~889~~186,~~883~~245.1346 ~~132~~171,~~781~~427.~~60770784~~89397509 0.00 Totals 2822,~~425~~070,~~805~~399.9860 ~~524~~484,~~864~~847,~~393~~974.5838 0.~~85019181~~78537196 2822,~~425~~070,~~805~~399.9860

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 472,271,000.00 ~~865~~774.~~26802404~~13011938 0.00000000 5341.~~23124831~~32987196 0.00000000 A-2 61,735,000.00 ~~865~~774.~~26802397~~13011938 0.00000000 5341.~~23124824~~32987187 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 30,867,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 29,324,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 23,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 59.42 ~~89628424~~171427893.~~94109727~~97509300 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 5341.~~23124831~~32987196 ~~812~~732.~~03677571~~80024742 0.~~81203678~~73280025 5341.~~23124831~~32987196 A-2 0.00000000 5341.~~23124824~~32987187 ~~812~~732.~~03677573~~80024735 0.~~81203678~~73280025 5341.~~23124824~~32987187 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 ~~132781607~~171,427,893.~~70784248~~97509300 ~~132781~~171427.~~60770784~~89397509 0.00000000 (3) Amount Does Not Include Excess Special Hazard, 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 A-1 472,271,000.00 1.~~82000~~60000% ~~408~~365,~~640~~599,~~994~~205.9861 ~~599~~503,~~113~~714.1046 0.00 0.00 A-2 61,735,000.00 21.~~07000~~85000% 5347,~~417~~790,~~321~~922.4692 8976,~~073~~133.3860 0.00 0.00 A-IO 0.00 5.00000% 61,735,000.00 257,229.17 0.00 0.00 M-1 30,867,000.00 2.~~42000~~20000% 30,867,000.00 6058,~~173~~475.5082 0.00 0.00 M-2 29,324,000.00 3.~~32000~~10000% 29,324,000.00 78,~~425~~278.4179 0.00 0.00 B 23,151,000.00 3.~~57000~~35000% 23,151,000.00 66,~~578~~784.4220 0.00 0.00 B-IO 0.00 0.00000% ~~550~~506,~~726~~918,~~037~~373.4598 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 R-3 50.00 0.00000% 0.00 0.00 0.00 0.00 OC 59.42 0.00000% 510,~~325~~186,~~721~~245.0146 0.00 0.00 0.00 Totals 617,348,209.42 1,~~150~~040,~~592~~616.9804 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 A-1 0.0100 0.00 ~~599~~503,~~113~~714.1046 0.00 ~~383~~346,~~501~~080,~~420~~305.1065 A-2 0.00 0.00 8976,~~073~~133.3860 0.00 5045,~~131~~239,~~090~~423.3527 A-IO 0.00 0.00 257,229.1617 0.00 61,735,000.00 M-1 0.00 0.00 6058,~~173~~475.5082 0.00 30,867,000.00 M-2 0.00 0.00 78,~~425~~278.4179 0.00 29,324,000.00 B 0.00 0.00 66,~~578~~784.4220 0.00 23,151,000.00 B-IO 0.00 0.00 02,390,776.0155 0.00 ~~524~~484,~~864~~847,~~393~~974.5838 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 0.00 0.00 710,~~889~~186,~~883~~245.1346 Totals 0.0100 0.00 13,~~150~~431,~~592~~392.9859 0.00 (4) Amount Does Not Include Excess Special Hazard, 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 A-1 472,271,000.00 1.~~82000~~60000% ~~865~~774.~~26802404~~13011938 1.~~26857906~~06657927 0.00000000 0.00000000 A-2 61,735,000.00 21.~~07000~~85000% ~~865~~774.~~26802397~~13011938 1.~~44283437~~23323236 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666672 0.00000000 0.00000000 M-1 30,867,000.00 2.~~42000~~20000% 1000.00000000 1.~~94944439~~89444455 0.00000000 0.00000000 M-2 29,324,000.00 3.~~32000~~10000% 1000.00000000 2.~~67444448~~66944448 0.00000000 0.00000000 B 23,151,000.00 3.~~57000~~35000% 1000.00000000 2.~~87583344~~88472204 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~892~~821.~~08331546~~12228762 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 59.42 0.00000% ~~89628424~~171427893.~~94109727~~97509300 0.00000000 0.00000000 0.00000000 (5) Per $1 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 A-1 0.~~00000002~~00000000 0.00000000 1.~~26857906~~06657927 0.00000000 ~~812~~732.~~03677571~~80024742 A-2 0.00000000 0.00000000 1.~~44283437~~23323236 0.00000000 ~~812~~732.~~03677573~~80024735 A-IO 0.00000000 0.00000000 4.~~16666656~~16666672 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 1.~~94944439~~89444455 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~67444448~~66944448 0.00000000 1000.00000000 B 0.00000000 0.00000000 2.~~87583344~~88472204 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 03.~~00000002~~87265487 0.00000000 ~~850~~785.~~19181326~~37196186 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 ~~132781607~~171427893.~~70784248~~97509300 (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 2925,~~700~~611,~~059~~645.5016 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~486~~534,~~936~~381.2760 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 3026,~~186~~146,~~995~~026.7776 Withdrawals Reimbursement for Servicer Advances ~~457~~493,~~930~~989.5501 Payment of Service Fee ~~152~~150,~~666~~245.2557 Payment of Interest and Principal 2925,~~576~~501,~~398~~792.9718 Total Withdrawals (Pool Distribution Amount) 3026,~~186~~146,~~995~~026.7776 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 5743,~~416~~646.7511 Servicing Fee Support 5743,~~416~~646.7511 Non-Supported Prepayment/Curtailment Interest Shortfall 0.0100

SERVICING FEES Gross Servicing Fee ~~207~~191,~~788~~779.3151 Master Servicing Fee 2,~~294~~112.6917 Supported Prepayment/Curtailment Interest Shortfall 5743,~~416~~646.7511 Net Servicing Fee ~~152~~150,~~666~~245.2557

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 7 0 0 7 1,~~615~~612,~~533~~372.6354 0.00 0.00 1,~~615~~612,~~533~~372.6354 30 Days ~~380~~396 0 0 0 ~~380~~396 31,~~850~~822,~~049~~369.1211 0.00 0.00 0.00 31,~~850~~822,~~049~~369.1211 60 Days ~~111~~121 12 12 0 ~~113~~125 911,~~257~~939,~~290~~561.7270 ~~149~~232,~~806~~772.1506 ~~157~~370,~~640~~782.0647 0.00 912,~~564~~543,~~736~~116.9323 90 Days 5557 10 37 0 5964 54,~~379~~019,~~685~~625.0125 ~~83,344~~0.0600 ~~549~~887,~~823~~915.2892 0.00 64,~~012~~907,~~852~~541.3517 120 Days 4434 01 5 0 4940 32,~~407~~394,~~834~~051.38 064,480.0057 1621,~~134,107~~204.1701 0.00 43,~~541~~079,~~941~~735.5596 150 Days 2733 21 43 0 3337 32,~~228~~811,~~791~~407.0833 ~~115~~43,~~272~~986.8852 ~~597~~379,~~108~~286.7968 0.00 3,~~941~~234,~~172~~680.7553 180+ Days 551 12 09 0 662 ~~334~~5,~~555~~019,496.7349 95166,~~701~~958.5773 01,615,218.0076 0.00 ~~430~~6,~~257~~801,673.3098 Totals ~~622~~692 12 13 26 0 ~~647~~731 5358,~~458~~006,~~206~~511.0426 2,~~059~~120,~~658~~570.2942 23,~~438~~874,~~679~~407.3084 0.00 5764,~~956~~001,~~543~~489.6352 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.~~105152~~110445% 0.000000% 0.000000% 0.~~105152~~110445% 0.~~307139~~331782% 0.000000% 0.000000% 0.~~307139~~331782% 30 Days 56.~~708277~~248028% 0.000000% 0.000000% 0.000000% 56.~~708277~~248028% 6.~~055208~~548177% 0.000000% 0.000000% 0.000000% 6.~~055208~~548177% 60 Days 1.~~667418~~909120% 0.~~015022~~031556% 0.~~015022~~031556% 0.000000% 1.~~697461~~972231% 12.~~759960~~456836% 0.~~028481~~047898% 0.~~029970~~076297% 0.000000% 12.~~818411~~581032% 90 Days 0.~~826198~~899337% 0.~~015022~~000000% 0.~~045065~~110445% 0.000000% 01.~~886285~~009782% 10.~~022765~~827129% 0.~~015845~~000000% 0.~~104530~~182709% 0.000000% 1.~~143140~~009838% 120 Days 0.~~660958~~536447% 0.~~000000~~015778% 0.~~075109~~078889% 0.000000% 0.~~736067~~631114% 0.~~647884~~492631% 0.~~000000~~013268% 0.~~215612~~127827% 0.000000% 0.~~863496~~633726% 150 Days 0.~~405588~~520669% 0.~~030044~~015778% 0.~~060087~~047334% 0.000000% 0.~~495719~~583780% 0.~~613845~~578511% 0.~~021915~~009051% 0.~~113520~~078047% 0.000000% 0.~~749281~~665609% 180+ Days 0.~~075109~~804670% 0.~~015022~~031556% 0.~~000000~~142001% 0.000000% 0.~~090131~~978227% 01.~~063604~~032876% 0.~~018194~~034356% 0.~~000000~~332368% 0.000000% 01.~~081799~~399599% Totals 910.~~343548~~918271% 0.~~180261~~205112% 0.~~195283~~410224% 0.000000% 911.~~719093~~533607% 1011.~~163268~~936160% 0.~~391574~~436356% 0.~~463632~~797248% 0.000000% 1113.~~018474~~169763%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~486~~534,~~936~~381.2760

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~552954~~581936% Weighted Average Net Coupon 8.~~100196~~127947% Weighted Average Pass-Through Rate 8.~~095196~~122947% Weighted Average Maturity(Stepdown Calculation ) ~~285~~283 Beginning Scheduled Collateral Loan Count 6,~~839~~503 Number Of Loans Paid In Full ~~182~~165 Ending Scheduled Collateral Loan Count 6,~~657~~338 Beginning Scheduled Collateral Balance ~~550~~506,~~726~~918,~~037~~373.4598 Ending Scheduled Collateral Balance ~~524~~484,~~864~~847,~~393~~974.5838 Ending Actual Collateral Balance at 31-~~May~~Jul-2003 ~~525~~485,~~994~~972,~~269~~988.3330 Monthly P &I Constant 4,~~962~~599,~~072~~827.5269 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~524~~484,~~864~~847,~~393~~974.5838 Scheduled Principal 1974,~~036,793~~543.7243 Unscheduled Principal 2421,~~824~~095,~~850~~856.1517 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount ~~2,564,162~~0.1200 Overcollateralized reduction Amount 0.00 Specified O/C Amount 10,186,245.46 Overcollateralized Amount 710,~~889~~186,~~883~~245.1346 Overcollateralized Deficiency Amount ~~2,296,362~~0.3300 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~2,564,162~~0.1200 Excess Cash Amount 2,~~564~~390,~~162~~776.1255

Miscellaneous Reporting Three month rolling average 0.~~028487~~040000% Trigger Event NO Yield maintenance amount 0.00

Group Level Collateral Statement Group FIXED loans ARM loans Total Collateral Description Mixed Fixed Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 8.~~920307~~960135 7.~~311910~~271562 8.~~552954~~581936 Weighted Average Net Rate 8.~~459960~~499255 6.~~884786~~841447 8.~~100196~~127947 ~~Pass-Through Rate 8.454960 6.879786 8.095196~~ Weighted Average Maturity ~~270~~268 ~~334~~332 ~~285~~283 Beginning Loan Count 65,~~004~~719 ~~835~~784 6,~~839~~503 Loans Paid In Full ~~151~~137 3128 ~~182~~165 Ending Loan Count 5,~~853~~582 ~~804~~756 6,~~657~~338 Beginning Scheduled Balance ~~424~~393,~~941~~381,~~961~~155.0986 ~~125~~113,~~784~~537,~~076~~218.3612 ~~550~~506,~~726~~918,~~037~~373.4598 Ending scheduled Balance ~~407~~377,~~675~~480,~~066~~090.3501 ~~117~~107,~~189~~367,~~327~~884.2337 ~~524~~484,~~864~~847,~~393~~974.5838 Record Date 0507/31/2003 0507/31/2003 0507/31/2003 Principal And Interest Constant 43,~~058~~782,~~812~~112.1041 ~~903~~817,~~260~~715.4228 4,~~962~~599,~~072~~827.5269 Scheduled Principal ~~899~~844,~~968~~822.1821 ~~136~~129,~~825~~721.5422 1974,~~036,793~~543.7243 Unscheduled Principal 1615,~~366~~056,~~926~~243.5664 86,~~457~~039,~~923~~612.5953 2421,~~824~~095,~~850~~856.1517 Scheduled Interest 32,~~158~~937,~~843~~290.9220 ~~766~~687,~~434~~994.8806 3,~~925~~625,~~278~~284.8026 Servicing Fees ~~163~~151,~~017~~084.1649 4440,~~771~~695.1502 ~~207~~191,~~788~~779.3151 Master Servicing Fees 1,~~770~~639.5910 ~~524~~473.1007 2,~~294~~112.6917 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 2,~~994~~784,~~056~~566.1761 ~~721~~646,~~139~~825.6397 3,~~715~~431,~~195~~392.8058 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 8.494255 6.836447 8.122947

Filing Compare · BEAR STEARNS ASSET BACKED CERTIFICATES SERIES 2003-1