8-K 1 mab03op2.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 MASTR ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-OP2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-75724-17 54-2114695 Pooling and Servicing Agreement) (Commission 54-2114696 (State or other File Number) IRS EIN jurisdiction 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 MASTR ASSET BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-OP2 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 2003-OP2 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. MASTR ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-OP2 Trust By: Wells Fargo Bank Minnesota, N.A., as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/5/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-OP2 Trust, relating to the August 25, 2003 distribution. EX-99.1

MASTR Asset Backed Securitizations Mortgage Pass-Through Certificates Record Date: 67/3031/03 Distribution Date: 78/25/03 MABS Series: 2003-OP2 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 57643LBC9 SEN 1.~~35500~~42000% ~~303~~297,~~400~~804,~~376~~030.7920 ~~342~~364,~~589~~148.5915 54,~~596~~459,~~346~~291.5989 A-2 57643LBD7 SEN 1.~~36500~~43000% ~~160~~157,~~242~~443,~~400~~894.7278 ~~182~~193,~~275~~874.7366 23,~~798~~197,~~505~~898.9495 A-3 57643LBE5 SEN 1.~~35500~~42000% 104,~~682~~404,~~527~~559.3081 ~~118~~127,~~204~~663.0258 ~~277~~2,~~967~~887,183.4919 M-1 57643LBF2 MEZ 1.~~78500~~85000% 30,526,000.00 4548,~~407~~629.4261 0.00 M-2 57643LBG0 MEZ 2.~~83500~~90000% 23,227,000.00 5458,~~873~~002.7898 0.00 M-3 57643LBH8 MEZ 4.~~13500~~20000% 13,272,000.00 4548,~~733~~000.1040 0.00 M-4 57643LBJ4 MEZ 4.~~88500~~95000% 6,636,000.00 2728,~~014~~285.0595 0.00 M-5 57643LBK1 MEZ 4.~~78500~~85000% 6,636,000.00 2627,~~461~~714.0552 0.00 CE MAB3OPT2C OC 0.00000% 5,970,891.14 2,~~788~~685,~~181~~587.9772 0.00 R-1 MAB3OP2R1 RES 0.00000% 0.00 0.00 0.00 R-2 MAB3OP2R2 RES 0.00000% 0.00 0.00 0.00 P MAB3OPT2P Pre_Pay 0.00000% 100.00 ~~178~~188,~~207~~005.3691 0.00 Totals ~~654~~645,~~593~~920,~~295~~475.9593 3,~~808~~769,~~948~~913.0748 810,~~672~~544,~~820~~374.0203

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~297~~293,~~804~~344,~~030~~738.2031 54,~~938~~823,~~936~~440.1804 0.00 A-2 0.00 ~~157~~154,~~443~~245,~~894~~995.7883 23,~~980~~391,~~781~~773.6761 0.00 A-3 0.00 ~~104~~101,~~404~~517,~~559~~376.8162 ~~396~~3,~~171~~014,846.5177 0.00 M-1 0.00 30,526,000.00 4548,~~407~~629.4261 0.00 M-2 0.00 23,227,000.00 5458,~~873~~002.7898 0.00 M-3 0.00 13,272,000.00 4548,~~733~~000.1040 0.00 M-4 0.00 6,636,000.00 2728,~~014~~285.0595 0.00 M-5 0.00 6,636,000.00 2627,~~461~~714.0552 0.00 CE 0.00 5,970,891.14 2,~~788~~685,~~181~~587.9772 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 P 0.00 100.00 ~~178~~188,~~207~~005.3691 0.00 Totals 0.00 ~~645~~635,~~920~~376,~~475~~101.9390 1214,~~481~~314,~~768~~287.0951 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-1 307,739,000.00 ~~303~~297,~~400~~804,~~376~~030.7920 0.00 54,~~596~~459,~~346~~291.5989 0.00 0.00 A-2 163,678,000.00 ~~160~~157,~~242~~443,~~400~~894.7278 0.00 23,~~798~~197,~~505~~898.9495 0.00 0.00 A-3 105,747,000.00 104,~~682~~404,~~527~~559.3081 0.00 ~~277~~2,~~967~~887,183.4919 0.00 0.00 M-1 30,526,000.00 30,526,000.00 0.00 0.00 0.00 0.00 M-2 23,227,000.00 23,227,000.00 0.00 0.00 0.00 0.00 M-3 13,272,000.00 13,272,000.00 0.00 0.00 0.00 0.00 M-4 6,636,000.00 6,636,000.00 0.00 0.00 0.00 0.00 M-5 6,636,000.00 6,636,000.00 0.00 0.00 0.00 0.00 CE 5,971,248.86 5,970,891.14 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 663,432,348.86 ~~654~~645,~~593~~920,~~295~~475.9593 0.00 810,~~672~~544,~~820~~374.0203 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 54,~~596~~459,~~346~~291.5989 ~~297~~293,~~804~~344,~~030~~738.2031 0.~~96771625~~95322575 54,~~596~~459,~~346~~291.5989 A-2 23,~~798~~197,~~505~~898.9495 ~~157~~154,~~443~~245,~~894~~995.7883 0.~~96191238~~94237464 23,~~798~~197,~~505~~898.9495 A-3 ~~277~~2,~~967~~887,183.4919 ~~104~~101,~~404~~517,~~559~~376.8162 0.~~98730517~~96000243 ~~277~~2,~~967~~887,183.4919 M-1 0.00 30,526,000.00 1.00000000 0.00 M-2 0.00 23,227,000.00 1.00000000 0.00 M-3 0.00 13,272,000.00 1.00000000 0.00 M-4 0.00 6,636,000.00 1.00000000 0.00 M-5 0.00 6,636,000.00 1.00000000 0.00 CE 0.00 5,970,891.14 0.99994009 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 810,~~672~~544,~~820~~374.0203 ~~645~~635,~~920~~376,~~475~~101.9390 0.~~97360413~~95771046 810,~~672~~544,~~820~~374.0203

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 307,739,000.00 ~~985~~967.~~90161400~~71624721 0.00000000 1814.~~18536679~~49049971 0.00000000 A-2 163,678,000.00 ~~979~~961.~~01001185~~91238151 0.00000000 1719.~~09763035~~53774454 0.00000000 A-3 105,747,000.00 ~~989~~987.~~93377874~~30516998 0.00000000 227.~~62860875~~30274325 0.00000000 M-1 30,526,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 23,227,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 13,272,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 6,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 5,971,248.86 999.94009293 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1000 denomination.

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 1814.~~18536679~~49049971 ~~967~~953.~~71624721~~22574750 0.~~96771625~~95322575 1814.~~18536679~~49049971 A-2 0.00000000 1719.~~09763035~~53774454 ~~961~~942.~~91238151~~37463697 0.~~96191238~~94237464 1719.~~09763035~~53774454 A-3 0.00000000 227.~~62860875~~30274325 ~~987~~960.~~30516998~~00242674 0.~~98730517~~96000243 227.~~62860875~~30274325 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 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.94009293 0.99994009 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 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 307,739,000.00 1.~~35500~~42000% ~~303~~297,~~400~~804,~~376~~030.7920 ~~342~~364,~~589~~148.5915 0.00 0.00 A-2 163,678,000.00 1.~~36500~~43000% ~~160~~157,~~242~~443,~~400~~894.7278 ~~182~~193,~~275~~874.7366 0.00 0.00 A-3 105,747,000.00 1.~~35500~~42000% 104,~~682~~404,~~527~~559.3081 ~~118~~127,~~204~~663.0258 0.00 0.00 M-1 30,526,000.00 1.~~78500~~85000% 30,526,000.00 4548,~~407~~629.4361 0.00 0.00 M-2 23,227,000.00 2.~~83500~~90000% 23,227,000.00 5458,~~873~~002.7998 0.00 0.00 M-3 13,272,000.00 4.~~13500~~20000% 13,272,000.00 4548,~~733~~000.1040 0.00 0.00 M-4 6,636,000.00 4.~~88500~~95000% 6,636,000.00 2728,~~014~~285.0595 0.00 0.00 M-5 6,636,000.00 4.~~78500~~85000% 6,636,000.00 2627,~~461~~714.0552 0.00 0.00 CE 5,971,248.86 0.00000% 5,970,891.14 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 663,432,348.86 ~~842~~896,~~558~~319.7685 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 0.00 0.00 ~~342~~364,~~589~~148.5915 0.00 ~~297~~293,~~804~~344,~~030~~738.2031 A-2 0.00 0.00 ~~182~~193,~~275~~874.7366 0.00 ~~157~~154,~~443~~245,~~894~~995.7883 A-3 0.00 0.00 ~~118~~127,~~204~~663.0258 0.00 ~~104~~101,~~404~~517,~~559~~376.8162 M-1 0.00 0.00 4548,~~407~~629.4261 0.00 30,526,000.00 M-2 0.00 0.00 5458,~~873~~002.7898 0.00 23,227,000.00 M-3 0.00 0.00 4548,~~733~~000.1040 0.00 13,272,000.00 M-4 0.00 0.00 2728,~~014~~285.0595 0.00 6,636,000.00 M-5 0.00 0.00 2627,~~461~~714.0552 0.00 6,636,000.00 CE 0.00 0.00 2,~~788~~685,~~181~~587.9772 0.00 5,970,891.14 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~178~~188,~~207~~005.3691 0.00 100.00 Totals 0.00 0.00 3,~~808~~769,~~948~~913.0748 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-1 307,739,000.00 1.~~35500~~42000% ~~985~~967.~~90161400~~71624721 1.~~11324723~~18330192 0.00000000 0.00000000 A-2 163,678,000.00 1.~~36500~~43000% ~~979~~961.~~01001185~~91238151 1.~~11362388~~18448820 0.00000000 0.00000000 A-3 105,747,000.00 1.~~35500~~42000% ~~989~~987.~~93377874~~30516998 1.~~11780022~~20725486 0.00000000 0.00000000 M-1 30,526,000.00 1.~~78500~~85000% 1000.00000000 1.~~48750016~~59305543 0.00000000 0.00000000 M-2 23,227,000.00 2.~~83500~~90000% 1000.00000000 2.~~36250011~~49722220 0.00000000 0.00000000 M-3 13,272,000.00 4.~~13500~~20000% 1000.00000000 3.~~44583333~~61666667 0.00000000 0.00000000 M-4 6,636,000.00 4.~~88500~~95000% 1000.00000000 4.~~07083333~~26250000 0.00000000 0.00000000 M-5 6,636,000.00 4.~~78500~~85000% 1000.00000000 34.~~98750000~~17638939 0.00000000 0.00000000 CE 5,971,248.86 0.00000% 999.94009293 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1000 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 0.00000000 0.00000000 1.~~11324723~~18330192 0.00000000 ~~967~~953.~~71624721~~22574750 A-2 0.00000000 0.00000000 1.~~11362388~~18448820 0.00000000 ~~961~~942.~~91238151~~37463697 A-3 0.00000000 0.00000000 1.~~11780022~~20725486 0.00000000 ~~987~~960.~~30516998~~00242674 M-1 0.00000000 0.00000000 1.~~48749984~~59305543 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~36249968~~49722220 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~44583333~~61666667 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 4.~~07083333~~26250000 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 34.~~98750000~~17638939 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~466~~449.~~93447809~~75310575 0.00000000 999.94009293 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~1782073~~1880059.~~60000000~~10000000 0.00000000 1000.00000000 (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 1214,~~962~~776,~~334~~305.5173 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~178~~188,~~207~~005.3691 Total Deposits 1314,~~140~~964,~~541~~311.8764 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~658~~650,~~773~~024.7813 Payment of Interest and Principal 1214,~~481~~314,~~768~~287.0951 Total Withdrawals (Pool Distribution Amount) 1314,~~140~~964,~~541~~311.8764 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~272~~269,~~747~~133.1952 Radian ~~382~~377,~~208~~122.1076 Trustee Fee- Wells Fargo 3,~~818~~767.4985 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~658~~650,~~773~~024.7813

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.0003 1,000.00 Reserve Fund 0.00 0.00 0.00 0.00

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 612 0 0 612 ~~712~~1,~~900~~440,144.1873 0.00 0.00 ~~712~~1,~~900~~440,144.1873 30 Days 4844 01 0 0 4845 6,~~581~~543,~~296~~939.7523 090,038.0040 0.00 0.00 6,~~581~~633,~~296~~977.7563 60 Days 12 01 1210 0 2423 1,~~627~~850,~~157~~190.04 095,271.0001 1,~~988~~244,~~988~~621.1428 0.00 3,~~616~~190,~~145~~082.1833 90 Days 03 02 013 0 018 0449,302.0047 0202,462.0086 02,136,846.0003 0.00 02,788,611.0036 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 6059 616 1223 0 7898 8,~~208~~843,~~453~~431.7974 ~~712~~1,~~900~~827,917.1800 13,~~988~~381,~~988~~467.1431 0.00 1014,~~910~~052,~~342~~816.1105 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.~~146128~~295785% 0.000000% 0.000000% 0.~~146128~~295785% 0.~~110345~~226604% 0.000000% 0.000000% 0.~~110345~~226604% 30 Days 1.~~169021~~084545% 0.~~000000~~024649% 0.000000% 0.000000% 1.~~169021~~109194% 1.~~018675~~029677% 0.~~000000~~014167% 0.000000% 0.000000% 1.~~018675~~043845% 60 Days 0.~~292255~~295785% 0.~~000000~~024649% 0.~~292255~~246488% 0.000000% 0.~~584510~~566921% 0.~~251857~~291124% 0.~~000000~~014991% 0.~~307862~~195839% 0.000000% 0.~~559719~~501954% 90 Days 0.~~000000~~073946% 0.~~000000~~049298% 0.~~000000~~320434% 0.000000% 0.~~000000~~443678% 0.~~000000~~070697% 0.~~000000~~031857% 0.~~000000~~336229% 0.000000% 0.~~000000~~438783% 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 1.~~461276~~454277% 0.~~146128~~394380% 0.~~292255~~566921% 0.000000% 12.~~899659~~415578% 1.~~270531~~391499% 0.~~110345~~287620% 0.~~307862~~532068% 0.000000% 12.~~688738~~211186%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~193~~198,~~590~~766.6454

Class A-1 355,693,248.86 53.61409486% 342,031,263.59 53.83130756% 46.168677% 0.000000% Class A-2 192,015,248.86 28.94270217% 187,785,267.76 29.55497810% 24.276329% 0.000000% Class A-3 86,268,248.86 13.00332265% 86,267,891.14 13.57745293% 15.977525% 0.000000% Class M-1 55,742,248.86 8.40209992% 55,741,891.14 8.77305441% 4.804399% 0.000000% Class M-2 32,515,248.86 4.90106473% 32,514,891.14 5.11742432% 3.655630% 0.000000% Class M-3 19,243,248.86 2.90055933% 19,242,891.14 3.02858277% 2.088842% 0.000000% Class M-4 12,607,248.86 1.90030662% 12,606,891.14 1.98416200% 1.044421% 0.000000% Class CE 0.00 0.00000000% 0.00 0.00000000% 0.939741% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 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 Fixed & Arm Weighted Average Gross Coupon 7.~~863535~~862141% Weighted Average Net Coupon 7.~~363535~~362141% Weighted Average Pass-Through Rate 6.~~655872~~654517% Weighted Average Maturity(Stepdown Calculation ) ~~353~~352 Beginning Scheduled Collateral Loan Count 4,~~152~~106 Number Of Loans Paid In Full 4649 Ending Scheduled Collateral Loan Count 4,~~106~~057 Beginning Scheduled Collateral Balance ~~654~~645,~~593~~920,~~295~~475.9593 Ending Scheduled Collateral Balance ~~645~~635,~~920~~376,~~475~~101.9390 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2003 ~~646~~635,~~064~~532,~~734~~955.2885 Monthly P &I Constant 4,~~778~~716,~~896~~983.5647 Special Servicing Fee 0.00 Prepayment Penalties ~~178~~188,~~207~~005.3691 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~645~~635,~~920~~376,~~475~~101.9390 Scheduled Principal ~~489~~485,~~381~~051.9971 Unscheduled Principal 810,~~183~~059,~~438~~322.0332

~~Miscellaneous~~Other ~~Reporting~~Income ~~Net Monthly Excess Cashflow 2,788,181.97 Extra Prinicpal Distribution Amount~~ 0.00 ~~OC Amount 5,970,891.14 OC Deficiency Amount 0.00 OC Release Amount 0.00 OC Target Amount 5,970,891.14 Stepdown NO Trigger Event NO Credit Enhancement Percentage 13.355807%~~

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.618262 8.058774 7.545061 Weighted Average~~ Net ~~Rate~~Monthly ~~7.118263~~Excess ~~7.558774~~Cashflow ~~7.045061 Weighted Average Maturity 353 353 352 Beginning Loan Count 364~~ 2,~~084 301 Loans Paid In Full 1 31 3 Ending Loan Count 363 2~~685,~~053 298 Beginning Scheduled Balance 49,998,264~~587.3375 ~~299,444,483.96~~Extra ~~44,440,475.82~~Prinicpal ~~Ending~~Distribution ~~scheduled~~Amount Balance 49,853,955.12 293,992,446.58 43,496,759.09 Record Date 06/30/2003 06/30/2003 06/30/2003 Principal And Interest Constant 361,803.88 2,219,071.55 318,728.92 Scheduled Principal 44,387.30 208,108.60 39,307.18 Unscheduled Principal 99,921.91 5,243,928.78 904,409.55 Scheduled Interest 317,416.58 2,010,962.95 279,421.74 Servicing Fees 20,832.60 124,768.55 18,516.87 Master Servicing Fees 0.00 ~~0.00~~OC ~~0.00 Trustee Fee 291.65 1,746.76 259.21 FRY~~ Amount ~~0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 35~~5,~~509.27 164~~970,~~852~~891.7514 ~~30,456.15~~OC ~~Pool~~Deficiency ~~Insurance~~Amount ~~Fee~~ 0.00 ~~0.00~~OC ~~0.00~~Release ~~Spread~~Amount ~~Fee 1~~ 0.00 ~~0.00~~OC ~~0.00~~Target ~~Spread~~Amount ~~Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 296~~5,~~584.03 1~~970,~~886,194~~891.5014 ~~260,904.82~~Stepdown ~~Realized~~NO ~~Loss~~Trigger ~~Amount~~Event ~~0.00~~NO ~~0.00~~Credit ~~0.00~~Enhancement ~~Cumulative Realized Loss 0.00 0.00 0.00~~ Percentage ~~of Cumulative Losses 0~~13.~~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 6.259010 6.891140 6.215671~~577453%

Group Level Collateral Statement Group Group 41 Group 52 Group 63 Collateral Description Mixed ~~ARM~~Fixed Mixed ~~Fixed~~ARM Mixed ~~ARM~~Fixed Weighted Average Coupon Rate 87.~~024051~~617950 78.~~236020~~054733 7.~~510089~~549930 Weighted Average Net Rate 7.~~524051~~117950 67.~~736020~~554733 7.~~010089~~049930 Weighted Average Maturity 352 ~~353~~352 ~~353~~351 Beginning Loan Count ~~973~~363 ~~208~~2,053 ~~222~~298 Loans Paid In Full 100 124 06 Ending Loan Count ~~963~~363 ~~207~~2,029 ~~222~~292 Beginning Scheduled Balance ~~140~~49,~~226~~853,~~340~~955.3212 43293,~~678~~992,~~032~~446.4858 7643,~~805~~496,~~699~~759.0409 Ending scheduled Balance ~~138~~49,~~371~~805,~~551~~990.1176 43289,~~472~~581,~~460~~119.8405 7642,~~733~~513,~~303~~861.1941 Record Date 0607/3031/2003 0607/3031/2003 0607/3031/2003 Principal And Interest Constant 1361,~~036,069~~196.3621 ~~302~~2,~~334~~180,031.4987 ~~540~~312,~~888~~216.3648 Scheduled Principal 9844,~~416~~708.6575 38206,~~955~~673.2408 6038,~~207~~551.0291 Unscheduled Principal 13,~~756,372~~255.5661 ~~166~~4,~~616~~204,654.4045 12944,~~188~~345.8377 Scheduled Interest ~~937~~316,~~652~~487.7146 ~~263~~1,~~379~~973,358.2579 ~~480~~273,~~681~~664.3457 Servicing Fees 5820,~~427~~772.6348 18122,~~199~~496.1785 3218,~~002~~123.3764 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~818~~290.0181 ~~254~~1,714.8093 ~~448~~253.0674 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 7635,~~574~~386.3243 29161,~~577~~647.5318 4529,~~238~~863.0823 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 ~~879~~295,~~224~~714.9893 ~~245~~1,~~180~~850,861.0395 ~~448~~255,~~678~~540.8987 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.~~861759~~259188 56.~~916414~~887931 6.~~296296~~219055

Group Level Collateral Statement Group ~~Total~~Group 4 Group 5 Group 6 Collateral Description Mixed ARM Mixed Fixed &Mixed ~~Arm~~ARM Weighted Average Coupon Rate 8.030942 7.~~863535~~235828 7.510324 Weighted Average Net Rate 7.~~363535~~530942 6.735828 7.010324 Weighted Average Maturity ~~353.00~~351 ~~Record~~352 ~~Date~~352 ~~06/30/2003 Principal And Interest Constant 4,778,896.56~~ Beginning Loan Count ~~4,152~~963 207 222 Loans Paid In Full 4610 3 6 Ending Loan Count ~~4,106~~953 204 216 Beginning Scheduled Balance ~~654~~138,~~593~~371,~~295~~551.9511 43,472,460.84 76,733,303.19 Ending ~~Scheduled~~scheduled Balance ~~645~~136,~~920~~156,~~475~~549.9384 42,882,771.26 74,435,809.58 Record Date 07/31/2003 07/31/2003 07/31/2003 Principal And Interest Constant 1,023,646.74 300,874.94 539,017.23 Scheduled Principal ~~489~~97,~~381~~601.9980 38,742.23 58,773.94 Unscheduled Principal 82,~~183~~117,~~438~~399.0347 550,947.35 2,238,719.67 Scheduled Interest 4926,~~289~~044.94 262,~~514~~132.5771 480,243.29 Servicing ~~Fee~~Fees ~~272~~57,~~747~~654.1982 18,113.53 31,972.20 Master Servicing ~~Fee~~Fees 0.00 0.00 0.00 Trustee Fee ~~3,818~~807.4917 ~~Fry~~253.59 447.61 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~382~~75,~~208~~633.1002 29,397.87 45,195.03 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 4868,~~016~~390.19 244,~~767~~019.2515 448,271.16 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.~~655872~~868030 5.917338 6.296538

Filing Compare · MORTGAGE ASSET SEC TRANS MASTR PASS THRU SER 2003-OPT2