8-K 1 bst02001_sept.txt SEPTEMBER 8K 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): September 25, 2003 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-51279-22 22-3844513 Pooling and Servicing Agreement) (Commission 22-3844518 (State or other File Number) 22-3844517 jurisdiction 22-3844514 of Incorporation) IRS EIN 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 September 25, 2003 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2002-1 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 Mortgage Pass-Through Certificates, Series 2002-1 Trust, relating to the September 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 2002-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/30/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-1 Trust, relating to the September 25, 2003 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 78/31/03 Distribution Date: 89/25/03 BST Series: 2002-1 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 I-A 07384MHZ8 SEN 4.~~70708~~60439% 7774,~~051~~961,~~190~~307.77 ~~302~~287,~~238~~625.6777 2,~~089~~064,~~883~~990.0081 II-A 07384MJA1 SEN 6.98000% 6,~~428~~048,~~482~~798.0369 3735,~~392~~183.3186 ~~379~~282,~~683~~958.3402 III-A 07384MJK9 SEN 54.~~31780~~77972% 109,~~521~~754,~~685~~233.9681 4638,~~626~~852.8205 ~~767~~35,~~452~~031.1572 R-IA BST0201RA RES 0.00000% 0.00 0.00 0.00 R-IB BST0201RB RES 0.00000% 0.00 0.00 0.00 R-II BST0201R2 RES 0.00000% 0.00 0.00 0.00 R-III 07384MJL7 RES 6.~~11878~~11926% 0.00 0.00 0.00 B-1 07384MJM5 SUB 54.~~14498~~99219% 1,~~518~~512,~~566~~331.4881 6,~~510~~291.8354 6,~~234~~362.6741 B-2 07384MJN3 SUB 54.~~14498~~99219% 1,~~518~~512,~~566~~331.4881 6,~~510~~291.8354 6,~~234~~362.6741 B-3 07384MJP8 SUB 54.~~14498~~99219% 1,~~138~~134,~~854~~178.6392 4,~~882~~718.8236 4,~~675~~771.7251 B-4 07384MJQ6 SUB 54.~~14498~~99219% ~~531~~529,~~502~~320.9580 2,~~278~~202.8106 2,~~182~~226.1586 B-5 07384MJR4 SUB 54.~~14498~~99219% ~~303~~302,~~769~~522.4832 1,~~302~~258.4154 1,~~247~~272.1772 B-6 07384MJS2 SUB 54.~~14498~~99219% ~~235~~234,~~357~~390.1586 ~~1,009~~975.0910 ~~929~~986.9109 Totals 9995,~~247~~989,~~975~~416.9379 ~~408~~383,~~752~~398.5982 32,~~258~~404,~~522~~962.7855

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 7472,~~961~~896,~~307~~316.7796 2,~~392~~352,~~121~~616.6758 0.00 II-A 0.00 65,~~048~~765,~~798~~840.6967 ~~417~~318,~~075~~141.6588 0.00 III-A 0.00 9,~~754~~719,~~233~~202.8109 ~~814~~73,~~078~~883.9777 0.00 R-IA 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 B-1 0.00 1,~~512~~505,~~331~~969.8141 12,~~745~~653.5095 0.00 B-2 0.00 1,~~512~~505,~~331~~969.8141 12,~~745~~653.5095 0.00 B-3 0.00 1,~~134~~129,~~178~~407.9241 9,~~558~~489.5487 0.00 B-4 0.00 ~~529~~527,~~320~~093.8094 4,~~460~~428.9692 0.00 B-5 0.00 ~~302~~301,~~522~~249.3260 2,~~549~~531.5826 0.00 B-6 360.3800 ~~234~~233,~~390~~404.8677 1,~~939~~961.0019 70,509.72 Totals 360.3800 9593,~~989~~584,~~416~~454.7926 32,~~667~~788,~~275~~361.37 70,509.72 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 119,408,000.00 7774,~~051~~961,~~190~~307.77 ~~349~~344,~~273~~251.8226 1,~~740~~720,~~609~~739.1855 0.00 0.00 II-A 15,660,500.00 6,~~428~~048,~~482~~798.0369 1413,~~395~~850.3830 ~~365~~269,~~287~~107.9672 0.00 0.00 III-A 21,424,100.00 109,~~521~~754,~~685~~233.9681 3334,~~537~~688.0580 ~~733,915~~342.1092 0.00 0.00 R-IA 0.00 0.00 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 50.00 0.00 0.00 0.00 0.00 0.00 B-1 1,621,700.00 1,~~518~~512,~~566~~331.4881 6,~~234~~362.6741 0.00 0.00 0.00 B-2 1,621,700.00 1,~~518~~512,~~566~~331.4881 6,~~234~~362.6741 0.00 0.00 0.00 B-3 1,216,200.00 1,~~138~~134,~~854~~178.6392 4,~~675~~771.7251 0.00 0.00 0.00 B-4 567,600.00 ~~531~~529,~~502~~320.9580 2,~~182~~226.1586 0.00 0.00 0.00 B-5 324,400.00 ~~303~~302,~~769~~522.4832 1,~~247~~272.1772 0.00 0.00 0.00 B-6 324,455.58 ~~235~~234,~~357~~390.1586 ~~929~~986.9109 0.00 0.00 360.3800 Totals 162,168,705.58 9995,~~247~~989,~~975~~416.9379 ~~418~~414,~~710~~772.5436 21,~~839~~990,~~812~~190.2419 0.00 360.3800 (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 2,~~089~~064,~~883~~990.0081 7472,~~961~~896,~~307~~316.7796 0.~~62777459~~61048101 2,~~089~~064,~~883~~990.0081 II-A ~~379~~282,~~683~~958.3402 65,~~048~~765,~~798~~840.6967 0.~~38624557~~36817730 ~~379~~282,~~683~~958.3402 III-A ~~767~~35,~~452~~031.1572 9,~~754~~719,~~233~~202.8109 0.~~45529258~~45365743 ~~767~~35,~~452~~031.1572 R-IA 0.00 0.00 0.00000000 0.00 R-IB 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 B-1 6,~~234~~362.6741 1,~~512~~505,~~331~~969.8141 0.~~93255954~~92863625 6,~~234~~362.6741 B-2 6,~~234~~362.6741 1,~~512~~505,~~331~~969.8141 0.~~93255954~~92863625 6,~~234~~362.6741 B-3 4,~~675~~771.7251 1,~~134~~129,~~178~~407.9241 0.~~93255955~~92863625 4,~~675~~771.7251 B-4 2,~~182~~226.1586 ~~529~~527,~~320~~093.8094 0.~~93255955~~92863626 2,~~182~~226.1586 B-5 1,~~247~~272.1772 ~~302~~301,~~522~~249.3260 0.~~93255956~~92863625 1,~~247~~272.1772 B-6 ~~966~~986.2909 ~~234~~233,~~390~~404.8677 0.~~72241279~~71937357 ~~929~~986.9109 Totals 32,~~258~~404,~~559~~962.1655 9593,~~989~~584,~~416~~454.7926 0.~~59191085~~57708085 32,~~258~~404,~~522~~962.7855

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 119,408,000.00 ~~645~~627.~~27662108~~77458604 2.~~92504539~~88298322 14.~~57698965~~41058849 0.00000000 II-A 15,660,500.00 ~~410~~386.~~49021615~~24556623 0.~~91921586~~88440982 2317.~~32543405~~18385237 0.00000000 III-A 21,424,100.00 ~~491~~455.~~11449069~~29258219 1.~~56538898~~61914853 340.~~25651953~~01600627 0.00000000 R-IA 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 ~~936~~932.~~40406980~~55954246 3.~~84452735~~92329654 0.00000000 0.00000000 B-2 1,621,700.00 ~~936~~932.~~40406980~~55954246 3.~~84452735~~92329654 0.00000000 0.00000000 B-3 1,216,200.00 ~~936~~932.~~40407005~~55954613 3.~~84453215~~92329387 0.00000000 0.00000000 B-4 567,600.00 ~~936~~932.~~40406977~~55954898 3.~~84452079~~92329105 0.00000000 0.00000000 B-5 324,400.00 ~~936~~932.~~40406905~~55955610 3.~~84454377~~92330456 0.00000000 0.00000000 B-6 324,455.58 ~~725~~722.~~39097648~~41278760 23.~~86606259~~03921418 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 I-A 0.00000000 17.~~50203504~~29357170 ~~627~~610.~~77458604~~48101434 0.~~62777459~~61048101 17.~~50203504~~29357170 II-A 0.00000000 2418.~~24464992~~06826219 ~~386~~368.~~24556623~~17730405 0.~~38624557~~36817730 2418.~~24464992~~06826219 III-A 0.00000000 351.~~82190850~~63515480 ~~455~~453.~~29258219~~65742738 0.~~45529258~~45365743 351.~~82190850~~63515480 R-IA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 3.~~84452735~~92329654 ~~932~~928.~~55954246~~63625208 0.~~93255954~~92863625 3.~~84452735~~92329654 B-2 0.00000000 3.~~84452735~~92329654 ~~932~~928.~~55954246~~63625208 0.~~93255954~~92863625 3.~~84452735~~92329654 B-3 0.00000000 3.~~84453215~~92329387 ~~932~~928.~~55954613~~63625226 0.~~93255955~~92863625 3.~~84453215~~92329387 B-4 0.00000000 3.~~84452079~~92329105 ~~932~~928.~~55954898~~63625793 0.~~93255955~~92863626 3.~~84452079~~92329105 B-5 0.00000000 3.~~84454377~~92330456 ~~932~~928.~~55955610~~63625154 0.~~93255956~~92863625 3.~~84454377~~92330456 B-6 0.~~11212629~~00000000 23.~~97818888~~03921418 ~~722~~719.~~41278760~~37357342 0.~~72241279~~71937357 23.~~86606259~~03921418 (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 I-A 119,408,000.00 4.~~70708~~60439% 7774,~~051~~961,~~190~~307.77 ~~302~~287,~~238~~625.6777 0.00 0.00 II-A 15,660,500.00 6.98000% 6,~~428~~048,~~482~~798.0369 3735,~~392~~183.3186 0.00 0.00 III-A 21,424,100.00 54.~~31780~~77972% 109,~~521~~754,~~685~~233.9681 4638,~~626~~852.8205 0.00 0.00 R-IA 0.00 0.00000% 0.00 0.00 0.00 0.00 R-IB 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 50.00 6.~~11878~~11926% 0.00 0.00 0.00 0.00 B-1 1,621,700.00 54.~~14498~~99219% 1,~~518~~512,~~566~~331.4881 6,~~510~~291.8354 0.00 0.00 B-2 1,621,700.00 54.~~14498~~99219% 1,~~518~~512,~~566~~331.4881 6,~~510~~291.8354 0.00 0.00 B-3 1,216,200.00 54.~~14498~~99219% 1,~~138~~134,~~854~~178.6392 4,~~882~~718.8236 0.00 0.00 B-4 567,600.00 54.~~14498~~99219% ~~531~~529,~~502~~320.9580 2,~~278~~202.8106 0.00 0.00 B-5 324,400.00 54.~~14498~~99219% ~~303~~302,~~769~~522.4832 1,~~302~~258.4154 0.00 0.00 B-6 324,455.58 54.~~14498~~99219% ~~235~~234,~~357~~390.1586 ~~1,009~~975.0910 0.00 0.00 Totals 162,168,705.58 ~~408~~383,~~752~~398.5982 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 0.00 0.00 ~~302~~287,~~238~~625.6777 0.00 7472,~~961~~896,~~307~~316.7796 II-A 0.00 0.00 3735,~~392~~183.3186 0.00 65,~~048~~765,~~798~~840.6967 III-A 0.00 0.00 4638,~~626~~852.8205 0.00 9,~~754~~719,~~233~~202.8109 R-IA 0.00 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 6,~~510~~291.8354 0.00 1,~~512~~505,~~331~~969.8141 B-2 0.00 0.00 6,~~510~~291.8354 0.00 1,~~512~~505,~~331~~969.8141 B-3 0.00 0.00 4,~~882~~718.8236 0.00 1,~~134~~129,~~178~~407.9241 B-4 0.00 0.00 2,~~278~~202.8106 0.00 ~~529~~527,~~320~~093.8094 B-5 0.00 0.00 1,~~302~~258.4154 0.00 ~~302~~301,~~522~~249.3260 B-6 0.00 0.00 ~~1,009~~975.0910 0.00 ~~234~~233,~~390~~404.8677 Totals 0.00 0.00 ~~408~~383,~~752~~398.5982 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 I-A 119,408,000.00 4.~~70708~~60439% ~~645~~627.~~27662108~~77458604 2.~~53114255~~40876466 0.00000000 0.00000000 II-A 15,660,500.00 6.98000% ~~410~~386.~~49021615~~24556623 2.~~38768302~~24666262 0.00000000 0.00000000 III-A 21,424,100.00 54.~~31780~~77972% ~~491~~455.~~11449069~~29258219 21.~~17637240~~81347408 0.00000000 0.00000000 R-IA 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 6.~~11878~~11926% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 54.~~14498~~99219% ~~936~~932.~~40406980~~55954246 43.~~01481778~~87959549 0.00000000 0.00000000 B-2 1,621,700.00 54.~~14498~~99219% ~~936~~932.~~40406980~~55954246 43.~~01481778~~87959549 0.00000000 0.00000000 B-3 1,216,200.00 54.~~14498~~99219% ~~936~~932.~~40407005~~55954613 43.~~01481664~~87959217 0.00000000 0.00000000 B-4 567,600.00 54.~~14498~~99219% ~~936~~932.~~40406977~~55954898 43.~~01481677~~87959831 0.00000000 0.00000000 B-5 324,400.00 54.~~14498~~99219% ~~936~~932.~~40406905~~55955610 43.~~01482737~~87959309 0.00000000 0.00000000 B-6 324,455.58 54.~~14498~~99219% ~~725~~722.~~39097648~~41278760 3.~~11010216~~00534206 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 I-A 0.00000000 0.00000000 2.~~53114255~~40876466 0.00000000 ~~627~~610.~~77458604~~48101434 II-A 0.00000000 0.00000000 2.~~38768302~~24666262 0.00000000 ~~386~~368.~~24556623~~17730405 III-A 0.00000000 0.00000000 21.~~17637240~~81347408 0.00000000 ~~455~~453.~~29258219~~65742738 R-IA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 43.~~01481778~~87959549 0.00000000 ~~932~~928.~~55954246~~63625208 B-2 0.00000000 0.00000000 43.~~01481778~~87959549 0.00000000 ~~932~~928.~~55954246~~63625208 B-3 0.00000000 0.00000000 43.~~01481664~~87959217 0.00000000 ~~932~~928.~~55954613~~63625226 B-4 0.00000000 0.00000000 43.~~01481677~~87959831 0.00000000 ~~932~~928.~~55954898~~63625793 B-5 0.00000000 0.00000000 43.~~01482737~~87959309 0.00000000 ~~932~~928.~~55955610~~63625154 B-6 0.00000000 0.00000000 3.~~11010216~~00534206 0.00000000 ~~722~~719.~~41278760~~37357342 (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 32,~~711~~829,~~009~~571.0895 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 6261,~~449~~149.8550 Realized Loss (Gains, Subsequent Expenses & Recoveries) ~~(36~~0.~~38)~~00 Prepayment Penalties 0.00 Total Deposits 32,~~773~~890,~~422~~721.5545 Withdrawals Reimbursement for Servicer Advances 6462,~~913~~449.6585 Payment of Service Fee 4139,~~233~~910.5323 Payment of Interest and Principal 32,~~667~~788,~~275~~361.37 Total Withdrawals (Pool Distribution Amount) 32,~~773~~890,~~422~~721.5545 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 3129,~~014~~996.9969 FNMA Guaranty Fee 9,~~391~~113.4664 Trustee Fee ~~827~~799.0890 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 4139,~~233~~910.5323

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 6 0 0 6 ~~267~~266,~~660~~599.4658 0.00 0.00 ~~267~~266,~~660~~599.4658 30 Days 7271 2 0 0 7473 4,~~120~~078,~~396~~079.2709 62,~~974~~859.6916 0.00 0.00 4,~~183~~140,~~370~~938.9625 60 Days 2523 0 0 0 2523 21,~~105~~997,~~333~~082.6620 0.00 0.00 0.00 21,~~105~~997,~~333~~082.6620 90 Days 6 1 0 0 7 ~~480~~478,~~714~~050.9021 8180,~~443~~951.5429 0.00 0.00 ~~562~~559,~~158~~001.4450 120 Days 0 0 1 0 1 0.00 0.00 53,653.69 0.00 53,653.69 150 Days 1 0 0 0 1 412,743.94 0.00 0.00 0.00 412,743.94 180+ Days 3 1 1 1 6 9897,~~255~~588.6217 83,008.84 83,218.96 20,813.12 ~~285~~284,~~296~~629.5409 Totals ~~107~~104 10 2 1 ~~120~~117 7,~~217~~063,~~444~~543.3961 ~~495~~493,~~087~~418.5387 136,872.65 20,813.12 7,~~870~~714,~~217~~648.6925 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.~~347222~~356506% 0.000000% 0.000000% 0.~~347222~~356506% 0.~~277724~~283672% 0.000000% 0.000000% 0.~~277724~~283672% 30 Days 4.~~166667~~218657% 0.~~115741~~118835% 0.000000% 0.000000% 4.~~282407~~337493% 4.~~275317~~339233% 0.~~065342~~066885% 0.000000% 0.000000% 4.~~340660~~406117% 60 Days 1.~~446759~~366607% 0.000000% 0.000000% 0.000000% 1.~~446759~~366607% 2.~~184491~~124972% 0.000000% 0.000000% 0.000000% 2.~~184491~~124972% 90 Days 0.~~347222~~356506% 0.~~057870~~059418% 0.000000% 0.000000% 0.~~405093~~415924% 0.~~498789~~508664% 0.~~084506~~086135% 0.000000% 0.000000% 0.~~583295~~594799% 120 Days 0.000000% 0.000000% 0.~~057870~~059418% 0.000000% 0.~~057870~~059418% 0.000000% 0.000000% 0.~~055671~~057090% 0.000000% 0.~~055671~~057090% 150 Days 0.~~057870~~059418% 0.000000% 0.000000% 0.000000% 0.~~057870~~059418% 0.~~428263~~439175% 0.000000% 0.000000% 0.000000% 0.~~428263~~439175% 180+ Days 0.~~173611~~178253% 0.~~057870~~059418% 0.~~057870~~059418% 0.~~057870~~059418% 0.~~347222~~356506% 0.~~101950~~103838% 0.~~086130~~088325% 0.~~086348~~088548% 0.~~021596~~022146% 0.~~296023~~302856% Totals 6.~~192130~~179441% 0.~~578704~~594177% 0.~~115741~~118835% 0.~~057870~~059418% 6.~~944444~~951872% 7.~~488810~~515882% 0.~~513702~~525017% 0.~~142019~~145638% 0.~~021596~~022146% 8.~~166127~~208682%

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 6 0 0 6 ~~267~~266,~~660~~599.4658 0.00 0.00 ~~267~~266,~~660~~599.4658 30 Days 6968 2 0 0 7170 3,~~596~~556,~~991~~261.3077 62,~~974~~859.6916 0.00 0.00 3,~~659~~619,~~965~~120.9993 60 Days 2119 0 0 0 2119 1,~~408~~304,~~883~~453.1260 0.00 0.00 0.00 1,~~408~~304,~~883~~453.1260 90 Days 5 1 0 0 6 ~~187~~185,~~302~~697.8101 8180,~~443~~951.5429 0.00 0.00 ~~268~~266,~~746~~648.3530 120 Days 0 0 1 0 1 0.00 0.00 53,653.69 0.00 53,653.69 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 3 1 1 1 6 9897,~~255~~588.6217 83,008.84 83,218.96 20,813.12 ~~285~~284,~~296~~629.5409 Totals 9895 10 2 1 ~~111~~108 5,~~291~~144,~~432~~000.8555 ~~495~~493,~~087~~418.5387 136,872.65 20,813.12 5,~~944~~795,~~206~~105.1519 0-29 Days 0.~~361664~~371287% 0.000000% 0.000000% 0.~~361664~~371287% 0.~~337826~~345527% 0.000000% 0.000000% 0.~~337826~~345527% 30 Days 4.~~159132~~207921% 0.~~120555~~123762% 0.000000% 0.000000% 4.~~279687~~331683% 4.~~539917~~609103% 0.~~079483~~081469% 0.000000% 0.000000% 4.~~619400~~690572% 60 Days 1.~~265823~~175743% 0.000000% 0.000000% 0.000000% 1.~~265823~~175743% 1.~~778212~~690641% 0.000000% 0.000000% 0.000000% 1.~~778212~~690641% 90 Days 0.~~301386~~309406% 0.~~060277~~061881% 0.000000% 0.000000% 0.~~361664~~371287% 0.~~236403~~240673% 0.~~102793~~104917% 0.000000% 0.000000% 0.~~339196~~345590% 120 Days 0.000000% 0.000000% 0.~~060277~~061881% 0.000000% 0.~~060277~~061881% 0.000000% 0.000000% 0.~~067719~~069538% 0.000000% 0.~~067719~~069538% 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.~~180832~~185644% 0.~~060277~~061881% 0.~~060277~~061881% 0.~~060277~~061881% 0.~~361664~~371287% 0.~~124013~~126479% 0.~~104769~~107584% 0.~~105034~~107856% 0.~~026269~~026975% 0.~~360085~~368894% Totals 5.~~907173~~878713% 0.~~602773~~618812% 0.~~120555~~123762% 0.~~060277~~061881% 6.~~690778~~683168% 6.~~678544~~666897% 0.~~624871~~639497% 0.~~172753~~177394% 0.~~026269~~026975% 7.~~502438~~510763% 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 2 0 0 0 2 ~~255~~254,~~601~~612.2270 0.00 0.00 0.00 ~~255~~254,~~601~~612.2270 60 Days 3 0 0 0 3 ~~462~~460,~~182~~192.8770 0.00 0.00 0.00 ~~462~~460,~~182~~192.8770 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 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 5 0 0 0 5 ~~717~~714,~~784~~805.0940 0.00 0.00 0.00 ~~717~~714,~~784~~805.0940 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 4.~~444444~~651163% 0.000000% 0.000000% 0.000000% 4.~~444444~~651163% 34.~~867737~~027247% 0.000000% 0.000000% 0.000000% 34.~~867737~~027247% 60 Days 6.~~666667~~976744% 0.000000% 0.000000% 0.000000% 6.~~666667~~976744% 67.~~993714~~278936% 0.000000% 0.000000% 0.000000% 67.~~993714~~278936% 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% 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 11.~~111111~~627907% 0.000000% 0.000000% 0.000000% 11.~~111111~~627907% 1011.~~861452~~306183% 0.000000% 0.000000% 0.000000% 1011.~~861452~~306183% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 1 0 0 0 1 267,~~803~~204.7562 0.00 0.00 0.00 267,~~803~~204.7562 60 Days 1 0 0 0 1 ~~234~~232,~~267~~435.6790 0.00 0.00 0.00 ~~234~~232,~~267~~435.6790 90 Days 1 0 0 0 1 ~~293~~292,~~412~~353.0920 0.00 0.00 0.00 ~~293~~292,~~412~~353.0920 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 1 0 0 0 1 412,743.94 0.00 0.00 0.00 412,743.94 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4 0 0 0 4 1,~~208~~204,~~227~~737.4566 0.00 0.00 0.00 1,~~208~~204,~~227~~737.4566 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 4.166667% 0.000000% 0.000000% 0.000000% 4.166667% 2.~~541434~~544328% 0.000000% 0.000000% 0.000000% 2.~~541434~~544328% 60 Days 4.166667% 0.000000% 0.000000% 0.000000% 4.166667% 2.~~223179~~213259% 0.000000% 0.000000% 0.000000% 2.~~223179~~213259% 90 Days 4.166667% 0.000000% 0.000000% 0.000000% 4.166667% 2.~~784454~~783793% 0.000000% 0.000000% 0.000000% 2.~~784454~~783793% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 4.166667% 0.000000% 0.000000% 0.000000% 4.166667% 3.~~916903~~930156% 0.000000% 0.000000% 0.000000% 3.~~916903~~930156% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 16.666667% 0.000000% 0.000000% 0.000000% 16.666667% 11.~~465970~~471536% 0.000000% 0.000000% 0.000000% 11.~~465970~~471536%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 6261,~~449~~149.8550

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 42,760,705.58 26.36803780% 2120,~~028~~688,~~109~~137.0230 2122.~~90669526~~10638237% 7877.~~093305~~893618% 0.000000% Class 2A 27,100,205.58 16.71111913% 14,~~979~~922,~~310~~296.3363 15.~~60516860~~94527291% 6.~~301527~~161109% ~~115~~110.~~764787~~815605% Class 3A 5,676,105.58 3.50012387% 5,~~225~~203,~~076~~094.5254 5.~~44338813~~55978510% 10.~~161780~~385488% 186.~~681167~~796569% Class R-II 5,676,105.58 3.50012387% 5,~~225~~203,~~076~~094.5254 5.~~44338813~~55978510% 0.000000% 0.000000% Class R-III 5,676,055.58 3.50009304% 5,~~225~~203,~~076~~094.5254 5.~~44338813~~55978510% 0.000000% 0.000000% Class B-1 4,054,355.58 2.50008506% 3,~~712~~697,~~744~~125.7113 3.~~86786881~~95057615% 1.~~575519~~609209% 28.943726% Class B-2 2,432,655.58 1.50007708% 2,~~200~~191,~~412~~155.9072 2.~~29234948~~34136720% 1.~~575519~~609209% 28.943726% Class B-3 1,216,455.58 0.75011734% 1,~~066~~061,~~233~~748.9831 1.~~11078285~~13453492% 1.~~181567~~206832% 21.706456% Class B-4 648,855.58 0.40011146% ~~536~~534,~~913~~654.1837 0.~~55934623~~57130682% 0.~~551437~~563228% 10.130393% Class B-5 324,455.58 0.20007287% ~~234~~233,~~390~~404.8677 0.~~24418407~~24940549% 0.~~315162~~321901% 5.789816% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~244184~~249405% 4.485884% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~440749~~291947% Weighted Average Net Coupon 54.~~065749~~916947% Weighted Average Pass-Through Rate 54.~~055749~~906947% Weighted Average Maturity(Stepdown Calculation ) ~~173~~172 Beginning Scheduled Collateral Loan Count 1,~~765~~728 Number Of Loans Paid In Full 3745 Ending Scheduled Collateral Loan Count 1,~~728~~683 Beginning Scheduled Collateral Balance 9995,~~247~~989,~~975~~416.9478 Ending Scheduled Collateral Balance 9593,~~989~~584,~~416~~454.7825 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2003 9693,~~376~~981,~~385~~572.2604 Monthly P &I Constant ~~868~~838,~~733~~081.0240 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 360.3800 Cumulative Realized Loss 70,509.72 Class A Optimal Amount 32,~~632~~753,~~667~~755.7586 Ending Scheduled Balance for Premium Loans 9593,~~989~~584,~~416~~454.7825 Scheduled Principal ~~418~~414,~~746~~772.9234 Unscheduled Principal 21,~~839~~990,~~812~~190.2419

Miscellaneous Reporting Deficiency Amount 0.00 Guaranteed Interest Payment 0.00 Guaraneteed Principal Payment 0.00 Guarantor Remibursement Amount 0.00 Senior Percentage Group 1 9594.~~107033~~999100% Senior Prepayment Pct. Group 1 100.000000% Subordinate Percentage Group 1 45.~~892967~~009000% Subordinate Prepayment Pct. Group 1 0.000000% Average Loss Severity Group 1 0 Senior Percentage Group 2 9291.~~187866~~754988% Senior Prepayment Pct. Group 2 100.000000% Subordinate Percentage Group 2 78.~~812134~~245012% Subordinate Prepayment Pct. Group 2 0.000000% Average Loss Severity Group 2 0 Senior Percentage Group 3 9392.~~447226~~988758% Senior Prepayment Pct. Group 3 100.000000% Subordinate Percentage Group 3 67.~~552774~~011242% Subordinate Prepayment Pct. Group 3 0.000000% Average Loss Severity Group 3 0

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 5.~~227084~~124388 7.~~499996~~500004 5.~~702796~~164715 Weighted Average Net Rate 4.~~852084~~749388 7.~~124993~~125003 54.~~327798~~789716 Weighted Average Maturity ~~165~~164 ~~209~~208 ~~191~~190 Beginning Loan Count 1,~~692~~659 4745 2624 Loans Paid In Full 3343 2 20 Ending Loan Count 1,~~659~~616 4543 24 Beginning Scheduled Balance 8178,~~015~~907,~~239~~387.7063 6,~~973~~592,~~240~~337.9572 1110,~~259~~489,~~495~~691.2943 Ending scheduled Balance 7876,~~907~~824,~~387~~274.6390 6,~~592~~308,~~337~~135.7213 10,~~489~~452,~~691~~044.4322 Record Date 0708/31/2003 0708/31/2003 0708/31/2003 Principal And Interest Constant ~~720~~699,~~137~~333.4222 5956,~~198~~297.00 8982,~~397~~451.6018 Scheduled Principal ~~367~~362,~~242~~373.8918 15,~~615~~094.2787 3537,~~888~~304.7629 Unscheduled Principal 1,~~740~~720,~~609~~739.1855 ~~365~~269,~~287~~107.9672 ~~733,915~~342.1092 Scheduled Interest ~~352~~336,~~894~~960.5304 4341,~~582~~202.7313 5345,~~508~~146.8489 Servicing Fees 2524,~~317~~658.2656 2,~~179~~060.1511 3,~~518~~278.5802 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~675~~657.1355 5854.1294 9387.8341 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 ~~326~~311,~~902~~643.1493 4139,~~345~~087.4608 4941,~~896~~781.4346 Realized Loss Amount 360.3800 0.00 0.00 Cumulative Realized Loss 70,192.02 111.50 206.20 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 4.~~842084~~739388 7.~~114996~~115004 54.~~317796~~779715

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~440749~~291947 Weighted Average Net Rate 54.~~065749~~916947 Weighted Average Maturity ~~173~~172 Beginning Loan Count 1,~~765~~728 Loans Paid In Full 3745 Ending Loan Count 1,~~728~~683 Beginning Scheduled Balance 9995,~~247~~989,~~975~~416.9478 Ending scheduled Balance 9593,~~989~~584,~~416~~454.7825 Record Date 0708/31/2003 Principal And Interest Constant ~~868~~838,~~733~~081.0240 Scheduled Principal ~~418~~414,~~746~~772.9234 Unscheduled Principal 21,~~839~~990,~~812~~190.2419 Scheduled Interest ~~449~~423,~~986~~309.1006 Servicing Fees 3129,~~014~~996.9969 Master Servicing Fees 0.00 Trustee Fee ~~827~~799.0890 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest ~~418~~392,~~144~~512.0347 Realized Loss Amount 360.3800 Cumulative Realized Loss 70,509.72 Percentage of Cumulative Losses 0.00 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 54.~~055749~~906947

Filing Compare · BEAR STEARNS ARM TRUST MORTGAGE PASS THR CERTS SERIES 2002 1