8-K 1 fld03001.txt DECEMBER 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): December 26, 2003 FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Pass-Through Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106925-09 54-2132841 Pooling and Servicing Agreement) (Commission 54-2132842 (State or other File Number) 54-2132843 jurisdiction 54-2132844 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 December 26, 2003 a distribution was made to holders of FIELDSTONE MORTGAGE INVESTMENT CORP, Mortgage Pass-Through 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 Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the December 26, 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. FIELDSTONE MORTGAGE INVESTMENT CORP Mortgage Pass-Through Certificates, Series 2003-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/6/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-1 Trust, relating to the December 26, 2003 distribution. EX-99.1

Fieldstone Mortgage Investors Corp Mortgage Pass-Through Certificates Record Date: 1011/3130/03 Distribution Date: 1112/2526/03 FMIC 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 1-A 31695TAA3 SEN 1.~~47000~~46875% ~~310~~308,~~982~~922,~~203~~061.5299 ~~368~~390,~~254~~711.7632 2974,~~060,141~~782.5389 2-A1 31695TAB1 SEN 1.~~34000~~33875% 70,~~406~~222,~~025~~800.8670 7580,~~999~~953.3972 ~~183~~44,~~225~~803.1713 2-A2 31695TAC9 SEN 1.~~62000~~61875% 18,513,000.00 2425,~~159~~805.4771 0.00 A-IO 31695TAD7 SEN 6.00000% 0.00 600,000.00 0.00 M1 31695TAE5 MEZ 1.~~80000~~79875% 32,511,000.00 4750,~~140~~357.9506 0.00 M2 31695TAF2 MEZ 2.~~87000~~86875% 26,260,000.00 6064,~~711~~870.6641 0.00 M3 31695TAG0 MEZ 3.~~17000~~16875% 8,753,000.00 2223,~~351~~883.7684 0.00 M4 31695TAH8 MEZ 4.~~12000~~11875% 7,503,000.00 2526,~~624~~610.4890 0.00 M5 31695TAJ4 MEZ 4.~~37000~~36875% 5,001,000.00 1918,~~452~~813.7366 0.00 B 31695TAK1 SEN 4.~~37000~~36875% 6,253,000.00 2423,~~322~~523.7266 0.00 X FLD03001X SEN 0.00000% 13,~~118~~754,~~683~~881.0200 ~~785~~1,~~317~~383,558.9220 0.00 R FLD030014 SEN 0.00000% 0.00 0.00 0.00 Totals ~~499~~497,~~300~~693,~~912~~743.4069 2,~~053~~689,~~335~~088.8448 21,~~243~~019,~~366~~586.7002

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 ~~308~~307,~~922~~947,~~061~~279.9910 21,~~428~~365,~~396~~494.2921 0.00 2-A1 0.00 70,~~222~~177,~~800~~997.7057 ~~259~~125,~~224~~756.5685 0.00 2-A2 0.00 18,513,000.00 2425,~~159~~805.4771 0.00 A-IO 0.00 0.00 600,000.00 0.00 M1 0.00 32,511,000.00 4750,~~140~~357.9506 0.00 M2 0.00 26,260,000.00 6064,~~711~~870.6641 0.00 M3 0.00 8,753,000.00 2223,~~351~~883.7684 0.00 M4 0.00 7,503,000.00 2526,~~624~~610.4890 0.00 M5 0.00 5,001,000.00 1918,~~452~~813.7366 0.00 B 0.00 6,253,000.00 2423,~~322~~523.7266 0.00 X 0.00 13,754,881.00 ~~785~~1,~~317~~383,558.9220 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~497~~496,~~693~~674,~~743~~157.6967 43,~~296~~708,~~702~~674.5450 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) 1-A 312,896,000.00 ~~310~~308,~~982~~922,~~203~~061.5299 0.00 2974,~~060,141~~782.5389 0.00 0.00 2-A1 71,233,000.00 70,~~406~~222,~~025~~800.8670 0.00 ~~183~~44,~~225~~803.1713 0.00 0.00 2-A2 18,513,000.00 18,513,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 32,511,000.00 32,511,000.00 0.00 0.00 0.00 0.00 M2 26,260,000.00 26,260,000.00 0.00 0.00 0.00 0.00 M3 8,753,000.00 8,753,000.00 0.00 0.00 0.00 0.00 M4 7,503,000.00 7,503,000.00 0.00 0.00 0.00 0.00 M5 5,001,000.00 5,001,000.00 0.00 0.00 0.00 0.00 B 6,253,000.00 6,253,000.00 0.00 0.00 0.00 0.00 X 11,254,479.36 13,~~118~~754,~~683~~881.0200 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 500,177,479.36 ~~499~~497,~~300~~693,~~912~~743.4069 0.00 21,~~243~~019,~~366~~586.7002 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 1-A 2974,~~060,141~~782.5389 ~~308~~307,~~922~~947,~~061~~279.9910 0.~~98729949~~98418413 2974,~~060,141~~782.5389 2-A1 ~~183~~44,~~225~~803.1713 70,~~222~~177,~~800~~997.7057 0.~~98581838~~98518941 ~~183~~44,~~225~~803.1713 2-A2 0.00 18,513,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 32,511,000.00 1.00000000 0.00 M2 0.00 26,260,000.00 1.00000000 0.00 M3 0.00 8,753,000.00 1.00000000 0.00 M4 0.00 7,503,000.00 1.00000000 0.00 M5 0.00 5,001,000.00 1.00000000 0.00 B 0.00 6,253,000.00 1.00000000 0.00 X 0.00 13,754,881.00 1.22216946 0.00 R 0.00 0.00 0.00000000 0.00 Totals 21,~~243~~019,~~366~~586.7002 ~~497~~496,~~693~~674,~~743~~157.6967 0.~~99503429~~99299584 21,~~243~~019,~~366~~586.7002

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 312,896,000.00 ~~993~~987.~~88360196~~29949245 0.00000000 63.~~58410951~~11535747 0.00000000 2-A1 71,233,000.00 ~~988~~985.~~39057544~~81838053 0.00000000 20.~~57219505~~62896593 0.00000000 2-A2 18,513,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 32,511,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 26,260,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 8,753,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 7,503,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 5,001,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,253,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 11,254,479.36 ~~1165~~1222.~~64103948~~16946338 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are Per 1,000 Denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A 0.00000000 63.~~58410951~~11535747 ~~987~~984.~~29949245~~18413498 0.~~98729949~~98418413 63.~~58410951~~11535747 2-A1 0.00000000 20.~~57219505~~62896593 985.~~81838053~~18941460 0.~~98581838~~98518941 20.~~57219505~~62896593 2-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,222.16946338 1.22216946 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 1-A 312,896,000.00 1.~~47000~~46875% ~~310~~308,~~982~~922,~~203~~061.5299 ~~368~~390,~~254~~711.7632 0.00 0.00 2-A1 71,233,000.00 1.~~34000~~33875% 70,~~406~~222,~~025~~800.8670 7580,~~999~~953.3972 0.00 0.00 2-A2 18,513,000.00 1.~~62000~~61875% 18,513,000.00 2425,~~159~~805.4771 0.00 0.00 A-IO 0.00 6.00000% 120,000,000.00 600,000.00 0.00 0.00 M1 32,511,000.00 1.~~80000~~79875% 32,511,000.00 4750,~~140~~357.9506 0.00 0.00 M2 26,260,000.00 2.~~87000~~86875% 26,260,000.00 6064,~~711~~870.6641 0.00 0.00 M3 8,753,000.00 3.~~17000~~16875% 8,753,000.00 2223,~~351~~883.7684 0.00 0.00 M4 7,503,000.00 4.~~12000~~11875% 7,503,000.00 2426,~~901~~610.6290 0.00 0.00 M5 5,001,000.00 4.~~37000~~36875% 5,001,000.00 1718,~~604~~813.9166 0.00 0.00 B 6,253,000.00 4.~~37000~~36875% 6,253,000.00 2223,~~012~~523.3066 0.00 0.00 X 11,254,479.36 0.00000% 13,~~118~~754,~~683~~881.0200 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 500,177,479.36 1,~~263~~305,~~136~~530.8228 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 1-A 0.00 0.00 ~~368~~390,~~254~~711.7632 0.00 ~~308~~307,~~922~~947,~~061~~279.9910 2-A1 0.00 0.00 7580,~~999~~953.3972 0.00 70,~~222~~177,~~800~~997.7057 2-A2 0.00 0.00 2425,~~159~~805.4771 0.00 18,513,000.00 A-IO 0.00 0.00 600,000.00 0.00 120,000,000.00 M1 0.00 0.00 4750,~~140~~357.9506 0.00 32,511,000.00 M2 0.00 0.00 6064,~~711~~870.6641 0.00 26,260,000.00 M3 0.00 0.00 2223,~~351~~883.7684 0.00 8,753,000.00 M4 0.00 0.00 2526,~~624~~610.4890 0.00 7,503,000.00 M5 0.00 0.00 1918,~~452~~813.7366 0.00 5,001,000.00 B 0.00 0.00 2423,~~322~~523.7266 0.00 6,253,000.00 X 0.00 0.00 ~~785~~1,~~317~~383,558.9220 0.00 13,754,881.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 2,~~053~~689,~~335~~088.8448 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 1-A 312,896,000.00 1.~~47000~~46875% ~~993~~987.~~88360196~~29949245 1.~~17692383~~24869388 0.00000000 0.00000000 2-A1 71,233,000.00 1.~~34000~~33875% ~~988~~985.~~39057544~~81838053 1.~~06691267~~13646372 0.00000000 0.00000000 2-A2 18,513,000.00 1.~~62000~~61875% 1000.00000000 1.~~30500027~~39392373 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 M1 32,511,000.00 1.~~80000~~79875% 1000.00000000 1.~~45000000~~54892375 0.00000000 0.00000000 M2 26,260,000.00 2.~~87000~~86875% 1000.00000000 2.~~31194440~~47031264 0.00000000 0.00000000 M3 8,753,000.00 3.~~17000~~16875% 1000.00000000 2.~~55361133~~72864618 0.00000000 0.00000000 M4 7,503,000.00 4.~~12000~~11875% 1000.00000000 3.~~31888844~~54670132 0.00000000 0.00000000 M5 5,001,000.00 4.~~37000~~36875% 1000.00000000 3.~~52027794~~76197960 0.00000000 0.00000000 B 6,253,000.00 4.~~37000~~36875% 1000.00000000 3.~~52027827~~76197985 0.00000000 0.00000000 X 11,254,479.36 0.00000% ~~1165~~1222.~~64103948~~16946338 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denominations.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 1-A 0.00000000 0.00000000 1.~~17692383~~24869388 0.00000000 ~~987~~984.~~29949245~~18413498 2-A1 0.00000000 0.00000000 1.~~06691267~~13646372 0.00000000 985.~~81838053~~18941460 2-A2 0.00000000 0.00000000 1.~~30500027~~39392373 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.~~45000000~~54892375 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~31194440~~47031264 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~55361133~~72864618 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~41523124~~54670132 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.~~88976805~~76197960 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.~~88976811~~76197985 0.00000000 1000.00000000 X 0.00000000 0.00000000 69122.~~77825405~~93400305 0.00000000 1222.16946338 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 43,~~507~~918,~~033~~328.1002 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 0.00 Total Deposits 43,~~507~~918,~~033~~328.1002 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~210~~209,~~330~~653.5652 Payment of Interest and Principal 43,~~296~~708,~~702~~674.5450 Total Withdrawals (Pool Distribution Amount) 43,~~507~~918,~~033~~328.1002 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~208~~207,~~042~~372.0440 Wells Fargo Bank Minnesota, N.A. 2,~~288~~281.5212 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~210~~209,~~330~~653.5652

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 01,000.00 ~~4,881~~0.1100 ~~5,881~~0.1100 1,000.00 Financial Guaranty 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 47 0 0 0 47 ~~401~~1,~~115~~041,360.2863 0.00 0.00 0.00 ~~401~~1,~~115~~041,360.2863 60 Days 03 0 0 0 03 0303,115.0028 0.00 0.00 0.00 0303,115.0028 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 410 0 0 0 410 ~~401~~1,~~115~~344,475.2891 0.00 0.00 0.00 ~~401~~1,~~115~~344,475.2891 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 0.~~145826~~255661% 0.000000% 0.000000% 0.000000% 0.~~145826~~255661% 0.~~080558~~209570% 0.000000% 0.000000% 0.000000% 0.~~080558~~209570% 60 Days 0.~~000000~~109569% 0.000000% 0.000000% 0.000000% 0.~~000000~~109569% 0.~~000000~~061001% 0.000000% 0.000000% 0.000000% 0.~~000000~~061001% 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 0.~~145826~~365230% 0.000000% 0.000000% 0.000000% 0.~~145826~~365230% 0.~~080558~~270571% 0.000000% 0.000000% 0.000000% 0.~~080558~~270571%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 46 0 0 0 46 ~~401~~717,~~115~~725.2840 0.00 0.00 0.00 ~~401~~717,~~115~~725.2840 60 Days 03 0 0 0 03 0303,115.0028 0.00 0.00 0.00 0303,115.0028 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 49 0 0 0 49 ~~401~~1,~~115~~020,840.2868 0.00 0.00 0.00 ~~401~~1,~~115~~020,840.2868 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~195599~~294118% 0.000000% 0.000000% 0.000000% 0.~~195599~~294118% 0.~~117669~~211130% 0.000000% 0.000000% 0.000000% 0.~~117669~~211130% 60 Days 0.~~000000~~147059% 0.000000% 0.000000% 0.000000% 0.~~000000~~147059% 0.~~000000~~089166% 0.000000% 0.000000% 0.000000% 0.~~000000~~089166% 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 0.~~195599~~441176% 0.000000% 0.000000% 0.000000% 0.~~195599~~441176% 0.~~117669~~300296% 0.000000% 0.000000% 0.000000% 0.~~117669~~300296% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 4 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 01 0 0 0 01 0323,635.0023 0.00 0.00 0.00 0323,635.0023 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 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 01 0 0 0 01 0323,635.0023 0.00 0.00 0.00 0323,635.0023 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~000000~~408163% 0.000000% 0.000000% 0.000000% 0.~~000000~~408163% 0.~~000000~~333750% 0.000000% 0.000000% 0.000000% 0.~~000000~~333750% 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% 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 0.~~000000~~408163% 0.000000% 0.000000% 0.000000% 0.~~000000~~408163% 0.~~000000~~333750% 0.000000% 0.000000% 0.000000% 0.~~000000~~333750%

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 6.~~946447~~945866% Weighted Average Net Coupon 6.~~446447~~445866% Weighted Average Pass-Through Rate 6.~~440947~~440366% Weighted Average Maturity(Stepdown Calculation ) ~~355~~354 Beginning Scheduled Collateral Loan Count 2,~~751~~743 Number Of Loans Paid In Full 85 Ending Scheduled Collateral Loan Count 2,~~743~~738 Beginning Scheduled Collateral Balance ~~499~~497,~~300~~693,~~912~~743.4169 Ending Scheduled Collateral Balance ~~497~~496,~~693~~674,~~743~~157.6967 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2003 ~~497~~496,~~921~~902,~~235~~646.7973 Monthly P &I Constant 3,~~135~~127,~~820~~224.7972 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 ~~497~~496,~~693~~674,~~743~~157.6967 Scheduled Principal ~~245~~246,~~514~~462.8084 Unscheduled Principal 1773,~~361,653~~123.9218

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Coupon Rate 6.~~946447~~945866% Weighted Average Net Rate 6.~~446447~~445866% Weighted Average Pass Through Rate 6.~~440947~~440366% Weighted Average Maturity ~~355~~354 Record Date 1011/3130/2003 Principal and Interest Constant 3,~~135~~127,~~820~~224.7972 Beginning Loan Count 2,~~751~~743 Loans Paid in Full 85 Ending Loan Count 2,~~743~~738 Beginning Scheduled Balance ~~499~~497,~~300~~693,~~912~~743.4169 Ending Scheduled Balance ~~497~~496,~~693~~674,~~743~~157.6967 Ending Actual Balance at 3130-~~Oct~~Nov-2003 ~~497~~496,~~921~~902,~~235~~646.7973 Scheduled Principal ~~245~~246,~~514~~462.8084 Unscheduled Principal 1773,~~361,653~~123.9218 Scheduled Interest 2,~~890~~880,~~305~~761.9988 Servicing Fee ~~208~~207,~~042~~372.0440 Master Servicing Fee 2,~~288~~281.5212 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 2,~~679~~671,~~975~~108.4336 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Special Servicing Fee 0.00 Prepayment Penalties 0.00

Miscellaneous Reporting Monthly Excess Cashflow 1,~~416~~365,~~821~~578.0412 Overcollateralization Amount 13,754,881.00 Overcollateralization Deficiency 0.00 Aggregate Overcollateralization Release 0.00 Targeted Overcollateralization Amount 13,754,881.00 Cap Payment 0.00

Group Level Collateral Statement Group 1 2 3 Collateral Description Mixed Fixed 6 Month LIBOR ARM Mixed Fixed Weighted Average Coupon Rate 7.~~933407~~937311 6.~~954084~~954444 7.~~039129~~039053 Weighted Average Net Rate 7.~~433407~~437311 6.~~454084~~454445 6.~~539128~~539053 Weighted Average Maturity ~~353~~352 ~~353~~352 ~~355~~354 Beginning Loan Count ~~406~~402 2,~~049~~045 51 Loans Paid In Full 40 45 0 Ending Loan Count 402 2,~~045~~040 51 Beginning Scheduled Balance 4645,~~543~~941,~~737~~540.9946 ~~341~~340,~~684~~720,~~015~~304.1907 14,~~062~~056,~~019~~124.5805 Ending scheduled Balance 45,~~941~~912,~~540~~931.4624 ~~340~~339,~~720~~774,~~304~~130.0740 14,~~056~~048,~~124~~322.0530 Record Date 1011/3130/2003 1011/3130/2003 1011/3130/2003 Principal And Interest Constant ~~334~~330,~~607~~934.7429 2,~~159~~155,~~985~~072.8868 88,~~053~~052.1341 Scheduled Principal 2627,~~899~~057.0638 ~~179~~180,~~903~~472.0031 5,~~566~~600.1691 Unscheduled Principal ~~575~~1,~~298~~551.4784 ~~783~~765,~~808~~701.1236 ~~329~~2,200.3784 Scheduled Interest ~~307~~303,~~708~~876.6891 1,~~980~~974,~~082~~600.8837 82,~~486~~451.9750 Servicing Fees 19,~~393~~142.2332 ~~142~~141,~~368~~966.3378 5,~~859~~856.1872 Master Servicing Fees ~~213~~210.3559 1,~~566~~561.0763 64.4543 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 ~~288~~284,~~102~~524.1000 1,~~836~~831,~~148~~071.4896 76,~~563~~530.3435 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.~~427907~~431811 6.~~448584~~448945 6.~~533629~~533553

Group Level Collateral Statement Group 4 Total Collateral Description 6 Month Arm Fixed & Mixed ARM Weighted Average Coupon Rate 6.~~432591~~432531 6.~~946447~~945866 Weighted Average Net Rate 5.~~932591~~932531 6.~~446447~~445866 Weighted Average Maturity ~~355~~354 ~~355~~354 Beginning Loan Count 245 2,~~751~~743 Loans Paid In Full 0 85 Ending Loan Count 245 2,~~743~~738 Beginning Scheduled Balance 9796,~~011~~975,~~139~~775.6511 ~~499~~497,~~300~~693,~~912~~743.4169 Ending scheduled Balance 96,~~975~~938,~~775~~773.1173 ~~497~~496,~~693~~674,~~743~~157.6967 Record Date 1011/3130/2003 1011/3130/2003 Principal And Interest Constant 553,~~174~~165.0434 3,~~135~~127,~~820~~224.7972 Scheduled Principal 33,~~146~~332.5824 ~~245~~246,~~514~~462.8084 Unscheduled Principal 23,~~217~~669.9614 1773,~~361,653~~123.9218 Scheduled Interest ~~520~~519,~~027~~833.4610 2,~~890~~880,~~305~~761.9988 Servicing Fees 40,~~421~~406.3058 ~~208~~207,~~042~~372.0440 Master Servicing Fees 444.6547 2,~~288~~281.5212 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest ~~479~~478,~~161~~982.5105 2,~~679~~671,~~975~~108.4336 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 5.~~927091~~927031 6.~~440947~~440366

Filing Compare · FIELDSTONE MORTGAGE INVESTMENT CORP SERIES 2003-1