8-K 1 sam03ar3_apr.txt APRIL 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): April 19, 2004 STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-26 54-2132871 Pooling and Servicing Agreement) (Commission 54-2132873 (State or other File Number) 54-2132872 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, 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 April 19, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS INC., Mortgage Pass-Through Certificates, Series 2003-AR3 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-AR3 Trust, relating to the April 19, 2004 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. STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR3 Trust By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 4/21/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AR3 Trust, relating to the April 19, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 103/31/0304 Distribution Date: 114/19/0304 SAM Series: 2003-AR3 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 86358HUT4 SEN 1.~~46000~~43000% ~~414~~403,~~946~~482,~~600~~086.0098 ~~319~~480,~~739~~816.4016 ~~883~~5,~~593~~148,026.1786 A-2 86358HUU1 SEN 3.~~15660~~10860% 4645,~~303~~151,~~800~~177.0056 ~~121~~116,~~802~~964.1914 2251,~~987~~110.1464 X 86358HUV9 SEN 1.~~44467~~50758% 0.00 ~~743~~548,~~755~~671.4487 0.00 R-I 86358HVA4 RES 0.00000% 500.00 0.00 500.00 R-II 86358HVB2 RES 0.00000% 500.00 0.00 500.00 R-III 86358HVC0 RES 0.00000% 500.00 0.00 500.00 M 86358HUW7 SUB 1.~~72000~~69000% 16,750,000.00 1523,~~205~~589.2858 0.00 B-1 86358HUX5 SUB 1.~~92000~~89000% 7,000,000.00 711,~~093~~025.3300 0.00 B-2 86358HUY3 SUB 2.~~12000~~09000% 5,250,000.00 59,~~874~~143.1775 0.00 B-3 86358HUZ0 SUB 2.~~12000~~09000% 4,250,000.00 47,~~755~~402.2808 0.00 B-4 86358HVD8 SUB 2.~~95626~~98230% 1,500,000.00 3,~~695~~727.3287 0.00 B-5 86358HVE6 SUB 2.~~95626~~98230% 1,250,000.00 3,~~079~~106.4356 0.00 B-6 86358HVF3 SUB 2.~~95626~~98230% 2,750,141.49 6,~~775~~834.1078 0.00 Totals ~~500~~487,~~000~~383,~~691~~406.4903 1,~~231~~211,~~774~~281.9479 ~~886~~5,~~730~~399,137.3150

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~414~~398,~~063~~334,~~006~~060.8312 15,~~203~~628,~~332~~843.5702 0.00 A-2 0.00 4644,~~300~~900,~~812~~066.8692 ~~124~~368,~~789~~074.3378 0.00 X 0.00 0.00 ~~743~~548,~~755~~671.4487 0.00 R-I 0.00 0.00 500.00 0.00 R-II 0.00 0.00 500.00 0.00 R-III 0.00 0.00 500.00 0.00 M 0.00 16,750,000.00 1523,~~205~~589.2858 0.00 B-1 0.00 7,000,000.00 711,~~093~~025.3300 0.00 B-2 0.00 5,250,000.00 59,~~874~~143.1775 0.00 B-3 0.00 4,250,000.00 47,~~755~~402.2808 0.00 B-4 0.00 1,500,000.00 3,~~695~~727.3287 0.00 B-5 0.00 1,250,000.00 3,~~079~~106.4356 0.00 B-6 0.00 2,750,141.49 6,~~775~~834.1078 0.00 Totals 0.00 ~~499~~481,~~113~~984,~~961~~268.1853 26,~~118~~610,~~505~~419.2529 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-1 414,946,600.00 ~~414~~403,~~946~~482,~~600~~086.0098 0.00 ~~883~~5,~~593~~148,026.1786 0.00 0.00 A-2 46,303,800.00 4645,~~303~~151,~~800~~177.0056 0.00 2251,~~987~~110.1464 0.00 0.00 X 0.00 0.00 0.00 0.00 0.00 0.00 R-I 50.00 500.00 0.00 500.00 0.00 0.00 R-II 50.00 500.00 0.00 500.00 0.00 0.00 R-III 50.00 500.00 0.00 500.00 0.00 0.00 M 16,750,000.00 16,750,000.00 0.00 0.00 0.00 0.00 B-1 7,000,000.00 7,000,000.00 0.00 0.00 0.00 0.00 B-2 5,250,000.00 5,250,000.00 0.00 0.00 0.00 0.00 B-3 4,250,000.00 4,250,000.00 0.00 0.00 0.00 0.00 B-4 1,500,000.00 1,500,000.00 0.00 0.00 0.00 0.00 B-5 1,250,000.00 1,250,000.00 0.00 0.00 0.00 0.00 B-6 2,750,141.49 2,750,141.49 0.00 0.00 0.00 0.00 Totals 500,000,691.49 ~~500~~487,~~000~~383,~~691~~406.4903 0.00 ~~886~~5,~~730~~399,137.3150 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 ~~883~~5,~~593~~148,026.1786 ~~414~~398,~~063~~334,~~006~~060.8312 0.~~99787059~~95996463 ~~883~~5,~~593~~148,026.1786 A-2 2251,~~987~~110.1464 4644,~~300~~900,~~812~~066.8692 0.~~99993549~~96968428 2251,~~987~~110.1464 X 0.00 0.00 0.00000000 0.00 R-I 500.00 0.00 0.00000000 500.00 R-II 500.00 0.00 0.00000000 500.00 R-III 500.00 0.00 0.00000000 500.00 M 0.00 16,750,000.00 1.00000000 0.00 B-1 0.00 7,000,000.00 1.00000000 0.00 B-2 0.00 5,250,000.00 1.00000000 0.00 B-3 0.00 4,250,000.00 1.00000000 0.00 B-4 0.00 1,500,000.00 1.00000000 0.00 B-5 0.00 1,250,000.00 1.00000000 0.00 B-6 0.00 2,750,141.49 1.00000000 0.00 Totals ~~886~~5,~~730~~399,137.3150 ~~499~~481,~~113~~984,~~961~~268.1853 0.~~99822654~~96396720 ~~886~~5,~~730~~399,137.3150

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 414,946,600.00 ~~1000~~972.~~00000000~~37111228 0.00000000 212.~~12941417~~40648040 0.00000000 A-2 46,303,800.00 ~~1000~~975.~~00000000~~10738989 0.00000000 05.~~06451177~~42311085 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-I 50.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 R-II 50.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 R-III 50.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 M 16,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 7,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 5,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 4,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 1,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-5 1,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-6 2,750,141.49 1000.00000000 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 212.~~12941417~~40648040 ~~997~~959.~~87058583~~96463188 0.~~99787059~~95996463 212.~~12941417~~40648040 A-2 0.00000000 05.~~06451177~~42311085 ~~999~~969.~~93548823~~68427904 0.~~99993549~~96968428 05.~~06451177~~42311085 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 R-II 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 R-III 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 M 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-6 0.00000000 0.00000000 1,000.00000000 1.00000000 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 A-1 414,946,600.00 1.~~46000~~43000% ~~414~~403,~~946~~482,~~600~~086.0098 ~~319~~480,~~739~~816.4115 0.00 0.00 A-2 46,303,800.00 3.~~15660~~10860% 4645,~~303~~151,~~800~~177.0056 ~~121~~116,~~802~~964.1914 0.00 0.00 X 0.00 1.~~44467~~50758% ~~448~~436,~~196~~732,~~600~~086.0098 ~~539~~548,~~579~~671.5586 0.00 0.00 R-I 50.00 0.00000% 500.00 0.00 0.00 0.00 R-II 50.00 0.00000% 500.00 0.00 0.00 0.00 R-III 50.00 0.00000% 500.00 0.00 0.00 0.00 M 16,750,000.00 1.~~72000~~69000% 16,750,000.00 1523,~~205~~589.2858 0.00 0.00 B-1 7,000,000.00 1.~~92000~~89000% 7,000,000.00 711,~~093~~025.3300 0.00 0.00 B-2 5,250,000.00 2.~~12000~~09000% 5,250,000.00 59,~~874~~143.1775 0.00 0.00 B-3 4,250,000.00 2.~~12000~~09000% 4,250,000.00 47,~~755~~402.2808 0.00 0.00 B-4 1,500,000.00 2.~~95626~~98230% 1,500,000.00 3,~~695~~727.3287 0.00 0.00 B-5 1,250,000.00 2.~~95626~~98230% 1,250,000.00 3,~~079~~106.4356 0.00 0.00 B-6 2,750,141.49 2.~~95626~~98230% 2,750,141.49 6,~~775~~834.1078 0.00 0.00 Totals 500,000,691.49 1,~~027~~211,~~599~~281.0677 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 ~~319~~480,~~739~~816.4016 0.00 ~~414~~398,~~063~~334,~~006~~060.8312 A-2 0.00 0.00 ~~121~~116,~~802~~964.1914 0.00 4644,~~300~~900,~~812~~066.8692 X 0.00 0.00 ~~743~~548,~~755~~671.4487 0.00 ~~447~~431,~~313~~584,~~006~~060.8312 R-I 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 M 0.00 0.00 1523,~~205~~589.2858 0.00 16,750,000.00 B-1 0.00 0.00 711,~~093~~025.3300 0.00 7,000,000.00 B-2 0.00 0.00 59,~~874~~143.1775 0.00 5,250,000.00 B-3 0.00 0.00 47,~~755~~402.2808 0.00 4,250,000.00 B-4 0.00 0.00 3,~~695~~727.3287 0.00 1,500,000.00 B-5 0.00 0.00 3,~~079~~106.4356 0.00 1,250,000.00 B-6 0.00 0.00 6,~~775~~834.1078 0.00 2,750,141.49 Totals 0.00 0.00 1,~~231~~211,~~774~~281.9479 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 A-1 414,946,600.00 1.~~46000~~43000% ~~1000~~972.~~00000000~~37111228 01.~~77055556~~15874223 0.00000000 0.00000000 A-2 46,303,800.00 3.~~15660~~10860% ~~1000~~975.~~00000000~~10738989 2.~~63050095~~52601601 0.00000000 0.00000000 X 0.00 1.~~44467~~50758% ~~1000~~974.~~00000000~~42079431 1.~~20389032~~22417676 0.00000000 0.00000000 R-I 50.00 0.00000% ~~1000~~0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% ~~1000~~0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000% ~~1000~~0.00000000 0.00000000 0.00000000 0.00000000 M 16,750,000.00 1.~~72000~~69000% 1000.00000000 01.~~90777791~~40833313 0.00000000 0.00000000 B-1 7,000,000.00 1.~~92000~~89000% 1000.00000000 1.~~01333286~~57500000 0.00000000 0.00000000 B-2 5,250,000.00 2.~~12000~~09000% 1000.00000000 1.~~11888952~~74166667 0.00000000 0.00000000 B-3 4,250,000.00 2.~~12000~~09000% 1000.00000000 1.~~11888941~~74166588 0.00000000 0.00000000 B-4 1,500,000.00 2.~~95626~~98230% 1000.00000000 2.~~46354667~~48524667 0.00000000 0.00000000 B-5 1,250,000.00 2.~~95626~~98230% 1000.00000000 2.~~46354400~~48524800 0.00000000 0.00000000 B-6 2,750,141.49 2.~~95626~~98230% 1000.00000000 2.~~46354598~~48524668 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 0.00000000 0.00000000 01.~~77055554~~15874226 0.00000000 ~~997~~959.~~87058583~~96463188 A-2 0.00000000 0.00000000 2.~~63050095~~52601601 0.00000000 ~~999~~969.~~93548823~~68427904 X 0.00000000 0.00000000 1.~~65944017~~22417678 0.00000000 ~~998~~962.~~02855896~~93470348 R-I 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 M 0.00000000 0.00000000 01.~~90777791~~40833313 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 1.~~01333286~~57500000 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 1.~~11888952~~74166667 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 1.~~11888941~~74166588 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.~~46354667~~48524667 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.~~46354400~~48524800 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.~~46354598~~48524668 0.00000000 1000.00000000 (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 Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage X COMP 1.~~47390~~53820% ~~414~~403,~~946~~482,~~600~~086.0098 ~~414~~398,~~063~~334,~~006~~060.8312 0.00 0.00 9995.~~78705858~~99646319% X COMP 1.~~07987~~13591% 33,250,000.00 33,250,000.00 0.00 0.00 100.00000000%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 26,~~247~~764,~~723~~896.8907 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 2818,~~073~~866.1988 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 26,~~275~~783,~~797~~762.0895 Withdrawals Reimbursement for Servicer Advances 020,020.0096 Payment of Service Fee ~~157~~153,~~291~~322.8370 Payment of Interest and Principal 26,~~118~~610,~~505~~419.2529 Total Withdrawals (Pool Distribution Amount) 26,~~275~~783,~~797~~762.0895 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 24,~~730~~166.2223 Master Servicing Fee 1,~~041~~015.6638 ~~Speciall~~Special Servicing Fee ~~131~~128,~~519~~141.9509 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~157~~153,~~291~~322.8370

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 2724 0 0 0 2724 116,~~310~~633,~~312~~869.3584 0.00 0.00 0.00 116,~~310~~633,~~312~~869.3584 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 01 0 0 0 01 0227,620.0063 0.00 0.00 0.00 0227,620.0063 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 2725 0 0 0 2725 116,~~310~~861,~~312~~490.3547 0.00 0.00 0.00 116,~~310~~861,~~312~~490.3547 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 1.~~414353~~282051% 0.000000% 0.000000% 0.000000% 1.~~414353~~282051% 21.~~266078~~376359% 0.000000% 0.000000% 0.000000% 21.~~266078~~376359% 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~~053419% 0.000000% 0.000000% 0.000000% 0.~~000000~~053419% 0.~~000000~~047225% 0.000000% 0.000000% 0.000000% 0.~~000000~~047225% 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.~~414353~~335470% 0.000000% 0.000000% 0.000000% 1.~~414353~~335470% 21.~~266078~~423584% 0.000000% 0.000000% 0.000000% 21.~~266078~~423584%

Delinquency Status By Groups

~~Delinquency Status By Groups~~ DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2720 0 0 0 2720 115,~~310~~781,~~312~~769.3595 0.00 0.00 0.00 115,~~310~~781,~~312~~769.3595 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 01 0 0 0 01 0227,620.0063 0.00 0.00 0.00 0227,620.0063 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 2721 0 0 0 2721 116,~~310~~009,~~312~~390.3558 0.00 0.00 0.00 116,~~310~~009,~~312~~390.3558 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~612903~~218769% 0.000000% 0.000000% 0.000000% 1.~~612903~~218769% 21.~~519432~~334675% 0.000000% 0.000000% 0.000000% 21.~~519432~~334675% 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~~060938% 0.000000% 0.000000% 0.000000% 0.~~000000~~060938% 0.~~000000~~052544% 0.000000% 0.000000% 0.000000% 0.~~000000~~052544% 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.~~612903~~279707% 0.000000% 0.000000% 0.000000% 1.~~612903~~279707% 21.~~519432~~387219% 0.000000% 0.000000% 0.000000% 21.~~519432~~387219% 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 04 0 0 0 04 0852,099.0089 0.00 0.00 0.00 0852,099.0089 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 04 0 0 0 04 0852,099.0089 0.00 0.00 0.00 0852,099.0089 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~000000~~731602% 0.000000% 0.000000% 0.000000% 01.~~000000~~731602% 01.~~000000~~746459% 0.000000% 0.000000% 0.000000% 01.~~000000~~746459% 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 01.~~000000~~731602% 0.000000% 0.000000% 0.000000% 01.~~000000~~731602% 01.~~000000~~746459% 0.000000% 0.000000% 0.000000% 01.~~000000~~746459%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 2818,~~073~~866.1988

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 3.~~333757~~359830% Weighted Average Net Coupon 3.~~274404~~300330% Weighted Average Pass-Through Rate 2.~~956257~~982330% Weighted Average Maturity(Stepdown Calculation ) ~~312~~307 Beginning Scheduled Collateral Loan Count 1,~~914~~886 Number Of Loans Paid In Full 514 Ending Scheduled Collateral Loan Count 1,~~909~~872 Beginning Scheduled Collateral Balance ~~500~~487,~~000~~383,~~691~~406.4904 Ending Scheduled Collateral Balance ~~499~~481,~~113~~984,~~961~~268.1954 Ending Actual Collateral Balance at 31-~~Oct~~Mar-~~2003~~2004 ~~499~~481,~~113~~986,~~961~~960.0368 Monthly P &I Constant 1,~~389~~364,~~066~~604.8048 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 ~~499~~481,~~113~~984,~~961~~268.1954 Scheduled Principal 0.00 Unscheduled Principal ~~886~~5,~~580~~399,137.3150

Miscellaneous Reporting Senior Percentage - Group 1 92.~~249989~~047293% Senior Percentage - Group 2 92.~~249900~~067748% Senior Prepay Percentage - Group 1 100.000000% Senior Prepay Percentage - Group 2 100.000000% Sen Mez & Sub Percentage - Group 1 7.~~750011~~952707% Sen Mez & Sub Percentage - Group 2 7.~~750100~~932252% Sen Mez & Sub Prep Percentage - Group 1 0.000000% Sen Mez & Sub Prep Percentage - Group 2 0.000000%

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~311400~~345703 3.~~534101~~486100 3.~~333757~~359830 Weighted Average Net Rate 3.~~251004~~285140 3.~~484102~~436100 3.~~274404~~300330 Weighted Average Maturity ~~311~~306 ~~324~~319 ~~312~~307 Beginning Loan Count 1,~~679~~654 ~~235~~232 1,~~914~~886 Loans Paid In Full 513 01 514 Ending Loan Count 1,~~674~~641 ~~235~~231 1,~~909~~872 Beginning Scheduled Balance ~~449~~438,~~806~~342,~~665~~152.6967 5049,~~193~~041,~~875~~253.8137 ~~500~~487,~~000~~383,~~541~~406.5004 Ending scheduled Balance ~~448~~433,~~923~~194,~~072~~125.5281 5048,~~190~~790,~~888~~142.6773 ~~499~~481,~~113~~984,~~961~~268.1954 Record Date 1003/31/~~2003~~2004 1003/31/~~2003~~2004 1003/31/~~2003~~2004 Principal And Interest Constant 1,~~241~~222,~~241~~135.6054 ~~147~~142,~~825~~468.2094 1,~~389~~364,~~066~~604.8048 Scheduled Principal 0.00 0.00 0.00 Unscheduled Principal ~~883~~5,~~593~~148,026.1786 2251,~~987~~110.1464 ~~886~~5,~~580~~399,137.3150 Scheduled Interest 1,~~241~~222,~~241~~135.6054 ~~147~~142,~~825~~468.2094 1,~~389~~364,~~066~~604.8048 Servicing Fees 22,~~638~~122.8285 2,~~091~~043.4038 24,~~730~~166.2223 Master Servicing Fees ~~937~~913.1021 ~~104~~102.5617 1,~~041~~015.6638 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 ~~117~~114,~~925~~859.7809 13,~~594~~282.1700 ~~131~~128,~~519~~141.9509 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 1,~~099~~084,~~739~~240.9039 ~~132~~127,~~035~~041.0739 1,~~231~~211,~~774~~281.9778 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 2.~~933900~~968203 3.~~156601~~108600 2.~~956257~~982330

Filing Compare · SAMI MTG P/T CERT SERIES 2003-AR3