8-K 1 bst02003_jul.txt JULY 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): July 26, 2004 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-09 90-0072905 Pooling and Servicing Agreement) (Commission 90-0072844 (State or other File Number) IRS EIN jurisdiction 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 July 26, 2004 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2002-3 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 2002-3 Trust, relating to the July 26, 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. BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-3 Trust By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 8/3/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-3 Trust, relating to the July 26, 2004 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 26/2930/2004 Distribution Date: 37/2526/2004 BST Series: 2002-3 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 07384MJZ6 SEN 5.~~82055~~82583% 1410,~~697~~216,~~164~~695.4241 7149,~~277~~600.9963 ~~756~~10,~~762~~216,695.5041 II-A 07384MKC5 SEN 56.~~99542~~00730% 1714,~~269~~081,~~409~~064.9934 8670,~~269~~491.1400 114,~~139~~081,~~128~~064.4834 R-I 07384MKA9 RES 60.~~11543~~00000% 0.00 0.00 0.00 R-II 07384MKB7 RES 60.~~11543~~00000% 0.00 0.00 0.00 B-1 07384MKE1 SUB 5.~~91772~~92988% 1,~~492~~313,~~336~~821.9259 76,~~358~~492.3334 421,~~477~~313,821.0859 B-2 07384MKF8 SUB 5.~~91772~~92988% 1,~~137~~001,~~053~~037.6779 54,~~606~~946.5270 321,~~364~~001,037.4979 B-3 07384MKG6 SUB 5.~~91772~~92988% ~~781~~688,~~770~~253.4199 3,~~854~~401.7105 22688,~~251~~253.9099 B-4 07384MKH4 SUB 5.~~91772~~92988% ~~284~~250,~~237~~236.1230 1,~~401~~236.5056 8250,~~090~~236.3730 B-5 07384MKJ0 SUB 5.~~91772~~92988% ~~284~~250,~~237~~236.1230 1,~~401~~236.5056 8250,~~090~~236.3730 B-6 07384MKK7 SUB 5.~~91772~~92988% ~~284~~250,~~341~~327.0781 1,~~402~~237.01 8250,~~093~~327.3381 Totals 3628,~~230~~051,~~550~~673.7253 ~~178~~138,~~571~~641.7085 228,~~017~~051,~~258~~673.5253

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 ~~13,940,401~~0.9300 ~~828~~10,~~040~~266,296.4904 0.00 II-A 0.00 ~~16,130,281~~0.5100 114,~~225~~151,~~397~~555.6234 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 B-1 0.00 0.00 1,~~449~~320,~~859~~313.8493 ~~49,835.41~~ 0.00 B-2 0.00 0.00 1,~~104~~005,~~689~~984.1849 ~~37,971.01~~ 0.00 B-3 0.00 ~~759,518~~0.5100 26691,~~106~~655.6104 0.00 B-4 0.00 ~~276,146~~0.7500 9251,~~491~~472.8786 0.00 B-5 0.00 ~~276,146~~0.7500 9251,~~491~~472.8786 0.00 B-6 0.00 ~~276,247~~0.7400 9251,~~495~~564.3482 0.00 Totals 0.00 ~~34,213,292~~0.2100 228,~~195~~190,~~830~~315.2238 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) I-A 113,308,600.00 1410,~~697~~216,~~164~~695.4241 1612,~~872~~028.5994 ~~739~~10,~~889~~204,666.9147 0.00 0.00 II-A 148,858,000.00 1714,~~269~~081,~~409~~064.9934 1714,~~307~~620.3065 114,~~121~~066,~~821~~443.1869 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 B-1 2,837,800.00 1,~~492~~313,~~336~~821.9259 1,~~592~~442.3111 401,~~884~~312,379.7747 0.00 0.00 B-2 2,162,200.00 1,~~137~~001,~~053~~037.6779 1,~~213~~098.2379 31999,~~151~~939.2600 0.00 0.00 B-3 1,486,600.00 ~~781~~688,~~770~~253.4199 ~~834~~755.1446 21687,~~417~~498.7653 0.00 0.00 B-4 540,500.00 ~~284~~250,~~237~~236.1230 ~~303~~274.2867 7249,~~787~~961.1063 0.00 0.00 B-5 540,500.00 ~~284~~250,~~237~~236.1230 ~~303~~274.2867 7249,~~787~~961.1063 0.00 0.00 B-6 540,697.70 ~~284~~250,~~341~~327.0781 ~~303~~274.3977 7250,~~789~~053.9404 0.00 0.00 Totals 270,274,997.70 3628,~~230~~051,~~550~~673.7253 3830,~~729~~770.5206 128,~~978~~020,~~529~~903.0246 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 I-A ~~756~~10,~~762~~216,695.5041 ~~13,940,401~~0.9300 0.~~12303040~~00000000 ~~756~~10,~~762~~216,695.5041 II-A 114,~~139~~081,~~128~~064.4834 ~~16,130,281~~0.5100 0.~~10836019~~00000000 114,~~139~~081,~~128~~064.4834 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 B-1 ~~42,477.08~~ 1,~~449~~313,~~859~~821.8459 0.~~51090980~~00 420.00000000 1,~~477~~313,821.0859 B-2 ~~32,364.49~~ 1,~~104~~001,~~689~~037.1879 0.~~51090980~~00 320.00000000 1,~~364~~001,037.4979 B-3 22688,~~251~~253.9099 ~~759,518~~0.5100 0.~~51090980~~00000000 22688,~~251~~253.9099 B-4 8250,~~090~~236.3730 ~~276,146~~0.7500 0.~~51090981~~00000000 8250,~~090~~236.3730 B-5 8250,~~090~~236.3730 ~~276,146~~0.7500 0.~~51090981~~00000000 8250,~~090~~236.3730 B-6 8250,~~093~~327.3381 ~~276,247~~0.7400 0.~~51090977~~00000000 8250,~~093~~327.3381 Totals 228,~~017~~051,~~258~~673.5253 ~~34,213,292~~0.2100 0.~~12658697~~00000000 228,~~017~~051,~~258~~673.5253

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 113,308,600.00 ~~129~~90.~~70916965~~16699006 0.~~14890829~~10616087 690.~~52986543~~06082919 0.00000000 II-A 148,858,000.00 ~~116~~94.~~01264285~~59393744 0.~~11626718~~09821877 794.~~53618334~~49571867 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,837,800.00 ~~525~~462.~~87811685~~97187610 0.~~56110720~~50817887 14462.~~40720629~~46369371 0.00000000 B-2 2,162,200.00 ~~525~~462.~~87811951~~97187587 0.~~56110906~~50818148 14462.~~40720562~~46369439 0.00000000 B-3 1,486,600.00 ~~525~~462.~~87811785~~97187542 0.~~56110588~~50817974 14462.~~40721109~~46369568 0.00000000 B-4 540,500.00 ~~525~~462.~~87811286~~97187789 0.~~56111008~~50817761 14462.~~40721554~~46370028 0.00000000 B-5 540,500.00 ~~525~~462.~~87811286~~97187789 0.~~56111008~~50817761 14462.~~40721554~~46370028 0.00000000 B-6 540,697.70 ~~525~~462.~~87808308~~97184175 0.~~56110836~~50817675 14462.~~40720018~~46366500 0.00000000 2) All Senior Certificates are per $1,000 denomination, all Offered Subordinate Classes are $25,000 denomination.

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 690.~~67877372~~16699006 ~~123~~0.~~03039602~~00000000 0.~~12303040~~00000000 690.~~67877372~~16699006 II-A 0.00000000 794.~~65245052~~59393744 ~~108~~0.~~36019233~~00000000 0.~~10836019~~00000000 794.~~65245052~~59393744 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 14462.~~96831348~~97187610 ~~510~~0.~~90980337~~00000000 0.~~51090980~~00000000 14462.~~96831348~~97187610 B-2 0.00000000 14462.~~96831468~~97187587 ~~510~~0.~~90980483~~00000000 0.~~51090980~~00000000 14462.~~96831468~~97187587 B-3 0.00000000 14462.~~96831696~~97187542 ~~510~~0.~~90980089~~00000000 0.~~51090980~~00000000 14462.~~96831696~~97187542 B-4 0.00000000 14462.~~96830712~~97187789 ~~510~~0.~~90980574~~00000000 0.~~51090981~~00000000 14462.~~96830712~~97187789 B-5 0.00000000 14462.~~96830712~~97187789 ~~510~~0.~~90980574~~00000000 0.~~51090981~~00000000 14462.~~96830712~~97187789 B-6 0.00000000 14462.~~96830854~~97184175 ~~510~~0.~~90977454~~00000000 0.~~51090977~~00000000 14462.~~96830854~~97184175 (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 I-A 113,308,600.00 5.~~82055~~82583% 1410,~~697~~216,~~164~~695.4241 7149,~~287~~600.9563 0.00 0.00 II-A 148,858,000.00 56.~~99542~~00730% 1714,~~269~~081,~~409~~064.9934 8670,~~281~~491.2000 0.00 0.00 R-I 50.00 60.~~11543~~00000% 0.00 0.00 0.00 0.00 R-II 50.00 60.~~11543~~00000% 0.00 0.00 0.00 0.00 B-1 2,837,800.00 5.~~91772~~92988% 1,~~492~~313,~~336~~821.9259 76,~~359~~492.3634 0.00 0.00 B-2 2,162,200.00 5.~~91772~~92988% 1,~~137~~001,~~053~~037.6779 54,~~607~~946.3070 0.00 0.00 B-3 1,486,600.00 5.~~91772~~92988% ~~781~~688,~~770~~253.4199 3,~~855~~401.2505 0.00 0.00 B-4 540,500.00 5.~~91772~~92988% ~~284~~250,~~237~~236.1230 1,~~401~~236.7056 0.00 0.00 B-5 540,500.00 5.~~91772~~92988% ~~284~~250,~~237~~236.1230 1,~~401~~236.7056 0.00 0.00 B-6 540,697.70 5.~~91772~~92988% ~~284~~250,~~341~~327.0781 1,~~402~~237.2101 0.00 0.00 Totals 270,274,997.70 ~~178~~138,~~596~~641.6785 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 90.9700 0.00 7149,~~277~~600.9963 0.00 ~~13,940,401~~0.9300 II-A 120.0600 0.00 8670,~~269~~491.1400 0.00 ~~16,130,281~~0.5100 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 B-1 10.0300 0.00 76,~~358~~492.3334 0.00 ~~1,449,859~~0.8400 B-2 0.7800 0.00 54,~~606~~946.5270 0.00 ~~1,104,689~~0.1800 B-3 0.5400 0.00 3,~~854~~401.7105 0.00 ~~759,518~~0.5100 B-4 0.2000 0.00 1,~~401~~236.5056 0.00 ~~276,146~~0.7500 B-5 0.2000 0.00 1,~~401~~236.5056 0.00 ~~276,146~~0.7500 B-6 0.2000 0.00 1,~~402~~237.01 0.00 ~~276,247~~0.7400 Totals 240.9800 0.00 ~~178~~138,~~571~~641.7085 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 I-A 113,308,600.00 5.~~82055~~82583% ~~129~~90.~~70916965~~16699006 0.~~62914863~~43774815 0.00000000 0.00000000 II-A 148,858,000.00 56.~~99542~~00730% ~~116~~94.~~01264285~~59393744 0.~~57962085~~47354526 0.00000000 0.00000000 R-I 50.00 60.~~11543~~00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 60.~~11543~~00000% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,837,800.00 5.~~91772~~92988% ~~525~~462.~~87811685~~97187610 2.~~59333286~~28780746 0.00000000 0.00000000 B-2 2,162,200.00 5.~~91772~~92988% ~~525~~462.~~87811951~~97187587 2.~~59333087~~28780871 0.00000000 0.00000000 B-3 1,486,600.00 5.~~91772~~92988% ~~525~~462.~~87811785~~97187542 2.~~59333378~~28780439 0.00000000 0.00000000 B-4 540,500.00 5.~~91772~~92988% ~~525~~462.~~87811286~~97187789 2.~~59333950~~28780759 0.00000000 0.00000000 B-5 540,500.00 5.~~91772~~92988% ~~525~~462.~~87811286~~97187789 2.~~59333950~~28780759 0.00000000 0.00000000 B-6 540,697.70 5.~~91772~~92988% ~~525~~462.~~87808308~~97184175 2.~~59333450~~28780333 0.00000000 0.00000000 5) All Senior Certificates are per $1,000 denomination, all Offered Subordinate Classes are $25,000 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.~~00008799~~00000000 0.00000000 0.~~62906072~~43774815 0.00000000 ~~123~~0.~~03039602~~00000000 II-A 0.~~00008102~~00000000 0.00000000 0.~~57953983~~47354526 0.00000000 ~~108~~0.~~36019233~~00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.~~00036296~~00000000 0.00000000 2.~~59296991~~28780746 0.00000000 ~~510~~0.~~90980337~~00000000 B-2 0.~~00036074~~00000000 0.00000000 2.~~59297012~~28780871 0.00000000 ~~510~~0.~~90980483~~00000000 B-3 0.~~00036324~~00000000 0.00000000 2.~~59297054~~28780439 0.00000000 ~~510~~0.~~90980089~~00000000 B-4 0.~~00037003~~00000000 0.00000000 2.~~59296947~~28780759 0.00000000 ~~510~~0.~~90980574~~00000000 B-5 0.~~00037003~~00000000 0.00000000 2.~~59296947~~28780759 0.00000000 ~~510~~0.~~90980574~~00000000 B-6 0.~~00036989~~00000000 0.00000000 2.~~59296461~~28780333 0.00000000 ~~510~~0.~~90977454~~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 228,~~206~~198,~~552~~535.33 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 112,~~655~~804.4603 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 228,~~218~~201,~~207~~339.7936 Withdrawals Reimbursement for Servicer Advances 112,~~692~~803.6290 Payment of Service Fee 108,~~684~~220.9508 Payment of Interest and Principal 228,~~195~~190,~~830~~315.2238 Total Withdrawals (Pool Distribution Amount) 228,~~218~~201,~~207~~339.7936 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 240.9800

SERVICING FEES Gross Servicing Fee 108,~~684~~220.9508 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 108,~~684~~220.9508

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 20 0 0 0 20 ~~948,269~~0.7100 0.00 0.00 0.00 ~~948,269~~0.7100 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 1 0 0 0 1 ~~438~~437,~~729~~008.3766 0.00 0.00 0.00 ~~438~~437,~~729~~008.3766 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 10 0 10 0.00 0.00 ~~496,083~~0.0300 0.00 ~~496,083~~0.0300 Totals 31 0 10 0 4 1 437,~~386,999~~008.0866 0.00 ~~496,083~~0.0300 0.00 1437,~~883,082~~008.1166 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 20.~~380952~~000000% 0.000000% 0.000000% 0.000000% 20.~~380952~~000000% 20.~~768580~~000000% 0.000000% 0.000000% 0.000000% 20.~~768580~~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 1.~~190476~~538462% 0.000000% 0.000000% 0.000000% 1.~~190476~~538462% 1.~~280920~~693622% 0.000000% 0.000000% 0.000000% 1.~~280920~~693622% 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% 10.~~190476~~000000% 0.000000% 10.~~190476~~000000% 0.000000% 0.000000% 10.~~448370~~000000% 0.000000% 10.~~448370~~000000% Totals 31.~~571429~~538462% 0.000000% 10.~~190476~~000000% 0.000000% 41.~~761905~~538462% 41.~~049499~~693622% 0.000000% 10.~~448370~~000000% 0.000000% 51.~~497870~~693622%

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 20 0 0 0 20 ~~948,269~~0.7100 0.00 0.00 0.00 ~~948,269~~0.7100 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 20 0 0 0 20 ~~948,269~~0.7100 0.00 0.00 0.00 ~~948,269~~0.7100 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 50.~~555556~~000000% 0.000000% 0.000000% 0.000000% 50.~~555556~~000000% 50.~~999996~~000000% 0.000000% 0.000000% 0.000000% 50.~~999996~~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 50.~~555556~~000000% 0.000000% 0.000000% 0.000000% 50.~~555556~~000000% 50.~~999996~~000000% 0.000000% 0.000000% 0.000000% 50.~~999996~~000000% 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 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 1 0 0 0 1 ~~438~~437,~~729~~008.3766 0.00 0.00 0.00 ~~438~~437,~~729~~008.3766 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 10 0 10 0.00 0.00 ~~496,083~~0.0300 0.00 ~~496,083~~0.0300 Totals 1 0 10 0 21 ~~438~~437,~~729~~008.3766 0.00 ~~496,083~~0.0300 0.00 ~~934~~437,~~812~~008.4066 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 2.~~083333~~439024% 0.000000% 0.000000% 0.000000% 2.~~083333~~439024% 2.~~378373~~909532% 0.000000% 0.000000% 0.000000% 2.~~378373~~909532% 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% 20.~~083333~~000000% 0.000000% 20.~~083333~~000000% 0.000000% 0.000000% 20.~~689290~~000000% 0.000000% 20.~~689290~~000000% Totals 2.~~083333~~439024% 0.000000% 20.~~083333~~000000% 0.000000% 42.~~166667~~439024% 2.~~378373~~909532% 0.000000% 20.~~689290~~000000% 0.000000% 52.~~067663~~909532%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 112,~~655~~804.4603

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 156,966,397.70 58.07655130% ~~20,272,890~~0.2800 590.~~25442708~~00000000% 400.~~745573~~000000% 9493.~~290246~~224402% Class 2A 8,108,397.70 3.00005467% ~~4,142,608~~0.7700 120.~~10818516~~00000000% 470.~~146242~~000000% 220.~~232353~~000000% Class B-1 5,270,597.70 1.95008704% ~~2,692,748~~0.9300 70.~~87047594~~00000000% 40.~~237709~~000000% 10.~~998341~~000000% Class B-2 3,108,397.70 1.15008703% ~~1,588,059~~0.7500 40.~~64164554~~00000000% 30.~~228830~~000000% 10.~~522592~~000000% Class B-3 1,621,797.70 0.60005465% ~~828,541~~0.2400 20.~~42169399~~00000000% 20.~~219952~~000000% 10.~~046844~~000000% Class B-4 1,081,297.70 0.40007315% ~~552,394~~0.4900 10.~~61456105~~00000000% 0.~~807133~~000000% 0.~~380613~~000000% Class B-5 540,797.70 0.20009165% ~~276,247~~0.7400 0.~~80742811~~00000000% 0.~~807133~~000000% 0.~~380613~~000000% Class B-6 100.00 0.00003700% 0.00 0.00000000% 0.~~807428~~000000% 0.~~380752~~000000% Class R-II 50.00 0.00001850% 0.00 0.00000000% 0.000000% 0.000000% Class R-I 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 ARM Weighted Average Gross Coupon 6.~~269238~~282488% Weighted Average Net Coupon 5.~~915339~~930848% Weighted Average Pass-Through Rate 5.~~915339~~930848% Weighted Average Maturity(Stepdown Calculation ) ~~334~~0 Beginning Scheduled Collateral Loan Count 8970 Number Of Loans Paid In Full 5 Ending Scheduled Collateral Loan Count 8465 Beginning Scheduled Collateral Balance 3628,~~230~~051,~~550~~673.7352 Ending Scheduled Collateral Balance ~~34,213,292~~0.2000 Ending Actual Collateral Balance at 2930-~~Feb~~Jun-2004 3425,~~251~~803,~~123~~195.9855 Monthly P &I Constant ~~228~~177,~~011~~631.1299 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 224,~~053~~417,~~460~~851.1338 Ending Scheduled Balance for Premium Loans ~~34,213,292~~0.2000 Scheduled Principal 3830,~~729~~770.5106 Unscheduled Principal 128,~~978~~020,~~529~~903.0246

Miscellaneous Reporting Average Loss Severity 0.00 Senior Percentage - Group 1 8886.~~580493~~448804% Senior Percentage - Group 2 8786.~~935714~~740938% Senior Prepay Pct - Group 1 9493.~~290246~~224402% Senior Prepay Pct - Group 2 93.~~967857~~370469% Subordinate Percentage - Group 1 1113.~~419507~~551196% Subordinate Percentage - Group 2 1213.~~064286~~259062% Sub Prep Percentage Group 1 56.~~709754%~~775598 Sub Prep Percentage Group 2 6.~~032143%~~629531

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.~~149470~~145385 6.~~370424~~382302 6.~~269238~~282488 Weighted Average Net Rate 5.~~820547~~825832 56.~~995425~~007302 5.~~915339~~930848 Weighted Average Maturity ~~333~~329 ~~334~~330 ~~334~~0 Beginning Loan Count 3827 5143 8970 Loans Paid In Full 2 3 2 5 Ending Loan Count 3624 4841 8465 Beginning Scheduled Balance 1611,~~591~~818,~~874~~203.7425 1916,~~638~~233,~~675~~470.9927 3628,~~230~~051,~~550~~673.7352 Ending scheduled Balance ~~15,788,132~~0.9900 ~~18,425,159~~0.2100 ~~34,213,292~~0.2000 Record Date 0206/2930/2004 0206/2930/2004 0206/2930/2004 Principal And Interest Constant ~~104~~74,~~073~~437.7836 ~~123~~103,~~937~~194.3463 ~~228~~177,~~011~~631.1299 Scheduled Principal 1913,~~047~~914.7552 1916,~~681~~855.7654 3830,~~729~~770.5106 Unscheduled Principal ~~784~~11,~~694~~804,288.0073 116,~~193~~216,~~835~~614.0273 128,~~978~~020,~~529~~903.0246 Scheduled Interest 8560,~~026~~522.0384 ~~104~~86,~~255~~339.5809 ~~189~~146,~~281~~861.6193 Servicing Fees 43,~~547~~147.8712 65,~~137~~072.0896 108,~~684~~220.9508 Master Servicing Fees 0.00 0.00 0.00 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 8057,~~478~~375.1672 9881,~~118~~266.5013 ~~178~~138,~~596~~641.6685 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 5.~~820548~~825832 56.~~995424~~007302 5.~~915339~~930848

Filing Compare · BEAR STEARNS ARM TRUST MORTGAGE PASS THR CERT SERIES 2002-3