8-K 1 sam03ar3_sep.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 20, 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 54-2132872 (State or other File Number) 54-2132873 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 20, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS INC., Mortgage Pass-Through Certificates, Series 2003-AR3 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AR3 Trust, relating to the September 20, 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 (Registrant) 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: 9/21/2004 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 September 20, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 38/31/042004 Distribution Date: 49/1920/042004 SAM Series: 2003-AR3 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 A-1 86358HUT4 SEN 1.~~43000~~94000% ~~403~~373,~~482~~621,~~086~~707.9876 ~~480~~604,~~816~~021.1676 56,~~148~~162,~~026~~322.8622 A-2 86358HUU1 SEN 3.~~10860~~22678% 4541,~~151~~294,~~177~~626.5673 ~~116~~111,~~964~~040.1444 ~~251~~359,~~110~~268.6428 X 86358HUV9 SEN 1.~~50758~~13257% 0.00 ~~548~~384,~~671~~009.8719 0.00 R-I 86358HVA4 RES 0.00000% 0.00 0.00 0.00 R-II 86358HVB2 RES 0.00000% 0.00 0.00 0.00 R-III 86358HVC0 RES 0.00000% 0.00 0.00 0.00 M 86358HUW7 SUB 12.~~69000~~20000% 16,750,000.00 2330,~~589~~708.5833 0.00 B-1 86358HUX5 SUB 12.~~89000~~40000% 7,000,000.00 1114,~~025~~000.00 0.00 B-2 86358HUY3 SUB 2.~~09000~~60000% 5,250,000.00 911,~~143~~375.7500 0.00 B-3 86358HUZ0 SUB 2.~~09000~~60000% 4,250,000.00 79,~~402~~208.0833 0.00 B-4 86358HVD8 SUB 23.~~98230~~11777% 1,500,000.00 3,~~727~~897.8721 0.00 B-5 86358HVE6 SUB 23.~~98230~~11777% 1,250,000.00 3,~~106~~247.5668 0.00 B-6 86358HVF3 SUB 23.~~98230~~11777% 2,750,141.49 67,~~834~~145.7825 0.00 Totals ~~487~~453,~~383~~666,~~406~~475.0398 1,~~211~~178,~~281~~653.7919 56,~~399~~521,~~137~~590.50

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~398~~367,~~334~~459,~~060~~385.1254 56,~~628~~766,~~843~~343.0298 0.00 A-2 0.00 4440,~~900~~935,~~066~~358.9245 ~~368~~470,~~074~~308.7872 0.00 X 0.00 0.00 ~~548~~384,~~671~~009.8719 0.00 R-I 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 M 0.00 16,750,000.00 2330,~~589~~708.5833 0.00 B-1 0.00 7,000,000.00 1114,~~025~~000.00 0.00 B-2 0.00 5,250,000.00 911,~~143~~375.7500 0.00 B-3 0.00 4,250,000.00 79,~~402~~208.0833 0.00 B-4 0.00 1,500,000.00 3,~~727~~897.8721 0.00 B-5 0.00 1,250,000.00 3,~~106~~247.5668 0.00 B-6 0.00 2,750,141.49 67,~~834~~145.7825 0.00 Totals 0.00 ~~481~~447,~~984~~144,~~268~~885.5348 67,~~610~~700,~~419~~243.2969 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 ~~403~~373,~~482~~621,~~086~~707.9876 0.00 56,~~148~~162,~~026~~322.8622 0.00 0.00 A-2 46,303,800.00 4541,~~151~~294,~~177~~626.5673 0.00 ~~251~~359,~~110~~268.6428 0.00 0.00 X 0.00 0.00 0.00 0.00 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 R-III 50.00 0.00 0.00 0.00 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 ~~487~~453,~~383~~666,~~406~~475.0398 0.00 56,~~399~~521,~~137~~590.50 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 56,~~148~~162,~~026~~322.8622 ~~398~~367,~~334~~459,~~060~~385.1254 0.~~95996463~~88555825 56,~~148~~162,~~026~~322.8622 A-2 ~~251~~359,~~110~~268.6428 4440,~~900~~935,~~066~~358.9245 0.~~96968428~~88406045 ~~251~~359,~~110~~268.6428 X 0.00 0.00 0.00000000 0.00 R-I 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 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 56,~~399~~521,~~137~~590.50 ~~481~~447,~~984~~144,~~268~~885.5348 0.~~96396720~~89428853 56,~~399~~521,~~137~~590.50

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 ~~972~~900.~~37111228~~40913158 0.00000000 1214.~~40648040~~85088014 0.00000000 A-2 46,303,800.00 ~~975~~891.~~10738989~~81939128 0.00000000 57.~~42311085~~75893728 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 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 R-III 50.00 0.00000000 0.00000000 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 1214.~~40648040~~85088014 ~~959~~885.~~96463188~~55825145 0.~~95996463~~88555825 1214.~~40648040~~85088014 A-2 0.00000000 57.~~42311085~~75893728 ~~969~~884.~~68427904~~06045400 0.~~96968428~~88406045 57.~~42311085~~75893728 X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 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.~~43000~~94000% ~~403~~373,~~482~~621,~~086~~707.9876 ~~480~~604,~~816~~021.1576 0.00 0.00 A-2 46,303,800.00 3.~~10860~~22678% 4541,~~151~~294,~~177~~626.5673 ~~116~~111,~~964~~040.1444 0.00 0.00 X 0.00 1.~~50758~~13257% ~~436~~406,~~732~~871,~~086~~707.9876 ~~548~~384,~~671~~009.8619 0.00 0.00 R-I 50.00 0.00000% 0.00 0.00 0.00 0.00 R-II 50.00 0.00000% 0.00 0.00 0.00 0.00 R-III 50.00 0.00000% 0.00 0.00 0.00 0.00 M 16,750,000.00 12.~~69000~~20000% 16,750,000.00 2330,~~589~~708.5833 0.00 0.00 B-1 7,000,000.00 12.~~89000~~40000% 7,000,000.00 1114,~~025~~000.00 0.00 0.00 B-2 5,250,000.00 2.~~09000~~60000% 5,250,000.00 911,~~143~~375.7500 0.00 0.00 B-3 4,250,000.00 2.~~09000~~60000% 4,250,000.00 79,~~402~~208.0833 0.00 0.00 B-4 1,500,000.00 23.~~98230~~11777% 1,500,000.00 3,~~727~~897.8721 0.00 0.00 B-5 1,250,000.00 23.~~98230~~11777% 1,250,000.00 3,~~106~~247.5668 0.00 0.00 B-6 2,750,141.49 23.~~98230~~11777% 2,750,141.49 67,~~834~~145.7825 0.00 0.00 Totals 500,000,691.49 1,~~211~~178,~~281~~653.7719 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 ~~480~~604,~~816~~021.1676 0.00 ~~398~~367,~~334~~459,~~060~~385.1254 A-2 0.00 0.00 ~~116~~111,~~964~~040.1444 0.00 4440,~~900~~935,~~066~~358.9245 X 0.00 0.00 ~~548~~384,~~671~~009.8719 0.00 ~~431~~400,~~584~~709,~~060~~385.1254 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 2330,~~589~~708.5833 0.00 16,750,000.00 B-1 0.00 0.00 1114,~~025~~000.00 0.00 7,000,000.00 B-2 0.00 0.00 911,~~143~~375.7500 0.00 5,250,000.00 B-3 0.00 0.00 79,~~402~~208.0833 0.00 4,250,000.00 B-4 0.00 0.00 3,~~727~~897.8721 0.00 1,500,000.00 B-5 0.00 0.00 3,~~106~~247.5668 0.00 1,250,000.00 B-6 0.00 0.00 67,~~834~~145.7825 0.00 2,750,141.49 Totals 0.00 0.00 1,~~211~~178,~~281~~653.7919 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.~~43000~~94000% ~~972~~900.~~37111228~~40913158 1.~~15874223~~45566143 0.00000000 0.00000000 A-2 46,303,800.00 3.~~10860~~22678% ~~975~~891.~~10738989~~81939128 2.~~52601601~~39808482 0.00000000 0.00000000 X 0.00 1.~~50758~~13257% ~~974~~907.~~42079431~~79739909 10.~~22417676~~85678738 0.00000000 0.00000000 R-I 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 M 16,750,000.00 12.~~69000~~20000% 1000.00000000 1.~~40833313~~83333313 0.00000000 0.00000000 B-1 7,000,000.00 12.~~89000~~40000% 1000.00000000 12.~~57500000~~00000000 0.00000000 0.00000000 B-2 5,250,000.00 2.~~09000~~60000% 1000.00000000 12.~~74166667~~16666667 0.00000000 0.00000000 B-3 4,250,000.00 2.~~09000~~60000% 1000.00000000 12.~~74166588~~16666588 0.00000000 0.00000000 B-4 1,500,000.00 23.~~98230~~11777% 1000.00000000 2.~~48524667~~59814000 0.00000000 0.00000000 B-5 1,250,000.00 23.~~98230~~11777% 1000.00000000 2.~~48524800~~59814400 0.00000000 0.00000000 B-6 2,750,141.49 23.~~98230~~11777% 1000.00000000 2.~~48524668~~59813905 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 1.~~15874226~~45566143 0.00000000 ~~959~~885.~~96463188~~55825145 A-2 0.00000000 0.00000000 2.~~52601601~~39808482 0.00000000 ~~969~~884.~~68427904~~06045400 X 0.00000000 0.00000000 10.~~22417678~~85678738 0.00000000 ~~962~~894.~~93470348~~04824923 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 1.~~40833313~~83333313 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 12.~~57500000~~00000000 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 12.~~74166667~~16666667 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 12.~~74166588~~16666588 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 2.~~48524667~~59814000 0.00000000 1000.00000000 B-5 0.00000000 0.00000000 2.~~48524800~~59814400 0.00000000 1000.00000000 B-6 0.00000000 0.00000000 2.~~48524668~~59813905 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.~~53820~~16561% ~~403~~373,~~482~~621,~~086~~707.9876 ~~398~~367,~~334~~459,~~060~~385.1254 0.00 0.00 9588.~~99646319~~55582514% X COMP 10.~~13591~~76138% 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 67,~~764~~842,~~896~~440.0742 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1816,~~866~~039.8899 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 67,~~783~~858,~~762~~480.9541 Withdrawals Reimbursement for Servicer Advances 2015,~~020~~520.9682 Payment of Service Fee ~~153~~142,~~322~~715.7090 Payment of Interest and Principal 67,~~610~~700,~~419~~243.2969 Total Withdrawals (Pool Distribution Amount) 67,~~783~~858,~~762~~480.9541 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 2422,~~166~~304.2306 Master Servicing Fee ~~1,015~~945.3814 Special Servicing Fee ~~128~~119,~~141~~466.0970 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~153~~142,~~322~~715.7090

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 2421 0 0 0 2421 64,~~633~~392,~~869~~781.8456 0.00 0.00 0.00 64,~~633~~392,~~869~~781.8456 60 Days 03 0 0 0 03 0610,250.00 0.00 0.00 0.00 0610,250.00 90 Days 10 0 0 0 10 ~~227,620~~0.6300 0.00 0.00 0.00 ~~227,620~~0.6300 120 Days 0 0 01 0 01 0.00 0.00 0284,000.00 0.00 0284,000.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 01 0 0 0 01 0248,000.00 0.00 0.00 0.00 0248,000.00 Totals 25 0 01 0 2526 65,~~861~~251,~~490~~031.4756 0.00 0284,000.00 0.00 65,~~861~~535,~~490~~031.4756 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.~~282051~~185102% 0.000000% 0.000000% 0.000000% 1.~~282051~~185102% 10.~~376359~~982407% 0.000000% 0.000000% 0.000000% 10.~~376359~~982407% 60 Days 0.~~000000~~169300% 0.000000% 0.000000% 0.000000% 0.~~000000~~169300% 0.~~000000~~136477% 0.000000% 0.000000% 0.000000% 0.~~000000~~136477% 90 Days 0.~~053419~~000000% 0.000000% 0.000000% 0.000000% 0.~~053419~~000000% 0.~~047225~~000000% 0.000000% 0.000000% 0.000000% 0.~~047225~~000000% 120 Days 0.000000% 0.000000% 0.~~000000~~056433% 0.000000% 0.~~000000~~056433% 0.000000% 0.000000% 0.~~000000~~063514% 0.000000% 0.~~000000~~063514% 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~~056433% 0.000000% 0.000000% 0.000000% 0.~~000000~~056433% 0.~~000000~~055463% 0.000000% 0.000000% 0.000000% 0.~~000000~~055463% Totals 1.~~335470~~410835% 0.000000% 0.~~000000~~056433% 0.000000% 1.~~335470~~467269% 1.~~423584~~174347% 0.000000% 0.~~000000~~063514% 0.000000% 1.~~423584~~237861%

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 2015 0 0 0 2015 53,~~781~~356,~~769~~684.9534 0.00 0.00 0.00 53,~~781~~356,~~769~~684.9534 60 Days 03 0 0 0 03 0610,250.00 0.00 0.00 0.00 0610,250.00 90 Days 1 0 0 0 ~~1 227,620.63~~ 0~~.00~~ 0~~.00~~ 0.00 ~~227,620.63 120 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 21 0 0 0 21 6,009,390.58 0.00 0.00 0.00 6,009,390.58 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.218769% 0.000000% 0.000000% 0.000000% 1.218769% 1.334675% 0.000000% 0.000000% 0.000000% 1.334675% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.060938% 0.000000% 0.000000% 0.000000% 0.060938% 0.052544% 0.000000% 0.000000% 0.000000% 0.052544% 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~~.279707%~~ 0~~.000000%~~ ~~0.000000% 0.000000%~~ 1~~.279707%~~ ~~1.387219%~~ 0.000000% 0.000000% 0.000000% 1.387219% 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 4 0 0 0 4 852~~284,~~099~~000.~~89 0.~~00 0.00 ~~0.00 852~~284,~~099~~000.~~89 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 01 0 0 0 01 0248,000.00 0.00 0.00 0.00 0248,000.00 Totals 419 0 01 0 420 ~~852~~4,~~099~~214,934.8934 0.00 0284,000.00 0.00 ~~852~~4,~~099~~498,934.8934 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~731602~~966495% 0.000000% 0.000000% 0.000000% 10.~~731602~~966495% 10.~~746459~~834333% 0.000000% 0.000000% 0.000000% 10.~~746459~~834333% 60 Days 0.~~000000~~193299% 0.000000% 0.000000% 0.000000% 0.~~000000~~193299% 0.~~000000~~151683% 0.000000% 0.000000% 0.000000% 0.~~000000~~151683% 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~~064433% 0.000000% 0.~~000000~~064433% 0.000000% 0.000000% 0.~~000000~~070591% 0.000000% 0.~~000000~~070591% 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~~064433% 0.000000% 0.000000% 0.000000% 0.~~000000~~064433% 0.~~000000~~061643% 0.000000% 0.000000% 0.000000% 0.~~000000~~061643% Totals 1.~~731602~~224227% 0.000000% 0.~~000000~~064433% 0.000000% 1.~~731602~~288660% 1.~~746459~~047659% 0.000000% 0.~~000000~~070591% 0.000000% 1.~~746459~~118249%

~~OTHER~~DELINQUENT ~~INFORMATION~~BANKRUPTCY ~~Current~~FORECLOSURE ~~Period~~REO ~~Class~~Total AGroup ~~Insufficient~~2 ~~Funds~~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 ~~Principal~~0.00 ~~Balance~~0.00 of0.00 ~~Contaminated~~30 ~~Properties~~Days 6 0 0 0 6 1,036,097.22 0.00 ~~Periodic~~0.00 ~~Advance~~0.00 181,~~866~~036,097.8822 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 6 0 0 0 6 1,036,097.22 0.00 0.00 0.00 1,036,097.22 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.727273% 0.000000% 0.000000% 0.000000% 2.727273% 2.311405% 0.000000% 0.000000% 0.000000% 2.311405% 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 2.727273% 0.000000% 0.000000% 0.000000% 2.727273% 2.311405% 0.000000% 0.000000% 0.000000% 2.311405%

~~COLLATERAL~~OTHER ~~STATEMENT~~INFORMATION ~~Collateral~~Current ~~Description~~Period ~~Mixed~~Class ~~ARM~~A ~~Weighted~~Insufficient ~~Average~~Funds Gross Coupon 3.359830% Weighted Average Net Coupon 3.300330% Weighted Average Pass-Through Rate 2.982330% Weighted Average Maturity(Stepdown Calculation ) 307 Beginning Scheduled Collateral Loan Count 1,886 Number Of Loans Paid In Full 14 Ending Scheduled Collateral Loan Count 1,872 Beginning Scheduled Collateral Balance 487,383,406.04 Ending Scheduled Collateral Balance 481,984,268.54 Ending Actual Collateral Balance at 31-Mar-2004 481,986,960.68 Monthly P &I Constant 1,364,604.48 Special Servicing Fee 0.00 ~~Prepayment~~Principal ~~Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled~~ Balance ~~for~~of ~~Premium~~Contaminated ~~Loans~~Properties ~~481,984,268.54 Scheduled Principal~~ 0.00 ~~Unscheduled~~Periodic ~~Principal~~Advance 516,~~399,137~~039.5099

~~Miscellaneous~~COLLATERAL ~~Reporting~~STATEMENT ~~Senior~~Collateral ~~Percentage~~Description -Mixed ~~Group~~ARM 1Weighted 92Average Gross Coupon 3.~~047293~~495173% ~~Senior~~Weighted ~~Percentage~~Average -Net ~~Group~~Coupon 23.436176% 92Weighted Average Pass-Through Rate 3.~~067748~~117673% ~~Senior~~Weighted ~~Prepay~~Average ~~Percentage~~Maturity(Stepdown -Calculation ~~Group~~) 302 Beginning Scheduled Collateral Loan Count 1,793 ~~100.000000%~~Number ~~Senior~~Of ~~Prepay~~Loans ~~Percentage~~Paid -In ~~Group~~Full 221 ~~100~~Ending Scheduled Collateral Loan Count 1,772 Beginning Scheduled Collateral Balance 453,666,475.~~000000%~~99 ~~Sen~~Ending ~~Mez~~Scheduled &Collateral ~~Sub~~Balance ~~Percentage~~447,144,885.49 -Ending ~~Group~~Actual 1Collateral 7Balance at 31-Aug-2004 447,144,850.~~952707%~~38 ~~Sen~~Monthly ~~Mez~~P &I ~~Sub~~Constant ~~Percentage~~1,321,369.11 -Special ~~Group~~Servicing 2Fee 70.~~932252%~~00 ~~Sen~~Prepayment ~~Mez~~Penalties &0.00 ~~Sub~~Realized ~~Prep~~Loss ~~Percentage~~Amount -0.00 ~~Group~~Cumulative 1Realized Loss 0.~~000000%~~00 ~~Sen~~Ending ~~Mez~~Scheduled &Balance ~~Sub~~for ~~Prep~~Premium ~~Percentage~~Loans -447,144,885.49 ~~Group~~Scheduled 2Principal 0.~~000000%~~00 Unscheduled Principal 6,521,590.50

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Senior ~~Statement~~Percentage ~~Group~~- Group 1 ~~Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3~~91.~~345703~~465943% ~~3.486100~~Senior ~~3.359830~~Percentage ~~Weighted~~- ~~Average~~Group ~~Net~~2 ~~Rate 3~~91.~~285140~~390724% ~~3.436100~~Senior ~~3.300330~~Prepay ~~Weighted~~Percentage ~~Average~~- ~~Maturity~~Group ~~306 319 307 Beginning Loan Count~~ 1~~,654~~ ~~232 1,886 Loans Paid In Full 13 1 14 Ending Loan Count 1,641 231 1,872 Beginning Scheduled Balance 438,342,152~~100.67000000% ~~49,041,253.37~~Senior ~~487,383,406.04~~Prepay ~~Ending~~Percentage ~~scheduled~~- ~~Balance~~Group ~~433,194,125.81~~2 ~~48,790,142~~100.73000000% ~~481,984,268.54~~Sen ~~Record~~Mez ~~Date~~& ~~03/31/2004~~Sub ~~03/31/2004~~Percentage ~~03/31/2004~~- ~~Principal~~Group ~~And Interest Constant~~ 1~~,222,135.54~~ ~~142,468~~8.94534057% ~~1,364,604.48~~Sen ~~Scheduled~~Mez ~~Principal~~& ~~0.00~~Sub ~~0.00~~Percentage ~~0.00~~- ~~Unscheduled~~Group ~~Principal 5,148,026.86 251,110.64 5,399,137.50 Scheduled Interest 1,222,135.54 142,468.94 1,364,604.48 Servicing Fees 22,122.85~~ 2~~,043.38~~ ~~24,166~~8.23609276% ~~Master~~Sen ~~Servicing~~Mez ~~Fees~~& ~~913.21~~Sub ~~102.17~~Prep ~~1,015.38~~Percentage ~~Trustee~~- ~~Fee~~Group ~~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 114,859.09 13,282.00 128,141.09 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee~~ 1 0.00000000% ~~0.00~~Sen ~~0.00~~Mez ~~Spread~~& ~~Fee~~Sub 2Prep ~~0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,084,240.39 127,041.39 1,211,281.78 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~~Group 2~~.968203~~ 30.~~108600 2.982330~~000000%

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