8-K 1 bsa03001_sep.txt SEPTEMBER 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): September 27, 2004 BEAR STEARNS ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-16 52-2120451 Pooling and Servicing Agreement) (Commission 52-2120452 (State or other File Number) 52-2120453 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 27, 2004 a distribution was made to holders of BEAR STEARNS ASSET BACKED SECURITIES TRUST, Asset Backed Certificates, Series 2003-1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-1 Trust, relating to the September 27, 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 ASSET BACKED SECURITIES TRUST Asset Backed Certificates, Series 2003-1 Trust (Registrant) 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: 9/24/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-1 Trust, relating to the September 27, 2004 distribution. EX-99.1

Bear Stearns Asset Backed Securities ~~Asset~~Mortgage Pass-~~Backed~~Through Certificates Record Date: 28/2931/2004 Distribution Date: 39/2527/2004 BSA Series: 2003-1 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 07384YGX8 SEN 12.~~59000~~11500% ~~257~~181,~~171~~253,~~361~~927.6916 ~~329~~351,~~393~~406.6505 912,~~245~~875,~~397~~741.02 A-2 07384YGY6 SEN 12.~~84000~~36500% 3323,~~617~~693,~~296~~411.0361 4951,~~828~~365.3034 1,~~208~~683,~~553~~109.1164 A-IO 07384YGZ3 SEN 5.00000% 0.00 257,229.17 0.00 M-1 07384YHA7 MEZ 2.~~19000~~71500% 30,867,000.00 5476,~~454~~820.5325 0.00 M-2 07384YHB5 MEZ 3.~~09000~~61500% 29,324,000.00 7297,~~992~~172.3241 0.00 B 07384YHC3 SUB 3.~~34000~~86500% 23,151,000.00 6282,~~289~~022.0506 0.00 B-IO BSA031BIO IO 0.00000% 0.00 1874,~~678,429~~317.8072 0.00 R-1 07384YHD1 RES 0.00000% 0.00 0.00 0.00 R-2 07384YHE9 RES 0.00000% 0.00 0.00 0.00 R-3 07384YHF6 RES 0.00000% 0.00 0.00 0.00 OC BSA0301OC OC 0.00000% 10,186,245.46 0.00 0.00 Totals ~~384~~298,~~316~~475,~~903~~584.1823 21,~~504~~790,~~616~~333.8200 1014,~~453~~558,~~950~~850.1366

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~247~~168,~~925~~378,~~964~~186.6714 913,~~574~~227,~~790~~147.6707 0.00 A-2 0.00 3222,~~408~~010,~~742~~301.9297 1,~~258~~734,~~381~~474.4198 0.00 A-IO 0.00 0.00 257,229.17 0.00 M-1 0.00 30,867,000.00 5476,~~454~~820.5325 0.00 M-2 0.00 29,324,000.00 7297,~~992~~172.3241 0.00 B 0.00 23,151,000.00 6282,~~289~~022.0506 0.00 B-IO 0.00 0.00 1874,~~678,429~~317.8072 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 OC 0.00 10,186,245.46 0.00 0.00 Totals 0.00 ~~373~~283,~~862~~916,~~953~~733.0557 1216,~~958~~349,~~566~~183.9566 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-1 472,271,000.00 ~~257~~181,~~171~~253,~~361~~927.6916 0.00 912,~~245~~875,~~397~~741.02 0.00 0.00 A-2 61,735,000.00 3323,~~617~~693,~~296~~411.0361 0.00 1,~~208~~683,~~553~~109.1164 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 30,867,000.00 30,867,000.00 0.00 0.00 0.00 0.00 M-2 29,324,000.00 29,324,000.00 0.00 0.00 0.00 0.00 B 23,151,000.00 23,151,000.00 0.00 0.00 0.00 0.00 B-IO 0.00 0.00 0.00 0.00 0.00 0.00 R-1 50.00 0.00 0.00 0.00 0.00 0.00 R-2 50.00 0.00 0.00 0.00 0.00 0.00 R-3 50.00 0.00 0.00 0.00 0.00 0.00 OC 59.42 10,186,245.46 0.00 0.00 0.00 0.00 Totals 617,348,209.42 ~~384~~298,~~316~~475,~~903~~584.1823 0.00 1014,~~453~~558,~~950~~850.1366 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-1 912,~~245~~875,~~397~~741.02 ~~247~~168,~~925~~378,~~964~~186.6714 0.~~52496546~~35652874 912,~~245~~875,~~397~~741.02 A-2 1,~~208~~683,~~553~~109.1164 3222,~~408~~010,~~742~~301.9297 0.~~52496546~~35652874 1,~~208~~683,~~553~~109.1164 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 30,867,000.00 1.00000000 0.00 M-2 0.00 29,324,000.00 1.00000000 0.00 B 0.00 23,151,000.00 1.00000000 0.00 B-IO 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 OC 0.00 10,186,245.46 171,427.89397509 0.00 Totals 1014,~~453~~558,~~950~~850.1366 ~~373~~283,~~862~~916,~~953~~733.0557 0.~~60559494~~45989723 1014,~~453~~558,~~950~~850.1366

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 472,271,000.00 ~~544~~383.~~54192972~~79220227 0.00000000 1927.~~57646567~~26345895 0.00000000 A-2 61,735,000.00 ~~544~~383.~~54192970~~79220232 0.00000000 1927.~~57646570~~26345898 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 30,867,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 29,324,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 23,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 59.42 171427893.97509300 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 1927.~~57646567~~26345895 ~~524~~356.~~96546405~~52874333 0.~~52496546~~35652874 1927.~~57646567~~26345895 A-2 0.00000000 1927.~~57646570~~26345898 ~~524~~356.~~96546400~~52874334 0.~~52496546~~35652874 1927.~~57646570~~26345898 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.~~00000000 171~~0000000171,427,893.97509300 171427.89397509 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-1 472,271,000.00 12.~~59000~~11500% ~~257~~181,~~171~~253,~~361~~927.6916 ~~329~~351,~~393~~406.6505 0.00 0.00 A-2 61,735,000.00 12.~~84000~~36500% 3323,~~617~~693,~~296~~411.0361 4951,~~828~~365.3034 0.00 0.00 A-IO 0.00 5.00000% 61,735,000.00 257,229.17 0.00 0.00 M-1 30,867,000.00 2.~~19000~~71500% 30,867,000.00 5476,~~454~~820.5325 0.00 0.00 M-2 29,324,000.00 3.~~09000~~61500% 29,324,000.00 7297,~~992~~172.3240 0.00 0.00 B 23,151,000.00 3.~~34000~~86500% 23,151,000.00 6282,~~289~~022.0506 0.00 0.00 B-IO 0.00 0.00000% ~~384~~298,~~316~~475,~~903~~584.1822 0.00 0.00 0.00 R-1 50.00 0.00000% 0.00 0.00 0.00 0.00 R-2 50.00 0.00000% 0.00 0.00 0.00 0.00 R-3 50.00 0.00000% 0.00 0.00 0.00 0.00 OC 59.42 0.00000% 10,186,245.46 0.00 0.00 0.00 Totals 617,348,209.42 ~~826~~916,~~187~~015.0227 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 ~~329~~351,~~393~~406.6505 0.00 ~~247~~168,~~925~~378,~~964~~186.6714 A-2 0.00 0.00 4951,~~828~~365.3034 0.00 3222,~~408~~010,~~742~~301.9297 A-IO 0.00 0.00 257,229.17 0.00 61,735,000.00 M-1 0.00 0.00 5476,~~454~~820.5325 0.00 30,867,000.00 M-2 0.00 0.00 7297,~~992~~172.3241 0.00 29,324,000.00 B 0.00 0.00 6282,~~289~~022.0506 0.00 23,151,000.00 B-IO 0.00 0.00 1874,~~678,429~~317.8072 0.00 ~~373~~283,~~862~~916,~~953~~733.0556 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 0.00 0.00 10,186,245.46 Totals 0.00 0.00 21,~~504~~790,~~616~~333.8200 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-1 472,271,000.00 12.~~59000~~11500% ~~544~~383.~~54192972~~79220227 0.~~69746745~~74407713 0.00000000 0.00000000 A-2 61,735,000.00 12.~~84000~~36500% ~~544~~383.~~54192970~~79220232 0.~~80713210~~83202948 0.00000000 0.00000000 A-IO 0.00 5.00000% 1000.00000000 4.16666672 0.00000000 0.00000000 M-1 30,867,000.00 2.~~19000~~71500% 1000.00000000 12.~~76416659~~48875012 0.00000000 0.00000000 M-2 29,324,000.00 3.~~09000~~61500% 1000.00000000 23.~~48916655~~31374983 0.00000000 0.00000000 B 23,151,000.00 3.~~34000~~86500% 1000.00000000 23.~~69055548~~54291650 0.00000000 0.00000000 B-IO 0.00 0.00000% ~~622~~483.~~52857839~~48011651 0.00000000 0.00000000 0.00000000 R-1 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 59.42 0.00000% 171427893.97509300 0.00000000 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 0.~~69746745~~74407713 0.00000000 ~~524~~356.~~96546405~~52874333 A-2 0.00000000 0.00000000 0.~~80713210~~83202948 0.00000000 ~~524~~356.~~96546400~~52874334 A-IO 0.00000000 0.00000000 4.16666672 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 12.~~76416659~~48875012 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 23.~~48916655~~31375017 0.00000000 1000.00000000 B 0.00000000 0.00000000 23.~~69055548~~54291650 0.00000000 1000.00000000 B-IO 0.00000000 0.00000000 21.~~71877325~~41624728 0.00000000 ~~605~~459.~~59494196~~89723341 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 171427893.97509300 (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 1316,~~227~~677,~~055~~470.2117 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~542~~490,~~409~~849.6817 Realized Loss (Gains, Subsequent Expenses & Recoveries) (98229,~~634~~530.5844) Prepayment Penalties 0.00 Total Deposits 1316,~~670~~938,~~830~~788.3190 Withdrawals Reimbursement for Servicer Advances ~~564~~474,~~918~~659.9664 Payment of Service Fee ~~147~~114,~~344~~945.4060 Payment of Interest and Principal 1216,~~958~~349,~~566~~183.9566 Total Withdrawals (Pool Distribution Amount) 1316,~~670~~938,~~830~~788.3190 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~145~~113,~~743~~701.0894 Master Servicing Fee 1,~~601~~243.3266 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~147~~114,~~344~~945.4060

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 ~~193~~185 31 0 ~~196~~186 119,~~091~~673,~~961~~915.5147 ~~333~~95,~~026~~755.3599 0.00 119,~~424~~769,~~987~~671.8646 30 Days ~~266~~237 1619 24 0 ~~284~~260 1815,~~614~~434,~~053~~265.7032 ~~759~~883,~~209~~419.57 ~~157~~47,~~003~~838.1537 0.00 1916,~~530~~365,~~266~~523.4226 60 Days ~~103~~71 1015 815 0 ~~121~~101 74,~~321~~533,~~468~~762.3780 ~~445~~762,~~113~~858.7757 ~~750~~1,~~927~~438,775.0461 0.00 86,~~517~~735,~~509~~396.1898 90 Days 4238 1714 2128 0 80 23,~~200~~163,~~097~~559.2439 1890,~~117,551~~880.8209 32,~~244~~120,~~550~~601.8950 0.00 6,~~562~~175,~~199~~040.9598 120 Days 16 15 2716 25 0 5856 1910,~~546,560~~722.9040 ~~732~~1,~~721~~736,453.5426 32,~~256~~805,~~060~~592.52 0.00 5,~~535~~452,~~342~~768.9618 150 Days 107 1213 3419 01 5640 1260,~~005,123~~900.6245 ~~856~~1,~~569~~077,991.0163 2,~~482~~146,~~793~~462.28 067,825.0089 43,~~344~~553,~~485~~180.9125 180+ Days 2216 5270 8782 3226 ~~193~~194 2,~~215~~143,~~166~~696.2540 45,~~462~~858,~~619~~722.4420 7,~~244~~265,~~552~~095.7265 32,~~211~~192,~~429~~094.0043 17,~~133~~459,~~767~~608.4168 Totals ~~459~~384 ~~315~~332 ~~182~~174 3227 ~~988~~917 3226,~~902~~446,~~470~~906.0876 1920,~~465~~884,~~746~~240.6679 1715,~~468~~920,~~913~~121.9592 32,~~211~~259,~~429~~920.0032 7365,~~048~~511,~~559~~189.6979 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 34.~~671295~~240202% 0.~~057067~~022920% 0.000000% 34.~~728362~~263122% 23.~~957586~~394564% 0.~~088799~~033601% 0.000000% 3.~~046385~~428165% 30 Days 5.~~059920~~432042% 0.~~304356~~435480% 0.~~038045~~091680% 0.000000% 5.~~402321~~959202% 45.~~963294~~415863% 0.~~202437~~309991% 0.~~041864~~016786% 0.000000% 5.~~207595~~742641% 60 Days 1.~~959292~~627321% 0.~~190223~~343800% 0.~~152178~~343800% 0.000000% 2.~~301693~~314921% 1.~~952213~~590891% 0.~~118686~~267686% 0.~~200229~~504864% 0.000000% 2.~~271128~~363442% 90 Days 0.~~798935~~870960% 0.~~323378~~320880% 0.~~399467~~641760% 0.000000% 1.~~521780~~833601% 01.~~586639~~110089% 0.~~297987~~312609% 0.~~865134~~744116% 0.000000% 12.~~749760~~166814% 120 Days 0.~~304356~~343800% 0.~~285334~~366720% 0.~~513601~~573000% 0.000000% 1.~~103291~~283521% 0.~~412379~~319571% 0.~~195375~~609319% 0.~~868203~~984479% 0.000000% 1.~~475956~~913369% 150 Days 0.~~190223~~160440% 0.~~228267~~297960% 0.~~646757~~435480% 0.~~000000~~022920% 10.~~065246~~916800% 0.~~268008~~091550% 0.~~228398~~378266% 0.~~662018~~753191% 0.~~000000~~023800% 1.~~158424~~246806% 180+ Days 0.~~418490~~366720% 01.~~989157~~604401% 1.~~654936~~879441% 0.~~608712~~595920% 34.~~671295~~446482% 0.~~590657~~752220% 12.~~189923~~055818% 12.~~931704~~549313% 0.~~856303~~769203% 46.~~568587~~126554% Totals 8.~~731216~~801284% 57.~~992011~~609443% 3.~~462051~~988082% 0.~~608712~~618840% 1821.~~793989~~017648% 89.~~773189~~280185% 57.~~190391~~328253% 45.~~657951~~586350% 0.~~856303~~793003% 1922.~~477834~~987791%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~542~~490,~~409~~849.6817

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~588524~~582750% Weighted Average Net Coupon 8.~~133452~~125619% Weighted Average Pass-Through Rate 8.~~128452~~120619% Weighted Average Maturity(Stepdown Calculation ) ~~276~~270 Beginning Scheduled Collateral Loan Count 54,~~372~~507 Number Of Loans Paid In Full ~~115~~144 Ending Scheduled Collateral Loan Count 54,~~257~~363 Beginning Scheduled Collateral Balance ~~384~~298,~~316~~475,~~903~~584.1822 Ending Scheduled Collateral Balance ~~373~~283,~~862~~916,~~953~~733.0556 Ending Actual Collateral Balance at 2931-~~Feb~~Aug-2004 ~~375~~284,~~034~~982,~~308~~541.6198 Monthly P &I Constant 32,~~580~~865,~~040~~454.9736 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 98229,~~634~~530.5844 Cumulative Realized Loss ~~439~~3,~~183~~071,873.9770 Ending Scheduled Balance for Premium Loans ~~373~~283,~~862~~916,~~953~~733.0556 Scheduled Principal ~~828~~730,~~988~~669.9394 Unscheduled Principal 913,~~624~~828,~~961~~180.2072 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 98229,~~634~~530.5844 Overcollateralized reduction Amount 0.00 Specified O/C Amount 10,186,245.46 Overcollateralized Amount 10,186,245.46 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 98229,~~634~~530.5844 Excess Cash Amount 1,~~777~~103,~~064~~848.3817

Miscellaneous Reporting Three month rolling average 0.~~107053~~136904% Trigger Event NO Yield maintenance amount 0.00

Group Level Collateral Statement Group FIXED loans ARM loans Total Collateral Description Mixed Fixed Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 89.~~992663~~010133 7.~~183995~~115257 8.~~588524~~582750 Weighted Average Net Rate 8.~~531514~~547228 6.~~750044~~677952 8.~~133452~~125619 Weighted Average Maturity ~~261~~255 ~~325~~319 ~~276~~270 Beginning Loan Count 43,~~732~~979 ~~640~~528 54,~~372~~507 Loans Paid In Full ~~102~~121 1323 ~~115~~144 Ending Loan Count 43,~~630~~858 ~~627~~505 54,~~257~~363 Beginning Scheduled Balance ~~298~~231,~~442~~155,~~985~~383.1658 8567,~~873~~320,~~918~~200.0264 ~~384~~298,~~316~~475,~~903~~584.1822 Ending scheduled Balance ~~290~~219,~~091~~461,~~264~~638.0210 8364,~~771~~455,~~689~~095.0346 ~~373~~283,~~862~~916,~~953~~733.0556 Record Date 0208/2931/2004 0208/2931/2004 0208/2931/2004 Principal And Interest Constant 2,~~957~~375,~~660~~435.7212 ~~622~~490,~~380~~019.2524 32,~~580~~865,~~040~~454.9736 Scheduled Principal ~~720~~639,~~706~~817.8182 ~~108~~90,~~282~~852.12 ~~828~~730,~~988~~669.9394 Unscheduled Principal 711,~~631~~053,~~014~~927.3366 12,~~993~~774,~~946~~253.8706 913,~~624~~828,~~961~~180.2072 Scheduled Interest 21,~~236~~735,~~497~~617.6630 ~~514~~399,~~098~~167.1312 2,~~750~~134,~~595~~784.7942 Servicing Fees ~~114~~89,~~688~~169.9007 3124,~~054~~532.1887 ~~145~~113,~~743~~701.0894 Master Servicing Fees ~~1,243~~963.5115 ~~357~~280.8151 1,~~601~~243.3266 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 21,~~120~~645,~~565~~485.2508 ~~482~~374,~~686~~353.1474 2,~~603~~019,~~251~~838.3982 Realized Loss Amount 73157,~~948~~531.0689 2471,~~686~~998.5255 98229,~~634~~530.5844 Cumulative Realized Loss ~~362~~2,~~211~~780,719.1026 76291,~~972~~154.8744 ~~439~~3,~~183~~071,873.9770 Percentage of Cumulative Losses 0.~~0762~~5852 0.~~0541~~2048 0.~~0711~~4976 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.~~526514~~542228 6.~~745044~~672953 8.~~128452~~120619

Filing Compare · BEAR STEARNS ASSET BACKED CERTIFICATES SERIES 2003-1