10-D/A 1 bsf07ar3_10da-200704.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-D/A Amendment No.1 ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from: March 30, 2007 to April 25, 2007 Commission File Number of issuing entity: 333-132232-34 Bear Stearns Mortgage Funding Trust 2007-AR3 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-132232 Structured Asset Mortgage Investments II Inc. (Exact name of depositor as specified in its charter) EMC Mortgage Corporation (Exact name of sponsor as specified in its charter) New York (State or other jurisdiction of incorporation or organization of the issuing entity) 54-2199249 54-2199250 54-2199251 54-2199252 54-2199363 54-6740327 (I.R.S. Employer Identification No.) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices of the issuing entity) (Zip Code) (410) 884-2000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) I-A-1 _____ _____ __X___ ____________ I-A-2 _____ _____ __X___ ____________ I-A-3 _____ _____ __X___ ____________ I-X _____ _____ __X___ ____________ I-B-1 _____ _____ __X___ ____________ I-B-2 _____ _____ __X___ ____________ I-B-3 _____ _____ __X___ ____________ I-B-4 _____ _____ __X___ ____________ I-B-5 _____ _____ __X___ ____________ I-B-6 _____ _____ __X___ ____________ I-B-7 _____ _____ __X___ ____________ I-B-8 _____ _____ __X___ ____________ I-B-9 _____ _____ __X___ ____________ II-1A-1 _____ _____ __X___ ____________ II-1A-2 _____ _____ __X___ ____________ II-1A-3 _____ _____ __X___ ____________ II-2A-1 _____ _____ __X___ ____________ II-B-1 _____ _____ __X___ ____________ II-B-2 _____ _____ __X___ ____________ II-B-3 _____ _____ __X___ ____________ II-B-4 _____ _____ __X___ ____________ II-B-5 _____ _____ __X___ ____________ II-B-6 _____ _____ __X___ ____________ I-XP-1 _____ _____ __X___ ____________ I-XP-2 _____ _____ __X___ ____________ II-XP _____ _____ __X___ ____________ I-B-IO _____ _____ __X___ ____________ II-B-IO _____ _____ __X___ ____________ R _____ _____ __X___ ____________ R-X _____ _____ __X___ ____________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information A revision was made to the April 25, 2007 distribution which was made to holders of Bear Stearns Mortgage Funding Trust 2007-AR3. The reason for this amendment is because the 'Hard Prepayment Charge Loans' should include all Group I Mortgage Loans having 'Hard' Prepayment Charges for terms of 30 months and 3 years. During initial setup of this transaction, Group I Loans with Hard Prepayment Charges for all terms (4, 6, 12, 30 & 36 months) were pooled together. This pooling error caused the Notional Balance of the I-X certificate to be overstated, thus an overpayment of interest was made to the I-X class in the amount of $29,111.92 for the 4/25/07 distribution date. As a result, the I-B-IO certificate was underpaid by this same amount. This pooling error also caused an overpayment to the I-XP-2 certificate in the amount of $22,134.23. As a result, the I-XP-1 certificate was underpaid by $22,134.23. To correct the underpayments made during the 04/25/07 distribution date, on 06/08/07, Wells Fargo Bank, N.A. advanced payments to the I-B-IO and I-XP-1 Certificateholders in the amounts of $29,111.92 and $22,134.23 respectively. The revised distribution report is attached as an Exhibit to this Form 10-D/A. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D/A: (99.1) Amended monthly report distributed to holders of Bear Stearns Mortgage Funding Trust 2007-AR3, relating to the April 25, 2007 distribution. (b) The exhibits required to be filed by the Registrant pursuant to this Form are listed above and in the Exhibit Index that immediately follows the signature page hereof. SIGNATURES 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 thereunto duly authorized. Bear Stearns Mortgage Funding Trust 2007-AR3 (Issuing Entity) EMC Mortgage Corporation (Servicer) /s/ Mark Novachek Mark Novachek, Senior Vice President Date: June 12, 2007 EXHIBIT INDEX Exhibit Number Description EX-99.1 Amended monthly report distributed to holders of Bear Stearns Mortgage Funding Trust 2007-AR3, relating to the April 25, 2007 distribution. EX-99.1 Bear Stearns Mortgage Funding Mortgage Pass-Through Certificates Distribution Date: 4/25/2007 Bear Stearns Mortgage Funding Mortgage Pass-Through Certificates Series 2007-AR3 Contact: Customer Service - SecuritiesLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 846-8130 Fax: (301) 815-6660

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Bear Stearns Mortgage Funding Trust 2007-AR3 10-D/A