8-K 1 eq12003-1may8k.txt FORM 8-K 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 - May 27, 2003 ------------------------------ (Date of Earliest Event Reported) EQUITY ONE ABS, INC. ---------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of January 31, 2003, providing for the issuance of Mortgage Pass-Through Certificates, Series 2003-1) (Exact Name of Registrant as specified in its charter) Delaware 333-81506-05 52-2029487 ------------------------ --------------------- ----------------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.) 103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803 ----------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (302) 478-6160 Item 5. Other Events. --------------------- Attached hereto as Annex A is a copy of the Statement to Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AV-1A, AV-1B, M-1, M-2 and B Certificateholders with respect to the May 27, 2003 Distribution Date. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUITY ONE ABS, INC. By: /s/ James H. Jenkins ------------------------------------- James H. Jenkins, Senior Vice President and CFO Dated: May 28, 2003 3 ANNEX A Page 1 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 Statement to Certificateholders May 27, 2003 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS -------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE -------------------------------------------------------------------------------------------------------------------- AF1 151,000,000.00 ~~143~~136,~~907~~300,~~789~~728.4352 7,~~607~~040,~~060~~385.9126 ~~180~~178,~~304~~099.4762 7,~~787~~218,~~365~~484.3888 0.00 0.00 ~~136~~129,~~300~~260,~~728~~343.5226 AF2 51,000,000.00 51,000,000.00 0.00 132,855.00 132,855.00 0.00 0.00 51,000,000.00 AF3 17,000,000.00 17,000,000.00 0.00 58,352.50 58,352.50 0.00 0.00 17,000,000.00 AF4 13,896,000.00 13,896,000.00 0.00 57,830.52 57,830.52 0.00 0.00 13,896,000.00 AV1A 91,305,000.00 9088,~~355~~472,~~656~~225.4386 12,~~883~~670,~~430~~731.5796 ~~129~~132,~~547~~118.4252 2,~~012~~802,~~977~~850.9948 0.00 0.00 8885,~~472~~801,~~225~~493.8690 AV1B 97,927,000.00 9695,~~744~~402,~~492~~621.3027 12,~~341~~884,~~871~~343.0371 ~~139~~143,~~540~~315.4994 13,~~481~~027,~~411~~659.5265 0.00 0.00 9592,~~402~~518,~~621~~277.2756 M1 32,860,000.00 32,860,000.00 0.00 133,083.00 133,083.00 0.00 0.00 32,860,000.00 M2 27,805,000.00 27,805,000.00 0.00 134,135.95 134,135.95 0.00 0.00 27,805,000.00 B 22,749,000.00 22,749,000.00 0.00 135,015.32 135,015.32 0.00 0.00 22,749,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -------------------------------------------------------------------------------------------------------------------- TOTALS 505,542,000.00 ~~496~~485,~~317~~485,~~938~~575.1665 1012,~~832~~595,~~362~~460.5193 1,~~100~~104,~~664~~806.6737 1113,~~933~~700,~~027~~267.1830 0.00 0.00 ~~485~~472,~~485~~890,~~575~~114.6572 -------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- X 505,542,776.78 ~~498~~490,~~709~~165,~~257~~496.3825 0.00 87.0623 87.0623 0.00 0.00 ~~490~~479,~~165~~791,~~496~~445.2571 --------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------- ---------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES -------------------------------------------------------------------------------------------- ---------------------- CURRENT BEGINNING ENDING RATE CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU -------------------------------------------------------------------------------------------- ---------------------- AF1 294751BS0 ~~953~~902.~~03171808~~65383126 5046.~~37788682~~62506795 1.~~19406934~~17946768 5147.~~57195616~~80453563 ~~902~~856.~~65383126~~02876331 AF1 1.~~455000~~470000 % AF2 294751BT8 1,000.00000000 0.00000000 2.60500000 2.60500000 1,000.00000000 AF2 3.126000 % AF3 294751BU5 1,000.00000000 0.00000000 3.43250000 3.43250000 1,000.00000000 AF3 4.119000 % AF4 294751BV3 1,000.00000000 0.00000000 4.16166667 4.16166667 1,000.00000000 AF4 4.994000 % AV1A 294751BW1 ~~989~~968.~~60250183~~97460008 2029.~~62790176~~25066491 1.~~41884256~~44700203 2230.~~04674432~~69766694 ~~968~~939.~~97460008~~72393516 AV1A 1.~~665000~~680000 % AV1B 294751CA8 ~~987~~974.~~92459996~~22183126 1329.~~70276870~~45401891 1.~~42494399~~46349771 1530.~~12771268~~91751662 ~~974~~944.~~22183126~~76781235 AV1B 1.~~675000~~690000 % M1 294751BX9 1,000.00000000 0.00000000 4.05000000 4.05000000 1,000.00000000 M1 4.860000 % M2 294751BY7 1,000.00000000 0.00000000 4.82416652 4.82416652 1,000.00000000 M2 5.789000 % B 294751BZ4 1,000.00000000 0.00000000 5.93500022 5.93500022 1,000.00000000 B 7.122000 % -------------------------------------------------------------------------------------------- ---------------------- TOTALS ~~981~~960.~~75411372~~32688807 2124.~~42722565~~91476659 2.~~17719729~~18538988 2327.~~60442294~~10015647 ~~960~~935.~~32688807~~41212149 -------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------- ---------------------- X N/A ~~986~~969.~~48280677~~58263230 0.00000000 0.~~00001594~~00001430 0.~~00001594~~00001430 ~~969~~949.~~58263230~~06201364 X 0.000000 % -------------------------------------------------------------------------------------------- ----------------------

-------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Peggy L Remy JPMorgan Chase Bank - Structured Finance Services 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-4483 / Fax: (212) 623-5930 Email: Peggy.l.remy@jpmorgan.com -------------------------------------------------------------------------------- JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 2 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 May 27, 2003 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 309,349.21 Group I Curtailments 27,821.55 Group I Prepayments 5,461,530.29 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 60,948.87 Group II-A Curtailments 15,421.38 Group II-A Prepayments 2,123,335.54 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 66,101.61 Group II-B Curtailments 4,298.17 Group II-B Prepayments 2,305,243.92 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 2,221,410.38 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 178,099.62 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 132,855.00 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 58,352.50 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 57,830.52 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AV-1A 132,118.52 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 143,315.94 Unpaid Interest - AV-1B 0.00 Remaining Unpaid Interest - AV-1B 0.00 Interest Distribution - M-1 133,083.00 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 3 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 May 27, 2003 -------------------------------------------------------------------------------- Interest Distribution - M-2 134,135.95 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - B 135,015.32 Unpaid Interest - B 0.00 Remaining Unpaid Interest - B 0.00 Sec. 4.03(a)(iii) Available Funds Shortfall Class AF-1 Available Funds Shortfall 0.00 Class AF-2 Available Funds Shortfall 0.00 Class AF-3 Available Funds Shortfall 0.00 Class AF-4 Available Funds Shortfall 0.00 Class AV-1A Available Funds Shortfall 0.00 Class AV-1B Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class B Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 305,055,347.77 Group I Ending Pool Balance 299,256,646.72 Group II-A Beginning Pool Balance 89,117,417.33 Group II-A Ending Pool Balance 86,917,711.54 Group II-B Beginning Pool Balance 95,992,731.15 Group II-B Ending Pool Balance 93,617,087.45 Total Beginning Pool Balance 490,165,496.25 Total Ending Pool Balance 479,791,445.71 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 127,106.39 Group II-A Servicing Fee 37,132.26 Group II-B Servicing Fee 39,996.97 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 137,569.88 Group I Recouped Advances Included in Current Distribution 0.00 Group I Recouped Advances From Liquidations 0.00 Group I Aggregate Amount of Advances Outstanding 545,388.24 Group II-A Delinquency Advances Included in Current Distribution 34,890.30 Group II-A Recouped Advances Included in Current Distribution 0.00 Group II-A Recouped Advances From Liquidations 0.00 Group II-A Aggregate Amount of Advances Outstanding 210,078.43 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 4 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 May 27, 2003 -------------------------------------------------------------------------------- Group II-B Delinquency Advances Included in Current Distribution 50,559.51 Group II-B Recouped Advances Included in Current Distribution 0.00 Group II-B Recouped Advances From Liquidations 0.00 Group II-B Aggregate Amount of Advances Outstanding 98,365.25 Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B Loans Delinquent -------------------------------------------------------- Group 1 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 445 41,827,678.60 13.98 % 31-60 days 48 4,231,246.42 1.41 % 61-90 days 19 1,883,378.72 0.63 % 91+days 10 727,093.85 0.24 % Total 522 48,669,397.59 16.26 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 79 8,904,575.08 10.24 % 31-60 days 14 1,155,726.11 1.33 % 61-90 days 2 279,260.90 0.32 % 91+days 4 228,717.25 0.26 % Total 99 10,568,279.34 12.15 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 76 11,088,854.20 11.84 % 31-60 days 16 2,592,889.00 2.77 % 61-90 days 7 876,153.92 0.94 % 91+days 3 482,408.10 0.52 % Total 102 15,040,305.22 16.07 % -------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 1 319,025.28 0.11 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 5 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 May 27, 2003 -------------------------------------------------------------------------------- -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- Market Value of Group I REO Loans 0.00 Market Value of Group II-A REO Loans 0.00 Market Value of Group II-B REO Loans 0.00 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 2,110,817.61 Group II-A Three Largest Loans 988,832.94 Group II-B Three Largest Loans 1,884,239.33 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AF-1 Net WAC Cap Carryover Amounts Due 0.00 Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1A Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1B Net WAC Cap Carryover Remaining Amounts Due 0.00 Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans with Original Terms <= 36 Months and 60+ Contractually Past Due Group I Aggregate Principal Balance of Balloon Loans 0.00 Group II-A Aggregate Principal Balance of Balloon Loans 0.00 Group II-B Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv), Realized Losses (xxii) Group I Current Period Realized Losses 0.00 Group I Cumulative Realized Losses 0.00 Group II-A Current Period Realized Losses 0.00 Group II-A Cumulative Realized Losses 0.00 Group II-B Current Period Realized Losses 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 6 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 May 27, 2003 -------------------------------------------------------------------------------- Group II-B Cumulative Realized Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution 0.00 Funds Deposited to Reserve Fund 0.00 Ending Balance of Reserve Fund 0.00 Sec. 4.03 (a)(xvii) Number of Loans Repurchased Group I Number of Loans Repurchased 0.00 Group II-A Number of Loans Repurchased 0.00 Group II-B Number of Loans Repurchased 0.00 Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I Weighted Average Mortgage Rate 8.90 % Group II-A Weighted Average Mortgage Rate 8.28 % Group II-B Weighted Average Mortgage Rate 8.26 % Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 243.00 Group II-A Weighted Average Remaining Term 353.00 Group II-B Weighted Average Remaining Term 352.00 Sec. 4.03 (a)(xxi), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 6,901,330.98 Overcollateralization Target Amount 20,221,711.07 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 13,320,380.09 Sec. 4.03 (a)(xxiv) Trigger Events Has a Trigger Event Occurred and is continuing? NO Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00 % Senior Enhancement Percentage 18.36 % Senior Specified Enhancement Percentage 41.00 % Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 1.00 % Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO]

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