8-K 1 eq12003-3oct8k.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 - October 27, 2003 --------------------------------- (Date of Earliest Event Reported) EQUITY ONE ABS, INC. ---------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of June 30, 2003, providing for the issuance of Mortgage Pass-Through Certificates, Series 2003-3) (Exact Name of Registrant as specified in its charter) Delaware 333-104580-01 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-1, AV-2, M-1, M-2, M-3 and B Certificateholders with respect to the October 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, Executive Vice President and CFO Dated: October 29, 2003 3 ANNEX A Page 1 of 7 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-3 Statement to Certificateholders October 27, 2003 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: RYAN VAUGHN JPMorgan Chase Bank - Structured Finance Services NY 4 NEW YORK PLAZA FLR 6, New York, New York 10004 Tel: (212) 623-4483 / Fax: (212) 623-5930 Email: /JPMCHASE@CHASE -------------------------------------------------------------------------------- JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 2 of 7 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-3 October 27, 2003 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I-A Scheduled Principal 267,252.51 Group I-A Curtailments 29,058.67 Group I-A Prepayments 3,128,346.74 Group I-A Repurchases 0.00 Group I-A Liquidation Proceeds 0.00 Group I-B Scheduled Principal 153,315.33 Group I-B Curtailments 10,592.37 Group I-B Prepayments 1,405,484.58 Group I-B Repurchases 0.00 Group I-B Liquidation Proceeds 0.00 Group II Scheduled Principal 148,939.07 Group II Curtailments 8,886.69 Group II Prepayments 2,211,561.29 Group II Repurchases 160,913.85 Group II Liquidation Proceeds 0.00 Extra Principal Distribution Amount 2,307,592.83 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 122,567.80 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 210,373.33 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 32,383.33 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 259,019.89 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AV-1A 250,861.35 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 56,746.61 Unpaid Interest - AV-1B 0.00 Remaining Unpaid Interest - AV-1B 0.00 Interest Distribution - M-1 164,039.43 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 3 of 7 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-3 October 27, 2003 -------------------------------------------------------------------------------- Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 154,521.54 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 101,109.93 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - B 33,385.20 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 M-3 Available Funds Shortfall 0.00 Class B Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I-A Beginning Pool Balance 277,042,375.60 Group I-A Ending Pool Balance 273,617,717.68 Group I-B Beginning Pool Balance 199,755,415.19 Group I-B Ending Pool Balance 198,186,022.91 Group II Beginning Pool Balance 157,211,011.03 Group II Ending Pool Balance 154,680,710.13 Total Beginning Pool Balance 634,008,801.82 Total Ending Pool Balance 626,484,450.72 Sec. 4.03(a)(vi) Servicing Fee Group I-A Servicing Fee 115,434.32 Group I-B Servicing Fee 83,231.42 Group II Servicing Fee 65,504.59 Sec. 4.03(a)(viii) Delinquency Advances Group I-A Delinquency Advances Included in Current Distribution 61,710.55 Group I-A Recouped Advances Included in Current Distribution 0.00 Group I-A Recouped Advances From Liquidations 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 4 of 7 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-3 October 27, 2003 -------------------------------------------------------------------------------- Group I-A Aggregate Amount of Advances Outstanding 165,926.31 Group I-B Delinquency Advances Included in Current Distribution 38,958.21 Group I-B Recouped Advances Included in Current Distribution 0.00 Group I-B Recouped Advances From Liquidations 0.00 Group I-B Aggregate Amount of Advances Outstanding 140,303.78 Group II Delinquency Advances Included in Current Distribution 22,938.69 Group II Recouped Advances Included in Current Distribution 0.00 Group II Recouped Advances From Liquidations 0.00 Group II Aggregate Amount of Advances Outstanding 72,910.83 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 228 24,057,998.14 8.79 % 31-60 days 30 2,513,727.05 0.92 % 61-90 days 16 1,334,401.44 0.49 % 91+days 2 316,544.62 0.12 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 146 17,954,174.88 9.06 % 31-60 days 10 1,353,237.57 0.68 % 61-90 days 7 857,962.94 0.43 % 91+days 2 314,667.78 0.16 % Total 165 20,480,043.17 10.33 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 95 16,348,669.31 10.57 % 31-60 days 8 1,564,174.36 1.01 % 61-90 days 1 41,891.77 0.03 % 91+days 0 0.00 0.00 % Total 104 17,954,735.44 11.61 % -------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 5 of 7 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-3 October 27, 2003 -------------------------------------------------------------------------------- -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 7 682,619.45 0.25 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 7 658,322.37 0.33 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 3 536,114.30 0.35 % -------------------------------------------------------- Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO -------------------------------------------------------- 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-A Three Largest Loans 1,104,729.44 Group I-B Three Largest Loans 1,238,023.00 Group II Three Largest Loans 1,492,859.03 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 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 6 of 7 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-3 October 27, 2003 -------------------------------------------------------------------------------- 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),(xxii) Realized Losses 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 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 1.00 Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I-A Weighted Average Mortgage Rate 7.85 % Group I-B Weighted Average Mortgage Rate 7.60 % Group II Weighted Average Mortgage Rate 7.83 % Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I-A Weighted Average Remaining Term 306.00 Group I-B Weighted Average Remaining Term 355.00 Group II Weighted Average Remaining Term 284.00 Sec. 4.03 (a)(xxi), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 7,140,167.14 Overcollateralization Target Amount 25,879,876.09 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 18,739,708.95 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 % JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 7 of 7 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-3 October 27, 2003 -------------------------------------------------------------------------------- Senior Enhancement Percentage 16.52 % Senior Specified Enhancement Percentage 40.00 % Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.76 % 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]

EQUITY ONE ABS MORTGAGE PASS THROUGH TRUST 2003-3 8-K