8-K 1 e15531_8k.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: July 31, 2003 CIT HOME EQUITY LOAN TRUST 2003-1 (Exact Name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporation) (Commission File Number) 333-65554 (IRS Employer Identification No.) c/o The CIT Group/Consumer Finance, Inc. 1 CIT Drive Livingston, New Jersey 07039-0491 Registrants' telephone number, including area code: (973) 740-5000 N/A (Former name or former address, if changed since last report) Item 5. Other Events CIT HOME EQUITY LOAN TRUST 2003-1 MONTHLY SERVICE REPORT COLLECTION PERIOD: 31-Jul-03 PAYMENT DATE: 20-Aug-03 DETERMINATION DATE: 15-Aug-03 The monthly distributions were made to holders of asset backed notes issued by CIT Home Equity Loan Trust 2003-1on: August 20, 2003 Item 7. Financial Statements and Exhibits (c.) Exhibits. The following are filed herewith. The exhibit numbers correspond with Item 601(b) of Regulation S-K. Exhibit No. 20.1 Monthly Servicer Report SIGNATURE 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. CIT Home Equity Loan Trust 2003-1 By: The CIT Group Consumer Finance By: /s/ Gilmar Rodrigues ------------------------------ Name: Gilmar Rodrigues Title: Vice President Dated: August 19, 2003 Exhibits No. 20.1: CIT Home Equity Loan Trust 2003-1 Home Equity Loan Asset Backed Certificates, Series 2003-1 Master Servicer's Certificate Due Period 7/31/2003 Determination Date 8/15/2003 Distribution Date 8/20/2003 I Available in Certificate Account Principal collected on Mortgage Loans 18,470,954.36 All Liquidation Proceeds with respect to Principal 0.00 Principal portion of Purchase Price on Repurchased Mortgage Loans 37,434.63 Substitution Adjustment with respect to Principal 0.00 Amount transferred from Pre-Funding Account 0.00 -------------- Principal Distribution Amount 18,508,388.99 Interest collected on Mortgage Loans 6,225,027.35 Interest portion of Purchase Price on Repurchased Mortgage Loans 303.84 All Liquidation Proceeds with respect to Interest 0.00 Substitution Adjustment with respect to Interest 0.00 Master Servicer Monthly Advances (net of Compensating Interest) 585,952.46 Reimbursement of previous months Servicer Advances (320,223.64) Compensating Interest 1,143.30 Investment Earnings on the Certificate Account 0.00 Investment Earnings on the Prefunding Account 0.00 -------------- Interest Remittance Amount 6,492,203.31 Amount not Required to be deposited 0.00 Total available in the Certificate Account 25,000,592.30 II Distributions Per $ 1,000 Amount ----------- -------------- 1. Aggregate Class A-1 Distribution 73.41915799 21,585,232.45 2. Aggregate Class A-2 Distribution 1.95833333 417,125.00 3. Aggregate Class A-3 Distribution 2.32500000 134,850.00 4. Aggregate Class A-4 Distribution 3.27500000 373,350.00 5. Aggregate Class A-5 Distribution 4.15000000 137,157.50 6. Aggregate Class A-6 Distribution 3.38333330 318,033.33 7. Aggregate Class A-IO Distribution 4.16666667 750,000.00 8. Aggregate Class M-1 Distribution 3.89166660 210,344.58 9. Aggregate Class M-2 Distribution 4.21666667 178,365.00 10 Aggregate Class B Distribution 4.58333324 172,333.33 11. Aggregate Class X-IO Distribution 0.00 12. Aggregate Class R Distribution 0.00 13. Aggregate Master Servicer Distribution 723,801.11 -------------- Total Distributions = 25,000,592.30 III Certificate Class Balances Factor % Amount ------------- -------------- Opening Senior Class A Certificate Balances as reported on the prior Monthly Master Servicer Report: (a) Class A-1 81.26654970% 238,923,656.12 (b) Class A-2 100.00000000% 213,000,000.00 (c) Class A-3 100.00000000% 58,000,000.00 (d) Class A-4 100.00000000% 114,000,000.00 (e) Class A-5 100.00000000% 33,050,000.00 (f) Class A-6 100.00000000% 94,000,000.00 -------------- 750,973,656.12 (g) Class A-IO 100.00000000% 180,000,000.00 Opening Subordinated Class M & B Certificate Balances as reported on the prior Monthly Master Servicer Report: (a) Class M-1 100.00000000% 54,050,000.00 (b) Class M-2 100.00000000% 42,300,000.00 (c) Class B 100.00000000% 37,600,000.00 --------------- 133,950,000.00

IV Principal Distribution Amount 1(a). Basic Principal Amount No. Amount ----- -------------- (a) Stated principal collected 2,359,760.06 (b) Principal Prepayments 185 16,111,194.30 (c) Liquidation Proceeds 0.00 (d) Repurchased Mortgage Loans 1 37,434.63 (e) Substitution Adjustment related to Principal 0.00 (f) Amount Transferred from Pre-Funding Account 0.00 -------------- Total Principal Distribution 18,508,388.99 1(b). Subordination Increase Amount 2,839,910.83 2(a). Class A Principal Distribution Amount: Per $ 1,000 ----------- (a) Class A-1 72.61326469 21,348,299.82 (b) Class A-2 0.00000000 0.00 (c) Class A-3 0.00000000 0.00 (d) Class A-4 0.00000000 0.00 (e) Class A-5 0.00000000 0.00 7. Class A-6 (a) Class A-6 Lockout Percentage 0.00% (b) Class A-6 Lockout Distribution Amount 0.00000000 0.00 2(b). Class M & B Principal Distribution Amount: 1. Class M-1 0.00000000 0.00 2. Class M-2 0.00000000 0.00 3. Class B 0.00000000 0.00 2(c) Class M & B Applied Realized Losses: 1. Class M-1 0.00000000 0.00 2. Class M-2 0.00000000 0.00 3. Class B 0.00000000 0.00 Factor % Amount ------------- -------------- Ending Senior Class A Certificate Balances after distributions of principal on this Monthly Master Servicer Report: (a) Class A-1 74.00522323% 217,575,356.30 (b) Class A-2 100.00000000% 213,000,000.00 (c) Class A-3 100.00000000% 58,000,000.00 (d) Class A-4 100.00000000% 114,000,000.00 (e) Class A-5 100.00000000% 33,050,000.00 (f) Class A-6 100.00000000% 94,000,000.00 -------------- 729,625,356.30 (g) Class A-IO 100.00000000% 180,000,000.00 Ending Subordinated Class M & B Certificate Balances after distributions of principal on this Monthly Master Servicer Report: (a) Class M-1 100.00000000% 54,050,000.00 (b) Class M-2 100.00000000% 42,300,000.00 (c) Class B 100.00000000% 37,600,000.00 -------------- 133,950,000.00 V Interest Distribution Amount Fixed Rate Certificates (b) Fixed Rate Certificates applicable Pass-Through Rate 1. Class A-1 1.19000% 2. Class A-2 2.35000% 3. Class A-3 2.79000% 4. Class A-4 3.93000% 5. Class A-5 4.98000% 6. Class A-6 4.06000% 7. Class A-IO 5.00000% 8. Class M-1 4.67000% 9. Class M-2 5.06000% 10. Class B 5.50000% INTEREST REMITTANCE AMOUNT 1. Interest collected on Mortgage Loans 6,225,027.35 2. Interest advanced on Mortgage Loans 265,728.82 3. Compensating Interest on Mortgage Loans 1,143.30 4. Substitution Adjustment interest 0.00 5. Purchase Price interest on repurchased accounts 303.84 6. Liquidation Proceeds interest portion 0.00 7. Investment Earning in the Pre-Funding Account 0.00 TOTAL INTEREST REMITTANCE AMOUNT 6,492,203.31

Current Interest Requirement 1. Class A-1 @ applicable Pass-Through Rate 236,932.63 2. Class A-2 @ applicable Pass-Through Rate 417,125.00 3. Class A-3 @ applicable Pass-Through Rate 134,850.00 4. Class A-4 @ applicable Pass-Through Rate 373,350.00 5. Class A-5 @ applicable Pass-Through Rate 137,157.50 6. Class A-6 @ applicable Pass-Through Rate 318,033.33 7. Class A-IO @ applicable Pass-Through Rate 750,000.00 8. Class M-1 @ applicable Pass-Through Rate 210,344.58 9. Class M-2 @ applicable Pass-Through Rate 178,365.00 10. Class B @ applicable Pass-Through Rate 172,333.33 Class Interest Carryover Shortfall 1. Class A-1 0.00 2. Class A-2 0.00 3. Class A-3 0.00 4. Class A-4 0.00 5. Class A-5 0.00 6. Class A-6 0.00 7. Class A-IO 0.00 8. Class M-1 0.00 9. Class M-2 0.00 10. Class B 0.00 Certificates Interest Distribution Amount Per $ 1,000 ----------- 1. Class A-1 0.80589330 236,932.63 2. Class A-2 1.95833333 417,125.00 3. Class A-3 2.32500000 134,850.00 4. Class A-4 3.27500000 373,350.00 5. Class A-5 4.15000000 137,157.50 6. Class A-6 3.38333330 318,033.33 7. Class A-IO 4.16666667 750,000.00 8. Class M-1 3.89166660 210,344.58 9. Class M-2 4.21666667 178,365.00 10. Class B 4.58333324 172,333.33 VI Credit Enhancement Information Total (a) Senior Enhancement Percentage 16.07% (b) OC Spread Holiday in effect? NO (c) Overcollateralization Amount: 1. Opening Overcollateralization Amount 0.00 2. Ending Overcollateralization Amount 5,744,372.28 3. Required Overcollateralization Amount 31,020,000.00 4. Subordination Deficiency 25,275,627.72 5. Excess Overcollateralization Amount 0.00 VII Trigger Information 1. (a) 60+ Delinquency Percentage 0.60% (b) Delinquency Event in effect (Rolling Three Month > 45% of Sr. Enhancement)? NO 2. (a) Cumulative Loss Percentage 0.00% (b) Applicable Loss Percentage for current Distribution 2.50% (c) Cumulative Loss Trigger Event in effect NO VIII Pool Information No. Amount ----- -------------- (a) Closing Mortgage Loan Principal Balance: 9,766 869,319,728.58 (b) Principal Balance of Balloon Mortgage Loans 28 2,164,431.44 (c) Weighted Average Mortgage Rate: 8.191% (d) Weighted Average Net Mortgage Rate: 7.700% (e) Net Weighted Average Coupon Cap: 6.686% (f) Net Weighted Average Coupon Cap for A-1 Class only 6.686% (g) Weighted Average Remaining Maturity: 322.94 (h) Weighted Average Original Maturity: 331.53 IX Delinquency Information No. % Amount -------------------------------- A. Fixed Rate Mortgage Loans: (a) Delinquent Contracts: 1. 31 - 59 Day Accounts 227 2.19% 19,061,486.51 2. 60 - 89 Day Accounts 46 0.38% 3,315,596.67 3. 90+ Day Accounts 64 0.58% 5,011,795.38 (b) Mortgage Loans - In Foreclosure 27 0.27% 2,319,335.07 (c) REO Property Accounts 0 0.00% 0.00

X Realized Losses No. Amount ----- -------------- 1. (a) Gross Realized Losses during the period 0 0.00 (b) Realized Losses during the period 0.00 (c) Cumulative Gross Realized Losses 0 0.00 (d) Cumulative Realized Losses 0.00 (e) Cumulative Applied Realized Losses i. Class B 0.00 ii. Class M-1 0.00 iii. Class M-2 0.00 XI Miscellaneous Information 1. (a) Monthly Master Servicer Fee i. Monthly Servicing Fee 369,928.38 ii. Mortgage Fees 353,872.73 iii. Certificate Account Investment Earnings 0.00 (b) Amount of prior unpaid Master Servicing Fees paid with this distribution 0.00 (c) Total Master Servicing Fees paid with this distribution 723,801.11 (d) Amount of unpaid Master Servicing Fees as of this distribution 0.00 2. (a) Opening Master Servicer Advance Balance 2,535,080.57 (b) Current Advance (exclusive of Compensating Interest) 585,952.46 (c) Reimbursement of prior Master Servicer Advances (320,223.64) -------------- (d) Ending Master Servicer Advance Balance 2,800,809.39 3. Current period Compensating Interest 1,143.30 4. (a) Stepdown Date in effect ? NO 5. Aggregate principal balance of Subsequent Mortgage Loans purchased by the Trust on the related Distribution Date: 0.00 6. (a) Beginning Amount of the Pre-Funding Account 0.00 6. (b) Principal Balance Purchased by the Trust 0.00 6. (c) Pre-Fuding Balance after the above Purchase (6b) to be paid as an additional principal to the Noteholders. 0.00 6. (d) Ending Amount of the Pre-Funding Account 0.00 (d) Amount of Investment Earnings in the Pre-Funding Account 0.00 7. Aggregate principal balance of Subsequent Mortgage Loans (during Funding Period) 1,205 120,916,357.55

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