8-K 1 ba766049-8k.txt CURRENT REPORT 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: December 23, 2003 (Date of earliest event reported) Commission File No. 333-105940 Banc of America Mortgage Securities, Inc. ------------------------------------------------------------------------------ Delaware 36-4514369 ------------------------------------------------------------------------------ (State of Incorporation) (I.R.S. Employer Identification No.) 201 North Tryon Street, Charlotte, North Carolina 28255 ------------------------------------------------------------------------------ Address of principal executive offices (Zip Code) (704) 387-8239 ------------------------------------------------------------------------------ Registrant's Telephone Number, including area code ------------------------------------------------------------------------------ (Former name, former address and former fiscal year, if changed since last report) ITEM 5. Other Events ------------ On December 23, 2003, Banc of America Mortgage Securities, Inc., a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series 2003-L, Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-A-R, Class 1-A-LR, Class 2-A-1, Class 2-A-2, Class 3-A-1, Class B-1, Class B-2 and Class B-3 (the "Offered Certificates"), having an aggregate original principal balance of $458,428,100. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated December 23, 2003, among the Registrant, Bank of America, N.A., as servicer ("BANA") and Wells Fargo Bank Minnesota, National Association, as trustee (the "Agreement"), a copy of which is filed as an exhibit hereto. Mortgage Pass-Through Certificates, Series 2003-L, Class SES, Class 1-IO, Class 2-IO, Class 3-IO, Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal balance of $2,999,693 (the "Private Certificates" and, together with the Offered Certificates, the "Certificates"), were also issued pursuant to the Agreement. As of the date of initial issuance, the Offered Certificates evidenced an approximate 99.35% undivided interest in a trust (the "Trust"), consisting principally of three pools of adjustable interest rate, monthly pay, fully-amortizing, one- to four-family residential first mortgage loans. The remaining undivided interests in the Trust are evidenced by the Private Certificates. Interest on the Offered Certificates will be distributed on each Distribution Date (as defined in the Agreement). Monthly distributions in reduction of the principal balance of the Offered Certificates will be allocated to the Offered Certificates in accordance with the priorities set forth in the Agreement. Distributions of interest and in reduction of principal balance on any Distribution Date will be made to the extent that the Pool Distribution Amount (as defined in the Agreement) is sufficient therefor. Elections will be made to treat the Trust as two separate REMICs for federal income tax purposes (the "Upper-Tier REMIC" and the "Lower-Tier REMIC" and each a "REMIC"). The Class 1-A-1, Class 1-A-2, Class 1-A-3, Class 1-IO, Class 2-A-1, Class 2-A-2, Class 2-IO, Class 3-A-1, Class 3-IO, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates and each component of the Class SES Certificates will be treated as "regular interests" in the REMIC and the Class 1-A-R and Class 1-A-LR Certificates will be treated as the "residual interest" in the Upper-Tier REMIC and the Lower-Tier REMIC, respectively. ITEM 7. Financial Statements and Exhibits --------------------------------- (c) Exhibits Item 601(a) of Regulation S-K Exhibit No. Description ----------- ----------- (EX-4) Pooling and Servicing Agreement, dated December 23, 2003, among Banc of America Mortgage Securities, Inc., Bank of America, N.A. and Wells Fargo Bank Minnesota, National Association, as trustee. 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. BANC OF AMERICA MORTGAGE SECURITIES, INC. December 23, 2003 By: /s/ Judy Lowman -------------------------- Name: Judy Lowman Title: Vice President INDEX TO EXHIBITS ----------------- Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing E Agreement, dated December 23, 2003, among Banc of America Mortgage Securities, Inc., Bank of America, N.A. and Wells Fargo Bank Minnesota, National Association, as trustee.

Banc of America Mortgage Securities, Inc. Mortgage Pass-Through Certificates Record Date: 2/29/2004 Distribution Date: 3/25/2004 BAM Series: 2003-L 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 1-A-1 05948XQ46 SEN 3.29036% 28,129,179.90 77,129.36 1,297,355.81 1-A-2 05948XQ53 SEN 3.29036% 38,079,301.34 104,412.29 1,756,268.86 1-A-3 05948XQ61 SEN 3.29036% 1,238,529.28 3,396.01 57,122.64 1-A-R 05948XQ79 SEN 3.28082% 0.00 0.00 0.00 1-A-LR 05948XQ87 SEN 3.28082% 0.00 0.00 0.00 2-A-1 05948XQ95 SEN 4.07637% 261,594,666.35 888,630.89 10,974,393.43 2-A-2 05948XR29 SEN 4.36437% 85,993,652.03 312,756.88 3,607,597.14 3-A-1 05948XR37 SEN 4.52902% 24,308,413.50 91,744.34 666,225.09 B-1 05948XR45 SUB 4.19503% 6,678,660.74 23,347.42 6,715.93 B-2 05948XR52 SUB 4.19503% 2,993,022.05 10,463.08 3,009.72 B-3 05948XR60 SUB 4.19503% 1,842,320.34 6,440.43 1,852.60 B-4 05948XR78 SUB 4.19503% 1,150,701.71 4,022.65 1,157.12 B-5 05948XR86 SUB 4.19503% 691,618.63 2,417.78 695.48 B-6 05948XR94 SUB 4.19503% 1,151,393.33 4,025.06 1,157.82 1-IO 05948XS36 SEN 0.86100% 0.00 50,042.34 0.00 2-IO 05948XS44 SEN 0.38275% 0.00 114,507.28 0.00 3-IO 05948XS51 SEN 0.50500% 0.00 10,563.03 0.00 SES 05948XS28 SEN 0.00000% 0.00 85,847.53 0.00 Totals 453,851,459.20 1,789,746.37 18,373,551.64

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A-1 0.00 26,831,824.09 1,374,485.17 0.00 1-A-2 0.00 36,323,032.48 1,860,681.15 0.00 1-A-3 0.00 1,181,406.63 60,518.65 0.00 1-A-R 0.00 0.00 0.00 0.00 1-A-LR 0.00 0.00 0.00 0.00 2-A-1 0.00 250,620,272.92 11,863,024.32 0.00 2-A-2 0.00 82,386,054.89 3,920,354.02 0.00 3-A-1 0.00 23,642,188.41 757,969.43 0.00 B-1 0.00 6,671,944.81 30,063.35 0.00 B-2 0.00 2,990,012.32 13,472.80 0.00 B-3 0.00 1,840,467.74 8,293.03 0.00 B-4 0.00 1,149,544.58 5,179.77 0.00 B-5 0.00 690,923.15 3,113.26 0.00 B-6 0.00 1,150,235.51 5,182.88 0.00 1-IO 0.00 0.00 50,042.34 0.00 2-IO 0.00 0.00 114,507.28 0.00 3-IO 0.00 0.00 10,563.03 0.00 SES 0.00 0.00 85,847.53 0.00 Totals 0.00 435,477,907.53 20,163,298.01 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) 1-A-1 29,548,000.00 28,129,179.90 38,979.24 1,258,376.56 0.00 0.00 1-A-2 40,000,000.00 38,079,301.34 52,767.35 1,703,501.51 0.00 0.00 1-A-3 1,301,000.00 1,238,529.28 1,716.26 55,406.39 0.00 0.00 1-A-R 50.00 0.00 0.00 0.00 0.00 0.00 1-A-LR 50.00 0.00 0.00 0.00 0.00 0.00 2-A-1 264,656,000.00 261,594,666.35 240,128.98 10,734,264.45 0.00 0.00 2-A-2 87,000,000.00 85,993,652.03 78,937.27 3,528,659.87 0.00 0.00 3-A-1 24,386,000.00 24,308,413.50 28,338.63 637,886.46 0.00 0.00 B-1 6,692,000.00 6,678,660.74 6,715.93 0.00 0.00 0.00 B-2 2,999,000.00 2,993,022.05 3,009.72 0.00 0.00 0.00 B-3 1,846,000.00 1,842,320.34 1,852.60 0.00 0.00 0.00 B-4 1,153,000.00 1,150,701.71 1,157.12 0.00 0.00 0.00 B-5 693,000.00 691,618.63 695.48 0.00 0.00 0.00 B-6 1,153,693.00 1,151,393.33 1,157.82 0.00 0.00 0.00 1-IO 0.00 0.00 0.00 0.00 0.00 0.00 2-IO 0.00 0.00 0.00 0.00 0.00 0.00 3-IO 0.00 0.00 0.00 0.00 0.00 0.00 SES 0.00 0.00 0.00 0.00 0.00 0.00 Totals 461,427,793.00 453,851,459.20 455,456.40 17,918,095.24 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 1-A-1 1,297,355.81 26,831,824.09 0.90807581 1,297,355.81 1-A-2 1,756,268.86 36,323,032.48 0.90807581 1,756,268.86 1-A-3 57,122.64 1,181,406.63 0.90807581 57,122.64 1-A-R 0.00 0.00 0.00000000 0.00 1-A-LR 0.00 0.00 0.00000000 0.00 2-A-1 10,974,393.43 250,620,272.92 0.94696615 10,974,393.43 2-A-2 3,607,597.14 82,386,054.89 0.94696615 3,607,597.14 3-A-1 666,225.09 23,642,188.41 0.96949842 666,225.09 B-1 6,715.93 6,671,944.81 0.99700311 6,715.93 B-2 3,009.72 2,990,012.32 0.99700311 3,009.72 B-3 1,852.60 1,840,467.74 0.99700311 1,852.60 B-4 1,157.12 1,149,544.58 0.99700310 1,157.12 B-5 695.48 690,923.15 0.99700310 695.48 B-6 1,157.82 1,150,235.51 0.99700311 1,157.82 1-IO 0.00 0.00 0.00000000 0.00 2-IO 0.00 0.00 0.00000000 0.00 3-IO 0.00 0.00 0.00000000 0.00 SES 0.00 0.00 0.00000000 0.00 Totals 18,373,551.64 435,477,907.53 0.94376176 18,373,551.64

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A-1 29,548,000.00 951.98253350 1.31918370 42.58753757 0.00000000 1-A-2 40,000,000.00 951.98253350 1.31918375 42.58753775 0.00000000 1-A-3 1,301,000.00 951.98253651 1.31918524 42.58754035 0.00000000 1-A-R 50.00 0.00000000 0.00000000 0.00000000 0.00000000 1-A-LR 50.00 0.00000000 0.00000000 0.00000000 0.00000000 2-A-1 264,656,000.00 988.43278199 0.90732490 40.55930888 0.00000000 2-A-2 87,000,000.00 988.43278195 0.90732494 40.55930885 0.00000000 3-A-1 24,386,000.00 996.81839990 1.16208603 26.15789633 0.00000000 B-1 6,692,000.00 998.00668559 1.00357591 0.00000000 0.00000000 B-2 2,999,000.00 998.00668556 1.00357452 0.00000000 0.00000000 B-3 1,846,000.00 998.00668472 1.00357530 0.00000000 0.00000000 B-4 1,153,000.00 998.00668690 1.00357329 0.00000000 0.00000000 B-5 693,000.00 998.00668110 1.00357864 0.00000000 0.00000000 B-6 1,153,693.00 998.00668809 1.00357721 0.00000000 0.00000000 1-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 2-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 3-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 SES 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 1-A-1 0.00000000 43.90672161 908.07581190 0.90807581 43.90672161 1-A-2 0.00000000 43.90672150 908.07581200 0.90807581 43.90672150 1-A-3 0.00000000 43.90671791 908.07581091 0.90807581 43.90671791 1-A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1-A-LR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A-1 0.00000000 41.46663378 946.96614821 0.94696615 41.46663378 2-A-2 0.00000000 41.46663379 946.96614816 0.94696615 41.46663379 3-A-1 0.00000000 27.31998237 969.49841753 0.96949842 27.31998237 B-1 0.00000000 1.00357591 997.00310968 0.99700311 1.00357591 B-2 0.00000000 1.00357452 997.00310770 0.99700311 1.00357452 B-3 0.00000000 1.00357530 997.00310943 0.99700311 1.00357530 B-4 0.00000000 1.00357329 997.00310494 0.99700310 1.00357329 B-5 0.00000000 1.00357864 997.00310245 0.99700310 1.00357864 B-6 0.00000000 1.00357721 997.00311088 0.99700311 1.00357721 1-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 3-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 SES 0.00000000 0.00000000 0.00000000 0.00000000 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 1-A-1 29,548,000.00 3.29036% 28,129,179.90 77,129.36 0.00 0.00 1-A-2 40,000,000.00 3.29036% 38,079,301.34 104,412.29 0.00 0.00 1-A-3 1,301,000.00 3.29036% 1,238,529.28 3,396.01 0.00 0.00 1-A-R 50.00 3.28082% 0.00 0.00 0.00 0.00 1-A-LR 50.00 3.28082% 0.00 0.00 0.00 0.00 2-A-1 264,656,000.00 4.07637% 261,594,666.35 888,630.89 0.00 0.00 2-A-2 87,000,000.00 4.36437% 85,993,652.03 312,756.88 0.00 0.00 3-A-1 24,386,000.00 4.52902% 24,308,413.50 91,744.34 0.00 0.00 B-1 6,692,000.00 4.19503% 6,678,660.74 23,347.42 0.00 0.00 B-2 2,999,000.00 4.19503% 2,993,022.05 10,463.08 0.00 0.00 B-3 1,846,000.00 4.19503% 1,842,320.34 6,440.43 0.00 0.00 B-4 1,153,000.00 4.19503% 1,150,701.71 4,022.65 0.00 0.00 B-5 693,000.00 4.19503% 691,618.63 2,417.48 0.00 0.00 B-6 1,153,693.00 4.19503% 1,151,393.33 4,025.06 0.00 0.00 1-IO 0.00 0.86100% 69,745,425.29 50,042.34 0.00 0.00 2-IO 0.00 0.38275% 359,005,762.69 114,507.28 0.00 0.00 3-IO 0.00 0.50500% 25,100,272.14 10,563.03 0.00 0.00 SES 0.00 0.00000% 453,851,460.12 0.00 0.00 0.00 Totals 461,427,793.00 1,703,898.54 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 1-A-1 0.00 0.00 77,129.36 0.00 26,831,824.09 1-A-2 0.00 0.00 104,412.29 0.00 36,323,032.48 1-A-3 0.00 0.00 3,396.01 0.00 1,181,406.63 1-A-R 0.00 0.00 0.00 0.00 0.00 1-A-LR 0.00 0.00 0.00 0.00 0.00 2-A-1 0.00 0.00 888,630.89 0.00 250,620,272.92 2-A-2 0.00 0.00 312,756.88 0.00 82,386,054.89 3-A-1 0.00 0.00 91,744.34 0.00 23,642,188.41 B-1 0.00 0.00 23,347.42 0.00 6,671,944.81 B-2 0.00 0.00 10,463.08 0.00 2,990,012.32 B-3 0.00 0.00 6,440.43 0.00 1,840,467.74 B-4 0.00 0.00 4,022.65 0.00 1,149,544.58 B-5 0.00 0.00 2,417.78 0.00 690,923.15 B-6 0.00 0.00 4,025.06 0.00 1,150,235.51 1-IO 0.00 0.00 50,042.34 0.00 66,631,493.01 2-IO 0.00 0.00 114,507.28 0.00 344,413,291.56 3-IO 0.00 0.00 10,563.03 0.00 24,433,123.91 SES 0.00 0.00 85,847.53 0.00 435,477,908.48 Totals 0.00 0.00 1,789,746.37 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 1-A-1 29,548,000.00 3.29036% 951.98253350 2.61030730 0.00000000 0.00000000 1-A-2 40,000,000.00 3.29036% 951.98253350 2.61030725 0.00000000 0.00000000 1-A-3 1,301,000.00 3.29036% 951.98253651 2.61030746 0.00000000 0.00000000 1-A-R 50.00 3.28082% 0.00000000 0.00000000 0.00000000 0.00000000 1-A-LR 50.00 3.28082% 0.00000000 0.00000000 0.00000000 0.00000000 2-A-1 264,656,000.00 4.07637% 988.43278199 3.35768277 0.00000000 0.00000000 2-A-2 87,000,000.00 4.36437% 988.43278195 3.59490667 0.00000000 0.00000000 3-A-1 24,386,000.00 4.52902% 996.81839990 3.76217256 0.00000000 0.00000000 B-1 6,692,000.00 4.19503% 998.00668559 3.48885535 0.00000000 0.00000000 B-2 2,999,000.00 4.19503% 998.00668556 3.48885629 0.00000000 0.00000000 B-3 1,846,000.00 4.19503% 998.00668472 3.48885699 0.00000000 0.00000000 B-4 1,153,000.00 4.19503% 998.00668690 3.48885516 0.00000000 0.00000000 B-5 693,000.00 4.19503% 998.00668110 3.48842713 0.00000000 0.00000000 B-6 1,153,693.00 4.19503% 998.00668809 3.48884842 0.00000000 0.00000000 1-IO 0.00 0.86100% 953.40763115 0.68406994 0.00000000 0.00000000 2-IO 0.00 0.38275% 988.73981056 0.31536515 0.00000000 0.00000000 3-IO 0.00 0.50500% 996.84614762 0.41950604 0.00000000 0.00000000 SES 0.00 0.00000% 983.58067306 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000 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 1-A-1 0.00000000 0.00000000 2.61030730 0.00000000 908.07581190 1-A-2 0.00000000 0.00000000 2.61030725 0.00000000 908.07581200 1-A-3 0.00000000 0.00000000 2.61030746 0.00000000 908.07581091 1-A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1-A-LR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2-A-1 0.00000000 0.00000000 3.35768277 0.00000000 946.96614821 2-A-2 0.00000000 0.00000000 3.59490667 0.00000000 946.96614816 3-A-1 0.00000000 0.00000000 3.76217256 0.00000000 969.49841753 B-1 0.00000000 0.00000000 3.48885535 0.00000000 997.00310968 B-2 0.00000000 0.00000000 3.48885629 0.00000000 997.00310770 B-3 0.00000000 0.00000000 3.48885699 0.00000000 997.00310943 B-4 0.00000000 0.00000000 3.48885516 0.00000000 997.00310494 B-5 0.00000000 0.00000000 3.48886003 0.00000000 997.00310245 B-6 0.00000000 0.00000000 3.48884842 0.00000000 997.00311088 1-IO 0.00000000 0.00000000 0.68406994 0.00000000 910.84072749 2-IO 0.00000000 0.00000000 0.31536515 0.00000000 948.55060292 3-IO 0.00000000 0.00000000 0.41950604 0.00000000 970.35065230 SES 0.00000000 0.00000000 0.18604759 0.00000000 943.76176340 (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 Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notional Notional Component Component Component Class Rate Balance Balance Balance Balance Percentage 1-SES 0.00000% 69,745,425.29 66,631,493.01 0.00 0.00 91.08407275% 2-SES 0.00000% 359,005,762.69 344,413,291.56 0.00 0.00 94.85506029% 3-SES 0.00000% 25,100,272.14 24,433,123.91 0.00 0.00 97.03506523%

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 20,184,288.63 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 20,184,288.63 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 20,990.62 Payment of Interest and Principal 20,163,298.01 Total Withdrawals (Pool Distribution Amount) 20,184,288.63 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 18,910.48 Trustee Fee - Wells Fargo Bank, N.A. 2,080.14 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 20,990.62

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 1 0 0 1 345,473.51 0.00 0.00 345,473.51 30 Days 5 0 0 0 5 3,175,747.97 0.00 0.00 0.00 3,175,747.97 60 Days 1 0 0 0 1 438,684.36 0.00 0.00 0.00 438,684.36 90 Days 1 0 0 0 1 436,500.00 0.00 0.00 0.00 436,500.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 7 1 0 0 8 4,050,932.33 345,473.51 0.00 0.00 4,396,405.84 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 0.118624% 0.000000% 0.000000% 0.118624% 0.079261% 0.000000% 0.000000% 0.079261% 30 Days 0.593120% 0.000000% 0.000000% 0.000000% 0.593120% 0.728601% 0.000000% 0.000000% 0.000000% 0.728601% 60 Days 0.118624% 0.000000% 0.000000% 0.000000% 0.118624% 0.100646% 0.000000% 0.000000% 0.000000% 0.100646% 90 Days 0.118624% 0.000000% 0.000000% 0.000000% 0.118624% 0.100145% 0.000000% 0.000000% 0.000000% 0.100145% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.830368% 0.118624% 0.000000% 0.000000% 0.948992% 0.929391% 0.079261% 0.000000% 0.000000% 1.008652%

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2 0 0 0 2 798,194.49 0.00 0.00 0.00 798,194.49 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2 0 0 0 2 798,194.49 0.00 0.00 0.00 798,194.49 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.492537% 0.000000% 0.000000% 0.000000% 1.492537% 1.196425% 0.000000% 0.000000% 0.000000% 1.196425% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.492537% 0.000000% 0.000000% 0.000000% 1.492537% 1.196425% 0.000000% 0.000000% 0.000000% 1.196425% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 1 0 0 1 345,473.51 0.00 0.00 345,473.51 30 Days 3 0 0 0 3 2,377,553.48 0.00 0.00 0.00 2,377,553.48 60 Days 1 0 0 0 1 438,684.36 0.00 0.00 0.00 438,684.36 90 Days 1 0 0 0 1 436,500.00 0.00 0.00 0.00 436,500.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 5 1 0 0 6 3,252,737.84 345,473.51 0.00 0.00 3,598,211.35 0-29 Days 0.151057% 0.000000% 0.000000% 0.151057% 0.100225% 0.000000% 0.000000% 0.100225% 30 Days 0.453172% 0.000000% 0.000000% 0.000000% 0.453172% 0.689748% 0.000000% 0.000000% 0.000000% 0.689748% 60 Days 0.151057% 0.000000% 0.000000% 0.000000% 0.151057% 0.127266% 0.000000% 0.000000% 0.000000% 0.127266% 90 Days 0.151057% 0.000000% 0.000000% 0.000000% 0.151057% 0.126632% 0.000000% 0.000000% 0.000000% 0.126632% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.755287% 0.151057% 0.000000% 0.000000% 0.906344% 0.943646% 0.100225% 0.000000% 0.000000% 1.043871% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.774691% Weighted Average Net Coupon 4.505481% Weighted Average Pass-Through Rate 4.499981% Weighted Average Maturity(Stepdown Calculation ) 355 Beginning Scheduled Collateral Loan Count 874 Number Of Loans Paid In Full 31 Ending Scheduled Collateral Loan Count 843 Beginning Scheduled Collateral Balance 453,851,460.12 Ending Scheduled Collateral Balance 435,477,908.48 Ending Actual Collateral Balance at 29-Feb-2004 435,869,471.83 Monthly P &I Constant 2,261,290.19 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 435,477,908.48 Scheduled Principal 455,456.40 Unscheduled Principal 17,918,095.24

Miscellaneous Reporting Total Senior% 96.803422% Total Subordinate% 3.196578%

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 4.531864 4.785872 5.289516 Weighted Average Net Rate 4.156864 4.535872 5.039517 Weighted Average Maturity (3) (3) (3) Beginning Loan Count 141 685 48 Loans Paid In Full 7 23 1 Ending Loan Count 134 662 47 Beginning Scheduled Balance 69,745,425.29 359,005,762.69 25,100,272.14 Ending scheduled Balance 66,631,493.01 344,413,291.56 24,433,123.91 Record Date 02/29/2004 02/29/2004 02/29/2004 Principal And Interest Constant 360,045.12 1,761,343.05 139,902.02 Scheduled Principal 96,647.82 329,546.81 29,261.77 Unscheduled Principal 3,017,284.46 14,262,924.32 637,886.46 Scheduled Interest 263,397.30 1,431,796.24 110,640.25 Servicing Fees 21,795.45 74,792.88 5,229.22 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 319.66 1,645.44 115.04 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 241,282.19 1,355,357.92 105,295.99 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.151364 4.530372 5.034016

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 4.774691 Weighted Average Net Rate 4.505481 Weighted Average Maturity 355 Beginning Loan Count 874 Loans Paid In Full 31 Ending Loan Count 843 Beginning Scheduled Balance 453,851,460.12 Ending scheduled Balance 435,477,908.48 Record Date 02/29/2004 Principal And Interest Constant 2,261,290.19 Scheduled Principal 455,456.40 Unscheduled Principal 17,918,095.24 Scheduled Interest 1,805,833.79 Servicing Fees 101,817.55 Master Servicing Fees 0.00 Trustee Fee 2,080.14 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread Fee 1 0.00 Spread Fee 2 0.00 Spread Fee 3 0.00 Net Interest 1,701,936.10 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 4.499981

Miscellaneous Reporting Group Group 1 CPR 41.225010% Senior Prepayment% 100.000000% Subordinate% 3.295434% Subordinate Prepayment% 0.000000% Senior% 96.704566% Group Group 2 CPR 38.549151% Senior Prepayment% 100.000000% Subordinate% 3.180296% Subordinate Prepayment% 0.000000% Senior% 96.819704% Group Group 3 CPR 26.601712% Senior Prepayment% 100.000000% Subordinate% 3.154781% Subordinate Prepayment% 0.000000% Senior% 96.845219%

Filing Compare · BANC OF AMERICA MORT SEC INC MORT PAS THR CERTS SER 2003 L