8-K 1 csfb03ht10503.txt CSFB03HT1,8K,0503 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 (date of earliest event reported): 27-May-03 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust Mortgage Pass-Through Certificates, HEAT Series 2003-1 (Exact name of registrant as specified in its charter) Delaware 333-100669-02 13-3320910 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 11 Madison Avenue, 5th Floor New York, New York 10010 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (212) 325-2000 Item 5. Other Events On 27-May-03 a scheduled distribution was made from the Trust to holders of the Certificates. The Trustee has caused to be filed with the Commission, the Monthly Report dated 27-May-03 The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. A. Monthly Report Information See Exhibit No.1 B. Have and deficiencies occurred? NO. Date: Amount: C. Item 1: Legal Proceedings: NONE D. Item 2: Changes in Securities: NONE E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5 if applicable: NOT APPLICABLE Item 7. Monthly Statements and Exhibits Exhibit No. 1. Monthly Distribution Report Dated 27-May-03 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust Mortgage Pass-Through Certificates, HEAT Series 2003-1 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 27-May-03 DISTRIBUTION SUMMARY Class Orig Bal Beg Bal Prin Rate Int A-1 315,500,000 305,973,770 5,313,798 1.81000% 492,278 A-2 210,750,000 208,214,924 2,880,599 1.79000% 331,293 A-IO 273,650,000 267,378,121 0 6.68000% 1,639,253 M-1 36,000,000 36,000,000 0 2.32000% 74,240 M-2 20,500,000 20,500,000 0 3.22000% 58,676 M-3 9,400,000 9,400,000 0 3.42000% 28,576 B-1 18,750,000 18,750,000 0 4.57000% 76,167 B-2 7,850,000 7,850,000 0 5.57000% 38,866 B-3 6,250,000 6,250,000 0 5.62000% 31,222 X 625,000,050 614,106,763 0 0 R 50 0 0 1.79000% 0 Total 625,000,050 612,938,694 8,194,397 2,770,571 Class Loss Total Dist Int Short End Bal A-1 N/A 5,806,076 0 300,659,972 A-2 N/A 3,211,892 0 205,334,325 A-IO N/A 1,639,253 0 263,117,034 M-1 0.00 74,240 0 36,000,000 M-2 0.00 58,676 0 20,500,000 M-3 0.00 28,576 0 9,400,000 B-1 0.00 76,167 0 18,750,000 B-2 0.00 38,866 0 7,850,000 B-3 0.00 31,222 0 6,250,000 X N/A 0 0 607,110,695 R N/A 0 0 0 Total 0.00 10,964,968 0 604,744,297 AMOUNTS PER $1,000 UNIT Class Cusip Prin Int Total A-1 22541NYZ6 16.84246552 1.56030998 18.40277550 A-2 22541NZA0 13.66832327 1.57197191 15.24029518 A-IO 22541NZB8 0.00000000 5.99032794 5.99032794 M-1 22541NZD4 0.00000000 2.06222222 2.06222222 M-2 22541NZE2 0.00000000 2.86222244 2.86222244 M-3 22541NZF9 0.00000000 3.04000000 3.04000000 B-1 22541NZG7 0.00000000 4.06222240 4.06222240 B-2 22541NZH5 0.00000000 4.95111083 4.95111083 B-3 22541NZJ1 0.00000000 4.99555520 4.99555520 X 22541NYY9 0.00000000 0.00000000 0.00000000 R 22541NZC6 0.00000000 0.00000000 0.00 Interest Carry-forward Class Amount End Bal A-1 0.00000000 952.96346114 A-2 0.00000000 974.30284735 A-IO 0.00000000 961.50935310 M-1 0.00000000 1000.00000000 M-2 0.00000000 1000.00000000 M-3 0.00000000 1000.00000000 B-1 0.00000000 1000.00000000 B-2 0.00000000 1000.00000000 B-3 0.00000000 1000.00000000 X 0.00000000 971.37703453 R 0.00000000 0.00000000 GROUP 1 GROUP 2 TOTAL Principal Distributions: Beginning Balance* 366,438,824 247,667,939 614,106,763 Scheduled Principal 262,825 199,520 462,345 Prepayments (Incls Curtail) 4,273,896 2,259,827 6,533,723 Net Liquidation Proceeds 0 0 0 Loan Purchase Prices 0 0 0 Total Principal Remittance 4,536,721 2,459,347 6,996,068 Net Realized Losses 0 0 0 Ending Balance 361,902,104 245,208,592 607,110,695 Ending Count 2,651 1,447 4,098 Aggregate End Coll Bal 361,902,104 245,208,592 607,110,695 Ending Overcollateralization Amount 2,366,398 Prefunding Account: Beginning Balance 7,205,977 27,739,994 34,945,970 Subsequent Transfer 7,205,977 27,739,994 34,945,970 Added to available cert prin 0 0 0 Amount in Prefund Acct 0 0 0 Interest Distributions: Sched Int - Net Serv Fee & lpmi 2,350,751 1,478,474 3,829,224 Less RAIS 170 0 170 Less NPPIS 0 0 0 2,350,581 1,478,474 3,829,054 Capitalized Interest Account: Beginning Balance 0 less: Cap Int Require 0 0 0 less: W/draw Overfund Int Amt to Depositor 0 Ending Balance 0 Servicing Fee 152,683 103,195 255,878 Trustee Fee 1,221 826 2,047 Credit Risk Manager Fee 5,344 3,612 8,956 LPMI 0 70 70 Current Advances as of determination date 1,151,665 Outstanding Advances (end of prior calendar month) 572,486 Has Fairbanks failed the Termination Test NO Delinquency Information 30-59 days delinquent 60-89 days delinquent Count Balance Count Balance Grp 1 59 7,741,767 7 1,272,747 Grp 2 31 4,231,611 9 1,135,165 Total 90 11,973,378 16 2,407,911 *Note: Do not include loans in 4close, bankruptcy, or REO. 90 or more days delinquent Count Balance Grp 1 0 0 Grp 2 0 0 Total 0 0 *Note: Do not include loans in 4close, bankruptcy, or REO. Outstanding Loans Count Balance Grp 1 2,651 361,902,104 Grp 2 1,447 245,208,592 Total 4,098 607,110,695 Foreclosure Grp 1 Count Balance Grp 2 18 2,422,795 Total 3 487,322 21 2,910,118 Bankruptcy Count Balance Grp 1 10 1,605,795 Grp 2 4 998,249 Total 14 2,604,044 REO Count BalanceMarket Value Grp 1 0 0 0 Grp 2 0 0 0 Total 0 0 0 # of Loans for which Prepay Prems were collected 27 Prin Bal of Loans for which Prepay Prems were collected 4,214,842 Current amount of Prepayment Premiums 150,848 Current Delinquency Rate (60+days) 1.30488% Rolling Three Month Delinquency Rate (60+days) 0.80885% Number of Loans Repurchased 0 Principal Balance of Loans Repurchased 0 Realized Losses incurred during the related Due Period 0 Cumulative Realized Losses since Startup Day 0 Weighted Average Term to Maturity of Mortgage Loans 349 Weighted Average Gross Coupon of Mortgage Loans 7.98303% Weighted Average Net Coupon of Mortgage Loans 7.46130% Aggregate number of Mortgage Loans in the pool 4,098 Insured Payment on Class As 0 Senior Enhancement Percentage 16.27047% Net Excess Spread 2.66215% Deposit to Basis Risk Reserve Fund 0 Basis Risk Reserve Fund Balance 5,000 Interest Rate Cap Account Beginning Balance 0 Deposits 0 Withdrawals 0 Ending Balance 0 Target Amt for the preceding Dist Date 8,206,932 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. Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust Mortgage Pass-Through Certificates, HEAT Series 2003-1 By: /s/ Sheryl Christopherson Name: Sheryl Christopherson Title: Vice President US Bank, NA as Trustee

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 (date of earliest event reported) April 15, 2003
Credit Suisse First Boston Mortgage Securities Corp.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation)	333-77054 (Commission File Number)		13-3320910 (IRS Employer ID Number)
11 MADISON AVENUE, NEW YORK, N.Y. 10010
(Address of principal executive offices)		(Zip Code)
Registrant’s Telephone Number, including area code:		(212) 325-2000
N/A (Former name or former address, if changed since last report)

Item 5. Other Events.

This Current Report on Form 8-K is being filed to file a copy of the Pooling and Servicing Agreement dated as of January 1, 2003, among Credit Suisse First Boston Mortgage Securities Corp., as depositor, DLJ Mortgage Capital, Inc., as seller, Fairbanks Capital Corp., as servicer and special servicer, and U.S. Bank National Association, as trustee (the “Pooling and Servicing Agreement”), in connection with the issuance by Home Equity Asset Trust 2003-1 of Home Equity Pass-Through Certificates, Series 2003-1.

Item 7.

Financial Statements, Pro Forma Financial Information and Exhibits.

(q)

Not applicable.

(r)

Not applicable.

(s)

Exhibits:

4.1

Pooling and Servicing Agreement

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.

CREDIT SUISSE FIRST BOSTON MORTGAGE CORP.

By:

/s/ Brian Simons_____

Name:

Brian Simons

Title:

Vice President

Dated: April 15, 2003

EXHIBIT 4.1

Filing Compare · CSFB MORTGAGE SEC CORP HOME EQ PASS THR CERTS SER 2003-1