8-K 1 centex2004b_april04.txt UNITED STATES 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 26, 2004 CHEC FUNDING LLC, (as depositor under the Pooling and Servicing Agreement, dated March 1, 2004 providing for the issuance of Centex Home Equity Loan Asset-Backed Certificates, Series 2004-B) CHEC FUNDING, LLC on behalf of itself and the Trust described below with respect to which it is the depositor (Exact name of registrant as specified in its charter) Delaware 333-105322-03 76-2851805 (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 2728 North Harwood Dallas, Texas 75201 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (214) 981-5000 N/A (Former name or former address, if changed since last report.) Item 5. Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of Centex Home Equity Loan Trust 2004-B pursuant to the terms of the Pooling and Servicing Agreement, dated as of March 1, 2004, among CHEC Funding, LLC, as Depositor, Centex Home Equity Company, LLC, as Seller, Harwood Street Funding II LLC, as Conduit Seller, Centex Home Equity Company, LLC, as Servicer, and JPMorgan Chase Bank, as Trustee. On April 26, 2004 distributions were made to the Certificateholders. Specific information with respect to these distributions is filed as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on April 26, 2004 as Exhibit 99.1. CHEC FUNDING,LLC Centex Home Equity Loan Asset-Backed Certificates, Series 2004-B ------------------------------------------------------------------------------- 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. JPMORGAN CHASE BANK, not in its individual capacity, but solely as Trustee under the Agreement referred to herein Date: April 28, 2004 By: /s/ Mark W. McDermott -------------------------------------------- Name: Mark W. McDermott Title: Vice President INDEX TO EXHIBITS Exhibit Number Description of Exhibits 99.1 Statement to Certificateholders April 26, 2004 Exhibit 99.1 Statement to Certificateholders April 26, 2004 Centex Home Equity Loan Trust 2004-A STATEMENT TO CERTIFICATEHOLDERS April 26, 2004 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE ---------------------------------------------------------------------------------------------------------------------------------- AF_1 91,400,000.00 91,400,000.00 2,405,115.00 139,613.50 2,544,728.50 0.00 0.00 88,994,885.00 AF_2 16,800,000.00 16,800,000.00 0.00 33,250.00 33,250.00 0.00 0.00 16,800,000.00 AF_3 47,690,000.00 47,690,000.00 0.00 117,078.95 117,078.95 0.00 0.00 47,690,000.00 AF_4 41,230,000.00 41,230,000.00 0.00 141,625.05 141,625.05 0.00 0.00 41,230,000.00 AF_5 27,683,000.00 27,683,000.00 0.00 113,246.54 113,246.54 0.00 0.00 27,683,000.00 AF_6 26,000,000.00 26,000,000.00 0.00 90,696.67 90,696.67 0.00 0.00 26,000,000.00 AV_1 180,598,000.00 180,598,000.00 1,745,144.72 207,085.71 1,952,230.43 0.00 0.00 178,852,855.28 AV_2 182,600,000.00 182,600,000.00 2,114,516.01 193,150.22 2,307,666.23 0.00 0.00 180,485,483.99 AV_3 77,270,000.00 77,270,000.00 0.00 88,602.93 88,602.93 0.00 0.00 77,270,000.00 AV_4 29,729,000.00 29,729,000.00 0.00 38,053.12 38,053.12 0.00 0.00 29,729,000.00 AV_5 109,000,000.00 109,000,000.00 1,020,173.54 124,986.67 1,145,160.21 0.00 0.00 107,979,826.46 M_1 32,500,000.00 32,500,000.00 0.00 43,911.11 43,911.11 0.00 0.00 32,500,000.00 M_2 32,500,000.00 32,500,000.00 0.00 45,933.33 45,933.33 0.00 0.00 32,500,000.00 M_3 15,000,000.00 15,000,000.00 0.00 22,933.33 22,933.33 0.00 0.00 15,000,000.00 M_4 20,000,000.00 20,000,000.00 0.00 35,822.22 35,822.22 0.00 0.00 20,000,000.00 M_5 17,500,000.00 17,500,000.00 0.00 33,288.89 33,288.89 0.00 0.00 17,500,000.00 M_6 15,000,000.00 15,000,000.00 0.00 31,200.00 31,200.00 0.00 0.00 15,000,000.00 M_7 17,500,000.00 17,500,000.00 0.00 41,066.67 41,066.67 0.00 0.00 17,500,000.00 B 20,000,000.00 20,000,000.00 0.00 49,600.00 49,600.00 0.00 0.00 20,000,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 1,000,000,000.00 1,000,000,000.00 7,284,949.27 1,591,144.91 8,876,094.18 0.00 0.00 992,715,050.73 X_IO 8,067.57 8,067.57 0.00 4,488,254.42 4,488,254.42 0.00 0.00 8,067.57 ----------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- ------------------------ FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES --------------------------------------------------------------------------------------------------------- ------------------------ CURRENT BEGINNING ENDING PASS-THRU CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE --------------------------------------------------------------------------------------------------------- ------------------------ AF_1 152314JK7 1,000.00000000 26.31416849 1.52750000 27.84166849 973.68583151 AF_1 1.833000 % AF_2 152314JL5 1,000.00000000 0.00000000 1.97916667 1.97916667 1,000.00000000 AF_2 2.375000 % AF_3 152314JM3 1,000.00000000 0.00000000 2.45500000 2.45500000 1,000.00000000 AF_3 2.946000 % AF_4 152314JN1 1,000.00000000 0.00000000 3.43500000 3.43500000 1,000.00000000 AF_4 4.122000 % AF_5 152314JP6 1,000.00000000 0.00000000 4.09083336 4.09083336 1,000.00000000 AF_5 4.909000 % AF_6 152314JQ4 1,000.00000000 0.00000000 3.48833346 3.48833346 1,000.00000000 AF_6 4.186000 % AV_1 152314JR2 1,000.00000000 9.66314533 1.14666669 10.80981201 990.33685467 AV_1 1.290000 % AV_2 152314JS0 1,000.00000000 11.58004387 1.05777777 12.63782163 988.41995613 AV_2 1.190000 % AV_3 152314JT8 1,000.00000000 0.00000000 1.14666662 1.14666662 1,000.00000000 AV_3 1.290000 % AV_4 152314JU5 1,000.00000000 0.00000000 1.28000000 1.28000000 1,000.00000000 AV_4 1.440000 % AV_5 152314KC3 1,000.00000000 9.35939028 1.14666670 10.50605697 990.64060972 AV_5 1.290000 % M_1 152314JV3 1,000.00000000 0.00000000 1.35111108 1.35111108 1,000.00000000 M_1 1.520000 % M_2 152314JW1 1,000.00000000 0.00000000 1.41333323 1.41333323 1,000.00000000 M_2 1.590000 % M_3 152314JX9 1,000.00000000 0.00000000 1.52888867 1.52888867 1,000.00000000 M_3 1.720000 % M_4 152314JY7 1,000.00000000 0.00000000 1.79111100 1.79111100 1,000.00000000 M_4 2.015000 % M_5 152314JZ4 1,000.00000000 0.00000000 1.90222229 1.90222229 1,000.00000000 M_5 2.140000 % M_6 152314KA7 1,000.00000000 0.00000000 2.08000000 2.08000000 1,000.00000000 M_6 2.340000 % M_7 152314KB5 1,000.00000000 0.00000000 2.34666686 2.34666686 1,000.00000000 M_7 2.640000 % B 152314KD1 1,000.00000000 0.00000000 2.48000000 2.48000000 1,000.00000000 B 2.790000 % TOTALS 1,000.00000000 7.28494927 1.59114491 8.87609418 992.71505073 X_IO n/a 1,000.00000000 0.00000000 ###### ##### 1,000.00000000 X_IO 0.000000 % --------------------------------------------------------------------------------------------------------- ------------------------ 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) 623-4484 Fax: (212) 623-5930 Email: ryan.m.vaughn@jpmchase.com -------------------------------------------------- Sec. 7.09(ii) Distributions Allocable to Principal Group I Scheduled Monthly Payments 289,964.78 Curtailments 72,175.57 Prepayments in Full 2,044,697.48 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Group II Scheduled Monthly Payments 154,347.62 Curtailments 15,780.76 Prepayments in Full 1,577,285.37 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Group III Scheduled Monthly Payments 276,319.37 Curtailments 18,664.90 Prepayments in Full 1,822,281.02 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Group IV Scheduled Monthly Payments 111,478.33 Curtailments 8,898.87 Prepayments in Full 901,122.77 Loans Repurchased by Seller 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Subordination Increase Amount 0.00 Excess Overcollateralization Amount 8,067.57 Sec. 7.09(iv) Class Interest Carryover Shortfall Class AF-1 0.00 Class AF-2 0.00 Class AF-3 0.00 Class AF-4 0.00 Class AF-5 0.00 Class AF-6 0.00 Class AV-1 0.00 Class AV-2 0.00 Class AV-3 0.00 Class AV-4 0.00 Class AV-5 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Class B 0.00 Sec. 7.09(v) Class Principal Carryover Shortfall Subordinate Certificates Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class M-6 0.00 Class M-7 0.00 Class B 0.00 Sec. 7.09(vi) Aggregate Loan Balance of Each Group Group I Beginning Aggregate Loan Balance 250,804,722.83 Group I Ending Aggregate Loan Balance 248,397,885.00 Group II Beginning Aggregate Loan Balance 233,607,723.82 Group II Ending Aggregate Loan Balance 231,860,310.07 Group III Beginning Aggregate Loan Balance 374,613,786.22 Group III Ending Aggregate Loan Balance 372,496,520.93 Group IV Beginning Aggregate Loan Balance 140,981,834.70 Group IV Ending Aggregate Loan Balance 139,960,334.73 Sec. 7.09(vii) Overcollateralization Total Overcollateralization Amount 0.00 Total Required Overcollateralization Amount 0.00 Sec. 7.09(viii) Internal Revenue Code Section 6049(d)(7)(C) Market Discount Information Sec. 7.09(ix) Substitution Amounts Group I 0.00 Group II 0.00 Group III 0.00 Group IV 0.00 Sec. 7.09(ix) Loan Purchase Price Amounts Group I 0.00 Group II 0.00 Group III 0.00 Group IV 0.00 Sec. 7.09(x) Weighted Average Net Coupon Rate Group I 7.9252 % Group II 7.4920 % Group III 7.0002 % Group IV 6.5637 % Sec. 7.09(xii) Monthly Remittance Amount Group I 4,063,481.28 Group II 3,206,157.68 Group III 4,302,827.37 Group IV 1,792,880.51 Sec. 7.09(xiii) Weighted Average Gross Margin Group II Loans 8.2766 % Group III Loans 7.7798 % Group IV Loans 7.2579 % Sec. 7.09(xiv) Largest Loan Balance Group I 639,410.19 Group II 738,079.42 Group III 801,231.65 Group IV 332,618.68 Sec. 7.09(xv) Basic Principal Amount Group I 2,406,837.83 Group II 1,747,413.75 Group III 2,117,265.29 Group IV 1,021,499.97 Sec. 7.09(xvi) Net Wac Cap Carryover Paid Group I 0.00 Group II 0.00 Group III 0.00 Group IV 0.00 Subordinate 0.00 Sec. 7.09(xvi) Remaining Net Wac Cap Carryover Group I 0.00 Group II 0.00 Group III 0.00 Group IV 0.00 Subordinate 0.00 Sec. 7.09(xviii) Net Wac Cap Group I Net WAC Cap 7.93 % Group II Net WAC Cap 7.02 % Group III Net WAC Cap 6.56 % Group IV Net WAC Cap 6.15 % Subordinate Net WAC Cap 6.63 % Sec. 7.09(xix) Applied Realized Loss Amounts Subordinate Certificates Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-4 0.00 Class M-5 0.00 Class B 0.00 Sec. 7.09(xx) Stepdown Date Has Not Occurred Sec. 7.09(b)(i) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies) Group 1 Principal Period Number Balance Percentage 30-59 days 6 495,890.27 0.20 % 60-89 days 0 0.00 0.00 % 90+days 0 0.00 0.00 % Total 6 495,890.27 0.20 % Group 2 Principal Period Number Balance Percentage 30-59 days 16 1,666,088.83 0.72 % 60-89 days 0 0.00 0.00 % 90+days 0 0.00 0.00 % Total 16 1,666,088.83 0.72 % Group 3 Principal Period Number Balance Percentage 30-59 days 13 1,374,910.50 0.37 % 60-89 days 0 0.00 0.00 % 90+days 0 0.00 0.00 % Total 13 1,374,910.50 0.37 % Group 4 Principal Period Number Balance Percentage 30-59 days 3 190,840.83 0.14 % 60-89 days 1 164,295.16 0.12 % 90+days 0 0.00 0.00 % Total 4 355,135.99 0.26 % Group Totals Principal Period Number Balance Percentage 30-59 days 38 3,727,730.43 0.38 % 60-89 days 1 164,295.16 0.02 % 90+days 0 0.00 0.00 % Total 39 3,892,025.59 0.40 % Sec. 7.09(b)(ii) Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Sec. 7.09(b)(iii) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy Group 1 Principal Number Balance Percentage 3 245,439.84 0.10 % Group 2 Principal Number Balance Percentage 1 67,581.62 0.03 % Group 3 Principal Number Balance Percentage 3 272,672.61 0.07 % Group 4 Principal Number Balance Percentage 1 58,605.82 0.04 % Group Totals Principal Number Balance Percentage 8 644,299.89 0.06 % Sec. 7.09(b)(iii) Balloon Loans Number of Balloon Loans 45.00 Balance of Balloon Loans 2,035,603.30 Sec. 7.09(b)(iv) Number and Aggregate Principal Amounts of REO Loans Group 1 Principal Number Balance Percentage 0 0.00 0.00 % Group 2 Principal Number Balance Percentage 0 0.00 0.00 % Group 3 Principal Number Balance Percentage 0 0.00 0.00 % Group 4 Principal Number Balance Percentage 0 0.00 0.00 % Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Sec. 7.09(b)(v) Book Value of REO Loans Group I 0.00 Group II 0.00 Group III 0.00 Group IV 0.00 Sec. 7.09(b)(vi) Realized Losses Group I: Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Group II: Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Group III: Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Group IV: Monthly Realized Losses 0.00 Cumulative Realized Losses 0.00 Sec. 7.09(b)(vii) Net Liquidation Proceeds Group I 0.00 Group II 0.00 Group III 0.00 Group IV 0.00 Sec. 7.09(b)(viii) 60+ Delinquency Percentage (Rolling Three Month) 0.0166 % Sec. 7.09(b)(ix) Cumulative Loss Percentage 0.00 % Cumulative Realized Losses Since Cut-Off Date 0.00 Aggregate Loan Balance as of the Cut-Off Date 1,000,008,067.57 Sec. 7.09(b)(x) Has a Trigger Event Occurred? NO 1-Month LIBOR for Current Distribution Date 1.09000 %

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): March 25, 2004

Centex Home Equity Loan Trust 2004-B, Centex Home Loan Asset-Backed Certificates, Series 2004-B

CHEC FUNDING, LLC
(Exact name of registrant as specified in its charter)
Delaware	333-105322-03	75-2851805
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
2728 North Harwood Street Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code (214) 981-5000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Item 5.

Other Events.

CHEC Funding, LLC, as depositor (the “Depositor”) registered issuance of Asset-Backed Certificates and Asset-Backed Notes on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by a Registration Statement on Form S-3 (Registration File No. 333-105322) (as amended, the “Registration Statement”). Pursuant to the Registration Statement, the Depositor caused Centex Home Equity Loan Trust 2004-B to issue $1,000,000,000 principal amount of Home Equity Loan Asset-Backed Certificates, Series 2004-B (the “Certificates”), on March 25, 2004 (the “Closing Date”).

The Certificates were issued pursuant to a pooling and servicing agreement (the “Pooling and Servicing Agreement”), dated as of March 1, 2004 among the Depositor, Centex Home Equity Corporation, as a seller and servicer, Harwood Street Funding II, LLC as conduit seller and JPMorgan Chase Bank, as trustee.

Capitalized terms not defined herein have the meanings assigned in the Pooling and Servicing Agreement attached hereto as Exhibit 4.1.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(c)

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 hereunto duly authorized.

CHEC FUNDING, LLC

By: /s/Jeffrey B. Upperman

Name: Jeffrey B. Upperman

Title: Vice President

Date:

April 15, 2004

Exhibit Index

Exhibit

4.1

Pooling and Servicing Agreement

EXHIBIT 4.1

MCKEE NELSON LLP 5 Times Square, 35th Floor New York, New York 10036 Telephone: (212) 777-4200 Facsimile: (212) 777-4299

March 25, 2004

BY MODEM

Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549

Re:

Centex Home Equity Loan Trust 2004-B Centex Home Loan Asset-Backed Certificates, Series 2004-B

Ladies and Gentlemen:

On behalf of CHEC Funding, LLC (the “Company”), we enclose herewith for filing, pursuant to the Securities and Exchange Act of 1934, as amended, the Company’s Current Report on Form 8-K, for filing of the Pooling and Servicing Agreement in connection with the above-referenced transaction.

Very truly yours,

/s/ Paul Cuccurullo

Paul Cuccurullo

Enclosure

Filing Compare · CHEC FUNDING LLC CENTEX HOME EQUITY LOAN TRUST 2004-B