8-K 1 bst02003.txt MAY 8-K 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): May 27, 2003 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-56242-09 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On May 27, 2003 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2002-3 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-3 Trust, relating to the May 27, 2003 distribution. 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. BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-3 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 5/28/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-3 Trust, relating to the May 27, 2003 distribution.

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 24/2830/03 Distribution Date: 35/2527/03 BST Series: 2002-3 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, 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 I-A 07384MJZ6 SEN 6.~~05614~~02747% 5345,~~606~~420,~~730~~469.5364 ~~267~~224,~~473~~764.6963 5,~~188~~483,~~365~~037.8808 II-A 07384MKC5 SEN 6.~~07237~~04632% 7054,~~794~~609,~~235~~487.2799 ~~354~~271,~~188~~094.9178 98,~~501~~252,~~798~~354.5109 R-I 07384MKA9 RES 6.~~11431~~11470% 0.00 0.00 0.00 R-II 07384MKB7 RES 6.~~11431~~11470% 0.00 0.00 0.00 B-1 07384MKE1 SUB 6.~~06536~~03798% 2,~~810~~533,~~460~~923.11 1412,~~044~~561.5340 ~~162~~169,~~037~~550.2837 B-2 07384MKF8 SUB 6.~~06536~~03798% 21,~~141~~930,~~368~~667.9661 109,~~700~~570.9388 ~~123~~129,~~460~~185.7822 B-3 07384MKG6 SUB 6.~~06536~~03798% 1,~~472~~327,~~277~~412.8211 76,~~357~~580.3237 8488,~~884~~820.2807 B-4 07384MKH4 SUB 6.~~06536~~03798% ~~535~~482,~~292~~622.7226 2,~~674~~392.9850 3032,~~862~~293.3432 B-5 07384MKJ0 SUB 6.~~06536~~03798% ~~535~~482,~~292~~622.7226 2,~~674~~392.9850 3032,~~862~~293.3432 B-6 07384MKK7 SUB 6.~~06536~~03798% ~~535~~482,~~488~~798.4875 2,~~675~~393.9637 3032,~~873~~305.6313 Totals ~~132~~107,~~431~~270,~~146~~003.6173 ~~661~~531,~~791~~750.3043 1514,~~153~~219,~~145~~838.0460

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 4839,~~418~~937,~~364~~432.6556 5,~~455~~707,~~839~~801.5771 0.00 II-A 0.00 6146,~~292~~357,~~436~~133.7690 98,~~855~~523,~~987~~448.4287 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 B-1 0.00 2,~~648~~364,~~422~~372.8374 ~~176~~182,~~081~~111.8177 0.00 B-2 0.00 21,~~017~~801,~~908~~482.1839 ~~134~~138,~~161~~756.7110 0.00 B-3 0.00 1,~~387~~238,~~393~~592.5305 9295,~~241~~400.6044 0.00 B-4 0.00 ~~504~~450,~~430~~328.3894 3334,~~537~~685.3282 0.00 B-5 0.00 ~~504~~450,~~430~~328.3894 3334,~~537~~685.3282 0.00 B-6 0.00 ~~504~~450,~~614~~493.8562 3334,~~549~~698.5950 0.00 Totals 0.00 ~~117~~93,~~278~~050,~~001~~165.5614 1514,~~814~~751,~~936~~589.3403 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) I-A 113,308,600.00 5345,~~606~~420,~~730~~469.5364 5446,~~270~~895.7136 5,~~134~~436,~~095~~141.1772 0.00 0.00 II-A 148,858,000.00 7054,~~794~~609,~~235~~487.2799 6047,~~033~~883.4929 98,~~441~~204,~~765~~470.0280 0.00 0.00 R-I 50.00 0.00 0.00 0.00 0.00 0.00 R-II 50.00 0.00 0.00 0.00 0.00 0.00 B-1 2,837,800.00 2,~~810~~533,~~460~~923.11 2,~~582~~396.7829 ~~159~~167,~~454~~154.5009 0.00 0.00 B-2 2,162,200.00 21,~~141~~930,~~368~~667.9661 1,~~967~~825.9080 ~~121~~127,~~492~~359.8942 0.00 0.00 B-3 1,486,600.00 1,~~472~~327,~~277~~412.8211 1,~~353~~255.0131 8387,~~531~~564.2876 0.00 0.00 B-4 540,500.00 ~~535~~482,~~292~~622.7226 ~~491~~456.9341 3031,~~370~~836.4191 0.00 0.00 B-5 540,500.00 ~~535~~482,~~292~~622.7226 ~~491~~456.9341 3031,~~370~~836.4191 0.00 0.00 B-6 540,697.70 ~~535~~482,~~488~~798.4875 ~~492~~456.1157 3031,~~381~~848.5255 0.00 0.00 Totals 270,274,997.70 ~~132~~107,~~431~~270,~~146~~003.6173 ~~121~~101,~~683~~625.8644 1514,~~031~~118,~~461~~213.2016 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 I-A 5,~~188~~483,~~365~~037.8808 4839,~~418~~937,~~364~~432.6556 0.~~42731412~~35246603 5,~~188~~483,~~365~~037.8808 II-A 98,~~501~~252,~~798~~354.5109 6146,~~292~~357,~~436~~133.7690 0.~~41175104~~31141849 98,~~501~~252,~~798~~354.5109 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 B-1 ~~162~~169,~~037~~550.2837 2,~~648~~364,~~422~~372.8374 0.~~93326620~~83317103 ~~162~~169,~~037~~550.2837 B-2 ~~123~~129,~~460~~185.7822 21,~~017~~801,~~908~~482.1839 0.~~93326620~~83317102 ~~123~~129,~~460~~185.7822 B-3 8488,~~884~~820.2807 1,~~387~~238,~~393~~592.5305 0.~~93326620~~83317103 8488,~~884~~820.2807 B-4 3032,~~862~~293.3432 ~~504~~450,~~430~~328.3894 0.~~93326620~~83317103 3032,~~862~~293.3432 B-5 3032,~~862~~293.3432 ~~504~~450,~~430~~328.3894 0.~~93326620~~83317103 3032,~~862~~293.3432 B-6 3032,~~873~~305.6313 ~~504~~450,~~614~~493.8562 0.~~93326613~~83317096 3032,~~873~~305.6313 Totals 1514,~~153~~219,~~145~~838.0460 ~~117~~93,~~278~~050,~~001~~165.5614 0.~~43392102~~34427959 1514,~~153~~219,~~145~~838.0460

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 113,308,600.00 ~~473~~400.~~10381145~~85633076 0.~~47896373~~41387291 4547.~~31072814~~97642650 0.00000000 II-A 148,858,000.00 ~~475~~366.~~58233531~~85625220 0.~~40329368~~32167092 6355.~~42799863~~11608916 0.00000000 R-I 50.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,837,800.00 ~~990~~892.~~36581507~~91814434 0.~~91013461~~84441821 5658.~~18947776~~90270280 0.00000000 B-2 2,162,200.00 ~~990~~892.~~36581260~~91814356 0.~~91013782~~84441772 5658.~~18947831~~90270095 0.00000000 B-3 1,486,600.00 ~~990~~892.~~36581461~~91814207 0.~~91013723~~84441679 5658.~~18947935~~90270416 0.00000000 B-4 540,500.00 ~~990~~892.~~36580944~~91814986 0.~~91013876~~84442183 5658.~~18947271~~90270120 0.00000000 B-5 540,500.00 ~~990~~892.~~36580944~~91814986 0.~~91013876~~84442183 5658.~~18947271~~90270120 0.00000000 B-6 540,697.70 ~~990~~892.~~36574411~~91807603 0.~~91013888~~84440899 5658.~~18947519~~90269184 0.00000000 2) All Senior Certificates are per $1,000 denomination, all Offered Subordinate Classes are $2

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution I-A 0.00000000 4548.~~78969187~~39029941 ~~427~~352.~~31411958~~46603135 0.~~42731412~~35246603 4548.~~78969187~~39029941 II-A 0.00000000 6355.~~83129231~~43776008 ~~411~~311.~~75104301~~41849212 0.~~41175104~~31141849 6355.~~83129231~~43776008 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 5759.~~09961238~~74711749 ~~933~~833.~~26620269~~17102685 0.~~93326620~~83317103 5759.~~09961238~~74711749 B-2 0.00000000 5759.~~09961151~~74711868 ~~933~~833.~~26620109~~17102488 0.~~93326620~~83317102 5759.~~09961151~~74711868 B-3 0.00000000 5759.~~09960985~~74712095 ~~933~~833.~~26619804~~17102785 0.~~93326620~~83317103 5759.~~09960985~~74712095 B-4 0.00000000 5759.~~09961147~~74712303 ~~933~~833.~~26619796~~17102683 0.~~93326620~~83317103 5759.~~09961147~~74712303 B-5 0.00000000 5759.~~09961147~~74712303 ~~933~~833.~~26619796~~17102683 0.~~93326620~~83317103 5759.~~09961147~~74712303 B-6 0.00000000 5759.~~09961407~~74711932 ~~933~~833.~~26613004~~17095671 0.~~93326613~~83317096 5759.~~09961407~~74711932 (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 I-A 113,308,600.00 6.~~05614~~02747% 5345,~~606~~420,~~730~~469.5364 ~~270~~228,~~541~~142.5809 0.00 0.00 II-A 148,858,000.00 6.~~07237~~04632% 7054,~~794~~609,~~235~~487.2799 ~~358~~275,~~240~~155.4453 0.00 0.00 R-I 50.00 6.~~11431~~11470% 0.00 0.00 0.00 0.00 R-II 50.00 6.~~11431~~11470% 0.00 0.00 0.00 0.00 B-1 2,837,800.00 6.~~06536~~03798% 2,~~810~~533,~~460~~923.11 1412,~~205~~749.3882 0.00 0.00 B-2 2,162,200.00 6.~~06536~~03798% 21,~~141~~930,~~368~~667.9661 109,~~823~~714.4845 0.00 0.00 B-3 1,486,600.00 6.~~06536~~03798% 1,~~472~~327,~~277~~412.8211 76,~~441~~679.5808 0.00 0.00 B-4 540,500.00 6.~~06536~~03798% ~~535~~482,~~292~~622.7226 2,~~705~~428.6239 0.00 0.00 B-5 540,500.00 6.~~06536~~03798% ~~535~~482,~~292~~622.7226 2,~~705~~428.6239 0.00 0.00 B-6 540,697.70 6.~~06536~~03798% ~~535~~482,~~488~~798.4875 2,~~706~~429.6128 0.00 0.00 Totals 270,274,997.70 ~~669~~539,~~370~~727.3103 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 I-A 3,~~067~~377.8946 0.00 ~~267~~224,~~473~~764.6963 0.00 4839,~~418~~937,~~364~~432.6556 II-A 4,~~051~~060.5375 0.00 ~~354~~271,~~188~~094.9178 0.00 6146,~~292~~357,~~436~~133.7690 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 B-1 ~~160~~188.8442 0.00 1412,~~044~~561.5340 0.00 2,~~648~~364,~~422~~372.8374 B-2 ~~122~~143.5556 0.00 109,~~700~~570.9388 0.00 21,~~017~~801,~~908~~482.1839 B-3 8498.2671 0.00 76,~~357~~580.3237 0.00 1,~~387~~238,~~393~~592.5305 B-4 3035.6389 0.00 2,~~674~~392.9850 0.00 ~~504~~450,~~430~~328.3894 B-5 3035.6389 0.00 2,~~674~~392.9850 0.00 ~~504~~450,~~430~~328.3894 B-6 3035.6590 0.00 2,~~675~~393.9637 0.00 ~~504~~450,~~614~~493.8562 Totals 7,~~578~~976.9858 0.00 ~~661~~531,~~791~~750.3043 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 I-A 113,308,600.00 6.~~05614~~02747% ~~473~~400.~~10381145~~85633076 2.~~38765266~~01345785 0.00000000 0.00000000 II-A 148,858,000.00 6.~~07237~~04632% ~~475~~366.~~58233531~~85625220 21.~~40659179~~84844301 0.00000000 0.00000000 R-I 50.00 6.~~11431~~11470% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 6.~~11431~~11470% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,837,800.00 6.~~06536~~03798% ~~990~~892.~~36581507~~91814434 54.~~00577208~~49285362 0.00000000 0.00000000 B-2 2,162,200.00 6.~~06536~~03798% ~~990~~892.~~36581260~~91814356 54.~~00577190~~49285450 0.00000000 0.00000000 B-3 1,486,600.00 6.~~06536~~03798% ~~990~~892.~~36581461~~91814207 54.~~00577156~~49285618 0.00000000 0.00000000 B-4 540,500.00 6.~~06536~~03798% ~~990~~892.~~36580944~~91814986 54.~~00577243~~49285846 0.00000000 0.00000000 B-5 540,500.00 6.~~06536~~03798% ~~990~~892.~~36580944~~91814986 54.~~00577243~~49285846 0.00000000 0.00000000 B-6 540,697.70 6.~~06536~~03798% ~~990~~892.~~36574411~~91807603 54.~~00577310~~49286172 0.00000000 0.00000000 5) All Senior Certificates are per $1,000 denomination, all Offered Subordinate Classes are $25,000 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 I-A 0.~~02707553~~02980762 0.00000000 21.~~36057713~~98365023 0.00000000 ~~427~~352.~~31411958~~46603135 II-A 0.~~02721742~~02727935 0.00000000 21.~~37937437~~82116366 0.00000000 ~~411~~311.~~75104301~~41849212 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.~~05667771~~06639650 0.00000000 4.~~94909085~~42645711 0.00000000 ~~933~~833.~~26620269~~17102685 B-2 0.~~05667838~~06639534 0.00000000 4.~~94909352~~42645454 0.00000000 ~~933~~833.~~26620109~~17102488 B-3 0.~~05667967~~06639984 0.00000000 4.~~94909189~~42645634 0.00000000 ~~933~~833.~~26619804~~17102785 B-4 0.~~05666975~~06640148 0.00000000 4.~~94908418~~42645698 0.00000000 ~~933~~833.~~26619796~~17102683 B-5 0.~~05666975~~06640148 0.00000000 4.~~94908418~~42645698 0.00000000 ~~933~~833.~~26619796~~17102683 B-6 0.~~05668602~~06639570 0.00000000 4.~~94908708~~42644753 0.00000000 ~~933~~833.~~26613004~~17095671 (6) Amount Does Not Include Excess Special Hazard, ~~Bankruptcy~~Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 1514,~~835~~760,~~868~~582.8762 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 1722,~~542~~147.3322 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 1514,~~853~~782,~~411~~729.2084 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 3831,~~474~~140.8681 Payment of Interest and Principal 1514,~~814~~751,~~936~~589.3403 Total Withdrawals (Pool Distribution Amount) 1514,~~853~~782,~~411~~729.2084 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 7,~~578~~976.9858 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 7,~~578~~976.9858

SERVICING FEES Gross Servicing Fee 3831,~~474~~140.8681 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 3831,~~474~~140.8681

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 67 0 0 0 67 2,~~462~~846,~~023~~970.9177 0.00 0.00 0.00 2,~~462~~846,~~023~~970.9177 60 Days 01 0 0 0 01 0499,160.0098 0.00 0.00 0.00 0499,160.0098 90 Days 10 0 0 0 10 ~~329,206~~0.1100 0.00 0.00 0.00 ~~329,206~~0.1100 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 01 0 01 0.00 0.00 0329,206.0011 0.00 0329,206.0011 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 78 0 01 0 79 23,~~791~~346,~~230~~131.0275 0.00 0329,206.0011 0.00 23,~~791~~675,~~230~~337.0286 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 23.~~181818~~211009% 0.000000% 0.000000% 0.000000% 23.~~181818~~211009% 23.~~097702~~057010% 0.000000% 0.000000% 0.000000% 23.~~097702~~057010% 60 Days 0.~~000000~~458716% 0.000000% 0.000000% 0.000000% 0.~~000000~~458716% 0.~~000000~~535987% 0.000000% 0.000000% 0.000000% 0.~~000000~~535987% 90 Days 0.~~363636~~000000% 0.000000% 0.000000% 0.000000% 0.~~363636~~000000% 0.~~280491~~000000% 0.000000% 0.000000% 0.000000% 0.~~280491~~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~~458716% 0.000000% 0.~~000000~~458716% 0.000000% 0.000000% 0.~~000000~~353494% 0.000000% 0.~~000000~~353494% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 23.~~545455~~669725% 0.000000% 0.~~000000~~458716% 0.000000% 24.~~545455~~128440% 23.~~378194~~592997% 0.000000% 0.~~000000~~353494% 0.000000% 23.~~378194~~946491%

Delinquency Status By Groups 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 3 0 0 0 3 1,~~243~~145,~~719~~921.4757 0.00 0.00 0.00 1,~~243~~145,~~719~~921.4757 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 10 0 0 0 10 ~~329,206~~0.1100 0.00 0.00 0.00 ~~329,206~~0.1100 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 01 0 01 0.00 0.00 0329,206.0011 0.00 0329,206.0011 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 43 0 01 0 4 1,~~572~~145,~~925~~921.5857 0.00 0329,206.0011 0.00 1,~~572~~475,~~925~~127.5868 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 23.~~564103~~191489% 0.000000% 0.000000% 0.000000% 23.~~564103~~191489% 2.~~402671~~665454% 0.000000% 0.000000% 0.000000% 2.~~402671~~665454% 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.~~854701~~000000% 0.000000% 0.000000% 0.000000% 0.~~854701~~000000% 0.~~635975~~000000% 0.000000% 0.000000% 0.000000% 0.~~635975~~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% 01.~~000000~~063830% 0.000000% 01.~~000000~~063830% 0.000000% 0.000000% 0.~~000000~~765745% 0.000000% 0.~~000000~~765745% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 3.~~418803~~191489% 0.000000% 01.~~000000~~063830% 0.000000% 34.~~418803~~255319% 32.~~038645~~665454% 0.000000% 0.~~000000~~765745% 0.000000% 3.~~038645~~431199% 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 34 0 0 0 34 1,~~218~~701,~~304~~049.4420 0.00 0.00 0.00 1,~~218~~701,~~304~~049.4420 60 Days 01 0 0 0 01 0499,160.0098 0.00 0.00 0.00 0499,160.0098 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 35 0 0 0 35 12,~~218~~200,~~304~~210.4418 0.00 0.00 0.00 12,~~218~~200,~~304~~210.4418 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 13.~~898734~~225806% 0.000000% 0.000000% 0.000000% 13.~~898734~~225806% 13.~~857069~~392758% 0.000000% 0.000000% 0.000000% 13.~~857069~~392758% 60 Days 0.~~000000~~806452% 0.000000% 0.000000% 0.000000% 0.~~000000~~806452% 0.~~000000~~995581% 0.000000% 0.000000% 0.000000% 0.~~000000~~995581% 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 14.~~898734~~032258% 0.000000% 0.000000% 0.000000% 14.~~898734~~032258% 14.~~857069~~388339% 0.000000% 0.000000% 0.000000% 14.~~857069~~388339%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 1722,~~542~~147.3322

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 156,966,397.70 58.07655130% 6853,~~859~~112,~~636~~732.91 58 57.~~71487917~~07967579% 4142.~~285121~~920324% 96.~~962025~~706505% Class 2A 8,108,397.70 3.00005467% 76,~~567~~755,~~200~~598.1568 67.~~45236110~~26016839% 5249.~~262518~~819507% 2422.~~606841~~600068% Class B-1 5,270,597.70 1.95008704% 4,~~918~~391,~~777~~225.3294 4.~~19411761~~71920274% 2.~~258243~~540966% 1.~~063252~~152681% Class B-2 3,108,397.70 1.15008703% 2,~~900~~589,~~869~~743.1455 2.~~47349810~~78316921% 1.~~720620~~936034% 0.~~810122~~878260% Class B-3 1,621,797.70 0.60005465% 1,~~513~~351,~~475~~151.6150 1.~~29050256~~45206782% 1.~~182996~~331101% 0.~~556992~~603839% Class B-4 1,081,297.70 0.40007315% 1900,~~009,045~~822.2356 0.~~86038747~~96810420% 0.~~430115~~483964% 0.~~202512~~219545% Class B-5 540,797.70 0.20009165% ~~504~~450,~~614~~493.8562 0.~~43027238~~48414059% 0.~~430115~~483964% 0.~~202512~~219545% Class B-6 100.00 0.00003700% 0.00 0.00000000% 0.~~430272~~484141% 0.~~202586~~219625% Class R-II 50.00 0.00001850% 0.00 0.00000000% 0.000000% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 6.~~414006~~386141% Weighted Average Net Coupon 6.~~065373~~037778% Weighted Average Pass-Through Rate 6.~~065373~~037778% Weighted Average Maturity(Stepdown Calculation ) ~~346~~344 Beginning Scheduled Collateral Loan Count ~~309~~251 Number Of Loans Paid In Full 3433 Ending Scheduled Collateral Loan Count ~~275~~218 Beginning Scheduled Collateral Balance ~~132~~107,~~431~~270,~~146~~003.6073 Ending Scheduled Collateral Balance ~~117~~93,~~278~~050,~~001~~165.5614 Ending Actual Collateral Balance at 2830-~~Feb~~Apr-2003 ~~117~~93,~~367~~129,~~658~~262.1423 Monthly P &I Constant ~~829~~672,~~529~~493.0026 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 1514,~~318~~238,~~946~~688.4179 Ending Scheduled Balance for Premium Loans ~~117~~93,~~278~~050,~~001~~165.5614 Scheduled Principal ~~121~~101,~~683~~625.8543 Unscheduled Principal 1514,~~031~~118,~~461~~213.1916

Miscellaneous Reporting Average Loss Severity 0.00 Senior Percentage - Group 1 93.~~924051~~413010% Senior Percentage - Group 2 93.~~945639~~116009% Senior Prepay Pct - Group 1 96.~~962025~~706505% Senior Prepay Pct - Group 2 96.~~972820~~558004% Subordinate Percentage - Group 1 6.~~075949~~586990% Subordinate Percentage - Group 2 6.~~054361~~883991% Sub Prep Percentage Group 1 03.~~000000~~293495% Sub Prep Percentage Group 2 03.~~000000~~441996%

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.~~369960~~343706 6.~~447366~~421324 6.~~414006~~386141 Weighted Average Net Rate 6.~~056141~~027470 6.~~072366~~046324 6.~~065373~~037778 Weighted Average Maturity ~~345~~343 ~~346~~344 ~~346~~344 Beginning Loan Count ~~129~~109 ~~180~~142 ~~309~~251 Loans Paid In Full 1215 2218 3433 Ending Loan Count ~~117~~94 ~~158~~124 ~~275~~218 Beginning Scheduled Balance 5748,~~074~~623,~~551~~280.2949 7558,~~356~~646,~~595~~723.3124 ~~132~~107,~~431~~270,~~146~~003.6073 Ending scheduled Balance 5142,~~721~~951,~~815~~800.2708 6550,~~556~~098,~~186~~365.2906 ~~117~~93,~~278~~050,~~001~~165.5614 Record Date 0204/2830/2003 0204/2830/2003 0204/2830/2003 Principal And Interest Constant ~~360~~307,~~750~~245.3234 ~~468~~365,~~778~~247.6892 ~~829~~672,~~529~~493.0026 Scheduled Principal 5750,~~781~~202.4817 6351,~~902~~423.3726 ~~121~~101,~~683~~625.8543 Unscheduled Principal 5,~~294~~621,~~954~~278.5424 98,~~736~~496,~~506~~934.6592 1514,~~031~~118,~~461~~213.1916 Scheduled Interest ~~302~~257,~~968~~043.8417 ~~404~~313,~~876~~824.3166 ~~707~~570,~~845~~867.1583 Servicing Fees 1412,~~925~~813.9271 2318,~~548~~327.9410 3831,~~474~~140.8681 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 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 ~~288~~244,~~042~~229.9246 ~~381~~295,~~327~~497.3756 ~~669~~539,~~370~~727.2902 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~056141~~027470 6.~~072366~~046324 6.~~065373~~037778

Filing Compare · BEAR STEARNS ARM TRUST MORTGAGE PASS THR CERT SERIES 2002-3