8-K 1 bst02001.txt DECEMBER 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): December 26, 2003 BEAR STEARNS ARM TRUST Mortgage Pass-Through Certificates, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-51279-22 22-3844513 Pooling and Servicing Agreement) (Commission 22-3844518 (State or other File Number) 22-3844517 jurisdiction 22-3844514 of Incorporation) IRS EIN 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 December 26, 2003 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2002-1 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 2002-1 Trust, relating to the December 26, 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 2002-1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/7/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2002-1 Trust, relating to the December 26, 2003 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 BST Series: 2002-1 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 07384MHZ8 SEN 4.~~53077~~37662% 7267,~~896~~939,~~316~~616.9654 ~~275~~247,~~230~~788.5309 2,~~424~~221,~~718~~294.6488 II-A 07384MJA1 SEN 6.~~97999~~98000% 54,~~765~~081,~~840~~046.6744 3323,~~537~~738.9409 ~~869~~192,~~678~~706.2088 III-A 07384MJK9 SEN 4.~~78333~~76988% 98,~~719~~875,~~202~~601.0908 3835,~~741~~279.8360 3531,~~234~~668.4309 R-IA BST0201RA RES 0.00000% 0.00 0.00 0.00 R-IB BST0201RB RES 0.00000% 0.00 0.00 0.00 R-II BST0201R2 RES 0.00000% 0.00 0.00 0.00 R-III 07384MJL7 RES 6.~~11974~~14688% 0.00 0.00 0.00 B-1 07384MJM5 SUB 4.~~93760~~82057% 1,~~505~~493,~~969~~287.4197 65,~~196~~998.5674 67,~~356~~342.4349 B-2 07384MJN3 SUB 4.~~93760~~82057% 1,~~505~~493,~~969~~287.4197 65,~~196~~998.5674 67,~~356~~342.4349 B-3 07384MJP8 SUB 4.~~93760~~82057% 1,~~129~~119,~~407~~896.4191 4,~~647~~498.1478 45,~~767~~506.0353 B-4 07384MJQ6 SUB 4.~~93760~~82057% ~~527~~522,~~093~~655.9439 2,~~168~~099.8258 2,~~224~~569.7790 B-5 07384MJR4 SUB 4.~~93760~~82057% ~~301~~298,~~249~~712.6084 1,~~239~~199.5497 1,~~271~~468.5277 B-6 07384MJS2 SUB 4.~~93760~~82057% ~~233~~231,~~404~~439.7732 ~~960~~929.3872 ~~985~~1,137.1699 Totals 9386,~~584~~055,~~454~~544.2646 ~~368~~327,~~919~~531.3031 32,~~351~~471,~~592~~038.6102

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 7065,~~471~~718,~~598~~321.3266 2,~~699~~469,~~949~~082.1797 0.00 II-A 0.00 43,~~896~~888,~~162~~339.4856 ~~903,~~216,444.1497 0.00 III-A 0.00 98,~~683~~843,~~967~~932.6699 7366,~~976~~947.2669 0.00 R-IA 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 B-1 0.00 1,~~499~~485,~~612~~945.9848 1213,~~552~~341.9923 0.00 B-2 0.00 1,~~499~~485,~~612~~945.9848 1213,~~552~~341.9923 0.00 B-3 0.00 1,~~124~~114,~~640~~390.38 910,~~414~~005.1731 0.00 B-4 0.00 ~~524~~520,~~869~~085.1750 4,~~393~~669.5948 0.00 B-5 0.00 ~~299~~297,~~978~~244.0807 2,~~511~~668.0674 0.00 B-6 02,400.0016 ~~232~~227,~~419~~901.6117 12,~~945~~067.5471 7072,~~509~~909.7288 Totals 02,400.0016 9083,~~232~~582,~~861~~106.6629 32,~~720~~798,~~511~~569.9133 7072,~~509~~909.7288 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 119,408,000.00 7267,~~896~~939,~~316~~616.9654 ~~337~~326,~~977~~022.7342 21,~~086~~895,~~740~~272.9146 0.00 0.00 II-A 15,660,500.00 54,~~765~~081,~~840~~046.6744 119,~~962~~546.6400 ~~857~~183,~~715~~160.5688 0.00 0.00 III-A 21,424,100.00 98,~~719~~875,~~202~~601.0908 3431,~~807~~167.8886 ~~426~~500.5523 0.00 0.00 R-IA 0.00 0.00 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 50.00 0.00 0.00 0.00 0.00 0.00 B-1 1,621,700.00 1,~~505~~493,~~969~~287.4197 6,~~356~~510.4324 0832.0026 0.00 0.00 B-2 1,621,700.00 1,~~505~~493,~~969~~287.4197 6,~~356~~510.4324 0832.0026 0.00 0.00 B-3 1,216,200.00 1,~~129~~119,~~407~~896.4191 4,~~767~~882.0338 0624.0015 0.00 0.00 B-4 567,600.00 ~~527~~522,~~093~~655.9439 2,~~224~~278.7760 0291.0029 0.00 0.00 B-5 324,400.00 ~~301~~298,~~249~~712.6084 1,~~271~~302.5229 0166.0048 0.00 0.00 B-6 324,455.58 ~~233~~231,~~404~~439.7732 ~~985~~1,009.1600 0128.0099 0.00 02,400.0016 Totals 162,168,705.58 9386,~~584~~055,~~454~~544.2646 ~~406~~389,~~709~~229.5903 2,~~944~~081,~~883~~809.0200 0.00 02,400.0016 (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 2,~~424~~221,~~718~~294.6488 7065,~~471~~718,~~598~~321.3266 0.~~59017485~~55036783 2,~~424~~221,~~718~~294.6488 II-A ~~869~~192,~~678~~706.2088 43,~~896~~888,~~162~~339.4856 0.~~31264407~~24828962 ~~869~~192,~~678~~706.2088 III-A 3531,~~234~~668.4309 98,~~683~~843,~~967~~932.6699 0.~~45201281~~41280301 3531,~~234~~668.4309 R-IA 0.00 0.00 0.00000000 0.00 R-IB 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 B-1 67,~~356~~342.4349 1,~~499~~485,~~612~~945.9848 0.~~92471664~~91628876 67,~~356~~342.4349 B-2 67,~~356~~342.4349 1,~~499~~485,~~612~~945.9848 0.~~92471664~~91628876 67,~~356~~342.4349 B-3 45,~~767~~506.0353 1,~~124~~114,~~640~~390.38 0.~~92471664~~91628875 45,~~767~~506.0353 B-4 2,~~224~~569.7790 ~~524~~520,~~869~~085.1750 0.~~92471665~~91628876 2,~~224~~569.7790 B-5 1,~~271~~468.5277 ~~299~~297,~~978~~244.0807 0.~~92471665~~91628875 1,~~271~~468.5277 B-6 ~~985~~3,538.1615 ~~232~~227,~~419~~901.6117 0.~~71633723~~70241100 ~~985~~1,137.1699 Totals 32,~~351~~473,~~592~~438.6118 9083,~~232~~582,~~861~~106.6629 0.~~55641353~~51540219 32,~~351~~471,~~592~~038.6102

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A 119,408,000.00 ~~610~~568.~~48101434~~97039177 2.~~83044461~~73032309 1715.~~47572114~~87224022 0.00000000 II-A 15,660,500.00 ~~368~~260.~~17730405~~59490055 0.~~76387344~~60955908 5411.~~76935985~~69572364 0.00000000 III-A 21,424,100.00 ~~453~~414.~~65742738~~28116374 1.~~62470676~~45480370 0.~~01990982~~02334894 0.00000000 R-IA 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 ~~928~~920.~~63625208~~81640871 34.~~91960905~~01445397 0.~~00000000~~51320220 0.00000000 B-2 1,621,700.00 ~~928~~920.~~63625208~~81640871 34.~~91960905~~01445397 0.~~00000000~~51320220 0.00000000 B-3 1,216,200.00 ~~928~~920.~~63625226~~81640355 34.~~91961026~~01445486 0.~~00000000~~51319684 0.00000000 B-4 567,600.00 ~~928~~920.~~63625793~~81640240 34.~~91960888~~01444679 0.~~00000000~~51319591 0.00000000 B-5 324,400.00 ~~928~~920.~~63625154~~81639951 34.~~91960543~~01445746 0.~~00000000~~51319359 0.00000000 B-6 324,455.58 ~~719~~713.~~37357342~~31588749 3.~~03634784~~10982477 0.~~00000000~~39755827 0.00000000

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 2018.~~30616575~~60256331 ~~590~~550.~~17484859~~36782845 0.~~59017485~~55036783 2018.~~30616575~~60256331 II-A 0.00000000 5512.~~53323329~~30528272 ~~312~~248.~~64407139~~28961783 0.~~31264407~~24828962 5512.~~53323329~~30528272 III-A 0.00000000 1.~~64461658~~47815264 ~~452~~412.~~01281081~~80301109 0.~~45201281~~41280301 1.~~64461658~~47815264 R-IA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 34.~~91960905~~52765000 ~~924~~916.~~71664303~~28875871 0.~~92471664~~91628876 34.~~91960905~~52765000 B-2 0.00000000 34.~~91960905~~52765000 ~~924~~916.~~71664303~~28875871 0.~~92471664~~91628876 34.~~91960905~~52765000 B-3 0.00000000 34.~~91961026~~52765170 ~~924~~916.~~71664200~~28875185 0.~~92471664~~91628875 34.~~91961026~~52765170 B-4 0.00000000 34.~~91960888~~52766032 ~~924~~916.~~71664905~~28875969 0.~~92471665~~91628876 34.~~91960888~~52766032 B-5 0.00000000 34.~~91960543~~52765105 ~~924~~916.~~71664612~~28874846 0.~~92471665~~91628875 34.~~91960543~~52765105 B-6 07.~~00000000~~39749953 310.~~03634784~~90488257 ~~716~~702.~~33722558~~41100492 0.~~71633723~~70241100 3.~~03634784~~50738304 (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 119,408,000.00 4.~~53077~~37662% 7267,~~896~~939,~~316~~616.9654 ~~275~~247,~~230~~788.5310 0.00 0.00 II-A 15,660,500.00 6.~~97999~~98000% 54,~~765~~081,~~840~~046.6744 3323,~~537~~738.9409 0.00 0.00 III-A 21,424,100.00 4.~~78333~~76988% 98,~~719~~875,~~202~~601.0908 3835,~~741~~279.8360 0.00 0.00 R-IA 0.00 0.00000% 0.00 0.00 0.00 0.00 R-IB 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 50.00 6.~~11974~~14688% 0.00 0.00 0.00 0.00 B-1 1,621,700.00 4.~~93760~~82057% 1,~~505~~493,~~969~~287.4197 65,~~196~~998.5674 0.00 0.00 B-2 1,621,700.00 4.~~93760~~82057% 1,~~505~~493,~~969~~287.4197 65,~~196~~998.5674 0.00 0.00 B-3 1,216,200.00 4.~~93760~~82057% 1,~~129~~119,~~407~~896.4191 4,~~647~~498.1478 0.00 0.00 B-4 567,600.00 4.~~93760~~82057% ~~527~~522,~~093~~655.9439 2,~~168~~099.8258 0.00 0.00 B-5 324,400.00 4.~~93760~~82057% ~~301~~298,~~249~~712.6084 1,~~239~~199.5497 0.00 0.00 B-6 324,455.58 4.~~93760~~82057% ~~233~~231,~~404~~439.7732 ~~960~~929.3872 0.00 0.00 Totals 162,168,705.58 ~~368~~327,~~919~~531.3032 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 0.00 0.00 ~~275~~247,~~230~~788.5309 0.00 7065,~~471~~718,~~598~~321.3266 II-A 0.00 0.00 3323,~~537~~738.9409 0.00 43,~~896~~888,~~162~~339.4856 III-A 0.00 0.00 3835,~~741~~279.8360 0.00 98,~~683~~843,~~967~~932.6699 R-IA 0.00 0.00 0.00 0.00 0.00 R-IB 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 65,~~196~~998.5674 0.00 1,~~499~~485,~~612~~945.9848 B-2 0.00 0.00 65,~~196~~998.5674 0.00 1,~~499~~485,~~612~~945.9848 B-3 0.00 0.00 4,~~647~~498.1478 0.00 1,~~124~~114,~~640~~390.38 B-4 0.00 0.00 2,~~168~~099.8258 0.00 ~~524~~520,~~869~~085.1750 B-5 0.00 0.00 1,~~239~~199.5497 0.00 ~~299~~297,~~978~~244.0807 B-6 0.00 0.00 ~~960~~929.3872 0.00 ~~232~~227,~~419~~901.6117 Totals 0.00 0.00 ~~368~~327,~~919~~531.3031 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 119,408,000.00 4.~~53077~~37662% ~~610~~568.~~48101434~~97039177 2.~~30495888~~07513818 0.00000000 0.00000000 II-A 15,660,500.00 6.~~97999~~98000% ~~368~~260.~~17730405~~59490055 21.~~14156253~~51579388 0.00000000 0.00000000 III-A 21,424,100.00 4.~~78333~~76988% ~~453~~414.~~65742738~~28116374 1.~~80832940~~64672495 0.00000000 0.00000000 R-IA 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 6.~~11974~~14688% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 4.~~93760~~82057% ~~928~~920.~~63625208~~81640871 3.~~82102732~~69904421 0.00000000 0.00000000 B-2 1,621,700.00 4.~~93760~~82057% ~~928~~920.~~63625208~~81640871 3.~~82102732~~69904421 0.00000000 0.00000000 B-3 1,216,200.00 4.~~93760~~82057% ~~928~~920.~~63625226~~81640355 3.~~82103272~~69904621 0.00000000 0.00000000 B-4 567,600.00 4.~~93760~~82057% ~~928~~920.~~63625793~~81640240 3.~~82103594~~69904863 0.00000000 0.00000000 B-5 324,400.00 4.~~93760~~82057% ~~928~~920.~~63625154~~81639951 3.~~82102343~~69904439 0.00000000 0.00000000 B-6 324,455.58 4.~~93760~~82057% ~~719~~713.~~37357342~~31588749 2.~~95997375~~86547699 0.00000000 0.00000000 (5) Per $1 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 0.00000000 0.00000000 2.~~30495888~~07513810 0.00000000 ~~590~~550.~~17484859~~36782845 II-A 0.00000000 0.00000000 21.~~14156253~~51579388 0.00000000 ~~312~~248.~~64407139~~28961783 III-A 0.00000000 0.00000000 1.~~80832940~~64672495 0.00000000 ~~452~~412.~~01281081~~80301109 R-IA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IB 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 3.~~82102732~~69904421 0.00000000 ~~924~~916.~~71664303~~28875871 B-2 0.00000000 0.00000000 3.~~82102732~~69904421 0.00000000 ~~924~~916.~~71664303~~28875871 B-3 0.00000000 0.00000000 3.~~82103272~~69904621 0.00000000 ~~924~~916.~~71664200~~28875185 B-4 0.00000000 0.00000000 3.~~82103594~~69904863 0.00000000 ~~924~~916.~~71664905~~28875969 B-5 0.00000000 0.00000000 3.~~82102343~~69904439 0.00000000 ~~924~~916.~~71664612~~28874846 B-6 0.00000000 0.00000000 2.~~95997375~~86547699 0.00000000 ~~716~~702.~~33722558~~41100492 (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 ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 32,~~758~~832,~~921~~810.3359 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 6155,~~614~~928.5747 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(2,400.0016) Prepayment Penalties 0.00 Total Deposits 32,~~820~~886,~~535~~338.90 Withdrawals Reimbursement for Servicer Advances 6152,~~149~~057.5073 Payment of Service Fee 3835,~~874~~711.4984 Payment of Interest and Principal 32,~~720~~798,~~511~~569.9133 Total Withdrawals (Pool Distribution Amount) 32,~~820~~886,~~535~~338.90 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 2926,~~245~~892.1439 FNMA Guaranty Fee 8,~~849~~102.4932 Trustee Fee ~~779~~717.8613 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 3835,~~874~~711.4984

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 35 0 0 35 ~~113~~236,~~445~~014.1754 0.00 0.00 ~~113~~236,~~445~~014.1754 30 Days 8567 20 0 0 8767 54,~~187~~509,~~761~~275.6855 ~~125,680~~0.6700 0.00 0.00 54,~~313~~509,~~442~~275.3555 60 Days 1517 1 0 0 1618 ~~784~~1,~~636~~281,284.4782 80,~~703~~205.7478 0.00 0.00 ~~865~~1,~~340~~361,490.2160 90 Days 4 0 0 0 4 ~~287~~459,~~805~~695.8667 0.00 0.00 0.00 ~~287~~459,~~805~~695.8667 120 Days 12 0 1 0 23 ~~292~~303,~~353~~966.2053 0.00 4830,~~485~~163.7513 0.00 ~~340~~334,~~838~~129.9566 150 Days 0 0 10 0 10 0.00 0.00 ~~23,735~~0.6900 0.00 ~~23,735~~0.6900 180+ Days 3 10 32 1 86 97112,~~435~~646.2540 ~~83,008~~0.8400 ~~549~~86,~~616~~620.5943 20,813.12 ~~750~~220,~~873~~079.8095 Totals ~~108~~93 76 53 1 ~~121~~103 6,~~649~~666,~~992~~868.4697 ~~402~~316,~~838~~220.4232 ~~621~~116,~~838~~783.0356 20,813.12 7,~~695~~120,~~482~~685.0397 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.~~183262~~322581% 0.000000% 0.000000% 0.~~183262~~322581% 0.~~125193~~281123% 0.000000% 0.000000% 0.~~125193~~281123% 30 Days 54.~~192425~~322581% 0.~~122175~~000000% 0.000000% 0.000000% 54.~~314600~~322581% 5.~~724986~~371122% 0.~~138696~~000000% 0.000000% 0.000000% 5.~~863681~~371122% 60 Days 01.~~916310~~096774% 0.~~061087~~064516% 0.000000% 0.000000% 01.~~977398~~161290% 01.~~865890~~526174% 0.~~089061~~095535% 0.000000% 0.000000% 01.~~954951~~621709% 90 Days 0.~~244349~~258065% 0.000000% 0.000000% 0.000000% 0.~~244349~~258065% 0.~~317610~~547556% 0.000000% 0.000000% 0.000000% 0.~~317610~~547556% 120 Days 0.~~061087~~129032% 0.000000% 0.~~061087~~064516% 0.000000% 0.~~122175~~193548% 0.~~322628~~362063% 0.000000% 0.~~053507~~035928% 0.000000% 0.~~376135~~397991% 150 Days 0.000000% 0.000000% 0.~~061087~~000000% 0.000000% 0.~~061087~~000000% 0.000000% 0.000000% 0.~~026194~~000000% 0.000000% 0.~~026194~~000000% 180+ Days 0.~~183262~~193548% 0.~~061087~~000000% 0.~~183262~~129032% 0.~~061087~~064516% 0.~~488699~~387097% 0.~~107525~~134176% 0.~~091605~~000000% 0.~~606533~~103176% 0.~~022968~~024791% 0.~~828631~~262143% Totals 6.~~597434~~000000% 0.~~427611~~387097% 0.~~305437~~193548% 0.~~061087~~064516% 76.~~391570~~645161% 7.~~338639~~941091% 0.~~444555~~376659% 0.~~686233~~139104% 0.~~022968~~024791% 8.~~492396~~481645%

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 35 0 0 35 ~~113~~236,~~445~~014.1754 0.00 0.00 ~~113~~236,~~445~~014.1754 30 Days 8164 20 0 0 8364 43,~~388~~823,~~913~~415.6129 ~~125,680~~0.6700 0.00 0.00 43,~~514~~823,~~594~~415.2829 60 Days 1416 1 0 0 1517 ~~677~~958,~~714~~881.5474 80,~~703~~205.7478 0.00 0.00 ~~758~~1,~~418~~039,087.2852 90 Days 32 0 0 0 32 ~~114~~121,~~966~~511.6813 0.00 0.00 0.00 ~~114~~121,~~966~~511.6813 120 Days 01 0 1 0 12 013,744.0004 0.00 4830,~~485~~163.7513 0.00 4843,~~485~~907.7517 150 Days 0 0 10 0 10 0.00 0.00 ~~23,735~~0.6900 0.00 ~~23,735~~0.6900 180 Days 3 10 2 1 76 97112,~~435~~646.2540 ~~83,008~~0.8400 ~~136~~86,~~872~~620.6543 20,813.12 ~~338~~220,~~129~~079.8695 Totals ~~101~~86 76 43 1 ~~113~~96 5,~~279,~~030,198.0860 ~~402~~316,~~838~~220.4232 ~~209~~116,~~094~~783.0956 20,813.12 5,~~911~~484,~~775~~015.7160 0-29 Days 0.~~190355~~334001% 0.000000% 0.000000% 0.~~190355~~334001% 0.~~151874~~337635% 0.000000% 0.000000% 0.~~151874~~337635% 30 Days 54.~~139594~~275217% 0.~~126904~~000000% 0.000000% 0.000000% 54.~~266497~~275217% 5.~~875612~~469651% 0.~~168254~~000000% 0.000000% 0.000000% 65.~~043865~~469651% 60 Days 01.~~888325~~068804% 0.~~063452~~066800% 0.000000% 0.000000% 01.~~951777~~135605% 01.~~907283~~371744% 0.~~108041~~114740% 0.000000% 0.000000% 1.~~015324~~486484% 90 Days 0.~~190355~~133601% 0.000000% 0.000000% 0.000000% 0.~~190355~~133601% 0.~~153910~~173830% 0.000000% 0.000000% 0.000000% 0.~~153910~~173830% 120 Days 0.~~000000~~066800% 0.000000% 0.~~063452~~066800% 0.000000% 0.~~063452~~133601% 0.~~000000~~019662% 0.000000% 0.~~064910~~043150% 0.000000% 0.~~064910~~062812% 150 Days 0.000000% 0.000000% 0.~~063452~~000000% 0.000000% 0.~~063452~~000000% 0.000000% 0.000000% 0.~~031776~~000000% 0.000000% 0.~~031776~~000000% 180 Days 0.~~190355~~200401% 0.~~063452~~000000% 0.~~126904~~133601% 0.~~063452~~066800% 0.~~444162~~400802% 0.~~130440~~161148% 0.~~111127~~000000% 0.~~183237~~123916% 0.~~027863~~029775% 0.~~452668~~314839% Totals 65.~~408629~~744823% 0.~~444162~~400802% 0.~~253807~~200401% 0.~~063452~~066800% 76.~~170051~~412826% 7.~~067246~~196035% 0.~~539296~~452374% 0.~~279923~~167067% 0.~~027863~~029775% 7.~~914327~~845251% 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 21 0 0 0 21 ~~300~~179,~~731~~142.8964 0.00 0.00 0.00 ~~300~~179,~~731~~142.8964 60 Days 10 0 0 0 10 ~~106,921~~0.9300 0.00 0.00 0.00 ~~106,921~~0.9300 90 Days 1 0 0 0 1 ~~172~~106,~~839~~670.1811 0.00 0.00 0.00 ~~172~~106,~~839~~670.1811 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 42 0 0 0 42 ~~580~~285,~~493~~812.0075 0.00 0.00 0.00 ~~580~~285,~~493~~812.0075 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 53.~~405405~~225806% 0.000000% 0.000000% 0.000000% 53.~~405405~~225806% 54.~~516569~~035838% 0.000000% 0.000000% 0.000000% 54.~~516569~~035838% 60 Days 20.~~702703~~000000% 0.000000% 0.000000% 0.000000% 20.~~702703~~000000% 10.~~961356~~000000% 0.000000% 0.000000% 0.000000% 10.~~961356~~000000% 90 Days 23.~~702703~~225806% 0.000000% 0.000000% 0.000000% 23.~~702703~~225806% 32.~~170529~~403131% 0.000000% 0.000000% 0.000000% 32.~~170529~~403131% 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 106.~~810811~~451613% 0.000000% 0.000000% 0.000000% 106.~~810811~~451613% 106.~~648454~~438969% 0.000000% 0.000000% 0.000000% 106.~~648454~~438969% 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 2 0 0 0 2 ~~498~~506,~~116~~717.1862 0.00 0.00 0.00 ~~498~~506,~~116~~717.1862 60 Days 01 0 0 0 01 0322,403.0008 0.00 0.00 0.00 0322,403.0008 90 Days 01 0 0 0 01 0231,514.0043 0.00 0.00 0.00 0231,514.0043 120 Days 1 0 0 0 1 ~~292~~290,~~353~~222.2049 0.00 0.00 0.00 ~~292~~290,~~353~~222.2049 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 10 0 10 0.00 0.00 ~~412,743~~0.9400 0.00 ~~412,743~~0.9400 Totals 35 0 10 0 45 ~~790~~1,~~469~~350,857.3862 0.00 ~~412,743~~0.9400 0.00 1,~~203~~350,~~213~~857.3262 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 89.~~333333~~090909% 0.000000% 0.000000% 0.000000% 89.~~333333~~090909% 45.~~758655~~271221% 0.000000% 0.000000% 0.000000% 45.~~758655~~271221% 60 Days 04.~~000000~~545455% 0.000000% 0.000000% 0.000000% 04.~~000000~~545455% 03.~~000000~~353856% 0.000000% 0.000000% 0.000000% 03.~~000000~~353856% 90 Days 04.~~000000~~545455% 0.000000% 0.000000% 0.000000% 04.~~000000~~545455% 02.~~000000~~408370% 0.000000% 0.000000% 0.000000% 02.~~000000~~408370% 120 Days 4.~~166667~~545455% 0.000000% 0.000000% 0.000000% 4.~~166667~~545455% 23.~~792939~~019092% 0.000000% 0.000000% 0.000000% 23.~~792939~~019092% 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% 40.~~166667~~000000% 0.000000% 40.~~166667~~000000% 0.000000% 0.000000% 30.~~943068~~000000% 0.000000% 30.~~943068~~000000% Totals 1222.~~500000~~727273% 0.000000% 40.~~166667~~000000% 0.000000% 1622.~~666667~~727273% 714.~~551593~~052539% 0.000000% 30.~~943068~~000000% 0.000000% 1114.~~494661~~052539%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 6155,~~614~~928.5747

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 42,760,705.58 26.36803780% 1917,~~761~~863,~~263~~784.3463 21.~~90029550~~37273805% 78.~~099705~~627262% 0.000000% Class 2A 27,100,205.58 16.71111913% 1413,~~865~~975,~~100~~445.8607 16.~~47415430~~72061843% 54.~~426141~~652120% 9475.~~499838~~773758% Class 3A 5,676,105.58 3.50012387% 5,~~181~~131,~~133~~512.2008 56.~~74195820~~13948644% 10.~~732196~~581132% ~~186~~172.~~908294~~345555% Class R-II 5,676,105.58 3.50012387% 5,~~181~~131,~~133~~512.2008 56.~~74195820~~13948644% 0.000000% 0.000000% Class R-III 5,676,055.58 3.50009304% 5,~~181~~131,~~133~~512.2008 56.~~74195820~~13948644% 0.000000% 0.000000% Class B-1 4,054,355.58 2.50008506% 3,~~681~~645,~~520~~566.2260 4.~~08002157~~36165917% 1.~~661937~~777827% 28.~~943726~~957264% Class B-2 2,432,655.58 1.50007708% 2,~~181~~159,~~907~~621.2412 2.~~41808494~~58383189% 1.~~661937~~777827% 28.~~943726~~957264% Class B-3 1,216,455.58 0.75011734% 1,~~057~~045,~~266~~230.8674 1.~~17170933~~25054367% 1.~~246376~~333288% 21.~~706456~~716608% Class B-4 648,855.58 0.40011146% ~~532~~525,~~397~~145.6924 0.~~59002638~~62829864% 0.~~581683~~622245% 10.~~130393~~135132% Class B-5 324,455.58 0.20007287% ~~232~~227,~~419~~901.6117 0.~~25757757~~27266742% 0.~~332449~~355631% 5.~~789816~~792524% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~257578~~272667% 4.~~485884~~441209% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~229416~~065237% Weighted Average Net Coupon 4.~~854417~~690237% Weighted Average Pass-Through Rate 4.~~844416~~680237% Weighted Average Maturity(Stepdown Calculation ) ~~171~~169 Beginning Scheduled Collateral Loan Count 1,~~683~~585 Number Of Loans Paid In Full 4635 Ending Scheduled Collateral Loan Count 1,~~637~~550 Beginning Scheduled Collateral Balance 9386,~~584~~055,~~454~~544.2547 Ending Scheduled Collateral Balance 9083,~~232~~582,~~861~~106.6529 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 9083,~~616~~954,~~150~~066.0604 Monthly P &I Constant ~~814~~752,~~536~~472.3216 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 02,400.0016 Cumulative Realized Loss 7072,~~509~~909.7288 Class A Optimal Amount 32,~~685~~760,~~991~~577.0596 Ending Scheduled Balance for Premium Loans 9083,~~232~~582,~~861~~106.6529 Scheduled Principal ~~406~~389,~~709~~229.5802 Unscheduled Principal 2,~~944~~084,~~883~~209.0216

Miscellaneous Reporting Deficiency Amount 0.00 Guaranteed Interest Payment 0.00 Guaraneteed Principal Payment 0.00 Guarantor Remibursement Amount 0.00 Senior Percentage Group 1 94.~~887088~~582628% Senior Prepayment Pct. Group 1 100.000000% Subordinate Percentage Group 1 5.~~112912~~417372% Subordinate Prepayment Pct. Group 1 0.000000% Average Loss Severity Group 1 0 Senior Percentage Group 2 9188.~~403252~~313286% Senior Prepayment Pct. Group 2 100.000000% Subordinate Percentage Group 2 811.~~596748~~66714% Subordinate Prepayment Pct. Group 2 0.000000% Average Loss Severity Group 2 0 Senior Percentage Group 3 92.~~988528~~420715% Senior Prepayment Pct. Group 3 100.000000% Subordinate Percentage Group 3 7.~~011472~~579285% Subordinate Prepayment Pct. Group 3 0.000000% Average Loss Severity Group 3 0

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 54.~~051287~~896618 7.~~499993~~500002 5.~~168334~~154876 Weighted Average Net Rate 4.~~676287~~521617 7.~~124994~~125000 4.~~793333~~779876 Weighted Average Maturity ~~163~~161 ~~207~~205 ~~189~~187 Beginning Loan Count 1,~~616~~531 4332 2422 Loans Paid In Full 4034 61 0 Ending Loan Count 1,~~576~~497 3731 2422 Beginning Scheduled Balance 7671,~~824~~830,~~274~~967.9022 64,~~308~~621,~~135~~101.1335 109,~~452~~603,~~044~~475.2290 Ending scheduled Balance 7469,~~381~~585,~~344~~814.6194 54,~~437~~427,~~331~~123.8107 109,~~414~~569,~~185~~168.2328 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~679~~637,~~573~~803.9319 5239,~~513~~691.5714 8274,~~448~~977.8283 Scheduled Principal ~~356~~344,~~189~~695.3888 1310,~~087~~809.7625 3733,~~432~~723.4489 Unscheduled Principal 21,~~086~~900,~~740~~456.9140 ~~857~~183,~~715~~169.5603 ~~426~~583.5573 Scheduled Interest ~~323~~293,~~384~~107.5531 3928,~~425~~881.8189 4541,~~016~~253.3894 Servicing Fees 2422,~~007~~447.5820 1,~~971~~444.2910 3,~~266~~001.2709 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~640~~598.2058 5238.5751 8780.0904 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 ~~298~~270,~~736~~061.7753 3727,~~401~~399.9528 4138,~~663~~172.0281 Realized Loss Amount 02,308.0051 08.0015 083.0050 Cumulative Realized Loss 7072,~~192~~500.0253 ~~111~~119.5065 ~~206~~289.2070 Percentage of Cumulative Losses 0.000586 0.000007 0.000013 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.~~666287~~511618 7.~~114993~~115002 4.~~783334~~769876

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~229416~~065237 Weighted Average Net Rate 4.~~854417~~690237 Weighted Average Maturity ~~171~~169 Beginning Loan Count 1,~~683~~585 Loans Paid In Full 4635 Ending Loan Count 1,~~637~~550 Beginning Scheduled Balance 9386,~~584~~055,~~454~~544.2547 Ending scheduled Balance 9083,~~232~~582,~~861~~106.6529 Record Date 0911/30/2003 Principal And Interest Constant ~~814~~752,~~536~~472.3216 Scheduled Principal ~~406~~389,~~709~~229.5802 Unscheduled Principal 2,~~944~~084,~~883~~209.0216 Scheduled Interest ~~407~~363,~~826~~243.7414 Servicing Fees 2926,~~245~~892.1439 Master Servicing Fees 0.00 Trustee Fee ~~779~~717.8613 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 ~~377~~335,~~801~~633.7462 Realized Loss Amount 02,400.0016 Cumulative Realized Loss 7072,~~509~~909.7288 Percentage of Cumulative Losses 0.000450 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 4.~~844416~~680237

Filing Compare · BEAR STEARNS ARM TRUST MORTGAGE PASS THR CERTS SERIES 2002 1