8-K 1 mab03op2_dec.txt DECEMBER 8K 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 MASTR ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-OP2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-75724-17 Pooling and Servicing Agreement) (Commission 54-2114695 (State or other File Number) 54-2114696 jurisdiction IRS EIN 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 December 26, 2003 a distribution was made to holders of MASTR ASSET BACKED SECURITIES TRUST, Mortgage Pass-Through Certificates, Series 2003-OP2 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 2003-OP2 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. MASTR ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2003-OP2 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: 1/8/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-OP2 Trust, relating to the December 26, 2003 distribution. EX-99.1

MASTR Asset Backed Securitizations Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 MABS Series: 2003-OP2 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 A-1 57643LBC9 SEN 1.~~44000~~43875% ~~286~~267,~~575~~175,~~442~~693.9495 ~~366~~331,~~816~~010.5728 710,~~656~~641,~~060~~446.1945 A-2 57643LBD7 SEN 1.~~45000~~44875% ~~150~~141,~~428~~709,~~020~~728.5587 ~~193~~176,~~885~~787.0081 46,~~389~~477,~~568~~406.9687 A-3 57643LBE5 SEN 1.~~44000~~43875% 9892,~~316~~812,~~228~~721.8203 ~~125~~114,~~844~~987.7787 42,~~227~~945,~~065~~897.3676 M-1 57643LBF2 MEZ 1.~~87000~~86875% 30,526,000.00 5049,~~741~~122.0048 0.00 M-2 57643LBG0 MEZ 2.~~92000~~91875% 23,227,000.00 6058,~~286~~378.9700 0.00 M-3 57643LBH8 MEZ 4.~~22000~~21875% 13,272,000.00 4948,~~784~~214.7568 0.00 M-4 57643LBJ4 MEZ 4.~~97000~~96875% 6,636,000.00 2928,~~316~~393.3709 0.00 M-5 57643LBK1 MEZ 4.~~87000~~86875% 6,636,000.00 2827,~~726~~821.5166 0.00 CE MAB3OPT2C OC 0.00000% 5,970,891.14 2,~~550~~443,~~847~~988.5661 0.00 R-1 MAB3OP2R1 RES 0.00000% 0.00 0.00 0.00 R-2 MAB3OP2R2 RES 0.00000% 0.00 0.00 0.00 P MAB3OPT2P Pre_Pay 0.00000% 100.00 ~~353~~489,~~660~~281.8611 0.00 Totals ~~621,~~587,~~683~~966,134.4599 3,~~809~~767,~~910~~985.3659 1620,~~272~~064,~~694~~751.5108

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~278~~256,~~919~~534,~~382~~247.7550 810,~~022~~972,~~876~~456.7673 0.00 A-2 0.00 ~~146~~135,~~038~~232,~~451~~322.5900 46,~~583~~654,~~453~~194.9668 0.00 A-3 0.00 9489,~~089~~866,~~163~~823.4627 43,~~352~~060,~~910~~885.1363 0.00 M-1 0.00 30,526,000.00 5049,~~741~~122.0048 0.00 M-2 0.00 23,227,000.00 6058,~~286~~378.9700 0.00 M-3 0.00 13,272,000.00 4948,~~784~~214.7568 0.00 M-4 0.00 6,636,000.00 2928,~~316~~393.3709 0.00 M-5 0.00 6,636,000.00 2827,~~726~~821.5166 0.00 CE 0.00 5,970,891.14 2,~~550~~443,~~847~~988.5661 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 P 0.00 100.00 ~~353~~489,~~660~~281.8611 0.00 Totals 0.00 ~~605~~567,~~314~~901,~~988~~383.9491 2023,~~082~~832,~~604~~736.8767 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) A-1 307,739,000.00 ~~286~~267,~~575~~175,~~442~~693.9495 0.00 710,~~656~~641,~~060~~446.1945 0.00 0.00 A-2 163,678,000.00 ~~150~~141,~~428~~709,~~020~~728.5587 0.00 46,~~389~~477,~~568~~406.9687 0.00 0.00 A-3 105,747,000.00 9892,~~316~~812,~~228~~721.8203 0.00 42,~~227~~945,~~065~~897.3676 0.00 0.00 M-1 30,526,000.00 30,526,000.00 0.00 0.00 0.00 0.00 M-2 23,227,000.00 23,227,000.00 0.00 0.00 0.00 0.00 M-3 13,272,000.00 13,272,000.00 0.00 0.00 0.00 0.00 M-4 6,636,000.00 6,636,000.00 0.00 0.00 0.00 0.00 M-5 6,636,000.00 6,636,000.00 0.00 0.00 0.00 0.00 CE 5,971,248.86 5,970,891.14 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 663,432,348.86 ~~621,~~587,~~683~~966,134.4599 0.00 1620,~~272~~064,~~694~~751.5108 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 A-1 710,~~656~~641,~~060~~446.1945 ~~278~~256,~~919~~534,~~382~~247.7550 0.~~90635046~~83360980 710,~~656~~641,~~060~~446.1945 A-2 46,~~389~~477,~~568~~406.9687 ~~146~~135,~~038~~232,~~451~~322.5900 0.~~89223018~~82620952 46,~~389~~477,~~568~~406.9687 A-3 42,~~227~~945,~~065~~897.3676 9489,~~089~~866,~~163~~823.4627 0.~~88975728~~84982858 42,~~227~~945,~~065~~897.3676 M-1 0.00 30,526,000.00 1.00000000 0.00 M-2 0.00 23,227,000.00 1.00000000 0.00 M-3 0.00 13,272,000.00 1.00000000 0.00 M-4 0.00 6,636,000.00 1.00000000 0.00 M-5 0.00 6,636,000.00 1.00000000 0.00 CE 0.00 5,970,891.14 0.99994009 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 1620,~~272~~064,~~694~~751.5108 ~~605~~567,~~314~~901,~~988~~383.9491 0.~~91239897~~85600496 1620,~~272~~064,~~694~~751.5108

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 307,739,000.00 ~~931~~868.~~22887557~~18925762 0.00000000 2434.~~87842032~~57945353 0.00000000 A-2 163,678,000.00 ~~919~~865.~~04850102~~78360482 0.00000000 2639.~~81831987~~57408369 0.00000000 A-3 105,747,000.00 ~~929~~877.~~73066678~~68656350 0.00000000 3927.~~97338326~~85797952 0.00000000 M-1 30,526,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 23,227,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 13,272,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 6,636,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 5,971,248.86 999.94009293 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 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 A-1 0.00000000 2434.~~87842032~~57945353 ~~906~~833.~~35045526~~60980409 0.~~90635046~~83360980 2434.~~87842032~~57945353 A-2 0.00000000 2639.~~81831987~~57408369 ~~892~~826.~~23018115~~20952113 0.~~89223018~~82620952 2639.~~81831987~~57408369 A-3 0.00000000 3927.~~97338326~~85797952 ~~889~~849.~~75728352~~82858398 0.~~88975728~~84982858 3927.~~97338326~~85797952 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.94009293 0.99994009 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 A-1 307,739,000.00 1.~~44000~~43875% ~~286~~267,~~575~~175,~~442~~693.9495 ~~366~~331,~~816~~010.5728 0.00 0.00 A-2 163,678,000.00 1.~~45000~~44875% ~~150~~141,~~428~~709,~~020~~728.5587 ~~193~~176,~~885~~787.0081 0.00 0.00 A-3 105,747,000.00 1.~~44000~~43875% 9892,~~316~~812,~~228~~721.8203 ~~125~~114,~~844~~987.7787 0.00 0.00 M-1 30,526,000.00 1.~~87000~~86875% 30,526,000.00 5049,~~741~~122.0048 0.00 0.00 M-2 23,227,000.00 2.~~92000~~91875% 23,227,000.00 6058,~~286~~378.9700 0.00 0.00 M-3 13,272,000.00 4.~~22000~~21875% 13,272,000.00 4948,~~784~~214.7569 0.00 0.00 M-4 6,636,000.00 4.~~97000~~96875% 6,636,000.00 2928,~~316~~393.3709 0.00 0.00 M-5 6,636,000.00 4.~~87000~~86875% 6,636,000.00 2827,~~726~~821.5166 0.00 0.00 CE 5,971,248.86 0.00000% 5,970,891.14 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 663,432,348.86 ~~905~~834,~~401~~715.9488 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 A-1 0.00 0.00 ~~366~~331,~~816~~010.5728 0.00 ~~278~~256,~~919~~534,~~382~~247.7550 A-2 0.00 0.00 ~~193~~176,~~885~~787.0081 0.00 ~~146~~135,~~038~~232,~~451~~322.5900 A-3 0.00 0.00 ~~125~~114,~~844~~987.7787 0.00 9489,~~089~~866,~~163~~823.4627 M-1 0.00 0.00 5049,~~741~~122.0048 0.00 30,526,000.00 M-2 0.00 0.00 6058,~~286~~378.9700 0.00 23,227,000.00 M-3 0.00 0.00 4948,~~784~~214.7568 0.00 13,272,000.00 M-4 0.00 0.00 2928,~~316~~393.3709 0.00 6,636,000.00 M-5 0.00 0.00 2827,~~726~~821.5166 0.00 6,636,000.00 CE 0.00 0.00 2,~~550~~443,~~847~~988.5661 0.00 5,970,891.14 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~353~~489,~~660~~281.8611 0.00 100.00 Totals 0.00 0.00 3,~~809~~767,~~910~~985.3659 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 A-1 307,739,000.00 1.~~44000~~43875% ~~931~~868.~~22887557~~18925762 1.~~19197297~~07562018 0.00000000 0.00000000 A-2 163,678,000.00 1.~~45000~~44875% ~~919~~865.~~04850102~~78360482 1.~~18455138~~08009513 0.00000000 0.00000000 A-3 105,747,000.00 1.~~44000~~43875% ~~929~~877.~~73066678~~68656350 1.~~19005523~~08738659 0.00000000 0.00000000 M-1 30,526,000.00 1.~~87000~~86875% 1000.00000000 1.~~66222237~~60920134 0.00000000 0.00000000 M-2 23,227,000.00 2.~~92000~~91875% 1000.00000000 2.~~59555560~~51336806 0.00000000 0.00000000 M-3 13,272,000.00 4.~~22000~~21875% 1000.00000000 3.~~75111136~~63281269 0.00000000 0.00000000 M-4 6,636,000.00 4.~~97000~~96875% 1000.00000000 4.~~41777728~~27864527 0.00000000 0.00000000 M-5 6,636,000.00 4.~~87000~~86875% 1000.00000000 4.~~32888939~~19253466 0.00000000 0.00000000 CE 5,971,248.86 0.00000% 999.94009293 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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 A-1 0.00000000 0.00000000 1.~~19197297~~07562018 0.00000000 ~~906~~833.~~35045526~~60980409 A-2 0.00000000 0.00000000 1.~~18455138~~08009513 0.00000000 ~~892~~826.~~23018115~~20952113 A-3 0.00000000 0.00000000 1.~~19005523~~08738659 0.00000000 ~~889~~849.~~75728352~~82858398 M-1 0.00000000 0.00000000 1.~~66222237~~60920134 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~59555560~~51336806 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~75111136~~63281193 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 4.~~41777728~~27864527 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 4.~~32888939~~19253466 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~427~~409.~~18828503~~29270699 0.00000000 999.94009293 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~3536608~~4892811.~~60000000~~10000000 0.00000000 1000.00000000 (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 2023,~~353~~935,~~620~~041.8333 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 ~~353~~489,~~660~~281.8611 Total Deposits 2024,~~707~~424,~~281~~322.6944 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~624~~591,~~676~~585.8277 Payment of Interest and Principal 2023,~~082~~832,~~604~~736.8767 Total Withdrawals (Pool Distribution Amount) 2024,~~707~~424,~~281~~322.6944 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~258~~244,~~995~~985.1583 Radian ~~362~~343,~~055~~170.6120 Trustee Fee- Wells Fargo 3,~~626~~429.0674 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~624~~591,~~676~~585.8277

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 1121 0 0 1121 13,~~548~~022,~~426~~696.8084 0.00 0.00 13,~~548~~022,~~426~~696.8084 30 Days 5849 10 1 0 6050 97,~~034~~800,~~211~~683.4315 ~~171,401~~0.5000 ~~287~~206,~~875~~007.1157 0.00 98,~~493~~006,~~488~~690.0472 60 Days 712 42 1412 0 2526 ~~920~~1,~~479~~965,189.3105 ~~546~~217,~~989~~648.5324 21,~~008~~393,~~867~~143.4044 0.00 3,~~476~~575,~~336~~980.2473 90 Days 7 6 3811 57 0 5174 ~~948~~643,~~435~~369.6073 ~~583~~1,~~794~~343,232.9260 58,~~670~~278,~~095~~436.7360 0.00 710,~~202~~265,~~326~~038.2593 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 7267 2234 5370 0 ~~147~~171 10,~~903~~409,~~126~~241.3493 24,~~850~~583,~~612~~577.7568 79,~~966~~877,~~838~~587.2461 0.00 2124,~~720~~870,~~577~~407.3322 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.~~282558~~570342% 0.000000% 0.000000% 0.~~282558~~570342% 0.~~255723~~532069% 0.000000% 0.000000% 0.~~255723~~532069% 30 Days 1.~~489854~~330798% 0.~~025687~~000000% 0.~~025687~~027159% 0.000000% 1.~~541228~~357958% 1.~~492002~~373112% 0.~~028307~~000000% 0.~~047543~~036262% 0.000000% 1.~~567852~~409374% 60 Days 0.~~179810~~325910% 0.~~102749~~054318% 0.~~359620~~325910% 0.000000% 0.~~642178~~706138% 0.~~152017~~345922% 0.~~090335~~038311% 0.~~331765~~245227% 0.000000% 0.~~574118~~629461% 90 Days 0.~~179810~~162955% 0.~~154123~~298751% 01.~~976111~~548072% 0.000000% 12.~~310044~~009777% 0.~~156634~~113249% 0.~~096414~~236442% 01.~~936418~~457208% 0.000000% 1.~~189466~~806899% 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.~~849473~~819663% 0.~~565117~~923411% 1.~~361418~~901141% 0.000000% 34.~~776008~~644215% 1.~~800654~~832282% 0.~~470779~~806822% 1.~~315725~~738698% 0.000000% 34.~~587158~~377803%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~278~~276,~~626~~884.1506 Class A-1 355,693,248.86 53.61409486% ~~326~~311,~~395~~367,~~506~~036.1941 5354.~~92159655~~82765939% 4645.~~078387~~172323% 0.000000% Class A-2 192,015,248.86 28.94270217% ~~180~~176,~~357~~134,~~054~~714.6041 2931.~~79557055~~01501764% 2423.~~126026~~812642% 0.000000% Class A-3 86,268,248.86 13.00332265% 86,267,891.14 1415.~~25173550~~19064640% 15.~~543835~~824371% 0.000000% Class M-1 55,742,248.86 8.40209992% 55,741,891.14 9.~~20874126~~81541738% 5.~~042994~~375229% 0.000000% Class M-2 32,515,248.86 4.90106473% 32,514,891.14 5.~~37156550~~72544672% 34.~~837176~~089971% 0.000000% Class M-3 19,243,248.86 2.90055933% 19,242,891.14 3.~~17898805~~38842124% 2.~~192577~~337025% 0.000000% Class M-4 12,607,248.86 1.90030662% 12,606,891.14 2.~~08269932~~21990851% 1.~~096289~~168513% 0.000000% Class CE 0.00 0.00000000% 0.00 0.00000000% 01.~~986411~~051396% 0.000000% Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 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 Fixed & Arm Weighted Average Gross Coupon 7.~~862012~~852465% Weighted Average Net Coupon 7.~~362012~~352465% Weighted Average Pass-Through Rate 6.~~656048~~645078% Weighted Average Maturity(Stepdown Calculation ) ~~350~~348 Beginning Scheduled Collateral Loan Count 3,~~979~~798 Number Of Loans Paid In Full 86116 Ending Scheduled Collateral Loan Count 3,~~893~~682 Beginning Scheduled Collateral Balance ~~621,~~587,~~683~~966,134.4598 Ending Scheduled Collateral Balance ~~605~~567,~~314~~901,~~988~~383.9490 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~605~~568,~~509~~102,~~306~~481.2367 Monthly P &I Constant 4,~~541~~296,~~811~~555.0309 Special Servicing Fee 0.00 Prepayment Penalties ~~353~~489,~~660~~281.8611 Realized Loss Amount 0.00 Cumulative Realized Loss 061,113.0097 Ending Scheduled Balance for Premium Loans ~~605~~567,~~314~~901,~~988~~383.9490 Scheduled Principal ~~469~~449,~~369~~068.4581 Unscheduled Principal 1519,~~803~~615,~~325~~682.0627

Other Income 822,~~484~~803.4992

Miscellaneous Reporting Net Monthly Excess Cashflow 2,~~550~~443,~~847~~988.5665 Extra Prinicpal Distribution Amount 0.00 OC Amount 5,970,891.14 OC Deficiency Amount 0.00 OC Release Amount 0.00 OC Target Amount 5,970,891.14 Stepdown NO Trigger Event NO Credit Enhancement Percentage 1415.~~251735~~190646%

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~632349~~620833 8.~~057165~~053007 7.~~537845~~536584 Weighted Average Net Rate 7.~~132346~~120832 7.~~557164~~553007 7.~~037845~~036586 Weighted Average Maturity ~~350~~348 ~~350~~348 ~~349~~347 Beginning Loan Count ~~358~~342 1,~~992~~896 ~~286~~277 Loans Paid In Full 11 3555 48 Ending Loan Count ~~347~~331 1,~~957~~841 ~~282~~269 Beginning Scheduled Balance 4845,~~899~~984,~~678~~091.5003 ~~283~~267,~~718~~214,~~135~~229.9437 4139,~~714~~987,~~170~~963.5445 Ending scheduled Balance 4644,~~640~~400,~~422~~952.3393 ~~278~~258,~~321~~155,~~331~~921.9202 4038,~~933~~878,~~147~~777.9870 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~353~~332,~~552~~853.6006 21,~~106~~983,~~778~~896.8767 ~~299~~287,~~487~~493.8574 Scheduled Principal 4240,~~536~~822.4316 ~~201~~190,~~809~~664.1293 3736,~~458~~349.7486 Unscheduled Principal 21,~~216~~542,~~719~~315.7494 58,~~194~~867,~~994~~643.9042 ~~743~~1,~~563~~072,835.8289 Scheduled Interest ~~311~~292,~~016~~030.1790 1,~~904~~793,~~969~~231.7574 ~~262~~251,~~029~~143.1188 Servicing Fees 2019,~~374~~160.9806 ~~118~~111,~~216~~339.0522 1716,~~380~~661.8961 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~285~~268.3624 1,~~655~~558.0061 ~~243~~233.3425 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 3432,~~524~~227.8336 ~~155~~146,~~794~~418.9978 2827,~~845~~856.0854 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 ~~290~~272,~~641~~870.1984 1,~~786~~681,~~753~~892.7052 ~~244~~234,~~648~~482.2227 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 061,113.0097 0.00 Percentage of Cumulative Losses 0.000000 0.000201 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~278103~~272828 6.~~891221~~888474 6.~~201052~~193638

Group Level Collateral Statement Group Group 4 Group 5 Group 6 Collateral Description Mixed ARM Mixed Fixed Mixed ARM Weighted Average Coupon Rate 8.~~025032~~006230 7.~~228429~~231009 7.~~505653~~491085 Weighted Average Net Rate 7.~~525032~~506231 6.~~728430~~731009 76.~~005652~~991084 Weighted Average Maturity ~~349~~347 ~~350~~348 ~~350~~348 Beginning Loan Count ~~934~~891 ~~199~~191 ~~210~~201 Loans Paid In Full 2330 5 7 6 Ending Loan Count ~~911~~861 ~~192~~186 ~~204~~194 Beginning Scheduled Balance ~~133~~126,~~138~~161,~~265~~429.43 42 40,~~033~~186,~~951~~551.1603 7268,~~083~~431,~~481~~870.8868 Ending scheduled Balance ~~129~~120,~~529~~793,~~719~~208.0330 4039,~~286~~368,~~664~~109.0308 6966,~~603~~304,~~703~~414.6587 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~984~~931,~~796~~677.6154 ~~290~~278,~~367~~818.9796 ~~506~~481,~~827~~815.1312 Scheduled Principal 9489,~~430~~946.8934 3736,~~168~~661.4520 5554,~~965~~624.8232 Unscheduled Principal 35,~~514~~278,~~115~~274.5178 1781,~~710,118~~780.6875 2,~~423~~072,~~812~~831.4149 Scheduled Interest ~~890~~841,~~365~~731.7220 ~~253~~242,~~199~~157.5276 ~~450~~427,~~861~~190.3180 Servicing Fees 5552,~~474~~567.3122 1716,~~514~~744.1141 3028,~~034~~513.8131 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~776~~736.7207 ~~245~~234.1543 ~~420~~399.4914 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 7269,~~199~~718.3552 2826,~~333~~792.22 4240,~~358~~156.1478 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 ~~834~~789,~~891~~163.4198 ~~235~~225,~~685~~413.4135 ~~420~~398,~~826~~677.5049 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~867285~~836093 5.~~912565~~923973 6.~~293501~~279908

Group Level Collateral Statement Group Total Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~862012~~852465 Weighted Average Net Rate 7.~~362012~~352465 Weighted Average Maturity ~~350~~348.00 Record Date 0911/30/2003 Principal And Interest Constant 4,~~541~~296,~~811~~555.0309 Beginning Loan Count 3,~~979~~798 Loans Paid In Full 86116 Ending Loan Count 3,~~893~~682 Beginning Scheduled Balance ~~621,~~587,~~683~~966,134.4598 Ending Scheduled Balance ~~605~~567,~~314~~901,~~988~~383.9490 Scheduled Principal ~~469~~449,~~369~~068.4581 Unscheduled Principal 1519,~~803~~615,~~325~~682.0627 Scheduled Interest 43,~~072~~847,~~441~~486.5828 Servicing Fee ~~258~~244,~~995~~985.1583 Master Servicing Fee 0.00 Trustee Fee 3,~~626~~429.0674 Fry Amount 0.00 Special Hazard Fee 0.00 Other Fee ~~362~~343,~~055~~170.6120 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 3,~~813~~602,~~446~~500.4345 Realized Loss Amount 0.00 Cumulative Realized Loss 061,113.0097 Percentage of Cumulative Losses 0.000092 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 6.~~656048~~645078

Filing Compare · MORTGAGE ASSET SEC TRANS MASTR PASS THRU SER 2003-OPT2