8-K 1 bst02001_jul.txt JULY 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): July 26, 2004 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, 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 July 26, 2004 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 July 26, 2004 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, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 8/3/2004 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 July 26, 2004 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 26/2930/2004 Distribution Date: 37/2526/2004 BST Series: 2002-1 Contact: Customer Service - CTSLink Wells Fargo Bank, 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.~~24368~~18980% 6356,~~256~~978,~~004~~918.3099 ~~223~~198,~~698~~942.7310 1,~~483~~481,~~969~~790.8319 II-A 07384MJA1 SEN 6.~~98000~~98001% 32,~~153~~383,~~527~~501.1532 1813,~~343~~864.0204 ~~393~~6,~~417~~440.44 III-A 07384MJK9 SEN 4.~~45857~~45854% 7,~~909~~789,~~308~~899.8026 2928,~~386~~942.8495 29287,~~750~~559.6120 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.~~05063~~05464% 0.00 0.00 0.00 B-1 07384MJM5 SUB 4.~~67856~~64064% 1,~~472~~445,~~770~~924.7863 5,~~742~~591.0468 6,~~656~~762.1630 B-2 07384MJN3 SUB 4.~~67856~~64064% 1,~~472~~445,~~770~~924.7863 5,~~742~~591.0468 6,~~656~~762.1630 B-3 07384MJP8 SUB 4.~~67856~~64064% 1,~~104~~084,~~509~~376.9761 4,~~306~~193.2650 45,~~991~~071.8141 B-4 07384MJQ6 SUB 4.~~67856~~64064% ~~515~~506,~~474~~078.3108 21,~~009~~957.7311 2,~~329~~366.6882 B-5 07384MJR4 SUB 4.~~67856~~64064% ~~294~~289,~~608~~238.6542 1,~~148~~118.6254 1,~~331~~352.4871 B-6 07384MJS2 SUB 4.~~67856~~64064% ~~225~~221,~~702~~587.0588 ~~879~~856.9792 1,~~020~~036.0632 Totals 7972,~~404~~145,~~676~~449.7982 ~~291~~261,~~257~~058.2552 1,~~930~~799,~~123~~141.2369

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 6155,~~772~~497,~~034~~128.4780 1,~~707~~680,~~668~~732.5629 0.00 II-A 0.00 2,~~760~~377,~~109~~060.7188 ~~411~~20,~~760~~304.4648 0.00 III-A 0.00 7,~~879~~502,~~558~~340.1906 59316,~~137~~502.4515 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,~~466~~439,~~114~~162.6234 12,~~398~~353.2098 0.00 B-2 0.00 1,~~466~~439,~~114~~162.6234 12,~~398~~353.2098 0.00 B-3 0.00 1,~~099~~079,~~518~~305.1620 9,~~298~~264.0791 0.00 B-4 0.00 ~~513~~503,~~144~~711.6426 4,~~339~~323.4193 0.00 B-5 0.00 ~~293~~287,~~277~~885.1771 2,~~480~~471.1025 0.00 B-6 01,896.0029 ~~224~~218,~~682~~655.0027 1,~~900~~893.0324 7374,~~088~~984.3867 Totals 01,896.0029 7770,~~474~~344,~~553~~411.5886 2,~~221~~060,~~380~~200.4821 7374,~~088~~984.3867 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 6356,~~256~~978,~~004~~918.3099 ~~315~~293,884.3700 1,~~168~~187,~~085~~906.4619 0.00 0.00 II-A 15,660,500.00 32,~~153~~383,~~527~~501.1532 76,~~079~~193.6915 ~~386,337~~247.7529 0.00 0.00 III-A 21,424,100.00 7,~~909~~789,~~308~~899.8026 2928,~~198~~738.6541 ~~551~~258,820.9679 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,~~472~~445,~~770~~924.7863 6,~~656~~762.1630 0.00 0.00 0.00 B-2 1,621,700.00 1,~~472~~445,~~770~~924.7863 6,~~656~~762.1630 0.00 0.00 0.00 B-3 1,216,200.00 1,~~104~~084,~~509~~376.9761 45,~~991~~071.8141 0.00 0.00 0.00 B-4 567,600.00 ~~515~~506,~~474~~078.3108 2,~~329~~366.6882 0.00 0.00 0.00 B-5 324,400.00 ~~294~~289,~~608~~238.6542 1,~~331~~352.4871 0.00 0.00 0.00 B-6 324,455.58 ~~225~~221,~~702~~587.0588 1,~~020~~036.0632 0.00 0.00 01,896.0029 Totals 162,168,705.58 7972,~~404~~145,~~676~~449.7982 ~~375~~352,~~148~~167.0642 1,~~554~~446,~~975~~974.1727 0.00 01,896.0029 (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 1,~~483~~481,~~969~~790.8319 6155,~~772~~497,~~034~~128.4780 0.~~51731906~~46476893 1,~~483~~481,~~969~~790.8319 II-A ~~393~~6,~~417~~440.44 2,~~760~~377,~~109~~060.7188 0.~~17624659~~15178704 ~~393~~6,~~417~~440.44 III-A 29287,~~750~~559.6120 7,~~879~~502,~~558~~340.1906 0.~~36778946~~35018227 29287,~~750~~559.6120 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 6,~~656~~762.1630 1,~~466~~439,~~114~~162.6234 0.~~90406032~~88744055 6,~~656~~762.1630 B-2 6,~~656~~762.1630 1,~~466~~439,~~114~~162.6234 0.~~90406032~~88744055 6,~~656~~762.1630 B-3 45,~~991~~071.8141 1,~~099~~079,~~518~~305.1620 0.~~90406032~~88744055 45,~~991~~071.8141 B-4 2,~~329~~366.6882 ~~513~~503,~~144~~711.6426 0.~~90406032~~88744056 2,~~329~~366.6882 B-5 1,~~331~~352.4871 ~~293~~287,~~277~~885.1771 0.~~90406033~~88744054 1,~~331~~352.4871 B-6 12,~~020~~932.0661 ~~224~~218,~~682~~655.0027 0.~~69248925~~67391435 1,~~020~~036.0632 Totals 1,~~930~~801,~~123~~037.2398 7770,~~474~~344,~~553~~411.5886 0.~~47774047~~43377304 1,~~930~~799,~~123~~141.2369

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 ~~529~~477.~~74678665~~17840505 2.~~64542049~~46117513 9.~~78230487~~94829651 0.00000000 II-A 15,660,500.00 ~~201~~152.~~36822898~~19828997 0.~~45207305~~39546311 240.~~66956674~~01579068 0.00000000 III-A 21,424,100.00 ~~369~~363.~~17811250~~60450427 1.~~36288806~~34140571 012.~~02576351~~08082440 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 ~~908~~891.~~16475304~~61042733 4.~~10443362~~16988346 0.00000000 0.00000000 B-2 1,621,700.00 ~~908~~891.~~16475304~~61042733 4.~~10443362~~16988346 0.00000000 0.00000000 B-3 1,216,200.00 ~~908~~891.~~16475086~~61043414 4.~~10443184~~16988160 0.00000000 0.00000000 B-4 567,600.00 ~~908~~891.~~16474630~~61042988 4.~~10443975~~16987315 0.00000000 0.00000000 B-5 324,400.00 ~~908~~891.~~16476572~~61041924 4.~~10443896~~16988286 0.00000000 0.00000000 B-6 324,455.58 ~~695~~682.~~63312796~~95290221 3.~~14391264~~19402736 0.00000000 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 12.~~42772536~~40947164 ~~517~~464.~~31906129~~76893340 0.~~51731906~~46476893 12.~~42772536~~40947164 II-A 0.00000000 250.~~12163979~~41125379 ~~176~~151.~~24658919~~78703617 0.~~17624659~~15178704 250.~~12163979~~41125379 III-A 0.00000000 113.~~38865157~~42223011 ~~367~~350.~~78946093~~18227417 0.~~36778946~~35018227 113.~~38865157~~42223011 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 4.~~10443362~~16988346 ~~904~~887.~~06031942~~44055004 0.~~90406032~~88744055 4.~~10443362~~16988346 B-2 0.00000000 4.~~10443362~~16988346 ~~904~~887.~~06031942~~44055004 0.~~90406032~~88744055 4.~~10443362~~16988346 B-3 0.00000000 4.~~10443184~~16988160 ~~904~~887.~~06031903~~44055254 0.~~90406032~~88744055 4.~~10443184~~16988160 B-4 0.00000000 4.~~10443975~~16987315 ~~904~~887.~~06032417~~44055673 0.~~90406032~~88744056 4.~~10443975~~16987315 B-5 0.00000000 4.~~10443896~~16988286 ~~904~~887.~~06032676~~44053637 0.~~90406033~~88744054 4.~~10443896~~16988286 B-6 05.~~00000000~~84452886 39.~~14391264~~03855622 ~~692~~673.~~48924614~~91434599 0.~~69248925~~67391435 3.~~14391264~~19402736 (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.~~24368~~18980% 6356,~~256~~978,~~004~~918.3099 ~~223~~198,~~698~~942.7211 0.00 0.00 II-A 15,660,500.00 6.~~98000~~98001% 32,~~153~~383,~~527~~501.1532 1813,~~343~~864.0204 0.00 0.00 III-A 21,424,100.00 4.~~45857~~45854% 7,~~909~~789,~~308~~899.8026 2928,~~386~~942.8495 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.~~05063~~05464% 0.00 0.00 0.00 0.00 B-1 1,621,700.00 4.~~67856~~64064% 1,~~472~~445,~~770~~924.7863 5,~~742~~591.0368 0.00 0.00 B-2 1,621,700.00 4.~~67856~~64064% 1,~~472~~445,~~770~~924.7863 5,~~742~~591.0368 0.00 0.00 B-3 1,216,200.00 4.~~67856~~64064% 1,~~104~~084,~~509~~376.9761 4,~~306~~193.2650 0.00 0.00 B-4 567,600.00 4.~~67856~~64064% ~~515~~506,~~474~~078.3108 21,~~009~~957.7311 0.00 0.00 B-5 324,400.00 4.~~67856~~64064% ~~294~~289,~~608~~238.6542 1,~~148~~118.6254 0.00 0.00 B-6 324,455.58 4.~~67856~~64064% ~~225~~221,~~702~~587.0588 ~~879~~856.9792 0.00 0.00 Totals 162,168,705.58 ~~291~~261,~~257~~058.2253 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.~~01)~~00 0.00 ~~223~~198,~~698~~942.7310 0.00 6155,~~772~~497,~~034~~128.4780 II-A 0.00 0.00 1813,~~343~~864.0204 0.00 2,~~760~~377,~~109~~060.7188 III-A 0.00 0.00 2928,~~386~~942.8495 0.00 7,~~879~~502,~~558~~340.1906 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 5,~~742~~591.0468 0.00 1,~~466~~439,~~114~~162.6234 B-2 0.00 0.00 5,~~742~~591.0468 0.00 1,~~466~~439,~~114~~162.6234 B-3 0.00 0.00 4,~~306~~193.2650 0.00 1,~~099~~079,~~518~~305.1620 B-4 0.00 0.00 21,~~009~~957.7311 0.00 ~~513~~503,~~144~~711.6426 B-5 0.00 0.00 1,~~148~~118.6254 0.00 ~~293~~287,~~277~~885.1771 B-6 0.00 0.00 ~~879~~856.9792 0.00 ~~224~~218,~~682~~655.0027 Totals (0.~~01)~~00 0.00 ~~291~~261,~~257~~058.2552 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.~~24368~~18980% ~~529~~477.~~74678665~~17840505 1.~~87339810~~66607020 0.00000000 0.00000000 II-A 15,660,500.00 6.~~98000~~98001% ~~201~~152.~~36822898~~19828997 10.~~17129210~~88528719 0.00000000 0.00000000 III-A 21,424,100.00 4.~~45857~~45854% ~~369~~363.~~17811250~~60450427 1.~~37167209~~35095290 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.~~05063~~05464% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 4.~~67856~~64064% ~~908~~891.~~16475304~~61042733 3.~~54074736~~44803601 0.00000000 0.00000000 B-2 1,621,700.00 4.~~67856~~64064% ~~908~~891.~~16475304~~61042733 3.~~54074736~~44803601 0.00000000 0.00000000 B-3 1,216,200.00 4.~~67856~~64064% ~~908~~891.~~16475086~~61043414 3.~~54074988~~44803486 0.00000000 0.00000000 B-4 567,600.00 4.~~67856~~64064% ~~908~~891.~~16474630~~61042988 3.~~54075053~~44804440 0.00000000 0.00000000 B-5 324,400.00 4.~~67856~~64064% ~~908~~891.~~16476572~~61041924 3.~~54075216~~44802713 0.00000000 0.00000000 B-6 324,455.58 4.~~67856~~64064% ~~695~~682.~~63312796~~95290221 2.~~71214322~~64110113 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.~~00000008)~~00000000 0.00000000 1.~~87339818~~66607011 0.00000000 ~~517~~464.~~31906129~~76893340 II-A 0.00000000 0.00000000 10.~~17129210~~88528719 0.00000000 ~~176~~151.~~24658919~~78703617 III-A 0.00000000 0.00000000 1.~~37167209~~35095290 0.00000000 ~~367~~350.~~78946093~~18227417 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.~~54075353~~44803601 0.00000000 ~~904~~887.~~06031942~~44055004 B-2 0.00000000 0.00000000 3.~~54075353~~44803601 0.00000000 ~~904~~887.~~06031942~~44055004 B-3 0.00000000 0.00000000 3.~~54074988~~44803486 0.00000000 ~~904~~887.~~06031903~~44055254 B-4 0.00000000 0.00000000 3.~~54075053~~44804440 0.00000000 ~~904~~887.~~06032417~~44055673 B-5 0.00000000 0.00000000 3.~~54075216~~44802713 0.00000000 ~~904~~887.~~06032676~~44053637 B-6 0.00000000 0.00000000 2.~~71214322~~64110113 0.00000000 ~~692~~673.~~48924614~~91434599 (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 2,~~250~~093,~~828~~239.9317 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 5541,~~069~~209.2314 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(1,896.0029) Prepayment Penalties 0.00 Total Deposits 2,~~305~~132,~~898~~552.1602 Withdrawals Reimbursement for Servicer Advances 5142,~~586~~526.7187 Payment of Service Fee 3229,~~930~~824.9794 Payment of Interest and Principal 2,~~221~~060,~~380~~200.4821 Total Withdrawals (Pool Distribution Amount) 2,~~305~~132,~~898~~552.1602 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall (0.~~01)~~00

SERVICING FEES Gross Servicing Fee 2422,~~798~~545.2146 FNMA Guaranty Fee 76,~~471~~678.0727 Trustee Fee ~~661~~601.6921 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 3229,~~930~~824.9794

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 03 0 0 03 081,427.0084 0.00 0.00 081,427.0084 30 Days 6753 01 0 0 6754 43,~~952~~341,~~628~~246.7712 077,370.0035 0.00 0.00 43,~~952~~418,~~628~~616.7747 60 Days 1511 0 0 0 1511 ~~763~~677,~~887~~142.7992 0.00 0.00 0.00 ~~763~~677,~~887~~142.7992 90 Days 34 0 0 0 34 ~~199~~327,~~946~~317.0790 0.00 0.00 0.00 ~~199~~327,~~946~~317.0790 120 Days 41 02 01 0 4 ~~349~~26,~~808~~483.5619 0101,120.0037 062,911.0023 0.00 ~~349~~190,~~808~~514.5679 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 71 0 01 02 74 ~~428~~29,~~854~~792.1051 0.00 053,653.0069 0262,146.0006 ~~428~~345,~~854~~592.1026 Totals 9670 06 02 02 9680 64,~~695~~401,~~125~~982.2964 0259,918.0056 0116,564.0092 0262,146.0006 65,~~695~~040,~~125~~612.2918 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~~221893% 0.000000% 0.000000% 0.~~000000~~221893% 0.~~000000~~115225% 0.000000% 0.000000% 0.~~000000~~115225% 30 Days 43.~~551630~~920118% 0.~~000000~~073964% 0.000000% 0.000000% 43.~~551630~~994083% 64.~~363906~~728040% 0.~~000000~~109483% 0.000000% 0.000000% 64.~~363906~~837523% 60 Days 10.~~019022~~813609% 0.000000% 0.000000% 0.000000% 10.~~019022~~813609% 0.~~981562~~958193% 0.000000% 0.000000% 0.000000% 0.~~981562~~958193% 90 Days 0.~~203804~~295858% 0.000000% 0.000000% 0.000000% 0.~~203804~~295858% 0.~~256922~~463172% 0.000000% 0.000000% 0.000000% 0.~~256922~~463172% 120 Days 0.~~271739~~073964% 0.~~000000~~147929% 0.~~000000~~073964% 0.000000% 0.~~271739~~295858% 0.~~449488~~037475% 0.~~000000~~143091% 0.~~000000~~089023% 0.000000% 0.~~449488~~269589% 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.~~475543~~073964% 0.000000% 0.~~000000~~073964% 0.~~000000~~147929% 0.~~475543~~295858% 0.~~551058~~042158% 0.000000% 0.~~000000~~075923% 0.~~000000~~370951% 0.~~551058~~489031% Totals 65.~~521739~~177515% 0.~~000000~~443787% 0.~~000000~~147929% 0.~~000000~~147929% 65.~~521739~~917160% 86.~~602936~~229039% 0.~~000000~~367799% 0.~~000000~~164946% 0.~~000000~~370951% 87.~~602936~~132733%

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 03 0 0 03 081,427.0084 0.00 0.00 081,427.0084 30 Days 6451 01 0 0 6452 42,~~266~~998,~~043~~083.1897 077,370.0035 0.00 0.00 43,~~266~~075,~~043~~454.1832 60 Days 1410 0 0 0 1410 ~~644~~477,~~731~~562.0322 0.00 0.00 0.00 ~~644~~477,~~731~~562.0322 90 Days 3 0 0 0 3 ~~199~~102,~~946~~470.0767 0.00 0.00 0.00 ~~199~~102,~~946~~470.0767 120 Days 31 02 01 0 34 ~~108~~26,~~475~~483.6219 0101,120.0037 062,911.0023 0.00 ~~108~~190,~~475~~514.6279 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 61 0 01 01 63 ~~197~~29,~~339~~792.6751 0.00 053,653.0069 020,813.0012 ~~197~~104,~~339~~259.6732 Totals 9066 06 02 01 9075 53,~~416~~634,~~535~~392.5756 0259,918.0056 0116,564.0092 020,813.0012 54,~~416~~031,~~535~~689.5716 0-29 Days 0.~~000000~~228311% 0.000000% 0.000000% 0.~~000000~~228311% 0.~~000000~~136846% 0.000000% 0.000000% 0.~~000000~~136846% 30 Days 43.~~472397~~881279% 0.~~000000~~076104% 0.000000% 0.000000% 43.~~472397~~957382% 65.~~475146~~038536% 0.~~000000~~130027% 0.000000% 0.000000% 65.~~475146~~168563% 60 Days 0.~~978337~~761035% 0.000000% 0.000000% 0.000000% 0.~~978337~~761035% 0.~~978595~~802584% 0.000000% 0.000000% 0.000000% 0.~~978595~~802584% 90 Days 0.~~209644~~228311% 0.000000% 0.000000% 0.000000% 0.~~209644~~228311% 0.~~303485~~172211% 0.000000% 0.000000% 0.000000% 0.~~303485~~172211% 120 Days 0.~~209644~~076104% 0.~~000000~~152207% 0.~~000000~~076104% 0.000000% 0.~~209644~~304414% 0.~~164648~~044507% 0.~~000000~~169941% 0.~~000000~~105728% 0.000000% 0.~~164648~~320176% 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.~~419287~~076104% 0.000000% 0.~~000000~~076104% 0.~~000000~~076104% 0.~~419287~~228311% 0.~~299529~~050069% 0.000000% 0.~~000000~~090170% 0.~~000000~~034978% 0.~~299529~~175217% Totals 65.~~289308~~022831% 0.~~000000~~456621% 0.~~000000~~152207% 0.~~000000~~076104% 65.~~289308~~707763% 86.~~221403~~107907% 0.~~000000~~436815% 0.~~000000~~195897% 0.~~000000~~034978% 86.~~221403~~775598% 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 ~~333~~64,~~253~~413.9987 0.00 0.00 0.00 ~~333~~64,~~253~~413.9987 60 Days 1 0 0 0 1 ~~119~~199,~~156~~580.7670 0.00 0.00 0.00 ~~119~~199,~~156~~580.7670 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 32 0 0 0 32 ~~452~~263,~~410~~994.7557 0.00 0.00 0.00 ~~452~~263,~~410~~994.7557 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 95.~~090909~~000000% 0.000000% 0.000000% 0.000000% 95.~~090909~~000000% 102.~~087647~~209273% 0.000000% 0.000000% 0.000000% 102.~~087647~~209273% 60 Days 45.~~545455~~000000% 0.000000% 0.000000% 0.000000% 45.~~545455~~000000% 36.~~606893~~845236% 0.000000% 0.000000% 0.000000% 36.~~606893~~845236% 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 1310.~~636364~~000000% 0.000000% 0.000000% 0.000000% 1310.~~636364~~000000% 139.~~694540~~054509% 0.000000% 0.000000% 0.000000% 139.~~694540~~054509% 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 1 0 0 0 1 ~~353~~278,~~331~~748.6028 0.00 0.00 0.00 ~~353~~278,~~331~~748.6028 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 01 0 0 0 01 0224,847.0023 0.00 0.00 0.00 0224,847.0023 120 Days 10 0 0 0 10 ~~241,332~~0.9400 0.00 0.00 0.00 ~~241,332~~0.9400 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 1 0 0 0 1 ~~231,514.43~~1 0.00 0.00 0.00 ~~231~~241,~~514~~332.4394 241,332.94 Totals 32 0 0 01 3 ~~826~~503,~~178~~595.9751 0.00 0.00 0241,332.0094 ~~826~~744,~~178~~928.9745 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 5.~~263158~~555556% 0.000000% 0.000000% 0.000000% 5.~~263158~~555556% 43.~~091007~~378751% 0.000000% 0.000000% 0.000000% 43.~~091007~~378751% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 05.~~000000~~555556% 0.000000% 0.000000% 0.000000% 05.~~000000~~555556% 02.~~000000~~725408% 0.000000% 0.000000% 0.000000% 02.~~000000~~725408% 120 Days 50.~~263158~~000000% 0.000000% 0.000000% 0.000000% 50.~~263158~~000000% 20.~~794244~~000000% 0.000000% 0.000000% 0.000000% 20.~~794244~~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 ~~5.263158%~~ 0.000000% 0.000000% 0.000000% 5.~~263158~~555556% 25.~~680562~~555556% 0.000000% 0.000000% 0.000000% 2.~~680562~~925234% 2.925234% Totals 1511.~~789474~~111111% 0.000000% 0.000000% 05.~~000000~~555556% 1516.~~789474~~666667% 96.~~565812~~104159% 0.000000% 0.000000% 02.~~000000~~925234% 9.~~565812~~029392%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5541,~~069~~209.2314

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 42,760,705.58 26.36803780% 1514,~~702~~847,~~519~~283.1106 2021.~~26796979~~10655653% 7978.~~732030~~893443% 0.000000% Class 2A 27,100,205.58 16.71111913% 12,~~942~~470,~~409~~222.4018 1617.~~70536815~~72738139% 3.~~562602~~379175% 5447.~~516904~~848577% Class 3A 5,676,105.58 3.50012387% 54,~~062~~967,~~851~~882.2112 67.~~53485690~~06222710% 10.~~170511~~665154% ~~155~~151.~~634797~~016870% Class R-II 5,676,105.58 3.50012387% 54,~~062~~967,~~851~~882.2112 67.~~53485690~~06222710% 0.000000% 0.000000% Class R-III 5,676,055.58 3.50009304% 54,~~062~~967,~~851~~882.2112 67.~~53485690~~06222710% 0.000000% 0.000000% Class B-1 4,054,355.58 2.50008506% 3,~~596~~528,~~736~~719.5978 45.~~64247475~~01634698% 12.~~892382~~045880% 28.~~958280~~969334% Class B-2 2,432,655.58 1.50007708% 2,~~130~~089,~~621~~557.9744 2.~~75009261~~97046686% 12.~~892382~~045880% 28.~~958280~~969334% Class B-3 1,216,455.58 0.75011734% 1,~~031~~010,~~103~~252.8124 1.~~33089352~~43615138% 1.~~419199~~534315% 21.~~717371~~725660% Class B-4 648,855.58 0.40011146% ~~517~~506,~~959~~540.1798 0.~~66855393~~72008702% 0.~~662340~~716064% 10.~~135487~~139356% Class B-5 324,455.58 0.20007287% ~~224~~218,~~682~~655.0027 0.~~29000748~~31083531% 0.~~378546~~409252% 5.~~792727~~794938% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~290007~~310835% 4.~~437855~~401378% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.~~899281~~838284% Weighted Average Net Coupon 4.~~524520~~463284% Weighted Average Pass-Through Rate 4.~~514519~~453284% Weighted Average Maturity (Stepdown Calculation ) ~~166~~162 Beginning Scheduled Collateral Loan Count 1,~~494~~385 Number Of Loans Paid In Full 2233 Ending Scheduled Collateral Loan Count 1,~~472~~352 Beginning Scheduled Collateral Balance 7972,~~404~~145,~~676~~449.8084 Ending Scheduled Collateral Balance 7770,~~474~~344,~~553~~411.5787 Ending Actual Collateral Balance at 2930-~~Feb~~Jun-2004 7770,~~823~~668,~~721~~731.9730 Monthly P &I Constant ~~699~~643,~~336~~050.2889 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 01,896.0029 Cumulative Realized Loss 7374,~~085~~981.3867 Class A Optimal Amount 2,~~186~~024,~~037~~217.5321 Ending Scheduled Balance for Premium Loans 7770,~~474~~344,~~553~~411.5787 Scheduled Principal ~~375~~352,~~148~~167.0641 Unscheduled Principal 1,~~554~~448,~~975~~870.1756

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 9493.~~291929~~821302% Senior Prepayment Pct. Group 1 100.000000% Subordinate Percentage Group 1 06.~~000000~~178698% Subordinate Prepayment Pct. Group 1 0.000000% Average Loss Severity Group 1 0 Senior Percentage Group 2 8581.~~464737~~775445% Senior Prepayment Pct. Group 2 100.000000% Subordinate Percentage Group 2 018.~~000000~~224555% Subordinate Prepayment Pct. Group 2 0.000000% Average Loss Severity Group 2 0 Senior Percentage Group 3 91.~~653896~~651964% Senior Prepayment Pct. Group 3 100.000000% Subordinate Percentage Group 3 08.~~000000~~348036% 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 4.~~763402~~709804 7.~~500000~~500005 4.~~843570~~843536 Weighted Average Net Rate 4.~~388684~~334804 7.~~125000~~125006 4.~~468570~~468538 Weighted Average Maturity ~~158~~154 ~~202~~198 ~~184~~180 Beginning Loan Count 1,~~450~~346 2520 19 Loans Paid In Full 1932 3 0 1 Ending Loan Count 1,~~431~~314 2220 1918 Beginning Scheduled Balance 6760,~~085~~731,~~280~~323.0192 32,~~689~~914,~~857~~690.6773 8,~~629~~499,~~539~~435.1219 Ending scheduled Balance 6559,~~582~~228,~~187~~341.7511 32,~~295~~906,~~236~~859.1708 8,~~597~~209,~~129~~211.6568 Record Date 0206/2930/2004 0206/2930/2004 0206/2930/2004 Principal And Interest Constant ~~601~~551,~~301~~598.9358 3125,~~345~~790.3619 6665,~~688~~662.9912 Scheduled Principal ~~335~~313,~~006~~238.8003 87,~~283~~573.7536 31,~~857~~356.5102 Unscheduled Principal 1,~~168~~189,~~085~~744.4678 ~~386,337~~258.7529 ~~551~~258,867.9649 Scheduled Interest ~~266~~238,~~295~~360.1355 2318,~~061~~216.6183 34,~~831~~306.4810 Servicing Fees 2018,~~948~~978.4056 ~~1,153~~910.0884 2,~~696~~656.7306 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~559~~506.0309 3024.7529 7170.9183 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 ~~244~~218,~~787~~875.7090 2117,~~877~~281.7870 3231,~~062~~579.8421 Realized Loss Amount 01,838.0059 011.00 046.0070 Cumulative Realized Loss 7274,~~651~~490.9352 ~~143~~154.75 ~~289~~336.7040 Percentage of Cumulative Losses 0.~~0587~~0602 0.~~0009~~0010 0.~~0013~~0015 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.~~378684~~324804 7.~~115000~~115005 4.~~458570~~458536

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 4.~~899281~~838284 Weighted Average Net Rate 4.~~524520~~463284 Weighted Average Maturity ~~166~~162 Beginning Loan Count 1,~~494~~385 Loans Paid In Full 2233 Ending Loan Count 1,~~472~~352 Beginning Scheduled Balance 7972,~~404~~145,~~676~~449.8084 Ending scheduled Balance 7770,~~474~~344,~~553~~411.5787 Record Date 0206/2930/2004 Principal And Interest Constant ~~699~~643,~~336~~050.2889 Scheduled Principal ~~375~~352,~~148~~167.0641 Unscheduled Principal 1,~~554~~448,~~975~~870.1756 Scheduled Interest ~~324~~290,~~188~~883.2248 Servicing Fees 2422,~~798~~545.2146 Master Servicing Fees 0.00 Trustee Fee ~~661~~601.6921 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 ~~298~~267,~~728~~736.3281 Realized Loss Amount 01,896.0029 Cumulative Realized Loss 7374,~~085~~981.3867 Percentage of Cumulative Losses 0.~~0451~~0462 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 4.~~514519~~453284

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