8-K 1 sam03ar1_sep.txt SEPTEMBER 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): September 20, 2004 STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-68542-20 54-2120418 Pooling and Servicing Agreement) (Commission 54-2120419 (State or other File Number) 54-2120420 jurisdiction IRS EIN of Incorporation) 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On September 20, 2004 a distribution was made to holders of STRUCTURED ASSET MORTGAGE INVESTMENTS INC., Mortgage Pass-Through Certificates, Series 2003-AR1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AR1 Trust, relating to the September 20, 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. STRUCTURED ASSET MORTGAGE INVESTMENTS INC. Mortgage Pass-Through Certificates, Series 2003-AR1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/21/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-AR1 Trust, relating to the September 20, 2004 distribution. EX-99.1

Structured Asset Mortgage Investments Inc. Mortgage Pass-Through Certificates Record Date: 38/31/042004 Distribution Date: 49/1920/042004 SAM Series: 2003-AR1 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 A-1 86358HRV3 SEN 1.~~46000~~97000% ~~210~~194,~~734~~081,~~382~~963.7635 ~~256~~318,~~393~~617.5189 2,~~633~~121,~~714~~077.2242 A-2 86358HRW1 SEN 3.~~04494~~14581% 7466,~~003~~957,~~229~~672.5085 ~~187~~175,~~779~~529.2788 ~~895~~954,~~699~~734.3827 A-3 86358HRX9 SEN 12.~~51000~~02000% 8159,~~849~~940,~~819~~052.2835 ~~102~~100,~~994~~899.3609 62,~~787~~423,~~420~~814.8670 A-3M 86358HRY7 SEN 12.~~84000~~35000% 21,~~046~~498,~~277~~525.8401 32,~~137~~934.6361 ~~169~~60,~~688~~596.2033 A-4 86358HRZ4 SEN 23.~~97917~~21300% 2520,~~408~~012,~~871~~254.4297 6353,~~081~~582.1281 ~~677~~666,~~933~~848.7982 A-5 86358HSA8 SEN 3.~~31100~~25800% 139,~~903~~907,~~128~~079.9459 3826,~~361~~897.0572 ~~340~~12,~~424~~804.8622 X-1 86358HSB6 SEN 1.~~35182~~00049% 0.00 ~~416~~267,~~827~~963.3107 0.00 R-I 86358HSH3 RES 3.~~03991~~03972% 0.00 0.00 0.00 R-II 86358HSJ9 RES 3.~~03991~~03972% 0.00 0.00 0.00 R-III 86358HSK6 RES 3.~~03991~~03972% 0.00 0.00 0.00 M 86358HSD2 MEZ 12.~~89000~~40000% 17,~~623~~566,~~157~~806.0103 2735,~~756~~133.4761 1110,~~403~~086.2722 B-1 86358HSE0 SUB 2.~~09000~~60000% 7,~~985~~959,~~533~~999.3822 1317,~~908~~246.1466 54,~~167~~570.1334 B-2 86358HSF7 SUB 2.~~09000~~60000% 6,~~058~~038,~~028~~657.5366 1013,~~551~~083.0776 3,~~919~~467.9218 B-3 86358HSG5 SUB 2.~~09000~~60000% 4,~~405~~391,~~838~~751.9303 79,~~673~~515.5046 2,~~850~~521.8558 B-4 86358HSL4 SUB 3.~~06988~~20749% 1,~~927~~921,~~504~~341.8556 45,~~931~~135.0158 1,~~247~~103.2116 B-5 86358HSM2 SUB 3.~~06988~~20749% 1,~~376~~372,~~774~~372.9968 3,~~522~~668.1223 ~~890~~787.8697 B-6 86358HSN0 SUB 3.~~06988~~20749% 3,~~304~~294,~~568~~001.1562 8,~~453~~804.8658 21,~~138~~891.2630 Totals ~~450~~394,~~627~~942,~~115~~477.5892 1,~~145~~039,~~370~~012.4295 116,~~532~~264,~~498~~303.8151

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~208~~191,~~100~~960,~~668~~885.5493 2,~~890~~439,~~107~~695.7331 0.00 A-2 0.00 7366,~~107~~002,~~530~~938.1258 1,~~083~~130,~~478~~264.6515 0.00 A-3 0.00 7557,~~062~~516,~~398~~237.4264 62,~~890~~524,~~415~~713.2279 0.00 A-3M 0.00 1,~~876~~437,~~589~~928.6468 ~~172~~63,~~825~~530.8394 0.00 A-4 0.00 2419,~~730~~345,~~937~~406.6316 ~~741~~720,~~014~~431.9163 0.00 A-5 0.00 139,~~562~~894,~~704~~275.0736 ~~378~~39,~~785~~701.9194 0.00 X-1 0.00 0.00 ~~416~~267,~~827~~963.3107 0.00 R-I 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 M 0.00 17,~~611~~556,~~753~~719.7481 3945,~~159~~219.7483 0.00 B-1 0.00 7,~~980~~955,~~366~~428.2588 1921,~~075~~817.2700 0.00 B-2 0.00 6,~~054~~035,~~108~~190.6149 1416,~~470~~550.9994 0.00 B-3 0.00 4,~~402~~389,~~988~~229.0844 1012,~~524~~037.3504 0.00 B-4 0.00 1,~~926~~920,~~257~~238.6439 6,~~178~~238.2274 0.00 B-5 0.00 1,~~375~~371,~~884~~584.1371 4,~~412~~456.9820 0.00 B-6 0.00 3,~~302~~292,~~429~~110.8933 10,~~592~~695.1288 0.00 Totals 0.00 ~~439~~388,~~094~~678,~~616~~174.7640 127,~~677~~303,~~869~~316.2346 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-1 230,624,800.00 ~~210~~194,~~734~~081,~~382~~963.7635 0.00 2,~~633~~121,~~714~~077.2242 0.00 0.00 A-2 87,637,500.00 7466,~~003~~957,~~229~~672.5085 2015,~~267~~751.6001 ~~875~~938,~~431~~983.7826 0.00 0.00 A-3 132,789,900.00 8159,~~849~~940,~~819~~052.2835 ~~142~~87,~~644~~871.9543 62,~~644~~335,~~775~~943.9127 0.00 0.00 A-3M 3,319,800.00 21,~~046~~498,~~277~~525.8401 32,~~566~~196.1882 ~~166~~58,~~122~~399.0251 0.00 0.00 A-4 36,541,400.00 2520,~~408~~012,~~871~~254.4297 3728,~~911~~728.6415 ~~640~~638,~~022~~120.1567 0.00 0.00 A-5 20,424,100.00 139,~~903~~907,~~128~~079.9459 12,~~307~~031.5206 ~~328,117~~773.3416 0.00 0.00 X-1 0.00 0.00 0.00 0.00 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 R-III 50.00 0.00 0.00 0.00 0.00 0.00 M 17,737,400.00 17,~~623~~566,~~157~~806.0103 1110,~~403~~086.2722 0.00 0.00 0.00 B-1 8,037,300.00 7,~~985~~959,~~533~~999.3822 54,~~167~~570.1334 0.00 0.00 0.00 B-2 6,097,300.00 6,~~058~~038,~~028~~657.5366 3,~~919~~467.9218 0.00 0.00 0.00 B-3 4,434,400.00 4,~~405~~391,~~838~~751.9303 2,~~850~~521.8558 0.00 0.00 0.00 B-4 1,940,000.00 1,~~927~~921,~~504~~341.8556 1,~~247~~103.2116 0.00 0.00 0.00 B-5 1,385,700.00 1,~~376~~372,~~774~~372.9968 ~~890~~787.8697 0.00 0.00 0.00 B-6 3,325,990.36 3,~~304~~294,~~568~~001.1562 21,~~138~~891.2630 0.00 0.00 0.00 Totals 554,295,740.36 ~~450~~394,~~627~~942,~~115~~477.5892 ~~244~~171,~~315~~006.3922 116,~~288~~093,~~183~~297.4229 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 2,~~633~~121,~~714~~077.2242 ~~208~~191,~~100~~960,~~668~~885.5493 0.~~90233430~~83235145 2,~~633~~121,~~714~~077.2242 A-2 ~~895~~954,~~699~~734.3827 7366,~~107~~002,~~530~~938.1258 0.~~83420374~~75313580 ~~895~~954,~~699~~734.3827 A-3 62,~~787~~423,~~420~~814.8670 7557,~~062~~516,~~398~~237.4264 0.~~56527190~~43313714 62,~~787~~423,~~420~~814.8670 A-3M ~~169~~60,~~688~~596.2033 1,~~876~~437,~~589~~928.6468 0.~~56527190~~43313714 ~~169~~60,~~688~~596.2033 A-4 ~~677~~666,~~933~~848.7982 2419,~~730~~345,~~937~~406.6316 0.~~67679229~~52941065 ~~677~~666,~~933~~848.7982 A-5 ~~340~~12,~~424~~804.8622 139,~~562~~894,~~704~~275.0736 0.~~66405394~~48444119 ~~340~~12,~~424~~804.8622 X-1 0.00 0.00 0.00000000 0.00 R-I 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 M 1110,~~403~~086.2722 17,~~611~~556,~~753~~719.7481 0.~~99291631~~98981360 1110,~~403~~086.2722 B-1 54,~~167~~570.1334 7,~~980~~955,~~366~~428.2588 0.~~99291631~~98981360 54,~~167~~570.1334 B-2 3,~~919~~467.9218 6,~~054~~035,~~108~~190.6149 0.~~99291631~~98981360 3,~~919~~467.9218 B-3 2,~~850~~521.8558 4,~~402~~389,~~988~~229.0844 0.~~99291631~~98981360 2,~~850~~521.8558 B-4 1,~~247~~103.2116 1,~~926~~920,~~257~~238.6439 0.~~99291631~~98981360 1,~~247~~103.2116 B-5 ~~890~~787.8697 1,~~375~~371,~~884~~584.1371 0.~~99291631~~98981360 ~~890~~787.8697 B-6 21,~~138~~891.2630 3,~~302~~292,~~429~~110.8933 0.~~99291625~~98981355 21,~~138~~891.2630 Totals 116,~~532~~264,~~498~~303.8151 ~~439~~388,~~094~~678,~~616~~174.7640 0.~~79216668~~70121083 116,~~532~~264,~~498~~303.8151

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 230,624,800.00 ~~913~~841.~~75421360~~54853836 0.00000000 119.~~41990896~~19709164 0.00000000 A-2 87,637,500.00 ~~844~~764.~~42424191~~02992840 0.~~23126630~~17972911 910.~~98923726~~71440034 0.00000000 A-3 132,789,900.00 ~~616~~451.~~38587935~~39014601 10.~~07421536~~66173278 5017.~~03976891~~59127215 0.00000000 A-3M 3,319,800.00 ~~616~~451.~~38587867~~39014700 10.~~07421531~~66173263 5017.~~03976746~~59127357 0.00000000 A-4 36,541,400.00 ~~695~~547.~~34477114~~65977686 10.~~03749829~~78618088 17.~~51498711~~46295079 0.00000000 A-5 20,424,100.00 ~~680~~485.~~72174245~~06811022 0.~~60259791~~58906194 160.~~06520434~~03785528 0.00000000 X-1 0.00 0.00000000 0.00000000 0.00000000 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 R-III 50.00 0.00000000 0.00000000 0.00000000 0.00000000 M 17,737,400.00 ~~993~~990.~~55920315~~38224486 0.~~64289411~~56864140 0.00000000 0.00000000 B-1 8,037,300.00 ~~993~~990.~~55920272~~38224528 0.~~64289376~~56864121 0.00000000 0.00000000 B-2 6,097,300.00 ~~993~~990.~~55920325~~38224460 0.~~64289440~~56864186 0.00000000 0.00000000 B-3 4,434,400.00 ~~993~~990.~~55920305~~38224563 0.~~64289419~~56864063 0.00000000 0.00000000 B-4 1,940,000.00 ~~993~~990.~~55920103~~38224742 0.~~64289175~~56863918 0.00000000 0.00000000 B-5 1,385,700.00 ~~993~~990.~~55920473~~38224724 0.~~64289529~~56864401 0.00000000 0.00000000 B-6 3,325,990.36 ~~993~~990.~~55914850~~38219101 0.~~64289423~~56864266 0.00000000 0.00000000 (2) All classes are per $1,000 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 119.~~41990896~~19709164 ~~902~~832.~~33430464~~35144672 0.~~90233430~~83235145 119.~~41990896~~19709164 A-2 0.00000000 10.~~22050355~~89412945 ~~834~~753.~~20373835~~13579894 0.~~83420374~~75313580 10.~~22050355~~89412945 A-3 0.00000000 5118.~~11398427~~25300493 ~~565~~433.~~27189508~~13714100 0.~~56527190~~43313714 5118.~~11398427~~25300493 A-3M 0.00000000 5118.~~11398277~~25300621 ~~565~~433.~~27189590~~13714079 0.~~56527190~~43313714 5118.~~11398277~~25300621 A-4 0.00000000 18.~~55248540~~24913167 ~~676~~529.~~79228574~~41064546 0.~~67679229~~52941065 18.~~55248540~~24913167 A-5 0.00000000 160.~~66780225~~62691722 ~~664~~484.~~05393971~~44119251 0.~~66405394~~48444119 160.~~66780225~~62691722 X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-I 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 M 0.00000000 0.~~64289411~~56864140 ~~992~~989.~~91630904~~81360346 0.~~99291631~~98981360 0.~~64289411~~56864140 B-1 0.00000000 0.~~64289376~~56864121 ~~992~~989.~~91630896~~81360407 0.~~99291631~~98981360 0.~~64289376~~56864121 B-2 0.00000000 0.~~64289440~~56864186 ~~992~~989.~~91630886~~81360438 0.~~99291631~~98981360 0.~~64289440~~56864186 B-3 0.00000000 0.~~64289419~~56864063 ~~992~~989.~~91630886~~81360274 0.~~99291631~~98981360 0.~~64289419~~56864063 B-4 0.00000000 0.~~64289175~~56863918 ~~992~~989.~~91630928~~81360309 0.~~99291631~~98981360 0.~~64289175~~56863918 B-5 0.00000000 0.~~64289529~~56864401 ~~992~~989.~~91630945~~81360323 0.~~99291631~~98981360 0.~~64289529~~56864401 B-6 0.00000000 0.~~64289423~~56864266 ~~992~~989.~~91625427~~81355135 0.~~99291625~~98981355 0.~~64289423~~56864266 (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-1 230,624,800.00 1.~~46000~~97000% ~~210~~194,~~734~~081,~~382~~963.7635 ~~256~~318,~~393~~617.5089 0.00 0.00 A-2 87,637,500.00 3.~~04494~~14581% 7466,~~003~~957,~~229~~672.5085 ~~187~~175,~~779~~529.2689 0.00 0.00 A-3 132,789,900.00 12.~~51000~~02000% 8159,~~849~~940,~~819~~052.2835 ~~102~~100,~~994~~899.3609 0.00 0.00 A-3M 3,319,800.00 12.~~84000~~35000% 21,~~046~~498,~~277~~525.8401 32,~~137~~934.6361 0.00 0.00 A-4 36,541,400.00 23.~~97917~~21300% 2520,~~408~~012,~~871~~254.4297 6353,~~081~~582.1281 0.00 0.00 A-5 20,424,100.00 3.~~31100~~25800% 139,~~903~~907,~~128~~079.9459 3826,~~361~~897.0572 0.00 0.00 X-1 0.00 1.~~35182~~00049% ~~370~~321,~~015~~397,~~038~~089.0920 ~~416~~267,~~827~~963.3008 0.00 0.00 R-I 50.00 3.~~03991~~03972% 0.00 0.00 0.00 0.00 R-II 50.00 3.~~03991~~03972% 0.00 0.00 0.00 0.00 R-III 50.00 3.~~03991~~03972% 0.00 0.00 0.00 0.00 M 17,737,400.00 12.~~89000~~40000% 17,~~623~~566,~~157~~806.0103 2735,~~756~~133.4761 0.00 0.00 B-1 8,037,300.00 2.~~09000~~60000% 7,~~985~~959,~~533~~999.3822 1317,~~908~~246.1466 0.00 0.00 B-2 6,097,300.00 2.~~09000~~60000% 6,~~058~~038,~~028~~657.5366 1013,~~551~~083.0776 0.00 0.00 B-3 4,434,400.00 2.~~09000~~60000% 4,~~405~~391,~~838~~751.9303 79,~~673~~515.5046 0.00 0.00 B-4 1,940,000.00 3.~~06988~~20749% 1,~~927~~921,~~504~~341.8556 45,~~931~~135.0158 0.00 0.00 B-5 1,385,700.00 3.~~06988~~20749% 1,~~376~~372,~~774~~372.9968 3,~~522~~668.1223 0.00 0.00 B-6 3,325,990.36 3.~~06988~~20749% 3,~~304~~294,~~568~~001.1562 8,~~453~~804.8658 0.00 0.00 Totals 554,295,740.36 1,~~145~~039,~~370~~012.3997 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.~~01)~~00 0.00 ~~256~~318,~~393~~617.5189 0.00 ~~208~~191,~~100~~960,~~668~~885.5493 A-2 0.00 0.00 ~~187~~175,~~779~~529.2788 0.00 7366,~~107~~002,~~530~~938.1258 A-3 0.00 0.00 ~~102~~100,~~994~~899.3609 0.00 7557,~~062~~516,~~398~~237.4264 A-3M 0.00 0.00 32,~~137~~934.6361 0.00 1,~~876~~437,~~589~~928.6468 A-4 0.00 0.00 6353,~~081~~582.1281 0.00 2419,~~730~~345,~~937~~406.6316 A-5 0.00 0.00 3826,~~361~~897.0572 0.00 139,~~562~~894,~~704~~275.0736 X-1 (0.~~01)~~00 0.00 ~~416~~267,~~827~~963.3107 0.00 ~~359~~316,~~382~~091,~~514~~302.9940 R-I 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 M 0.00 0.00 2735,~~756~~133.4761 0.00 17,~~611~~556,~~753~~719.7481 B-1 0.00 0.00 1317,~~908~~246.1466 0.00 7,~~980~~955,~~366~~428.2588 B-2 0.00 0.00 1013,~~551~~083.0776 0.00 6,~~054~~035,~~108~~190.6149 B-3 0.00 0.00 79,~~673~~515.5046 0.00 4,~~402~~389,~~988~~229.0844 B-4 0.00 0.00 45,~~931~~135.0158 0.00 1,~~926~~920,~~257~~238.6439 B-5 0.00 0.00 3,~~522~~668.1223 0.00 1,~~375~~371,~~884~~584.1371 B-6 0.00 0.00 8,~~453~~804.8658 0.00 3,~~302~~292,~~429~~110.8933 Totals (0.~~02)~~00 0.00 1,~~145~~039,~~370~~012.4295 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-1 230,624,800.00 1.~~46000~~97000% ~~913~~841.~~75421360~~54853836 1.~~11173430~~38154218 0.00000000 0.00000000 A-2 87,637,500.00 3.~~04494~~14581% ~~844~~764.~~42424191~~02992840 2.~~14268161~~00290846 0.00000000 0.00000000 A-3 132,789,900.00 12.~~51000~~02000% ~~616~~451.~~38587935~~39014601 0.~~77561893~~75984009 0.00000000 0.00000000 A-3M 3,319,800.00 12.~~84000~~35000% ~~616~~451.~~38587867~~39014700 0.~~94512621~~88397193 0.00000000 0.00000000 A-4 36,541,400.00 23.~~97917~~21300% ~~695~~547.~~34477114~~65977686 1.~~72629182~~46635898 0.00000000 0.00000000 A-5 20,424,100.00 3.~~31100~~25800% ~~680~~485.~~72174245~~06811022 1.~~87822474~~31695987 0.00000000 0.00000000 X-1 0.00 1.~~35182~~00049% ~~804~~698.~~36932636~~67960359 0.~~90613370~~58252033 0.00000000 0.00000000 R-I 50.00 3.~~03991~~03972% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 50.00 3.~~03991~~03972% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 50.00 3.~~03991~~03972% 0.00000000 0.00000000 0.00000000 0.00000000 M 17,737,400.00 12.~~89000~~40000% ~~993~~990.~~55920315~~38224486 1.~~56485562~~98076437 0.00000000 0.00000000 B-1 8,037,300.00 2.~~09000~~60000% ~~993~~990.~~55920272~~38224528 12.~~73044928~~14582758 0.00000000 0.00000000 B-2 6,097,300.00 2.~~09000~~60000% ~~993~~990.~~55920325~~38224460 12.~~73044954~~14582848 0.00000000 0.00000000 B-3 4,434,400.00 2.~~09000~~60000% ~~993~~990.~~55920305~~38224563 12.~~73044831~~14582807 0.00000000 0.00000000 B-4 1,940,000.00 3.~~06988~~20749% ~~993~~990.~~55920103~~38224742 2.~~54175773~~64720619 0.00000000 0.00000000 B-5 1,385,700.00 3.~~06988~~20749% ~~993~~990.~~55920473~~38224724 2.~~54176229~~64720358 0.00000000 0.00000000 B-6 3,325,990.36 3.~~06988~~20749% ~~993~~990.~~55914850~~38219101 2.~~54175722~~64720551 0.00000000 0.00000000 (5) All classes are per $1,000 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 A-1 (0.~~00000004)~~00000000 0.00000000 1.~~11173434~~38154218 0.00000000 ~~902~~832.~~33430464~~35144672 A-2 0.00000000 0.00000000 2.~~14268173~~00290834 0.00000000 ~~834~~753.~~20373835~~13579894 A-3 0.00000000 0.00000000 0.~~77561893~~75984009 0.00000000 ~~565~~433.~~27189508~~13714100 A-3M 0.00000000 0.00000000 0.~~94512621~~88397193 0.00000000 ~~565~~433.~~27189590~~13714079 A-4 0.00000000 0.00000000 1.~~72629182~~46635898 0.00000000 ~~676~~529.~~79228574~~41064546 A-5 0.00000000 0.00000000 1.~~87822474~~31695987 0.00000000 ~~664~~484.~~05393971~~44119251 X-1 (0.~~00000002)~~00000000 0.00000000 0.~~90613372~~58252031 0.00000000 ~~781~~687.~~25546729~~14544493 R-I 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 M 0.00000000 0.00000000 1.~~56485562~~98076437 0.00000000 ~~992~~989.~~91630904~~81360346 B-1 0.00000000 0.00000000 12.~~73044928~~14582758 0.00000000 ~~992~~989.~~91630896~~81360407 B-2 0.00000000 0.00000000 12.~~73044954~~14582848 0.00000000 ~~992~~989.~~91630886~~81360438 B-3 0.00000000 0.00000000 12.~~73044831~~14582807 0.00000000 ~~992~~989.~~91630886~~81360274 B-4 0.00000000 0.00000000 2.~~54175773~~64720619 0.00000000 ~~992~~989.~~91630928~~81360309 B-5 0.00000000 0.00000000 2.~~54176229~~64720358 0.00000000 ~~992~~989.~~91630945~~81360323 B-6 0.00000000 0.00000000 2.~~54175722~~64720551 0.00000000 ~~992~~989.~~91625427~~81355135 (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 127,~~820~~433,~~879~~756.4961 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4016,~~192~~319.3119 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 127,~~861~~450,~~071~~075.80 Withdrawals Reimbursement for Servicer Advances 4122,~~255~~248.9406 Payment of Service Fee ~~141~~124,~~946~~511.6328 Payment of Interest and Principal 127,~~677~~303,~~869~~316.2346 Total Withdrawals (Pool Distribution Amount) 127,~~861~~450,~~071~~075.80 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 6654,~~946~~734.9743 Additional Servicing Fee 7267,~~527~~604.5015 Master Servicing Fee ~~938~~822.7880 Miscellaneous Servicing Fee 1,~~533~~349.3890 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~141~~124,~~946~~511.6328

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 10 0 0 10 ~~85,987~~0.9100 0.00 0.00 ~~85,987~~0.9100 30 Days 1811 0 0 0 1811 71,~~354~~702,~~497~~560.7445 0.00 0.00 0.00 71,~~354~~702,~~497~~560.7445 60 Days 14 0 0 0 14 ~~305~~1,~~100~~408,222.0060 0.00 0.00 0.00 ~~305~~1,~~100~~408,222.0060 90 Days 1 0 0 0 1 ~~700~~305,~~000~~100.00 0.00 0.00 0.00 ~~700~~305,~~000~~100.00 120 Days 10 0 0 0 10 ~~183,539~~0.1900 0.00 0.00 0.00 ~~183,539~~0.1900 150 Days 0 0 01 0 01 0.00 0.00 0479,877.0050 0.00 0479,877.0050 180+ Days 10 0 23 0 3 ~~368,600~~0.00 0.00 ~~666~~1,366,000.00 0.00 1,~~034~~366,~~600~~000.00 Totals 2216 10 24 0 2520 83,~~911~~415,~~736~~883.9305 ~~85,987~~0.9100 ~~666~~1,~~000~~845,877.0050 0.00 95,~~663~~261,~~724~~760.8455 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.~~069881~~000000% 0.000000% 0.000000% 0.~~069881~~000000% 0.~~019574~~000000% 0.000000% 0.000000% 0.~~019574~~000000% 30 Days 10.~~257862~~846154% 0.000000% 0.000000% 0.000000% 10.~~257862~~846154% 10.~~674127~~437871% 0.000000% 0.000000% 0.000000% 10.~~674127~~437871% 60 Days 0.~~069881~~307692% 0.000000% 0.000000% 0.000000% 0.~~069881~~307692% 0.~~069451~~362172% 0.000000% 0.000000% 0.000000% 0.~~069451~~362172% 90 Days 0.~~069881~~076923% 0.000000% 0.000000% 0.000000% 0.~~069881~~076923% 0.~~159343~~078467% 0.000000% 0.000000% 0.000000% 0.~~159343~~078467% 120 Days 0.~~069881~~000000% 0.000000% 0.000000% 0.000000% 0.~~069881~~000000% 0.~~041780~~000000% 0.000000% 0.000000% 0.000000% 0.~~041780~~000000% 150 Days 0.000000% 0.000000% 0.~~000000~~076923% 0.000000% 0.~~000000~~076923% 0.000000% 0.000000% 0.~~000000~~123417% 0.000000% 0.~~000000~~123417% 180+ Days 0.~~069881~~000000% 0.000000% 0.~~139762~~230769% 0.000000% 0.~~209644~~230769% 0.~~083906~~000000% 0.000000% 0.~~151604~~351313% 0.000000% 0.~~235509~~351313% Totals 1.~~537386~~230769% 0.~~069881~~000000% 0.~~139762~~307692% 0.000000% 1.~~747030~~538462% 20.~~028606~~878509% 0.~~019574~~000000% 0.~~151604~~474729% 0.000000% 21.~~199783~~353238%

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 1 0 0 ~~1 85,987.91~~ 0~~.00~~ 0~~.00~~ ~~85,987.91 30 Days 6~~ 0 ~~0 0 6 2,152,554~~.~~59 0.~~00 0.00 0.00 ~~2,152,554.59 60 Days 1~~ 0 ~~0 0 1 305,100~~.00 ~~0.00~~30 ~~0.00 0.00 305,100.00 90~~ Days 05 0 0 0 05 ~~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 1 0 1 0 2 368~~701,~~600~~516.0021 0.00 ~~600,000.00~~ 0.00 ~~968,600.00 Totals 8 1 1~~ 0 ~~10 2,826,254~~.~~59 85,987.91 600,000.~~00 ~~0.00 3~~701,~~512,242~~516.5021 ~~0-29 Days 0.130378% 0.000000% 0.000000% 0.130378% 0.037801% 0.000000% 0.000000% 0.037801% 30 Days 0.782269% 0.000000% 0.000000% 0.000000% 0.782269% 0.946278% 0.000000% 0.000000% 0.000000% 0.946278%~~ 60 Days 0.130378% 0.000000% 0.000000% 0.000000% 0.130378% 0.134124% 0.000000% 0.000000% 0.000000% 0.134124% 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 0.130378% 0.000000% 0.130378% 0.000000% 0.260756% 0.162039% 0.000000% 0.263764% 0.000000% 0.425803% Totals 1.043025% 0.130378% 0.130378% 0.000000% 1.303781% 1.242441% 0.037801% 0.263764% 0.000000% 1.544007% 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 3 0 0 0 3 ~~501~~1,~~454~~268,231.5158 0.00 0.00 0.00 ~~501~~1,~~454~~268,231.5158 ~~60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00~~ 90 Days 1 0 0 0 1 ~~700~~305,~~000~~100.00 0.00 0.00 0.00 ~~700~~305,~~000~~100.00 120 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 0479,877.0050 0.00 0479,877.0050 180 Days 0 0 1 0 1 0.00 0.00 66600,000.00 0.00 66600,000.00 Totals 49 0 12 0 511 12,~~201~~274,~~454~~847.5179 0.00 ~~66,000.00 0.00~~ 1,~~267~~079,~~454~~877.5150 0~~-29 Days 0~~.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.094891% 0.000000% 0.000000% 0.000000% 1.094891% 0.623232% 0.000000% 0.000000% 0.000000% 0.623232% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.364964% 0.000000% 0.000000% 0.000000% 0.364964% 0.869994% 0.000000% 0.000000% 0.000000% 0.869994% 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% 0.364964% 0.000000% 0.364964% 0.000000% 0.000000% 0.082028% 0.000000% 0.082028% Totals 1.459854% 0.000000% 0.364964% 0.000000% 1.824818% 1.493226% 0.000000% 0.082028% 0.000000% 1.575254% 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 7 0 0 0 7~~ 3,~~960~~354,~~392~~725.24 0.00 0.00 0.00 3,960,392.24 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 7 0 0 0 7 3,960,392.24 0.00 0.00 0.00 3,960,392.24 0-29 ~~Days~~ 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.602230% 0.000000% 0.000000% 0.000000% 2.602230% 4.485336% 0.000000% 0.000000% 0.000000% 4.485336% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 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 2.602230% 0.000000% 0.000000% 0.000000% 2.602230% 4.485336% 0.000000% 0.000000% 0.000000% 4.485336% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~000000~~689655% 0.000000% 0.000000% 0.000000% 0.~~000000~~689655% 0.~~000000~~331947% 0.000000% 0.000000% 0.000000% 0.~~000000~~331947% 60 Days 0.~~000000~~413793% 0.000000% 0.000000% 0.000000% 0.~~000000~~413793% 0.~~000000~~600108% 0.000000% 0.000000% 0.000000% 0.~~000000~~600108% 90 Days 0.~~000000~~137931% 0.000000% 0.000000% 0.000000% 0.~~000000~~137931% 0.~~000000~~144369% 0.000000% 0.000000% 0.000000% 0.~~000000~~144369% 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~~137931% 0.000000% 0.~~000000~~137931% 0.000000% 0.000000% 0.~~000000~~227071% 0.000000% 0.~~000000~~227071% 180 Days 0.000000% 0.000000% 0.~~000000~~137931% 0.000000% 0.~~000000~~137931% 0.000000% 0.000000% 0.~~000000~~283911% 0.000000% 0.~~000000~~283911% Totals 01.~~000000~~241379% 0.000000% 0.~~000000~~275862% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 5 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 2 740,096.40 0.00 0.00 0.00 740,096.40 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 1 ~~0 0 0 1 183,539~~.~~19 0.00 0.00 0.00 183,539.19 150 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 3 0 0 0 3 923,635.59 0.00 0.00 0.00 923,635.59 0-29 Days 0.000000~~517241% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 4.166667% 0.000000% 0.000000% 0.000000% 4.166667% 4.844324% 0.000000% 0.000000% 0.000000% 4.844324% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 2.083333% 0.000000% 0.000000% 0.000000% 2.083333% 1.~~201361~~076423% 0.000000% 0.~~000000~~510982% 0.000000% 1.~~201361~~587405% 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 6.250000% 0.000000% 0.000000% 0.000000% 6.250000% 6.045685% 0.000000% 0.000000% 0.000000% 6.045685%

~~OTHER~~DELINQUENT ~~INFORMATION~~BANKRUPTCY ~~Current~~FORECLOSURE ~~Period~~REO ~~Class~~Total AGroup ~~Insufficient~~2 ~~Funds~~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 ~~Principal~~0.00 ~~Balance~~0.00 of0.00 ~~Contaminated~~30 ~~Properties~~Days 3 0 0 0 3 399,470.23 0.00 ~~Periodic~~0.00 ~~Advance~~0.00 40399,~~192~~470.3123 60 Days 1 0 0 0 1 139,991.02 0.00 0.00 0.00 139,991.02 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 2 0 2 0.00 0.00 766,000.00 0.00 766,000.00 Totals 4 0 2 0 6 539,461.25 0.00 766,000.00 0.00 1,305,461.25 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.185771% 0.000000% 0.000000% 0.000000% 1.185771% 0.544653% 0.000000% 0.000000% 0.000000% 0.544653% 60 Days 0.395257% 0.000000% 0.000000% 0.000000% 0.395257% 0.190869% 0.000000% 0.000000% 0.000000% 0.190869% 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% 0.790514% 0.000000% 0.790514% 0.000000% 0.000000% 1.044394% 0.000000% 1.044394% Totals 1.581028% 0.000000% 0.790514% 0.000000% 2.371542% 0.735522% 0.000000% 1.044394% 0.000000% 1.779916%

~~COLLATERAL~~DELINQUENT ~~STATEMENT~~BANKRUPTCY ~~Collateral~~FORECLOSURE ~~Description~~REO ~~Mixed~~Total ~~ARM~~Group ~~Weighted~~3 ~~Average~~No ~~Gross~~of ~~Coupon~~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 3 601,574.~~426802%~~01 ~~Weighted~~0.00 ~~Average~~0.00 ~~Net~~0.00 ~~Coupon~~601,574.01 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 3 0 0 0 3 601,574.~~248526%~~01 ~~Weighted~~0.00 ~~Average~~0.00 ~~Pass~~0.00 601,574.01 0-~~Through~~29 ~~Rate~~Days 30.~~048805~~000000% ~~Weighted~~0.000000% ~~Average~~0.000000% ~~Maturity(Stepdown~~0.000000% ~~Calculation~~0.000000% )0.000000% ~~324~~0.000000% ~~Beginning~~0.000000% ~~Scheduled~~30 ~~Collateral~~Days ~~Loan~~1.333333% ~~Count~~0.000000% 0.000000% 0.000000% 1~~,458~~.333333% ~~Number~~0.857262% Of0.000000% ~~Loans~~0.000000% ~~Paid~~0.000000% In0.857262% ~~Full~~60 27Days ~~Ending~~0.000000% ~~Scheduled~~0.000000% ~~Collateral~~0.000000% ~~Loan~~0.000000% ~~Count~~0.000000% ~~1,431~~0.000000% ~~Beginning~~0.000000% ~~Scheduled~~0.000000% ~~Collateral~~0.000000% ~~Balance~~0.000000% ~~450,627,116~~90 Days 0.54000000% ~~Ending~~0.000000% ~~Scheduled~~0.000000% ~~Collateral~~0.000000% ~~Balance~~0.000000% ~~439,094,617~~0.73000000% ~~Ending~~0.000000% ~~Actual~~0.000000% ~~Collateral~~0.000000% ~~Balance~~0.000000% at120 ~~31-Mar-2004~~Days ~~439,303,507~~0.25000000% ~~Monthly~~0.000000% P0.000000% &I0.000000% ~~Constant~~0.000000% ~~1,531,157~~0.13000000% ~~Special~~0.000000% ~~Servicing~~0.000000% ~~Fee~~0.000000% 0.00000000% ~~Prepayment~~150 ~~Penalties~~Days 0.00000000% ~~Realized~~0.000000% ~~Loss~~0.000000% ~~Amount~~0.000000% 0.00000000% ~~Cumulative~~0.000000% ~~Realized~~0.000000% ~~Loss~~0.000000% 0.00000000% ~~Ending~~0.000000% ~~Scheduled~~180 ~~Balance~~Days ~~for~~0.000000% ~~Premium~~0.000000% ~~Loans~~0.000000% ~~439,094,617~~0.73000000% ~~Scheduled~~0.000000% ~~Principal~~0.000000% ~~244,315~~0.39000000% ~~Unscheduled~~0.000000% ~~Principal~~0.000000% ~~11,288,183~~0.42000000% Totals 1.333333% 0.000000% 0.000000% 0.000000% 1.333333% 0.857262% 0.000000% 0.000000% 0.000000% 0.857262%

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.~~275691~~349883 3.~~402572~~505845 3.~~436271~~761732 Weighted Average Net Rate 3.~~182286~~257628 3.~~320789~~427907 3.~~061271~~386732 Weighted Average Maturity ~~304~~299 ~~319~~314 ~~346~~341 Beginning Loan Count ~~775~~729 ~~277~~256 ~~283~~232 Loans Paid In Full 84 3 147 Ending Loan Count ~~767~~725 ~~274~~253 ~~269~~225 Beginning Scheduled Balance ~~230~~213,~~109~~457,~~427~~007.2180 8174,~~342~~287,~~784~~697.6883 9572,~~132~~579,~~165~~469.4260 Ending scheduled Balance ~~227~~211,~~475~~335,~~712~~930.9938 8073,~~445~~331,~~075~~239.1826 8870,~~155~~078,~~474~~726.5415 Record Date 0308/31/2004 0308/31/2004 0308/31/2004 Principal And Interest Constant ~~628~~595,~~139~~879.4293 ~~252~~234,~~923~~509.2961 ~~438~~333,~~209~~921.5112 Scheduled Principal 0.00 2217,~~277~~475.7231 ~~165~~106,~~792~~400.9567 Unscheduled Principal 2,~~633~~121,~~714~~077.2242 ~~875~~938,~~431~~983.7826 62,~~810~~394,~~897~~342.9378 Scheduled Interest ~~628~~595,~~139~~879.4293 ~~230~~217,~~645~~034.5730 ~~272~~227,~~416~~520.5645 Servicing Fees 1716,~~911~~410.1227 54,~~543~~824.6985 2922,~~728~~681.8009 Master Servicing Fees ~~479~~444.4070 ~~169~~154.4577 ~~198~~151.1821 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 5350,~~998~~295.0805 1817,~~529~~309.4210 1,~~533~~349.3890 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 ~~555~~528,~~750~~729.8291 ~~206~~194,~~403~~745.0158 ~~240~~203,~~956~~338.2025 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 2.~~898191~~972383 3.~~044936~~145806 3.~~039429~~361914

Group Level Collateral Statement Group Group 4 Group 5 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 34.~~870247~~031013 4.~~915520~~734485 3.~~426802~~535272 Weighted Average Net Rate 3.~~495247~~656013 4.~~540520~~359485 3.~~248526~~368966 Weighted Average Maturity ~~346~~341 ~~345~~340 ~~324~~319 Beginning Loan Count 7462 4938 1,~~458~~317 Loans Paid In Full 13 10 2717 Ending Loan Count 7359 4838 1,~~431~~300 Beginning Scheduled Balance 2823,~~437~~017,~~308~~785.9936 1511,~~605~~600,~~430~~518.2428 ~~450~~394,~~627~~942,~~116~~478.5487 Ending scheduled Balance 2722,~~754~~346,~~856~~622.5802 1511,~~263~~585,~~498~~657.4456 ~~439~~388,~~094~~678,~~617~~175.7337 Record Date 0308/31/2004 0308/31/2004 0308/31/2004 Principal And Interest Constant ~~134~~110,~~146~~363.4449 7759,~~738~~856.4729 1,~~531~~334,~~157~~530.1344 Scheduled Principal 4233,~~430~~042.2667 1314,~~814~~087.4656 ~~244~~171,~~315~~006.3921 Unscheduled Principal ~~640~~638,~~022~~120.1567 ~~328,117~~773.3416 116,~~288~~093,~~183~~297.4229 Scheduled Interest 9177,~~716~~320.1882 6345,~~924~~768.0173 1,~~286~~163,~~841~~524.7423 Servicing Fees 87,~~886~~193.6606 43,~~876~~625.7016 6654,~~946~~734.9743 Master Servicing Fees 5947.2495 3224.5117 ~~938~~822.7880 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 7468,~~060~~954.8805 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 8270,~~770~~079.2881 5942,~~014~~119.8040 1,~~144~~039,~~895~~012.1195 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 3.~~492747~~653513 4.~~538020~~356985 3.~~048805~~156955

Miscellaneous Reporting Group Group 1 Group 1 Senior Percentage 9190.~~580074~~923210% Group 1 Senior Prepayment Percentage 100.000000% Group 1 Sen Mez & Sub Percentage 89.~~419926~~076790% Group 1 Sen Mez & Sub Prep Percentage 0.000000% Group Group 2 Group 2 Senior Percentage 90.~~977005~~132922% Group 2 Senior Prepayment Percentage 100.000000% Group 2 Sen Mez & Sub Percentage 9.~~022995~~867078% Group 2 Sen Mez & Sub Prep Percentage 0.000000% Group Group 3 Group 3 Senior Percentage 8884.~~188991~~650078% Group 3 Senior Prepayment Percentage 100.000000% Group 3 Sen Mez & Sub Percentage 1115.~~811009~~349922% Group 3 Sen Mez & Sub Prep Percentage 0.000000%

Miscellaneous Reporting Group Group 4 Group 4 Senior Percentage 8986.~~350478~~942574% Group 4 Senior Prepayment Percentage 100.000000% Group 4 Sen Mez & Sub Percentage 1013.~~649522~~057426% Group 4 Sen Mez & Sub Prep Percentage 0.000000% Group Group 5 Group 5 Senior Percentage 8985.~~091609~~402043% Group 5 Senior Prepayment Percentage 100.000000% Group 5 Sen Mez & Sub Percentage 1014.~~908391~~597957% Group 5 Sen Mez & Sub Prep Percentage 0.000000%

Filing Compare · STRUCTURED ASSET MORTGAGE INVESTMENTS TRUST 2003-AR1