8-K 1 bst02001_dec.txt DECEMBER 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 27, 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 Pooling and Servicing Agreement) (Commission 22-3844513 (State or other File Number) 22-3844514 jurisdiction 22-3844517 of Incorporation) 22-3844518 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) 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 December 27, 2004 a distribution was made to holders of BEAR STEARNS ARM TRUST, Mortgage Pass-Through Certificates, Series 2002-1 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 2002-1 Trust, relating to the December 27, 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 (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/30/2004 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 December 27, 2004 distribution. EX-99.1

Bear Stearns ARM Trust Mortgage Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~BST~~Bear Stearns ARM Trust Mortgage Pass-Through Certificates 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.~~36138~~41645% 5149,~~007~~762,~~447~~724.2972 ~~185~~183,~~385~~145.5565 1,~~244~~043,~~722~~342.5759 II-A 07384MJA1 SEN 6.~~98000~~98002% 1,~~828~~719,~~914~~826.7873 10,~~638~~003.1968 ~~109~~4,~~088~~931.0593 III-A 07384MJK9 SEN 4.~~85183~~82974% 76,~~236~~656,~~188~~840.8175 2926,~~257~~792.3336 ~~579~~25,~~348~~993.0660 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.~~02452~~02496% 0.00 0.00 0.00 B-1 07384MJM5 SUB 4.~~81158~~84731% 1,~~366~~339,~~153~~603.8843 5,~~477~~411.8023 2614,~~550~~244.4568 B-2 07384MJN3 SUB 4.~~81158~~84731% 1,~~366~~339,~~153~~603.8843 5,~~477~~411.8023 2614,~~550~~244.4568 B-3 07384MJP8 SUB 4.~~81158~~84731% 1,~~024~~004,~~552~~640.2362 4,~~108~~058.1017 1910,~~911~~682.6185 B-4 07384MJQ6 SUB 4.~~81158~~84731% ~~478~~468,~~158~~865.0733 1,~~917~~893.2595 94,~~292~~985.7468 B-5 07384MJR4 SUB 4.~~81158~~84731% ~~273~~267,~~281~~970.3225 1,~~095~~082.7645 52,~~311~~849.0746 B-6 07384MJS2 SUB 4.~~81158~~84731% ~~133~~131,~~888~~053.2904 ~~536~~529.8538 21,~~602~~393.0555 Totals 6462,~~714~~691,~~738~~128.5530 ~~243~~238,~~894~~328.6310 21,~~023~~122,~~377~~669.0502

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A 0.00 4948,~~762~~719,~~724~~382.7213 1,~~430~~226,~~108~~488.1224 0.00 II-A 0.00 1,~~719~~714,~~826~~894.7379 ~~119~~14,~~726~~935.2461 0.00 III-A 0.00 6,~~656~~630,~~840~~847.7515 ~~608~~52,~~605~~785.3996 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,~~339~~325,~~603~~358.4376 3219,~~028~~655.2591 0.00 B-2 0.00 1,~~339~~325,~~603~~358.4376 3219,~~028~~655.2591 0.00 B-3 0.00 1993,~~004,640~~957.6277 2414,~~019~~741.7102 0.00 B-4 0.00 ~~468~~463,~~865~~879.3365 116,~~209~~879.9963 0.00 B-5 0.00 ~~267~~265,~~970~~120.2579 63,~~406~~931.8391 0.00 B-6 ~~233~~0.2100 ~~131~~129,~~053~~659.0448 31,~~138~~922.9093 149,418.42 Totals ~~233~~0.2100 6261,~~691~~568,~~128~~459.3028 21,~~267~~360,~~271~~997.6812 149,418.42 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 5149,~~007~~762,~~447~~724.2972 ~~268~~263,~~929~~743.9224 ~~975~~779,~~792~~599.6435 0.00 0.00 II-A 15,660,500.00 1,~~828~~719,~~914~~826.7873 4,~~662~~660.0918 ~~104,425~~271.9676 0.00 0.00 III-A 21,424,100.00 76,~~236~~656,~~188~~840.8175 25,~~906~~801.0159 ~~553,442~~192.0501 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,~~366~~339,~~153~~603.8843 6,~~504~~491.1947 207,~~046~~753.2620 0.00 0.00 B-2 1,621,700.00 1,~~366~~339,~~153~~603.8843 6,~~504~~491.1947 207,~~046~~753.2620 0.00 0.00 B-3 1,216,200.00 1,~~024~~004,~~552~~640.2362 4,~~877~~868.8431 155,~~033~~814.7754 0.00 0.00 B-4 567,600.00 ~~478~~468,~~158~~865.0733 2,~~276~~272.4904 72,~~016~~713.2564 0.00 0.00 B-5 324,400.00 ~~273~~267,~~281~~970.3225 1,~~301~~298.0854 41,~~009~~550.9993 0.00 0.00 B-6 324,455.58 ~~133~~131,~~888~~053.2904 ~~637~~635.4406 ~~1,964~~758.6149 0.00 ~~233~~0.2100 Totals 162,168,705.58 6462,~~714~~691,~~738~~128.5530 ~~321~~316,~~599~~261.2590 1806,~~701,777~~407.7912 0.00 ~~233~~0.2100 (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,~~244~~043,~~722~~342.5759 4948,~~762~~719,~~724~~382.7213 0.~~41674532~~40800769 1,~~244~~043,~~722~~342.5759 II-A ~~109~~4,~~088~~931.0593 1,~~719~~714,~~826~~894.7379 0.~~10981940~~10950447 ~~109~~4,~~088~~931.0593 III-A ~~579~~25,~~348~~993.0660 6,~~656~~630,~~840~~847.7515 0.~~31071740~~30950412 ~~579~~25,~~348~~993.0660 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 2614,~~550~~244.4568 1,~~339~~325,~~603~~358.4376 0.~~82604886~~81726507 2614,~~550~~244.4568 B-2 2614,~~550~~244.4568 1,~~339~~325,~~603~~358.4376 0.~~82604886~~81726507 2614,~~550~~244.4568 B-3 1910,~~911~~682.6185 1993,~~004,640~~957.6277 0.~~82604886~~81726506 1910,~~911~~682.6185 B-4 94,~~292~~985.7468 ~~468~~463,~~865~~879.3365 0.~~82604885~~81726506 94,~~292~~985.7468 B-5 52,~~311~~849.0746 ~~267~~265,~~970~~120.2579 0.~~82604886~~81726507 52,~~311~~849.0746 B-6 21,~~835~~393.2655 ~~131~~129,~~053~~659.0448 0.~~40391674~~39962167 21,~~602~~393.0555 Totals 21,~~023~~122,~~610~~669.2602 6261,~~691~~568,~~128~~459.3028 0.~~38657969~~37965685 21,~~023~~122,~~377~~669.0502

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 ~~427~~416.~~16942994~~74531623 2.~~25219349~~20875687 86.~~17192014~~52887034 0.00000000 II-A 15,660,500.00 ~~116~~109.~~78520992~~81940104 0.~~29769739~~29757543 60.~~66811149~~01735321 0.00000000 III-A 21,424,100.00 ~~337~~310.~~75929024~~71740470 1.~~20919945~~20432550 250.~~83268609~~00896234 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 ~~842~~826.~~42084233~~04885614 4.~~01072332~~00287969 124.~~36126287~~78090892 0.00000000 B-2 1,621,700.00 ~~842~~826.~~42084233~~04885614 4.~~01072332~~00287969 124.~~36126287~~78090892 0.00000000 B-3 1,216,200.00 ~~842~~826.~~42084361~~04885710 4.~~01072192~~00288604 124.~~36126459~~78090775 0.00000000 B-4 567,600.00 ~~842~~826.~~42084214~~04885483 4.~~01072939~~00288936 124.~~36125793~~78090204 0.00000000 B-5 324,400.00 ~~842~~826.~~42083847~~04885943 4.~~01072750~~00289766 124.~~36125154~~78091862 0.00000000 B-6 324,455.58 ~~412~~403.~~65522387~~91673954 1.~~96464490~~95730953 62.~~05509697~~33773141 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 108.~~42411371~~73762721 ~~416~~408.~~74531623~~00768902 0.~~41674532~~40800769 108.~~42411371~~73762721 II-A 0.00000000 60.~~96580888~~31492800 109.~~81940104~~50447240 0.~~10981940~~10950447 60.~~96580888~~31492800 III-A 0.00000000 271.~~04188554~~21328784 ~~310~~309.~~71740470~~50411686 0.~~31071740~~30950412 271.~~04188554~~21328784 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 168.~~37198619~~78379478 ~~826~~817.~~04885614~~26506752 0.~~82604886~~81726507 168.~~37198619~~78379478 B-2 0.00000000 168.~~37198619~~78379478 ~~826~~817.~~04885614~~26506752 0.~~82604886~~81726507 168.~~37198619~~78379478 B-3 0.00000000 168.~~37198652~~78379378 ~~826~~817.~~04885710~~26506331 0.~~82604886~~81726506 168.~~37198652~~78379378 B-4 0.00000000 168.~~37198732~~78379140 ~~826~~817.~~04885483~~26506342 0.~~82604885~~81726506 168.~~37198732~~78379140 B-5 0.00000000 168.~~37197904~~78378545 ~~826~~817.~~04885943~~26507398 0.~~82604886~~81726507 168.~~37197904~~78378545 B-6 0.~~71877328~~00000000 84.~~73851515~~29504094 ~~403~~399.~~91673954~~62166778 0.~~40391674~~39962167 84.~~01974187~~29504094 (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.~~36138~~41645% 5149,~~007~~762,~~447~~724.2972 ~~185~~183,~~385~~145.5567 0.00 0.00 II-A 15,660,500.00 6.~~98000~~98002% 1,~~828~~719,~~914~~826.7873 10,~~638~~003.1968 0.00 0.00 III-A 21,424,100.00 4.~~85183~~82974% 76,~~236~~656,~~188~~840.8175 2926,~~257~~792.3336 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.~~02452~~02496% 0.00 0.00 0.00 0.00 B-1 1,621,700.00 4.~~81158~~84731% 1,~~366~~339,~~153~~603.8843 5,~~477~~411.8023 0.00 0.00 B-2 1,621,700.00 4.~~81158~~84731% 1,~~366~~339,~~153~~603.8843 5,~~477~~411.8023 0.00 0.00 B-3 1,216,200.00 4.~~81158~~84731% 1,~~024~~004,~~552~~640.2362 4,~~108~~058.1017 0.00 0.00 B-4 567,600.00 4.~~81158~~84731% ~~478~~468,~~158~~865.0733 1,~~917~~893.2595 0.00 0.00 B-5 324,400.00 4.~~81158~~84731% ~~273~~267,~~281~~970.3225 1,~~095~~082.7645 0.00 0.00 B-6 324,455.58 4.~~81158~~84731% ~~133~~131,~~888~~053.2904 ~~536~~529.8538 0.00 0.00 Totals 162,168,705.58 ~~243~~238,~~894~~328.6312 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 0.0002 0.00 ~~185~~183,~~385~~145.5565 0.00 4948,~~762~~719,~~724~~382.7213 II-A 0.00 0.00 10,~~638~~003.1968 0.00 1,~~719~~714,~~826~~894.7379 III-A 0.00 0.00 2926,~~257~~792.3336 0.00 6,~~656~~630,~~840~~847.7515 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,~~477~~411.8023 0.00 1,~~339~~325,~~603~~358.4376 B-2 0.00 0.00 5,~~477~~411.8023 0.00 1,~~339~~325,~~603~~358.4376 B-3 0.00 0.00 4,~~108~~058.1017 0.00 1993,~~004,640~~957.6277 B-4 0.00 0.00 1,~~917~~893.2595 0.00 ~~468~~463,~~865~~879.3365 B-5 0.00 0.00 1,~~095~~082.7645 0.00 ~~267~~265,~~970~~120.2579 B-6 0.00 0.00 ~~536~~529.8538 0.00 ~~131~~129,~~053~~659.0448 Totals 0.0002 0.00 ~~243~~238,~~894~~328.6310 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.~~36138~~41645% ~~427~~416.~~16942994~~74531623 1.~~55253877~~53378057 0.00000000 0.00000000 II-A 15,660,500.00 6.~~98000~~98002% ~~116~~109.~~78520992~~81940104 0.~~67930079~~63878420 0.00000000 0.00000000 III-A 21,424,100.00 4.~~85183~~82974% ~~337~~310.~~75929024~~71740470 1.~~36562703~~25057109 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.~~02452~~02496% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,621,700.00 4.~~81158~~84731% ~~842~~826.~~42084233~~04885614 3.~~37781341~~33676389 0.00000000 0.00000000 B-2 1,621,700.00 4.~~81158~~84731% ~~842~~826.~~42084233~~04885614 3.~~37781341~~33676389 0.00000000 0.00000000 B-3 1,216,200.00 4.~~81158~~84731% ~~842~~826.~~42084361~~04885710 3.~~37781615~~33676205 0.00000000 0.00000000 B-4 567,600.00 4.~~81158~~84731% ~~842~~826.~~42084214~~04885483 3.~~37781889~~33676885 0.00000000 0.00000000 B-5 324,400.00 4.~~81158~~84731% ~~842~~826.~~42083847~~04885943 3.~~37780518~~33677559 0.00000000 0.00000000 B-6 324,455.58 4.~~81158~~84731% ~~412~~403.~~65522387~~91673954 1.~~65461787~~63159469 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance I-A 0.~~00000000~~00000017 0.00000000 1.~~55253877~~53378040 0.00000000 ~~416~~408.~~74531623~~00768902 II-A 0.00000000 0.00000000 0.~~67930079~~63878420 0.00000000 109.~~81940104~~50447240 III-A 0.00000000 0.00000000 1.~~36562703~~25057109 0.00000000 ~~310~~309.~~71740470~~50411686 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.~~37781341~~33676389 0.00000000 ~~826~~817.~~04885614~~26506752 B-2 0.00000000 0.00000000 3.~~37781341~~33676389 0.00000000 ~~826~~817.~~04885614~~26506752 B-3 0.00000000 0.00000000 3.~~37781615~~33676205 0.00000000 ~~826~~817.~~04885710~~26506331 B-4 0.00000000 0.00000000 3.~~37781889~~33676885 0.00000000 ~~826~~817.~~04885483~~26506342 B-5 0.00000000 0.00000000 3.~~37780518~~33677559 0.00000000 ~~826~~817.~~04885943~~26507398 B-6 0.00000000 0.00000000 1.~~65461787~~63159469 0.00000000 ~~403~~399.~~91673954~~62166778 (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 21,~~287~~396,~~219~~255.2085 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4434,~~311~~957.4289 Realized Loss (Gains, Subsequent Expenses & Recoveries) ~~(233~~0.~~21)~~00 Prepayment Penalties 0.00 Total Deposits 21,~~331~~431,~~297~~213.4174 Withdrawals Reimbursement for Servicer Advances 3744,~~319~~311.0442 Payment of Service Fee 2625,~~706~~905.6920 Payment of Interest and Principal 21,~~267~~360,~~271~~997.6812 Total Withdrawals (Pool Distribution Amount) 21,~~331~~431,~~297~~213.4174 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 2019,~~223~~590.3498 FNMA Guaranty Fee 5,~~944~~791.0979 Trustee Fee ~~539~~522.2643 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 2625,~~706~~905.6920

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 1 0 0 1 3231,~~228~~984.3845 0.00 0.00 3231,~~228~~984.3845 30 Days 5644 02 0 0 5646 32,~~246~~305,~~587~~362.1575 0151,505.0096 0.00 0.00 32,~~246~~456,~~587~~868.1571 60 Days 1412 21 0 0 1613 1863,~~008,057~~457.8099 9821,~~024~~575.8466 0.00 0.00 1885,~~106,082~~033.6465 90 Days 5 10 0 0 65 ~~433~~461,~~731~~259.3045 ~~76,823~~0.2700 0.00 0.00 ~~510~~461,~~554~~259.5745 120 Days 1 0 0 1 0 1 ~~26,050.59~~ 0.00 0.00 53,463.48 0.00 2653,~~050~~463.5948 150 Days 01 0 0 0 01 026,050.0059 0.00 0.00 0.00 026,050.0059 180+ Days 1 1 21 0 43 46,215.88 29,~~445~~271.4609 ~~116~~53,~~564~~653.9269 0.00 ~~192~~129,~~226~~140.2666 Totals 7763 5 2 0 8470 43,~~760~~702,~~642~~346.7266 ~~236~~234,~~521~~337.9516 ~~116~~107,~~564~~117.9217 0.00 54,~~113~~043,~~729~~800.5999 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.~~080775~~081967% 0.000000% 0.000000% 0.~~080775~~081967% 0.~~051165~~051710% 0.000000% 0.000000% 0.~~051165~~051710% 30 Days 43.~~523425~~606557% 0.~~000000~~163934% 0.000000% 0.000000% 43.~~523425~~770492% 53.~~154190~~727104% 0.~~000000~~244941% 0.000000% 0.000000% 53.~~154190~~972045% 60 Days 10.~~130856~~983607% 0.~~161551~~081967% 0.000000% 0.000000% 1.~~292407~~065574% 1.~~600364~~395961% 0.~~155621~~034882% 0.000000% 0.000000% 1.~~755986~~430843% 90 Days 0.~~403877~~409836% 0.~~080775~~000000% 0.000000% 0.000000% 0.~~484653~~409836% 0.~~688580~~745723% 0.~~121962~~000000% 0.000000% 0.000000% 0.~~810542~~745723% 120 Days 0.~~080775~~000000% 0.000000% 0.~~000000~~081967% 0.000000% 0.~~080775~~081967% 0.~~041357~~000000% 0.000000% 0.~~000000~~086435% 0.000000% 0.~~041357~~086435% 150 Days 0.~~000000~~081967% 0.000000% 0.000000% 0.000000% 0.~~000000~~081967% 0.~~000000~~042116% 0.000000% 0.000000% 0.000000% 0.~~000000~~042116% 180+ Days 0.~~080775~~081967% 0.~~080775~~081967% 0.~~161551~~081967% 0.000000% 0.~~323102~~245902% 0.~~073371~~074718% 0.~~046747~~047323% 0.~~185055~~086742% 0.000000% 0.~~305173~~208783% Totals 65.~~219709~~163934% 0.~~403877~~409836% 0.~~161551~~163934% 0.000000% 65.~~785137~~737705% 75.~~557862~~985622% 0.~~375496~~378855% 0.~~185055~~173177% 0.000000% 86.~~118413~~537655%

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 3231,~~228~~984.3845 0.00 0.00 3231,~~228~~984.3845 30 Days 5342 02 0 0 5344 2,~~834~~139,~~503~~392.0347 0151,505.0096 0.00 0.00 2,~~834~~290,~~503~~898.0343 60 Days 1310 21 0 0 1511 ~~732~~459,~~902~~941.5747 9821,~~024~~575.8466 0.00 0.00 ~~830~~481,~~927~~517.4113 90 Days 4 10 0 0 54 ~~235~~263,~~684~~730.3313 ~~76,823~~0.2700 0.00 0.00 ~~312~~263,~~507~~730.6013 120 Days 1 0 0 1 0 1 ~~26,050.59~~ 0.00 0.00 53,463.48 0.00 2653,~~050~~463.5948 150 Days 01 0 0 0 01 026,050.0059 0.00 0.00 0.00 026,050.0059 180 Days 1 1 21 0 43 46,215.88 29,~~445~~271.4609 ~~116~~53,~~564~~653.9269 0.00 ~~192~~129,~~226~~140.2666 Totals 7258 5 2 0 7965 32,~~875~~935,~~356~~330.4054 ~~236~~234,~~521~~337.9516 ~~116~~107,~~564~~117.9217 0.00 43,~~228~~276,~~443~~784.2787 0-29 Days 0.~~082781~~084034% 0.000000% 0.000000% 0.~~082781~~084034% 0.~~060244~~061042% 0.000000% 0.000000% 0.~~060244~~061042% 30 Days 43.~~387417~~529412% 0.~~000000~~168067% 0.000000% 0.000000% 43.~~387417~~697479% 54.~~298482~~083032% 0.~~000000~~289149% 0.000000% 0.000000% 54.~~298482~~372181% 60 Days 10.~~076159~~840336% 0.~~165563~~084034% 0.000000% 0.000000% 10.~~241722~~924370% 10.~~370001~~877799% 0.~~183236~~041177% 0.000000% 0.000000% 10.~~553236~~918976% 90 Days 0.~~331126~~336134% 0.~~082781~~000000% 0.000000% 0.000000% 0.~~413907~~336134% 0.~~440560~~503329% 0.~~143604~~000000% 0.000000% 0.000000% 0.~~584164~~503329% 120 Days 0.~~082781~~000000% 0.000000% 0.~~000000~~084034% 0.000000% 0.~~082781~~084034% 0.~~048696~~000000% 0.000000% 0.~~000000~~102035% 0.000000% 0.~~048696~~102035% 150 Days 0.~~000000~~084034% 0.000000% 0.000000% 0.000000% 0.~~000000~~084034% 0.~~000000~~049718% 0.000000% 0.000000% 0.000000% 0.~~000000~~049718% 180 Days 0.~~082781~~084034% 0.~~082781~~084034% 0.~~165563~~084034% 0.000000% 0.~~331126~~252101% 0.~~086390~~088203% 0.~~055042~~055864% 0.~~217893~~102398% 0.000000% 0.~~359325~~246465% Totals 54.~~960265~~873950% 0.~~413907~~420168% 0.~~165563~~168067% 0.000000% 65.~~539735~~462185% 75.~~244129~~602080% 0.~~442126~~447233% 0.~~217893~~204433% 0.000000% 76.~~904147~~253746% 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 2 0 0 0 2 ~~193~~165,~~330~~970.2528 0.00 0.00 0.00 ~~193~~165,~~330~~970.2528 60 Days 01 0 0 0 01 0129,566.0097 0.00 0.00 0.00 0129,566.0097 90 Days 1 0 0 0 1 ~~198~~197,~~046~~529.9732 0.00 0.00 0.00 ~~198~~197,~~046~~529.9732 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 34 0 0 0 34 ~~391~~493,~~377~~066.2257 0.00 0.00 0.00 ~~391~~493,~~377~~066.2257 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 13.333333% 0.000000% 0.000000% 0.000000% 13.333333% 87.~~844285~~611981% 0.000000% 0.000000% 0.000000% 87.~~844285~~611981% 60 Days 06.~~000000~~666667% 0.000000% 0.000000% 0.000000% 06.~~000000~~666667% 05.~~000000~~942397% 0.000000% 0.000000% 0.000000% 05.~~000000~~942397% 90 Days 6.666667% 0.000000% 0.000000% 0.000000% 6.666667% 9.~~060061~~059389% 0.000000% 0.000000% 0.000000% 9.~~060061~~059389% 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 2026.~~000000~~666667% 0.000000% 0.000000% 0.000000% 2026.~~000000~~666667% 1722.~~904346~~613767% 0.000000% 0.000000% 0.000000% 1722.~~904346~~613767% 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 10 0 0 0 10 ~~218,753~~0.8700 0.00 0.00 0.00 ~~218,753~~0.8700 60 Days 1 0 0 0 1 ~~275~~273,~~155~~949.2355 0.00 0.00 0.00 ~~275~~273,~~155~~949.2355 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 21 0 0 0 21 ~~493~~273,~~909~~949.1055 0.00 0.00 0.00 ~~493~~273,~~909~~949.1055 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 60.~~666667~~000000% 0.000000% 0.000000% 0.000000% 60.~~666667~~000000% 20.~~993829~~000000% 0.000000% 0.000000% 0.000000% 20.~~993829~~000000% 60 Days 6.666667% 0.000000% 0.000000% 0.000000% 6.666667% 3.~~765729~~764871% 0.000000% 0.000000% 0.000000% 3.~~765729~~764871% 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 136.~~333333~~666667% 0.000000% 0.000000% 0.000000% 136.~~333333~~666667% 63.~~759559~~764871% 0.000000% 0.000000% 0.000000% 63.~~759559~~764871%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4434,~~311~~957.4289

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 42,760,705.58 26.36803780% 12,~~928~~849,~~403~~077.5815 20.~~62238140~~86957722% 79.~~377619~~130423% 0.000000% Class 2A 27,100,205.58 16.71111913% 11,~~208~~134,~~576~~182.8536 1718.~~87904789~~08423094% 2.~~743334~~785346% 3738.~~783973~~080549% Class 3A 5,676,105.58 3.50012387% 4,~~551~~503,~~736~~335.1021 7.~~26057454~~31435424% 10.~~618473~~769877% ~~146~~147.~~248390~~243029% Class R-II 5,676,105.58 3.50012387% 4,~~551~~503,~~736~~335.1021 7.~~26057454~~31435424% 0.000000% 0.000000% Class R-III 5,676,055.58 3.50009304% 4,~~551~~503,~~736~~335.1021 7.~~26057454~~31435424% 0.000000% 0.000000% Class B-1 4,054,355.58 2.50008506% 3,~~212~~177,~~132~~976.6745 5.~~12374359~~16169559% 2.~~136831~~152659% 29.430604% Class B-2 2,432,655.58 1.50007708% 1,~~872~~852,~~529~~617.2469 23.~~98691265~~00903695% 2.~~136831~~152659% 29.430604% Class B-3 1,216,455.58 0.75011734% ~~867~~858,~~888~~659.6292 1.~~38438826~~39464253% 1.~~602524~~614394% 22.071592% Class B-4 648,855.58 0.40011146% ~~399~~394,~~023~~780.2927 0.~~63649084~~64120537% 0.~~747897~~753437% 10.300802% Class B-5 324,455.58 0.20007287% ~~131~~129,~~053~~659.0448 0.~~20904559~~21059400% 0.~~427445~~430611% 5.887210% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.~~209046~~210594% 2.879188% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 5.~~017738~~057812% Weighted Average Net Coupon 4.~~642739~~682812% Weighted Average Pass-Through Rate 4.~~632738~~672812% Weighted Average Maturity (Stepdown Calculation ) ~~158~~157 Beginning Scheduled Collateral Loan Count 1,~~265~~238 Number Of Loans Paid In Full 2718 Ending Scheduled Collateral Loan Count 1,~~238~~220 Beginning Scheduled Collateral Balance 6462,~~714~~691,~~738~~128.5530 Ending Scheduled Collateral Balance 6261,~~691~~568,~~128~~459.3028 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 6261,~~989~~854,~~275~~002.1350 Monthly P &I Constant ~~592~~580,~~200~~495.6120 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount ~~233~~0.2100 Cumulative Realized Loss 149,415.42 Class A Optimal Amount 21,~~164~~300,~~383~~001.8463 Ending Scheduled Balance for Premium Loans 6261,~~691~~568,~~128~~459.3028 Scheduled Principal ~~321~~316,~~599~~261.2590 Unscheduled Principal 1806,~~702,011~~407.0012

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 93.~~533494~~472280% Senior Prepayment Pct. Group 1 96.~~766747~~736140% Subordinate Percentage Group 1 6.~~466506~~527720% Subordinate Prepayment Pct. Group 1 3.~~233253~~263860% Average Loss Severity Group 1 ~~-126.40~~0 Senior Percentage Group 2 7978.~~510423~~963166% Senior Prepayment Pct. Group 2 89.~~755212~~481583% Subordinate Percentage Group 2 2021.~~489577~~036834% Subordinate Prepayment Pct. Group 2 10.~~244788~~518417% Average Loss Severity Group 2 0 Senior Percentage Group 3 91.~~822418~~500857% Senior Prepayment Pct. Group 3 95.~~911209~~750428% Subordinate Percentage Group 3 8.~~177582~~499143% Subordinate Prepayment Pct. Group 3 4.~~088791~~249572% Average Loss Severity Group 3 ~~865.21~~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.~~881376~~936454 7.~~500002~~500016 5.~~236835~~214743 Weighted Average Net Rate 4.~~506376~~561454 7.~~125001~~125015 4.~~861835~~839743 Weighted Average Maturity ~~150~~149 ~~194~~193 ~~176~~175 Beginning Loan Count 1,~~232~~208 1615 1715 Loans Paid In Full 2418 10 20 Ending Loan Count 1,~~208~~190 15 15 Beginning Scheduled Balance 5453,~~533~~237,~~884~~949.24 2,~~300~~178,~~220~~011.1637 7,~~880~~275,~~634~~167.1569 Ending scheduled Balance 5352,~~237~~149,~~949~~884.2436 2,~~178~~171,~~011~~805.3796 7,~~275~~246,~~167~~768.6996 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~509~~501,~~356~~167.2558 2019,~~239~~514.8831 6259,~~604~~813.4831 Scheduled Principal ~~287~~282,~~522~~161.5999 5,~~863~~901.5071 28,~~213~~198.1620 Unscheduled Principal 1805,~~008,412~~902.4189 ~~116,345~~303.2970 ~~577,253~~200.3053 Scheduled Interest ~~221~~219,~~833~~005.6659 1413,~~376~~612.3860 3431,~~391~~615.3211 Servicing Fees 1716,~~041~~636.8286 ~~718~~680.8263 2,~~462~~273.7049 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~454~~443.4265 1918.1715 6560.6763 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 ~~204~~201,~~337~~925.4208 1312,~~638~~913.3982 3129,~~862~~280.9599 Realized Loss Amount ~~(632~~0.00) 0.00 ~~865~~0.2100 Cumulative Realized Loss 101,742.41 154.75 47,518.26 Percentage of Cumulative Losses 0.0822 0.0010 0.2140 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 4.~~496376~~551454 7.~~115002~~115016 4.~~851835~~829743

Group Level Collateral Statement Group Total Collateral Description Mixed ARM Weighted Average Coupon Rate 5.~~017738~~057812 Weighted Average Net Rate 4.~~642739~~682812 Weighted Average Maturity ~~158~~157 Beginning Loan Count 1,~~265~~238 Loans Paid In Full 2718 Ending Loan Count 1,~~238~~220 Beginning Scheduled Balance 6462,~~714~~691,~~738~~128.5530 Ending scheduled Balance 6261,~~691~~568,~~128~~459.3028 Record Date 1011/3130/2004 Principal And Interest Constant ~~592~~580,~~200~~495.6120 Scheduled Principal ~~321~~316,~~599~~261.2590 Unscheduled Principal 1806,~~702,011~~407.0012 Scheduled Interest ~~270~~264,~~601~~233.3630 Servicing Fees 2019,~~223~~590.3498 Master Servicing Fees 0.00 Trustee Fee ~~539~~522.2643 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 ~~249~~244,~~838~~119.7689 Realized Loss Amount ~~233~~0.2100 Cumulative Realized Loss 149,415.42 Percentage of Cumulative Losses 0.0921 Prepayment Penalties 0.00 Special Servicing Fee 0.00 Pass-Through Rate 4.~~632738~~672812

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