8-K 1 eq12002-3nov8k.txt FORM 8-K 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 - November 25, 2002 ---------------------------------- (Date of Earliest Event Reported) EQUITY ONE ABS, INC. ------------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of April 30, 2002, providing for the issuance of Mortgage Pass-Through Certificates, Series 2002-3) (Exact Name of Registrant as specified in its charter) Delaware 333-81506-02 52-2029487 ------------------------ --------------------- ----------------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.) 103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803 ----------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (302) 478-6160 Item 5. Other Events. --------------------- Attached hereto as Annex A is a copy of the Statement to Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AV-1, M-1, M-2, B-1 and B-2 Certificateholders with respect to the November 25, 2002 Distribution Date. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUITY ONE ABS, INC. By: /s/ James H. Jenkins --------------------------------------------- James H. Jenkins, Senior Vice President and CFO Dated: November 26, 2002 3 ANNEX A Page 1 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-3 Statement to Certificateholders November 25, 2002 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Peggy L Remy JPMorgan Chase Bank - Structured Finance Services 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-4483 / Fax: (212) 623-5930 Email: Peggy.l.remy@jpmorgan.com -------------------------------------------------------------------------------- [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 2 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-3 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 196,844.97 Group I Curtailments 159,608.62 Group I Prepayments 5,187,860.95 Group I Liquidation Proceeds 0.00 Group II Scheduled Principal 41,670.11 Group II Curtailments 788.02 Group II Prepayments 2,244,711.27 Group II Liquidation Proceeds 0.00 Extra Principal Distribution Amount 1,039,670.13 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 121,781.40 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 106,605.00 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 96,215.00 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 76,214.87 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AV-1 123,152.81 Unpaid Interest - AV-1 0.00 Remaining Unpaid Interest - AV-1 0.00 Interest Distribution - M-1 78,345.96 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 60,950.10 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - B-1 49,183.88 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 3 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-3 November 25, 2002 -------------------------------------------------------------------------------- Interest Distribution - B-2 22,547.99 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Sec. 4.03(a)(iii) Available Funds Shortfall Class AF-1 Available Funds Shortfall 0.00 Class AF-2 Available Funds Shortfall 0.00 Class AF-3 Available Funds Shortfall 0.00 Class AF-4 Available Funds Shortfall 0.00 Class AV-1 Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class B-1 Available Funds Shortfall 0.00 Class B-2 Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 178,029,666.31 Group I Ending Pool Balance 172,474,672.91 Group II Beginning Pool Balance 69,757,822.40 Group II Ending Pool Balance 67,470,653.00 Total Beginning Pool Balance 247,787,488.71 Total Ending Pool Balance 239,945,325.91 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 74,179.03 Group II Servicing Fee 29,065.76 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 11,828.25 Group I Recouped Advances Included in Current Distribution 0.00 Group I Aggregate Amount of Advances Outstanding 323,679.80 Group II Delinquency Advances Included in Current Distribution 16,119.87 Group II Recouped Advances Included in Current Distribution 0.00 Group II Aggregate Amount of Advances Outstanding 132,510.84 Section 4.03(a)(ix) A Group I and Group II Loans Delinquent --------------------------------------------------------------- Group 1 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 365 28,897,675.82 16.75 % 31-60 days 58 4,146,958.04 2.40 % 61-90 days 16 1,215,813.67 0.70 % 91+days 19 922,927.70 0.54 % Total 458 35,183,375.23 20.39 % --------------------------------------------------------------- [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 4 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-3 November 25, 2002 -------------------------------------------------------------------------------- --------------------------------------------------------------- Group 2 --------------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 70 8,439,812.72 12.51 % 31-60 days 13 1,561,571.15 2.31 % 61-90 days 4 697,199.04 1.03 % 91+days 9 1,137,343.33 1.69 % Total 96 11,835,926.24 17.54 % --------------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I and Group II Loans in Foreclosure ------------------------------------------------ Group 1 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 9 642,286.34 0.37 % ------------------------------------------------ ------------------------------------------------ Group 2 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 6 758,858.66 1.12 % ------------------------------------------------ Sec. 4.03(a)(x),(xi) Group I and Group II Loans in REO ------------------------------------------------ Group 1 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 0 0.00 0.00 % ------------------------------------------------ ------------------------------------------------ Group 2 ------------------------------------------------ Number Principal Balance Percentage ------------------------------------------------ 0 0.00 0.00 % ------------------------------------------------ Market Value of Group I REO Loans 0.00 Market Value of Group II REO Loans 0.00 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 1,420,417.93 Group II Three Largest Loans 1,384,985.83 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AF-1 Net WAC Cap Carryover Amounts Due 0.00 Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1 Net WAC Cap Carryover Amounts Due 0.00 Class AV-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 5 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-3 November 25, 2002 -------------------------------------------------------------------------------- Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans with Original Terms <= 36 Months and 60+ Contractually Past Due Group I Aggregate Principal Balance of Balloon Loans 0.00 Group II Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv), Realized Losses (xxii) Group I Current Period Realized Losses 10,678.86 Group I Cumulative Realized Losses 10,678.86 Group II Current Period Realized Losses 0.00 Group II Cumulative Realized Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution 0.00 Funds Deposited to Reserve Fund 0.00 Ending Balance of Reserve Fund 0.00 Sec. 4.03 (a)(xvii) Number of Loans Repurchased Group I Number of Loans Repurchased 0.00 Group II Number of Loans Repurchased 0.00 Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I Weighted Average Mortgage Rate 9.34 Group II Weighted Average Mortgage Rate 9.27 Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 228.00 Group II Weighted Average Remaining Term 346.00 Sec. 4.03 (a)(xx), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 7,013,268.29 Overcollateralization Target Amount 7,359,260.16 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 345,991.88 Sec. 4.03 (a)(xxiv) Trigger Events Has a Trigger Event Occurred and is continuing? NO Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00 % Senior Enhancement Percentage 0.19 % Senior Specified Enhancement Percentage 0.33 % Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 6 of 6 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Trust 2002-3 November 25, 2002 -------------------------------------------------------------------------------- 60+ Day Delinquent Loans as a percentage of the current Pool Balance 2.24 % Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 Sec. 4.03 (a)(xxvii) MGIC Monthly Premium 43,135.49 [JPMORGAN LOGO] Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.

EQUITY ONE ABS INC MORTGAGE PASS THRU CERT SERIES 2002-3 8-K