8-K 1 eq12003-1apr8k.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 - April 25, 2003 ------------------------------- (Date of Earliest Event Reported) EQUITY ONE ABS, INC. ---------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of January 31, 2003, providing for the issuance of Mortgage Pass-Through Certificates, Series 2003-1) (Exact Name of Registrant as specified in its charter) Delaware 333-81506-05 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-1A, AV-1B, M-1, M-2 and B Certificateholders with respect to the April 25, 2003 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: April 29, 2003 3 Page 1 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 Statement to Certificateholders April 25, 2003 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- [LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. JPMorgan Page 2 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 April 25, 2003 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 313,626.05 Group I Curtailments 35,972.09 Group I Prepayments 5,650,285.20 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 61,329.14 Group II-A Curtailments 7,568.36 Group II-A Prepayments 1,416,612.32 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 66,277.53 Group II-B Curtailments -739.45 Group II-B Prepayments 992,829.89 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 2,288,601.38 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 180,304.47 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 132,855.00 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 58,352.50 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 57,830.52 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AV-1A 129,547.42 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 139,540.49 Unpaid Interest - AV-1B 0.00 Remaining Unpaid Interest - AV-1B 0.00 Interest Distribution - M-1 133,083.00 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 [LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. JPMorgan Page 3 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 April 25, 2003 -------------------------------------------------------------------------------- Interest Distribution - M-2 134,135.95 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - B 135,015.32 Unpaid Interest - B 0.00 Remaining Unpaid Interest - B 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-1A Available Funds Shortfall 0.00 Class AV-1B Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class B Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 311,055,231.11 Group I Ending Pool Balance 305,055,347.77 Group II-A Beginning Pool Balance 90,602,927.15 Group II-A Ending Pool Balance 89,117,417.33 Group II-B Beginning Pool Balance 97,051,099.12 Group II-B Ending Pool Balance 95,992,731.15 Total Beginning Pool Balance 498,709,257.38 Total Ending Pool Balance 490,165,496.25 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 129,606.35 Group II-A Servicing Fee 37,751.22 Group II-B Servicing Fee 40,437.96 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 0.00 Group I Recouped Advances Included in Current Distribution 97,906.15 Group I Recouped Advances From Liquidations 0.00 Group I Aggregate Amount of Advances Outstanding 407,818.36 Group II-A Delinquency Advances Included in Current Distribution 0.00 Group II-A Recouped Advances Included in Current Distribution 30,535.60 Group II-A Recouped Advances From Liquidations 0.00 Group II-A Aggregate Amount of Advances Outstanding 175,188.13 [LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. JPMorgan Page 4 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 April 25, 2003 -------------------------------------------------------------------------------- Group II-B Delinquency Advances Included in Current Distribution 0.00 Group II-B Recouped Advances Included in Current Distribution 16,880.87 Group II-B Recouped Advances From Liquidations 0.00 Group II-B Aggregate Amount of Advances Outstanding 47,805.74 Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B Loans Delinquent -------------------------------------------------------- Group 1 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 389 36,066,829.19 11.82 % 31-60 days 45 4,423,318.04 1.45 % 61-90 days 13 959,138.51 0.31 % 91+days 3 418,688.17 0.14 % Total 450 41,867,973.91 13.72 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 73 7,784,706.97 8.74 % 31-60 days 9 998,363.94 1.12 % 61-90 days 3 180,382.17 0.20 % 91+days 1 48,335.08 0.05 % Total 86 9,011,788.16 10.11 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 68 10,179,552.75 10.60 % 31-60 days 11 1,271,634.92 1.32 % 61-90 days 6 658,197.34 0.69 % 91+days 1 61,966.28 0.06 % Total 86 12,171,351.29 12.67 % -------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO [LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. JPMorgan Page 5 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 April 25, 2003 -------------------------------------------------------------------------------- -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- Market Value of Group I REO Loans 0.00 Market Value of Group II-A REO Loans 0.00 Market Value of Group II-B REO Loans 0.00 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 2,113,777.73 Group II-A Three Largest Loans 990,159.08 Group II-B Three Largest Loans 1,887,207.58 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-1A Net WAC Cap Carryover Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1A Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1B Net WAC Cap Carryover Remaining Amounts Due 0.00 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-A Aggregate Principal Balance of Balloon Loans 0.00 Group II-B Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv) Realized Losses ,(xxii) Group I Current Period Realized Losses 0.00 Group I Cumulative Realized Losses 0.00 Group II-A Current Period Realized Losses 0.00 Group II-A Cumulative Realized Losses 0.00 Group II-B Current Period Realized Losses 0.00 [LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. JPMorgan Page 6 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 April 25, 2003 -------------------------------------------------------------------------------- Group II-B 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-A Number of Loans Repurchased 0.00 Group II-B 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 8.92 % Group II-A Weighted Average Mortgage Rate 8.29 % Group II-B Weighted Average Mortgage Rate 8.26 % Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 244.00 Group II-A Weighted Average Remaining Term 354.00 Group II-B Weighted Average Remaining Term 353.00 Sec. 4.03 (a)(xxi) Overcollateralization Amounts ,(xxii),(xxiii) Overcollateralization Amount 4,679,920.60 Overcollateralization Target Amount 20,221,711.07 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 15,541,790.47 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 17.51 % Senior Specified Enhancement Percentage 41.00 % Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.47 % Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 [LOGO] Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. JPMorgan

EQUITY ONE ABS INC EQUITY ONE MORT PASS THR TRUST 2003-1 8-K