8-K 1 eq12003-1nov8k.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, 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 November 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, Executive Vice President and CFO Dated: November 26, 2003 3 ANNEX A Page 1 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 Statement to Certificateholders November 25, 2003 --------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING ENDING FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSES INTEREST BALANCE ----------------------------------------------------------------------------------------------------------------------- AF1 151,000,000.00 9080,~~268~~506,~~275~~588.1596 911,~~761~~420,~~686~~126.1970 ~~101~~82,~~902~~362.8571 911,~~863~~502,~~589~~489.0441 0.00 0.00 8069,~~506~~086,~~588~~462.9626 AF2 51,000,000.00 51,000,000.00 0.00 132,855.00 132,855.00 0.00 0.00 51,000,000.00 AF3 17,000,000.00 17,000,000.00 0.00 58,352.50 58,352.50 0.00 0.00 17,000,000.00 AF4 13,896,000.00 13,896,000.00 0.00 57,830.52 57,830.52 0.00 0.00 13,896,000.00 AV1A 91,305,000.00 7672,~~457~~925,~~719~~989.2310 3,~~531~~978,~~730~~901.1306 ~~100~~86,~~584~~943.3898 34,~~632~~065,~~314~~845.5104 0.00 0.00 7268,~~925~~947,~~989~~088.1004 AV1B 97,927,000.00 8075,~~384~~960,~~951~~982.1864 4,~~423~~143,~~968~~952.5405 ~~106~~91,~~465~~174.4028 4,~~530~~235,~~433~~126.9433 0.00 0.00 7571,~~960~~817,~~982~~030.6459 M1 32,860,000.00 32,860,000.00 0.00 133,083.00 133,083.00 0.00 0.00 32,860,000.00 M2 27,805,000.00 27,805,000.00 0.00 134,135.95 134,135.95 0.00 0.00 27,805,000.00 B 22,749,000.00 22,749,000.00 0.00 135,015.32 135,015.32 0.00 0.00 22,749,000.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ----------------------------------------------------------------------------------------------------------------------- TOTALS 505,542,000.00 ~~412~~394,~~420~~703,~~945~~560.5670 1719,~~717~~542,~~384~~979.8681 ~~960~~911,~~224~~753.9226 1820,~~677~~454,~~609~~733.7807 0.00 0.00 ~~394~~375,~~703~~160,~~560~~580.7089 ----------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------- X 505,542,776.78 ~~427~~412,~~877~~089,~~643~~177.5715 0.00 5.4361 5.4361 0.00 0.00 ~~412~~394,~~089~~413,~~177~~171.1527 -----------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------- -------------------- FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES ---------------------------------------------------------------------------------------- -------------------- CURRENT BEGINNING ENDING PASS THRU CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE ---------------------------------------------------------------------------------------- -------------------- AF1 294751BS0 ~~597~~533.~~80314669~~15621828 6475.~~64692841~~62997815 0.~~67485331~~54544841 6576.~~32178172~~17542656 ~~533~~457.~~15621828~~52624013 AF1 1.270000 % AF2 294751BT8 1,000.00000000 0.00000000 2.60500000 2.60500000 1,000.00000000 AF2 3.126000 % AF3 294751BU5 1,000.00000000 0.00000000 3.43250000 3.43250000 1,000.00000000 AF3 4.119000 % AF4 294751BV3 1,000.00000000 0.00000000 4.16166667 4.16166667 1,000.00000000 AF4 4.994000 % AV1A 294751BW1 ~~837~~798.~~38808641~~70750890 3843.~~68057751~~57812891 10.~~10163058~~95223679 3944.~~78220809~~53036570 ~~798~~755.~~70750890~~12937999 AV1A 1.480000 % AV1B 294751CA8 ~~820~~775.~~86606533~~68987756 4542.~~17618777~~31674666 10.~~08719148~~93104333 4643.~~26337925~~24778999 ~~775~~733.~~68987756~~37313090 AV1B 1.490000 % M1 294751BX9 1,000.00000000 0.00000000 4.05000000 4.05000000 1,000.00000000 M1 4.860000 % M2 294751BY7 1,000.00000000 0.00000000 4.82416652 4.82416652 1,000.00000000 M2 5.789000 % B 294751BZ4 1,000.00000000 0.00000000 5.93500022 5.93500022 1,000.00000000 B 7.122000 % ---------------------------------------------------------------------------------------- -------------------- TOTALS ~~815~~780.~~79956870~~75325235 3538.~~04631635~~65748011 1.~~89939692~~80351634 3640.~~94571327~~46099646 ~~780~~742.~~75325235~~09577224 ---------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- -------------------- X N/A ~~846~~815.~~37277640~~14205341 0.00000000 0.~~00001074~~00001110 0.~~00001074~~00001110 ~~815~~780.~~14205341~~17764151 X 0.000000 % ---------------------------------------------------------------------------------------- --------------------

-------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: RYAN VAUGHN JPMorgan Chase Bank - Structured Finance Services NY NY 4 NEW YORK PLAZA FLR 6, New York, New York 10004 Tel: (212) 623-4484 / Fax: (212) 623-5930 Email: /JPMCHASE@CHASE -------------------------------------------------------------------------------- [LOGO] JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. Page 2 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 November 25, 2003 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 276,851.69 Group I Curtailments 39,200.14 Group I Prepayments 10,013,090.84 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 54,745.36 Group II-A Curtailments 7,774.09 Group II-A Prepayments 3,536,270.46 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 57,320.76 Group II-B Curtailments 2,257.11 Group II-B Prepayments 3,688,495.43 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 1,866,973.94 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 82,362.71 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 86,943.98 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 91,174.28 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 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 3 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 November 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 256,981,680.06 Group I Ending Pool Balance 246,652,537.39 Group II-A Beginning Pool Balance 75,741,228.99 Group II-A Ending Pool Balance 72,142,439.08 Group II-B Beginning Pool Balance 79,366,268.10 Group II-B Ending Pool Balance 75,618,194.80 Total Beginning Pool Balance 412,089,177.15 Total Ending Pool Balance 394,413,171.27 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 107,075.70 Group II-A Servicing Fee 31,558.85 Group II-B Servicing Fee 33,069.28 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 24,222.74 Group I Recouped Advances Included in Current Distribution 0.00 Group I Recouped Advances From Liquidations 0.00 Group I Aggregate Amount of Advances Outstanding 769,232.56 Group II-A Delinquency Advances Included in Current Distribution 16,640.10 Group II-A Recouped Advances Included in Current Distribution 0.00 Group II-A Recouped Advances From Liquidations 0.00 Group II-A Aggregate Amount of Advances Outstanding 352,555.70 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 4 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 November 25, 2003 -------------------------------------------------------------------------------- Group II-B Delinquency Advances Included in Current Distribution 29,157.87 Group II-B Recouped Advances Included in Current Distribution 0.00 Group II-B Recouped Advances From Liquidations 0.00 Group II-B Aggregate Amount of Advances Outstanding 107,313.05 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 417 40,213,552.67 16.30 % 31-60 days 61 5,410,414.13 2.19 % 61-90 days 23 1,496,366.26 0.61 % 91+days 32 2,109,978.14 0.86 % Total 533 49,230,311.20 19.96 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 93 10,849,504.79 15.04 % 31-60 days 19 2,016,851.26 2.80 % 61-90 days 13 1,266,872.55 1.76 % 91+days 6 619,780.65 0.86 % Total 131 14,753,009.25 20.46 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 90 13,035,085.05 17.24 % 31-60 days 17 2,601,139.40 3.44 % 61-90 days 2 154,049.10 0.20 % 91+days 4 687,889.51 0.91 % Total 113 16,478,163.06 21.79 % -------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 44 5,154,463.86 2.09 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 23 1,879,828.76 2.61 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 14 1,427,243.44 1.89 % -------------------------------------------------------- Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 5 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 November 25, 2003 -------------------------------------------------------------------------------- -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 1 74,647.19 0.10 % -------------------------------------------------------- -------------------------------------------------------- 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 79,900.00 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 1,951,950.96 Group II-A Three Largest Loans 984,853.99 Group II-B Three Largest Loans 1,805,847.00 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 229.06 Group II-B Current Period Realized Losses 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 6 of 6 -------------------------------------------------------------------------------- Equity One ABS, Inc. Mortgage Pass-Through Certificates, Series 2003-1 November 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 8.84 % Group II-A Weighted Average Mortgage Rate 8.24 % Group II-B Weighted Average Mortgage Rate 8.24 % Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 237.00 Group II-A Weighted Average Remaining Term 347.00 Group II-B Weighted Average Remaining Term 346.00 Sec. 4.03 (a)(xxi), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 19,252,590.39 Overcollateralization Target Amount 20,221,711.07 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 969,120.68 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 25.56 % 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 3.77 % Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO]

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