8-K 1 jun8k.txt CW 2002-B, 8K, JUNE 2002 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): 17-Jun-02 CWABS, INC. (AS DEPOSITOR UNDER THE SALE AND SERVICING AGREEMENT, DATED AS OF MARCH 4, 2002, PROVIDING FOR THE ISSUANCE OF REVOLVING HOME EQUITY LOAN ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2002-B) CWABS, INC. (Exact name of registrant as specified in its charter) DELAWARE 333-73712 95-4596514 (State or Other (Commission (I.R.S. Employer Jurisdiction of File Number) Identification Incorporation) Number) 4500 Park Granada, Calabasas, CA 91302 (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code: 818-225-3240 Item 5. Other Events On 17-Jun-02a scheduled distribution was made from the trust to holders of the certificates. The Trustee has caused to be filed with the commission, the Monthly Report dated 17-Jun-02The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. A. Monthly Report Information: See Exhibit No.1 B. Have any deficiencies occurred? NO. Date: Amount: C. Item 1: Legal Proceedings: NONE D. Item 2: Changes in Securities: NONE E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if applicable: NOT APPLICABLE Item 7. Monthly Statements and Exhibits Exhibit No. 1. Monthly Distribution Report dated 17-Jun-02 COUNTRYWIDE HOME EQUITY LOAN TRUST REVOLVING ASSET BACKED PASS-THROUGH CERTIFICATES SERIES 2002-B STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 17-Jun-02 Beginning Certificate Class Balance(1) Principal Interest Note 1,690,699,572.69 22,033,811.36 3,239,098.60 Ending Certificate Class Cusip Losses Balance Note 126671PC4 0.00 1,668,665,761.33 AMOUNTS PER $1,000 UNIT Class Principal Interest Total Note 12.83049634 1.88615769 14.71665403 Ending Current Certificate Pass-Through Class Balance Losses Interest Rate Note 971.67982375 0.00 2.09000% Investor Certificate Rates based on a LIBOR of: 1.84000% Distribution 17-Jun-02 Distribution Statement Sale and Servicing Agreement dated March 4, 2002 (i) Investor Floating Allocation Percentage 100.00000% (ii)Investor Certificate Distribution Amount 25,272,909.96 (iiiInvestor Certificate Interest 3,239,098.60 (iv)Unpaid Investor Cert Int Shortfall paid 0.00 Per $1000 of Original Investor Cert Prin Bal 0.000000 (v) Remaining Unpaid Investor Cert Int Sfall 0.00 Per $1000 of Original Investor Cert Prin Bal 0.0000000 (vi)Principal Distributed (viiInvestor Loss Amount paid as principal 0.00 Investor Loss Reduction Amounts paid as prin 0.00 Accelerated Principal Distribution Amount 2,567,529.85 Scheduled Principal Distribution Amount 19,466,281.51 Guaranteed Principal Distribution Amount 0.00 Total Principal Distributed 22,033,811.36 (viiUnreimbursed Investor Loss Reduction Amnts 0.00 Per $1000 of Original Investor Cert Prin Bal 0.0000000 (ix)Basis Risk Carryforward Distributed 0.00 (x) Basis Risk Carryforward Remaining 0.00 (xi)Servicing Fee 693,919.90 (xii) Invested Amount (before distributions) 1,690,699,572.69 Invested Amount (after distributions) 1,668,665,761.33 Investor Cert Prin Bal (after distributions) 1,668,665,761.33 Loan Group Factor 0.9889852 (xii Asset Balance of Mortgage Loans 1,645,941,469.19 (xivCredit Enhancement Draw Amount 0.00 (xv)Delinquency Information Count Balance % of Group Bal 30-59 days 91 2,518,057.85 0.152986% 60-89 days 13 609,388.85 0.037024% 90 or more days 14 595,944.40 0.036207% Total 118 3,723,391.10 0.226216% *Note: The above statistics do not include loans in foreclosure proceedings or REO properties. (xviForeclosure and REO Information Count Balance % of Group Bal Foreclosure 1 39,557.40 0.002403% REO 0 0.00 0.000000% Total 1 39,557.40 0.002403% (xviOptional Serv Adv (Cur Collection Period) 0.00 Optional Servicer Advances (Outstanding) 0.00 (xviInvestor Certificate Rate 2.09000% (xixMortgage Loans retransferred to the Transferor pursuant to Sect. 2.04 and 2.06 Count 0 Principal Balance 0.00 (xx)Subordinated Transferor Collections 0.00 (xxiOvercollateralization Step-Down Amount 0.00 (xxii) Available Transferor Subordinated Amount 0.00 Required Transferor Subordinated Amount 12,654,378.39 Transferor Interest Collections 0.00 Transferor Principal Collections - Other information Transferor Principal Balance (Beginning) (25,291,821.99) Transferor Principal Balance (Ending) (22,724,292.14) Fixed Allocation Percentage 100.00% Periods until Step-Down Remittance Date 28 Mortgage Loans Payment Summary Interest Received 6,750,848.27 Net Liquidation Proceeds (Allocable to Int) 0.00 Insurance Proceeds (Allocable to Interest) 0.00 Servicer Optional Advance (Allocable to Int) 0.00 Purchase Price Sect. 2.02 (a) (Allocable Int) 0.00 Purchase Price (90+ D Delinq) (Alloc. to Int) 0.00 Residual Advance 0.00 Total Interest 6,750,848.27 Investor Interest Collections 6,056,928.37 Begining Balance 1,665,407,750.70 Principal Collections 55,477,932.85 Net Liquidation Proceeds (Alloc. to Principal 0.00 Insurance Proceeds (Alloc. to Principal) 0.00 Purchase Price Sect. 2.02 (a) (Alloc. to Prin 0.00 Purchase Price (90+ D Delinq) (Alloc. to Prin 0.00 Loans Removed by Servicer Sect. 2.06 0.00 Transfer Deposit Amount per Sect. 2.02 (a) 0.00 Total Principal 55,477,932.85 Additional Balances 36,011,651.34 Ending Principal Balance 1,645,941,469.19 Total Collections 61,534,861.22 Alternative Principal Payment 19,466,281.51 Loans Average Daily Balance 1,672,556,573.15 Weighted Average Loan Rate 5.2332% Weighted Average Net Loan Rate 4.5532% Maximum Rate 4.4909% Excess Interest 0.00 Loan Modification Summary Current Loans with Senior Lien Balance Modification 173,845.69 Loans with Senior Lien Balance Modification (CLTV 634,027.09 Loans with Credit Limit Modification 1,448,450.00 Loans with Gross Margin Modification 1,407,398.88 Loan Modification Summary Cumulative % of Initial Loans with Senior Lien Balance Modification 606,160.10 0.04% Loans with Senior Lien Balance Modification (CLTV1,507,079.02 0.09% Loans with Credit Limit Modification 1,517,450.00 0.09% Loans with Gross Margin Modification 1,432,598.88 0.08% Credit Enhancer Information Amt due to Credit Enhancer from Prepay Sfall 0.00 AMBAC Surety Bond in force? YES Credit Enhancement Draw Amount 0.00 Guaranteed Principal Distribution Amount 0.00 Guaranteed Distribution 3,239,098.60 Credit Enhancement Premium 250,299.92 Beginning O/C Amount 0.00 Ending O/C Amount 0.00 End O/C Amt (% of Orig Pool Balance) 0.0000% Liquidation Loss Amount (Current Period) 0.00 Liquidation Loss Amount (Cumulative) 0.00 Cumulative Loss Step-Up Percentage 0.00% Rolling Six Month Delinquency Test Violated? NO Monthly Delinquency Rate 0.0747% Rolling Six Month Delinquency Rate 0.0614% Spread Rate 2.4632% Excess Spread Rate 2.4632% Rolling three month Excess Spread Percentage 2.2454% Required Subordinated Percentage 0.75% Balance used for Required Subordinated Amount Initial Bal Initial Subordinated Amount ($30,049,548.16) Can Required Transferor Sub Amt be Reduced? NO Has a Rapid Amortization Event occurred? NO Cause of Rapid Amortization Event. NA Has an Event of Servicing Termination occurre NO Cause of Event of Servicing Termination. NA SIGNATURES 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 thereunto duly authorized. CWABS, INC. By: /s/ Barbara Grosse Name: Barbara Grosse Title: Vice President Bank One Date 6/17/02