10-K 1 k.txt GMAC02J1,10K,1202 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Mark One) [ x] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended DECEMBER 31, 2002 or [ ] Transition Report Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934 For the transition period from _____________ to ________ Commission file Number 333-42510 Residential Asset Mortgage Products (Exact name of registrant as specified in its charter) Delaware 41-1955181 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 8400 Normandale Lake Blvd., Ste. 600 Bloomington, Minnesota 55437 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (952) 857-7000 GMACM Mortgage PassThrough Certificates Series 2002-J1 (Title of each class of securities covered by this Form) Securities registered pursuant to Section 12(b) of the Act: NONE Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. X - Yes No PART I Item 1. Business Not applicable. Item 2. Properties Not applicable on reliance of Relief Letters Item 3. Legal Proceedings There were no legal proceedings. Item 4. Submission of Matters to a Vote of Security Holders There were no matters submitted to a vote of the Security Holders. PART II Item 5. Market for Registrant's Common Equity and Related Stockholder matters As of December 31, 2002, the Trust had less than 300 holders of the record of Notes, computed in accordance with Rule 12g5-1 under the Securities Exchange Act of 1934, as amended. Item 6. Selected Financial Data. Not applicable. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Not applicable. Item 8. Financial Statements and Supplementary Data. Not applicable. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Information required by Item 304 of Reg. S-K. Not applicable. PART III Item 10. Directors and Executive Officers of the Registrant. Not applicable. Item 11. Executive Compensation. Not applicable. Item 12. Security Ownership of Certain Beneficial Owners and Management Not applicable. Item 13. Certain Relationships and Related Transactions. Not applicable. PART IV Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K (a) 1. Not Applicable 2. Not Applicable 3. Exhibits 99.1 Annual Summary Statement 99.2 Annual Statement as to Compliance. 99.3 Annual Independent Public Accountant's Servicing Report. 99.4 Report Of Management (b) Reports on Form 8-K The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated: February 25, 2002; March 25, 2002; April 25,2002; May 28, 2002; June 25, 2002; July 25, 2002; August 26, 2002; September 25, 2002, October 25, 2002; November 25, 2002; December 26, 2002 (c) See (a) 3 above (d) Not Applicable SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. Bank One, N.A. as Trustee: GMACM Mortgage PassThrough Certificates Series 2002-J1 /s/ Keith Richardson Name:Keith Richardson Title: Vice President Bank One, N.A. Date: March 31, 2003 Sarbanes-Oxley Certification I, Keith Richardson, certify that: 1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of GMACM Mortgage PassThrough Certificates Series 2002-J1 2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; 3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports; 4. I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and 5. The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Bank One, National Association, as Trustee GMAC Mortgage Corporation, as Servicer Date: March 31, 2003 Signature: /s/ Keith Richardson Company: Bank One, N.A. Title: Vice President EXHIBIT INDEX Exhibit NumberDescription 99.1 Annual Summary Statement 99.2 Annual Statement of Compliance 99.3 Report of Independent Accountants 99.4 Report of Management EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year Amounts for the period ending December 31, 2002 GMACM Mortgage PassThrough Certificates Series 2002-J1 STATEMENT TO CERTIFICATEHOLDERS DISTRIBUTION SUMMARY Class Cusip Class Type Rate Type Beg Bal Rate A-1 36185NNX4 Senior Fix-30/360 7,633,847 5.25000 A-2 36185NNY2 Senior Var-30/360 62,081,507 1.73000 A-3 36185NNZ9 Strip IO Var-30/360 62,081,507 6.77000 A-4 36185NPA2 Senior Fix-30/360 65,125,404 5.25000 A-5 36185NPB0 Senior Fix-30/360 39,075,242 5.65000 A-6 36185NPC8 Senior Fix-30/360 47,800,000 6.50000 A-7 36185NPD6 Senior Fix-30/360 886,000 6.50000 A-8 36185NPE4 Senior Fix-30/360 133,726,000 6.50000 A-9 36185NPF1 Senior Fix-30/360 25,350,000 6.50000 A-10 36185NPG9 Senior Fix-30/360 4,400,000 6.50000 PO 36185NPH7 Strip PO NA 54,450 0.00000 IO 36185NPJ3 Strip IO Var-30/360 397,747,827 0.20020 R-I 36185NPK0 Senior Fix-30/360 50 6.50000 R-II 36185NPL8 Senior Fix-30/360 50 6.50000 M-1 36185NPM6 Mezz Fix-30/360 5,781,000 6.50000 M-2 36185NPN4 Mezz Fix-30/360 2,790,000 6.50000 M-3 36185NPP9 Mezz Fix-30/360 1,594,700 6.50000 B-1 36185NPQ7 Junior Fix-30/360 797,000 6.50000 B-2 36185NPR5 Junior Fix-30/360 797,000 6.50000 B-3 36185NPS3 Junior Fix-30/360 799,380 6.50000 Totals 398,691,630 Prin Int Total Cur Loss End Bal A-1 6,719,201 245,079 6,964,281 0 914,645.53 A-2 4,199,500 1,210,705 5,410,205 0 57,882,007.29 A-3 0 3,573,523 3,573,523 0 57,882,007.29 A-4 0 3,134,160 3,134,160 0 65,125,404.00 A-5 0 2,023,772 2,023,772 0 39,075,242.00 A-6 0 2,848,083 2,848,083 0 47,800,000.00 A-7 0 52,791 52,791 0 886,000.00 A-8 124,077,076 6,368,826 130,445,901 0 9,648,924.42 A-9 0 0 0 0 26,902,017.18 A-10 4,443,788 5,554 4,449,343 0 0.00 PO 621 0 621 0 53,829.24 IO 0 818,941 818,941 0 259,794,128.34 R-I 50 4,543 4,593 0 0.00 R-II 50 0 50 0 0.00 M-1 55,192 342,977 398,169 0 5,725,807.53 M-2 26,637 165,526 192,163 0 2,763,363.26 M-3 15,225 94,611 109,836 0 1,579,475.05 B-1 7,609 47,285 54,894 0 789,390.87 B-2 7,609 47,285 54,894 0 789,390.87 B-3 7,632 47,426 55,058 0 791,747.76 Totals 139,560,191 21,031,086 160,591,276 0 260,727,245.00 Class Cumul Loss Orig Bal Sched Prin Acc Prin Prin Adj A-1 0 7,633,847 6,719,201 0 0 A-2 0 62,081,507 4,199,500 0 0 A-3 0 62,081,507 0 0 0 A-4 0 65,125,404 0 0 0 A-5 0 39,075,242 0 0 0 A-6 0 47,800,000 0 0 0 A-7 0 886,000 0 0 0 A-8 0 133,726,000 124,077,076 0 0 A-9 0 25,350,000 0 1,552,017 0 A-10 0 4,400,000 4,443,788 23,833 0 PO 0 54,450 621 0 0 IO 0 397,747,827 0 0 0 R-I 0 50 50 0 0 R-II 0 50 50 0 0 M-1 0 5,781,000 55,192 0 0 M-2 0 2,790,000 26,637 0 0 M-3 0 1,594,700 15,225 0 0 B-1 0 797,000 7,609 0 0 B-2 0 797,000 7,609 0 0 B-3 0 799,380 7,632 0 0 Totals 0 398,691,630 139,560,191 1,575,851 0 Class Net Prin Acc Int Unpaid Int Def Int Total Int Due A-1 6,719,201 245,079 0 0 245,079 A-2 4,199,500 1,210,705 0 0 1,210,705 A-3 0 3,573,523 0 0 3,573,523 A-4 0 3,134,160 0 0 3,134,160 A-5 0 2,023,772 0 0 2,023,772 A-6 0 2,848,083 0 0 2,848,083 A-7 0 52,791 0 0 52,791 A-8 124,077,076 6,368,826 0 0 6,368,826 A-9 0 0 0 1,552,017 1,552,017 A-10 4,443,788 5,554 0 43,788 49,343 PO 621 0 0 0 0 IO 0 818,941 0 0 818,941 R-I 50 0 0 0 0 R-II 50 0 0 0 0 M-1 55,192 342,977 0 0 342,977 M-2 26,637 165,526 0 0 165,526 M-3 15,225 94,611 0 0 94,611 B-1 7,609 47,285 0 0 47,285 B-2 7,609 47,285 0 0 47,285 B-3 7,632 47,426 0 0 47,426 Totals 139,560,191 21,026,543 0 1,595,806 22,622,348 Class NPPIS Int Adj A-1 0 0 A-2 0 0 A-3 0 0 A-4 0 0 A-5 0 0 A-6 0 0 A-7 0 0 A-8 0 0 A-9 0 0 A-10 0 0 PO 0 0 IO 0 0 R-I 0 0 R-II 0 0 M-1 0 0 M-2 0 0 M-3 0 0 B-1 0 0 B-2 0 0 B-3 0 0 Totals 0 0 Class Class Type Orig Bal Beg Bal End Bal A-1 Senior 7,633,847 7,633,847 914,646 A-2 Senior 62,081,507 62,081,507 57,882,007 A-3 Strip IO 62,081,507 62,081,507 57,882,007 A-4 Senior 65,125,404 65,125,404 65,125,404 A-5 Senior 39,075,242 39,075,242 39,075,242 A-6 Senior 47,800,000 47,800,000 47,800,000 A-7 Senior 886,000 886,000 886,000 A-8 Senior 133,726,000 133,726,000 9,648,924 A-9 Senior 25,350,000 25,350,000 26,902,017 A-10 Senior 4,400,000 4,400,000 0 PO Strip PO 54,450 54,450 53,829 IO Strip IO 397,747,827 397,747,827 259,794,128 R-I Senior 50 50 0 R-II Senior 50 50 0 M-1 Mezz 5,781,000 5,781,000 5,725,808 M-2 Mezz 2,790,000 2,790,000 2,763,363 M-3 Mezz 1,594,700 1,594,700 1,579,475 B-1 Junior 797,000 797,000 789,391 B-2 Junior 797,000 797,000 789,391 B-3 Junior 799,380 799,380 791,748 AMOUNTS PER $1,000 UNIT Class Beg Bal Prin Int End Bal A-1 1000.0000 880.1855 32.1043 119.8145 A-2 1000.0000 67.6449 19.5019 932.3551 A-3 1000.0000 0.0000 57.5618 932.3551 A-4 1000.0000 0.0000 48.1250 1000.0000 A-5 1000.0000 0.0000 51.7917 1000.0000 A-6 1000.0000 0.0000 59.5833 1000.0000 A-7 1000.0000 0.0000 59.5834 1000.0000 A-8 1000.0000 927.8456 47.6259 72.1544 A-9 1000.0000 0.0000 0.0000 1061.2236 A-10 1000.0000 1009.9519 1.2623 0.0000 PO 1000.0000 11.4036 0.0000 988.5965 IO 1000.0000 0.0000 2.0589 653.1629 R-I 1000.0000 1000.0000 90864.6000 0.0000 R-II 1000.0000 1000.0000 5.4000 0.0000 M-1 1000.0000 9.5472 59.3283 990.4528 M-2 1000.0000 9.5472 59.3283 990.4528 M-3 1000.0000 9.5472 59.3283 990.4528 B-1 1000.0000 9.5472 59.3283 990.4528 B-2 1000.0000 9.5472 59.3283 990.4528 B-3 1000.0000 9.5473 59.3283 990.4527 Pool Level Data Dist Date 12/25/02 Cut-Off Date: 1/1/02 Determination Date: 12/1/02 Accrual Period: Beg 1/1/02 End 12/1/02 Number of Days in Accrual Period: 334 COLLATERAL INFORMATION Group 1 Cut-Off Date Balance 398,691,630 Beginning Aggregate Pool Stated Principal Balance 398,691,630 Ending Aggregate Pool Stated Principal Balance 260,727,245 Beginning Aggregate Certificate Stated Principal Balance 398,691,630 Ending Aggregate Certificate Stated Principal Balance 260,727,245 Beginning Aggregate Loan Count 965 Loans Paid Off or Otherwise Removed Pursuant to PSA 314 Ending Aggregate Loan Count 651 Beginning Weighted Average Loan Rate (WAC) 7.0214% Ending Weighted Average Loan Rate (WAC) 7.0073% Beginning Net Weighted Average Loan Rate 6.7714% Ending Net Weighted Average Loan Rate 6.7573% Weighted Average Maturity (WAM) (Months) 345 Servicer Advances 0 Aggregate Pool Prepayment 134,475,487 Pool Prepayment Rate 64.0594 CPR CERTIFICATE INFORMATION Group 1 Senior Percentage 95.6182% Senior Prepayment Percentage 100.0000% Subordinate Percentage 4.3818% Subordinate Prepayment Percentage 0.0000% Prepayment Compensation Total Gross Prepayment Interest Shortfall 58,830 Compensation for Gross PPIS from Servicing Fees 58,830 Other Gross PPIS Compensation 0 Total Net PPIS (Non-Supported PPIS) 0 Master Servicing Fees Paid 1,666,916 Sub Servicing Fees Paid 0 Insurance Premium(s) Paid 0 Personal Mortgage Insurance Fees Paid 0 Other Fees Paid 54,109 Total Fees 1,721,025 DELINQUENCY INFORMATION Group 1 Delinquency 30-59 60-89 90+ Total Scheduled Bal 2,305,852 333,668 1,497,372 4,136,892 % of Total Pool 0.8844% 0.1280% 0.5743% 1.5867% Number of Loans 6 1 3 10 % of Total Loans 0.9217% 0.1536% 0.4608% 1.5361% Foreclosure Scheduled Bal 0 0 0 0 % of Total Pool 0 0 0 0 Number of Loans 0 0 0 0 % of Total Loans 0 0 0 0 Bankruptcy Scheduled Bal 0 0 0 0 % of Total Pool 0.0000% 0.0000% 0.0000% 0.0000% Number of Loans 0 0 0 0 % of Total Loans 0.0000% 0.0000% 0.0000% 0.0000% REO Scheduled Bal 0 0 0 0 % of Total Pool 0.0000% 0.0000% 0.0000% 0.0000% Number of Loans 0 0 0 0 % of Total Loans 0.0000% 0.0000% 0.0000% 0.0000% Book Value of all REO Loans 0 Percentage of Total Pool Balance 0.0000% Current Realized Losses 0 Additional Gains (Recoveries)/Losses 0 Total Realized Losses 0 Subordination/Credit Enhancement Information Protection Original Current Bankruptcy Loss 0 0 BankruPercentage 0.00% 0.00% Credit/Fraud Loss 0 7973832.6 CreditLoss Percentage 0.00% 3.06% Special Hazard Loss 0 0 SpeciaHazard Loss Percentage 0.00% 0.00% Credit Support Original Current Class A 386,132,550 248,288,070 Class A Percentage 96.8499% 95.2290% M-1 5,781,000 5,725,808 Class M-1 Percentage 1.4500% 2.1961% M-2 2,790,000 2,763,363 Class M-2 Percentage 0.6998% 1.0599% M-3 1,594,700 1,579,475 Class M-3 Percentage 0.4000% 0.6058% B-1 797,000 789,391 Class B-1 Percentage 0.1999% 0.3028% B-2 797,000 789,391 Class B-2 Percentage 0.1999% 0.3028% B-3 799,380 791,748 Class B-3 Percentage 0.2005% 0.3037% EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance Officer's Certificate GMAC Mortgage Corporation I, William Maguire, hereby certify that I am the duly elected Senior Vice President of GMAC Mortgager Corporation (the "Servicer"), a corporation organized under the laws of the Commonwealth of Pennsylvania, that I have made such reasonable investigation as I have deemed necessary to deliver this Certificate, including discussions with responsible officers of the Servicer and further certify to the best of my knowledge as follows: 1. A review of the activities of the Servicer during the calendar year beginning January 1, 2002 and ending on December 31, 2002 (the Calendar Year") and of its performance under the servicing agreements, including the servicer agreement dated as of January 29, 2002 (the "Servicing Agreement"), by and among the Servicer, and the Issuer, has been made under my supervision. 2. To the best of my knowledge, based on such review, the Servicer has complied in all material respects with the minimum servicing standards set forth in the Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of its material obligations in all material respects throughout the Calendar Year. Capitalized terms not defined herein have the meanings set forth in the Servicing Agreement. IN WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of the Servicer. Dated: March 31, 2003 Re: 301410000000/ GMAC 02-J1 GMAC MORTGAGE CORPORTATION By: /s/ William Maguire Name: William Maguire Title: Senior Vice President EXHIBIT 99.3 -- Report of Independent Auditors Pricewaterhouse Coopers LLP 160 Federal Street Boston, MA 02110-9862 Telephone (617) 428 8400 Facsimile (617) 439 7393 Report of Independent Accountants To the Board of Directors and Stockholder of GMAC Mortgage Corporation: We have examined management's assertion about GMAC Mortgage Corporation and its subsidiaries' (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") exclusive of standards I.4., III.3., III.4., V.3. and V.4., (collectively the "Applicable Standards") solely for the purposes of servicing the home equity loans underlying the Consumer Lending Portfolio as of and for the year ended December 31, 2002 included in the accompanying management assertion (see Exhibit I). As the loans applicable to management's assertion are home equity loans, rather than first mortgage loans, certain USAP minimum servicing standards relating to escrows are not applicable. Therefore, USAP minimum servicing standards I.4., III.3., III.4., V.3. and V.4., were not addressed during our examination. Further, management's assertion and this report relate only to the servicing of home equity loans underlying the Notes and not loans in the general consumer loan servicing population. Management is responsible for the Company's compliance with those Applicable Standards. Our responsibility is to express an opinion exclusively on management's assertion about the entity's compliance with the Applicable Standards based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Applicable Standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Applicable Standards. In our opinion, management's assertion that the Company complied with the Applicable Standards solely for the purpose of servicing loans underlying the Consumer Lending Portfolio as of and for the year December 31, 2002 is fairly stated, in all material respects. /s/Pricewaterhouse Coopers LLP Pricewaterhouse Coopers LLP March 7, 2003 Exhibit 99.4 -- Report of Management GMAC Mortgage Corporation 4 Walnut Grove Dr. P.O. Box 965 Horsham, PA 19044-0965 Exhibit 1 Management's Assertion Concerning Compliance With USAP Minimum Servicing Standards March 7, 2003 As of and for the year ended December 31, 2002, GMAC Mortgage Corporation and its subsidiaries (the "Company") have complied in all material respects with the minimum servicing standards (the "Standards") set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP"). As of and for this same period, the Company had in effect fidelity bond and errors and omissions policies in the amounts of $400,000,000 and $400,000,000, respectively. /s/ David Applegate David Applegate Chief Executive Officer GMAC Residential Holding Corp /s/ Ralph Hall Ralph Hall Chief Operating Officer GMAC Residential Holding Corp