10-K 1 csfb02ht1_10k.txt CSFB02HT. 10K, 2002 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 333-77054-14 Credit Suisse First Boston Mortgage Securities Corp (Exact name of registrant as specified in its charter) Delaware 13-3320910 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 11 Madison Avenue, 5th Floor New York, New York 10010 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (212) 325-2000 Credit Suisse First Boston Mortgage Securities Corp Home Equity Asset Trust Series 2002-1 (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 thirty (30) holders of record of the 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 Statement as to Compliance. 99.2 Annual Independent Public Accountant's Servicing Report. 99.3 Management Assertion on USAP (b) Reports on Form 8-K The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated: 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. Credit Suisse First Boston Mortgage Securities Corp Home Equity Asset Trust Series 2002-1 /s/ Matt Ruppel Matt Ruppel Vice President Credit Suisse First Boston Mortgage Securities Corp. Dated: March 31, 2003 Sarbanes-Oxley Certification I, Matt Ruppel, 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 Credit Suisse First Boston Mortgage Securities Corp Home Equity Asset Trust Series 2002-1 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 information required to be prepared by the trustee based upon the servicing information required to be provided by each servicer under the pooling and servicing agreement, for inclusion in these reports is included in these reports; 4. Based on my knowledge and upon the annual compliance statements included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing agreement, and except as disclosed in the reports, each servicer has fulfilled its obligations under the pooling and servicing 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 agreement, that is included in these reports. Date: March 31, 2003 Signature: /s/ Matt Ruppel Company: Credit Suisse First Boston Mortgage Securities Corp. Title: Vice President EXHIBIT INDEX Exhibit NumberDescription 99.1 Annual Statement of Compliance 99.2 Report of Independent Accountants 99.3 Management Assertion on USAP EXHIBIT 99.1 -- Servicer's Annual Statement of Compliance Annual Statement of Compliance CSFB HEAT 2002-1 March 13, 2003 Pursuant to the applicable sections of the Servicing Agreements, I, Ronald M. Faris as officer of Ocwen Federal Bank FSB (the "Bank") confirm that a review of the activities of the bank during the calendar year ending on December 31, 2002 and of the performance under the Servicing Agreements has been made under my supervision. To the best of my knowledge, based on such review, the Bank has fulfilled all of its obligations under the Servicing Agreements throughout such calendar year. /s/ Ronald M. Faris Ronald M. Faris President, Ocwen Federal Bank FSB Ocwen Federal Bank FSB 1675 Palm Beach Lakes Boulevard West Palm Beach, FL 33401 Mail to: P.O. Box 24737 West Palm Beach, FL 33416-4737 Annual Statement of Compliance In accordance with the applicable section in each of the Pooling and Servicing Agreements specified: Credit Suisse First Boston Mortgage Securites Corp., Depositor, DLJ Mortgage Capital Inc., Seller, Olympus Servicing L.P ., Servicer and Special Servicer, OCWEN Federal Bank FSB, Servicer, Fairbanks Captial Corp., Servicer and U.S. Bank National Association, Trustee -Pooling and Servicing Agreement -Home Equity Asset Trust 2002-1 i. a review of the activities of the Servicer during the year ended December 31,2002 and of performance under this Agreement has been made under such officers' supervision; and ii. to the best of such officers' knowledge, based on such review, the Servicer has fulfilled all of its obligations under this Agreement throughout such year. March 11, 2003 /s/ William P. Garland William P. Garland President Fairbanks Capital Corp. 3815 South West Temple Salt Lake City, UT 84115-442 (801) 293-1883 EXHIBIT 99.2 -- Report of Independent Accountants Independent Certified Public Accountant's Report PricewaterhouseCoopers LLP 222 Lakeview Avenue Suite 360 West Palm Beach, FL 33401 Telephone (561) 832 0038 Facsimile (561) 805 8181 To the Board of Directors of Ocwen Federal Bank FSB We have examined management's assertion, included in the accompanying Management Assertion on Compliance with USAP, that, except for the noncompliance related to interest on escrows described in the third paragraph, Ocwen Federal Bank FSB (the "Bank") complied with the minimum servicing standards identified in the Mortgage Bankers Association of America's ("MBA's") Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for the year ended December 31, 2002. Management is responsible for the Bank's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Bank's compliance 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 Bank's compliance with the minimum servicing standards and performing such other procedures as we consider 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 Bank's compliance with the minimum servicing standards. Our examination disclosed noncompliance with minimum servicing standards in certain states related to interest on escrows applicable to the Bank during the year ended December 31, 2002. Such noncompliance is described in the accompanying Management Assertion on Compliance with USAP. In our opinion, management's assertion that the Bank complied with the aforementioned minimum servicing standards, except for noncompliance as described in the accompanying Management Assertion on Compliance with USAP, as of and for the year ended December 31, 2002 is fairly stated, in all material respects. \s\PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP March 14, 2003 Report of Independent Auditors Ernst & Young LLP 725 South Figeroa St. Los Angeles, California 90017 (213) 977-3200 Board of Directors Fairbanks Capital Corp. We have examined management's assertion, included in the accompanying report titled Report of Management, that Fairbanks Capital Corp., a wholly owned subsidiary of Fairbanks Capital Holding Corp., (the "Company") complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") during the year ended December 31, 2002. Management is responsible for the Company's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Company's compliance 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 those requirements 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 specified requirements. In our opinion, management's assertion that the Company complied with the aforementioned requirements during the year ended December 31, 2002, is fairly stated, in all material respects. \s\ Ernst & Young LLP January 20,2003 99.3 Management Assertion on USAP Management Assertation on Compliance with USAP March 14,2003 As of and for the year ended December 31, 2002, except as specifically noted below, Ocwen Federal Bank FSB (the "Bank") has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's ("MBA's") Uniform Single Attestation Program for Mortgage Bankers ("USAP"). Standard: Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws. Interest on escrow accounts in certain states was not paid, or credited, to mortgagors in accordance with the applicable state laws during the year ended December 31, 2002. The Bank is currently implementing an enhancement to its REALServicingTM servicing system to ensure that, for loans collateralized by properties located in states that require the payment of interest on escrow accounts, the payment or crediting of such interest is in accordance with applicable state laws. As of and for this same period, the Bank had in effect a fidelity bond in the amount of $15,000,000 and an errors and omissions policy in the amount of $10,000,000. \s\ Ronald M. Faris Ronald M. Faris President \s\ Scott W. Anderson Scott W. Anderson Senior Vice President of Residential Assets \s\ James D. Campbell James D. Campbell Director of Investor Reporting Ocwen Federal Bank FSB 1675 Palm Beach Lakes Boulevard West Palm Beach, FL 33401 Mail to: P.O. Box 24737 West Palm Beach, FL 33416-4737