-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SBGYCOoteXJdt7/k2YL77hQI3JGTLtXUD/5jdncVTTN4CpRRsBYsY5Y38A7ULlL7 Zgql/NOi/ipTwF0pkSJ7jA== 0000891092-03-001848.txt : 20030730 0000891092-03-001848.hdr.sgml : 20030730 20030730121147 ACCESSION NUMBER: 0000891092-03-001848 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030730 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CIT HOME EQUITY TRUST 2002-2 CENTRAL INDEX KEY: 0001176365 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-65554-04 FILM NUMBER: 03810655 BUSINESS ADDRESS: STREET 1: CSFB 11 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2123252000 8-K 1 e15309_8k.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: June 30, 2003 CIT HOME EQUITY LOAN TRUST 2002-2 (Exact Name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporation) (Commission File Number) 333-65554 (IRS Employer Identification No.) c/o The CIT Group/Consumer Finance, Inc. 1 CIT Drive Livingston, New Jersey 07039-0491 Registrants' telephone number, including area code: (973) 740-5000 N/A (Former name or former address, if changed since last report) Item 5. Other Events CIT HOME EQUITY LOAN TRUST 2002-2 MONTHLY SERVICE REPORT COLLECTION PERIOD: 30-Jun-03 PAYMENT DATE: 25-Jul-03 DETERMINATION DATE: 22-Jul-03 The monthly distributions were made to holders of asset backed notes issued by CIT Home Equity Loan Trust 2002-2on: July 25, 2003 Item 7. Financial Statements and Exhibits (c.) Exhibits. The following are filed herewith. The exhibit numbers correspond with Item 601(b) of Regulation S-K. Exhibit No. 20.1 Monthly Servicer Report SIGNATURE 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 hereunto duly authorized. CIT Home Equity Loan Trust 2002-2 By: JPMorgan Chase Bank, as Trustee By: Kevin Crombie ----------------- Name: Kevin Crombie Title: Assistant Vice President/Relationship Manager Dated: July 28, 2003 EX-20.1 3 e15309ex20-1.txt MONTHLY SERVICER REPORT Exhibits No. 20.1: CIT Home Equity Loan Trust 2002-2 Home Equity Loan Asset Backed Certificates, Series 2002-2 Master Servicer's Certificate Due Period 6/30/2003 Determination Date 7/22/2003 Distribution Date 7/25/2003
I Available in Certificate Account Principal collected on Mortgage Loans 24,568,245.60 All Liquidation Proceeds with respect to Principal 11,048.09 Recoveries on previously Liquidated Mortgages with respect to Principal 0.00 Principal portion of Purchase Price on Repurchased Mortgage Loans 0.00 Substitution Adjustment with respect to Principal 0.00 -------------- Principal Distribution Amount 24,579,293.69 Interest collected on Mortgage Loans 5,236,648.07 Interest portion of Purchase Price on Repurchased Mortgage Loans 0.00 Recoveries on previously Liquidated Mortgages with respect to Interest 0.00 Substitution Adjustment with respect to Interest 0.00 Master Servicer Monthly Advances (net of Compensating Interest) 899,064.47 Reimbursement of previous months Servicer Advances -477,250.84 Compensating Interest 4,439.43 Investment Earnings on Certificate Account 0.00 -------------- Interest Remittance Amount 5,662,901.13 Amount not Required to be deposited 0.00 Total available in the Certificate Account 30,242,194.82
II Distributions Per $ 1,000 Amount ----------- ------------- 1. Aggregate Class AF Distribution 28.53535334 16,604,722.11 2. Aggregate Class A-IO Distribution 0.00000000 0.00 3. Aggregate Class MF-1 Distribution 4.99166677 165,523.67 4. Aggregate Class MF-2 Distribution 5.32500000 141,272.25 5. Aggregate Class BF Distribution 5.69166667 122,598.50 6. Aggregate Class AV Distribution 38.39827554 10,068,411.83 7. Aggregate Class MV-1 Distribution 1.40416667 27,802.50 8. Aggregate Class MV-2 Distribution 1.91250029 33,334.88 9. Aggregate Class BV Distribution 2.48750029 43,357.13 10. Aggregate Class X-IO Distribution 0.00000000 2,359,643.97 11. Aggregate Class R Distribution 0.00 12. Aggregate Master Servicer Distribution 675,527.98 -------------- Total Distributions = 30,242,194.82
III Certificate Class Balances Factor % Amount ----------- -------------- Opening Senior Class A Certificate Balances as reported in prior Monthly Master Servicer Report for Group I Certificates: (a) Class AF-1A 65.18735543% 379,325,221.23 (b) Class A-IO (Notional Amount) 0.00 Opening Subordinated Class MF & BF Certificate Balances as reported in prior Monthly Master Servicer Report for Group I Certificates: (a) Class MF-1 100.00000000% 33,160,000.00 (b) Class MF-2 100.00000000% 26,530,000.00 (c) Class BF 100.00000000% 21,540,000.00 --------------- 81,230,000.00 Opening Senior Class AV Certificate Balances as reported in prior Monthly Master Servicer Report for Group II Certificates: (a) Class AV 70.15996084% 183,966,433.31 Opening Subordinated Class MV & BV Certificate Balances as reported in prior Monthly Master Servicer Report for Group II Certificates: (b) Class MV-1 100.00000000% 19,800,000.00 (c) Class MV-2 100.00000000% 17,430,000.00 (d) Class BV 100.00000000% 17,430,000.00 -------------- 54,660,000.00
IV Principal Distribution Amount 1(a). Basic Principal Amount No. Amount ----------- -------------- (a) Stated principal collected 1,548,594.14 (b) Principal Prepayments 248 23,019,651.46 (c) Liquidation Proceeds 11,048.09 (d) Repurchased Mortgage Loans 0 0.00 (e) Substitution Adjustment related to Principal 0.00 (f) Recoveries on previously Liquidated Mortgages with respect to Principal 0.00 -------------- Total Basic Principal 24,579,293.69 1(b). Subordination Increase/(Decrease) amount 354,348.56 -------------- Total Principal Distribution 24,933,642.25 2(a). Class AF Principal Distribution Amount for Group I Certificates: Per $ 1,000 ----------- 1. Class AF 25.88983317 15,065,293.92 2(b). Class MF & BF Principal Distribution Amount Group I Certificates: 1. Class MF-1 0.00000000 0.00 2. Class MF-2 0.00000000 0.00 3. Class BF 0.00000000 0.00 2(c). Class AV Principal Distribution Amount Group II Certificates: 1. Class AV 37.63528595 9,868,348.33 2(d). Class AV Principal Distribution Amount Group II Certificates: 1. Class MV-1 0.00000000 0.00 2. Class MV-2 0.00000000 0.00 3. Class BV 0.00000000 0.00 2(e) Class M Applied Realized Loss for Group I Certificates: 1. Class MF-1 0.00000000 0.00 2. Class MF-2 0.00000000 0.00 3. Class BF 0.00000000 0.00 2(f) Class B Applied Realized Loss for Group II Certificates: 1. Class MV-1 0.00000000 0.00 2. Class MV-2 0.00000000 0.00 3. Class BV 0.00000000 0.00
Factor % Amount ----------- -------------- Ending Senior Class A Certificate Balances after distributions of principal in this Monthly Master Servicer Report for Group I Certificates: (a) Class AF-1A 62.59837211% 364,259,927.31 (b) Class A-IO (Notional Amount) 0.00 Ending Subordinated Class MF & BF Certificate Balances after distributions of principal in this Monthly Master Servicer Report Group I Certificates: (a) Class MF-1 100.00000000% 33,160,000.00 (b) Class MF-2 100.00000000% 26,530,000.00 (c) Class BF 100.00000000% 21,540,000.00 -------------- 81,230,000.00 Ending Senior Class AV Certificate Balances after distributions of principal in this Monthly Master Servicer Report for Group II Certificates: (a) Class AV 66.39643224% 174,098,084.98 Ending Subordinated Class MV & BV Certificate Balances after distributions of principal in this Monthly Master Servicer Report for Group II Certificates: (b) Class MV-1 100.00000000% 19,800,000.00 (c) Class MV-2 100.00000000% 17,430,000.00 (d) Class BV 100.00000000% 17,430,000.00 -------------- 54,660,000.00
V Interest Distribution Amount Fixed Rate Certificates (b) Fixed Rate Certificates applicable Pass-Through Rate 1. Class AF-1A 4.87000% 2. Class A-IO 5.00000% 9. Class MF-1 5.99000% 10. Class MF-2 6.39000% 11. Class BF 6.83000% Variable Rate Certificates (b) LIBOR Rate 1.03500% 1. Class AV 1.30500% 2. Class MV-1 1.68500% 3. Class MV-2 2.29500% 4. Class BV 2.98500% INTEREST REMITTANCE AMOUNT 1. Interest collected on Mortgage Loans 5,236,648.07 2. Interest advanced on Mortgage Loans 421,813.63 3. Compensating Interest on Mortgage Loans 4,439.43 4. Substitution Adjustment interest 0.00 5. Purchase Price interest on repurchased accounts 0.00 6. Liquidation Proceeds interest portion 0.00 7. Recoveries on previously Liquidated Mortgages with respect to Interest 0.00 TOTAL INTEREST REMITTANCE AMOUNT 5,662,901.13
Current Interest Requirement 1. Class AF-1A @ applicable Pass-Through Rate 1,539,428.19 2. Class A-IO @ applicable Pass-Through Rate 0.00 3. Class MF-1 @ applicable Pass-Through Rate 165,523.67 4. Class MF-2 @ applicable Pass-Through Rate 141,272.25 5. Class BF @ applicable Pass-Through Rate 122,598.50 6. Class AV @ applicable Pass-Through Rate 200,063.50 7. Class MV-1 @ applicable Pass-Through Rate 27,802.50 8. Class MV-2 @ applicable Pass-Through Rate 33,334.88 9. Class BV @ applicable Pass-Through Rate 43,357.13 Interest Carry Forward Amount 1. Class AF-1A 0.00 2. Class A-IO 0.00 3. Class MF-1 0.00 4. Class MF-2 0.00 5. Class BF 0.00 6. Class AV 0.00 7. Class MV-1 0.00 8. Class MV-2 0.00 9. Class BV 0.00 10. Class X-IO 0.00 Certificates Interest Distribution Amount Per $ 1,000 ----------- 1. Class AF-1A 2.64552018 1,539,428.19 2. Class A-IO 0.00000000 0.00 3. Class MF-1 4.99166677 165,523.67 4. Class MF-2 5.32500000 141,272.25 5. Class BF 5.69166667 122,598.50 6. Class AV 0.76298959 200,063.50 7. Class MV-1 1.40416667 27,802.50 8. Class MV-2 1.91250029 33,334.88 9. Class BV 2.48750029 43,357.13 -------------- 2,273,380.62
VI Credit Enhancement Information Group I Group II Total ------------- ------------- ------------- (a) Senior Enhancement Percentage 21.02% 27.32% 48.33% (b) Overcollateralization Amount: 1. Opening Overcollateralization Amount 15,252,032.86 10,773,517.11 26,025,549.97 2. Ending Overcollateralization Amount 15,252,032.86 10,773,517.11 26,025,549.97 3. Targeted Overcollateralization Amount 15,252,032.86 10,773,517.11 26,025,549.97 4. Subordination Deficiency 0.00 0.00 0.00 5. Overcollateralization Release Amount 0.00 0.00 0.00 VII Trigger Information 1. (a) 60+ Delinquency Percentage 4.84% 3.87% (b) Delinquency Event in effect (Group I > 50% or Group II > 40%of the Sr. Enhancement) ? NO NO 2. (a) Cumulative Loss Percentage 0.14% 0.05% (b) Applicable Loss Percentage for current Distribution 2.25% 3.25% (c) Cumulative Loss Trigger Event in effect NO NO VIII Pool Information No. Amount ------- -------------- (a) Closing Mortgage Loan Principal Balance: 1. Fixed Rate 6,300 460,741,960.17 2. Adjustable Rate 2,185 239,531,602.09 Total Closing Mortgage Loan Principal Balance: 8,485 700,273,562.26 (b) Balloon Mortgage Loans 1. Fixed Rate 208 16,186,336.20 2. Adjustable Rate 0 0.00 Total Closing Mortgage Loan Principal Balance: 208 16,186,336.20 (c) Weighted Average Mortgage Rate: 1. Fixed Rate 9.420% 2. Adjustable Rate 8.042% Total Weighted Average Mortgage Rate 8.949% (d) Weighted Average Net Mortgage Rate: 1. Fixed Rate 8.916% 2. Adjustable Rate 7.546% (e) Weighted Average Remaining Maturity: 1. Fixed Rate 288.49 2. Adjustable Rate 340.13 (f) Weighted Average Original Maturity: 1. Fixed Rate 315.00 2. Adjustable Rate 359.00
IX Delinquency Information No. % Amount ------- ------ -------------- A. Fixed Rate Mortgage Loans: (a) Delinquent Contracts: 1. 31 - 59 Day Accounts 223 3.54% 16,291,265.82 2. 60 - 89 Day Accounts 76 1.16% 5,348,470.77 3. 90+ Day Accounts 185 3.23% 14,887,086.90 (b) Mortgage Loans - In Foreclosure 136 2.36% 10,851,352.40 (c) REO Property Accounts 50 0.75% 3,439,723.38 B. Adjustable Rate Mortgage Loans: (a) Delinquent Contracts: 1. 31 - 59 Day Accounts 72 3.21% 7,689,614.16 2. 60 - 89 Day Accounts 27 1.13% 2,699,456.46 3. 90+ Day Accounts 58 2.41% 5,765,189.78 (b) Mortgage Loans - In Foreclosure 45 1.57% 3,754,596.52 (c) REO Property Accounts 24 0.85% 2,047,584.30 C. Total For All Mortgage Loans (a) Delinquent Contracts: 1. 31 - 59 Day Accounts 295 3.42% 23,980,879.98 2. 60 - 89 Day Accounts 103 1.15% 8,047,927.23 3. 90+ Day Accounts 243 2.95% 20,652,276.68 (b) Mortgage Loans - In Foreclosure 181 2.09% 14,605,948.92 (c) REO Property Accounts 74 0.78% 5,487,307.68
X Realized Losses No. Amount ----- -------------- 1. (a) Gross Realized Losses during the period 4 365,396.65 (b) Realized Losses during the period 1. Group I 354,348.56 2. Group II 0.00 -------------- Total 354,348.56 (c) Cumulative Gross Realized Losses 14 2,083,661.68 (d) Cumulative Realized Losses 1. Group I 904,654.68 2. Group II 172,918.21 Total 1,077,572.89 (e) Cumulative Applied Realized Losses i. Class MF-1 0.00 ii. Class MV-1 0.00 iii. Class MF-2 0.00 iv. Class MV-2 0.00 v. Class BF 0.00 vi. Class BV 0.00 XI Miscellaneous Information 1. (a) Monthly Master Servicer Fee i. Monthly Servicing Fee 302,169.67 ii. Mortgage Fees 361,977.56 iii. Mortgage Insurance Premium Reimbursement 11,380.75 iv. Certificate Account Investment Earnings 0.00 (b) Amount of prior unpaid Master Servicing Fees paid with this distribution 0.00 (c) Total Master Servicing Fees paid with this distribution 675,527.98 (d) Amount of unpaid Master Servicing Fees as of this distribution 0.00 2. (a) Opening Master Servicer Advance Balance 7,652,697.34 (b) Current Advance (exclusive of Compensating Interest) 899,064.47 (c) Reimbursement of prior Master Servicer Advances (477,250.84) -------------- (d) Ending Master Servicer Advance Balance 8,074,510.97 3. Current period Compensating Interest 4,439.43 4. (a) Stepdown Date in effect ? NO
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