-----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, Nu1JxXg+RhtT2HKKJ9FDg2daZOkEp1MarUveLytkEdVgE8VJClzGoEQodTFbjPNq IIF7GdRfoR3pOGrd7AWoLg== 0000891092-03-003025.txt : 20031029 0000891092-03-003025.hdr.sgml : 20031029 20031029093628 ACCESSION NUMBER: 0000891092-03-003025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031029 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: 03962312 BUSINESS ADDRESS: STREET 1: CSFB 11 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2123252000 8-K 1 e16004_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: September 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-Sep-03 PAYMENT DATE: 27-Oct-03 DETERMINATION DATE: 22-Oct-03 The monthly distributions were made to holders of asset backed notes issued by CIT Home Equity Loan Trust 2002-2on: October 27, 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: /s/ Kevin Crombie ----------------- Name: Kevin Crombie Title: Assistant Vice President/Relationship Manager Dated: October 27, 2003 EX-20.1 3 e16004ex20_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 9/30/2003 Determination Date 10/22/2003 Distribution Date 10/27/2003
I Available in Certificate Account Principal collected on Mortgage Loans 24,745,705.67 All Liquidation Proceeds with respect to Principal 597,123.98 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 25,342,829.65 Interest collected on Mortgage Loans 4,864,894.15 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) 798,137.32 Reimbursement of previous months Servicer Advances -580,758.56 Compensating Interest 2,392.61 Investment Earnings on Certificate Account 0.00 ------------- Interest Remittance Amount 5,084,665.52 Amount not Required to be deposited 0.00 Total available in the Certificate Account 30,427,495.17 II Distributions Per $ 1,000 Amount ----------- ------------- 1. Aggregate Class AF Distribution 30.98505035 18,030,200.80 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 35.47384146 9,301,595.97 7. Aggregate Class MV-1 Distribution 1.57333333 31,152.00 8. Aggregate Class MV-2 Distribution 2.11555536 36,874.13 9. Aggregate Class BV Distribution 2.72888870 47,564.53 10. Aggregate Class X-IO Distribution 0.00000000 1,875,774.87 11. Aggregate Class R Distribution 0.00 12. Aggregate Master Servicer Distribution 674,938.45 ------------- Total Distributions = 30,427,495.17 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 57.13012211% 332,440,180.58 (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 59.66467578% 156,446,746.35 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 1,750,805.17 (b) Principal Prepayments 276 22,994,900.50 (c) Liquidation Proceeds 597,123.98 (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 25,342,829.65 1(b). Subordination Increase/(Decrease) amount 446,515.40 ------------- Total Principal Distribution 25,789,345.05 2(a). Class AF Principal Distribution Amount for Group I Certificates: Per $ 1,000 ----------- 1. Class AF 28.66651956 16,681,047.73 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 34.73665123 9,108,297.32 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 54.26347016% 315,759,132.85 (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 56.19101065% 147,338,449.03 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 1.12000% 1. Class AV 1.39000% 2. Class MV-1 1.77000% 3. Class MV-2 2.38000% 4. Class BV 3.07000% INTEREST REMITTANCE AMOUNT 1. Interest collected on Mortgage Loans 4,864,894.15 2. Interest advanced on Mortgage Loans 217,378.76 3. Compensating Interest on Mortgage Loans 2,392.61 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 5,084,665.52 Current Interest Requirement 1. Class AF-1A @ applicable Pass-Through Rate 1,349,153.07 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 193,298.65 7. Class MV-1 @ applicable Pass-Through Rate 31,152.00 8. Class MV-2 @ applicable Pass-Through Rate 36,874.13 9. Class BV @ applicable Pass-Through Rate 47,564.53 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 2.31853080 1,349,153.07 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 0.73719023 193,298.65 7. Class MV-1 1.57333333 31,152.00 8. Class MV-2 2.11555536 36,874.13 9. Class BV 2.72888870 47,564.53 ------------ 2,087,436.80 VI Credit Enhancement Information Group I Group II Total (a) Senior Enhancement Percentage 23.47% 30.83% 54.30% (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 6.81% 5.56% (b) Delinquency Event in effect (Group I > 50% or Group II > 40%of the Sr. Enhancement)? NO NO 2. (a) Cumulative Loss Percentage 0.23% 0.16% (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 5,730 412,241,165.71 2. Adjustable Rate 1,986 212,771,966.14 Total Closing Mortgage Loan Principal Balance: 7,716 625,013,131.85 (b) Balloon Mortgage Loans 1. Fixed Rate 186 14,033,559.18 2. Adjustable Rate 0 0.00 Total Closing Mortgage Loan Principal Balance: 186 14,033,559.18 (c) Weighted Average Mortgage Rate: 1. Fixed Rate 9.414% 2. Adjustable Rate 8.003% Total Weighted Average Mortgage Rate 8.933% (d) Weighted Average Net Mortgage Rate: 1. Fixed Rate 8.928% 2. Adjustable Rate 7.516% (e) Weighted Average Remaining Maturity: 1. Fixed Rate 286.40 2. Adjustable Rate 337.23 (f) Weighted Average Original Maturity: 1. Fixed Rate 317.56 2. Adjustable Rate 358.45
IX Delinquency Information No. % Amount --------------------------------------------- A. Fixed Rate Mortgage Loans: (a) Delinquent Contracts: 1. 31 - 59 Day Accounts 253 4.45% 18,335,609.04 2. 60 - 89 Day Accounts 97 1.81% 7,479,483.69 3. 90+ Day Accounts 232 4.49% 18,517,655.10 (b) Mortgage Loans - In Foreclosure 151 2.90% 11,957,841.53 (c) REO Property Accounts 61 1.40% 5,751,583.37 B. Adjustable Rate Mortgage Loans: (a) Delinquent Contracts: 1. 31 - 59 Day Accounts 108 4.97% 10,568,251.47 2. 60 - 89 Day Accounts 27 1.31% 2,778,747.95 3. 90+ Day Accounts 77 3.45% 7,339,241.13 (b) Mortgage Loans - In Foreclosure 46 2.05% 4,355,997.27 (c) REO Property Accounts 22 0.93% 1,969,430.59 C. Total For All Mortgage Loans (a) Delinquent Contracts: 1. 31 - 59 Day Accounts 361 4.62% 28,903,860.51 2. 60 - 89 Day Accounts 124 1.64% 10,258,231.64 3. 90+ Day Accounts 309 4.14% 25,856,896.23 (b) Mortgage Loans - In Foreclosure 197 2.61% 16,313,838.80 (c) REO Property Accounts 83 1.24% 7,721,013.96 X Realized Losses No. Amount ------- ------------ 1. (a) Gross Realized Losses during the period 12 1,043,639.38 (b) Realized Losses during the period 1. Group I 285,910.87 2. Group II 160,604.53 ------------ Total 446,515.40 (c) Cumulative Gross Realized Losses 43 4,208,063.91 (d) Cumulative Realized Losses 1. Group I 1,508,799.65 2. Group II 517,109.78 Total 2,025,909.43 (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 271,167.70 ii. Mortgage Fees 394,909.75 iii. Mortgage Insurance Premium Reimbursement 8,861.00 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 674,938.45 (d) Amount of unpaid Master Servicing Fees as of this distribution 0.00 2. (a) Opening Master Servicer Advance Balance 8,681,075.67 (b) Current Advance (exclusive of Compensating Interest) 798,137.32 (c) Reimbursement of prior Master Servicer Advances (580,758.56) ------------ (d) Ending Master Servicer Advance Balance 8,898,454.43 3. Current period Compensating Interest 2,392.61 4. (a) Stepdown Date in effect? NO
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