10-K 1 gmac02j4_10k.txt GMAC 02J4 10K 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 Pass-Through Certificates Series 2002-J4 (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 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 Summary Statement 99.2 Annual Statement as to Compliance 99.3 Report of Independent Accountants 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: 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 Pass-Through Certificates Series 2002-J4 /s/ Keith Richardson Keith Richardson 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 Pass-Through Certificates Series 2002-J4 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 Pass-Through Certificates Series 2002-J4 STATEMENT TO CERTIFICATEHOLDERS DISTRIBUTION SUMMARY Class Cusip Class Type Rate Type Beg Bal Rate A-1 36185NSU5 Senior Fix-30/360 75,000,000 6.50000 A-2 36185NSV3 Senior Fix-30/360 39,360,000 6.00000 A-3 36185NSW1 Senior Var-Act/360 29,340,000 1.93000 A-4 36185NSX9 Strip IO Var-Act/360 29,340,000 6.57000 A-5 36185NSY7 Senior Fix-30/360 52,000,000 5.75000 A-6 36185NSZ4 Senior Fix-30/360 14,690,000 6.50000 A-7 36185NTA8 Senior Fix-30/360 14,117,000 6.50000 A-8 36185NTB6 Senior Fix-30/360 15,124,000 6.50000 A-9 36185NTC4 Senior Fix-30/360 27,500,000 6.50000 PO Strip PO Fix-30/360 331,042 0.00000 IO Strip IO Fix-30/360 265,607,385 0.26504 M-1 36185NTH3 Mezzanine Fix-30/360 3,716,700 6.50000 M-2 36185NTJ9 Mezzanine Fix-30/360 1,652,000 6.50000 M-3 36185NTK6 Mezzanine Fix-30/360 963,600 6.50000 B-1 36185NTL4 Junior Fix-30/360 550,700 6.50000 B-2 36185NTM2 Junior Fix-30/360 413,000 6.50000 B-3 36185NTN0 Junior Fix-30/360 550,956 6.50000 R-I Senior Fix-30/360 50 6.50000 R-II Senior Fix-30/360 50 6.50000 Totals 275,309,098 Prin Int Total Cur Loss End Bal A-1 29,361,483 2,583,009 31,944,492 0 45,638,517 A-2 15,408,907 1,251,289 16,660,196 0 23,951,094 A-3 11,486,212 360,729 11,846,941 0 17,853,788 A-4 0 957,215 957,215 0 17,853,788 A-5 20,357,295 1,584,246 21,941,541 0 31,642,705 A-6 164,287 556,552 720,839 0 14,525,713 A-7 0 535,270 535,270 0 14,117,000 A-8 0 409,608 409,608 0 15,288,287 A-9 0 1,042,708 1,042,708 0 27,500,000 PO 10,514 0 10,514 0 320,528 IO 0 429,706 429,706 0 189,367,118 M-1 22,406 140,567 162,973 0 3,694,294 M-2 9,959 62,479 72,438 0 1,642,041 M-3 5,809 36,444 42,253 0 957,791 B-1 3,320 20,828 24,148 0 547,380 B-2 2,490 15,620 18,110 0 410,510 B-3 3,321 20,837 24,159 0 547,635 R-I 50 918 968 0 0 R-II 50 0 50 0 0 Totals 76,836,103 10,008,026 86,844,129 0 198,637,282 Class Cumul Loss Orig Bal Sched Prin Acc Prin Prin Adj A-1 0 75,000,000 29,361,483 0 0 A-2 0 39,360,000 15,408,907 0 0 A-3 0 29,340,000 11,486,212 0 0 A-4 0 29,340,000 0 0 0 A-5 0 52,000,000 20,357,295 0 0 A-6 0 14,690,000 164,287 0 0 A-7 0 14,117,000 0 0 0 A-8 0 15,124,000 0 164,287 0 A-9 0 27,500,000 0 0 0 PO 0 331,042 10,514 0 0 IO 0 265,607,385 0 0 0 M-1 0 3,716,700 22,406 0 0 M-2 0 1,652,000 9,959 0 0 M-3 0 963,600 5,809 0 0 B-1 0 550,700 3,320 0 0 B-2 0 413,000 2,490 0 0 B-3 0 550,956 3,321 0 0 R-I 0 50 50 0 0 R-II 0 50 50 0 0 Totals 0 275,309,098 76,836,104 164,287 0 Class Net Prin Acc Int Unpaid Int Def Int Total Int Due A-1 29,361,483 2,583,009 0 0 2,583,009 A-2 15,408,907 1,251,289 0 0 1,251,289 A-3 11,486,212 360,729 0 0 360,729 A-4 0 957,215 0 0 957,215 A-5 20,357,295 1,584,246 0 0 1,584,246 A-6 164,287 556,552 0 0 556,552 A-7 0 535,270 0 0 535,270 A-8 0 409,608 0 164,287 573,895 A-9 0 1,042,708 0 0 1,042,708 PO 10,514 0 0 0 0 IO 0 429,706 0 0 429,706 M-1 22,406 140,567 0 0 140,567 M-2 9,959 62,479 0 0 62,479 M-3 5,809 36,444 0 0 36,444 B-1 3,320 20,828 0 0 20,828 B-2 2,490 15,620 0 0 15,620 B-3 3,321 20,837 0 0 20,837 R-I 50 0 0 0 0 R-II 50 0 0 0 0 Totals 76,836,103 10,007,108 0 164,287 10,171,395 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 PO 0 0 IO 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 R-I 0 0 R-II 0 0 Totals 0 0 Class Class Type Orig Bal Beg Bal End Bal A-1 Senior 75,000,000 75,000,000 45,638,517 A-2 Senior 39,360,000 39,360,000 23,951,094 A-3 Senior 29,340,000 29,340,000 17,853,788 A-4 Strip IO 29,340,000 29,340,000 17,853,788 A-5 Senior 52,000,000 52,000,000 31,642,705 A-6 Senior 14,690,000 14,690,000 14,525,713 A-7 Senior 14,117,000 14,117,000 14,117,000 A-8 Senior 15,124,000 15,124,000 15,288,287 A-9 Senior 27,500,000 27,500,000 27,500,000 PO Strip PO 331,042 331,042 320,528 IO Strip IO 265,607,385 265,607,385 189,367,118 M-1 Mezzanine 3,716,700 3,716,700 3,694,294 M-2 Mezzanine 1,652,000 1,652,000 1,642,041 M-3 Mezzanine 963,600 963,600 957,791 B-1 Junior 550,700 550,700 547,380 B-2 Junior 413,000 413,000 410,510 B-3 Junior 550,956 550,956 547,635 R-I Senior 50 50 0 R-II Senior 50 50 0 AMOUNTS PER $1,000 UNIT Class Beg Bal Prin Int End Bal A-1 1000.0000 391.4864 34.4401 608.5136 A-2 1000.0000 391.4864 31.7909 608.5136 A-3 1000.0000 391.4864 12.2948 608.5136 A-4 1000.0000 0.0000 32.6249 608.5136 A-5 1000.0000 391.4864 30.4663 608.5136 A-6 1000.0000 11.1836 37.8865 988.8164 A-7 1000.0000 0.0000 37.9167 1000.0000 A-8 1000.0000 0.0000 27.0833 1010.8627 A-9 1000.0000 0.0000 37.9167 1000.0000 PO 1000.0000 31.7614 0.0000 968.2386 IO 1000.0000 0.0000 1.6178 712.9588 M-1 1000.0000 6.0284 37.8204 993.9716 M-2 1000.0000 6.0284 37.8204 993.9716 M-3 1000.0000 6.0284 37.8204 993.9716 B-1 1000.0000 6.0284 37.8205 993.9716 B-2 1000.0000 6.0284 37.8204 993.9716 B-3 1000.0000 6.0280 37.8204 993.9720 R-I 1000.0000 1000.0000 18355.8000 0.0000 R-II 1000.0000 1000.0000 5.4000 0.0000 Pool Level Data Dist Date 12/25/2002 Cut-Off Date: 5/1/2002 Determination Date: 12/1/2002 Accrual Period: Beg 5/1/2002 End 12/1/2002 Number of Days in Accrual Period: 214 COLLATERAL INFORMATION Group 1 Cut-Off Date Balance 275,309,098 Beginning Aggregate Pool Stated Principal Balance 275,309,098 Ending Aggregate Pool Stated Principal Balance 198,637,282 Beginning Aggregate Certificate Stated Principal Balance 275,309,098 Ending Aggregate Certificate Stated Principal Balance 198,637,282 Beginning Aggregate Loan Count 652 Loans Paid Off or Otherwise Removed Pursuant to PSA 163 Ending Aggregate Loan Count 489 Beginning Weighted Average Loan Rate (WAC) 7.0432% Ending Weighted Average Loan Rate (WAC) 7.0148% Beginning Net Weighted Average Loan Rate 6.7932% Ending Net Weighted Average Loan Rate 6.7648% Weighted Average Maturity (WAM) (Months) 349 Servicer Advances 0 Aggregate Pool Prepayment 75,120,925 Pool Prepayment Rate 68.8880 CPR Prepayment Compensation Total Gross Prepayment Interest Shortfall 43,311 Compensation for Gross PPIS from Servicing Fees 43,311 Other Gross PPIS Compensation 0 Total Net PPIS (Non-Supported PPIS) 0 Master Servicing Fees Paid 331,983 Sub Servicing Fees Paid 0 Insurance Premium(s) Paid 0 Personal Mortgage Insurance Fees Paid 0 Other Fees Paid 0 Total Fees 331,983 DELINQUENCY INFORMATION Group 1 Delinquency 30-59 60-89 90+ Total Scheduled Bal 3,431,877 0 0 3,431,877 % of Total Pool 1.7277% 0.0000% 0.0000% 1.7277% Number of Loans 8 0 0 8 % of Total Loans 1.6360% 0.0000% 0.0000% 1.6360% Foreclosure 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% 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 0.0000000% 0.0000000% Credit/Fraud Loss 0 5506181.96 CreditLoss Percentage 0.0000000% 2.7719780% Special Hazard Loss 0 0 SpeciaHazard Loss Percentage 0.000000% 0.000000% Credit Support Original Current Class A 267,462,142 190,837,630 Class A Percentage 97.1498% 96.0734% M-1 3,716,700 3,694,294 Class M-1 Percentage 1.3500% 1.8598% M-2 1,652,000 1,642,041 Class M-2 Percentage 0.6001% 0.8267% M-3 963,600 957,791 Class M-3 Percentage 0.3500% 0.4822% B-1 550,700 547,380 Class B-1 Percentage 0.2000% 0.2756% B-2 413,000 410,510 Class B-2 Percentage 0.1500% 0.2067% B-3 550,956 547,635 Class B-3 Percentage 0.2001% 0.2757% EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance 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 May 30, 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: 301630000000/ GMAC 02-J4 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 Officer's Certificate