10-K 1 gmac02j3_10k.txt GMAC 02J3 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 PassThrough Certificates Series 2002-J3 (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. There were no changes in and/or disagreements with Accountants on Accounting and Financial Disclosures. 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: 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-J3 /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 PassThrough Certificates Series 2002-J3 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-J3 STATEMENT TO CERTIFICATEHOLDERS DISTRIBUTION SUMMARY Class Cusip Class Type Rate Type Beg Bal Rate A-1 36185NRW2 Senior Fix-30/360 5,717,000 6.00000 A-2 36185NRX0 Senior Fix-30/360 82,481,000 6.00000 A-3 36185NRY8 Senior Fix-30/360 23,000,000 6.00000 A-4 36185NRZ5 Strip IO Var-Act/360 18,750,000 6.12000 A-5 36185NSA9 Senior Fix-30/360 50,000,000 5.25000 A-6 36185NSB7 Senior Var-Act/360 18,750,000 1.88000 A-7 36185NSC5 Senior Fix-30/360 21,731,000 6.00000 A-8 36185NSD3 Senior Fix-30/360 16,000,000 6.00000 A-9 36185NSE1 Senior Fix-30/360 28,584,000 6.00000 PO 36185NSF8 Strip PO Fix-30/360 246,658 0.00000 IO 36185NSG6 Strip IO Fix-30/360 242,355,182 0.41303 R-I 36185NSH4 Senior Fix-30/360 50 6.00000 R-II 36185NSJ0 Senior Fix-30/360 50 6.00000 M-1 36185NSK7 Mezzanine Fix-30/360 1,751,000 6.00000 M-2 36185NSL5 Mezzanine Fix-30/360 625,000 6.00000 M-3 36185NSM3 Mezzanine Fix-30/360 375,000 6.00000 B-1 36185NSR2 Junior Fix-30/360 250,000 6.00000 B-2 36185NSS0 Junior Fix-30/360 250,000 6.00000 B-3 36185NST8 Junior Fix-30/360 250,210 6.00000 Totals 250,010,968 Prin Int Total Cur Loss End Bal A-1 5,717,000 78,527 5,795,527 0 0 A-2 36,144,132 3,307,041 39,451,173 0 46,336,868 A-3 0 1,035,000 1,035,000 0 23,000,000 A-4 0 724,582 724,582 0 7,397,981 A-5 30,272,050 1,750,159 32,022,209 0 19,727,950 A-6 11,352,019 293,145 11,645,164 0 7,397,981 A-7 0 977,895 977,895 0 21,731,000 A-8 0 720,000 720,000 0 16,000,000 A-9 899,397 1,268,501 2,167,898 0 27,684,603 PO 14,651 0 14,651 0 232,006 IO 0 699,057 699,057 0 158,410,512 R-I 50 1,804 1,854 0 0 R-II 50 0 50 0 0 M-1 55,095 77,706 132,801 0 1,695,905 M-2 19,666 27,736 47,402 0 605,334 M-3 11,799 16,642 28,441 0 363,201 B-1 7,866 11,095 18,961 0 242,134 B-2 7,866 11,095 18,961 0 242,134 B-3 7,873 11,104 18,977 0 242,337 Totals 84,509,514 11,011,088 95,520,603 0 165,501,453 Class Cumul Loss Orig Bal Sched Prin Acc Prin Prin Adj A-1 0 5,717,000 5,717,000 0 0 A-2 0 82,481,000 36,144,132 0 0 A-3 0 23,000,000 0 0 0 A-4 0 18,750,000 0 0 0 A-5 0 50,000,000 30,272,050 0 0 A-6 0 18,750,000 11,352,019 0 0 A-7 0 21,731,000 0 0 0 A-8 0 16,000,000 0 0 0 A-9 0 28,584,000 899,397 0 0 PO 0 246,658 14,651 0 0 IO 0 242,355,182 0 0 0 R-I 0 50 50 0 0 R-II 0 50 50 0 0 M-1 0 1,751,000 55,095 0 0 M-2 0 625,000 19,666 0 0 M-3 0 375,000 11,799 0 0 B-1 0 250,000 7,866 0 0 B-2 0 250,000 7,866 0 0 B-3 0 250,210 7,873 0 0 Totals 0 250,010,968 84,509,514 0 0 Class Net Prin Acc Int Unpaid Int Def Int Total Int Due A-1 5,717,000 78,527 0 0 78,527 A-2 36,144,132 3,307,041 0 0 3,307,041 A-3 0 1,035,000 0 0 1,035,000 A-4 0 724,582 0 0 724,582 A-5 30,272,050 1,750,159 0 0 1,750,159 A-6 11,352,019 293,145 0 0 293,145 A-7 0 977,895 0 0 977,895 A-8 0 720,000 0 0 720,000 A-9 899,397 1,268,501 0 0 1,268,501 PO 14,651 0 0 0 0 IO 0 699,057 0 0 699,057 R-I 50 0 0 0 0 R-II 50 0 0 0 0 M-1 55,095 77,706 0 0 77,706 M-2 19,666 27,736 0 0 27,736 M-3 11,799 16,642 0 0 16,642 B-1 7,866 11,095 0 0 11,095 B-2 7,866 11,095 0 0 11,095 B-3 7,873 11,104 0 0 11,104 Totals 84,509,514 11,009,285 0 0 11,009,285 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 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 5,717,000 5,717,000 0 A-2 Senior 82,481,000 82,481,000 46,336,868 A-3 Senior 23,000,000 23,000,000 23,000,000 A-4 Strip IO 18,750,000 18,750,000 7,397,981 A-5 Senior 50,000,000 50,000,000 19,727,950 A-6 Senior 18,750,000 18,750,000 7,397,981 A-7 Senior 21,731,000 21,731,000 21,731,000 A-8 Senior 16,000,000 16,000,000 16,000,000 A-9 Senior 28,584,000 28,584,000 27,684,603 PO Strip PO 246,658 246,658 232,006 IO Strip IO 242,355,182 242,355,182 158,410,512 R-I Senior 50 50 0 R-II Senior 50 50 0 M-1 Mezzanine 1,751,000 1,751,000 1,695,905 M-2 Mezzanine 625,000 625,000 605,334 M-3 Mezzanine 375,000 375,000 363,201 B-1 Junior 250,000 250,000 242,134 B-2 Junior 250,000 250,000 242,134 B-3 Junior 250,210 250,210 242,337 AMOUNTS PER $1,000 UNIT Class Beg Bal Prin Int End Bal A-1 1000.0000 1000.0000 13.7357 0.0000 A-2 1000.0000 438.2116 40.0946 561.7884 A-3 1000.0000 0.0000 45.0000 1000.0000 A-4 1000.0000 0.0000 38.6444 394.5590 A-5 1000.0000 605.4410 35.0032 394.5590 A-6 1000.0000 605.4410 15.6344 394.5590 A-7 1000.0000 0.0000 45.0000 1000.0000 A-8 1000.0000 0.0000 45.0000 1000.0000 A-9 1000.0000 31.4650 44.3780 968.5350 PO 1000.0000 59.3989 0.0000 940.6011 IO 1000.0000 0.0000 2.8844 653.6296 R-I 1000.0000 1000.0000 36071.2000 0.0000 R-II 1000.0000 1000.0000 9.0000 0.0000 M-1 1000.0000 31.4650 44.3780 968.5350 M-2 1000.0000 31.4650 44.3780 968.5350 M-3 1000.0000 31.4651 44.3780 968.5350 B-1 1000.0000 31.4651 44.3780 968.5350 B-2 1000.0000 31.4651 44.3780 968.5350 B-3 1000.0000 31.4647 44.3780 968.5354 Pool Level Data Dist Date 12/25/2002 Cut-Off Date: 3/1/2002 Determination Date: 12/1/2002 Accrual Period: Beg 3/1/2002 End 12/1/2002 Number of Days in Accrual Period: 275 COLLATERAL INFORMATION Group 1 Cut-Off Date Balance 250,010,968 Beginning Aggregate Pool Stated Principal Balance 250,010,968 Ending Aggregate Pool Stated Principal Balance 165,501,453 Beginning Aggregate Certificate Stated Principal Balance 250,010,968 Ending Aggregate Certificate Stated Principal Balance 165,501,453 Beginning Aggregate Loan Count 599 Loans Paid Off or Otherwise Removed Pursuant to PSA 177 Ending Aggregate Loan Count 422 Beginning Weighted Average Loan Rate (WAC) 6.6672% Ending Weighted Average Loan Rate (WAC) 6.6409% Beginning Net Weighted Average Loan Rate 6.4172% Ending Net Weighted Average Loan Rate 6.3909% Weighted Average Maturity (WAM) (Months) 166 Servicer Advances 0 Aggregate Pool Prepayment 77,222,343 Pool Prepayment Rate 66.0490 CPR CERTIFICATE INFORMATION Prepayment Compensation Total Gross Prepayment Interest Shortfall 29,946 Compensation for Gross PPIS from Servicing Fees 29,946 Other Gross PPIS Compensation 0 Total Net PPIS (Non-Supported PPIS) 0 Master Servicing Fees Paid 908,850 Sub Servicing Fees Paid 0 Insurance Premium(s) Paid 0 Personal Mortgage Insurance Fees Paid 0 Other Fees Paid 0 Total Fees 908,850 DELINQUENCY INFORMATION Group 1 Delinquency 30-59 60-89 90+ Total Scheduled Bal 1,676,929.22 0 0 1,676,929.22 % of Total Pool 1.013241% 0.000000% 0.000000% 1.013241% Number of Loans 4 0 0 4 % of Total Loans 0.9478673% 0.0000000% 0.0000000% 0.9478673% 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 0.00 BankruPercentage 0.00% 0.00% Credit/Fraud Loss 0 5,000,219.35 CreditLoss Percentage 0.00% 3.021254% Special Hazard Loss 1,250,255.00 1,250,255.00 SpeciaHazard Loss Percentage 0.500080% 0.755434% Credit Support Original Current Class A 246,509,758 162,110,409 Class A Percentage 98.5996% 97.9510% M-1 1,751,000 1,695,905 Class M-1 Percentage 0.7004% 1.0247% M-2 625,000 605,334 Class M-2 Percentage 0.2500% 0.3658% M-3 375,000 363,201 Class M-3 Percentage 0.1500% 0.2195% B-1 250,000 242,134 Class B-1 Percentage 0.1000% 0.1463% B-2 250,000 242,134 Class B-2 Percentage 0.1000% 0.1463% B-3 250,210 242,337 Class B-3 Percentage 0.1001% 0.1464% 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 March 27, 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: 301510000000/ GMAC 02-J3 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