10-K 1 csfb03ht610k.txt CSFB 2003 HEAT 6 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, 2003 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 333-107055-07 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, 4th Floor New York, NY 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 Mortgage Pass-Through Certificates Series HEAT 2003-6 (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. Yes X - No * * The closing date for the transaction was 10/29/2003 Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes X - 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, 2003, 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. Item 14. Principal Accounting Fees and Services. Not applicable. PART IV Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K (a) 1. Not Applicable 2. Not Applicable 3. Exhibits 99.1 Annual Statement of Compliance (a) Chase Manhattan Mortgage Corporation (b) Ocwen Federal Bank FSB 99.2 Report of Independent Accountants (a) Chase Manhattan Mortgage Corporation (b) Ocwen Federal Bank FSB 99.3 Report of Management (a) Chase Manhattan Mortgage Corporation (b) Ocwen Federal Bank FSB (b) Reports on Form 8-K The registrant has filed Current Reports on Form 8-K with the Securities and Exchange Commission dated: November 25, 2003; December 26, 2003 (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 Mortgage Pass-Through Certificates Series HEAT 2003-6 /s/ Andrew Kimura___________________ Name: Andrew Kimura Title: President Company: Credit Suisse First Boston Mortgage Securities Corp. Date: March 26, 2004_______________ Sarbanes-Oxley Certification I, Andrew Kimura , 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 Mortgage Pass-Through Certificates Series HEAT 2003-6 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. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the 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, 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: U.S. Bank National Association, as Trustee Chase Manhattan Mortgage Corporation, as Servicer Ocwen Federal Bank FSB, as Servicer Date: March 26, 2004______________ Signature: /s/ Andrew Kimura___________ Company: Credit Suisse First Boston Mortgage Securities Corp. Title: President EXHIBIT INDEX Exhibit Number Description 99.1 Annual Statement of Compliance (a) Chase Manhattan Mortgage Corporation (b) Ocwen Federal Bank FSB 99.2 Report of Independent Accountants (a) Chase Manhattan Mortgage Corporation (b) Ocwen Federal Bank FSB 99.3 Report of Management (a) Chase Manhattan Mortgage Corporation (b) Ocwen Federal Bank FSB EXHIBIT 99.1 -- Servicer's Annual Statement of Compliance (a) Chase Manhattan Mortgage Corporation 3415 Vision Drive Columbus,OH 43219 March 15, 2004 Ms. Beverly Thompson US Bank National Association 60 Livingston Avenue EPMNWS3D St. Paul, MN 55107 RE: Annual Statements as to Compliance Pursuant to that certain Pooling and Servicing Agreement ("Agreement") section 3.17 dated as of October 1,2003, Home Equity Asset Trust 2003-6, I, H. John Berens, hereby certify that (I) a review of the activities of the Servicer during the preceding year and the performance under this Agreement has been made under my supervision, and (II) to the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement for such year. Sincerely, H. John Berens Senior Vice President HJB/em cc: Lucy Gambino (b) Ocwen Federal Bank FSB Compliance Certification Year Ended December 31, 2003 CSFB HEAT 2003-6 The undersigned Officer of Ocwen Federal Bank FSB (the "Servicer") confirms that (i) a review of the activities of the Servicer during the calendar year ending on December 31, 2003 and of the performance of the Servicer under the Pooling and Servicing Agreement for Home Equity Asset Trust 2003-6 dated as of October 1, 2003 (the "Servicing Agreement") has been made under his supervision. Except as noted on the Management Assertion on Compliance with USAP, to the best of the undersigned Officer's knowledge, based on such review, the Servicer has fulfilled all of its obligations as set forth in the Servicing Agreement. By: /s/ Scott W. Anderson Scott W. Anderson, Senior Vice President Dated: March 12, 2004 EXHIBIT 99.2 -- Report of Independent Accountants (a) PricewaterhouseCoopers LLP 11 77 Avenue of the Americas New York, NY 10036 Telephone (646) 471 4000 Facsimile (813) 286 6000 Report of Independent Auditors To the Board of Directors and Stockholder of Chase Manhattan Mortgage Corporation: We have examined management's assertion about Chase Manhattan Mortgage Corporation's (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") as of and for the year ended December 31, 2003 included in the accompanying management assertion (see Exhibit I). The Company performs loan subservicing functions for the residential loan servicing portfolio of its affiliate, Chase Mortgage Company West. Management is responsible for the Company's compliance with those minimum servicing standards. 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 attestation 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 minimum servicing 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 minimum servicing standards. In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 2003 is fairly stated, in all material respects. PricewaterhouseCoopers LLP March 3, 2004 (b) PricewaterhouseCoopers LLP 222 Lakeview Avenue, Suite 360 West Palm Beach, FL 33401 Telephone (561) 832 0036 Facsimile (561) 805 8181 INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S REPORT 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 reconciliations described in the third paragraph and the noncompliance related to interest on escrows described in the fifth 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 31,2003. 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 noncomlpiance with minimum servicing standards related to account reconciliations and interest on escrows, applicable to the Bank during the year ended December 31, 2003. 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, 2003 is fairly stated, in all material respects. By: /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP Dated March 12, 2004 EXHIBIT 99.3 -- Report of Management (a) CHASE Chase Manhattan Mortgage Corporation 3415 Vision Drive Columbus, OH 43219 Exhibit I Management's Assertion Concerning Compliance with USAP Minimum Servicing Standards March 3, 2004 As of and for the year ended December 31, 2003, Chase Manhattan Mortgage Corporation and its subsidiaries (collectively, the "Group") 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"). These standards are applicable only to Chase Manhattan Mortgage Corporation's prime and subprime mortgage portfolios. As of and for this same period, the Group had in effect fidelity bond and errors and omissions policy in the amounts of $250,000,000 and $25,000,000 respectively. /s/ Steve Rotella Steve Rotella Chief Executive Officer /s/ Terry L. Gentry Terry L. Gentry Senior Vice President of Servicing /s/ Lucy Gambino Lucy Gambino Vice President of Risk Management (b) MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP March 12, 2004 As of and for the year ended December 31, 2003, 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: Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall be mathematically accurate, be prepared within forty five (45) calendar days of the cutoff date; be reviewed and approved by someone other than the person who prepared the reconciliation; and document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification. Certain reconciling items which arose during the year ended December 31, 2003 were not specifically identified and/or were not cleared within 90 days of their original identification. Management has developed and implemented an action plan and continues to resolve outstanding reconciling items. An significant reconciling items have been isolated and reviewed by the Company, and the Company believes these items will not have a material impact on the status of any custodial accounts. 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, 2003. The Bank has corrected the affected accounts by paying or crediting the appropriate interest on escrow. 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 $5,000,000. By: /s/ Ronald M. Faris Ronald M. Faris, President Dated: March 12, 2004 By: /s/ Scott W. Anderson Scott W. Anderson, Senior Vice President of Residential Assets Dated: March 12, 2004 By: /s/ Brian J.LaForest Brian J.LaForest, Director of lnvestor Reporting Dated: March 12, 2004