Item 1. Business.
Omitted.
Item 2.
Item 2. Properties.
See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information provided in lieu of information required by Item 102 of Regulation S-K.
Item 3.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings involving the trust created under the Pooling and Servicing Agreement (the Trust), the Trustee, the Servicer or the registrant with respect to the Trust other than routine litigation incidental to the duties of the respective parties.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
No established public trading market for the Certificates exists.
Records provided to the Trust by the DTC and the Trustee indicate that as of December 31, 2003, the number of holders of record for each class of Certificate were as follows:
Class A 20 Class A-IO 11 Class B 9 Class F 1 Class IO 3 Class M1 4 Class M2 4 Class M3 5 Class M4 5 Class P 1 Class R 1 Class X 1
Total: 65
Item 6.
Item 6. Selected Financial Data.
Omitted.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.
Omitted.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information provided in lieu of information required by Item 302 of Regulation S-K.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A.
Item 9A. Controls and Procedures.
Not applicable.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant.
Not applicable.
Item 11.
Item 11. Executive Compensation.
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Not applicable.
Item 14.
Item 14. Principal Accounting Fees and Services.
Not applicable.
PART IV
Item 15.
Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
(31.1) Rule 13a-14(a)/15d-14(a) Certification
(99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 2003.
(99.2) Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 2003.
(99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 2003.
(99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders.
(b) On December 29, 2003, a report on Form 8-K was filed in order to provide the Pooling and Servicing Agreement for the Certificates.
On January 12, 2004 reports on Form 8-K were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed during the last quarter of the period covered by this report.
(c) Not applicable.
(d) Omitted.
Filed herewith.
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:
Bayview Financial Securities Company, LLC. Mortgage Pass-Through Certificates Series 2003-F (Registrant)
Signed: Bayview Financial Securities Company LLC, as Depositor
By: Stuart Waldman
By: /s/ Stuart Waldman
Dated: March 30, 2004
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
(a)(i) No annual report is provided to the Certificateholders other than with respect to aggregate principal and interest distributions.
(a)(ii) No proxy statement, form of proxy or other proxy soliciting material has been sent to any Certificateholder with respect to any annual or other meeting of Certificateholders.
Exhibit Index
Exhibit No.
Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification
I, Stuart Waldman, 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 Bayview Financial Securities Company, LLC. Mortgage Pass-Through Certificates, Series 2003-F Trust;
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 master servicer under the pooling and servicing, or similar, agreement, and based on upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the master 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: Aurora Loan Srvcs Inc as Servicer, CitiMortgage Inc. (MO) as Servicer, GMAC Mortgage Corp as Servicer, HSBC Bank, USA as Servicer, Interbay Funding, LLC as Servicer, M & T Mortgage Corp as Servicer, Washington Mutual Bank, F.A. as Servicer.
Date: March 30, 2004
/s/ Stuart Waldman Signature
Vice President Title
Ex-99.1(a) ERNST & YOUNG (Logo)
Ernst & Young LLP Suite 3300 370 17th Street Denver, Colorado 80202-5663
Phone: (720) 931-4000 Fax: (720) 931-4444 www.ey.com
Report on Management's Assertion on Compliance with the Specified Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers
Report of Independent Accountants
Board of Directors Aurora Loan Services Inc.
We have examined management's assertion, included in the accompanying report titled Report of Management, that Aurora Loan Services Inc. (the Company) complied with the servicing standards identified in Exhibit A to the Report of Management (the "specified minimum servicing standards") as set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) during the year ended November 30, 2003. Management is responsible for the Company's compliance with those specified 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 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 specified 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 specified minimum servicing standards.
In our opinion, management's assertion that the Company complied with the aforementioned specified minimum servicing standards during the year ended November 30, 2003, is fairly stated, in all material respects.
/s/ Ernst & Young LLP
February 2, 2004
Ex-99.1(b)
(logo) KPMG
KPMG LLP Suite 900 10 South Broadway St. Louis, MO 63102-1761
Independent Accountants' Report
The Board of Directors CitiMortgage, Inc.:
We have examined management's assertion, included in the accompanying management assertion, that CitiMortgage, Inc. and subsidiaries and CitiMortgage Asset Management, Inc. (collectively referred to as the Company), complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 2003. 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 conducted 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 specified above 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 during the year ended December 31, 2003 is fairly stated, in all material respects.
/s/ KPMG LLP
St. Louis, Missouri March 5, 2004
KPMG LLP, a U.S limited liability partnership, is the U.S. member firm of KPMG International, a Swiss cooperative.
Ex-99.1(c)
(logo) PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP 125 High Street Boston MA 02110 Telephone (617) 530 5000 facsimile (617) 530-5001
Report of Independent Auditors
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 ("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). 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 entity'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 Company's compliance with the 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 standards.
In our opinion, management's assertion that the Company complied with the aforementioned standards as of and for the year ended December 31, 2003 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP
March 24, 2004
Ex-99.1(d) [logo] KPMG
KPMG LLP Suite 601 12 Fountain Plaza Buffalo. NY 14202
Independent Accountants' Report
The Board of Directors HSBC Mortgage Corporation (USA):
We have examined management's assertion, included in the accompanying Management Assertion, that HSBC Mortgage Corporation (USA) complied with the minimum servicing standards set forth 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. Management is responsible for HSBC Mortgage Corporation (USA)'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 conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about HSBC Mortgage Corporation (USA)'s compliance with the minimum servicing standards specified above 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 HSBC Mortgage Corporation (USA)'s compliance with the minimum servicing standards.
In our opinion, management's assertion that HSBC Mortgage Corporation (USA) complied with the aforementioned minimum servicing standards during the year ended December 31, 2003 is fairly stated, in all material respects.
February 2, 2004 Buffalo, New York
/s/ KPMG
KPMG LLP, a US limited liability partnership, is the US member firm of KPMG International. a Swiss cooperative
Ex-99.1(e) ERNST & YOUNG (LOGO)
Ernst & Young LLP Suite 700 100 Northwest Third Avenue Fort Lauderdale, Florida 33301-1166
Phone: (954) 888-8000 www.ey.com
Report of Independent Certified Public Accountants
To InterBay Funding, LLC
We have examined management's assertion, included in the accompanying report titled Report of Management, that InterBay Funding, LLC (the Company) complied with the servicing standards identified in Exhibit A to the Report of Management (the "specified minimum servicing standards") as set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) during the year ended December 31, 2003. Management is responsible for the Company's compliance with those specified 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 specified 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 specified minimum servicing standards.
In our opinion, management's assertion that the Company complied with the aforementioned specified minimum servicing standards during the year ended December 31, 2003, is fairly stated, in all material respects.
/s/ Ernst & Young LLP
February 13, 2004
A Member Practive of Ernst & Young Global
Ex-99.1(f) (Logo) Price WaterHouse Coopers
PricewaterhouseCoopers LLP 3600 HSBC Center Buffalo NY 14203-2879
Telephone (716) 856 4650 Facsimile (716) 8561208
Report of Independent Accountants
To the Board of Directors and Stockholder of M&T Mortgage Corporation
We have examined management's assertion about M&T 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 1). 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.
/s/ PriceWaterhouseCoopers March 12,2004
Ex-99.1(g)
(logo) Deloitte
Deloitte & Touche LLP Suite 3300 925 Fourth Avenue Seattle, WA 98104-1126 USA Tel: +12067167000 Fax: + 1 2069657000 www.deloitte.com
INDEPENDENT ACCOUNTANTS' REPORT
Board of Directors Washington Mutual Bank, FA and Subsidiaries
We have examined management's assertion that Washington Mutual Bank, FA and subsidiaries (the "Company") has complied as of and for the year ended December 31, 2003, with its established minimum servicing standards for single family residential mortgages identified in the accompanying Management's Assertion, dated February 16, 2004. 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 conducted 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 its 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 its 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, based on the criteria set forth in Appendix I.
/s/Deloitte & Touche
February 16, 2004
Member of Deloitte Touche Tohmatsu
Ex-99.2(a)
Management's Assertion on Compliance with the Specified Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers
Report of Management
We, as members of management of Aurora Loan Services, Inc. (the Company), are responsible for complying with the servicing standards identified in the attached Exhibit A (the "specified minimum servicing standards") as set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP). We are also responsible for establishing and maintaining effective internal control over compliance with these specified minimum servicing standards. We have performed an evaluation of the Company's compliance with the specified minimum servicing standards as of November 30, 2003 and for the year then ended. Based on this evaluation, we assert that during the year ended November 30, 2003, the Company complied, in all material respects, with the specified minimum servicing standards.
As of November 30, 2003 and for the year then ended, the Company had in effect a fidelity bond and an errors and omissions policy in the amount of $70,000,000.
/s/ Ralph A. Lenzi III Ralph A. Lenzi III Chief Executive Officer
/s/ Rick W. Skogg Rick W. Skogg President
/s/ Roy W. Browning III Roy W. Browning III Chief Financial Officer
February 2, 2004
Exhibit A
Specified Minimum Servicing Standards
I. Custodial Bank Accounts
1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:
a. be mathematically accurate;
b. be prepared within forty-five (45) calendar days after the cutoff date. The cutoff date is the date as of which a bank account is reconciled every month. It may, or may not, coincide with a prescribed investor reporting date but shall be consistent from period to period;
c. be reviewed and approved by someone other than the person who prepared the reconciliation; and
d. document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification.
2. Funds of the servicing entity shall be advanced in cases where there is an overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
II. Mortgage Payments
1. Mortgage payments shall be deposited into the custodial bank accounts and related bank clearing accounts within two (2) business days of receipt.
2. Mortgage payments made in accordance with the mortgagor's loan documents shall be posted to the applicable mortgagor records within two (2) business days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance, taxes or other escrow items in accordance with the mortgagor's loan documents.
4. Mortgage payments identified as loan payoffs shall be allocated in accordance with the mortgagor's loan documents.
Exhibit A
Specified Minimum Servicing Standards (continued)
III. Disbursements
1. Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be posted within two (2) business days to the mortgagor's or investor's records maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or insurance policy expiration dates, as indicated on tax bills and insurance premium notices, respectively, provided that such support has been received by the servicing entity at least thirty (30) calendar days prior to these dates.
4. Any late payment penalties paid in conjunction with the payment of any tax bill or insurance premium notice shall be paid from the servicing entity's funds and not charged to the mortgagor, unless the late payment was due to the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.
6. Unissued checks shall be safeguarded so as to prevent unauthorized access.
IV. Investor Accounting and Reporting
1. The servicing entity's investor reports shall agree with, or reconcile to, investors' records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.
V. Mortgagor Loan Accounting
1. The servicing entity's mortgage loan records shall agree with, or reconcile to, the records of mortgagors with respect to the unpaid principal balance on a monthly basis.
2. Adjustments on adjustable rate mortgage (ARM) loans shall be computed based on the related mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan documents, on at least an annual basis.
Exhibit A
Specified Minimum Servicing Standards (continued)
V. Mortgagor Loan Accounting (continued)
4. Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws.
VI. Delinquencies
1. Records documenting collection efforts shall be maintained during the period a loan is in default and shall be undated at least monthly. Such records shall describe the entity's activities in monitoring delinquent loans including, for example, phone calls, letters and mortgage payment rescheduling plans in cases where the delinquency is deemed temporary (i.e., illness or unemployment).
VII. Insurance Policies
1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented to investors in management's assertion.
Ex-99.2(b)
(logo) citimortgage
CitiMortgage, Inc. 1000 Technology Drive Mail Station 822 0' Fallon, Missouri 63304
MANAGEMENT ASSERTION
As of and for the year ended December 31, 2003, CitiMortgage, Inc. and subsidiaries and CitiMortgage Asset Management, Inc. (collectively referred to as the Company) has complied, in all material respects, with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation for Mortgage Bankers. As of and for this same period, the Company had in effect a fidelity bond policy of $200 million and errors and omissions policy in the amount of $75 million.
Very truly yours,
/s/ By: David Schneider David Schneider, President & Chief Operating Officer, Citimortgage, Inc.
/s/ By: Bill Beckmann Bill Beckmann, President, Citigroup Real Estate Servicing and Technology
/s/ By: Paul Ince Paul Ince, Chief Financial Officer, CitiMortgage, Inc.
March 5, 2004
A member of citigroup (logo)
Ex-99.2(c)
(logo) GMAC Mortgage
Exhibit 1
Managements Assertion Concerning Compliance with USAP Minimum Servicing Standards
March 19,2004
As of and for the year ended December 31, 2003, 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 $125,000,000 and $100,000,000, 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
Ex-99(d)
[logo] HSBC
Management Assertion
As of and for the year ended December 31, 2003, HSBC Mortgage Corporation (USA) complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, HSBC Mortgage Corporation (USA) had in effect fidelity bond and errors and omissions policies in the amount of$660,691,500 and $48,000,000, respectively.
/s/ David J. Hunter David J. Hunter President
/s/ Daniel B. Duggan Daniel B. Duggan SVP, Risk Management I
/S/ Gary P. Zimmermann Gary P. Zimmermann SVP, Mortgage Services
Ex-99.2(e) INTERBAY (LOGO) FUNDING, LLC
Report of Management
We, as members of management of InterBay Funding, LLC (the Company), are responsible for complying with the servicing standards identified in the attached Exhibit A (the "specified minimum servicing standards") as set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP). We are also responsible for establishing and maintaining effective internal control over compliance with these specified minimum servicing standards. We have performed an evaluation of the Company's compliance with the specified minimum servicing standards as of December 31, 2003 and for the year then ended. Based on this evaluation, we assert that during the year ended December 31, 2003, the Company complied, in all material respects, with the specified minimum servicing standards.
As of and for this same period, the Company had in effect a fidelity bond and errors and omissions policy in the amount of $3,500,000 for the period from January 1, 2003 through December 31, 2003.
/s/ Richard O'Brien Managing Director of Loan Servicing
February 13, 2004
4435 Ponce de Leon Blvd. / 5th Floor / Coral Gables, FL 33146 / Tel: (800) 457-5105
Exhibit A
Specified Minimum Servicing Standards
I. Custodial Bank Accounts
1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:
a. be mathematically accurate;
b. be prepared within forty-five (45) calendar days after the cutoff date. The cutoff date is the date as of which a bank account is reconciled every month. It may, or may not, coincide with a prescribed investor reporting date but shall be consistent from period to period;
c. be reviewed and approved by someone other than the person who prepared the reconciliation; and
d. document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification.
2. Funds of the servicing entity shall be advanced in cases where there is an overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
II. Mortgage Payments
1. Mortgage payments shall be deposited into the custodial bank accounts and related bank clearing accounts within two (2) business days of receipt.
2. Mortgage payments made in accordance with the mortgagor's loan documents shall be posted to the applicable mortgagor records within two (2) business days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance, taxes or other escrow items in accordance with the mortgagor's loan documents.
4. Mortgage payments identified as loan payoffs shall be allocated in accordance with the mortgagor's loan documents.
Exhibit A
Specified Minimum Servicing Standards (continued)
III. Disbursements
1. Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be posted within two (2) business days to the mortgagor's or investor's records maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or insurance policy expiration dates, as indicated on tax bills and insurance premium notices, respectively, provided that such support has been received by the servicing entity at least thirty (30) calendar days prior to these dates.
4. Any late payment penalties paid in conjunction with the payment of any tax bill or insurance premium notice shall be paid from the servicing entity's funds and not charged to the mortgagor, unless the late payment was due to the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.
6. Unissued checks shall be safeguarded so as to prevent unauthorized access.
IV. Investor Accouting and Reporting
1. The servicing entity's investor reports shall agree with, or reconcile to, investors' records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.
V. Mortgagor Loan Accounting
1. The servicing entity's mortgage loan records shall agree with, or reconcile to, the records of mortgagors with respect to the unpaid principal balance on a monthly basis.
2. Adjustments on adjustable rate mortgage (ARM) loans shall be computed based on the related mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan documents, on at least an annual basis.
Exhibit A
Specified Minimum Servicing Standards (continued)
V. Mortgagor Loan Accounting (continued)
4. Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws.
VI. Delinquencies
1. Records documenting collection efforts shall be maintained during the period a loan is in default and shall be updated at least monthly. Such records shall describe the entity's activities in monitoring delinquent loans including, for example, phone calls, letters and mortgage payment rescheduling plans in cases where the delinquency is deemed temporary (i.e., illness or unemployment).
VII. Insurance Policies
1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented to investors in management's assertion.
Ex-99.2(f)
M&T Mortgage Corporation A Subsidiary of M&T Bank
Exhibit 1
Management's Assertion Concerning Compliance With USAP Minimum Servicing Standards
March 12, 2004
As of and for the year ended December 31,2003, M&T Mortgage Corporation (the "Company") has complied in all material respects with the minimum servicing 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 a fidelity bond and errors and omissions policy in the amounts of $55,000,000 and $44,000,000, respectively.
M&T Mortgage Corporation
/s/ James J. Beardi James J. Beardi President
/s/ Mark J. Mendel Mark J. Mendel Administrative Vice President
P.O. Box 1288, Buffalo, NY 14240, 7166267010 8007242224 Mortgage account information, just a click away. www.mandtmortgage.com
Ex-99.2(g) (logo) Washington Mutual
MANAGEMENT'S ASSERTION
As of and for the year ended December 31, 2003, Washington Mutual Inc. and Subsidiaries (the Company) has complied, in all material respects, with the Company's established minimum servicing standards for single family residential mortgages as set forth in Appendix I (the Standards). The Standards are based on the Mortgage Banker's Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, the Company had in effect a fidelity bond in the amount of $110 million, and errors and omissions policy in the amount of $20 million.
/s/ Deanna Oppenheimer Deanna Oppenheimer President Consumer Group
/s/ Dyn Beito Dayne Beito Executive Vice President Home Loans Service Delivery - Consumer Group
/s/ Anthony T. Meola Anthony T. Meola Executive Vice President Home Loans Production - Consumer Group
February 16, 2004
(logo) Washington Mutual
Washington Mutual WASHINGTON MUTUAL, INC. AND SUBSIDIARIES
APPENDIX I: MINIMUM SERVICING STANDARDS FOR SINGLE FAMILY RESIDENTIAL MORTGAGES AS SET FORTH IN THE MORTGAGE BANKERS ASSOCIATION OF AMERICA'S UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
1. CUSTODIAL BANK ACCOUNTS
1. Recol1ciliations 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 after 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.
2. Funds of the servicing entity shall be advanced in cases where there is an overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.
II. MORTGAGE PAYMENTS
1. Mortgage payments shall be deposited into the custodial bank accountS and related bank clearing accounts within two business days of receipt.
2. Mortgage payments made in accordance with the mortgagor's loan documents shall be posted to the applicable mortgagor records within twO business days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance, taxes, or other escrow items in accordance with the mortgagor's loan documents.
4. Mortgage payments identified as loan payoffs shall be allocated in accordance with the mortgagor's loan documents.
III. DISBURSEMENTS
1. Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be posted within two business days to the mortgagor's or investor's records maintained by the servicing entity.
(logo) Washington Mutual
3. Tax and insurance payments shall be made on or before the penalty Or insurance policy expiration dates, as indicated on tax bills and insurance premium notices, respectively, provided that such support has been received by the servicing entity at least thirty (30) calendar days prior to these dates.
4. Any late payment penalties paid in conjunction with the payment of any tax bill or insurance premium notice shall be paid from the servicing entity's funds and not charged to the mortgagor, unless the late payment was due to the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall agree with cancelled checks or other form of payment or custodial bank statements.
6. Unused checks shall be safeguarded so as to prevent Unauthorized access.
IV. INVESTOR ACCOUNTING AND REPORTING
1. The servicing entity's investor reports shall agree with, or reconcile to, investors' records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.
V. MORTGAGOR LOAN ACCOUNTING
1. The servicing entity's mortgage loan records shall agree with, or reconcile to, the records of mortgagors with respect to the unpaid principal balance On a monthly basis.
2. Adjustments on ARM loans shall be computed based on the related mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's loan documents, on at least an annual basis.
4. Interest On escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws.
VI. DELINQUENCIES
1. Records documenting collection efforts shall be maintained during the period a loan is in default and shall be updated at least monthly. Such records shall describe the entity's activities in monitoring delinquent loans, including, for example, phone calls, letters, and mortgage payment rescheduling plans in cases where the delinquency is deemed temporary (e.g., illness Or unemployment).
VII. INSURANCE POLICIES
1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented to investors in management's assertion.
Ex-99.3(a)
(logo) ALS AURORA LOAN SERVICES INC. National Servicing Center
601 Fifth Avenue. P.O. Box 1706 .Scottsbluff, NE 69363-1706 .Fax: 308-630-6700
February 28, 2004
Bayview Attn: Fabiola Suzarra 4425 Ponce De Leon Blvd. 4th Floor Coral Gables FL 33146
Subject: Annual Officer's Certification Fiscal Year 2003 BAYVIEW 2003-6 L46; BAYVIEW 2003-4 L25; BAYVIEW 2003-E L59; BAYVIEW 2003-FL82
Dear Master Servicer:
The undersigned Officer certifies the following for the Fiscal Year 2003
(A) I have reviewed the activities and performance of Aurora Loan Services Inc. (the "Servicer") during the preceding fiscal year under the terms of the Servicing Agreement to the best of this Officers' knowledge and belief, the Servicer has fulfilled all of its duties, responsibilities and obligations under this Agreement throughout Fiscal Year 2003, or if there has been a material default or failure of the servicer to perform any of such duties, responsibilities or obligations, a description of each such material default or failure and the nature and status thereof has been reported to Bayview.
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC servicer in good standing;
(C) I have confirmed that the Fidelity Bond and the Errors and Omissions Insurance Policy required under the terms of the Servicing Agreement are in full force and effect;
(D) All premiums for each Hazard Insurance policy, Flood Insurance policy (if applicable) and Primary Mortgage insurance policy (if applicable), with respect to each Mortgaged Property, have been paid and all such insurance policies are in full force and effect; or, with respect to Hazard Insurance policies and/or Flood Insurance policies that are not in full force and effect, appropriate force placed individual and/or blanket policies are in full force and effect for each Mortgaged Property;
(E) All known real estate taxes, governmenta1 assessments and any other expenses accrued and due, that if not paid, could result in a lien or encumbrance on any Mortgaged Property, have been paid, or if any such costs or expenses have not been paid with respect to any Mortgaged Property, the reason for the non-payment bas been reported to Bayview
(F) All Custodial Accounts have been reconciled and are properly funded; and,
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property required per Section 6050H, 6050J and 6050P of the Internal Revenue Code, respectively, have been prepared and filed.
Certified by:
/s/ Robert E. Simpson Officer: Robert E. Simpson Title: Executive Vice President
ALS-01-6/99
Ex-99.3(b)
(Logo) Citi
CitiMortgage, Inc P.O. BOX 790013 M.S.313 St. Louis, MO 63179-0013 www.citimortgage.com
March 12,2004 Investor # 6121
11000 BROKEN LAND PARKWAY WELLS FARGO BANK COLUMBIA MD 21044
OFFICER'S CERTIFICATE
RE: Annual Statement as to Compliance:
Dear Investor:
The activities of CitiMortgage, Inc., performed under the above-captioned agreement during the preceding calendar year, have been conducted under my supervision. Based upon a review of those activities arid to the best of my knowledge, CitiMortgage, Inc. has fulfilled all of its obligations under this agreement.
CitiMortgage, Inc.
By /s/ Patsy M. Barker Patsy M. Barker, Vice President
By /s/ Timothy Kilgert Timothy Kilgert, Assistant Vice President
A Member Of Citigroup (logo) Umbrella
Ex-99.3(c)
(logo) GMAC Mortgage
March 15, 2004
Wells Fargo Bank, NA Attn: Kim Wiggins 9062 Old Annapolis Road Columbia, MD 21045-1951
Re: Officers Statement of Compliance Year Ending 2003 Wells Fargo Master Serviced Deals
We hereby certify to the best of our knowledge and belief, that for the calendar year 2003:
1. A review of the activities of the Seller / Servicer and of performance according to the Seller / Servicer contract has been made with the undersigned Officer's knowledge.
2. To the best of the undersigned Officer's knowledge, and based on such review, the Seller/ Servicer has fulfilled all its obligations under the Guides for such year.
3. If applicable, GMACM has filed the information returns with respect to the receipt of mortgage interest pursuant to Sections 6050H, 6050J and 6050P of the Code, received in a trade or business, reports of foreclosures and abandonment's of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property.
4. All hazard, flood, FHA mortgage insurance and primary mortgage insurance premiums, taxes, ground rents, assessments and other lienable items have been paid in connection with the mortgaged properties.
5. All property inspections have been completed as required.
6. Compliance relative to Adjustable Rate Mortgages has been met.
7. Fidelity Bond and Errors and Omissions Insurance coverage is current, in full force and effect.
Servicer: GMAC Mortgage Corporation
By: /s/ Michael Kacergis
Name: Michael Kacergis
Title: Manager, Operations Risk Management
GMAC Mortgage Corporation 500 Enterprise Road Horsham, PA 19044
Ex-99.3(d)
Annual Statement as to Compliance
We have reviewed the activities and performance of HSBC Mortgage Corporation (USA) under the Servicing Agreement for the year ended December 31,2003. To the best of my knowledge, based upon such review, the HSBC Mortgage Corporation (USA) has fulfilled its duties, responsibilities and obligations under the Servicing Agreement.
/s/ Gary P. Zimmermann Gary P. Zimmermann Senior Vice President Mortgage Servicing
Ex-99.3(e)
OFFICER'S CERTIFICATE
Wells Fargo Bank, National Association, as Master Servicer 9062 Old Annapolis Road Columbia, Maryland 21045
Attention: Master Servicing Department
Bayview Financial Trading Group, L.P., as Owner 4425 Ponce de Leon Boulevard, 4th Floor Coral Gables, Florida 33146 Attention: Tom Carr, Esq.
Reference is hereby made to the servicing agreements (each, an "Agreement") listed on Exhibit A attached hereto and entered into by Interbay Funding, LLC, in its capacity as servicer (the "Servicer"). The undersigned, a duly authorized officer of the Servicer, hereby certifies that: (x) a review of the activities of the Servicer during the calendar year ended December 31, 2003 and of performance under each Agreement has been made under his supervision, and (y) to the best of his knowledge, based on such review, the Servicer has fulfilled all of its obligations under each Agreement throughout the calendar year ended December 31, 2003.
Very Truly Yours, /s/ Richard O'Brien Name: Richard O'Brien Title: Senior Vice President Date: March 12, 2004 103919lnteTbay Annual Officer's Certificates (2003)
Exhibit A
1. Sub servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of November 1, 1999 (1999-C);
2. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of February 1, 2000 (2000-A);
3. Servicing Agreement by and between Bayview Financial Trading Group, L.P. Interbay Funding, LLC dated as of April!, 2000 (2000-B);
4. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of July 1,2000 (2000-C);
5. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of November 1,2000 (2000-D);
6. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of April I, 2001 (2001-A);
7. Servicing Agreement by and between Bayview Financial Trading Group, L.P. Interbay Funding, LLC dated as of July 1, 2001 (2001-B);
8. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of August 1,2001 (2001-C);
9. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of November 1,2001 (2001-D);
10. Servicing Agreement by and between Bayview Financial Trading Group, L.P, Interbay Funding, LLC dated as of January 1, 2002 (2002-A);
11. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of March 1,2002 (2002-B);
12. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of April 1, 2002 (2002-C);
13. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of July 1,2002 (2002-D);
14. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of September 1,2002 (2002-E);
15. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of December 1, 2002 (2002-F);
16. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of January 1, 2003 (2003-A);
103919 Interbay Annual Officer's Certificates (2003)
17. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of February 1,2003 (2003-B);
18. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of June 1,2003 (BCAT 2003-1);
19. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of December 1,2003 (2003-G);
20. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of April I, 2003 (2003-C);
21. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of July 1, 2003 (2003-D);
22. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of September 1,2003 (2003-E);
23. Servicing Agreement by and between Bayview Financial Trading Group, L.P. and Interbay Funding, LLC dated as of November 1, 2003 (2003-F);
24. Collection and Remittance Agreement by and between Bayview Financial Asset Trust 2002-F and Interbay Funding, LLC dated as of December 1, 2002 (2002-F);
25. Collection and Remittance Agreement by and between Bayview Financial Asset Trust 2003-B and Interbay Funding, LLC dated as of February 1,2003 (2003-B); and
26. Collection and Remittance Agreement by and between Wachovia Bank, National Association and Interbay Funding, LLC dated as of April I, 2003 (2003-C).
103919 Interbay Annual Officer's Certificates (2003)
Ex-99.3(f)
M&T Mortgage Corporation A Subsidiary of M&T Bank
Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Rd. Columbia, MD 21045
Attention: Master Servicing
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies that following for the 2003 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to the best of these Officer's knowledge, the Servicer has fulfilled all of its duties, responsibilities or obligations under these Agreements throughout such year, or if there has been a default or failure of the servicer to perform any of such duties, responsibilities or obligations, a description of each default or failure and the nature and status thereof has been reported to Wells Fargo Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or HGLMC servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance Policy and any other bonds required under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage Insurance Policy (if applicable), with respect to to each Mortgaged Property, have been paid and that all such insurance policies are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses accrued and due, that if not paid could result in lien or encumbrance on any Mortgaged Property, have been paid, or if any such costs or expenses have not been paid with respect to any Mortgaged Property, the reason for the non- payment has been reported to Wells Fargo bank Minnesota, N .A.'
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property required per section 6050H, 6050J and 6050P of the Internal Revenue Code, respectively, have been prepared and filed.
March 20, 2004 Date
Certified By: /s/ Juliet Alexander Assistant Vice President Title
P.O. Box 1288, Buffalo, NY 14240, 7166267010 8007242224 Mortgage account information, just a click away. www.mandtmortgage.com
Ex-99.3(g)
OFFICER'S CERTIFICATE ANNUAL STATEMENT OF COMPLIANCE
Reference is hereby made to Bayview Financial Acquisition Trust Mortgage Pass-Through Certificates, Series 2003-E and 2003-F (collectively, The "Securitizations"). Washington Mutual Bank, FA (the "Servicer") services mortgage loans in connection with the Securitizat1ons (the "Mortgage Loans") pursuant to the terms of that certain Servicing Agreement dated as of October 8, 2003 (the "Servicing Agreement") by and between Washington Mutual Bank, FA as Servicer, and Bayview Financial Trading Group, L.P. (the "Owner"). Capitalized terms used herein but not defined shall have the meanings assigned to them in the Servicing Agreement.
I, Pattie Stevens, an authorized officer of the Servicer, certify for the benefit of Wells Fargo Bank, N.A., as the Master Servicer of the Securitizations with respect to the calendar year immediately preceding the date of this Officer's Certificate (the "Relevant Year"), as follows:
1. A review of the activities of the Servicer during the Relevant Year and of performance under the Servicing Agreement has been made under my supervision.
2. To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Servicing Agreement in all material respects throughout the Relevant Year, except as otherwise described below.
DATED as of March 15, 2004.
/s/ Pattie Stevens Name: Pattie Stevens Title: Senior Vice President
Ex-99.4 Schedule of Year-To-Date Principal and Interest Distributions to Certificateholders