-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CdskzeGu93H4unOQuaZyhNGA1cue3XnhMONORPRTCF2eJFhvvOanuynFv6QhgtKx L+obDvRfcOf1YGQZjJShHQ== 0001056404-02-001041.txt : 20020822 0001056404-02-001041.hdr.sgml : 20020822 20020822144029 ACCESSION NUMBER: 0001056404-02-001041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020825 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASSET BACKED FUNDING CORP 2002 WF1 TRUST CENTRAL INDEX KEY: 0001168026 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-32857-06 FILM NUMBER: 02745669 BUSINESS ADDRESS: STREET 1: 100 NORTH TRYON STREET STREET 2: NC1 007 11 07 CITY: CHARLOTTE STATE: NC ZIP: 28255 BUSINESS PHONE: 7043888792 MAIL ADDRESS: STREET 1: 100 NORTH TRYON STREET STREET 2: NC1 007 11 07 CITY: CHARLOTTE STATE: NC ZIP: 28255 8-K 1 abf02wf1.txt AUGUST 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 26, 2002 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2002-WF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-32857-09 Pooling and Servicing Agreement) (Commission (State or other File Number) 43-1959575 jurisdiction 43-1959566 of Incorporation) 43-1959567 43-1959569 43-1959449 IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On August 26, 2002 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2002-WF1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-WF1 Trust, relating to the August 26, 2002 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2002-WF1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 8/21/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-WF1 Trust, relating to the August 26, 2002 distribution. EX-99.1
Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 7/31/02 Distribution Date: 8/26/02 ABFC Series: 2002-WF1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 04542BAE2 SEN 2.12688% 256,600,807.57 485,119.22 6,741,555.79 A-IO 04542BAF9 SEN 4.50000% 0.00 128,235.00 0.00 M-1 04542BAG7 MEZ 2.58688% 20,518,000.00 47,180.09 0.00 M-2 04542BAH5 MEZ 3.13688% 17,953,000.00 50,059.03 0.00 M-3 04542BAJ1 MEZ 3.73688% 14,533,000.00 48,273.85 0.00 B 04542BAK8 SUB 6.58688% 3,420,000.00 20,024.12 0.00 CE ABF02W1CE SEN 0.00000% 1,709,821.53 1,586,331.62 0.00 R1 ABF02W1R1 RES 0.00000% 0.00 0.00 0.00 R2 ABF02W1R2 RES 0.00000% 0.00 0.00 0.00 R3 ABF02W1R3 RES 0.00000% 0.00 0.00 0.00 R4 ABF02W1R4 RES 0.00000% 0.00 0.00 0.00 R5 ABF02W1R5 RES 0.00000% 0.00 0.00 0.00 P ABF02WF1P SEN 0.00000% 0.01 269,544.88 0.00 Totals 314,734,629.11 2,634,767.81 6,741,555.79
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 249,859,251.78 7,226,675.01 0.00 A-IO 0.00 0.00 128,235.00 0.00 M-1 0.00 20,518,000.00 47,180.09 0.00 M-2 0.00 17,953,000.00 50,059.03 0.00 M-3 0.00 14,533,000.00 48,273.85 0.00 B 0.00 3,420,000.00 20,024.12 0.00 CE 0.00 1,709,821.53 1,586,331.62 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 P 0.00 0.01 269,544.88 0.00 Totals 0.00 307,993,073.32 9,376,323.60 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 283,830,000.00 256,600,807.57 0.00 6,741,555.79 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 20,518,000.00 20,518,000.00 0.00 0.00 0.00 0.00 M-2 17,953,000.00 17,953,000.00 0.00 0.00 0.00 0.00 M-3 14,533,000.00 14,533,000.00 0.00 0.00 0.00 0.00 B 3,420,000.00 3,420,000.00 0.00 0.00 0.00 0.00 CE 1,710,308.83 1,709,821.53 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.01 0.00 0.00 0.00 0.00 Totals 341,964,308.83 314,734,629.11 0.00 6,741,555.79 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 6,741,555.79 249,859,251.78 0.88031305 6,741,555.79 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 20,518,000.00 1.00000000 0.00 M-2 0.00 17,953,000.00 1.00000000 0.00 M-3 0.00 14,533,000.00 1.00000000 0.00 B 0.00 3,420,000.00 1.00000000 0.00 CE 0.00 1,709,821.53 0.99971508 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 R4 0.00 0.00 0.00000000 0.00 R5 0.00 0.00 0.00000000 0.00 P 0.00 0.01 0.00000000 0.00 Totals 6,741,555.79 307,993,073.32 0.90065853 6,741,555.79
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 283,830,000.00 904.06513607 0.00000000 23.75209030 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 20,518,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 17,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 14,533,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 3,420,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 1,710,308.83 999.71508070 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1000 denomination
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 23.75209030 880.31304577 0.88031305 23.75209030 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.71508070 0.99971508 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 283,830,000.00 2.12688% 256,600,807.57 485,119.22 0.00 0.00 A-IO 0.00 4.50000% 34,196,000.00 128,235.00 0.00 0.00 M-1 20,518,000.00 2.58688% 20,518,000.00 47,180.09 0.00 0.00 M-2 17,953,000.00 3.13688% 17,953,000.00 50,059.03 0.00 0.00 M-3 14,533,000.00 3.73688% 14,533,000.00 48,273.85 0.00 0.00 B 3,420,000.00 6.58688% 3,420,000.00 20,024.12 0.00 0.00 CE 1,710,308.83 0.00000% 1,709,821.53 1,586,331.62 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 R4 0.00 0.00000% 0.00 0.00 0.00 0.00 R5 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 Totals 341,964,308.83 2,365,222.93 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 485,119.22 0.00 249,859,251.78 A-IO 0.00 0.00 128,235.00 0.00 34,196,000.00 M-1 0.00 0.00 47,180.09 0.00 20,518,000.00 M-2 0.00 0.00 50,059.03 0.00 17,953,000.00 M-3 0.00 0.00 48,273.85 0.00 14,533,000.00 B 0.00 0.00 20,024.12 0.00 3,420,000.00 CE 0.00 0.00 1,586,331.62 0.00 1,709,821.53 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 269,544.88 0.00 0.01 Totals 0.00 0.00 2,634,767.81 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 283,830,000.00 2.12688% 904.06513607 1.70918937 0.00000000 0.00000000 A-IO 0.00 4.50000% 1000.00000000 3.75000000 0.00000000 0.00000000 M-1 20,518,000.00 2.58688% 1000.00000000 2.29944878 0.00000000 0.00000000 M-2 17,953,000.00 3.13688% 1000.00000000 2.78833788 0.00000000 0.00000000 M-3 14,533,000.00 3.73688% 1000.00000000 3.32167137 0.00000000 0.00000000 B 3,420,000.00 6.58688% 1000.00000000 5.85500585 0.00000000 0.00000000 CE 1,710,308.83 0.00000% 999.71508070 927.51179914 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000 denomination.
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 1.70918937 0.00000000 880.31304577 A-IO 0.00000000 0.00000000 3.75000000 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.29944878 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.78833788 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.32167137 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.85500585 0.00000000 1000.00000000 CE 0.00000000 0.00000000 927.51179914 0.00000000 999.71508070 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 9,004,032.01 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 241,754.51 Realized Losses 0.00 Prepayment Penalties 269,544.88 Total Deposits 9,515,331.40 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 139,007.80 Payment of Interest and Principal 9,376,323.60 Total Withdrawals (Pool Distribution Amount) 9,515,331.40 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 131,139.42 Credit Risk Manager Fee 5,245.58 Securities Administration Fee 2,622.80 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 139,007.80
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 149 7 30 1 187 18,870,731.17 190,991.00 3,376,111.35 48,828.12 22,486,661.64 60 Days 40 0 0 0 40 4,818,247.95 0.00 0.00 0.00 4,818,247.95 90 Days 1 0 0 0 1 114,671.47 0.00 0.00 0.00 114,671.47 120 Days 4 0 0 0 4 411,125.96 0.00 0.00 0.00 411,125.96 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 194 7 30 1 232 24,214,776.55 190,991.00 3,376,111.35 48,828.12 27,830,707.02 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 5.903328% 0.277338% 1.188590% 0.039620% 7.408875% 6.123398% 0.061975% 1.095520% 0.015844% 7.296738% 60 Days 1.584786% 0.000000% 0.000000% 0.000000% 1.584786% 1.563482% 0.000000% 0.000000% 0.000000% 1.563482% 90 Days 0.039620% 0.000000% 0.000000% 0.000000% 0.039620% 0.037210% 0.000000% 0.000000% 0.000000% 0.037210% 120 Days 0.158479% 0.000000% 0.000000% 0.000000% 0.158479% 0.133407% 0.000000% 0.000000% 0.000000% 0.133407% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 7.686212% 0.277338% 1.188590% 0.039620% 9.191759% 7.857497% 0.061975% 1.095520% 0.015844% 9.030837% (7) All Foreclosure, REO, and Bankruptcy loans are reported in the 30 day field.
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 241,754.51
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 9.547970% Weighted Average Net Coupon 9.047970% Weighted Average Pass-Through Rate 9.037970% Weighted Average Maturity(Stepdown Calculation ) 342 Beginning Scheduled Collateral Loan Count 2,574 Number Of Loans Paid In Full 50 Ending Scheduled Collateral Loan Count 2,524 Beginning Scheduled Collateral Balance 314,734,629.11 Ending Scheduled Collateral Balance 307,993,073.32 Ending Actual Collateral Balance at 31-Jul-2002 308,174,187.03 Monthly P &I Constant 2,692,174.59 Special Servicing Fee 0.00 Prepayment Penalties 269,544.88 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 307,993,073.32 Scheduled Principal 187,943.87 Unscheduled Principal 6,553,611.92 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,709,821.54 Overcollateralized Amount 1,709,821.54 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,586,331.62
Monthly Excess Interest $1,586,331.62
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