8-K 1 ba05q109.htm 8K3


                                       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):  September 26, 2005
                         (Date of earliest event reported)

          Asset Backed Funding Corporation (as Depositor under the Pooling
          and Servicing Agreement, dated as June 1, 2004, providing for the
          issuance of ABFC 2005-AQ1 Trust Asset-Backed Certificates,
                                      Series 2004-AQ1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-121564-05                          75-2533468
          (Commission File Number)        (I.R.S. Employer Identification No.)


          214 North Tryon Street
          Charlotte, North Carolina                       28255
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (704) 386-2400


(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     September 26, 2005.

                                    Signatures

               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.


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Asset Backed Funding
                                  Corporation, Registrant


          Date:  Sep 26, 2005               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of September 26, 2005.







			
                       
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
External Parties Table of Contents
Page
Seller
1. Certificate Payment Report 2
Bank of America
2. Collection Account Report 4
3. Credit Enhancement Report 6
4. Collateral Report 7
Certificate Insurer(s) 5. Delinquency Report 10
6. REO Report 11
7. Foreclosure Report 12
8. Prepayment Report 13
9. Prepayment Detail Report 16
10. Realized Loss Report 18
11. Realized Loss Detail Report 21
Servicer(s)
12. Triggers and Adj. Cert. Report 22
Ameriquest Mortgage Corp
13. Additional Certificate Report 23
Underwriter(s)
Banc of America Securities LLC
Total Number of Pages 23
Dates Contacts
Cut-Off Date: June 01, 2005 Hang Luu
Close Date: June 07, 2005 Administrator
First Distribution Date: July 25, 2005 (714) 247-6000
hang-thai.luu@db.com
Address:
1761 East St. Andrew Place, Santa Ana, CA 92705
Distribution Date: September 26, 2005
Factor Information: (800) 735-7777
Record Date: August 31, 2005
Main Phone Number: (714) 247-6000
September 23, 2005
https://www.tss.db.com/invr
Page 1 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Certificate Payment Report
Current Period Distribution - REMIC II
Prior Current
Class Original Principal Total Realized Deferred Principal
Class Type Cur Face Value Balance Interest Principal Distribution Loss Interest Balance
(1) (2) (3) (4)=(2)+(3) (5) (6) (7)=(1)-(3)-(5)+(6)
A-1A SR $ 103,638,000.00 93,944,661.19 314,088.32 5,165,970.60 5,480,058.92 0.00 0.00 88,778,690.59
A-1B SR $ 100,000,000.00 90,646,926.03 321,041.20 4,984,629.77 5,305,670.97 0.00 0.00 85,662,296.26
A-2 SR $ 206,669,000.00 206,669,000.00 740,563.92 0.00 740,563.92 0.00 0.00 206,669,000.00
A-3 SR $ 42,406,000.00 42,406,000.00 156,195.43 0.00 156,195.43 0.00 0.00 42,406,000.00
A-4 SR $ 165,805,000.00 165,805,000.00 692,235.88 0.00 692,235.88 0.00 0.00 165,805,000.00
A-5 SR $ 52,291,000.00 52,291,000.00 231,823.43 0.00 231,823.43 0.00 0.00 52,291,000.00
A-6 SR $ 74,534,000.00 74,534,000.00 296,893.77 0.00 296,893.77 0.00 0.00 74,534,000.00
M-1 SUB $ 36,818,000.00 36,818,000.00 160,771.93 0.00 160,771.93 0.00 0.00 36,818,000.00
M-2 SUB $ 13,499,000.00 13,499,000.00 61,195.47 0.00 61,195.47 0.00 0.00 13,499,000.00
M-3 SUB $ 3,273,000.00 3,273,000.00 15,655.85 0.00 15,655.85 0.00 0.00 3,273,000.00
M-4 SUB $ 2,863,000.00 2,863,000.00 13,718.54 0.00 13,718.54 0.00 0.00 2,863,000.00
M-5 SUB $ 2,864,000.00 2,864,000.00 13,723.33 0.00 13,723.33 0.00 0.00 2,864,000.00
M-6 SUB $ 3,273,000.00 3,273,000.00 15,683.13 0.00 15,683.13 0.00 0.00 3,273,000.00
B-1 SUB/NOF $ 3,272,000.00 3,272,000.00 15,678.33 0.00 15,678.33 0.00 0.00 3,272,000.00
B-2 SUB/NOF $ 3,682,000.00 3,682,000.00 17,642.92 0.00 17,642.92 0.00 0.00 3,682,000.00
CE SEQ/NOF $ 3,273,065.83 3,272,640.66 1,191,235.42 0.00 1,191,235.42 0.00 0.00 3,272,640.66
P SEQ/NOF $ 100.00 100.00 136,727.18 0.00 136,727.18 0.00 0.00 100.00
R RES/NPR $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 818,160,165.83 799,113,327.88 4,394,874.05 10,150,600.37 14,545,474.42 0.00 0.00 788,962,727.51
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
Orig. Principal Prior Current
Period Period (with Notional) Principal Total Principal
Class Starting Ending Method Cusip Balance Balance Interest Principal Distribution Balance
(1) (1) (2) (3) (4)=(2)+(3) (5)
A-1A 08/25/05 09/25/05 A-Act/360 04542BMP4 103,638,000.00 906.469260 3.030629 49.846298 52.876927 856.622963
A-1B 08/01/05 08/30/05 F-30/360 04542BNB4 100,000,000.00 906.469260 3.210412 49.846298 53.056710 856.622963
A-2 08/01/05 08/30/05 F-30/360 04542BMQ2 206,669,000.00 1,000.000000 3.583333 0.000000 3.583333 1,000.000000
A-3 08/01/05 08/30/05 F-30/360 04542BMR0 42,406,000.00 1,000.000000 3.683333 0.000000 3.683333 1,000.000000
A-4 08/01/05 08/30/05 F-30/360 04542BMS8 165,805,000.00 1,000.000000 4.175000 0.000000 4.175000 1,000.000000
A-5 08/01/05 08/30/05 F-30/360 04542BMT6 52,291,000.00 1,000.000000 4.433333 0.000000 4.433333 1,000.000000
A-6 08/01/05 08/30/05 F-30/360 04542BMU3 74,534,000.00 1,000.000000 3.983333 0.000000 3.983333 1,000.000000
M-1 08/01/05 08/30/05 F-30/360 04542BMV1 36,818,000.00 1,000.000000 4.366667 0.000000 4.366667 1,000.000000
M-2 08/01/05 08/30/05 F-30/360 04542BMW9 13,499,000.00 1,000.000000 4.533334 0.000000 4.533334 1,000.000000
M-3 08/01/05 08/30/05 F-30/360 04542BMX7 3,273,000.00 1,000.000000 4.783333 0.000000 4.783333 1,000.000000
M-4 08/01/05 08/30/05 F-30/360 04542BMY5 2,863,000.00 1,000.000000 4.791666 0.000000 4.791666 1,000.000000
M-5 08/01/05 08/30/05 F-30/360 04542BMZ2 2,864,000.00 1,000.000000 4.791666 0.000000 4.791666 1,000.000000
M-6 08/01/05 08/30/05 F-30/360 04542BNA6 3,273,000.00 1,000.000000 4.791668 0.000000 4.791668 1,000.000000
B-1 08/01/05 08/30/05 F-30/360 04542BMM1 3,272,000.00 1,000.000000 4.791666 0.000000 4.791666 1,000.000000
B-2 08/01/05 08/30/05 F-30/360 04542BMN9 3,682,000.00 1,000.000000 4.791668 0.000000 4.791668 1,000.000000
CE 08/01/05 08/30/05 F-30/360 3,273,065.83 999.870100 363.950951 0.000000 363.950951 999.870100
P 08/01/05 08/30/05 F-30/360 100.00 1,000.000000 1,367,271.800000 0.000000 1,367,271.800000 1,000.000000
R 08/01/05 08/30/05 F-30/360 0.00 0.000000 0.000000 0.000000 0.000000 0.000000
Page 2 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Distribution to Date - REMIC II
Current
Original Unscheduled Scheduled Total Total Realized Deferred Principal
Class Face Value Interest Principal Principal Principal Distribution Loss Interest Balance
(1) (2) (3) (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8) (9)=(1)-(5)-(7)+(8)
A-1A 103,638,000.00 1,074,108.70 13,439,066.21 1,420,243.20 14,859,309.41 15,933,418.11 0.00 0.00 88,778,690.59
A-1B 100,000,000.00 1,015,278.43 12,967,315.28 1,370,388.46 14,337,703.74 15,352,982.17 0.00 0.00 85,662,296.26
A-2 206,669,000.00 2,221,691.76 0.00 0.00 0.00 2,221,691.76 0.00 0.00 206,669,000.00
A-3 42,406,000.00 468,586.29 0.00 0.00 0.00 468,586.29 0.00 0.00 42,406,000.00
A-4 165,805,000.00 2,076,707.64 0.00 0.00 0.00 2,076,707.64 0.00 0.00 165,805,000.00
A-5 52,291,000.00 695,470.29 0.00 0.00 0.00 695,470.29 0.00 0.00 52,291,000.00
A-6 74,534,000.00 890,681.31 0.00 0.00 0.00 890,681.31 0.00 0.00 74,534,000.00
M-1 36,818,000.00 482,315.79 0.00 0.00 0.00 482,315.79 0.00 0.00 36,818,000.00
M-2 13,499,000.00 183,586.41 0.00 0.00 0.00 183,586.41 0.00 0.00 13,499,000.00
M-3 3,273,000.00 46,967.55 0.00 0.00 0.00 46,967.55 0.00 0.00 3,273,000.00
M-4 2,863,000.00 41,155.62 0.00 0.00 0.00 41,155.62 0.00 0.00 2,863,000.00
M-5 2,864,000.00 41,169.99 0.00 0.00 0.00 41,169.99 0.00 0.00 2,864,000.00
M-6 3,273,000.00 47,049.39 0.00 0.00 0.00 47,049.39 0.00 0.00 3,273,000.00
B-1 3,272,000.00 47,034.99 0.00 0.00 0.00 47,034.99 0.00 0.00 3,272,000.00
B-2 3,682,000.00 52,928.76 0.00 0.00 0.00 52,928.76 0.00 0.00 3,682,000.00
CE 3,273,065.83 3,559,229.52 376.15 49.02 425.17 3,559,654.69 0.00 0.00 3,272,640.66
P 100.00 414,463.18 0.00 0.00 0.00 414,463.18 0.00 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 818,160,165.83 13,358,425.62 26,406,757.64 2,790,680.68 29,197,438.32 42,555,863.94 0.00 0.00 788,962,727.51
Interest Detail - REMIC II
Pass Prior Principal Non- Prior Unscheduled Paid or Current
Through (with Notional) Accrued Supported Unpaid Interest Optimal Deferred Unpaid
Class Rate Balance Interest Interest SF Interest Adjustment Interest Interest Interest
(1) (2) (3) (4) (5)=(1)-(2)+(3)+(4) (6) (7)=(5)-(6)
A-1A 3.76125% 93,944,661.19 314,088.32 0.00 0.00 0.00 314,088.32 314,088.32 0.00
A-1B 4.25000% 90,646,926.03 321,041.20 0.00 0.00 0.00 321,041.20 321,041.20 0.00
A-2 4.30000% 206,669,000.00 740,563.92 0.00 0.00 0.00 740,563.92 740,563.92 0.00
A-3 4.42000% 42,406,000.00 156,195.43 0.00 0.00 0.00 156,195.43 156,195.43 0.00
A-4 5.01000% 165,805,000.00 692,235.88 0.00 0.00 0.00 692,235.88 692,235.88 0.00
A-5 5.32000% 52,291,000.00 231,823.43 0.00 0.00 0.00 231,823.43 231,823.43 0.00
A-6 4.78000% 74,534,000.00 296,893.77 0.00 0.00 0.00 296,893.77 296,893.77 0.00
M-1 5.24000% 36,818,000.00 160,771.93 0.00 0.00 0.00 160,771.93 160,771.93 0.00
M-2 5.44000% 13,499,000.00 61,195.47 0.00 0.00 0.00 61,195.47 61,195.47 0.00
M-3 5.74000% 3,273,000.00 15,655.85 0.00 0.00 0.00 15,655.85 15,655.85 0.00
M-4 5.75000% 2,863,000.00 13,718.54 0.00 0.00 0.00 13,718.54 13,718.54 0.00
M-5 5.75000% 2,864,000.00 13,723.33 0.00 0.00 0.00 13,723.33 13,723.33 0.00
M-6 5.75000% 3,273,000.00 15,683.13 0.00 0.00 0.00 15,683.13 15,683.13 0.00
B-1 5.75000% 3,272,000.00 15,678.33 0.00 0.00 0.00 15,678.33 15,678.33 0.00
B-2 5.75000% 3,682,000.00 17,642.92 0.00 0.00 0.00 17,642.92 17,642.92 0.00
CE 0.00000% 3,272,640.66 0.00 0.00 0.00 0.00 0.00 1,191,235.42 0.00
P 0.00000% 100.00 0.00 0.00 0.00 0.00 0.00 136,727.18 0.00
R 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 799,113,327.88 3,066,911.45 0.00 0.00 0.00 3,066,911.45 4,394,874.05 0.00
Page 3 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Collection Account Report
SUMMARY
Total
Principal Collections 10,150,600.37
Principal Withrawals 0.00
Principal Other Accounts 0.00
TOTAL NET PRINCIPAL 10,150,600.37
Interest Collections 4,486,785.39
Interest Withdrawals -0.00
Interest Other Accounts 136,727.18
Interest Fees -228,638.52
TOTAL NET INTEREST 4,394,874.05
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 14,545,474.42
PRINCIPAL - COLLECTIONS
Total
Scheduled Principal Received 926,765.99
Curtailments 131,243.93
Prepayments In Full 8,958,600.03
Repurchased/Substitutions 133,990.42
Liquidations 0.00
Other Additional Principal 0.00
Delinquent Principal -283,574.50
Realized Losses -0.00
Advanced Principal 283,574.50
TOTAL PRINCIPAL COLLECTED 10,150,600.37
PRINCIPAL - WITHDRAWALS
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
Total
TOTAL PRINCIPAL OTHER ACCOUNTS 0.00
Page 4 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
INTEREST - COLLECTIONS
Total
Scheduled Interest 4,592,072.13
Repurchased/Substitution Interest 703.45
Liquidation Interest 0.00
Other Additional Interest 0.00
Prepayment Interest Shortfalls -10,912.40
Delinquent Interest -1,482,130.60
Compensating Interest 10,912.40
Civil Relief Act Shortfalls -0.00
Interest Advanced 1,376,140.41
TOTAL INTEREST COLLECTED 4,486,785.39
INTEREST - WITHDRAWALS
Total
TOTAL INTEREST WITHDRAWALS 0.00
INTEREST - OTHER ACCOUNTS
Total
Prepayment Charges 136,727.18
TOTAL INTEREST OTHER ACCOUNTS 136,727.18
INTEREST - FEES
Total
Current Servicing Fees 226,973.70
Trustee FEES 1,664.82
TOTAL INTEREST FEES 228,638.52
Page 5 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Credit Enhancement Report
ACCOUNTS
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
Total
Overcollateralization Amount 3,272,640.66
Overcollateralization Target Amount 3,272,640.66
Overcollateralization Deficiency Amount 0.00
Overcollateralization Release Amount 0.00
Page 6 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Collateral Report
COLLATERAL
Total
Loan Count:
Original 4,813
Prior 4,718
Prefunding 0
Scheduled Paid Offs -0
Full Voluntary Prepayments -52
Repurchases -1
Liquidations -0
Current 4,665
Principal Balance:
Original 818,160,165.83
Prior 799,113,327.88
Prefunding 0.00
Scheduled Principal -926,765.99
Partial Prepayments -131,243.93
Full Voluntary Prepayments -8,958,600.03
Repurchases -133,990.42
Liquidations -0.00
Current 788,962,727.51
PREFUNDING
SPACE INTENTIONALLY LEFT BLANK
Page 7 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
CHARACTERISTICS
Total
Weighted Average Coupon Original 6.90623%
Weighted Average Coupon Prior 6.90170%
Weighted Average Coupon Current 6.89689%
Weighted Average Months to Maturity Original 333
Weighted Average Months to Maturity Prior 332
Weighted Average Months to Maturity Current 330
Weighted Avg Remaining Amortization Term Original 333
Weighted Avg Remaining Amortization Term Prior 332
Weighted Avg Remaining Amortization Term Current 330
Weighted Average Seasoning Original 3.55
Weighted Average Seasoning Prior 4.55
Weighted Average Seasoning Current 5.55
Page 8 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
ARM CHARACTERISTICS
Total
Weighted Average Margin Original 0.00000%
Weighted Average Margin Prior 0.00000%
Weighted Average Margin Current 0.00000%
Weighted Average Max Rate Original 0.00000%
Weighted Average Max Rate Prior 0.00000%
Weighted Average Max Rate Current 0.00000%
Weighted Average Min Rate Original 0.00000%
Weighted Average Min Rate Prior 0.00000%
Weighted Average Min Rate Current 0.00000%
Weighted Average Cap Up Original 0.00000%
Weighted Average Cap Up Prior 0.00000%
Weighted Average Cap Up Current 0.00000%
Weighted Average Cap Down Original 0.00000%
Weighted Average Cap Down Prior 0.00000%
Weighted Average Cap Down Current 0.00000%
SERVICING FEES & ADVANCES
Total
Current Servicing Fees 226,973.70
Delinquent Servicing Fees 105,990.19
TOTAL SERVICING FEES 332,963.90
Servicing Fees 332,963.90
Compensating Interest -10,912.40
Delinquent Servicing Fees -105,990.19
COLLECTED SERVICING FEES 216,061.30
Total Advanced Interest 1,376,140.41
Total Advanced Principal 283,574.50
Aggregate Advances with respect to this Distribution 0.00
ADDITIONAL COLLATERAL INFORMATION
Total
Prepayment Interest Shortfall (PPIS) 10,912.40
Compensating Interest -10,912.40
Net Prepayment Interest Shortfall (PPIS) 0.00
Libor For Current Period 3.6413%
Libor For Next Period 3.8300%
Page 9 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Delinquency Report
TOTAL
< 1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL
DELINQUENT Balance 915,400.77 0.00 71,369.23 986,770.00
% Balance 0.12% 0.00% 0.01% 0.13%
# Loans 8 0 1 9
% # Loans 0.17% 0.00% 0.02% 0.19%
FORECLOSURE Balance 0.00 0.00 0.00 191,225.36 191,225.36
% Balance 0.00% 0.00% 0.00% 0.02% 0.02%
# Loans 0 0 0 3 3
% # Loans 0.00% 0.00% 0.00% 0.06% 0.06%
BANKRUPTCY Balance 660,523.11 0.00 0.00 0.00 660,523.11
% Balance 0.08% 0.00% 0.00% 0.00% 0.08%
# Loans 6 0 0 0 6
% # Loans 0.13% 0.00% 0.00% 0.00% 0.13%
REO Balance 0.00 0.00 0.00 0.00 0.00
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans 0 0 0 0 0
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
TOTAL Balance 660,523.11 915,400.77 0.00 262,594.59 1,838,518.47
% Balance 0.08% 0.12% 0.00% 0.03% 0.23%
# Loans 6 8 0 4 18
% # Loans 0.13% 0.17% 0.00% 0.09% 0.39%
Page 10 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
REO Report
Loan Number Original Stated Current State &
First
& Principal Principal Paid to Note LTV at Original Payment
Loan Group Balance Balance Date Rate Origination Term Date
TOTAL
Page 11 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Foreclosure Report
Loan Number Original Stated Current State &
First
& Principal Principal Paid to Note LTV at Original Payment
Loan Group Balance Balance Date Rate Origination Term Date
109606202 1
66,617.44 66,482.20 01-Apr-2005 8.100% MI - 39.01% 360 01-Apr-2005
109987784 1 63,871.39 63,675.13 01-Apr-2005 8.300% AZ - 42.87% 300 01-May-2005
110977907 1 61,147.88 61,068.03 01-Apr-2005 10.200% FL - 90.00% 360 01-May-2005
TOTAL 191,636.71 191,225.36
Page 12 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Prepayment Report
VOLUNTARY PREPAYMENTS
Total
Current
Number of Paid in Full Loans 52
Number of Repurchased Loans 1
Total Number of Loans Prepaid in Full 53
Curtailments Amount 131,243.93
Paid in Full Balance 8,958,600.03
Repurchased Loans Balance 133,990.42
Total Prepayment Amount 9,223,834.38
Cumulative
Number of Paid in Full Loans 146
Number of Repurchased Loans 2
Total Number of Loans Prepaid in Full 148
Paid in Full Balance 25,718,422.09
Repurchased Loans Balance 259,295.83
Curtailments Amount 429,039.72
Total Prepayment Amount 26,406,757.64
Page 13 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
VOLUNTARY PREPAYMENTS RATES
Total
SMM 1.16%
3 Months Avg SMM 1.09%
12 Months Avg SMM 1.09%
Avg SMM Since Cut-off 1.09%
CPR 13.02%
3 Months Avg CPR 12.33%
12 Months Avg CPR 12.33%
Avg CPR Since Cut-off 12.33%
PSA 1,173.56%
3 Months Avg PSA Approximation 1,354.87%
12 Months Avg PSA Approximation 1,354.87%
Avg PSA Since Cut-off Approximation 1,354.86%
Page 14 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS)) Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)*(1-SMMn+1)*...*(1-SMMm)]^(1/months in period n,m) Conditional Prepayment Rate (CPR): 1-((1-SMM)^12) Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m)) Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m) Weighted Average Seasoning (WAS) Dates correspond to distribution dates. Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
Page 15 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number Original Current State & Type Prepayment First
& Loan Principal Prepayment Prepayment Note LTV at & Payment
Loan Group Status Balance Amount Date Rate Origination Original Term Date
104648860 1 130,196.19 130,071.26 01-Sep-2005 9.850% FL - 90.00% Paid Off - 360 01-Feb-2005
104816624 1 243,253.63 242,545.91 23-Aug-2005 6.300% CA - 71.28% Paid Off - 300 01-Feb-2005
105918403 1 302,467.71 302,106.39 12-Aug-2005 8.700% MD - 84.59% Paid Off - 360 01-Apr-2005
106773500 1 348,408.43 347,488.94 15-Aug-2005 6.450% MA - 68.90% Paid Off - 360 01-Mar-2005
107307605 1 156,570.49 156,320.41 22-Aug-2005 7.250% WA - 87.19% Paid Off - 360 01-Apr-2005
107560021 1 61,389.71 61,314.17 02-Sep-2005 8.600% OR - 27.53% Paid Off - 360 01-Apr-2005
107888661 1 211,399.16 210,992.83 31-Aug-2005 6.300% CA - 67.26% Paid Off - 360 01-Apr-2005
107956682 1 294,310.75 293,777.33 08-Sep-2005 6.600% CA - 76.57% Paid Off - 360 01-Apr-2005
108200064 1 259,058.50 258,584.43 16-Aug-2005 6.550% MD - 80.00% Paid Off - 360 01-Apr-2005
108309527 1 104,773.98 104,620.87 22-Aug-2005 7.700% MO - 84.34% Paid Off - 360 01-Apr-2005
108315623 1 211,729.15 211,397.56 12-Aug-2005 7.350% HI - 90.00% Paid Off - 360 01-Apr-2005
108369380 1 174,504.03 174,169.03 31-Aug-2005 6.300% IL - 79.40% Paid Off - 360 01-Apr-2005
108375429 1 145,218.49 144,689.15 24-Aug-2005 7.650% FL - 75.45% Paid Off - 240 01-Apr-2005
108526641 1 99,775.95 99,624.24 01-Sep-2005 7.500% FL - 47.64% Paid Off - 360 01-Apr-2005
108689142 1 667,588.54 666,632.22 30-Aug-2005 7.800% IL - 78.71% Paid Off - 360 01-Apr-2005
108824160 1 166,160.81 164,089.72 18-Aug-2005 6.700% NJ - 62.54% Paid Off - 180 01-Apr-2005
108826660 1 70,078.58 69,982.84 07-Sep-2005 8.100% RI - 57.93% Paid Off - 360 01-Apr-2005
108961061 1 107,615.48 107,456.63 01-Sep-2005 7.650% FL - 83.54% Paid Off - 360 01-Apr-2005
109243162 1 131,093.76 130,987.34 01-Sep-2005 10.550% IL - 75.00% Paid Off - 360 01-Apr-2005
109951186 1 218,527.44 218,146.39 25-Aug-2005 6.800% CA - 89.83% Paid Off - 360 01-Apr-2005
110070646 1 79,669.53 79,580.88 02-Sep-2005 9.050% GA - 95.00% Paid Off - 360 01-Apr-2005
110164845 1 110,893.04 110,423.01 06-Sep-2005 6.400% MA - 90.00% Paid Off - 240 01-Apr-2005
110181641 1 268,333.33 267,882.38 31-Aug-2005 6.990% NJ - 70.96% Paid Off - 360 01-Apr-2005
110206448 1 311,107.25 310,504.30 17-Aug-2005 6.250% CA - 62.85% Paid Off - 360 01-Apr-2005
110251626 1 108,602.90 108,502.79 31-Aug-2005 9.950% CA - 72.50% Paid Off - 360 01-Apr-2005
110323888 1 108,846.88 108,692.06 16-Aug-2005 7.800% WA - 53.33% Paid Off - 360 01-May-2005
110447307 1 135,679.04 135,496.01 29-Aug-2005 8.100% CA - 89.50% Paid Off - 360 01-Apr-2005
110499340 1 74,791.50 74,650.64 29-Aug-2005 6.400% MA - 38.82% Paid Off - 360 01-Apr-2005
110633443 1 172,514.41 172,186.38 19-Aug-2005 6.350% MD - 27.76% Paid Off - 360 01-Apr-2005
110653664 1 61,625.44 61,374.71 29-Aug-2005 6.750% FL - 57.09% Paid Off - 240 01-Apr-2005
110674363 1 59,628.51 58,967.29 11-Aug-2005 6.650% MD - 18.07% Paid Off - 180 01-May-2005
110801784 1 215,350.41 214,911.94 22-Aug-2005 5.990% CA - 64.04% Paid Off - 360 01-Apr-2005
110868387 1 194,199.16 193,860.53 17-Aug-2005 6.800% FL - 89.98% Paid Off - 360 01-Apr-2005
111005807 1 203,705.24 203,406.71 29-Aug-2005 7.650% NV - 85.00% Paid Off - 360 01-May-2005
111055042 1 70,906.30 70,811.34 29-Aug-2005 8.100% IA - 58.73% Paid Off - 360 01-May-2005
111072682 1 168,721.59 168,439.92 15-Aug-2005 6.990% CA - 43.13% Paid Off - 360 01-May-2005
111076063 1 62,252.88 62,405.51 09-Sep-2005 8.990% VT - 54.98% Paid Off - 360 01-May-2005
Page 16 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number Original Current State & Type Prepayment First
& Loan Principal Prepayment Prepayment Note LTV at & Payment
Loan Group Status Balance Amount Date Rate Origination Original Term Date
111158960 1 134,403.43 134,171.77 02-Sep-2005 6.950% CA - 73.35% Paid Off - 360 01-Apr-2005
111342762 1 193,205.18 192,940.43 12-Aug-2005 7.990% IL - 90.00% Paid Off - 360 01-May-2005
111385365 1 157,227.23 156,977.44 17-Aug-2005 7.250% WI - 90.00% Paid Off - 360 01-May-2005
111623427 1 185,257.41 185,021.58 01-Sep-2005 8.350% FL - 90.00% Paid Off - 360 01-May-2005
112128723 1 125,637.65 125,203.42 30-Aug-2005 7.050% WI - 89.67% Paid Off - 360 01-May-2005
112523923 1 177,643.49 177,283.95 17-Aug-2005 5.990% CA - 77.39% Paid Off - 360 01-May-2005
113025068 1 65,639.23 64,806.12 25-Aug-2005 10.700% NJ - 29.42% Paid Off - 180 01-May-2005
113325740 1 419,253.21 418,498.18 23-Aug-2005 6.600% CA - 65.40% Paid Off - 360 01-May-2005
113419147 1 110,404.77 109,771.82 09-Sep-2005 8.350% FL - 51.80% Paid Off - 180 01-May-2005
113794929 1 196,173.72 195,843.65 31-Aug-2005 6.950% AZ - 88.43% Paid Off - 360 01-May-2005
113867501 1 171,515.20 171,303.43 01-Sep-2005 8.500% NJ - 70.00% Paid Off - 360 01-May-2005
114022882 1 65,188.87 64,846.44 07-Sep-2005 9.750% OK - 75.00% Paid Off - 360 01-May-2005
114355886 1 161,802.66 161,602.88 23-Aug-2005 8.500% FL - 77.14% Paid Off - 360 01-May-2005
114678386 1 165,829.57 165,555.95 01-Sep-2005 7.050% MD - 83.05% Paid Off - 360 01-May-2005
115040867 1 137,840.62 137,678.91 07-Sep-2005 8.750% NC - 78.86% Paid Off - 360 01-May-2005
112800487 1 134,246.55 133,990.42 25-Aug-2005 6.300% FL - 79.12% Repur/Subs - 360 01-May-2005
TOTAL 9,112,216.98 9,092,590.45
Page 17 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Realized Loss Report
COLLATERAL REALIZED LOSSES
Total
Current
Number of Loans Liquidated 0
Collateral Principal Realized Loss/(Gain) Amount 0.00
Collateral Interest Realized Loss/(Gain) Amount 0.00
Net Liquidation Proceeds 0.00
Cumulative
Number of Loans Liquidated 0
Collateral Realized Loss/(Gain) Amount 0.00
Net Liquidation Proceeds 0.00
Page 18 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
DEFAULT SPEEDS
Total
MDR 0.00%
3 Months Avg MDR 0.00%
12 Months Avg MDR 0.00%
Avg MDR Since Cut-off 0.00%
CDR 0.00%
3 Months Avg CDR 0.00%
12 Months Avg CDR 0.00%
Avg CDR Since Cut-off 0.00%
SDA 0.00%
3 Months Avg SDA Approximation 0.00%
12 Months Avg SDA Approximation 0.00%
Avg SDA Since Cut-off Approximation 0.00%
Loss Severity Approximation for Current Period 0.00%
3 Months Avg Loss Severity Approximation 0.00%
12 Months Avg Loss Severity Approximation 0.00%
Avg Loss Severity Approximation Since Cut-off 0.00%
Page 19 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)*(1-MDRn+1)*...*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
Page 20 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Realized Loss Detail Report
Loan Number Current State & Prior Realized Cumulative
& Loan Note LTV at Original Principal Loss/(Gain) Realized Realized
Loan Group Status Rate Origination Term Balance Revision Loss/(Gain) Loss/(Gain)
TOTAL
Page 21 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
Total
Has Stepdown Condition occurred (0 = No, 1=Yes) 0
Does a Trigger Event Exist-Either a) or b) Yes? 0
60+ days Delinquency Balance 923,117.70
Ending Collateral Balance 788,962,727.51
Delinquency Percentage 0.0703%
Senior Enhancement Percentage 9.229400%
Cumulative Loss Percentage 0.0000%
ADJUSTABLE RATE CERTIFICATE INFORMATION
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
SPACE INTENTIONALLY LEFT BLANK
Page 22 of 23
ABFC Trust 2005-AQ1
Mortgage Pass-Through Certificates
2005-AQ1
September 26, 2005 Distribution
Additional Certificate Report
ADDITIONAL CERTIFICATE REPORT
CLASS
Page 23 of 23