8-K 1 efc2-0162_5145416form8k.txt ------------------------------------------------------------------------------ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) January 30, 2002 CWABS, INC. ----------- (Exact Name of Registrant as Specified in its Charter) Delaware 333-73712 95-4596514 ------------------------------------------------------------------------------ (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 4500 Park Granada Calabasas, California 91302 ------------------------------------------------------------------------------ (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code: (818) 225-3237 No Change ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. ------------- Pooling & Servicing Agreement ----------------------------- CWABS, Inc. (the "Company") entered into a Pooling and Servicing Agreement dated as of January 1, 2002 (the "Pooling and Servicing Agreement"), by and among the Company, as depositor, Countrywide Home Loans, Inc., as seller, Countrywide Home Loans Servicing LP, as master servicer, The Bank of New York, as trustee, and BNY Western Trust Company, as co-trustee, providing for the issuance of the Company's Asset-Backed Certificates, Series 2002-BC1 (the "Certificates"). The Certificates were issued on January 30, 2002. The Pooling and Servicing Agreement is annexed hereto as Exhibit 99.1. -------- * Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the prospectus and the prospectus supplement of CWABS, Inc., relating to its Asset-Backed Certificates, Series 2002-BC1. 2 Item 7. Financial Statements; Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------- (a) Not applicable. (b) Not applicable. (c) Exhibits: 99.1 Pooling and Servicing Agreement dated as of January 1, 2002. 3 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. CWABS, INC. By: /s/ Josh Adler -------------- Name: Josh Adler Title: Vice President Dated: February 14, 2002 4 EXHIBIT INDEX ------------- Exhibit No. Description ----------- ----------- 99.1 Pooling and Servicing Agreement. EXHIBIT 99.1

Mortgage Loan Programs for the Mortgage Loans Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Loan Programs Mortgage Loans Outstanding Outstanding ------------- -------------- ----------- ----------- 6-Month LIBOR.............................. 1 $ 139,783 0.03% 2-Year/13-Year LIBOR....................... 6 490,699 0.10 2-Year/18-Year LIBOR....................... 18 2,568,683 0.51 2-Year/28-Year LIBOR....................... 1,500 241,263,761 48.25 3-Year/22-Year LIBOR....................... 1 31,319 0.01 3-Year/27-Year LIBOR....................... 879 125,209,259 25.04 5-Year/25-Year LIBOR....................... 2 403,332 0.08 Fixed 10-Year.............................. 3 236,227 0.05 Fixed 15-Year.............................. 125 9,417,066 1.88 Fixed 20-Year.............................. 60 5,671,748 1.13 Fixed 25-Year.............................. 6 464,218 0.09 Fixed 30-Year.............................. 869 105,788,686 21.16 Fixed 30-Year/15-Year Balloon.............. 86 8,315,216 1.66% ----- ------------- ------ Total.................................. 3,556 $ 499,999,997 100.00% ===== ============= =======

Mortgage Loan Principal Balances for the Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Range of Mortgage Loan Principal Balances Mortgage Loans Outstanding Outstanding ----------------------------------------- -------------- ----------- ----------- Up to $25,000.............................. 15 $ 342,382 0.07% $25,000.01 to $50,000...................... 241 9,755,026 1.95 $50,000.01 to $75,000...................... 565 35,950,541 7.19 $75,000.01 to $100,000..................... 592 51,627,308 10.33 $100,000.01 to $150,000.................... 949 116,934,273 23.39 $150,000.01 to $200,000.................... 516 89,737,283 17.95 $200,000.01 to $250,000.................... 272 60,849,978 12.17 $250,000.01 to $300,000.................... 148 40,308,176 8.06 $300,000.01 to $350,000.................... 136 43,997,433 8.80 $350,000.01 to $400,000.................... 69 26,095,440 5.22 $400,000.01 to $450,000.................... 21 8,934,507 1.79 $450,000.01 to $500,000.................... 28 13,290,635 2.66 $500,000.01 to $550,000.................... 2 1,059,059 0.21 $550,000.01 to $600,000.................... 2 1,117,956 0.22 ----- ------------- ------ Total.................................. 3,556 $ 499,999,997 100.00% ===== ============= ====== * The average Principal Balance of the Mortgage Loans as of the Cut-off Date was approximately $140,607.

Mortgage Rates for the Mortgage Loans* Percent of Aggregate Number of Aggregate Principal Principal Balance Range of Mortgage Rates (%) Mortgage Loans Balance Outstanding Outstanding --------------------------- -------------- ------------------- ----------- 6.001 - 6.500............................ 17 $ 3,102,494 0.62% 6.501 - 7.000............................ 246 44,891,109 8.98 7.001 - 7.500............................ 335 64,775,276 12.96 7.501 - 8.000............................ 520 88,108,011 17.62 8.001 - 8.500............................ 435 65,708,438 13.14 8.501 - 9.000............................ 557 78,440,287 15.69 9.001 - 9.500............................ 390 48,007,470 9.60 9.501 - 10.000............................ 438 51,224,002 10.24 10.001 - 10.500............................ 209 20,475,541 4.10 10.501 - 11.000............................ 200 18,395,302 3.68 11.001 - 11.500............................ 103 8,858,609 1.77 11.501 - 12.000............................ 63 5,425,557 1.09 12.001 - 12.500............................ 25 1,536,760 0.31 12.501 - 13.000............................ 9 591,988 0.12 13.001 - 13.500............................ 5 226,359 0.05 13.501 - 14.000............................ 3 137,898 0.03 14.001 - 14.500............................ 1 94,897 0.02 ----- ------------- ------- Total.................................. 3,556 $ 499,999,997 100.00% ===== ============== ======= * The weighted average Mortgage Rate of the Mortgage Loans as of the Cut-off Date was approximately 8.593% per annum.

Remaining Terms to Stated Maturity for the Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Remaining Term (months) Mortgage Loans Outstanding Outstanding ----------------------- -------------- ----------- ----------- 1 - 120.................................... 4 $ 253,729 0.05% 121 - 180.................................. 217 18,222,981 3.64 181 - 300.................................. 85 8,735,968 1.75 301 - 360.................................. 3,250 472,787,319 94.56 ----- ------------ ------- Total.................................. 3,556 $ 499,999,997 100.00% ===== ============= ======= 6 * The weighted average remaining term to maturity of the Mortgage Loans as of the Cut-off Date was approximately 348 months.

Loan-to-Value Ratios for the Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Range of Loan-to-Value Ratios (%) Mortgage Loans Outstanding Outstanding --------------------------------- -------------- ----------- ----------- Up to 50.00................................ 102 $ 8,104,506 1.62% 50.01 - 55.00.............................. 43 5,505,501 1.10 55.01 - 60.00.............................. 68 7,627,626 1.53 60.01 - 65.00.............................. 100 12,552,252 2.51 65.01 - 70.00.............................. 192 27,673,415 5.53 70.01 - 75.00.............................. 383 52,211,257 10.44 75.01 - 80.00.............................. 930 129,021,862 25.80 80.01 - 85.00.............................. 691 97,513,232 19.50 85.01 - 90.00.............................. 884 135,739,903 27.15 90.01 - 95.00.............................. 163 24,050,442 4.81 ------- ------------- ------- Total.................................. 3,556 $ 499,999,997 100.00% ====== ============= ======= * The weighted average Loan-to-Value Ratio of the Mortgage Loans as of the Cut-off Date was approximately 80.99%.

State Distribution of the Mortgaged Properties for the Mortgage Loans Percent of Aggregate Number of Aggregate Principal Principal Balance State Mortgage Loans Balance Outstanding Outstanding ------------------------------------------ -------------- ------------------- ----------- Alabama.................................... 17 $ 1,516,862 0.30% Arizona.................................... 102 11,724,933 2.34 Arkansas................................... 14 1,241,892 0.25 California................................. 866 183,914,271 36.78 Colorado................................... 80 13,680,555 2.74 Connecticut................................ 74 9,615,516 1.92 Delaware................................... 17 2,004,813 0.40 District of Columbia....................... 5 665,378 0.13 Florida.................................... 270 31,076,205 6.22 Georgia.................................... 129 14,167,960 2.83 Hawaii..................................... 35 6,131,711 1.23 Idaho...................................... 4 257,156 0.05 Illinois................................... 159 22,874,841 4.57 Indiana.................................... 105 10,317,300 2.06 Iowa....................................... 16 1,591,477 0.32 Kansas..................................... 11 1,079,294 0.22 Kentucky................................... 31 2,875,109 0.58 6 Percent of Aggregate Number of Aggregate Principal Principal Balance State Mortgage Loans Balance Outstanding Outstanding ------------------------------------------ -------------- ------------------- ----------- Louisiana.................................. 22 1,790,441 0.36 Maine...................................... 8 874,150 0.17 Maryland................................... 40 5,583,248 1.12 Massachusetts.............................. 66 10,936,526 2.19 Michigan................................... 156 17,121,533 3.42 Minnesota.................................. 71 10,034,717 2.01 Mississippi................................ 13 871,667 0.17 Missouri................................... 50 4,426,732 0.89 Montana.................................... 1 131,597 0.03 Nebraska................................... 18 1,551,582 0.31 Nevada..................................... 40 5,670,632 1.13 New Hampshire.............................. 10 1,362,060 0.27 New Jersey................................. 54 8,682,401 1.74 New Mexico................................. 9 1,025,452 0.21 New York................................... 71 11,776,957 2.36 North Carolina............................. 86 7,906,189 1.58 North Dakota............................... 1 79,496 0.02 Ohio....................................... 298 27,005,660 5.40 Oklahoma................................... 6 453,636 0.09 Oregon..................................... 40 6,083,283 1.22 Pennsylvania............................... 205 19,964,995 3.99 Rhode Island............................... 31 3,935,179 0.79 South Carolina............................. 54 4,946,897 0.99 Tennessee.................................. 52 4,608,918 0.92 Texas...................................... 21 2,340,868 0.47 Utah....................................... 23 4,366,053 0.87 Virginia................................... 1 147,677 0.03 Vermont.................................... 53 6,616,747 1.32 Washington................................. 56 8,798,966 1.76 West Virginia.............................. 22 1,576,820 0.32 Wisconsin.................................. 42 4,423,928 0.88 Wyoming.................................... 1 169,716 0.03 ------ -------------- -------- Total.................................. 3,556 $ 499,999,997 100.00% ====== ============== ========

Credit Bureau Risk Scores(1) for the Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Credit Bureau Risk Scores Mortgage Loans Outstanding Outstanding ------------------------------------------ -------------- ----------- ----------- 801 - 820.................................. 2 $ 134,606 0.03% 781 - 800.................................. 11 1,843,748 0.37 761 - 780.................................. 24 4,163,488 0.83 741 - 760.................................. 42 6,528,136 1.31 721 - 740.................................. 73 11,207,662 2.24 701 - 720.................................. 94 15,313,450 3.06 681 - 700.................................. 189 30,146,006 6.03 661 - 680.................................. 261 41,461,233 8.29 641 - 660.................................. 372 58,527,642 11.71 621 - 640.................................. 470 71,733,447 14.35 601 - 620.................................. 440 63,119,419 12.62 581 - 600.................................. 386 51,997,346 10.40 561 - 580.................................. 417 51,727,492 10.35 541 - 560.................................. 392 47,523,609 9.50 521 - 540.................................. 266 31,037,064 6.21 501 - 520.................................. 112 13,219,471 2.64 500 or Less................................ 2 195,061 0.04 Not Scored................................. 3 121,116 0.02 -------- --------------- --------- Total.................................. 3,556 $ 499,999,997 100.00% ======== =============== ========== (1) The Credit Bureau Risk Scores referenced in this table with respect to substantially all of the Mortgage Loans were obtained by the respective originators from one or more credit reporting agencies, and were determined at the time of origination. * The weighted average Credit Bureau Risk Score of the Mortgage Loans as of the Cut-off Date was approximately 618.

Gross Margins for the Adjustable Rate Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Range of Gross Margins (%) Mortgage Loans Outstanding Outstanding -------------------------- -------------- ----------- ----------- 3.001 - 4.000.............................. 6 $ 857,354 0.23% 4.001 - 5.000.............................. 52 7,967,339 2.15 5.001 - 6.000.............................. 732 122,783,086 33.18 6.001 - 7.000.............................. 1,101 175,026,967 47.29 7.001 - 8.000.............................. 357 45,933,578 12.41 8.001 - 9.000.............................. 137 15,059,294 4.07 9.001 - 10.000............................. 21 2,318,304 0.63 10.001 - 11.000............................ 1 160,913 0.04 -------- -------------- -------- Total.................................. 2,407 $370,106,835 100.00% ======== ============== ======== * The weighted average Gross Margin for the Adjustable Rate Mortgage Loans as of the Cut-off Date was approximately 6.439%.

Next Adjustment Date for the Adjustable Rate Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Next Adjustment Date Mortgage Loans Outstanding Outstanding -------------------- -------------- ----------- ----------- February 2002.............................. 1 $ 139,783 0.04% April 2003................................. 2 414,518 0.11 May 2003................................... 2 220,149 0.06 June 2003.................................. 12 1,582,001 0.43 July 2003.................................. 39 8,208,029 2.22 August 2003................................ 119 17,760,738 4.80 September 2003............................. 222 33,632,312 9.09 October 2003............................... 287 47,166,775 12.74 November 2003.............................. 465 77,517,294 20.94 December 2003.............................. 371 57,314,143 15.49 January 2004............................... 5 507,185 0.14 May 2004................................... 5 661,244 0.18 June 2004.................................. 28 3,475,154 0.94 July 2004.................................. 117 17,575,357 4.75 August 2004................................ 80 11,979,564 3.24 September 2004............................. 138 19,570,429 5.29 October 2004............................... 165 22,989,909 6.21 November 2004.............................. 174 26,632,030 7.20 December 2004.............................. 166 21,938,791 5.93 January 2005............................... 7 418,100 0.11 November 2006.............................. 1 250,445 0.07 December 2006.............................. 1 152,886 0.04 ------- -------------- ------ Total.................................. 2,407 $ 370,106,835 100.00% ======= ============== ====== * The weighted average next adjustment date for the Adjustable Rate Mortgage Loans is February 9, 2004.

Maximum Rates for the Adjustable Rate Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Range of Maximum Rates (%) Mortgage Loans Outstanding Outstanding -------------------------- -------------- ----------- ----------- 8.001 - 9.000.............................. 1 $ 139,783 0.04% 12.001 - 12.500............................ 8 1,120,620 0.30 12.501 - 13.000............................ 211 37,455,241 10.12 13.001 - 13.500............................ 260 50,643,561 13.68 13.501 - 14.000............................ 251 43,989,332 11.89 10

Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Range of Maximum Rates (%) Mortgage Loans Outstanding Outstanding -------------------------- -------------- ----------- ----------- 14.001 - 14.500............................ 234 37,178,060 10.05 14.501 - 15.000............................ 275 42,048,848 11.36 15.001 - 15.500............................ 259 39,343,297 10.63 15.501 - 16.000............................ 299 45,249,987 12.23 16.001 - 16.500............................ 168 22,167,228 5.99 16.501 - 17.000............................ 203 26,946,056 7.28 17.001 - 17.500............................ 91 9,088,184 2.46 17.501 - 18.000............................ 79 8,253,078 2.23 18.001 - 18.500............................ 38 3,968,369 1.07 18.501 - 19.000............................ 21 1,701,869 0.46 19.001 - 19.500............................ 6 573,133 0.15 19.501 - 20.000............................ 2 190,152 0.05 20.001 and Up.............................. 1 50,040 0.01 -------- ------------- ------- Total.................................. 2,407 $ 370,106,835 100.00% ======== ============= ======== * The weighted average Maximum Rate for the Adjustable Rate Mortgage Loans as of the Cut-off Date was approximately 14.856%.

Initial Periodic Rate Cap for the Adjustable Rate Mortgage Loans* Percent of Aggregate Number of Aggregate Principal Principal Balance Initial Periodic Rate Cap (%) Mortgage Loans Balance Outstanding Outstanding ----------------------------- -------------- ------------------- ----------- 1.000...................................... 6 $ 888,518 0.24% 1.500...................................... 216 34,849,028 9.42 2.000...................................... 912 162,602,643 43.93 3.000...................................... 1,273 171,766,646 46.41 ------ ------------- ------- Total.................................. 2,407 $ 370,106,835 100.00% ====== ============= ======= * The weighted average Initial Periodic Rate Cap for the Adjustable Rate Mortgage Loans as of the Cut-off Date was approximately 2.415%.

Subsequent Periodic Rate Cap for the Adjustable Rate Mortgage Loans* Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Subsequent Periodic Rate Cap (%) Mortgage Loans Outstanding Outstanding -------------------------------- -------------- ----------- ----------- 1.000...................................... 2,194 $ 335,770,217 90.72% 1.500...................................... 213 34,336,619 9.28 ------- -------------- ------- Total.................................. 2,407 $ 370,106,835 100.00% ======= ============== ======= * The weighted average Subsequent Periodic Rate Cap for the Adjustable Rate Mortgage Loans as of the Cut-off Date was approximately 1.046%.

Minimum Mortgage Rates for the Adjustable Rate Mortgage Loans* Percent of Aggregate Number of Aggregate Principal Principal Balance Range of Minimum Mortgage Rates (%) Mortgage Loans Balance Outstanding Outstanding ----------------------------------- -------------- ------------------- ----------- 5.001 - 6.000.............................. 56 $ 9,959,800 2.69% 6.001 - 7.000.............................. 309 50,667,770 13.69 7.001 - 8.000.............................. 570 107,148,143 28.95 8.001 - 9.000.............................. 580 92,616,244 25.02 9.001 - 10.000............................. 532 72,032,669 19.46 10.001 - 11.000............................ 241 26,598,834 7.19 11.001 - 12.000............................ 102 9,842,163 2.66 12.001 - 13.000............................ 16 1,191,172 0.32 13.001 - 14.000............................ 1 50,040 0.01 ------- ------------- ------- Total.................................. 2,407 $ 370,106,835 100.00% ======= ============= ======= * The weighted average Minimum Mortgage Rate for the Adjustable Rate Mortgage Loans as of the Cut-off Date was approximately 8.406%.

Types of Mortgaged Properties for the Mortgage Loans Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Property Type Mortgage Loans Outstanding Outstanding ------------- -------------- ----------- ----------- Single-Family Dwelling..................... 2,912 $ 403,475,910 80.70% Planned Unit Development................... 218 45,198,438 9.04 Low-Rise Condominium....................... 186 22,468,922 4.49 Two-Family Dwelling........................ 116 13,626,753 2.73 Three-Family Dwelling...................... 30 4,288,386 0.86 Four-Family Dwelling....................... 23 3,707,436 0.74 Manufactured Housing....................... 38 2,835,204 0.57 High-Rise Condominium...................... 12 2,566,197 0.51 Townhouse.................................. 21 1,832,753 0.37 ------ ------------- ------- Total.................................. 3,556 $ 499,999,997 100.00% ====== ============= =======

Occupancy Types for the Mortgage Loans(1) Aggregate Percent of Number of Principal Balance Aggregate Principal Occupancy Mortgage Loans Outstanding Balance Outstanding --------- -------------- ----------- ------------------- Owner Occupied............................. 3,315 $ 476,006,567 95.20% Non-Owner Occupied......................... 221 21,459,211 4.29 Second Home................................ 20 2,534,219 0.51 ------- --------------- -------- Total.................................. 3,556 $ 499,999,997 100.00% ======= =============== ======== __________ (1) Based on representations by the Mortgagors at the time of origination of the related Mortgage Loans.

Loan Purposes for the Mortgage Loans Percent of Aggregate Aggregate Number of Principal Balance Principal Balance Loan Purpose Mortgage Loans Outstanding Outstanding ------------ -------------- ----------- ----------- Refinance-- Cash Out....................... 2,305 $ 320,917,943 64.18% Purchase................................... 731 102,736,993 20.55 Refinance-- Rate/Term...................... 520 76,345,061 15.27 ------- --------------- -------- Total.................................. 3,556 $ 499,999,997 100.00% ======= =============== ========

Credit Grade Categories for the Mortgage Loans(1) Aggregate Percent of Number of Principal Balance Aggregate Principal Credit Grade Category Mortgage Loans Outstanding Balance Outstanding --------------------- -------------- ----------- ------------------- A.......................................... 1,894 $ 287,485,481 57.50% A-......................................... 594 87,851,975 17.57 B.......................................... 630 78,064,294 15.61 C.......................................... 363 39,399,586 7.88 C-......................................... 67 6,563,997 1.31 D.......................................... 8 634,664 0.13 ------- --------------- -------- Total.................................. 3,556 $ 499,999,997 100.00% ======= =============== ======== __________ (1) Although the Mortgage Loans were originated by various originators under differing underwriting guidelines, the Statistical Calculation Pool Mortgage Loans loosely correspond to the Countrywide credit grades shown in this table. See "The Mortgage Pool -- Underwriting Standards" in the Prospectus Supplement dated January 10, 2002 of CWABS, Inc., relating to its Asset-Backed Certificates, Series 2002-BC1. 14

Filing Compare · CWABS INC ASSET BACKED CERTIFICATESS SERIES 2002 BC1