8-K 1 we562998_8-k.txt CURRENT REPORT 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: March 29, 2001 (Date of earliest event reported) Commission File No. 333-48720 Wells Fargo Asset Securities Corporation -------------------------------------------------------------------------------- Delaware 52-1972128 ----------------------------------- ----------------------------------- (State of Incorporation) I.R.S. Employer Identification No. 7485 New Horizon Way, Frederick, Maryland 21703 ---------------------------------------------------- ----------------- Address of principal executive offices (Zip Code) (301) 846-8881 -------------------------------------------------------------------------------- Registrant's Telephone Number, including area code -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) ITEM 5. Other Events On March 29, 2001, Wells Fargo Asset Securities Corporation, a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series 2001-7, Class A-1, Class A-2, Class A-3, Class A-PO, Class A-R, Class B-1, Class B-2 and Class B-3 (the "Offered Certificates"), having an aggregate original principal balance of $174,407,872.01. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of March 29, 2001, among the Registrant, Wells Fargo Bank Minnesota, National Association, as master servicer (the "Master Servicer" or "Wells Fargo Bank"), United States Trust Company of New York, as trustee, and First Union National Bank, as trust administrator (the "Agreement"), a copy of which is filed as an exhibit hereto. Mortgage Pass-Through Certificates, Series 2001-7, Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal balance of $1,052,864.22 (the "Private Class B Certificates" and, together with the Offered Certificates, the "Certificates"), were also issued pursuant to the Agreement. As of the date of initial issuance, the Offered Certificates evidenced an approximate 99.40% undivided interest in a trust fund (the "Trust Estate"), consisting principally of a pool of fixed interest rate, conventional, monthly pay, fully-amortizing, one-to four-family residential first mortgage loans, other than the Fixed Retained Yield (as defined in the Agreement), which may include loans secured by shares issued by cooperative housing corporations, originated in connection with the relocation of employees by various corporate employers that participated in the relocation program of Wells Fargo Home Mortgage, Inc. and of employees of various non-participant employees. The remaining undivided interests in the Trust Estate are evidenced by the Private Class B Certificates. Distributions on the Private Class B Certificates are subordinated to distributions on the Offered Certificates. Interest on the Offered Certificates will be distributed on each Distribution Date (as defined in the Agreement). Monthly distributions in reduction of the principal balance of the Offered Certificates will be allocated to the Offered Certificates in accordance with the priorities set forth in the Agreement. Distributions of interest and in reduction of principal balance on any Distribution Date will be made to the extent that the Pool Distribution Amount is sufficient therefor. Elections will be made to treat the Trust Estate as a REMIC for federal income tax purposes (the "REMIC"). The Class A-1, Class A-2, Class A-3, Class A-PO, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates will be treated as "regular interests" in the REMIC and the Class A-R Certificate will be treated as the "residual interest" in the REMIC. ITEM 7. Financial Statements and Exhibits --------------------------------- (c) Exhibits Item 601(a) of Regulation S-K Exhibit No. Description ----------- ----------- (EX-4) Pooling and Servicing Agreement, dated as of March 29, 2001, among Wells Fargo Asset Securities Corporation, Wells Fargo Bank Minnesota, National Association, United States Trust Company of New York, as trustee, and First Union National Bank, as trust administrator. 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. WELLS FARGO ASSET SECURITIES CORPORATION /s/ Alan S. McKenney ---------------------------- Alan S. McKenney Vice President INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, dated E as of March 29, 2001, among Wells Fargo Asset Securities Corporation, Wells Fargo Bank Minnesota, National Association, United States Trust Company of New York, as trustee, and First Union National Bank, as trust administrator.

Wells Fargo Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 3/31/01 Distribution Date: 4/25/01 WFMBS Series: 2001-7 Contact: Customer Service - SecuritiesLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-PO 94976TAD1 PO 0.00000% 11,072.01 0.00 9.91 A-1 94976TAA7 SEQ 6.50000% 143,547,626.00 777,549.64 788,173.82 A-2 94976TAB5 SEQ 6.50000% 9,092,000.00 49,248.33 (49,248.33) A-3 94976TAC3 SEQ 6.50000% 17,546,074.00 95,041.23 0.00 A-R 94976TAE9 RES 6.50000% 100.00 0.54 100.00 B-1 94976TAF6 SUB 6.50000% 2,719,000.00 14,727.92 2,081.66 B-2 94976TAG4 SUB 6.50000% 877,000.00 4,750.42 671.43 B-3 94976TAH2 SUB 6.50000% 615,000.00 3,331.25 470.84 B-4 94976TAJ8 SUB 6.50000% 438,000.00 2,372.50 335.33 B-5 94976TAK5 SUB 6.50000% 263,000.00 1,424.58 201.35 B-6 94976TAL3 SUB 6.50000% 351,864.22 1,878.64 0.00 Totals 175,460,736.23 950,325.05 742,796.01

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-PO 0.00 11,062.10 9.91 0.00 A-1 0.00 142,759,452.18 1,565,723.46 0.00 A-2 0.00 9,141,248.33 0.00 0.00 A-3 0.00 17,546,074.00 95,041.23 0.00 A-R 0.00 0.00 100.54 0.00 B-1 0.00 2,716,918.34 16,809.58 0.00 B-2 0.00 876,328.57 5,421.85 0.00 B-3 0.00 614,529.16 3,802.09 0.00 B-4 0.00 437,664.67 2,707.83 0.00 B-5 0.00 262,798.65 1,625.93 0.00 B-6 269.39 351,594.83 1,878.64 269.39 Totals 269.39 174,717,670.83 1,693,121.06 269.39 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-PO 11,072.01 11,072.01 9.60 0.31 0.00 0.00 A-1 143,547,626.00 143,547,626.00 138,958.84 649,214.99 0.00 0.00 A-2 9,092,000.00 9,092,000.00 0.00 0.00 (49,248.33) 0.00 A-3 17,546,074.00 17,546,074.00 0.00 0.00 0.00 0.00 A-R 100.00 100.00 17.63 82.37 0.00 0.00 B-1 2,719,000.00 2,719,000.00 2,081.66 0.00 0.00 0.00 B-2 877,000.00 877,000.00 671.43 0.00 0.00 0.00 B-3 615,000.00 615,000.00 470.84 0.00 0.00 0.00 B-4 438,000.00 438,000.00 335.33 0.00 0.00 0.00 B-5 263,000.00 263,000.00 201.35 0.00 0.00 0.00 B-6 351,864.22 351,864.22 0.00 0.00 0.00 269.39 Totals 175,460,736.23 175,460,736.23 142,746.68 649,297.67 (49,248.33) 269.39 (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-PO 9.91 11,062.10 0.99910495 9.91 A-1 788,173.82 142,759,452.18 0.99450932 788,173.82 A-2 (49,248.33) 9,141,248.33 1.00541667 (49,248.33) A-3 0.00 17,546,074.00 1.00000000 0.00 A-R 100.00 0.00 0.00000000 100.00 B-1 2,081.66 2,716,918.34 0.99923440 2,081.66 B-2 671.43 876,328.57 0.99923440 671.43 B-3 470.84 614,529.16 0.99923441 470.84 B-4 335.33 437,664.67 0.99923441 335.33 B-5 201.35 262,798.65 0.99923441 201.35 B-6 269.39 351,594.83 0.99923439 0.00 Totals 743,065.40 174,717,670.83 0.99576506 742,796.01

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-PO 11,072.01 1000.00000000 0.86705124 0.02799853 0.00000000 A-1 143,547,626.00 1000.00000000 0.96803301 4.52264526 0.00000000 A-2 9,092,000.00 1000.00000000 0.00000000 0.00000000 (5.41666630) A-3 17,546,074.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 1000.00000000 176.30000000 823.70000000 0.00000000 B-1 2,719,000.00 1000.00000000 0.76559765 0.00000000 0.00000000 B-2 877,000.00 1000.00000000 0.76559863 0.00000000 0.00000000 B-3 615,000.00 1000.00000000 0.76559350 0.00000000 0.00000000 B-4 438,000.00 1000.00000000 0.76559361 0.00000000 0.00000000 B-5 263,000.00 1000.00000000 0.76558935 0.00000000 0.00000000 B-6 351,864.22 1000.00000000 0.00000000 0.00000000 0.00000000 (2) Per $1,000 Denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-PO 0.00000000 0.89504977 999.10495023 0.99910495 0.89504977 A-1 0.00000000 5.49067819 994.50932181 0.99450932 5.49067819 A-2 0.00000000 (5.41666630) 1,005.41666630 1.00541667 (5.41666630) A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-R 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000 B-1 0.00000000 0.76559765 999.23440235 0.99923440 0.76559765 B-2 0.00000000 0.76559863 999.23440137 0.99923440 0.76559863 B-3 0.00000000 0.76559350 999.23440650 0.99923441 0.76559350 B-4 0.00000000 0.76559361 999.23440639 0.99923441 0.76559361 B-5 0.00000000 0.76558935 999.23441065 0.99923441 0.76558935 B-6 0.76560782 0.76560782 999.23439218 0.99923439 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-PO 11,072.01 0.00 11,072.01 0.00 0.00 0.00 A-1 143,547,626.00 6.50 143,547,626.00 777,549.64 0.00 0.00 A-2 9,092,000.00 6.50 9,092,000.00 49,248.33 0.00 0.00 A-3 17,546,074.00 6.50 17,546,074.00 95,041.23 0.00 0.00 A-R 100.00 6.50 100.00 0.54 0.00 0.00 B-1 2,719,000.00 6.50 2,719,000.00 14,727.92 0.00 0.00 B-2 877,000.00 6.50 877,000.00 4,750.42 0.00 0.00 B-3 615,000.00 6.50 615,000.00 3,331.25 0.00 0.00 B-4 438,000.00 6.50 438,000.00 2,372.50 0.00 0.00 B-5 263,000.00 6.50 263,000.00 1,424.58 0.00 0.00 B-6 351,864.22 6.50 351,864.22 1,905.93 0.00 27.29 Totals 175,460,736.23 950,352.34 0.00 27.29

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-PO 0.00 0.00 0.00 0.00 11,062.10 A-1 0.00 0.00 777,549.64 0.00 142,759,452.18 A-2 0.00 0.00 49,248.33 0.00 9,141,248.33 A-3 0.00 0.00 95,041.23 0.00 17,546,074.00 A-R 0.00 0.00 0.54 0.00 0.00 B-1 0.00 0.00 14,727.92 0.00 2,716,918.34 B-2 0.00 0.00 4,750.42 0.00 876,328.57 B-3 0.00 0.00 3,331.25 0.00 614,529.16 B-4 0.00 0.00 2,372.50 0.00 437,664.67 B-5 0.00 0.00 1,424.58 0.00 262,798.65 B-6 0.00 0.00 1,878.64 27.29 351,594.83 Totals 0.00 0.00 950,325.05 27.29 (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-PO 11,072.01 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 A-1 143,547,626.00 6.50000% 1000.00000000 5.41666666 0.00000000 0.00000000 A-2 9,092,000.00 6.50000% 1000.00000000 5.41666630 0.00000000 0.00000000 A-3 17,546,074.00 6.50000% 1000.00000000 5.41666643 0.00000000 0.00000000 A-R 100.00 6.50000% 1000.00000000 5.40000000 0.00000000 0.00000000 B-1 2,719,000.00 6.50000% 1000.00000000 5.41666789 0.00000000 0.00000000 B-2 877,000.00 6.50000% 1000.00000000 5.41667047 0.00000000 0.00000000 B-3 615,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000 B-4 438,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000 B-5 263,000.00 6.50000% 1000.00000000 5.41665399 0.00000000 0.00000000 B-6 351,864.22 6.50000% 1000.00000000 5.41666328 0.00000000 0.07755833 (5) Per 1,000 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-PO 0.00000000 0.00000000 0.00000000 0.00000000 999.10495023 A-1 0.00000000 0.00000000 5.41666666 0.00000000 994.50932181 A-2 0.00000000 0.00000000 5.41666630 0.00000000 1005.41666630 A-3 0.00000000 0.00000000 5.41666643 0.00000000 1000.00000000 A-R 0.00000000 0.00000000 5.40000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 5.41666789 0.00000000 999.23440235 B-2 0.00000000 0.00000000 5.41667047 0.00000000 999.23440137 B-3 0.00000000 0.00000000 5.41666667 0.00000000 999.23440650 B-4 0.00000000 0.00000000 5.41666667 0.00000000 999.23440639 B-5 0.00000000 0.00000000 5.41665399 0.00000000 999.23441065 B-6 0.00000000 0.00000000 5.33910495 0.07755833 999.23439218 (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 1,738,229.44 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Total Deposits 1,738,229.44 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 39,030.54 Payment of Interest and Principal 1,693,121.07 Total Withdrawals (Pool Distribution Amount) 1,732,151.61 Ending Balance 6,077.83

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 36,545.45 Master Servicing Fee 2,485.09 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 39,030.54

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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 269.39 Cumulative Realized Losses - Includes Interest Shortfall 269.39 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 84,982.77

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Next Original $ Original % Current $ Current % Class% Prepayment% Class A 5,263,864.22 3.00002401% 5,259,834.22 3.01047638% 96.989333% 0.000000% Class B-1 2,544,864.22 1.45038957% 2,542,915.88 1.45544287% 1.555132% 51.654068% Class B-2 1,667,864.22 0.95056265% 1,666,587.31 0.95387450% 0.501600% 16.660764% Class B-3 1,052,864.22 0.60005688% 1,052,058.15 0.60214754% 0.351749% 11.683432% Class B-4 614,864.22 0.35042838% 614,393.48 0.35164931% 0.250514% 8.320883% Class B-5 351,864.22 0.20053730% 351,594.83 0.20123599% 0.150423% 4.996330% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.201249% 6.684523% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 100,000.00 0.05699281% 100,000.00 0.05723520% Fraud 3,509,214.72 2.00000000% 3,509,214.72 2.00850590% Special Hazard 2,698,190.00 1.53777424% 2,698,190.00 1.54431431% Limit of Subordinate's Exposure to Certain Types of Losses

COLLATERAL STATEMENT Collateral Description Fixed 30 year - Relocation Weighted Average Gross Coupon 7.415703% Weighted Average Pass-Through Rate 6.500000% Weighted Average Maturity(Stepdown Calculation ) 357 Beginning Scheduled Collateral Loan Count 434 Number Of Loans Paid In Full 2 Ending Scheduled Collateral Loan Count 432 Beginning Scheduled Collateral Balance 175,460,736.23 Ending Scheduled Collateral Balance 174,717,670.83 Ending Actual Collateral Balance at 31-Mar-2001 174,380,748.39 Ending Scheduled Balance For Wells Fargo Serviced 167,836,970.79 Ending Scheduled Balance For Other Servicers 6,880,700.04 Monthly P &I Constant 1,123,821.88 Class A Optimal Amount 1,660,865.24 Class AP Deferred Amount 0.00 Ending Scheduled Balance for Premium Loans 170,488,044.90 Ending scheduled Balance For discounted Loans 4,229,625.93 Unpaid Principal Balance Of Outstanding Mortgage Loans With Original LTV: Less Than Or Equal To 80% 133,048,482.79 Greater Than 80%, less than or equal to 85% 6,064,101.64 Greater than 85%, less than or equal to 95% 35,607,979.70 Greater than 95% 0.00

Filing Compare · WELLS FARGO ASSET SEC CORP MOR PASS THR CERT SER 2001-7