8-K 1 we-8k_557920.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: January 30, 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 January 30, 2001, Wells Fargo Asset Securities Corporation, a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series 2001-3, Class A-1, 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 $446,222,932.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of January 30, 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 2001-3, Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal balance of $4,052,872.28 (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 99.10% 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. 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. An election will be made to treat the Trust Estate as a REMIC for federal income tax purposes (the "REMIC"). The Class A-1, 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 January 30, 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 January 30, 2001 /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 as E of January 30, 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: 5/31/01 Distribution Date: 6/25/01 WFMBS Series: 2001-3 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) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-PO 94976MAB0 PO 0.00000% 38,683.90 0.00 37.75 A-1 94976MAA2 SEQ 7.00000% 344,951,928.48 2,012,219.58 25,572,805.13 A-R 94976MAC8 RES 7.00000% 0.00 0.00 0.00 B-1 94976MAD6 SUB 7.00000% 7,859,887.88 45,849.35 5,101.17 B-2 94976MAE4 SUB 7.00000% 3,818,229.80 22,273.01 2,478.08 B-3 94976MAF1 SUB 7.00000% 2,245,254.77 13,097.32 1,457.20 B-4 94976MAG9 SUB 7.00000% 1,571,977.58 9,169.87 1,020.23 B-5 94976MAH7 SUB 7.00000% 1,123,126.11 6,551.57 728.92 B-6 94976MAJ3 SUB 7.00000% 1,347,424.45 7,762.34 0.00 Totals 362,956,512.97 2,116,923.04 25,583,628.48

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-PO 0.00 38,646.15 37.75 0.00 A-1 0.00 319,379,123.35 27,585,024.71 0.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 7,854,786.71 50,950.52 0.00 B-2 0.00 3,815,751.72 24,751.09 0.00 B-3 0.00 2,243,797.57 14,554.52 0.00 B-4 0.00 1,570,957.34 10,190.10 0.00 B-5 0.00 1,122,397.19 7,280.49 0.00 B-6 874.50 1,346,549.95 7,762.34 4,322.34 Totals 874.50 337,372,009.98 27,700,551.52 4,322.34 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 38,832.72 38,683.90 37.75 0.00 0.00 0.00 A-1 432,225,000.00 344,951,928.48 223,878.28 25,348,926.85 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 B-1 7,880,000.00 7,859,887.88 5,101.17 0.00 0.00 0.00 B-2 3,828,000.00 3,818,229.80 2,478.08 0.00 0.00 0.00 B-3 2,251,000.00 2,245,254.77 1,457.20 0.00 0.00 0.00 B-4 1,576,000.00 1,571,977.58 1,020.23 0.00 0.00 0.00 B-5 1,126,000.00 1,123,126.11 728.92 0.00 0.00 0.00 B-6 1,350,872.28 1,347,424.45 0.00 0.00 0.00 874.50 Totals 450,275,805.00 362,956,512.97 234,701.63 25,348,926.85 0.00 874.50 (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 37.75 38,646.15 0.99519555 37.75 A-1 25,572,805.13 319,379,123.35 0.73891867 25,572,805.13 A-R 0.00 0.00 0.00000000 0.00 B-1 5,101.17 7,854,786.71 0.99680034 5,101.17 B-2 2,478.08 3,815,751.72 0.99680034 2,478.08 B-3 1,457.20 2,243,797.57 0.99680034 1,457.20 B-4 1,020.23 1,570,957.34 0.99680034 1,020.23 B-5 728.92 1,122,397.19 0.99680035 728.92 B-6 874.50 1,346,549.95 0.99680034 0.00 Totals 25,584,502.98 337,372,009.98 0.74925636 25,583,628.48

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-PO 38,832.72 996.16766479 0.97211836 0.00000000 0.00000000 A-1 432,225,000.00 798.08416561 0.51796698 58.64752583 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 7,880,000.00 997.44770051 0.64735660 0.00000000 0.00000000 B-2 3,828,000.00 997.44770115 0.64735632 0.00000000 0.00000000 B-3 2,251,000.00 997.44769880 0.64735673 0.00000000 0.00000000 B-4 1,576,000.00 997.44770305 0.64735406 0.00000000 0.00000000 B-5 1,126,000.00 997.44769982 0.64735346 0.00000000 0.00000000 B-6 1,350,872.28 997.44770098 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 0.97211836 995.19554644 0.99519555 0.97211836 A-1 0.00000000 59.16549281 738.91867280 0.73891867 59.16549281 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.64735660 996.80034391 0.99680034 0.64735660 B-2 0.00000000 0.64735632 996.80034483 0.99680034 0.64735632 B-3 0.00000000 0.64735673 996.80034207 0.99680034 0.64735673 B-4 0.00000000 0.64735406 996.80034264 0.99680034 0.64735406 B-5 0.00000000 0.64735346 996.80034636 0.99680035 0.64735346 B-6 0.64735950 0.64735950 996.80034148 0.99680034 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 38,832.72 0.00000% 38,683.90 0.00 0.00 0.00 A-1 432,225,000.00 7.00000% 344,951,928.48 2,012,219.58 0.00 0.00 A-R 100.00 7.00000% 0.00 0.00 0.00 0.00 B-1 7,880,000.00 7.00000% 7,859,887.88 45,849.35 0.00 0.00 B-2 3,828,000.00 7.00000% 3,818,229.80 22,273.01 0.00 0.00 B-3 2,251,000.00 7.00000% 2,245,254.77 13,097.32 0.00 0.00 B-4 1,576,000.00 7.00000% 1,571,977.58 9,169.87 0.00 0.00 B-5 1,126,000.00 7.00000% 1,123,126.11 6,551.57 0.00 0.00 B-6 1,350,872.28 7.00000% 1,347,424.45 7,859.98 0.00 97.63 Totals 450,275,805.00 2,117,020.68 0.00 97.63

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 38,646.15 A-1 0.00 0.00 2,012,219.58 0.00 319,379,123.35 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.00 0.00 45,849.35 0.00 7,854,786.71 B-2 0.00 0.00 22,273.01 0.00 3,815,751.72 B-3 0.00 0.00 13,097.32 0.00 2,243,797.57 B-4 0.00 0.00 9,169.87 0.00 1,570,957.34 B-5 0.00 0.00 6,551.57 0.00 1,122,397.19 B-6 0.00 0.00 7,762.34 660.09 1,346,549.95 Totals 0.00 0.00 2,116,923.04 660.09 (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 38,832.72 0.00000% 996.16766479 0.00000000 0.00000000 0.00000000 A-1 432,225,000.00 7.00000% 798.08416561 4.65549096 0.00000000 0.00000000 A-R 100.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 7,880,000.00 7.00000% 997.44770051 5.81844543 0.00000000 0.00000000 B-2 3,828,000.00 7.00000% 997.44770115 5.81844566 0.00000000 0.00000000 B-3 2,251,000.00 7.00000% 997.44769880 5.81844514 0.00000000 0.00000000 B-4 1,576,000.00 7.00000% 997.44770305 5.81844543 0.00000000 0.00000000 B-5 1,126,000.00 7.00000% 997.44769982 5.81844583 0.00000000 0.00000000 B-6 1,350,872.28 7.00000% 997.44770098 5.81844791 0.00000000 0.07227182 (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 995.19554644 A-1 0.00000000 0.00000000 4.65549096 0.00000000 738.91867280 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 0.00000000 5.81844543 0.00000000 996.80034391 B-2 0.00000000 0.00000000 5.81844566 0.00000000 996.80034483 B-3 0.00000000 0.00000000 5.81844514 0.00000000 996.80034207 B-4 0.00000000 0.00000000 5.81844543 0.00000000 996.80034264 B-5 0.00000000 0.00000000 5.81844583 0.00000000 996.80034636 B-6 0.00000000 0.00000000 5.74616869 0.48863983 996.80034148 (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 27,601,867.91 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 171,010.27 Realized Losses 0.00 Total Deposits 27,772,878.18 Withdrawals Reimbursement for Servicer Advances 12,724.86 Payment of Service Fee 59,601.81 Payment of Interest and Principal 27,700,551.52 Total Withdrawals (Pool Distribution Amount) 27,772,878.19 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 21,349.81 Servicing Fee Support 21,349.81 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00

SERVICING FEES Gross Servicing Fee 75,812.66 Master Servicing Fee 5,138.96 Supported Prepayment/Curtailment Interest Shortfall 21,349.81 Net Servicing Fee 59,601.81

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 7 0 0 0 7 2,005,171.12 0.00 0.00 0.00 2,005,171.12 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 7 0 0 0 7 2,005,171.12 0.00 0.00 0.00 2,005,171.12 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 0.722394% 0.000000% 0.000000% 0.000000% 0.722394% 0.568049% 0.000000% 0.000000% 0.000000% 0.568049% 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 0.722394% 0.000000% 0.000000% 0.000000% 0.722394% 0.568049% 0.000000% 0.000000% 0.000000% 0.568049%

OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 874.50 Cumulative Realized Losses - Includes Interest Shortfall 4,322.34 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 948,926.78

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Next Original $ Original % Current $ Current % Class% Prepayment% Class A 18,011,872.28 4.00018657% 17,954,240.48 5.32179314% 94.677597% 0.000000% Class B-1 10,131,872.28 2.25014806% 10,099,453.77 2.99356600% 2.328494% 43.748922% Class B-2 6,303,872.28 1.40000245% 6,283,702.05 1.86254398% 1.131152% 21.252649% Class B-3 4,052,872.28 0.90008662% 4,039,904.48 1.19746285% 0.665157% 12.497313% Class B-4 2,476,872.28 0.55007892% 2,468,947.14 0.73181742% 0.465699% 8.749784% Class B-5 1,350,872.28 0.30000996% 1,346,549.95 0.39912912% 0.332726% 6.251432% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.399175% 7.499899% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

CREDIT ENHANCEMENT Original $ Original % Current $ Current % Bankruptcy 160,295.25 0.03559935% 160,295.25 0.04751291% Fraud 9,005,516.10 2.00000000% 9,005,516.10 2.66931335% Special Hazard 4,502,758.05 1.00000000% 4,502,758.05 1.33465667% Limit of Subordinate's Exposure to Certain Types of Losses

COLLATERAL STATEMENT Collateral Description Fixed 30 Year Weighted Average Gross Coupon 8.279817% Weighted Average Pass-Through Rate 7.000000% Weighted Average Maturity(Stepdown Calculation ) 352 Beginning Scheduled Collateral Loan Count 1,038 Number Of Loans Paid In Full 69 Ending Scheduled Collateral Loan Count 969 Beginning Scheduled Collateral Balance 362,956,512.97 Ending Scheduled Collateral Balance 337,372,009.99 Ending Actual Collateral Balance at 31-May-2001 352,992,492.52 Ending Scheduled Balance For Wells Fargo Serviced 212,683,111.68 Ending Scheduled Balance For Other Servicers 124,688,898.31 Monthly P &I Constant 2,447,164.16 Class A Optimal Amount 27,585,024.71 Class AP Deferred Amount 0.00 Ending Scheduled Balance for Premium Loans 336,358,815.03 Ending scheduled Balance For discounted Loans 1,013,194.96 Scheduled Principal 235,576.13 Unscheduled Principal 25,348,926.85 Unpaid Principal Balance Of Outstanding Mortgage Loans With Original LTV: Less Than Or Equal To 80% 297,593,267.77 Greater Than 80%, less than or equal to 85% 5,307,696.68 Greater than 85%, less than or equal to 95% 33,312,887.29 Greater than 95% 1,246,438.58

Filing Compare · WELLS FARGO ASSET SECURITIES CORP MOR PAS THR CER SE 2001-03