8-K 1 as679528-8k.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: September 26, 2002 (Date of earliest event reported) Commission File No. 333-90830 Asset Backed Funding Corporation -------------------------------------------------------------------------------- Delaware 75-2533468 -------------------------------------------------------------------------------- (State of Incorporation) (I.R.S. Employer Identification No.) 100 North Tryon Street Charlotte, North Carolina 28255 -------------------------------------------------------------------------------- Address of principal executive offices (Zip Code) (704) 386-2400 -------------------------------------------------------------------------------- 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 September 26, 2002, Asset Backed Funding Corporation (the "Corporation"), sold ABFC Asset-Backed Certificates, Series 2002-OPT1, Class A-1, Class A-2, Class AIO, Class AIO-INV, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 (the "Offered Certificates"), having an aggregate original principal balance of $628,798,000.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of September 1, 2002 (the "Agreement"), among the Corporation, as depositor, Option One Mortgage Corporation ("Option One"), as master servicer, and Wells Fargo Bank Minnesota, National Association ("Wells Fargo"), as trustee, a copy of which is filed as an exhibit hereto. ABFC Asset-Backed Certificates, Series 2002-OPT1, Class B, Class CE, Class P and Class R (the "Private Certificates" and, together with the Offered Certificates, the "Certificates"), were also issued pursuant to the Agreement but were not publicly offered. As of the date of initial issuance, the Offered Certificates evidenced an approximate 98.50% undivided interest in a trust (the "Trust"), consisting primarily of conventional fixed-rate mortgage loans and adjustable-rate mortgage loans, secured by mortgages creating first liens on one- to four-family properties and certain other property. The remaining undivided interests in the Trust are evidenced by the Private 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. An election will be made to treat certain assets of the Trust as one or more real estate mortgage investment conduits for federal income tax purposes (each, a "REMIC"). ITEM 7. Financial Statements and Exhibits Item 601(a) of Regulation S-K Exhibit No. Description ----------------- ----------- (EX-4) Pooling and Servicing Agreement, dated as of September 1, 2002, among Asset Backed Funding Corporation, Option One and Wells Fargo. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASSET BACKED FUNDING CORPORATION September 26, 2002 By: /s/ Michael P. Schoffelen --------------------------------- Name: Michael P. Schoffelen Title: Senior Vice President INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, E dated as of September 1, 2002, among Asset Backed Funding Corporation, Option One and Wells Fargo.

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 11/30/02 Distribution Date: 12/26/02 ABFC Series: 2002-OP1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 04542BBG6 SEN 1.71000% 385,296,062.90 567,348.45 2,241,013.97 A-2 04542BBH4 SEN 2.73400% 123,207,452.48 280,707.65 753,047.27 A-IO 04542BBJ0 SEN 6.00000% 0.00 319,185.00 0.00 AIO-INV 04542BBK7 SEN 0.37000% 0.00 147,094.81 0.00 M-1 04542BBL5 MEZ 2.11000% 41,495,000.00 75,394.11 0.00 M-2 04542BBM3 MEZ 2.31000% 12,767,000.00 25,395.69 0.00 M-3 04542BBN1 MEZ 2.78000% 23,939,000.00 57,307.31 0.00 M-4 04542BBP6 MEZ 3.23000% 19,151,000.00 53,266.38 0.00 M-5 04542BBQ4 MEZ 3.53000% 9,576,000.00 29,108.38 0.00 M-6 04542BBR2 MEZ 4.63000% 4,788,000.00 19,089.49 0.00 B ABF02OP1B SUB 7.50000% 6,383,000.00 39,893.75 0.00 CE ABF02OPCE SEN 0.00000% 3,191,869.25 2,738,853.46 0.00 R SEN 0.00000% 0.00 0.00 0.00 P ABF02OP1P SEN 0.00000% 0.00 72,231.77 0.00 Totals 629,794,384.63 4,424,876.25 2,994,061.24

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 383,055,048.93 2,808,362.42 0.00 A-2 0.00 122,454,405.21 1,033,754.92 0.00 A-IO 0.00 0.00 319,185.00 0.00 AIO-INV 0.00 0.00 147,094.81 0.00 M-1 0.00 41,495,000.00 75,394.11 0.00 M-2 0.00 12,767,000.00 25,395.69 0.00 M-3 0.00 23,939,000.00 57,307.31 0.00 M-4 0.00 19,151,000.00 53,266.38 0.00 M-5 0.00 9,576,000.00 29,108.38 0.00 M-6 0.00 4,788,000.00 19,089.49 0.00 B 0.00 6,383,000.00 39,893.75 0.00 CE 0.00 3,191,869.25 2,738,853.46 0.00 R 0.00 0.00 0.00 0.00 P 0.00 0.00 72,231.77 0.00 Totals 0.00 626,800,323.39 7,418,937.49 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 391,222,000.00 385,296,062.90 0.00 2,241,013.97 0.00 0.00 A-2 125,860,000.00 123,207,452.48 0.00 753,047.27 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 AIO-INV 0.00 0.00 0.00 0.00 0.00 0.00 M-1 41,495,000.00 41,495,000.00 0.00 0.00 0.00 0.00 M-2 12,767,000.00 12,767,000.00 0.00 0.00 0.00 0.00 M-3 23,939,000.00 23,939,000.00 0.00 0.00 0.00 0.00 M-4 19,151,000.00 19,151,000.00 0.00 0.00 0.00 0.00 M-5 9,576,000.00 9,576,000.00 0.00 0.00 0.00 0.00 M-6 4,788,000.00 4,788,000.00 0.00 0.00 0.00 0.00 B 6,383,000.00 6,383,000.00 0.00 0.00 0.00 0.00 CE 3,192,849.25 3,191,869.25 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 638,373,849.25 629,794,384.63 0.00 2,994,061.24 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 2,241,013.97 383,055,048.93 0.97912451 2,241,013.97 A-2 753,047.27 122,454,405.21 0.97294140 753,047.27 A-IO 0.00 0.00 0.00000000 0.00 AIO-INV 0.00 0.00 0.00000000 0.00 M-1 0.00 41,495,000.00 1.00000000 0.00 M-2 0.00 12,767,000.00 1.00000000 0.00 M-3 0.00 23,939,000.00 1.00000000 0.00 M-4 0.00 19,151,000.00 1.00000000 0.00 M-5 0.00 9,576,000.00 1.00000000 0.00 M-6 0.00 4,788,000.00 1.00000000 0.00 B 0.00 6,383,000.00 1.00000000 0.00 CE 0.00 3,191,869.25 0.99969306 0.00 R 0.00 0.00 0.00000000 0.00 P 0.00 0.00 0.00000000 0.00 Totals 2,994,061.24 626,800,323.39 0.98187030 2,994,061.24

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 391,222,000.00 984.85275087 0.00000000 5.72824118 0.00000000 A-2 125,860,000.00 978.92461846 0.00000000 5.98321365 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 AIO-INV 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 41,495,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 12,767,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 23,939,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 19,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 9,576,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 4,788,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,383,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,192,849.25 999.69306412 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 5.72824118 979.12450969 0.97912451 5.72824118 A-2 0.00000000 5.98321365 972.94140481 0.97294140 5.98321365 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AIO-INV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.69306412 0.99969306 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 391,222,000.00 1.71000% 385,296,062.90 567,348.45 0.00 0.00 A-2 125,860,000.00 2.73400% 123,207,452.48 280,707.65 0.00 0.00 A-IO 0.00 6.00000% 63,837,000.00 319,185.00 0.00 0.00 AIO-INV 0.00 0.37000% 477,064,256.98 147,094.81 0.00 0.00 M-1 41,495,000.00 2.11000% 41,495,000.00 75,394.11 0.00 0.00 M-2 12,767,000.00 2.31000% 12,767,000.00 25,395.69 0.00 0.00 M-3 23,939,000.00 2.78000% 23,939,000.00 57,307.31 0.00 0.00 M-4 19,151,000.00 3.23000% 19,151,000.00 53,266.38 0.00 0.00 M-5 9,576,000.00 3.53000% 9,576,000.00 29,108.38 0.00 0.00 M-6 4,788,000.00 4.63000% 4,788,000.00 19,089.49 0.00 0.00 B 6,383,000.00 7.50000% 6,383,000.00 39,893.75 0.00 0.00 CE 3,192,849.25 0.00000% 3,191,869.25 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 Totals 638,373,849.25 1,613,791.02 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 567,348.45 0.00 383,055,048.93 A-2 0.00 0.00 280,707.65 0.00 122,454,405.21 A-IO 0.00 0.00 319,185.00 0.00 63,837,000.00 AIO-INV 0.00 0.00 147,094.81 0.00 474,823,243.01 M-1 0.00 0.00 75,394.11 0.00 41,495,000.00 M-2 0.00 0.00 25,395.69 0.00 12,767,000.00 M-3 0.00 0.00 57,307.31 0.00 23,939,000.00 M-4 0.00 0.00 53,266.38 0.00 19,151,000.00 M-5 0.00 0.00 29,108.38 0.00 9,576,000.00 M-6 0.00 0.00 19,089.49 0.00 4,788,000.00 B 0.00 0.00 39,893.75 0.00 6,383,000.00 CE 0.00 0.00 2,738,853.46 0.00 3,191,869.25 R 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 72,231.77 0.00 0.01 Totals 0.00 0.00 4,424,876.25 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 391,222,000.00 1.71000% 984.85275087 1.45019567 0.00000000 0.00000000 A-2 125,860,000.00 2.73400% 978.92461846 2.23031662 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 AIO-INV 0.00 0.37000% 987.72927614 0.30454985 0.00000000 0.00000000 M-1 41,495,000.00 2.11000% 1000.00000000 1.81694445 0.00000000 0.00000000 M-2 12,767,000.00 2.31000% 1000.00000000 1.98916660 0.00000000 0.00000000 M-3 23,939,000.00 2.78000% 1000.00000000 2.39388905 0.00000000 0.00000000 M-4 19,151,000.00 3.23000% 1000.00000000 2.78138896 0.00000000 0.00000000 M-5 9,576,000.00 3.53000% 1000.00000000 3.03972222 0.00000000 0.00000000 M-6 4,788,000.00 4.63000% 1000.00000000 3.98694444 0.00000000 0.00000000 B 6,383,000.00 7.50000% 1000.00000000 6.25000000 0.00000000 0.00000000 CE 3,192,849.25 0.00000% 999.69306412 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 1.45019567 0.00000000 979.12450969 A-2 0.00000000 0.00000000 2.23031662 0.00000000 972.94140481 A-IO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 AIO-INV 0.00000000 0.00000000 0.30454985 0.00000000 983.08940830 M-1 0.00000000 0.00000000 1.81694445 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 1.98916660 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.39388905 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.78138896 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.03972222 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 3.98694444 0.00000000 1000.00000000 B 0.00000000 0.00000000 6.25000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 857.80857333 0.00000000 999.69306412 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 7,354,500.62 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 268,002.51 Realized Losses 0.00 Prepayment Penalties 72,231.77 Total Deposits 7,694,734.90 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 275,797.41 Payment of Interest and Principal 7,418,937.49 Total Withdrawals (Pool Distribution Amount) 7,694,734.90 Ending Balance 0.00

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

SERVICING FEES Gross Servicing Fee 262,414.31 Credit Risk Manager Fee 9,184.49 Trustee Fee 4,198.61 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 275,797.41

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 0.00 0.00 0.00

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 12 0 0 12 1,276,143.98 0.00 0.00 1,276,143.98 30 Days 55 2 0 0 57 8,247,109.47 270,607.85 0.00 0.00 8,517,717.32 60 Days 3 1 18 0 22 535,003.01 103,113.16 2,118,440.60 0.00 2,756,556.77 90 Days 1 1 5 0 7 211,523.21 182,630.12 913,522.84 0.00 1,307,676.17 120 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 59 16 23 0 98 8,993,635.69 1,832,495.11 3,031,963.44 0.00 13,858,094.24 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 0.271003% 0.000000% 0.000000% 0.271003% 0.203475% 0.000000% 0.000000% 0.203475% 30 Days 1.242096% 0.045167% 0.000000% 0.000000% 1.287263% 1.314959% 0.043147% 0.000000% 0.000000% 1.358106% 60 Days 0.067751% 0.022584% 0.406504% 0.000000% 0.496838% 0.085303% 0.016441% 0.337774% 0.000000% 0.439519% 90 Days 0.022584% 0.022584% 0.112918% 0.000000% 0.158085% 0.033726% 0.029119% 0.145656% 0.000000% 0.208502% 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 1.332430% 0.361337% 0.519422% 0.000000% 2.213189% 1.433989% 0.292182% 0.483431% 0.000000% 2.209601%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group One 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 9 0 0 9 1,036,373.55 0.00 0.00 1,036,373.55 30 Days 46 2 0 0 48 7,223,979.70 270,607.85 0.00 0.00 7,494,587.55 60 Days 2 0 15 0 17 322,264.81 0.00 1,890,346.83 0.00 2,212,611.64 90 Days 1 1 5 0 7 211,523.21 182,630.12 913,522.84 0.00 1,307,676.17 120 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 49 12 20 0 81 7,757,767.72 1,489,611.52 2,803,869.67 0.00 12,051,248.91 0-29 Days 2.027027% 0.000000% 0.000000% 2.027027% 1.920169% 0.000000% 0.000000% 1.920169% 30 Days 10.360360% 0.450450% 0.000000% 0.000000% 10.810811% 13.384425% 0.501376% 0.000000% 0.000000% 13.885801% 60 Days 0.450450% 0.000000% 3.378378% 0.000000% 3.828829% 0.597085% 0.000000% 3.502392% 0.000000% 4.099477% 90 Days 0.225225% 0.225225% 1.126126% 0.000000% 1.576577% 0.391905% 0.338373% 1.692554% 0.000000% 2.422833% 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 11.036036% 2.702703% 4.504505% 0.000000% 18.243243% 14.373416% 2.759918% 5.194946% 0.000000% 22.328280% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group One 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 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% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group Two 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 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% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group Two 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 3 0 0 3 239,770.43 0.00 0.00 239,770.43 30 Days 9 0 0 0 9 1,023,129.77 0.00 0.00 0.00 1,023,129.77 60 Days 1 1 3 0 5 212,738.20 103,113.16 228,093.77 0.00 543,945.13 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 10 4 3 0 17 1,235,867.97 342,883.59 228,093.77 0.00 1,806,845.33 0-29 Days 0.361882% 0.000000% 0.000000% 0.361882% 0.175089% 0.000000% 0.000000% 0.175089% 30 Days 1.085645% 0.000000% 0.000000% 0.000000% 1.085645% 0.747127% 0.000000% 0.000000% 0.000000% 0.747127% 60 Days 0.120627% 0.120627% 0.361882% 0.000000% 0.603136% 0.155349% 0.075297% 0.166563% 0.000000% 0.397209% 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 1.206273% 0.482509% 0.361882% 0.000000% 2.050663% 0.902477% 0.250386% 0.166563% 0.000000% 1.319425%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 268,002.51

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.818958% Weighted Average Net Coupon 8.318958% Weighted Average Pass-Through Rate 8.293458% Weighted Average Maturity(Stepdown Calculation ) 350 Beginning Scheduled Collateral Loan Count 4,448 Number Of Loans Paid In Full 20 Ending Scheduled Collateral Loan Count 4,428 Beginning Scheduled Collateral Balance 629,794,384.62 Ending Scheduled Collateral Balance 626,800,323.38 Ending Actual Collateral Balance at 30-Nov-2002 627,176,254.63 Monthly P &I Constant 5,655,019.08 Special Servicing Fee 0.00 Prepayment Penalties 72,231.77 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 626,800,323.38 Scheduled Principal 1,026,577.14 Unscheduled Principal 1,967,484.10 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,191,869.25 Overcollateralized Amount 3,191,869.25 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,738,853.46

Group Level Collateral Statement Group Group One Group One Group Two Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 8.815065 8.823964 9.485753 Weighted Average Net Rate 8.315065 8.323964 8.985753 Weighted Average Maturity 350 350 350 Beginning Loan Count 447 3,010 157 Loans Paid In Full 3 12 0 Ending Loan Count 444 2,998 157 Beginning Scheduled Balance 54,275,090.48 422,789,166.50 15,129,203.37 Ending scheduled Balance 53,937,427.30 420,885,815.71 15,117,144.87 Record Date 11/30/2002 11/30/2002 11/30/2002 Principal And Interest Constant 503,510.26 3,787,957.99 145,816.74 Scheduled Principal 104,811.56 679,061.06 26,223.50 Unscheduled Principal 232,851.62 1,224,289.73 (14,165.00) Scheduled Interest 398,698.70 3,108,896.93 119,593.24 Servicing Fees 22,614.62 176,162.15 6,303.83 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 361.84 2,818.60 100.84 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 791.52 6,165.67 220.63 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 374,930.72 2,923,750.51 112,967.94 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 8.289565 8.298464 8.960253

Group Level Collateral Statement Group Group Two Total Collateral Description Mixed ARM Mixed Fixed Weighted Average Coupon Rate 8.731800 8.818958 Weighted Average Net Rate 8.231800 8.318958 Weighted Average Maturity 350 350 Beginning Loan Count 834 4,448 Loans Paid In Full 5 20 Ending Loan Count 829 4,428 Beginning Scheduled Balance 137,600,924.27 629,794,384.62 Ending scheduled Balance 136,859,935.50 626,800,323.38 Record Date 11/30/2002 11/30/2002 Principal And Interest Constant 1,217,734.09 5,655,019.08 Scheduled Principal 216,481.02 1,026,577.14 Unscheduled Principal 524,507.75 1,967,484.10 Scheduled Interest 1,001,253.07 4,628,441.94 Servicing Fees 57,333.71 262,414.31 Master Servicing Fees 0.00 0.00 Trustee Fee 917.33 4,198.61 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 2,006.67 9,184.49 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 940,995.36 4,352,644.53 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 8.206300 8.293458

Filing Compare · ASSET BACKED FUNDING CORP ABFC ASST BCKD CERT SER 2002-OPT1