8-K 1 we739307-8k.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: August 26, 2003 (Date of earliest event reported) Commission File No. 333-98129 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 August 26, 2003, Wells Fargo Asset Securities Corporation, a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series 2003-10, Class A-1, Class A-2, Class A-3, Class A-4, 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 $299,748,945.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of August 26, 2003, among the Registrant, Wells Fargo Bank Minnesota, National Association, as master servicer (the "Master Servicer" or "Wells Fargo Bank") and Wachovia Bank, National Association, as trustee (the "Agreement"), a copy of which is filed as an exhibit hereto. Mortgage Pass-Through Certificates, Series 2003-10, Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal balance of $751,768.48 (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 99.75% 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). Some of the Mortgage Loans were 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 the employees of various non-participant employers. 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"). Class A-1, Class A-2, Class A-3, Class A-4, 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 August 26, 2003, among Wells Fargo Asset Securities Corporation, Wells Fargo Bank Minnesota, National Association and Wachovia Bank, National Association, as trustee. 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 August 26, 2003 /s/ Patrick Greene ---------------------------------------- Patrick Greene Senior Vice President INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, E dated as of August 26, 2003 among Wells Fargo Asset Securities Corporation, Wells Fargo Bank Minnesota, National Association and Wachovia Bank, National Association, as trustee.

Wells Fargo Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 11/30/03 Distribution Date: 12/26/03 WFMBS Series: 2003-10 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-PO 949762AE8 PO 0.00000% 395,736.99 0.00 4,064.41 A-1 949762AA6 SEN 4.50000% 176,379,850.27 661,412.38 2,594,511.51 A-2 949762AB4 SEN 4.50000% 74,851,543.01 280,688.17 1,582,708.42 A-3 949762AC2 SEN 4.50000% 32,744,000.00 122,787.76 0.00 A-4 949762AD0 SEN 4.50000% 383,434.46 1,437.85 5,640.24 A-R 949762AF5 SEN 4.50000% 0.00 0.00 0.00 B-1 949762AG3 SUB 4.50000% 1,782,775.03 6,685.28 6,833.31 B-2 949762AH1 SUB 4.50000% 444,952.17 1,668.54 1,705.49 B-3 949762AJ7 SUB 4.50000% 445,940.95 1,672.25 1,709.28 B-4 949762AK4 SUB 4.50000% 297,623.56 1,116.07 1,140.78 B-5 949762AL2 SUB 4.50000% 148,317.39 556.18 568.50 B-6 949762AM0 SUB 4.50000% 297,394.65 1,115.21 1,139.90 Totals 288,171,568.48 1,079,139.69 4,200,021.84

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-PO 0.00 391,672.59 4,064.41 0.00 A-1 0.00 173,785,338.77 3,255,923.89 0.00 A-2 0.00 73,268,834.59 1,863,396.59 0.00 A-3 0.00 32,744,000.00 122,787.76 0.00 A-4 0.00 377,794.21 7,078.09 0.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 1,775,941.72 13,518.59 0.00 B-2 0.00 443,246.69 3,374.03 0.00 B-3 0.00 444,231.68 3,381.53 0.00 B-4 0.00 296,482.78 2,256.85 0.00 B-5 0.00 147,748.90 1,124.68 0.00 B-6 0.00 296,254.75 2,255.11 0.00 Totals 0.00 283,971,546.68 5,279,161.53 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-PO 400,895.34 395,736.99 1,579.92 2,484.49 0.00 0.00 A-1 184,000,000.00 176,379,850.27 676,057.49 1,918,454.02 0.00 0.00 A-2 79,500,000.00 74,851,543.01 412,409.77 1,170,298.66 0.00 0.00 A-3 32,744,000.00 32,744,000.00 0.00 0.00 0.00 0.00 A-4 400,000.00 383,434.46 1,469.69 4,170.55 0.00 0.00 A-R 50.00 0.00 0.00 0.00 0.00 0.00 B-1 1,803,000.00 1,782,775.03 6,833.31 0.00 0.00 0.00 B-2 450,000.00 444,952.17 1,705.49 0.00 0.00 0.00 B-3 451,000.00 445,940.95 1,709.28 0.00 0.00 0.00 B-4 301,000.00 297,623.56 1,140.78 0.00 0.00 0.00 B-5 150,000.00 148,317.39 568.50 0.00 0.00 0.00 B-6 300,768.48 297,394.65 1,139.90 0.00 0.00 0.00 Totals 300,500,713.82 288,171,568.48 1,104,614.13 3,095,407.72 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-PO 4,064.41 391,672.59 0.97699462 4,064.41 A-1 2,594,511.51 173,785,338.77 0.94448554 2,594,511.51 A-2 1,582,708.42 73,268,834.59 0.92162056 1,582,708.42 A-3 0.00 32,744,000.00 1.00000000 0.00 A-4 5,640.24 377,794.21 0.94448553 5,640.24 A-R 0.00 0.00 0.00000000 0.00 B-1 6,833.31 1,775,941.72 0.98499263 6,833.31 B-2 1,705.49 443,246.69 0.98499264 1,705.49 B-3 1,709.28 444,231.68 0.98499264 1,709.28 B-4 1,140.78 296,482.78 0.98499262 1,140.78 B-5 568.50 147,748.90 0.98499267 568.50 B-6 1,139.90 296,254.75 0.98499268 1,139.90 Totals 4,200,021.84 283,971,546.68 0.94499458 4,200,021.84

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-PO 400,895.34 987.13292602 3.94097871 6.19735315 0.00000000 A-1 184,000,000.00 958.58614277 3.67422549 10.42638054 0.00000000 A-2 79,500,000.00 941.52884289 5.18754428 14.72073786 0.00000000 A-3 32,744,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 400,000.00 958.58615000 3.67422500 10.42637500 0.00000000 A-R 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,803,000.00 988.78260122 3.78996672 0.00000000 0.00000000 B-2 450,000.00 988.78260000 3.78997778 0.00000000 0.00000000 B-3 451,000.00 988.78259424 3.78997783 0.00000000 0.00000000 B-4 301,000.00 988.78259136 3.78996678 0.00000000 0.00000000 B-5 150,000.00 988.78260000 3.79000000 0.00000000 0.00000000 B-6 300,768.48 988.78263440 3.78995831 0.00000000 0.00000000 (2) Per $1000 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 10.13833186 976.99461909 0.97699462 10.13833186 A-1 0.00000000 14.10060603 944.48553679 0.94448554 14.10060603 A-2 0.00000000 19.90828201 921.62056088 0.92162056 19.90828201 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-4 0.00000000 14.10060000 944.48552500 0.94448553 14.10060000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 3.78996672 984.99263450 0.98499263 3.78996672 B-2 0.00000000 3.78997778 984.99264444 0.98499264 3.78997778 B-3 0.00000000 3.78997783 984.99263858 0.98499264 3.78997783 B-4 0.00000000 3.78996678 984.99262458 0.98499262 3.78996678 B-5 0.00000000 3.79000000 984.99266667 0.98499267 3.79000000 B-6 0.00000000 3.78995831 984.99267609 0.98499268 3.78995831 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 400,895.34 0.00000% 395,736.99 0.00 0.00 0.00 A-1 184,000,000.00 4.50000% 176,379,850.27 661,424.44 0.00 0.00 A-2 79,500,000.00 4.50000% 74,851,543.01 280,693.29 0.00 0.00 A-3 32,744,000.00 4.50000% 32,744,000.00 122,790.00 0.00 0.00 A-4 400,000.00 4.50000% 383,434.46 1,437.88 0.00 0.00 A-R 50.00 4.50000% 0.00 0.00 0.00 0.00 B-1 1,803,000.00 4.50000% 1,782,775.03 6,685.41 0.00 0.00 B-2 450,000.00 4.50000% 444,952.17 1,668.57 0.00 0.00 B-3 451,000.00 4.50000% 445,940.95 1,672.28 0.00 0.00 B-4 301,000.00 4.50000% 297,623.56 1,116.09 0.00 0.00 B-5 150,000.00 4.50000% 148,317.39 556.19 0.00 0.00 B-6 300,768.48 4.50000% 297,394.65 1,115.23 0.00 0.00 Totals 300,500,713.82 1,079,159.38 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-PO 0.00 0.00 0.00 0.00 391,672.59 A-1 12.06 0.00 661,412.38 0.00 173,785,338.77 A-2 5.12 0.00 280,688.17 0.00 73,268,834.59 A-3 2.24 0.00 122,787.76 0.00 32,744,000.00 A-4 0.03 0.00 1,437.85 0.00 377,794.21 A-R 0.00 0.00 0.00 0.00 0.00 B-1 0.12 0.00 6,685.28 0.00 1,775,941.72 B-2 0.03 0.00 1,668.54 0.00 443,246.69 B-3 0.03 0.00 1,672.25 0.00 444,231.68 B-4 0.02 0.00 1,116.07 0.00 296,482.78 B-5 0.01 0.00 556.18 0.00 147,748.90 B-6 0.02 0.00 1,115.21 0.00 296,254.75 Totals 19.68 0.00 1,079,139.69 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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 400,895.34 0.00000% 987.13292602 0.00000000 0.00000000 0.00000000 A-1 184,000,000.00 4.50000% 958.58614277 3.59469804 0.00000000 0.00000000 A-2 79,500,000.00 4.50000% 941.52884289 3.53073321 0.00000000 0.00000000 A-3 32,744,000.00 4.50000% 1000.00000000 3.75000000 0.00000000 0.00000000 A-4 400,000.00 4.50000% 958.58615000 3.59470000 0.00000000 0.00000000 A-R 50.00 4.50000% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 1,803,000.00 4.50000% 988.78260122 3.70793677 0.00000000 0.00000000 B-2 450,000.00 4.50000% 988.78260000 3.70793333 0.00000000 0.00000000 B-3 451,000.00 4.50000% 988.78259424 3.70793792 0.00000000 0.00000000 B-4 301,000.00 4.50000% 988.78259136 3.70794020 0.00000000 0.00000000 B-5 150,000.00 4.50000% 988.78260000 3.70793333 0.00000000 0.00000000 B-6 300,768.48 4.50000% 988.78263440 3.70793509 0.00000000 0.00000000 (5) All classes are per $1000 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 976.99461909 A-1 0.00006554 0.00000000 3.59463250 0.00000000 944.48553679 A-2 0.00006440 0.00000000 3.53066881 0.00000000 921.62056088 A-3 0.00006841 0.00000000 3.74993159 0.00000000 1000.00000000 A-4 0.00007500 0.00000000 3.59462500 0.00000000 944.48552500 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00006656 0.00000000 3.70786467 0.00000000 984.99263450 B-2 0.00006667 0.00000000 3.70786667 0.00000000 984.99264444 B-3 0.00006652 0.00000000 3.70787140 0.00000000 984.99263858 B-4 0.00006645 0.00000000 3.70787375 0.00000000 984.99262458 B-5 0.00006667 0.00000000 3.70786667 0.00000000 984.99266667 B-6 0.00006650 0.00000000 3.70786859 0.00000000 984.99267609 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 5,553,357.30 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 5,553,357.30 Withdrawals Reimbursement for Servicer Advances 57,626.99 Payment of Service Fee 59,982.19 Payment of Interest and Principal 5,279,161.51 Total Withdrawals (Pool Distribution Amount) 5,396,770.69 Ending Balance 156,586.61

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 2,472.91 Servicing Fee Support 2,453.23 Non-Supported Prepayment/Curtailment Interest Shortfall 19.68

SERVICING FEES Gross Servicing Fee 60,034.06 Master Servicing Fee 2,401.36 Supported Prepayment/Curtailment Interest Shortfall 2,453.23 Net Servicing Fee 59,982.19

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 2 0 0 0 2 771,809.30 0.00 0.00 0.00 771,809.30 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 2 0 0 0 2 771,809.30 0.00 0.00 0.00 771,809.30 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 0.353982% 0.000000% 0.000000% 0.000000% 0.353982% 0.270008% 0.000000% 0.000000% 0.000000% 0.270008% 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 0.353982% 0.000000% 0.000000% 0.000000% 0.353982% 0.270008% 0.000000% 0.000000% 0.000000% 0.270008%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 51,941.09

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 3,455,768.48 1.15000342% 3,403,906.52 1.19867873% 98.801321% 100.000000% Class B-1 1,652,768.48 0.55000484% 1,627,964.80 0.57328448% 0.625394% 0.000000% Class B-2 1,202,768.48 0.40025478% 1,184,718.11 0.41719606% 0.156088% 0.000000% Class B-3 751,768.48 0.25017194% 740,486.43 0.26076078% 0.156435% 0.000000% Class B-4 450,768.48 0.15000579% 444,003.65 0.15635498% 0.104406% 0.000000% Class B-5 300,768.48 0.10008911% 296,254.75 0.10432550% 0.052029% 0.000000% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.104326% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Fixed 15 Year Weighted Average Gross Coupon 5.205801% Weighted Average Net Coupon 4.493865% Weighted Average Pass-Through Rate 4.500000% Weighted Average Maturity(Stepdown Calculation ) 174 Beginning Scheduled Collateral Loan Count 570 Number Of Loans Paid In Full 5 Ending Scheduled Collateral Loan Count 565 Beginning Scheduled Collateral Balance 288,171,568.49 Ending Scheduled Collateral Balance 283,971,546.67 Ending Actual Collateral Balance at 30-Nov-2003 285,846,335.57 Ending Scheduled Balance For Wells Fargo Serviced 283,015,195.78 Ending Scheduled Balance For Other Servicers 956,350.89 Monthly P &I Constant 2,257,357.71 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 5,253,270.17 Ending Scheduled Balance for Premium Loans 237,809,212.69 Ending scheduled Balance For discounted Loans 46,162,333.98 Scheduled Principal 1,104,614.11 Unscheduled Principal 3,095,407.71 Unpaid Principal Balance Of Outstanding Mortgage Loans With Or Less Than Or Equal To 80% 282,532,958.70 Greater Than 80%, less than or equal to 85% 321,682.51 Greater than 85%, less than or equal to 95% 1,043,131.51 Greater than 95% 0.00

Filing Compare · WELLS FARGO ASSET SEC CORP MORT PASS THR CERTS SER 2003 10