8-K 1 we789432-8k.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: April 14, 2004 (Date of earliest event reported) Commission File No. 333-110283 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 April 14, 2004, Wells Fargo Asset Securities Corporation, a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series 2004-D, Class A-1, Class A-2, Class A-IO, Class A-R, Class A-LR, Class B-1, Class B-2 and Class B-3 (the "Offered Certificates"), having an aggregate original principal balance of $356,087,100.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of April 14, 2004, among the Registrant, Wells Fargo Bank, 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 2004-D, Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal balance of $1,789,402.26 (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 99.50% undivided interest in a trust fund (the "Trust Estate"), consisting principally of a pool of adjustable interest rate, conventional, monthly pay, fully-amortizing, one-to four-family residential first mortgage loans. 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 two REMICs for federal income tax purposes (the "Upper-Tier REMIC" and the "Lower-Tier REMIC," respectively and each, a "REMIC"). The Class A-1, Class A-2, Class A-IO, 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 Upper-Tier REMIC and the Class A-R and Class A-LR Certificates will be treated as the "residual interests" in the Upper Tier REMIC and the Lower-Tier REMIC, respectively. 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 April 14, 2004, among Wells Fargo Asset Securities Corporation, Wells Fargo Bank, 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 April 14, 2004 Susan M. Hughes Vice President INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing E Agreement, dated as of April 14, 2004, among Wells Fargo Asset Securities Corporation, Wells Fargo Bank, National Association and Wachovia Bank, National Association, as trustee.

Wells Fargo Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 6/30/04 Distribution Date: 7/26/04 WFMBS Series: 2004-D Contact: Customer Service - CTSLink Wells Fargo Bank, 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 949805AA3 SEN 4.78091% 276,345,499.70 1,101,058.55 1,440,848.95 A-2 949805AB1 SEN 4.50000% 46,194,936.23 173,242.34 240,857.64 A-IO 949805AC9 SEN 0.28091% 0.00 10,814.68 0.00 A-R 949805AD7 SEN 4.78064% 0.00 0.00 0.00 A-LR 949805AE5 SEN 4.78064% 0.00 0.00 0.00 B-1 949805AF2 SUB 4.78091% 3,392,224.88 13,515.83 4,066.15 B-2 949805AG0 SUB 4.78091% 2,677,862.23 10,669.55 3,209.86 B-3 949805AH8 SUB 4.78091% 892,953.31 3,557.84 1,070.35 B-4 949805AJ4 SUB 4.78091% 1,070,546.26 4,265.44 1,283.23 B-5 949805AK1 SUB 4.78091% 357,181.33 1,423.14 428.14 B-6 949805AL9 SUB 4.78091% 357,582.67 1,424.74 428.62 Totals 331,288,786.61 1,319,972.11 1,692,192.94

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 274,904,650.75 2,541,907.50 0.00 A-2 0.00 45,954,078.58 414,099.98 0.00 A-IO 0.00 0.00 10,814.68 0.00 A-R 0.00 0.00 0.00 0.00 A-LR 0.00 0.00 0.00 0.00 B-1 0.00 3,388,158.73 17,581.98 0.00 B-2 0.00 2,674,652.36 13,879.41 0.00 B-3 0.00 891,882.96 4,628.19 0.00 B-4 0.00 1,069,263.04 5,548.67 0.00 B-5 0.00 356,753.18 1,851.28 0.00 B-6 0.00 357,154.04 1,853.36 0.00 Totals 0.00 329,596,593.64 3,012,165.05 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-1 299,108,000.00 276,345,499.70 331,246.13 1,109,602.83 0.00 0.00 A-2 50,000,000.00 46,194,936.23 55,372.33 185,485.31 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 A-R 50.00 0.00 0.00 0.00 0.00 0.00 A-LR 50.00 0.00 0.00 0.00 0.00 0.00 B-1 3,400,000.00 3,392,224.88 4,066.15 0.00 0.00 0.00 B-2 2,684,000.00 2,677,862.23 3,209.86 0.00 0.00 0.00 B-3 895,000.00 892,953.31 1,070.35 0.00 0.00 0.00 B-4 1,073,000.00 1,070,546.26 1,283.23 0.00 0.00 0.00 B-5 358,000.00 357,181.33 428.14 0.00 0.00 0.00 B-6 358,402.26 357,582.67 428.62 0.00 0.00 0.00 Totals 357,876,502.26 331,288,786.61 397,104.81 1,295,088.14 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 1,440,848.95 274,904,650.75 0.91908157 1,440,848.95 A-2 240,857.64 45,954,078.58 0.91908157 240,857.64 A-IO 0.00 0.00 0.00000000 0.00 A-R 0.00 0.00 0.00000000 0.00 A-LR 0.00 0.00 0.00000000 0.00 B-1 4,066.15 3,388,158.73 0.99651727 4,066.15 B-2 3,209.86 2,674,652.36 0.99651727 3,209.86 B-3 1,070.35 891,882.96 0.99651727 1,070.35 B-4 1,283.23 1,069,263.04 0.99651728 1,283.23 B-5 428.14 356,753.18 0.99651726 428.14 B-6 428.62 357,154.04 0.99651727 428.62 Totals 1,692,192.94 329,596,593.64 0.92097858 1,692,192.94

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 299,108,000.00 923.89872454 1.10744657 3.70970629 0.00000000 A-2 50,000,000.00 923.89872460 1.10744660 3.70970620 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-R 50.00 0.00000000 0.00000000 0.00000000 0.00000000 A-LR 50.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 3,400,000.00 997.71320000 1.19592647 0.00000000 0.00000000 B-2 2,684,000.00 997.71320045 1.19592399 0.00000000 0.00000000 B-3 895,000.00 997.71319553 1.19592179 0.00000000 0.00000000 B-4 1,073,000.00 997.71319664 1.19592731 0.00000000 0.00000000 B-5 358,000.00 997.71321229 1.19592179 0.00000000 0.00000000 B-6 358,402.26 997.71321196 1.19591880 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-1 0.00000000 4.81715283 919.08157171 0.91908157 4.81715283 A-2 0.00000000 4.81715280 919.08157160 0.91908157 4.81715280 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-LR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 1.19592647 996.51727353 0.99651727 1.19592647 B-2 0.00000000 1.19592399 996.51727273 0.99651727 1.19592399 B-3 0.00000000 1.19592179 996.51727374 0.99651727 1.19592179 B-4 0.00000000 1.19592731 996.51727866 0.99651728 1.19592731 B-5 0.00000000 1.19592179 996.51726257 0.99651726 1.19592179 B-6 0.00000000 1.19591880 996.51726527 0.99651727 1.19591880 (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-1 299,108,000.00 4.78091% 276,345,499.70 1,100,986.55 0.00 0.00 A-2 50,000,000.00 4.50000% 46,194,936.23 173,231.01 0.00 0.00 A-IO 0.00 0.28091% 46,194,936.23 10,813.97 0.00 0.00 A-R 50.00 4.78064% 0.00 0.00 0.00 0.00 A-LR 50.00 4.78064% 0.00 0.00 0.00 0.00 B-1 3,400,000.00 4.78091% 3,392,224.88 13,514.94 0.00 0.00 B-2 2,684,000.00 4.78091% 2,677,862.23 10,668.86 0.00 0.00 B-3 895,000.00 4.78091% 892,953.31 3,557.61 0.00 0.00 B-4 1,073,000.00 4.78091% 1,070,546.26 4,265.16 0.00 0.00 B-5 358,000.00 4.78091% 357,181.33 1,423.04 0.00 0.00 B-6 358,402.26 4.78091% 357,582.67 1,424.64 0.00 0.00 Totals 357,876,502.26 1,319,885.78 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 (71.98) 0.00 1,101,058.55 0.00 274,904,650.75 A-2 (11.33) 0.00 173,242.34 0.00 45,954,078.58 A-IO (0.71) 0.00 10,814.68 0.00 45,954,078.58 A-R 0.00 0.00 0.00 0.00 0.00 A-LR 0.00 0.00 0.00 0.00 0.00 B-1 (0.88) 0.00 13,515.83 0.00 3,388,158.73 B-2 (0.70) 0.00 10,669.55 0.00 2,674,652.36 B-3 (0.23) 0.00 3,557.84 0.00 891,882.96 B-4 (0.28) 0.00 4,265.44 0.00 1,069,263.04 B-5 (0.09) 0.00 1,423.14 0.00 356,753.18 B-6 (0.09) 0.00 1,424.74 0.00 357,154.04 Totals (86.29) 0.00 1,319,972.11 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-1 299,108,000.00 4.78091% 923.89872454 3.68089971 0.00000000 0.00000000 A-2 50,000,000.00 4.50000% 923.89872460 3.46462020 0.00000000 0.00000000 A-IO 0.00 0.28091% 923.89872460 0.21627940 0.00000000 0.00000000 A-R 50.00 4.78064% 0.00000000 0.00000000 0.00000000 0.00000000 A-LR 50.00 4.78064% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 3,400,000.00 4.78091% 997.71320000 3.97498235 0.00000000 0.00000000 B-2 2,684,000.00 4.78091% 997.71320045 3.97498510 0.00000000 0.00000000 B-3 895,000.00 4.78091% 997.71319553 3.97498324 0.00000000 0.00000000 B-4 1,073,000.00 4.78091% 997.71319664 3.97498602 0.00000000 0.00000000 B-5 358,000.00 4.78091% 997.71321229 3.97497207 0.00000000 0.00000000 B-6 358,402.26 4.78091% 997.71321196 3.97497493 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-1 (0.00024065) 0.00000000 3.68114042 0.00000000 919.08157171 A-2 (0.00022660) 0.00000000 3.46484680 0.00000000 919.08157160 A-IO (0.00001420) 0.00000000 0.21629360 0.00000000 919.08157160 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-LR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 (0.00025882) 0.00000000 3.97524412 0.00000000 996.51727353 B-2 (0.00026080) 0.00000000 3.97524218 0.00000000 996.51727273 B-3 (0.00025698) 0.00000000 3.97524022 0.00000000 996.51727374 B-4 (0.00026095) 0.00000000 3.97524697 0.00000000 996.51727866 B-5 (0.00025140) 0.00000000 3.97525140 0.00000000 996.51726257 B-6 (0.00025111) 0.00000000 3.97525395 0.00000000 996.51726527 (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 14,963.39 Deposits Payments of Interest and Principal 3,037,962.69 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 65,525.60 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 3,103,488.29 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 106,286.64 Payment of Interest and Principal 3,012,165.05 Total Withdrawals (Pool Distribution Amount) 3,118,451.69 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall (86.30) Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall (86.30)

SERVICING FEES Gross Servicing Fee 103,525.95 Master Servicing Fee 2,760.69 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 106,286.64

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 1 0 0 0 1 433,660.61 0.00 0.00 0.00 433,660.61 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 1 0 0 0 1 433,660.61 0.00 0.00 0.00 433,660.61 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 0.160000% 0.000000% 0.000000% 0.000000% 0.160000% 0.131290% 0.000000% 0.000000% 0.000000% 0.131290% 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 0.160000% 0.000000% 0.000000% 0.000000% 0.160000% 0.131290% 0.000000% 0.000000% 0.000000% 0.131290%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 171,432.06

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 8,768,402.26 2.45011958% 8,737,864.31 2.65107846% 97.348922% 100.000000% Class B-1 5,368,402.26 1.50007118% 5,349,705.58 1.62310706% 1.027971% 0.000000% Class B-2 2,684,402.26 0.75009179% 2,675,053.22 0.81161434% 0.811493% 0.000000% Class B-3 1,789,402.26 0.50000552% 1,783,170.26 0.54101599% 0.270598% 0.000000% Class B-4 716,402.26 0.20018142% 713,907.22 0.21660030% 0.324416% 0.000000% Class B-5 358,402.26 0.10014691% 357,154.04 0.10836096% 0.108239% 0.000000% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.108361% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description 10/1 CMT ARM Weighted Average Gross Coupon 5.166309% Weighted Average Net Coupon 4.781309% Weighted Average Pass-Through Rate 4.781309% Weighted Average Maturity(Stepdown Calculation ) 356 Beginning Scheduled Collateral Loan Count 626 Number Of Loans Paid In Full 1 Ending Scheduled Collateral Loan Count 625 Beginning Scheduled Collateral Balance 331,288,786.61 Ending Scheduled Collateral Balance 329,596,593.66 Ending Actual Collateral Balance at 30-Jun-2004 330,307,839.59 Monthly P &I Constant 1,824,361.82 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 2,966,738.13 Ending scheduled Balance For discounted Loans 329,596,593.66 Scheduled Principal 397,104.81 Unscheduled Principal 1,295,088.14 Unpaid Principal Balance Of Outstanding Mortgage Loans With Or Less Than Or Equal To 80% 328,345,011.21 Greater Than 80%, less than or equal to 85% 0.00 Greater than 85%, less than or equal to 95% 1,264,938.35 Greater than 95% 0.00

Filing Compare · WELLS FARGO ASSET SEC MORTGAGE BACKED SEC 2004-D TRUST