8-K 1 abf02wf1.txt JULY 8K UNITED STATES 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 (Date of earliest event reported): July 25, 2002 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2002-WF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-32857-09 Pooling and Servicing Agreement) (Commission (State or other File Number) 43-1959575 jurisdiction 43-1959566 of Incorporation) 43-1959567 43-1959569 43-1959449 IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Former name or former address, if changed since last report) ITEM 5. Other Events On July 25, 2002 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2002-WF1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-WF1 Trust, relating to the July 25, 2002 distribution. 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 Asset Backed Certificates, Series 2002-WF1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 7/31/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-WF1 Trust, relating to the July 25, 2002 distribution. EX-99.1

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 46/30/02 Distribution Date: 57/2825/02 ABFC Series: 2002-WF1 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 04542BAE2 SEN 2.~~14000~~13000% ~~278~~263,~~594~~387,~~445~~041.6381 ~~546~~467,~~509~~512.4400 76,~~789~~786,~~999~~234.3624 A-IO 04542BAF9 SEN 4.50000% 0.00 128,235.00 0.00 M-1 04542BAG7 MEZ 2.~~60000~~59000% 20,518,000.00 4844,~~901~~284.2368 0.00 M-2 04542BAH5 MEZ 3.~~15000~~14000% 17,953,000.00 5146,~~839~~977.2902 0.00 M-3 04542BAJ1 MEZ 3.~~75000~~74000% 14,533,000.00 4945,~~957~~294.1952 0.00 B 04542BAK8 SUB 6.~~60000~~59000% 3,420,000.00 2018,~~691~~781.0050 0.00 CE ABF02W1CE SEN 0.00000% 1,709,821.5453 1,~~689~~666,~~942~~166.2120 0.00 R1 ABF02W1R1 RES 0.00000% 0.00 0.00 0.00 R2 ABF02W1R2 RES 0.00000% 0.00 0.00 0.00 R3 ABF02W1R3 RES 0.00000% 0.00 0.00 0.00 R4 ABF02W1R4 RES 0.00000% 0.00 0.00 0.00 R5 ABF02W1R5 RES 0.00000% 0.00 0.00 0.00 P ABF02WF1P SEN 0.00000% 0.0001 ~~112~~26,~~892~~783.6517 0.00 Totals ~~336~~321,~~728~~520,~~267~~863.1735 2,~~648~~444,~~968~~034.0109 76,~~789~~786,~~999~~234.3624

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~270~~256,~~804~~600,~~446~~807.2757 87,~~336~~253,~~508~~746.8024 0.00 A-IO 0.00 0.00 128,235.00 0.00 M-1 0.00 20,518,000.00 4844,~~901~~284.2368 0.00 M-2 0.00 17,953,000.00 5146,~~839~~977.2902 0.00 M-3 0.00 14,533,000.00 4945,~~957~~294.1952 0.00 B 0.00 3,420,000.00 2018,~~691~~781.0050 0.00 CE 0.0100 1,709,821.53 1,~~689~~666,~~942~~166.2120 0.0100 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 P 0.00 0.01 ~~112~~26,~~892~~783.6517 0.00 Totals 0.0100 ~~328~~314,~~938~~734,~~267~~629.8111 109,~~438~~230,~~967~~268.3733 0.0100 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-1 283,830,000.00 ~~278~~263,~~594~~387,~~445~~041.6381 0.00 76,~~789~~786,~~999~~234.3624 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 20,518,000.00 20,518,000.00 0.00 0.00 0.00 0.00 M-2 17,953,000.00 17,953,000.00 0.00 0.00 0.00 0.00 M-3 14,533,000.00 14,533,000.00 0.00 0.00 0.00 0.00 B 3,420,000.00 3,420,000.00 0.00 0.00 0.00 0.00 CE 1,710,308.83 1,709,821.5453 0.00 0.00 0.00 0.0100 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.0001 0.00 0.00 0.00 0.00 Totals 341,964,308.83 ~~336~~321,~~728~~520,~~267~~863.1735 0.00 76,~~789~~786,~~999~~234.3624 0.00 0.0100 (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 76,~~789~~786,~~999~~234.3624 ~~270~~256,~~804~~600,~~446~~807.2757 0.~~95410790~~90406514 76,~~789~~786,~~999~~234.3624 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 20,518,000.00 1.00000000 0.00 M-2 0.00 17,953,000.00 1.00000000 0.00 M-3 0.00 14,533,000.00 1.00000000 0.00 B 0.00 3,420,000.00 1.00000000 0.00 CE 0.0100 1,709,821.53 0.99971508 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 R4 0.00 0.00 0.00000000 0.00 R5 0.00 0.00 0.00000000 0.00 P 0.00 0.01 0.00000000 0.00 Totals 76,~~789~~786,~~999~~234.3724 ~~328~~314,~~938~~734,~~267~~629.8111 0.~~96190819~~92037274 76,~~789~~786,~~999~~234.3624

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 283,830,000.00 ~~981~~927.~~55390773~~97463908 0.00000000 2723.~~44600416~~90950301 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 20,518,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 17,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 14,533,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 3,420,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 1,710,308.83 999.~~71508654~~71508070 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R5 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 2723.~~44600416~~90950301 ~~954~~904.~~10790357~~06513607 0.~~95410790~~90406514 2723.~~44600416~~90950301 A-IO 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.~~00000585~~00000000 0.~~00000585~~00000000 999.71508070 0.99971508 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R5 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-1 283,830,000.00 2.~~14000~~13000% ~~278~~263,~~594~~387,~~445~~041.6381 ~~546~~467,~~509~~512.4400 0.00 0.00 A-IO 0.00 4.50000% 34,196,000.00 128,235.00 0.00 0.00 M-1 20,518,000.00 2.~~60000~~59000% 20,518,000.00 4844,~~901~~284.2368 0.00 0.00 M-2 17,953,000.00 3.~~15000~~14000% 17,953,000.00 5146,~~839~~977.2902 0.00 0.00 M-3 14,533,000.00 3.~~75000~~74000% 14,533,000.00 4945,~~957~~294.1952 0.00 0.00 B 3,420,000.00 6.~~60000~~59000% 3,420,000.00 2018,~~691~~781.0050 0.00 0.00 CE 1,710,308.83 0.00000% 1,709,821.5453 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 R4 0.00 0.00000% 0.00 0.00 0.00 0.00 R5 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.00 0.00000% 0.0001 0.00 0.00 0.00 Totals 341,964,308.83 ~~846~~751,~~133~~084.1572 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 ~~546~~467,~~509~~512.4400 0.00 ~~270~~256,~~804~~600,~~446~~807.2757 A-IO 0.00 0.00 128,235.00 0.00 34,196,000.00 M-1 0.00 0.00 4844,~~901~~284.2368 0.00 20,518,000.00 M-2 0.00 0.00 5146,~~839~~977.2902 0.00 17,953,000.00 M-3 0.00 0.00 4945,~~957~~294.1952 0.00 14,533,000.00 B 0.00 0.00 2018,~~691~~781.0050 0.00 3,420,000.00 CE 0.00 0.00 1,~~689~~666,~~942~~166.2120 0.00 1,709,821.53 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~112~~26,~~892~~783.6517 0.00 0.01 Totals 0.00 0.00 2,~~648~~444,~~968~~034.0109 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-1 283,830,000.00 2.~~14000~~13000% ~~981~~927.~~55390773~~97463908 1.~~92548159~~64715499 0.00000000 0.00000000 A-IO 0.00 4.50000% 1000.00000000 3.75000000 0.00000000 0.00000000 M-1 20,518,000.00 2.~~60000~~59000% 1000.00000000 2.~~38333317~~15833317 0.00000000 0.00000000 M-2 17,953,000.00 3.~~15000~~14000% 1000.00000000 2.~~88750014~~61666685 0.00000000 0.00000000 M-3 14,533,000.00 3.~~75000~~74000% 1000.00000000 3.~~43750017~~11666690 0.00000000 0.00000000 B 3,420,000.00 6.~~60000~~59000% 1000.00000000 65.~~05000000~~49166667 0.00000000 0.00000000 CE 1,710,308.83 0.00000% 999.~~71508654~~71508070 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R5 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.~~92548159~~64715499 0.00000000 ~~954~~904.~~10790357~~06513607 A-IO 0.00000000 0.00000000 3.75000000 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~38333317~~15833317 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~88750014~~61666685 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~43750017~~11666690 0.00000000 1000.00000000 B 0.00000000 0.00000000 65.~~05000000~~49166667 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~988~~974.~~09184655~~19025779 0.00000000 999.71508070 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R5 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 109,~~325~~128,~~906~~766.5260 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~148~~216,~~889~~723.8561 Realized Losses 0.00 Prepayment Penalties ~~112~~26,~~892~~783.6517 Total Deposits 109,~~587~~372,~~689~~273.0238 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~148~~142,~~721~~005.6505 Payment of Interest and Principal 109,~~438~~230,~~967~~268.3733 Total Withdrawals (Pool Distribution Amount) 109,~~587~~372,~~689~~273.0238 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~140~~133,~~303~~967.4402 Credit Risk Manager Fee 5,~~612~~358.1468 Securities Administration Fee 2,~~806~~679.0735 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~148~~142,~~721~~005.6505

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 ~~118~~153 03 019 0 ~~118~~175 1318,~~769~~257,~~509~~810.8940 0283,541.0001 02,110,633.0083 0.00 1320,~~769~~651,~~509~~985.8924 60 Days 1932 0 0 0 1932 13,~~835~~466,~~290~~353.4612 0.00 0.00 0.00 13,~~835~~466,~~290~~353.4612 90 Days 86 0 0 0 86 ~~934~~676,~~069~~639.7249 0.00 0.00 0.00 ~~934~~676,~~069~~639.7249 120 Days 10 0 0 0 10 ~~139,961~~0.0300 0.00 0.00 0.00 ~~139,961~~0.0300 150 Days 20 0 0 0 20 ~~384,752~~0.2500 0.00 0.00 0.00 ~~384,752~~0.2500 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~148~~191 03 019 0 ~~148~~213 1722,~~063~~400,~~583~~803.3501 0283,541.0001 02,110,633.0083 0.00 1724,~~063~~794,~~583~~977.3585 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 45.~~412865~~944056% 0.~~000000~~116550% 0.~~000000~~738151% 0.000000% 46.~~412865~~798757% 45.~~183804~~797605% 0.~~000000~~090036% 0.~~000000~~670213% 0.000000% 46.~~183804~~557854% 60 Days 01.~~710546~~243201% 0.000000% 0.000000% 0.000000% 01.~~710546~~243201% 01.~~557645~~100710% 0.000000% 0.000000% 0.000000% 01.~~557645~~100710% 90 Days 0.~~299177~~233100% 0.000000% 0.000000% 0.000000% 0.~~299177~~233100% 0.~~283813~~214861% 0.000000% 0.000000% 0.000000% 0.~~283813~~214861% 120 Days 0.~~037397~~000000% 0.000000% 0.000000% 0.000000% 0.~~037397~~000000% 0.~~042527~~000000% 0.000000% 0.000000% 0.000000% 0.~~042527~~000000% 150 Days 0.~~074794~~000000% 0.000000% 0.000000% 0.000000% 0.~~074794~~000000% 0.~~116905~~000000% 0.000000% 0.000000% 0.000000% 0.~~116905~~000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 57.~~534779~~420357% 0.~~000000~~116550% 0.~~000000~~738151% 0.000000% 58.~~534779~~275058% 57.~~184694~~113175% 0.~~000000~~090036% 0.~~000000~~670213% 0.000000% 57.~~184694~~873424%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~148~~216,~~889~~723.8561

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 9.~~567823~~551813% Weighted Average Net Coupon 9.~~067823~~051813% Weighted Average Pass-Through Rate 9.~~057823~~041813% Weighted Average Maturity(Stepdown Calculation ) ~~345~~343 Beginning Scheduled Collateral Loan Count 2,~~741~~625 Number Of Loans Paid In Full 6751 Ending Scheduled Collateral Loan Count 2,~~674~~574 Beginning Scheduled Collateral Balance ~~336~~321,~~728~~520,~~267~~863.1735 Ending Scheduled Collateral Balance ~~328~~314,~~938~~734,~~267~~629.8111 Ending Actual Collateral Balance at 30-~~Apr~~Jun-2002 ~~329~~314,~~114~~919,~~569~~872.9335 Monthly P &I Constant 2,~~879~~749,~~159~~341.5316 Special Servicing Fee 0.00 Prepayment Penalties ~~112~~26,~~892~~783.6517 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~328~~314,~~938~~734,~~267~~629.8111 Scheduled Principal ~~194~~190,~~362~~085.5220 Unscheduled Principal 76,~~595~~596,~~636~~149.8404 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,709,821.54 Overcollateralized Amount 1,709,821.54 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~689~~666,~~942~~166.2120

Monthly Excess Interest $1,~~689~~666,~~942~~166.0920

Filing Compare · ASSET BACKED FUNDING CORP 2002 WF1 TRUST