8-K 1 ffm02ff1.txt AUGUST 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): August 26, 2002 FIRST FRANKLIN MORTGAGE LOAN TRUST Asset-Backed Certificates, Series 2002-FF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-84929-09 Pooling and Servicing Agreement) (Commission 52-2365555 (State or other File Number) 52-2365556 jurisdiction 52-2365557 of Incorporation) 52-2365558 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 August 26, 2002 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset-Backed Certificates, Series 2002-FF1 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-FF1 Trust, relating to the August 26, 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Asset-Backed Certificates, Series 2002-FF1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 8/28/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Certificates, Series 2002-FF1 Trust, relating to the August 26, 2002 distribution. EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 67/3031/02 Distribution Date: 78/2526/02 FFM Series: 2002-FF1 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 I-A-1 32027NAN1 SEN 1.~~97000~~96688% 4847,~~743~~297,~~984~~368.6099 8082,~~021~~691.3778 13,~~446~~330,~~615~~636.6198 I-A-2 32027NAP6 SEN 3.79000% 432,700,000.00 1,366,610.83 0.00 II-A-1 32027NAQ4 SEN 2.~~13000~~12688% ~~108~~107,~~930~~870,~~422~~520.5121 ~~193~~203,~~351~~935.5069 1795,~~059,902~~753.3064 M-1 32027NAR2 SUB 2.~~54000~~53688% 14,264,000.00 3032,~~192~~165.1338 0.00 M-2 32027NAS0 SUB 3.~~04000~~03688% 12,679,000.00 3234,~~120~~226.1331 0.00 M-3 32027NAT8 SUB 3.~~69000~~68688% 12,679,000.00 3841,~~987~~551.9396 0.00 C FFM02FF1C SEN 0.00000% 1,584,883.64 1,~~790~~754,~~904~~691.9982 0.00 P FFM02FF1P SEN 0.00000% 100.00 3967,~~688~~480.8652 0.00 DIV_CERT SEN 0.00000% 0.01 0.00 0.00 AUCADMIN SEN 0.00000% 0.00 0.00 0.00 R1 FFM2FF1R1 SEN 0.00000% 0.00 0.00 0.00 R2 FFM2FF1R2 SEN 0.00000% 0.00 0.00 0.00 R3 FFM2FF1R3 SEN 0.00000% 0.00 0.00 0.00 R4 FFM2FF1R4 SEN 0.00000% 0.00 0.00 0.00 Totals ~~631~~629,~~581~~074,~~390~~872.7685 3,~~571~~583,~~877~~354.7429 24,~~506~~126,~~517~~390.9162

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 4743,~~297~~966,~~368~~732.9901 13,~~526~~413,~~636~~328.9876 0.00 I-A-2 0.00 432,700,000.00 1,366,610.83 0.00 II-A-1 0.00 107,~~870~~074,~~520~~766.2157 1999,~~253,253~~689.8033 0.00 M-1 0.00 14,264,000.00 3032,~~192~~165.1338 0.00 M-2 0.00 12,679,000.00 3234,~~120~~226.1331 0.00 M-3 0.00 12,679,000.00 3841,~~987~~551.9396 0.00 C 0.00 1,584,883.64 1,~~790~~754,~~904~~691.9982 0.00 P 0.00 100.00 3967,~~688~~480.8652 0.00 DIV_CERT 0.00 0.01 0.00 0.00 AUCADMIN 0.00 0.00 0.00 0.00 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 Totals 0.00 ~~629~~624,~~074~~948,~~872~~482.8523 67,~~078~~709,~~395~~744.6591 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) I-A-1 50,079,000.00 4847,~~743~~297,~~984~~368.6099 0.00 13,~~446~~330,~~615~~636.6198 0.00 0.00 I-A-2 432,700,000.00 432,700,000.00 0.00 0.00 0.00 0.00 II-A-1 109,968,000.00 ~~108~~107,~~930~~870,~~422~~520.5121 0.00 1795,~~059,902~~753.3064 0.00 0.00 M-1 14,264,000.00 14,264,000.00 0.00 0.00 0.00 0.00 M-2 12,679,000.00 12,679,000.00 0.00 0.00 0.00 0.00 M-3 12,679,000.00 12,679,000.00 0.00 0.00 0.00 0.00 C 1,584,358.44 1,584,883.64 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 DIV_CERT 0.01 0.01 0.00 0.00 0.00 0.00 AUCADMIN 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.00 0.00 0.00 Totals 633,953,458.45 ~~631~~629,~~581~~074,~~390~~872.7685 0.00 24,~~506~~126,~~517~~390.9162 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 I-A-1 13,~~446~~330,~~615~~636.6198 4743,~~297~~966,~~368~~732.9901 0.~~94445514~~87794748 13,~~446~~330,~~615~~636.6198 I-A-2 0.00 432,700,000.00 1.00000000 0.00 II-A-1 1795,~~059,902~~753.3064 107,~~870~~074,~~520~~766.2157 0.~~98092645~~97369022 1795,~~059,902~~753.3064 M-1 0.00 14,264,000.00 1.00000000 0.00 M-2 0.00 12,679,000.00 1.00000000 0.00 M-3 0.00 12,679,000.00 1.00000000 0.00 C 0.00 1,584,883.64 1.00033149 0.00 P 0.00 100.00 1.00000000 0.00 DIV_CERT 0.00 0.01 1.00000000 0.00 AUCADMIN 0.00 0.00 0.00000000 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 R4 0.00 0.00 0.00000000 0.00 Totals 24,~~506~~126,~~517~~390.9162 ~~629~~624,~~074~~948,~~872~~482.8523 0.~~99230451~~98579552 24,~~506~~126,~~517~~390.9162

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 50,079,000.00 ~~973~~944.~~34181194~~45514068 0.00000000 2866.~~88667126~~50765750 0.00000000 I-A-2 432,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-1 109,968,000.00 ~~990~~980.~~56473256~~92645324 0.00000000 97.~~63827932~~23622908 0.00000000 M-1 14,264,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 12,679,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 12,679,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 1,584,358.44 1000.33149064 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 0.01 0.00000000 0.00000000 0.00000000 0.00000000 AUCADMIN 0.00 0.00000000 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 (2) All Classes are 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 I-A-1 0.00000000 2866.~~88667126~~50765750 ~~944~~877.~~45514068~~94748318 0.~~94445514~~87794748 2866.~~88667126~~50765750 I-A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-1 0.00000000 97.~~63827932~~23622908 ~~980~~973.~~92645324~~69022416 0.~~98092645~~97369022 97.~~63827932~~23622908 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 C 0.00000000 0.00000000 1,000.33149064 1.00033149 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 DIV_CERT 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 AUCADMIN 0.00000000 0.00000000 0.00000000 0.00000000 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 (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 I-A-1 50,079,000.00 1.~~97000~~96688% 4847,~~743~~297,~~984~~368.6099 8082,~~021~~691.3778 0.00 0.00 I-A-2 432,700,000.00 3.79000% 432,700,000.00 1,366,610.83 0.00 0.00 II-A-1 109,968,000.00 2.~~13000~~12688% ~~108~~107,~~930~~870,~~422~~520.5121 ~~193~~203,~~351~~935.5069 0.00 0.00 M-1 14,264,000.00 2.~~54000~~53688% 14,264,000.00 3032,~~192~~165.1338 0.00 0.00 M-2 12,679,000.00 3.~~04000~~03688% 12,679,000.00 3234,~~120~~226.1331 0.00 0.00 M-3 12,679,000.00 3.~~69000~~68688% 12,679,000.00 3841,~~987~~551.9396 0.00 0.00 C 1,584,358.44 0.00000% 1,584,883.64 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 DIV_CERT 0.01 0.00000% 0.01 0.00 0.00 0.00 AUCADMIN 0.00 0.00000% 0.00 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 Totals 633,953,458.45 1,~~741~~761,~~283~~181.8995 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 I-A-1 0.00 0.00 8082,~~021~~691.3778 0.00 4743,~~297~~966,~~368~~732.9901 I-A-2 0.00 0.00 1,366,610.83 0.00 432,700,000.00 II-A-1 0.00 0.00 ~~193~~203,~~351~~935.5069 0.00 107,~~870~~074,~~520~~766.2157 M-1 0.00 0.00 3032,~~192~~165.1338 0.00 14,264,000.00 M-2 0.00 0.00 3234,~~120~~226.1331 0.00 12,679,000.00 M-3 0.00 0.00 3841,~~987~~551.9396 0.00 12,679,000.00 C 0.00 0.00 1,~~790~~754,~~904~~691.9982 0.00 1,584,883.64 P 0.00 0.00 3967,~~688~~480.8652 0.00 100.00 DIV_CERT 0.00 0.00 0.00 0.00 0.01 AUCADMIN 0.00 0.00 0.00 0.00 0.00 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 Totals 0.00 0.00 3,~~571~~583,~~877~~354.7429 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 I-A-1 50,079,000.00 1.~~97000~~96688% ~~973~~944.~~34181194~~45514068 1.~~59790271~~65122666 0.00000000 0.00000000 I-A-2 432,700,000.00 3.79000% 1000.00000000 3.15833333 0.00000000 0.00000000 II-A-1 109,968,000.00 2.~~13000~~12688% ~~990~~980.~~56473256~~92645324 1.~~75825240~~85450031 0.00000000 0.00000000 M-1 14,264,000.00 2.~~54000~~53688% 1000.00000000 2.~~11666643~~25500421 0.00000000 0.00000000 M-2 12,679,000.00 3.~~04000~~03688% 1000.00000000 2.~~53333307~~69944869 0.00000000 0.00000000 M-3 12,679,000.00 3.~~69000~~68688% 1000.00000000 3.~~07500039~~27722691 0.00000000 0.00000000 C 1,584,358.44 0.00000% 1000.33149064 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 AUCADMIN 0.00 0.00000% 0.00000000 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 (5) All Classes are 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 I-A-1 0.00000000 0.00000000 1.~~59790271~~65122666 0.00000000 ~~944~~877.~~45514068~~94748318 I-A-2 0.00000000 0.00000000 3.15833333 0.00000000 1000.00000000 II-A-1 0.00000000 0.00000000 1.~~75825240~~85450031 0.00000000 ~~980~~973.~~92645324~~69022416 M-1 0.00000000 0.00000000 2.~~11666643~~25500421 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~53333307~~69944869 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~07500039~~27722691 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~1130~~1107.~~36604899~~50937143 0.00000000 1000.33149064 P 0.00000000 0.00000000 ~~396888~~674805.~~60000000~~20000000 0.00000000 1000.00000000 DIV_CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AUCADMIN 0.00000000 0.00000000 0.00000000 0.00000000 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 (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 68,~~616~~216,~~723~~503.9959 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 6695,~~249~~522.3899 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 68,~~682~~312,~~973~~026.3758 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~604~~602,~~577~~281.7267 Payment of Interest and Principal 67,~~078~~709,~~395~~744.6591 Total Withdrawals (Pool Distribution Amount) 68,~~682~~312,~~973~~026.3758 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~263~~262,~~158~~114.9043 Radian Insurance Fee ~~338~~337,~~524~~284.0810 Wells Fargo Bank Minnesota, N.A. 2,~~894~~883.7414 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~604~~602,~~577~~281.7267

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 25 0 0 25 ~~465~~815,~~266~~837.6715 0.00 0.00 ~~465~~815,~~266~~837.6715 30 Days 1823 1 0 0 1924 2,~~852~~566,~~371~~321.4395 ~~126~~373,~~750~~367.0078 0.00 0.00 2,~~979~~939,~~121~~689.4373 60 Days 01 01 011 0 013 0239,850.0082 0126,750.00 01,648,239.0066 0.00 02,014,840.0048 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 1824 37 011 0 2142 2,~~852~~806,~~371~~172.4377 ~~592~~1,~~016~~315,954.6793 01,648,239.0066 0.00 35,~~444~~770,~~388~~367.1036 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.~~048019~~120744% 0.000000% 0.000000% 0.~~048019~~120744% 0.~~073954~~130528% 0.000000% 0.000000% 0.~~073954~~130528% 30 Days 0.~~432173~~555421% 0.~~024010~~024149% 0.000000% 0.000000% 0.~~456182~~579570% 0.~~453382~~410592% 0.~~020147~~059736% 0.000000% 0.000000% 0.~~473529~~470328% 60 Days 0.~~000000~~024149% 0.~~000000~~024149% 0.~~000000~~265636% 0.000000% 0.~~000000~~313934% 0.~~000000~~038374% 0.~~000000~~020279% 0.~~000000~~263706% 0.000000% 0.~~000000~~322359% 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.~~432173~~579570% 0.~~072029~~169041% 0.~~000000~~265636% 0.000000% 01.~~504202~~014248% 0.~~453382~~448966% 0.~~094101~~210543% 0.~~000000~~263706% 0.000000% 0.~~547483~~923214%

~~OTHER~~Delinquency ~~INFORMATION~~Status ~~Current~~By ~~Period~~Groups ~~Class~~DELINQUENT ABANKRUPTCY ~~Insufficient~~FORECLOSURE ~~Funds~~REO Total Group 1 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 5 0 0 5 815,837.15 0.00 0.00 815,837.15 30 Days 22 0 0 0 22 2,118,600.41 0.00 0.00 0.00 2,118,600.41 60 Days 1 1 10 0 12 239,850.82 126,750.00 1,318,410.74 0.00 1,685,011.56 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 23 6 10 0 39 2,358,451.23 942,587.15 1,318,410.74 0.00 4,619,449.12 0-29 Days 0.878735% 0.000000% 0.000000% 0.878735% 1.138858% 0.000000% 0.000000% 1.138858% 30 Days 3.866432% 0.000000% 0.000000% 0.000000% 3.866432% 2.957434% 0.000000% 0.000000% 0.000000% 2.957434% 60 Days 0.175747% 0.175747% 1.757469% 0.000000% 2.108963% 0.334817% 0.176935% 1.840419% 0.000000% 2.352171% 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 4.042179% 1.054482% 1.757469% 0.000000% 6.854130% 3.292251% 1.315793% 1.840419% 0.000000% 6.448463% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 3 No of ~~Contaminated~~Loans ~~Properties~~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 ~~Periodic~~0.00 ~~Advance~~0.00 660.00 30 Days 1 1 0 0 2 447,~~249~~721.3854 373,367.78 0.00 0.00 821,089.32 60 Days 0 0 1 0 1 0.00 0.00 329,828.92 0.00 329,828.92 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 1 1 0 3 447,721.54 373,367.78 329,828.92 0.00 1,150,918.24 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.325581% 2.325581% 0.000000% 0.000000% 4.651163% 2.909665% 2.426453% 0.000000% 0.000000% 5.336119% 60 Days 0.000000% 0.000000% 2.325581% 0.000000% 2.325581% 0.000000% 0.000000% 2.143502% 0.000000% 2.143502% 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 2.325581% 2.325581% 2.325581% 0.000000% 6.976744% 2.909665% 2.426453% 2.143502% 0.000000% 7.479620% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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%

~~COLLATERAL~~OTHER ~~STATEMENT~~INFORMATION ~~Collateral~~Current ~~Description~~Period ~~Fixed~~Class &A ~~Mixed~~Insufficient ~~ARM~~Funds Weighted Average Gross Coupon 7.980562% Weighted Average Net Coupon 7.480562% Weighted Average Pass-Through Rate 6.831869% Weighted Average Maturity(Stepdown Calculation ) 354 Beginning Scheduled Collateral Loan Count 4,178 Number Of Loans Paid In Full 13 Ending Scheduled Collateral Loan Count 4,165 Beginning Scheduled Collateral Balance 631,581,390.75 Ending Scheduled Collateral Balance 629,074,872.84 Ending Actual Collateral Balance at 30-Jun-2002 629,131,738.59 Monthly P &I Constant 4,651,682.98 Special Servicing Fee 0.00 ~~Prepayment~~Principal ~~Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled~~ Balance ~~for~~of ~~Premium~~Contaminated ~~Loans~~Properties ~~629,074,872.84 Scheduled Principal 451,370.71 Unscheduled Principal 2,055,147.20 Required Overcollateralization Amount~~ 0.00 ~~Overcollateralized~~Periodic ~~Increase~~Advance ~~Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1~~95,~~584,883~~522.~~65 Overcollateralized Amount 1,584,883.65 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00~~99

~~Dividend~~COLLATERAL ~~Account~~STATEMENT ~~Deposit~~Collateral ~~$63,545.64~~Description ~~Dividend~~Fixed ~~Account~~& ~~Withdrawal~~Mixed $0ARM Weighted Average Gross Coupon 7.00976680% ~~Dividend~~Weighted ~~Account~~Average ~~Balance~~Net ~~$127,058~~Coupon 7.40476690% ~~Credit~~Weighted ~~Enhancement~~Average ~~Percentage~~Pass-Through Rate 6.~~27346~~706750% ~~Trigger~~Weighted ~~Event~~Average No Maturity(Stepdown ~~Date~~Calculation No) ~~Class~~353 ~~I-A-1~~Beginning ~~Pass-Through~~Scheduled ~~Rate~~Collateral ~~for~~Loan ~~next~~Count di4,165 ~~1.96688%~~Number ~~Class~~Of ~~I-A-2~~Loans ~~Pass-Through~~Paid ~~Rate~~In ~~for~~Full ~~next~~24 diEnding 3Scheduled Collateral Loan Count 4,141 Beginning Scheduled Collateral Balance 629,074,872.~~79000%~~84 ~~Class~~Ending IIScheduled Collateral Balance 624,948,482.22 Ending Actual Collateral Balance at 31-AJul-12002 ~~Pass-Through~~625,030,250.09 ~~Rate~~Monthly ~~for~~P ~~next~~&I dConstant 24,634,051.~~12688%~~99 ~~Class~~Special ~~M-1~~Servicing ~~Pass-Through~~Fee ~~Rate~~0.00 ~~for~~Prepayment ~~next~~Penalties ~~dist~~0.00 2Realized Loss Amount 0.~~53688%~~00 ~~Class~~Cumulative ~~M-2~~Realized ~~Pass-Through~~Loss ~~Rate~~0.00 Ending Scheduled Balance for ~~next~~Premium ~~dist~~Loans 3624,948,482.~~03688%~~22 ~~Class~~Scheduled M-Principal 452,441.93 Unscheduled Principal 3,673,948.69 ~~Pass-Through~~Required ~~Rate~~Overcollateralization ~~for~~Amount ~~next~~0.00 ~~dist~~Overcollateralized 3Increase Amount 0.~~68688%~~00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,584,883.65 Overcollateralized Amount 1,584,883.65 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00

~~COLLATERAL~~Dividend ~~STATEMENT~~Account ~~Collateral~~Deposit ~~Description~~$63,454.48 ~~Fixed~~Dividend &Account ~~Mixed~~Withdrawal ~~ARM Weighted Average Coupon Rate 7~~$0.~~980562%~~00 ~~Weighted~~Dividend ~~Average~~Account ~~Net~~Balance ~~Rate 7~~$190,512.~~480562%~~88 ~~Weighted~~Credit ~~Average~~Enhancement ~~Pass~~Percentage ~~Through Rate~~ 6.~~831869~~29846% ~~Weighted~~Trigger ~~Average~~Event ~~Maturity~~No ~~354~~Stepdown ~~Record~~ Date ~~06/30/2002~~No ~~Principal~~Class ~~and~~I-A-1 ~~Interest~~Pass-Through ~~Constant~~Rate ~~4,651,682.98~~for ~~Beginning~~next ~~Loan~~distribution ~~Count~~date ~~4,178~~1.94% ~~Loans~~Class ~~Paid~~I-A-2 inPass-Through ~~Full~~Rate 13for ~~Ending~~next ~~Loan~~distribution ~~Count~~date ~~4,165 Beginning Scheduled Balance 631,581,390~~3.7579% ~~Ending~~Class ~~Scheduled Balance 629,074,872.84 Ending Actual Balance at 30~~II-~~Jun~~A-~~2002~~1 ~~629,131,738.59~~Pass-Through ~~Scheduled~~Rate ~~Principal~~for ~~451,370.71~~next ~~Unscheduled~~distribution ~~Principal~~date 2~~,055,147~~.2010% ~~Scheduled~~Class ~~Interest~~M-1 ~~4,200,312.27~~Pass-Through ~~Servicing~~Rate ~~Fee~~for ~~263,158.90~~next ~~Master~~distribution ~~Servicing~~date ~~Fee 0~~2.0051% ~~Trustee~~Class ~~Fee~~ M-2~~,894.74~~ ~~FRY~~Pass-Through ~~Amount~~Rate ~~0.00~~for ~~Special~~next ~~Hazard~~distribution ~~Fee~~date ~~0.00 Other Fee 338,524.08 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread~~ 3 0.0001% ~~Net~~Class ~~Interest~~ M-3~~,595,734.55~~ ~~Realized~~Pass-Through ~~Loss~~Rate ~~Amount~~for ~~0.00~~next ~~Cumulative~~distribution ~~Realized~~date ~~Loss 0~~3.00 Percentage of Cumulative Losses 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 1,584,883.65 Overcollateralized Amount 1,584,883.65 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.0066%

~~Group~~COLLATERAL ~~Level~~STATEMENT Collateral ~~Statement Group Group 1 Group 2 Group 3 Collateral~~ Description Fixed ~~15/30~~ & ~~ARM~~Mixed ~~Fixed 15/30 &~~ ARM ~~Fixed 15/30 & ARM~~ Weighted Average Coupon Rate ~~8.393197 8.022239~~ 7.~~785377~~976680% Weighted Average Net Rate 7.~~893197~~476690% ~~7.522239~~Weighted 7Average Pass Through Rate 6.~~285378~~706750% Weighted Average Maturity ~~355~~353 ~~355~~Record ~~354~~Date 07/31/2002 Principal and Interest Constant 4,634,051.99 Beginning Loan Count ~~575 3~~4,~~294~~165 44 Loans Paid Inin Full 124 ~~10 1~~ Ending Loan Count ~~574 3~~4,~~284~~141 43 Beginning Scheduled Balance 72629,~~612~~074,~~895~~872.4784 ~~442,393,472.94 15,930,215.60~~ Ending ~~scheduled~~Scheduled Balance 72624,~~376~~948,~~687~~482.3522 ~~441,183,065.45~~Ending ~~15,399,634.07~~Actual ~~Record~~Balance ~~Date~~at ~~06/30/~~31-Jul-2002 ~~06/30/2002 06/30/2002 Principal And Interest Constant 564~~625,~~349.62 3~~030,~~264,074~~250.8909 ~~115,432.23~~ Scheduled Principal 56452,~~471~~441.0093 ~~306,586.52 12,079.95~~ Unscheduled Principal ~~179~~3,~~737.12 903~~673,~~820~~948.9769 ~~518,501.58~~ Scheduled Interest ~~507~~4,~~878.62 2~~181,~~957,488~~610.3706 ~~103,352.28~~ Servicing ~~Fees~~Fee 30262,~~255~~114.3843 ~~184,330.60 6,637.58~~ Master Servicing ~~Fees~~Fee 0.00 ~~0.00 0.00~~ Trustee Fee ~~332.84~~ 2,~~027~~883.6114 ~~73.01~~ FRY Amount 0.00 ~~0.00 0.00~~ Special Hazard Fee 0.00 ~~0.00 0.00~~ Other Fee 40337,~~282~~284.6505 ~~231,259.10 9,429.16~~ 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 ~~437~~3,~~007.75 2~~579,~~539,871~~328.0626 ~~87,212.53~~ 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~~Special Servicing Fee 0.00 Prepayment Penalties 0.00 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 ~~Special~~Overcollateralized ~~Servicing~~Reduction ~~FeePass-Through~~Amount ~~Rate~~ 0.00 0Specified O/C Amount 1,584,883.0065 Overcollateralized Amount 1,584,883.65 Overcollateralized Deficiency Amount 0.00 ~~7.221986~~Base ~~6.889444~~Overcollateralization 6Amount 0.~~569593~~00

Group Level Collateral Statement Group Group 41 ~~Total~~Group 2 Group 3 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ~~Mixed~~ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 78.~~530558~~390744 8.020006 7.~~980562~~702712 Weighted Average Net Rate 7.~~030558~~890744 7.~~480562~~520006 7.202712 Weighted Average Maturity 354 354 353 Beginning Loan Count ~~265~~574 43,~~178~~284 43 Loans Paid In Full 15 1317 0 Ending Loan Count ~~264~~569 43,~~165~~267 43 Beginning Scheduled Balance ~~100~~72,~~644~~376,~~806~~687.7435 ~~631~~441,~~581~~183,~~390~~065.7545 15,399,634.07 Ending scheduled Balance ~~100~~71,~~115~~632,~~485~~148.9780 ~~629~~438,~~074~~596,~~872~~967.8402 15,386,887.06 Record Date 0607/3031/2002 0607/3031/2002 07/31/2002 Principal And Interest Constant ~~707~~562,~~826~~742.2421 43,~~651~~255,~~682~~966.9807 111,013.25 Scheduled Principal 7656,~~233~~663.2469 ~~451~~307,~~370~~390.7128 12,164.13 Unscheduled Principal ~~453~~687,~~087~~874.5386 2,~~055~~278,~~147~~708.2015 582.88 Scheduled Interest ~~631~~506,~~593~~078.0052 42,~~200~~948,~~312~~575.2779 98,849.12 Servicing Fees 4130,~~935~~156.3492 ~~263~~183,~~158~~826.9027 6,416.51 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~461~~331.2874 2,~~894~~022.7408 70.58 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 5740,~~553~~138.1784 ~~338~~230,~~524~~844.0859 9,084.97 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 ~~531~~435,~~643~~451.2102 32,~~595~~531,~~734~~882.5585 83,277.06 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 FeePass-Through Rate 0.00 0.00 0.00 7.219745 6.~~338845~~886618 6.~~831869~~489275

Filing Compare · FINANCIAL ASSETS SEC CORP FIRST FRANK MORT LN TR 2002-FF1