8-K 1 abf02wf1.txt SEPTEMBER 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): September 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 September 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 September 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: 10/1/02 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 September 25, 2002 distribution. EX-99.1

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 78/31/02 Distribution Date: 89/2625/02 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.~~12688~~10000% ~~256~~249,~~600~~859,~~807~~251.5778 ~~485~~437,~~119~~253.2269 69,~~741~~465,~~555~~983.7977 A-IO 04542BAF9 SEN 4.50000% 0.00 128,235.00 0.00 M-1 04542BAG7 MEZ 2.~~58688~~56000% 20,518,000.00 4743,~~180~~771.0973 0.00 M-2 04542BAH5 MEZ 3.~~13688~~11000% 17,953,000.00 5046,~~059~~528.0319 0.00 M-3 04542BAJ1 MEZ 3.~~73688~~71000% 14,533,000.00 4844,~~273~~931.8519 0.00 B 04542BAK8 SUB 6.~~58688~~56000% 3,420,000.00 2018,~~024~~696.1200 0.00 CE ABF02W1CE SEN 0.00000% 1,709,821.53 1,~~586~~596,~~331~~159.6259 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% 0.01 ~~269~~205,~~544~~785.8852 0.00 Totals ~~314~~307,~~734~~993,~~629~~073.1132 2,~~634~~521,~~767~~360.8191 69,~~741~~465,~~555~~983.7977

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~249~~240,~~859~~393,~~251~~268.7801 79,~~226~~903,~~675~~237.0146 0.00 A-IO 0.00 0.00 128,235.00 0.00 M-1 0.00 20,518,000.00 4743,~~180~~771.0973 0.00 M-2 0.00 17,953,000.00 5046,~~059~~528.0319 0.00 M-3 0.00 14,533,000.00 4844,~~273~~931.8519 0.00 B 0.00 3,420,000.00 2018,~~024~~696.1200 0.00 CE 0.0001 1,709,821.53 1,~~586~~596,~~331~~159.6259 0.0001 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 ~~269~~205,~~544~~785.8852 0.00 Totals 0.0001 ~~307~~298,~~993~~527,~~073~~089.3255 911,~~376~~987,~~323~~344.6068 0.0001 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 ~~256~~249,~~600~~859,~~807~~251.5778 0.00 69,~~741~~465,~~555~~983.7977 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 1,709,821.53 0.00 0.00 0.00 0.0001 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 0.01 0.00 0.00 0.00 0.00 Totals 341,964,308.83 ~~314~~307,~~734~~993,~~629~~073.1132 0.00 69,~~741~~465,~~555~~983.7977 0.00 0.0001 (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 69,~~741~~465,~~555~~983.7977 ~~249~~240,~~859~~393,~~251~~268.7801 0.~~88031305~~84696215 69,~~741~~465,~~555~~983.7977 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 0.0001 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 69,~~741~~465,~~555~~983.7978 ~~307~~298,~~993~~527,~~073~~089.3255 0.~~90065853~~87297733 69,~~741~~465,~~555~~983.7977

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 ~~904~~880.~~06513607~~31304577 0.00000000 2333.~~75209030~~35089233 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 1,710,308.83 999.71508070 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 (2) All classes are 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 2333.~~75209030~~35089233 ~~880~~846.~~31304577~~96215344 0.~~88031305~~84696215 2333.~~75209030~~35089233 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.~~00000000~~00000585 0.~~00000000~~00000585 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.~~12688~~10000% ~~256~~249,~~600~~859,~~807~~251.5778 ~~485~~437,~~119~~253.2269 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.~~58688~~56000% 20,518,000.00 4743,~~180~~771.0973 0.00 0.00 M-2 17,953,000.00 3.~~13688~~11000% 17,953,000.00 5046,~~059~~528.0319 0.00 0.00 M-3 14,533,000.00 3.~~73688~~71000% 14,533,000.00 4844,~~273~~931.8519 0.00 0.00 B 3,420,000.00 6.~~58688~~56000% 3,420,000.00 2018,~~024~~696.1200 0.00 0.00 CE 1,710,308.83 0.00000% 1,709,821.53 ~~1,586,331~~0.6200 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% 0.01 0.00 0.00 0.00 Totals 341,964,308.83 2719,~~365,222~~415.9380 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 ~~485~~437,~~119~~253.2269 0.00 ~~249~~240,~~859~~393,~~251~~268.7801 A-IO 0.00 0.00 128,235.00 0.00 34,196,000.00 M-1 0.00 0.00 4743,~~180~~771.0973 0.00 20,518,000.00 M-2 0.00 0.00 5046,~~059~~528.0319 0.00 17,953,000.00 M-3 0.00 0.00 4844,~~273~~931.8519 0.00 14,533,000.00 B 0.00 0.00 2018,~~024~~696.1200 0.00 3,420,000.00 CE 0.00 0.00 1,~~586~~596,~~331~~159.6259 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 ~~269~~205,~~544~~785.8852 0.00 0.01 Totals 0.00 0.00 2,~~634~~521,~~767~~360.8191 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.~~12688~~10000% ~~904~~880.~~06513607~~31304577 1.~~70918937~~54054783 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.~~58688~~56000% 1000.00000000 2.~~29944878~~13333317 0.00000000 0.00000000 M-2 17,953,000.00 3.~~13688~~11000% 1000.00000000 2.~~78833788~~59166657 0.00000000 0.00000000 M-3 14,533,000.00 3.~~73688~~71000% 1000.00000000 3.~~32167137~~09166655 0.00000000 0.00000000 B 3,420,000.00 6.~~58688~~56000% 1000.00000000 5.~~85500585~~46666667 0.00000000 0.00000000 CE 1,710,308.83 0.00000% 999.71508070 ~~927~~0.~~51179914~~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) 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 0.00000000 0.00000000 1.~~70918937~~54054783 0.00000000 ~~880~~846.~~31304577~~96215344 A-IO 0.00000000 0.00000000 3.75000000 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~29944878~~13333317 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~78833788~~59166657 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~32167137~~09166655 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.~~85500585~~46666667 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~927~~933.~~51179914~~25811222 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 911,~~004~~679,~~032~~816.0162 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~241~~237,~~754~~772.5179 Realized Losses 0.00 Prepayment Penalties ~~269~~205,~~544~~785.8852 Total Deposits 912,~~515~~123,~~331~~374.4093 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~139~~136,~~007~~030.8025 Payment of Interest and Principal 911,~~376~~987,~~323~~344.6068 Total Withdrawals (Pool Distribution Amount) 912,~~515~~123,~~331~~374.4093 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~131~~128,~~139~~330.4243 Credit Risk Manager Fee 5,~~245~~133.5822 Securities Administration Fee 2,~~622~~566.8060 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~139~~136,~~007~~030.8025

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 ~~149~~150 7 3048 12 ~~187~~207 1816,~~870~~829,~~731~~480.1735 ~~190~~840,~~991~~990.0072 35,~~376~~081,~~111~~608.3500 48210,~~828~~530.1205 22,~~486~~962,~~661~~609.6412 60 Days 4030 0 0 0 4030 43,~~818~~830,~~247~~841.9582 0.00 0.00 0.00 43,~~818~~830,~~247~~841.9582 90 Days 14 0 0 0 14 ~~114~~425,~~671~~130.4722 0.00 0.00 0.00 ~~114~~425,~~671~~130.4722 120 Days 40 0 0 0 40 ~~411,125~~0.9600 0.00 0.00 0.00 ~~411,125~~0.9600 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 ~~194~~184 7 3048 12 ~~232~~241 2421,~~214~~085,~~776~~452.5539 ~~190~~840,~~991~~990.0072 35,~~376~~081,~~111~~608.3500 48210,~~828~~530.1205 27,~~830~~218,~~707~~581.0216 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 56.~~903328~~112469% 0.~~277338~~285249% 1.~~188590~~955990% 0.~~039620~~081500% 78.~~408875~~435208% 65.~~123398~~634032% 0.~~061975~~281540% 1.~~095520~~701178% 0.~~015844~~070479% 7.~~296738~~687229% 60 Days 1.~~584786~~222494% 0.000000% 0.000000% 0.000000% 1.~~584786~~222494% 1.~~563482~~282457% 0.000000% 0.000000% 0.000000% 1.~~563482~~282457% 90 Days 0.~~039620~~162999% 0.000000% 0.000000% 0.000000% 0.~~039620~~162999% 0.~~037210~~142322% 0.000000% 0.000000% 0.000000% 0.~~037210~~142322% 120 Days 0.~~158479~~000000% 0.000000% 0.000000% 0.000000% 0.~~158479~~000000% 0.~~133407~~000000% 0.000000% 0.000000% 0.000000% 0.~~133407~~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 7.~~686212~~497963% 0.~~277338~~285249% 1.~~188590~~955990% 0.~~039620~~081500% 9.~~191759~~820701% 7.~~857497~~058811% 0.~~061975~~281540% 1.~~095520~~701178% 0.~~015844~~070479% 9.~~030837~~112008% ~~(7)~~ All Foreclosure, REO, and Bankruptcy ~~loans~~ are reported in the 30 day field.

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~241~~237,~~754~~772.5179

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 9.~~547970~~551925% Weighted Average Net Coupon 9.~~047970~~051925% Weighted Average Pass-Through Rate 9.~~037970~~041925% Weighted Average Maturity(Stepdown Calculation ) ~~342~~341 Beginning Scheduled Collateral Loan Count 2,~~574~~524 Number Of Loans Paid In Full 5070 Ending Scheduled Collateral Loan Count 2,~~524~~454 Beginning Scheduled Collateral Balance ~~314~~307,~~734~~993,~~629~~073.1132 Ending Scheduled Collateral Balance ~~307~~298,~~993~~527,~~073~~089.3255 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2002 ~~308~~298,~~174~~711,~~187~~118.0306 Monthly P &I Constant 2,~~692~~636,~~174~~106.5979 Special Servicing Fee 0.00 Prepayment Penalties ~~269~~205,~~544~~785.8852 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~307~~298,~~993~~527,~~073~~089.3255 Scheduled Principal ~~187~~184,~~943~~501.8712 Unscheduled Principal 69,~~553~~281,~~611~~482.9265 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,~~586~~596,~~331~~159.6259

Monthly Excess Interest $1,~~586~~596,~~331~~159.6259

Filing Compare · ASSET BACKED FUNDING CORP 2002 WF1 TRUST