8-K 1 ace02he1.txt DECEMBER 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): December 26, 2002 ACE SECURITIES CORP. Home Equity Loan Asset-Backed Certs., Series 2002-HE1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-45458-06 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction of Incorporation) 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 December 26, 2002 a distribution was made to holders of ACE SECURITIES CORP. Home Equity Loan Asset-Backed Certs., Series 2002-HE1 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 Home Equity Loan Asset-Backed Certs., Series 2002-HE1 Trust, relating to the December 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. ACE SECURITIES CORP. Home Equity Loan Asset-Backed Certs., Series 2002-HE1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrato By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 12/31/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2002-HE1 Trust, relating to the December 26, 2002 distribution. EX-99.1

ACE Securities Corporation Mortgage Pass-Through Certificates Record Date: ~~10/31/02~~ 11/2530/02 Distribution Date: 12/26/02 ACE Series: 2002-HE1 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 004427AV2 SEN 21.~~17000~~72000% ~~383~~375,~~131~~235,~~700~~984.3452 ~~715~~555,~~924~~766.1518 710,~~895~~405,~~715~~121.8215 A-IO 004427AW0 IO 6.50000% 0.00 270,833.33 0.00 M-1 004427AX8 MEZ 2.~~48000~~03000% 35,789,000.00 7662,~~429~~561.4016 0.00 M-2 004427AY6 MEZ 32.~~03000~~58000% 27,530,000.00 7161,~~830~~162.3648 0.00 M-3 004427AZ3 MEZ 3.~~83000~~38000% 23,776,000.00 7869,~~414~~201.5737 0.00 M-4 004427BA7 MEZ 43.~~13000~~68000% 6,757,000.00 2421,~~030~~412.5218 0.00 P ACE02HE1P SEN 0.00000% 100.00 ~~233~~265,~~216~~509.3272 0.00 CE AC02HE1CE JUN 0.00000% 7,508,764.83 2,~~213~~351,~~482~~273.7714 0.00 Totals ~~484~~476,~~492~~596,~~565~~849.1735 3,~~684~~657,~~161~~719.4256 710,~~895~~405,~~715~~121.8215

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~375~~364,~~235~~830,~~984~~863.5237 810,~~611~~960,~~639~~887.9733 0.00 A-IO 0.00 0.00 270,833.33 0.00 M-1 0.00 35,789,000.00 7662,~~429~~561.4016 0.00 M-2 0.00 27,530,000.00 7161,~~830~~162.3648 0.00 M-3 0.00 23,776,000.00 7869,~~414~~201.5737 0.00 M-4 0.00 6,757,000.00 2421,~~030~~412.5218 0.00 P 0.00 100.00 ~~233~~265,~~216~~509.3272 0.00 CE 0.00 7,508,764.83 2,~~213~~351,~~482~~273.7714 0.00 Totals 0.00 ~~476~~466,~~596~~191,~~849~~728.3520 1114,~~579~~062,~~877~~840.2471 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-1 399,181,000.00 ~~383~~375,~~131~~235,~~700~~984.3452 0.00 710,~~895~~405,~~715~~121.8215 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 35,789,000.00 35,789,000.00 0.00 0.00 0.00 0.00 M-2 27,530,000.00 27,530,000.00 0.00 0.00 0.00 0.00 M-3 23,776,000.00 23,776,000.00 0.00 0.00 0.00 0.00 M-4 6,757,000.00 6,757,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 CE 7,508,764.83 7,508,764.83 0.00 0.00 0.00 0.00 Totals 500,541,864.83 ~~484~~476,~~492~~596,~~565~~849.1735 0.00 710,~~895~~405,~~715~~121.8215 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-1 710,~~895~~405,~~715~~121.8215 ~~375~~364,~~235~~830,~~984~~863.5237 0.~~94001464~~91394847 710,~~895~~405,~~715~~121.8215 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 35,789,000.00 1.00000000 0.00 M-2 0.00 27,530,000.00 1.00000000 0.00 M-3 0.00 23,776,000.00 1.00000000 0.00 M-4 0.00 6,757,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CE 0.00 7,508,764.83 1.00000000 0.00 Totals 710,~~895~~405,~~715~~121.8215 ~~476~~466,~~596~~191,~~849~~728.3520 0.~~95216181~~93137410 710,~~895~~405,~~715~~121.8215

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 399,181,000.00 ~~959~~940.~~79442995~~01464128 0.00000000 1926.~~77978867~~06617336 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 35,789,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 27,530,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 23,776,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,757,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,508,764.83 1000.00000000 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 A-1 0.00000000 1926.~~77978867~~06617336 ~~940~~913.~~01464128~~94846791 0.~~94001464~~91394847 1926.~~77978867~~06617336 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 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 399,181,000.00 21.~~17000~~72000% ~~383~~375,~~131~~235,~~700~~984.3452 ~~715~~555,~~924~~766.1519 0.00 0.00 A-IO 0.00 6.50000% 50,000,000.00 270,833.33 0.00 0.00 M-1 35,789,000.00 2.~~48000~~03000% 35,789,000.00 7662,~~429~~561.4016 0.00 0.00 M-2 27,530,000.00 32.~~03000~~58000% 27,530,000.00 7161,~~830~~162.3648 0.00 0.00 M-3 23,776,000.00 3.~~83000~~38000% 23,776,000.00 7869,~~414~~201.5737 0.00 0.00 M-4 6,757,000.00 43.~~13000~~68000% 6,757,000.00 2421,~~030~~412.5218 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 7,508,764.83 0.00000% 7,508,764.83 ~~2,213,482~~0.7700 0.00 0.00 Totals 500,541,864.83 31,~~450~~040,~~945~~936.1071 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 ~~715~~555,~~924~~766.1518 0.00 ~~375~~364,~~235~~830,~~984~~863.5237 A-IO 0.00 0.00 270,833.33 0.00 50,000,000.00 M-1 0.00 0.00 7662,~~429~~561.4016 0.00 35,789,000.00 M-2 0.00 0.00 7161,~~830~~162.3648 0.00 27,530,000.00 M-3 0.00 0.00 7869,~~414~~201.5737 0.00 23,776,000.00 M-4 0.00 0.00 2421,~~030~~412.5218 0.00 6,757,000.00 P 0.00 0.00 ~~233~~265,~~216~~509.3272 0.00 100.00 CE 0.00 0.00 2,~~213~~351,~~482~~273.7714 0.00 7,508,764.83 Totals 0.00 0.00 3,~~684~~657,~~161~~719.4256 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-1 399,181,000.00 21.~~17000~~72000% ~~959~~940.~~79442995~~01464128 1.~~79348253~~39226614 0.00000000 0.00000000 A-IO 0.00 6.50000% 1000.00000000 5.41666660 0.00000000 0.00000000 M-1 35,789,000.00 2.~~48000~~03000% 1000.00000000 21.~~13555562~~74805555 0.00000000 0.00000000 M-2 27,530,000.00 32.~~03000~~58000% 1000.00000000 2.~~60916673~~22166655 0.00000000 0.00000000 M-3 23,776,000.00 3.~~83000~~38000% 1000.00000000 32.~~29805560~~91055560 0.00000000 0.00000000 M-4 6,757,000.00 43.~~13000~~68000% 1000.00000000 3.~~55638893~~16888856 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,508,764.83 0.00000% 1000.00000000 ~~294~~0.~~78653548~~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 A-1 0.00000000 0.00000000 1.~~79348253~~39226611 0.00000000 ~~940~~913.~~01464128~~94846791 A-IO 0.00000000 0.00000000 5.41666660 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 21.~~13555562~~74805555 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~60916673~~22166655 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 32.~~29805560~~91055560 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.~~55638893~~16888856 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~2332163~~2655097.20000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~294~~313.~~78653548~~13713949 0.00000000 1000.00000000 (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 1113,~~035~~753,~~155~~780.2487 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~539~~267,~~151~~127.3765 Realized Losses 0.00 Prepayment Penalties ~~233~~265,~~216~~509.3272 Total Deposits 1114,~~807~~286,~~522~~418.9324 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~227~~223,~~645~~577.6953 Payment of Interest and Principal 1114,~~579~~062,~~877~~840.2471 Total Withdrawals (Pool Distribution Amount) 1114,~~807~~286,~~522~~418.9324 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~201~~198,~~871~~582.8901 Credit Risk Manager Fee - Murrayhill 65,~~056~~957.1444 Custodial Fee - U.S. Bank 0.00 Master Servicing Fee - Wells Fargo 65,~~056~~957.1444 PMI - MGIC 13,~~661~~080.5264 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~227~~223,~~645~~577.6953

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 34 0 34 0.00 ~~389~~463,~~584~~756.8397 0.00 ~~389~~463,~~584~~756.8397 30 Days 88106 01 0 0 88107 1112,~~324~~083,~~928~~647.0517 0148,118.0032 0.00 0.00 1112,~~324~~231,~~928~~765.0549 60 Days 3941 30 232 0 6543 6,~~019~~183,~~011~~915.2523 ~~380,956~~0.5200 2298,~~226,603~~266.4429 0.00 86,~~626~~482,~~571~~181.2152 90 Days 2334 14 021 0 2459 24,~~932~~993,~~525~~327.5262 ~~129~~443,~~743~~825.3473 02,088,752.0061 0.00 37,~~062~~525,~~268~~905.8696 120 Days 1420 1 0 0 1521 12,~~840~~525,~~999~~727.8022 ~~149~~129,~~448~~743.1234 0.00 0.00 12,~~990~~655,~~447~~470.9256 150 Days 811 01 0 0 812 ~~904~~1,~~506~~422,203.9323 0149,448.0012 0.00 0.00 ~~904~~1,~~506~~571,651.9335 180+ Days 08 0 0 0 08 0904,506.0093 0.00 0.00 0.00 0904,506.0093 Totals ~~172~~220 57 2627 0 ~~203~~254 2328,~~021~~113,~~971~~327.5540 ~~660~~871,~~147~~135.9851 2,~~616~~850,~~188~~775.2787 0.00 2631,~~298~~835,~~307~~238.8078 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.~~083940~~113993% 0.000000% 0.~~083940~~113993% 0.000000% 0.~~081687~~099405% 0.000000% 0.~~081687~~099405% 30 Days 23.~~462227~~020804% 0.~~000000~~028498% 0.000000% 0.000000% 23.~~462227~~049302% 2.~~374583~~590084% 0.~~000000~~031749% 0.000000% 0.000000% 2.~~374583~~621832% 60 Days 1.~~091214~~168424% 0.~~083940~~000000% 0.~~643537~~056996% 0.000000% 1.~~818691~~225420% 1.~~262051~~325499% 0.~~079878~~000000% 0.~~466869~~063932% 0.000000% 1.~~808798~~389431% 90 Days 0.~~643537~~968937% 0.~~027980~~113993% 0.~~000000~~598461% 0.000000% 01.~~671517~~681391% 01.~~614885~~070301% 0.~~027204~~095132% 0.~~000000~~447716% 0.000000% 01.~~642089~~613149% 120 Days 0.~~391718~~569963% 0.~~027980~~028498% 0.000000% 0.000000% 0.~~419698~~598461% 0.~~386016~~541380% 0.~~031336~~027810% 0.000000% 0.000000% 0.~~417352~~569190% 150 Days 0.~~223839~~313480% 0.~~000000~~028498% 0.000000% 0.000000% 0.~~223839~~341978% 0.~~189655~~304844% 0.~~000000~~032034% 0.000000% 0.000000% 0.~~189655~~336877% 180+ Days 0.~~000000~~227985% 0.000000% 0.000000% 0.000000% 0.~~000000~~227985% 0.~~000000~~193878% 0.000000% 0.000000% 0.000000% 0.~~000000~~193878% Totals 46.~~812535~~269592% 0.~~139899~~199487% 0.~~727476~~769450% 0.000000% 57.~~679910~~238529% 46.~~827189~~025985% 0.~~138418~~186725% 0.~~548556~~611053% 0.000000% 56.~~514163~~823762%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~539~~267,~~151~~127.3765

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 9.~~111201~~104015% Weighted Average Net Coupon 8.~~611201~~604015% Weighted Average Pass-Through Rate 8.~~547362~~541080% Weighted Average Maturity(Stepdown Calculation ) ~~344~~343 Beginning Scheduled Collateral Loan Count 3,~~629~~574 Number Of Loans Paid In Full 5565 Ending Scheduled Collateral Loan Count 3,~~574~~509 Beginning Scheduled Collateral Balance ~~484~~476,~~492~~596,~~565~~849.1735 Ending Scheduled Collateral Balance ~~476~~466,~~596~~191,~~849~~728.3520 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~476~~466,~~922~~534,~~901~~976.5081 Monthly P &I Constant 4,~~219~~187,~~523~~237.3519 Special Servicing Fee 0.00 Prepayment Penalties ~~233~~265,~~216~~509.3272 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~476~~466,~~596~~191,~~849~~728.3520 Scheduled Principal ~~307~~305,~~716~~940.2104 Unscheduled Principal 710,~~587~~099,~~999~~181.6111

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Coupon Rate 9.~~111201~~104015% Weighted Average Net Rate 8.~~611201~~604015% Weighted Average Pass Through Rate 8.~~547362~~541080% Weighted Average Maturity ~~344~~343 Record Date 1011/3130/2002 Principal and Interest Constant 4,~~219~~187,~~523~~237.3519 Beginning Loan Count 3,~~629~~574 Loans Paid in Full 5565 Ending Loan Count 3,~~574~~509 Beginning Scheduled Balance ~~484~~476,~~492~~596,~~565~~849.1735 Ending Scheduled Balance ~~476~~466,~~596~~191,~~849~~728.3520 Ending Actual Balance at 3130-~~Oct~~Nov-2002 ~~476~~466,~~922~~534,~~901~~976.5081 Scheduled Principal ~~307~~305,~~716~~940.2104 Unscheduled Principal 710,~~587~~099,~~999~~181.6111 Scheduled Interest 3,~~911~~881,~~807~~297.1415 Servicing Fee ~~201~~198,~~871~~582.8901 Master Servicing Fee 65,~~056~~957.1444 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 19,~~717~~038.6608 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 3,~~684~~657,~~161~~719.4562 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.00 Special Servicing Fee 0.00 Prepayment Penalties ~~233~~265,~~216~~509.3272

Miscellaneous Reporting Required Overcollaterization Amount 7,508,764.83 Overcollateralization Increase Amount: 0.00 Overcollateralization Reduction Amount: 0.00 Credit Enhancement Percentage: 21.~~2676~~7423%

Filing Compare · ACE SECURITIES CORP HOME EQUITY LOAN TRUST 2002- HE1