8-K 1 abf02op1.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 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2002-OP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-32857-14 Pooling and Servicing Agreement) (Commission 52-2365738 (State or other File Number) 52-2365739 jurisdiction 52-2365740 of Incorporation) 52-2365741 52-2365742 52-2365743 52-2365744 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 December 26, 2002 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2002-OP1 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-OP1 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. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2002-OP1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee 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 Asset Backed Certificates, Series 2002-OP1 Trust, relating to the December 26, 2002 distribution. EX-99.1

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: ~~10/31/02~~ 11/2530/02 Distribution Date: 12/26/02 ABFC Series: 2002-OP1 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 04542BBG6 SEN 21.~~16000~~71000% ~~389~~385,~~195~~296,~~084~~062.9690 ~~723~~567,~~902~~348.8445 32,~~899~~241,~~022~~013.0697 A-2 04542BBH4 SEN 2.73400% ~~125~~123,~~096~~207,~~645~~452.5848 ~~285~~280,~~011~~707.8565 1753,~~889,193~~047.1027 A-IO 04542BBJ0 SEN 6.00000% 0.00 319,~~184~~185.9900 0.00 AIO-INV 04542BBK7 SEN 0.~~00000~~37000% 0.00 0147,094.0081 0.00 M-1 04542BBL5 MEZ 2.~~56000~~11000% 41,495,000.00 9175,~~473~~394.4211 0.00 M-2 04542BBM3 MEZ 2.~~76000~~31000% 12,767,000.00 3025,~~342~~395.9069 0.00 M-3 04542BBN1 MEZ 32.~~23000~~78000% 23,939,000.00 6657,~~583~~307.6731 0.00 M-4 04542BBP6 MEZ 3.~~68000~~23000% 19,151,000.00 6053,~~687~~266.3938 0.00 M-5 04542BBQ4 MEZ 3.~~98000~~53000% 9,576,000.00 3229,~~819~~108.0838 0.00 M-6 04542BBR2 MEZ 54.~~08000~~63000% 4,788,000.00 2019,~~944~~089.8449 0.00 B ABF02OP1B SUB 7.50000% 6,383,000.00 39,893.75 0.00 CE ABF02OPCE SEN 0.00000% 3,191,869.25 2,~~722~~738,~~799~~853.8646 0.00 R SEN 0.00000% 0.00 0.00 0.00 P ABF02OP1P SEN 0.00000% 0.00 ~~119~~72,~~668~~231.4277 0.00 Totals ~~635~~629,~~582~~794,~~599~~384.7963 4,~~513~~424,~~313~~876.0125 52,~~788~~994,~~215~~061.1624

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~385~~383,~~296~~055,~~062~~048.9093 42,~~622~~808,~~924~~362.9042 0.00 A-2 0.00 ~~123~~122,~~207~~454,~~452~~405.4821 21,~~174~~033,~~204~~754.9592 0.00 A-IO 0.00 0.00 319,~~184~~185.9900 0.00 AIO-INV 0.00 0.00 0147,094.0081 0.00 M-1 0.00 41,495,000.00 9175,~~473~~394.4211 0.00 M-2 0.00 12,767,000.00 3025,~~342~~395.9069 0.00 M-3 0.00 23,939,000.00 6657,~~583~~307.6731 0.00 M-4 0.00 19,151,000.00 6053,~~687~~266.3938 0.00 M-5 0.00 9,576,000.00 3229,~~819~~108.0838 0.00 M-6 0.00 4,788,000.00 2019,~~944~~089.8449 0.00 B 0.00 6,383,000.00 39,893.75 0.00 CE 0.00 3,191,869.25 2,~~722~~738,~~799~~853.8646 0.00 R 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~119~~72,~~668~~231.4277 0.00 Totals 0.00 ~~629~~626,~~794~~800,~~384~~323.6339 107,~~301~~418,~~528~~937.1749 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-1 391,222,000.00 ~~389~~385,~~195~~296,~~084~~062.9690 0.00 32,~~899~~241,~~022~~013.0697 0.00 0.00 A-2 125,860,000.00 ~~125~~123,~~096~~207,~~645~~452.5848 0.00 1753,~~889,193~~047.1027 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 AIO-INV 0.00 0.00 0.00 0.00 0.00 0.00 M-1 41,495,000.00 41,495,000.00 0.00 0.00 0.00 0.00 M-2 12,767,000.00 12,767,000.00 0.00 0.00 0.00 0.00 M-3 23,939,000.00 23,939,000.00 0.00 0.00 0.00 0.00 M-4 19,151,000.00 19,151,000.00 0.00 0.00 0.00 0.00 M-5 9,576,000.00 9,576,000.00 0.00 0.00 0.00 0.00 M-6 4,788,000.00 4,788,000.00 0.00 0.00 0.00 0.00 B 6,383,000.00 6,383,000.00 0.00 0.00 0.00 0.00 CE 3,192,849.25 3,191,869.25 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 638,373,849.25 ~~635~~629,~~582~~794,~~599~~384.7963 0.00 52,~~788~~994,~~215~~061.1624 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 32,~~899~~241,~~022~~013.0697 ~~385~~383,~~296~~055,~~062~~048.9093 0.~~98485275~~97912451 32,~~899~~241,~~022~~013.0697 A-2 1753,~~889,193~~047.1027 ~~123~~122,~~207~~454,~~452~~405.4821 0.~~97892462~~97294140 1753,~~889,193~~047.1027 A-IO 0.00 0.00 0.00000000 0.00 AIO-INV 0.00 0.00 0.00000000 0.00 M-1 0.00 41,495,000.00 1.00000000 0.00 M-2 0.00 12,767,000.00 1.00000000 0.00 M-3 0.00 23,939,000.00 1.00000000 0.00 M-4 0.00 19,151,000.00 1.00000000 0.00 M-5 0.00 9,576,000.00 1.00000000 0.00 M-6 0.00 4,788,000.00 1.00000000 0.00 B 0.00 6,383,000.00 1.00000000 0.00 CE 0.00 3,191,869.25 0.99969306 0.00 R 0.00 0.00 0.00000000 0.00 P 0.00 0.00 0.00000000 0.00 Totals 52,~~788~~994,~~215~~061.1624 ~~629~~626,~~794~~800,~~384~~323.6339 0.~~98656044~~98187030 52,~~788~~994,~~215~~061.1624

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 391,222,000.00 ~~994~~984.~~81901570~~85275087 0.00000000 95.~~96626483~~72824118 0.00000000 A-2 125,860,000.00 ~~993~~978.~~93489258~~92461846 0.00000000 155.~~01027411~~98321365 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 AIO-INV 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 41,495,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 12,767,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 23,939,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 19,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 9,576,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 4,788,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,383,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,192,849.25 999.69306412 0.00000000 0.00000000 0.00000000 R 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 95.~~96626483~~72824118 ~~984~~979.~~85275087~~12450969 0.~~98485275~~97912451 95.~~96626483~~72824118 A-2 0.00000000 155.~~01027411~~98321365 ~~978~~972.~~92461846~~94140481 0.~~97892462~~97294140 155.~~01027411~~98321365 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AIO-INV 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 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 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 0.00000000 999.69306412 0.99969306 0.00000000 R 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-1 391,222,000.00 21.~~16000~~71000% ~~389~~385,~~195~~296,~~084~~062.9690 ~~723~~567,~~902~~348.8645 0.00 0.00 A-2 125,860,000.00 2.73400% ~~125~~123,~~096~~207,~~645~~452.5848 ~~285~~280,~~011~~707.8665 0.00 0.00 A-IO 0.00 6.00000% 63,837,000.00 319,185.00 0.00 0.00 AIO-INV 0.00 0.~~00000~~37000% ~~480~~477,~~963~~064,~~279~~256.0498 0147,094.0081 0.00 0.00 M-1 41,495,000.00 2.~~56000~~11000% 41,495,000.00 9175,~~473~~394.4211 0.00 0.00 M-2 12,767,000.00 2.~~76000~~31000% 12,767,000.00 3025,~~342~~395.9069 0.00 0.00 M-3 23,939,000.00 32.~~23000~~78000% 23,939,000.00 6657,~~583~~307.6731 0.00 0.00 M-4 19,151,000.00 3.~~68000~~23000% 19,151,000.00 6053,~~687~~266.3938 0.00 0.00 M-5 9,576,000.00 3.~~98000~~53000% 9,576,000.00 3229,~~819~~108.0838 0.00 0.00 M-6 4,788,000.00 54.~~08000~~63000% 4,788,000.00 2019,~~944~~089.8449 0.00 0.00 B 6,383,000.00 7.50000% 6,383,000.00 39,893.75 0.00 0.00 CE 3,192,849.25 0.00000% 3,191,869.25 0.00 0.00 0.00 R 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 638,373,849.25 1,~~670~~613,~~844~~791.7702 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 0.0200 0.00 ~~723~~567,~~902~~348.8445 0.00 ~~385~~383,~~296~~055,~~062~~048.9093 A-2 0.0100 0.00 ~~285~~280,~~011~~707.8565 0.00 ~~123~~122,~~207~~454,~~452~~405.4821 A-IO 0.0100 0.00 319,~~184~~185.9900 0.00 63,837,000.00 AIO-INV 0.00 0.00 0147,094.0081 0.00 ~~477~~474,~~064~~823,~~256~~243.9801 M-1 0.00 0.00 9175,~~473~~394.4211 0.00 41,495,000.00 M-2 0.00 0.00 3025,~~342~~395.9069 0.00 12,767,000.00 M-3 0.00 0.00 6657,~~583~~307.6731 0.00 23,939,000.00 M-4 0.00 0.00 6053,~~687~~266.3938 0.00 19,151,000.00 M-5 0.00 0.00 3229,~~819~~108.0838 0.00 9,576,000.00 M-6 0.00 0.00 2019,~~944~~089.8449 0.00 4,788,000.00 B 0.00 0.00 39,893.75 0.00 6,383,000.00 CE 0.00 0.00 2,~~722~~738,~~799~~853.8646 0.00 3,191,869.25 R 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~119~~72,~~668~~231.4277 0.00 0.01 Totals 0.0400 0.00 4,~~513~~424,~~313~~876.0125 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-1 391,222,000.00 21.~~16000~~71000% ~~994~~984.~~81901570~~85275087 1.~~85036337~~45019567 0.00000000 0.00000000 A-2 125,860,000.00 2.73400% ~~993~~978.~~93489258~~92461846 2.~~26451502~~23031662 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 AIO-INV 0.00 0.~~00000~~37000% ~~995~~987.~~80193760~~72927614 0.~~00000000~~30454985 0.00000000 0.00000000 M-1 41,495,000.00 2.~~56000~~11000% 1000.00000000 21.~~20444439~~81694445 0.00000000 0.00000000 M-2 12,767,000.00 2.~~76000~~31000% 1000.00000000 21.~~37666641~~98916660 0.00000000 0.00000000 M-3 23,939,000.00 32.~~23000~~78000% 1000.00000000 2.~~78138895~~39388905 0.00000000 0.00000000 M-4 19,151,000.00 3.~~68000~~23000% 1000.00000000 32.~~16888883~~78138896 0.00000000 0.00000000 M-5 9,576,000.00 3.~~98000~~53000% 1000.00000000 3.~~42722222~~03972222 0.00000000 0.00000000 M-6 4,788,000.00 54.~~08000~~63000% 1000.00000000 43.~~37444444~~98694444 0.00000000 0.00000000 B 6,383,000.00 7.50000% 1000.00000000 6.25000000 0.00000000 0.00000000 CE 3,192,849.25 0.00000% 999.69306412 0.00000000 0.00000000 0.00000000 R 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.~~00000005~~00000000 0.00000000 1.~~85036332~~45019567 0.00000000 ~~984~~979.~~85275087~~12450969 A-2 0.~~00000008~~00000000 0.00000000 2.~~26451494~~23031662 0.00000000 ~~978~~972.~~92461846~~94140481 A-IO 0.~~00000016~~00000000 0.00000000 45.~~99999984~~00000000 0.00000000 1000.00000000 AIO-INV 0.00000000 0.00000000 0.~~00000000~~30454985 0.00000000 ~~987~~983.~~72927614~~08940830 M-1 0.00000000 0.00000000 21.~~20444439~~81694445 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 21.~~37666641~~98916660 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~78138895~~39388905 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 32.~~16888883~~78138896 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~42722222~~03972222 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 43.~~37444444~~98694444 0.00000000 1000.00000000 B 0.00000000 0.00000000 6.25000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~852~~857.~~78058775~~80857333 0.00000000 999.69306412 R 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 107,~~279~~354,~~425~~500.2962 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~180~~268,~~766~~002.7651 Realized Losses 0.00 Prepayment Penalties ~~119~~72,~~668~~231.4277 Total Deposits 107,~~579~~694,~~860~~734.4790 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~269~~275,~~063~~797.3441 Payment of Interest and Principal 107,~~301~~418,~~528~~937.1749 Total Withdrawals (Pool Distribution Amount) 107,~~570~~694,~~591~~734.5190 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~264~~262,~~826~~414.1131 ~~Certificate~~Credit ~~Administration~~Risk Manager Fee 09,184.0049 Trustee Fee 4,~~237~~198.2361 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~269~~275,~~063~~797.3441

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 812 0 0 812 ~~877~~1,~~627~~276,143.8298 0.00 0.00 ~~877~~1,~~627~~276,143.8298 30 Days 4655 12 0 0 4757 58,~~938~~247,~~562~~109.4647 ~~103~~270,~~178~~607.7785 0.00 0.00 68,~~041~~517,~~741~~717.2332 60 Days 23 01 418 0 622 ~~344~~535,~~512~~003.8301 0103,113.0016 ~~868~~2,~~058~~118,440.2460 0.00 12,~~212~~756,~~571~~556.0777 90 Days 01 0 1 5 0 17 0211,523.0021 0182,630.0012 95913,~~731~~522.0784 0.00 951,~~731~~307,676.0717 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 4859 916 523 0 6298 68,~~283~~993,~~075~~635.2969 ~~980~~1,~~806~~832,495.5911 ~~963~~3,~~789~~031,963.3144 0.00 813,~~227~~858,~~671~~094.1924 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.~~179856~~271003% 0.000000% 0.000000% 0.~~179856~~271003% 0.~~139275~~203475% 0.000000% 0.000000% 0.~~139275~~203475% 30 Days 1.~~034173~~242096% 0.~~022482~~045167% 0.000000% 0.000000% 1.~~056655~~287263% 01.~~942418~~314959% 0.~~016374~~043147% 0.000000% 0.000000% 01.~~958792~~358106% 60 Days 0.~~044964~~067751% 0.~~000000~~022584% 0.~~089928~~406504% 0.000000% 0.~~134892~~496838% 0.~~054672~~085303% 0.~~000000~~016441% 0.~~137756~~337774% 0.000000% 0.~~192428~~439519% 90 Days 0.~~000000~~022584% 0.~~000000~~022584% 0.~~022482~~112918% 0.000000% 0.~~022482~~158085% 0.~~000000~~033726% 0.~~000000~~029119% 0.~~015192~~145656% 0.000000% 0.~~015192~~208502% 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 1.~~079137~~332430% 0.~~202338~~361337% 0.~~112410~~519422% 0.000000% 12.~~393885~~213189% 01.~~997090~~433989% 0.~~155649~~292182% 0.~~152948~~483431% 0.000000% 12.~~305687~~209601%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group One 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 69 0 0 69 ~~713~~1,~~953~~036,373.9555 0.00 0.00 ~~713~~1,~~953~~036,373.9555 30 Days 3646 02 0 0 3648 47,~~789~~223,~~061~~979.7770 0270,607.0085 0.00 0.00 47,~~789~~494,~~061~~587.7755 60 Days 2 0 415 0 617 ~~344~~322,~~512~~264.8381 0.00 ~~868~~1,~~058~~890,346.2483 0.00 12,212,~~571~~611.0764 90 Days 01 0 1 5 0 17 0211,523.0021 0182,630.0012 95913,~~731~~522.0784 0.00 951,~~731~~307,676.0717 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 3849 612 520 0 4981 57,~~133~~757,~~574~~767.6072 ~~713~~1,~~953~~489,611.9552 ~~963~~2,~~789~~803,869.3167 0.00 612,~~811~~051,~~317~~248.8691 0-29 Days 12.~~342282~~027027% 0.000000% 0.000000% 12.~~342282~~027027% 1.~~314663~~920169% 0.000000% 0.000000% 1.~~314663~~920169% 30 Days 810.~~053691~~360360% 0.~~000000~~450450% 0.000000% 0.000000% 810.~~053691~~810811% 813.~~818498~~384425% 0.~~000000~~501376% 0.000000% 0.000000% 813.~~818498~~885801% 60 Days 0.~~447427~~450450% 0.000000% 03.~~894855~~378378% 0.000000% 13.~~342282~~828829% 0.~~634380~~597085% 0.000000% 13.~~598428~~502392% 0.000000% 24.~~232808~~099477% 90 Days 0.~~000000~~225225% 0.~~000000~~225225% 01.~~223714~~126126% 0.000000% 01.~~223714~~576577% 0.~~000000~~391905% 0.~~000000~~338373% 01.~~176278~~692554% 0.000000% 02.~~176278~~422833% 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 811.~~501119~~036036% 12.~~342282~~702703% 14.~~118568~~504505% 0.000000% 1018.~~961969~~243243% 914.~~452878~~373416% 12.~~314663~~759918% 15.~~774705~~194946% 0.000000% 1222.~~542246~~328280% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group One 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 20 0 0 20 ~~163,673~~0.8700 0.00 0.00 ~~163,673~~0.8700 30 Days 100 10 0 0 110 ~~1,149,500~~0.6900 ~~103,178~~0.7700 0.00 0.00 ~~1,252,679~~0.4600 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 100 30 0 0 130 ~~1,149,500~~0.6900 ~~266,852~~0.6400 0.00 0.00 ~~1,416,353~~0.3300 0-29 Days 0.~~066445~~000000% 0.000000% 0.000000% 0.~~066445~~000000% 0.~~038692~~000000% 0.000000% 0.000000% 0.~~038692~~000000% 30 Days 0.~~332226~~000000% 0.~~033223~~000000% 0.000000% 0.000000% 0.~~365449~~000000% 0.~~271738~~000000% 0.~~024391~~000000% 0.000000% 0.000000% 0.~~296129~~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.~~332226~~000000% 0.~~099668~~000000% 0.000000% 0.000000% 0.~~431894~~000000% 0.~~271738~~000000% 0.~~063083~~000000% 0.000000% 0.000000% 0.~~334821~~000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group Two 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 Two 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 03 0 0 03 0239,770.0043 0.00 0.00 0239,770.0043 30 Days 09 0 0 0 09 01,023,129.0077 0.00 0.00 0.00 01,023,129.0077 60 Days 01 01 03 0 05 0212,738.0020 0103,113.0016 0228,093.0077 0.00 0543,945.0013 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 010 04 03 0 017 01,235,867.0097 0342,883.0059 0228,093.0077 0.00 01,806,845.0033 0-29 Days 0.~~000000~~361882% 0.000000% 0.000000% 0.~~000000~~361882% 0.~~000000~~175089% 0.000000% 0.000000% 0.~~000000~~175089% 30 Days 01.~~000000~~085645% 0.000000% 0.000000% 0.000000% 01.~~000000~~085645% 0.~~000000~~747127% 0.000000% 0.000000% 0.000000% 0.~~000000~~747127% 60 Days 0.~~000000~~120627% 0.~~000000~~120627% 0.~~000000~~361882% 0.000000% 0.~~000000~~603136% 0.~~000000~~155349% 0.~~000000~~075297% 0.~~000000~~166563% 0.000000% 0.~~000000~~397209% 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 01.~~000000~~206273% 0.~~000000~~482509% 0.~~000000~~361882% 0.000000% 02.~~000000~~050663% 0.~~000000~~902477% 0.~~000000~~250386% 0.~~000000~~166563% 0.000000% 01.~~000000~~319425%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~180~~268,~~766~~002.7651

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon ~~Rate~~ 8.~~820840~~818958% Weighted Average Net ~~Rate~~Coupon 8.~~320840~~318958% Weighted Average Pass -Through Rate 8.~~295340~~293458% Weighted Average Maturity(Stepdown ~~351~~Calculation ~~Record~~) ~~Date~~350 ~~10/31/2002~~Beginning ~~Principal~~Scheduled ~~and~~Collateral ~~Interest Constant 5,764,628.66 Beginning~~ Loan Count 4,~~480~~448 Number Of Loans Paid inIn Full 3220 Ending Scheduled Collateral Loan Count 4,~~448~~428 Beginning Scheduled Collateral Balance ~~635~~629,~~582~~794,~~599~~384.7862 Ending Scheduled Collateral Balance ~~629~~626,~~794~~800,~~384~~323.6238 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~630~~627,~~141~~176,~~224~~254.3463 ~~Scheduled~~Monthly ~~Principal~~P ~~1,092,651.83~~&I ~~Unscheduled~~Constant ~~Principal 4~~5,~~695~~655,~~563~~019.3308 ~~Scheduled~~Special ~~Interest 4,671,976.83~~ Servicing Fee ~~264,826.11 Master Servicing Fee~~ 0.00 ~~Trustee~~Prepayment ~~Fee~~Penalties 472,~~237~~231.2377 ~~FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 9,268.96 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 4,393,644.53~~ Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 ~~Percentage~~Ending ofScheduled ~~Cumulative~~Balance ~~Losses~~for ~~0.00~~Premium ~~Special~~Loans ~~Servicing~~626,800,323.38 ~~Fee~~Scheduled 0Principal 1,026,577.0014 ~~Prepayment~~Unscheduled ~~Penalties~~Principal ~~119~~1,~~668~~967,484.4210 Required ~~Overcollateralized~~Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized ~~Reduction~~reduction Amount 0.00 Specified O/C Amount 3,191,869.25 Overcollateralized Amount 3,191,869.25 Overcollateralized Deficiency Amount 0.00 Base ~~Overcollateralization~~Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,738,853.46

Group Level Collateral Statement Group Group One Group One Group Two Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 8.~~808232~~815065 8.~~826668~~823964 9.~~502473~~485753 Weighted Average Net Rate 8.~~308232~~315065 8.~~326668~~323964 98.~~002473~~985753 Weighted Average Maturity ~~351~~350 ~~351~~350 ~~351~~350 Beginning Loan Count ~~453~~447 3,~~027~~010 ~~159~~157 Loans Paid In Full 63 1712 20 Ending Loan Count ~~447~~444 32,~~010~~998 157 Beginning Scheduled Balance 5554,~~089~~275,~~504~~090.2348 ~~425~~422,~~873~~789,~~774~~166.8150 15,~~392~~129,~~500~~203.1337 Ending scheduled Balance 5453,~~275~~937,~~090~~427.4830 ~~422~~420,~~789~~885,~~166~~815.5071 15,~~129~~117,~~203~~144.3787 Record Date 1011/3130/2002 1011/3130/2002 1011/3130/2002 Principal And Interest Constant ~~525~~503,~~461~~510.8526 3,~~860~~787,~~141~~957.1499 ~~152~~145,~~278~~816.2574 Scheduled Principal ~~121~~104,~~094~~811.2556 ~~727~~679,~~602~~061.5706 3026,~~389~~223.2450 Unscheduled Principal ~~693~~232,~~319~~851.5062 21,~~357~~224,~~005~~289.7473 ~~232~~(14,~~907~~165.5200) Scheduled Interest ~~404~~398,~~367~~698.6070 3,~~132~~108,~~538~~896.5793 ~~121~~119,~~889~~593.0124 Servicing Fees 22,~~953~~614.9762 ~~177~~176,~~447~~162.4215 6,~~413~~303.5483 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~367~~361.2684 2,~~839~~818.1660 ~~102~~100.6284 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~803~~791.4252 6,~~210~~165.6667 ~~224~~220.4863 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 ~~380~~374,~~242~~930.9572 2,~~946~~923,~~041~~750.3351 ~~115~~112,~~148~~967.3794 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 Fee 0.00 0.00 0.00 Pass-Through Rate 8.~~282732~~289565 8.~~301168~~298464 8.~~976973~~960253

Group Level Collateral Statement Group Group Two Total Collateral Description Mixed ARM Mixed Fixed Weighted Average Coupon Rate 8.~~732642~~731800 8.~~820840~~818958 Weighted Average Net Rate 8.~~232642~~231800 8.~~320840~~318958 Weighted Average Maturity ~~351~~350 ~~351~~350 Beginning Loan Count ~~841~~834 4,~~480~~448 Loans Paid In Full 75 3220 Ending Loan Count ~~834~~829 4,~~448~~428 Beginning Scheduled Balance ~~139~~137,~~226~~600,~~820~~924.6127 ~~635~~629,~~582~~794,~~599~~384.7862 Ending scheduled Balance ~~137~~136,~~600~~859,~~924~~935.2750 ~~629~~626,~~794~~800,~~384~~323.6238 Record Date 1011/3130/2002 1011/3130/2002 Principal And Interest Constant 1,~~226~~217,~~747~~734.4209 5,~~764~~655,~~628~~019.6608 Scheduled Principal ~~213~~216,~~565~~481.7702 1,~~092~~026,~~651~~577.8314 Unscheduled Principal 1524,~~412,330~~507.5775 41,~~695~~967,~~563~~484.3310 Scheduled Interest 1,~~013~~001,~~181~~253.6507 4,~~671~~628,~~976~~441.8394 Servicing Fees 5857,~~011~~333.1871 ~~264~~262,~~826~~414.1131 Master Servicing Fees 0.00 0.00 Trustee Fee ~~928~~917.1933 4,~~237~~198.2361 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 2,~~030~~006.4067 9,~~268~~184.9649 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest ~~952~~940,~~211~~995.8836 4,~~393~~352,644.53 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 8.~~207142~~206300 8.~~295340~~293458

Filing Compare · ASSET BACKED FUNDING CORP ABFC ASST BCKD CERT SER 2002-OPT1