10-K/A 1 ffm02ffa_form10ka.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A Amendment No. 1 (Mark one) /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2002 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333-84929-11 First Franklin Mortgage Loan Trust Asset Backed Certificates Series 2002-FFA Trust (Exact name of registrant as specified in its charter) New York 52-2365745 52-2365746 52-2365747 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, Maryland 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Securities registered pursuant to Section 12(b) of the Act: NONE. Securities registered pursuant to Section 12(g) of the Act: NONE. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Not applicable. State the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of a specified date within 60 days prior to the date of filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.) Not applicable. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Not applicable. List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g. Part I, Part II, etc..) into which the document is incorporated: (1)Any annual report to security holders; (2) Any proxy or information statement; and (3)Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g. annual report to security holders for fiscal year ended December 24, 1980). Not applicable. PART I Item 1. Business. Omitted. Item 2. Properties. See Item 14(a), Exhibits 99.1, 99.2, and 99.3, for information provided in lieu of information required by Item 102 of Regulation S-K. Item 3. Legal Proceedings. The registrant knows of no material pending legal proceedings involving the trusts created under the Pooling and Servicing Agreement (the Trusts), the Trustee, the Servicer or the registrant with respect to the Trusts other than routine litigation incidental to the duties of the respective parties. Item 4. Submission of Matters to a Vote of Security Holders. None. PART II Item 5. Market for registrant's Common Equity and Related Stockholder Matters. No established public trading market for the Certificates exists. Records provided to the Trust by the DTC and the Trustee indicate that as of December 31, 2002, the number of holders of record for each class of Certificate were as follows: Class A 8 Class C 1 Class M-1 2 Class M-2 2 Class M-3 2 Class P 1 Class R-1 1 Class S-1 1 Class S-2 1 Total: 19 Item 6. Selected Financial Data. Omitted. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Omitted. Item 7A. Quantitative and Qualitative Disclosures about Market Risk. Not applicable. Item 8. Financial Statements and Supplementary Data. See Item 14(a), Exhibits 99.1, 99.2, 99.3, for information provided in lieu of information required by Item 302 of Regulation S-K. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. None. PART III Item 10. Directors and Executive Officers of the Registrant. Not applicable. Item 11. Executive Compensation. Not applicable. Item 12. Security Ownership of Certain Beneficial Owners and Management. Not applicable. Item 13. Certain Relationships and Related Transactions. Not applicable. Item 14. Controls and Procedures. Not applicable. PART IV Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K. (a) Exhibits (99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 2002. ~~a) Fairbankscapital Corp, as Servicer~~

(99.2) Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 2002. ~~a) Fairbankscapital Corp, as Servicer~~

(99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 2002. ~~a) Fairbankscapital Corp, as Servicer~~

(99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders. (b) On November 14, 2002, a report on Form 8-K was filed in order to provide the Pooling and Servicing Agreement for the Certificates. On November 07, 2002, December 09, 2002 and January 09, 2003 reports on Form 8-K were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed during the last quarter of the period covered by this report. (c) Not applicable. (d) Omitted. Filed Herewith. SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized: First Franklin Mortgage Loan Trust Asset Backed Certificates Series 2002-FFA Trust (Registrant) Signed: Financial Asset Securities Corp. as Depositor By: Joseph N. Walsh III, Managing Director By: /s/ Joseph N. Walsh III Dated: July 24, 2003 Sarbanes-Oxley Certification Re: First Franklin Mortgage Loan Trust 2002-FFA Mortgage Pass-Through Certificates, Series 2002-FFA I, Joseph N. Walsh III, certify that: 1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Financial Asset Securities Corp. (the "Registrant"); 2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; 3. Based on my knowledge, the distribution information and servicing information required to be provided to the Trustee by the Servicer under the Pooling and Servicing Agreement is included in these reports; 4. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and 5. The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports. In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Fairbanks Capital Corporation and Wells Fargo Bank Minnesota, National Association. Capitalized terms used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated September 1, 2002 (the "Pooling and Servicing Agreement"), among the Registrant as Depositor, Fairbanks Capital Corporation as servicer and Wells Fargo Bank Minnesota, National Association as trustee. Date: July 24, 2003 /s/ Joseph N. Walsh III Signature Managing Director Title SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT. (a)(i) No annual report is provided to the Certificateholders other than with respect to aggregate principal and interest distributions. (a)(ii) No proxy statement, form of proxy or other proxy soliciting material has been sent to any Certificateholder with respect to any annual or other meeting of Certificateholders. Ex-99.1 (a) Ernst & Young Ernst & Young LLP 725 South Figueroa Street Los Angeles, California 90017 Phone: (213) 977-3200 www.ey.com Report on Management's Assertion on Compliance with the Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Report of Independent Accountants Board of Directors Fairbanks Capital Corp. We have examined management's assertion, included in the accompanying report titled Report of Management, that Fairbanks Capital Corp., a wholly owned subsidiary of Fairbanks Capital Holding Corp., (the "Company") complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") during the year ended December 31, 2002. Management is responsible for the Company's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with specified requirements. In our opinion, management's assertion that the Company complied with the aforementioned requirements during the year ended December 31, 2002, is fairly stated, in all material respects. /s/ Ernst & Young LLP January, 20 2003 Ernst & Young LLP is a member of Ernst & Young International, Ltd. Ex-99.2 (a) Fairbanks Capital Corp. Management's Assertion on Compliance with the Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Report of Management We, as members of management of Fairbanks Capital Corp. (the "Company"), are responsible for complying with the minimum servicing standards as set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers ("USAP"). We are also responsible for establishing and maintaining effective internal control over compliance with these standards. We have performed an evaluation of the Bank's compliance with the minimum servicing standards as set forth in the USAP as of December 31, 2002 and for the year then ended. Based on this evaluation, we assert that during the year ended December, 31 2002, the Company complied, in all material respects, with the minimum servicing standards set forth in the USAP. As of and for the same period, the Bank had in effect a fidelity bond in the amount of $38,000,000 and an errors and omissions policy in the amount of $10,000,000. /s/ Thomas D. Basmajian Thomas D. Basmajian Chief Executive Officer /s/ Anthony O'Boyle Beirne Anthony O'Boyle Beirne Executive Vice President and Chief Financial Officer /s/ Barbara K. Wing Barbara K. Wing Controller January, 20 2003 3815 South West Temple * Salt Lake City, Utah 84115-4417 P.O. Box 65250 * Salt Lake City, Utah 84165-0250 Telephone (801) 293-1883 * Fax (801) 293-1297 Ex-99.3 (a) FAIRBANKS CAPITAL CORP. Agreement: Financial Asset Securities Corp., Depositor Fairbanks Capital Corp., Servicer and Wells Fargo Bank Minnesota, National Association, Trustee - Pooling and Servicing Agreement - First Franklin Mortgage Loan Trust 2002-FFA Dated: 09/01/2002 ANNUAL OFFICER'S CERTIFICATION AS TO COMPLIANCE I, William P. Garland, certify that Fairbanks Capital Corp. has performed and fulfilled its duties, responsibilities and obligations contained in the above referenced agreement, in all material respects throughout the year ended 12/31/2002. I also certify that to the best of my knowledge, based on my review, the Fairbanks Capital Corp. has fulfilled all its obligations under the above referenced Agreement and complied with the minimum standards set forth in the Uniform Single Attestation Program for Mortgage Bankers in all material respects for such year, February 7, 2003 /s/ William P. Garland William P. Garland President Fairbanks Capital Corp. 3815 South West Temple * Salt Lake City, Utah 84115-4412 P.O. Box 65250 * Salt Lake City, Utah 84165-0250 Telephone (801) 293-1883 * Facsimile (801) 293-1297 Ex-99.4 Schedule of Year-To-Date Principal and Interest Distributions to Certificateholders Class Interest Principal Losses Ending Balance A 1,183,619.22 12,619,181.49 0.00 222,638,818.50 AMBAC 57,872.04 0.00 0.00 0.00 C 0.00 0.00 0.00 6,086,673.12 M-1 145,250.67 0.00 0.00 21,517,000.00 M-2 126,459.16 0.00 0.00 15,779,000.00 M-3 143,965.25 0.00 0.00 14,344,000.00 P 160,968.36 0.00 0.00 100.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 S-1 143,445.00 0.00 0.00 0.00 S-2 143,445.00 0.00 0.00 0.00 SPREAD 0.00 0.00 0.00 0.00 X 0.00 0.00 0.00 0.00

FINANCIAL ASSETS SEC CORP FIRST FRANKLIN MORT LN TR 2002 FFA 10-K/A