8-K 1 abf03wf1.txt OCTOBER 8-K 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): October 27, 2003 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2003-WF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-90830-02 54-2116949 Pooling and Servicing Agreement) (Commission 54-2116950 (State or other File Number) 54-2116951 jurisdiction 54-2116952 of Incorporation) 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 October 27, 2003 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2003-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 2003-WF1 Trust, relating to the October 27, 2003 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 2003-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: 10/30/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-WF1 Trust, relating to the October 27, 2003 distribution. EX-99.1

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 89/3130/03 Distribution Date: 910/2527/03 ABFC Series: 2003-WF1 Contact: Customer Service - SecuritiesLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A1 04542BCC4 SEN 1.90200% 104,~~805~~899,~~242~~995.4783 177,~~126~~766.2848 54,~~905~~899,~~246~~995.6483 A2 04542BCD2 SEN 1.98200% 216,850,000.00 358,163.3533 05,100,412.0058 M1 04542BCE0 SUB 1.~~83000~~84000% 14,609,000.00 23,~~021~~893.3179 0.00 M2 04542BCF7 SUB 2.~~86000~~87000% 11,688,000.00 2829,~~784~~817.9236 0.00 M3 04542BCG5 SUB 4.~~16000~~17000% 10,226,000.00 3637,~~631~~904.7835 0.00 M4 04542BCH3 SUB 4.~~36000~~37000% 2,922,000.00 1011,~~970~~350.4834 0.00 CE ABF03W1CE SUB 0.00000% 1,460,948.82 1,~~188~~156,~~046~~273.3458 0.00 R ABF03W1R1 SEN 0.00000% 0.00 0.00 0.00 P ABF03WF1P SEN 0.00000% 0.01 83241,~~829~~766.4416 0.00 Totals ~~268~~262,~~561~~655,~~191~~944.3066 1,~~746~~866,~~573~~935.9039 510,~~905~~000,~~246~~408.6441

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~4,899,995~~0.8300 54,~~922~~907,~~372~~762.9231 0.00 A2 0.00 ~~216~~211,~~850~~749,~~000~~587.0042 ~~358~~5,~~163~~458,575.3591 0.00 M1 0.00 14,609,000.00 23,~~021~~893.3179 0.00 M2 0.00 11,688,000.00 2829,~~784~~817.9236 0.00 M3 0.00 10,226,000.00 3637,~~631~~904.7835 0.00 M4 0.00 2,922,000.00 1011,~~970~~350.4834 0.00 CE 0.01 1,460,948.82 1,~~188~~156,~~046~~273.3458 0.0405 R 0.00 0.00 0.00 0.00 P 0.00 0.01 83241,~~829~~766.4416 0.00 Totals 0.01 ~~262~~252,655,~~944~~536.6625 711,~~651~~867,~~820~~343.5480 0.0405 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) A1 34,433,000.00 104,~~805~~899,~~242~~995.4783 0.00 54,~~905~~899,~~246~~995.6483 0.00 0.00 A2 216,850,000.00 216,850,000.00 0.00 05,100,412.0058 0.00 0.00 M1 14,609,000.00 14,609,000.00 0.00 0.00 0.00 0.00 M2 11,688,000.00 11,688,000.00 0.00 0.00 0.00 0.00 M3 10,226,000.00 10,226,000.00 0.00 0.00 0.00 0.00 M4 2,922,000.00 2,922,000.00 0.00 0.00 0.00 0.00 CE 1,461,766.03 1,460,948.82 0.00 0.00 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 0.00 P 0.01 0.01 0.00 0.00 0.00 0.00 Totals 292,189,766.04 ~~268~~262,~~561~~655,~~191~~944.3066 0.00 510,~~905~~000,~~246~~408.6441 0.00 0.01 (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 A1 ~~5,905,246.64~~ 4,899,995.83 0.~~14230523~~00 50.00000000 4,~~905~~899,~~246~~995.6483 A2 05,100,412.0058 ~~216~~211,~~850~~749,~~000~~587.0042 10.~~00000000~~97647954 05,100,412.0058 M1 0.00 14,609,000.00 1.00000000 0.00 M2 0.00 11,688,000.00 1.00000000 0.00 M3 0.00 10,226,000.00 1.00000000 0.00 M4 0.00 2,922,000.00 1.00000000 0.00 CE 0.01 1,460,948.82 0.99944094 0.00 R 0.00 0.00 0.00000000 0.00 P 0.00 0.01 1.00000000 0.00 Totals 510,~~905~~000,~~246~~408.6542 ~~262~~252,655,~~944~~536.6625 0.~~89892246~~86469673 510,~~905~~000,~~246~~408.6441

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 34,433,000.00 ~~313~~142.~~80485203~~30522551 0.00000000 ~~171~~142.~~49962652~~30522551 0.00000000 A2 216,850,000.00 1000.00000000 0.00000000 023.~~00000000~~52046382 0.00000000 M1 14,609,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 11,688,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 10,226,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 2,922,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 1,461,766.03 999.44094336 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.01 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 A1 0.00000000 ~~171.49962652~~ 142.30522551 0.~~14230523~~00000000 ~~171~~0.~~49962652~~00000000 142.30522551 A2 0.00000000 023.~~00000000~~52046382 ~~1,000~~976.~~00000000~~47953618 10.~~00000000~~97647954 023.~~00000000~~52046382 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000684 0.00000684 999.44094336 0.99944094 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, 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 A1 34,433,000.00 1.90200% 104,~~805~~899,~~242~~995.4783 177,~~126~~766.3149 0.00 0.00 A2 216,850,000.00 1.98200% 216,850,000.00 358,163.92 0.00 0.00 M1 14,609,000.00 1.~~83000~~84000% 14,609,000.00 23,~~021~~893.3583 0.00 0.00 M2 11,688,000.00 2.~~86000~~87000% 11,688,000.00 2829,~~784~~817.9539 0.00 0.00 M3 10,226,000.00 4.~~16000~~17000% 10,226,000.00 3637,~~631~~904.8037 0.00 0.00 M4 2,922,000.00 4.~~36000~~37000% 2,922,000.00 1011,~~970~~350.4935 0.00 0.00 CE 1,461,766.03 0.00000% 1,460,948.82 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.01 0.00000% 0.01 0.00 0.00 0.00 Totals 292,189,766.04 ~~474~~468,~~698~~896.8235 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 A1 0.0301 0.00 177,~~126~~766.2848 0.00 ~~4,899,995~~0.8300 A2 0.5758 0.00 358,163.3533 0.00 ~~216~~211,~~850~~749,~~000~~587.0042 M1 0.04 0.00 23,~~021~~893.3179 0.00 14,609,000.00 M2 0.03 0.00 2829,~~784~~817.9236 0.00 11,688,000.00 M3 0.03 0.00 3637,~~631~~904.7835 0.00 10,226,000.00 M4 0.01 0.00 1011,~~970~~350.4834 0.00 2,922,000.00 CE 0.00 0.00 1,~~188~~156,~~046~~273.3458 0.00 1,460,948.82 R 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 83241,~~829~~766.4416 0.00 0.01 Totals 0.7170 0.00 1,~~746~~866,~~573~~935.9039 0.00 (4) Amount Does Not Include Excess Special Hazard, ~~Bankrupcy~~Bankruptcy, 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 A1 34,433,000.00 1.90200% ~~313~~142.~~80485203~~30522551 0.~~49738071~~22555368 0.00000000 0.00000000 A2 216,850,000.00 1.98200% 1000.00000000 1.65166668 0.00000000 0.00000000 M1 14,609,000.00 1.~~83000~~84000% 1000.00000000 1.~~57583339~~63555548 0.00000000 0.00000000 M2 11,688,000.00 2.~~86000~~87000% 1000.00000000 2.~~46277806~~55111140 0.00000000 0.00000000 M3 10,226,000.00 4.~~16000~~17000% 1000.00000000 3.~~58222179~~70666634 0.00000000 0.00000000 M4 2,922,000.00 4.~~36000~~37000% 1000.00000000 3.~~75444559~~88444559 0.00000000 0.00000000 CE 1,461,766.03 0.00000% 999.44094336 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 0.01 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 A1 0.~~00000087~~00000029 0.00000000 0.~~49737984~~22555339 0.00000000 ~~142~~0.~~30522551~~00000000 A2 0.~~00000263~~00000267 0.00000000 1.~~65166405~~65166396 0.00000000 ~~1000~~976.~~00000000~~47953618 M1 0.00000274 0.00000000 1.~~57583065~~63555274 0.00000000 1000.00000000 M2 0.00000257 0.00000000 2.~~46277550~~55110883 0.00000000 1000.00000000 M3 0.00000293 0.00000000 3.~~58221983~~70666438 0.00000000 1000.00000000 M4 0.00000342 0.00000000 3.~~75444216~~88444216 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~812~~791.~~74726298~~01139052 0.00000000 999.44094336 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~~Bankruptcy,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 711,~~643~~683,~~134~~157.1870 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 4257,~~688~~660.1424 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 83241,~~829~~766.4416 Total Deposits 711,~~769~~982,~~651~~584.7610 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~117~~115,~~831~~240.2230 Payment of Interest and Principal 711,~~651~~867,~~820~~343.5480 Total Withdrawals (Pool Distribution Amount) 711,~~769~~982,~~651~~584.7610 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~111~~109,~~900~~440.5100 Credit Risk Manager 3,~~916~~830.5237 Securities Admin Fee - Wells Fargo 21,~~014~~969.1993 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~117~~115,~~831~~240.2230

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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 1621 0 0 0 1621 12,~~634~~964,~~763~~224.9732 0.00 0.00 0.00 12,~~634~~964,~~763~~224.9732 90 Days 14 58 1923 0 2535 ~~223~~488,~~377~~656.1306 ~~294~~628,~~599~~590.4324 23,~~435~~130,~~659~~923.2733 0.00 24,~~953~~248,~~635~~169.8363 120 Days 2 0 0 0 2 ~~243~~352,~~028~~440.3613 0.00 0.00 0.00 ~~243~~352,~~028~~440.3613 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 1927 58 1923 0 4358 23,~~101~~805,~~169~~320.4651 ~~294~~628,~~599~~590.4324 23,~~435~~130,~~659~~923.2733 0.00 47,~~831~~564,~~428~~834.1608 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 01.~~845219~~143791% 0.000000% 0.000000% 0.000000% 01.~~845219~~143791% 01.~~621897~~172254% 0.000000% 0.000000% 0.000000% 01.~~621897~~172254% 90 Days 0.~~052826~~217865% 0.~~264131~~435730% 1.~~003698~~252723% 0.000000% 1.~~320655~~906318% 0.~~084977~~193248% 0.~~112071~~248587% 01.~~926573~~238178% 0.000000% 1.~~123622~~680013% 120 Days 0.~~105652~~108932% 0.000000% 0.000000% 0.000000% 0.~~105652~~108932% 0.~~092453~~139379% 0.000000% 0.000000% 0.000000% 0.~~092453~~139379% 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.~~003698~~470588% 0.~~264131~~435730% 1.~~003698~~252723% 0.000000% 23.~~271527~~159041% 01.~~799327~~504880% 0.~~112071~~248587% 01.~~926573~~238178% 0.000000% 12.~~837971~~991645%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 4257,~~688~~660.1424

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~956067~~951434% Weighted Average Net Coupon 7.~~456067~~451434% Weighted Average Pass-Through Rate 7.~~429567~~424934% Weighted Average Maturity(Stepdown Calculation ) ~~328~~327 Beginning Scheduled Collateral Loan Count 1,~~931~~893 Number Of Loans Paid In Full 3857 Ending Scheduled Collateral Loan Count 1,~~893~~836 Beginning Scheduled Collateral Balance ~~268~~262,~~561~~655,~~191~~944.3066 Ending Scheduled Collateral Balance ~~262~~252,655,~~944~~536.6625 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2003 ~~262~~252,~~867~~865,~~423~~338.9735 Monthly P &I Constant 21,~~003~~956,~~036~~895.3896 Special Servicing Fee 0.00 Prepayment Penalties 83241,~~829~~766.4416 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~262~~252,655,~~944~~536.6625 Scheduled Principal ~~222~~216,~~460~~486.7244 Unscheduled Principal 59,~~682~~783,~~785~~921.9297 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,460,948.83 Overcollateralized Amount 1,460,948.83 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~188~~156,~~046~~273.3458

Miscellaneous Reporting Three Month Rolling Percentage 12.~~701300~~09782% Credit Enhancement Percentage 1516.~~573966~~190403% Cumulative Loss Percentage 2.250000%

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed Fixed Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~351778~~349995 8.~~265195~~260622 7.~~956067~~951434 Weighted Average Net Rate 6.~~851778~~849995 7.~~765195~~760622 7.~~456067~~451434 Weighted Average Maturity ~~328~~327 ~~328~~327 ~~328~~327 Beginning Loan Count ~~687~~674 1,~~244~~219 1,~~931~~893 Loans Paid In Full 1319 25 38 57 Ending Loan Count ~~674~~655 1,~~219~~181 1,~~893~~836 Beginning Scheduled Balance 9089,~~889~~180,~~214~~482.7815 ~~177~~173,~~671~~475,~~976~~462.5251 ~~268~~262,~~561~~655,~~191~~944.3066 Ending scheduled Balance 8986,~~180~~514,~~482~~430.1542 ~~173~~166,~~475~~141,~~462~~105.5183 ~~262~~252,655,~~944~~536.6625 Record Date 0809/3130/2003 0809/3130/2003 0809/3130/2003 Principal And Interest Constant ~~656~~644,~~533~~205.2799 1,~~346~~312,~~503~~689.1197 21,~~003~~956,~~036~~895.3896 Scheduled Principal 9997,~~702~~975.1789 ~~122~~118,~~758~~510.55 ~~222~~216,~~460~~486.7244 Unscheduled Principal 12,~~609~~568,~~030~~075.4684 47,~~073~~215,~~755~~846.4613 59,~~682~~783,~~785~~921.9297 Scheduled Interest ~~556~~546,~~831~~230.10 1,~~223~~194,~~744~~179.5642 1,~~780~~740,~~575~~409.6652 Servicing Fees 37,~~870~~158.5255 7472,~~029~~281.9945 ~~111~~109,~~900~~440.5100 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 21,~~007~~969.1339 3,~~923~~830.5891 5,~~930~~800.7130 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 ~~516~~507,~~953~~102.4516 1,~~145~~118,~~790~~067.9906 1,~~662~~625,~~744~~169.4422 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 6.~~825278~~823495 7.~~738695~~734122 7.~~429567~~424934

Filing Compare · ABFC MORTGAGE LOAN ASSET BACKED CERT SERIES 2003-WF1