8-K 1 ace03fm1.txt OCTOBER 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): October 27, 2003 ACE SECURITIES CORP. Asset-Backed Pass-Through Certificates, Series 2003-FM1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-45458-08 54-2116960 Pooling and Servicing Agreement) (Commission 54-2116961 (State or other File Number) 54-2120395 jurisdiction IRS EIN 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 October 27, 2003 a distribution was made to holders of ACE SECURITIES CORP., Asset-Backed Pass-Through Certificates, Series 2003-FM1 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 Pass-Through Certificates, Series 2003-FM1 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. ACE SECURITIES CORP. Asset-Backed Pass-Through Certificates, Series 2003-FM1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 11/3/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Pass-Through Certificates, Series 2003-FM1 Trust, relating to the October 27, 2003 distribution. EX-99.1

ACE Securities Corporation Asset-Backed Pass-Through Certificates Record Date: 89/3130/03 Distribution Date: 910/2527/03 ACE Series: 2003-FM1 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 004421BN2 SEN 1.~~45000~~46000% ~~276~~267,~~962~~915,~~170~~659.5133 ~~345~~347,~~818~~694.0499 912,~~046~~928,~~511~~063.1814 A-2 004421BP7 SEN 1.~~48000~~49000% 6157,~~251~~958,~~103~~011.9894 7876,~~061~~762.1316 32,~~293~~462,~~092~~692.0408 A-IO 004421BQ5 SEN 5.50000% 0.00 208,289.58 0.00 M-1 004421BR3 MEZ 1.~~97000~~98000% 27,267,000.00 4647,~~255~~989.4492 0.00 M-2 004421BS1 MEZ 2.~~96000~~97000% 26,131,000.00 6668,~~605~~985.0284 0.00 M-3 004421BT9 MEZ 3.~~24000~~25000% 4,544,000.00 1213,~~677~~127.7611 0.00 M-4 004421BU6 MEZ 4.~~61000~~62000% 7,953,000.00 3132,~~571~~660.2032 0.00 M-5 004421BV4 MEZ 4.~~61000~~62000% 9,089,000.00 3637,~~080~~325.8149 0.00 M-6 004421BW2 MEZ 4.~~61000~~62000% 4,544,000.00 18,~~038~~660.4269 0.00 CE ACE03F1CE SUB 0.00000% 9,089,206.00 1,~~900~~814,~~263~~624.9512 0.00 P ACE03FM1P SEN 0.00000% 100.00 ~~362~~471,~~600~~290.4951 0.00 R-III ACE03F1R1 SEN 0.00000% 0.00 0.00 0.00 Totals ~~426~~414,~~830~~490,~~580~~977.4927 3,~~106~~137,~~261~~410.8473 1215,~~339~~390,~~603~~755.22

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~267~~254,~~915~~987,~~659~~596.3319 913,~~392~~275,~~329~~758.2213 0.00 A-2 0.00 5755,~~958~~495,~~011~~319.9486 32,~~371~~539,~~153~~454.1724 0.00 A-IO 0.00 0.00 208,289.58 0.00 M-1 0.00 27,267,000.00 4647,~~255~~989.4492 0.00 M-2 0.00 26,131,000.00 6668,~~605~~985.0284 0.00 M-3 0.00 4,544,000.00 1213,~~677~~127.7611 0.00 M-4 0.00 7,953,000.00 3132,~~571~~660.2032 0.00 M-5 0.00 9,089,000.00 3637,~~080~~325.8149 0.00 M-6 0.00 4,544,000.00 18,~~038~~660.4269 0.00 CE 0.00 9,089,206.00 1,~~900~~814,~~263~~624.9512 0.00 P 0.00 100.00 ~~362~~471,~~600~~290.4951 0.00 R-III 0.00 0.00 0.00 0.00 Totals 0.00 ~~414~~399,~~490~~100,~~977~~222.2705 1518,~~445~~528,~~865~~165.0695 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-1 298,374,000.00 ~~276~~267,~~962~~915,~~170~~659.5133 0.00 912,~~046~~928,~~511~~063.1814 0.00 0.00 A-2 67,458,000.00 6157,~~251~~958,~~103~~011.9894 0.00 32,~~293~~462,~~092~~692.0408 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 27,267,000.00 27,267,000.00 0.00 0.00 0.00 0.00 M-2 26,131,000.00 26,131,000.00 0.00 0.00 0.00 0.00 M-3 4,544,000.00 4,544,000.00 0.00 0.00 0.00 0.00 M-4 7,953,000.00 7,953,000.00 0.00 0.00 0.00 0.00 M-5 9,089,000.00 9,089,000.00 0.00 0.00 0.00 0.00 M-6 4,544,000.00 4,544,000.00 0.00 0.00 0.00 0.00 CE 9,089,206.86 9,089,206.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 0.00 Totals 454,449,306.86 ~~426~~414,~~830~~490,~~580~~977.4927 0.00 1215,~~339~~390,~~603~~755.22 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-1 912,~~046~~928,~~511~~063.1814 ~~267~~254,~~915~~987,~~659~~596.3319 0.~~89791892~~85459053 912,~~046~~928,~~511~~063.1814 A-2 32,~~293~~462,~~092~~692.0408 5755,~~958~~495,~~011~~319.9486 0.~~85917181~~82266477 32,~~293~~462,~~092~~692.0408 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 27,267,000.00 1.00000000 0.00 M-2 0.00 26,131,000.00 1.00000000 0.00 M-3 0.00 4,544,000.00 1.00000000 0.00 M-4 0.00 7,953,000.00 1.00000000 0.00 M-5 0.00 9,089,000.00 1.00000000 0.00 M-6 0.00 4,544,000.00 1.00000000 0.00 CE 0.00 9,089,206.00 0.99999991 0.00 P 0.00 100.00 1.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 Totals 1215,~~339~~390,~~603~~755.22 ~~414~~399,~~490~~100,~~977~~222.2705 0.~~91207308~~87820625 1215,~~339~~390,~~603~~755.22

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 298,374,000.00 ~~928~~897.~~23828655~~91891830 0.00000000 3043.~~31936824~~32838364 0.00000000 A-2 67,458,000.00 ~~907~~859.~~98873343~~17180972 0.00000000 4836.~~81692372~~50704260 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 27,267,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 26,131,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 4,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 7,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 9,089,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 4,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 9,089,206.86 999.99990538 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000000 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 3043.~~31936824~~32838364 ~~897~~854.~~91891830~~59053466 0.~~89791892~~85459053 3043.~~31936824~~32838364 A-2 0.00000000 4836.~~81692372~~50704260 ~~859~~822.~~17180972~~66476711 0.~~85917181~~82266477 4836.~~81692372~~50704260 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 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 CE 0.00000000 0.00000000 999.99990538 0.99999991 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-III 0.00000000 0.00000000 0.00000000 0.00000000 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 A-1 298,374,000.00 1.~~45000~~46000% ~~276~~267,~~962~~915,~~170~~659.5133 ~~345~~347,~~818~~694.0499 0.00 0.00 A-2 67,458,000.00 1.~~48000~~49000% 6157,~~251~~958,~~103~~011.9894 7876,~~061~~762.1317 0.00 0.00 A-IO 0.00 5.50000% 45,445,000.00 208,289.58 0.00 0.00 M-1 27,267,000.00 1.~~97000~~98000% 27,267,000.00 4647,~~255~~989.4492 0.00 0.00 M-2 26,131,000.00 2.~~96000~~97000% 26,131,000.00 6668,~~605~~985.0284 0.00 0.00 M-3 4,544,000.00 3.~~24000~~25000% 4,544,000.00 1213,~~677~~127.7611 0.00 0.00 M-4 7,953,000.00 4.~~61000~~62000% 7,953,000.00 3132,~~571~~660.2032 0.00 0.00 M-5 9,089,000.00 4.~~61000~~62000% 9,089,000.00 3637,~~080~~325.8149 0.00 0.00 M-6 4,544,000.00 4.~~61000~~62000% 4,544,000.00 18,~~038~~660.4269 0.00 0.00 CE 9,089,206.86 0.00000% 9,089,206.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-III 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 454,449,306.86 ~~843~~851,~~397~~496.4011 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 ~~345~~347,~~818~~694.0499 0.00 ~~267~~254,~~915~~987,~~659~~596.3319 A-2 0.00 0.00 7876,~~061~~762.1316 0.00 5755,~~958~~495,~~011~~319.9486 A-IO 0.00 0.00 208,289.58 0.00 45,445,000.00 M-1 0.00 0.00 4647,~~255~~989.4492 0.00 27,267,000.00 M-2 0.00 0.00 6668,~~605~~985.0284 0.00 26,131,000.00 M-3 0.00 0.00 1213,~~677~~127.7611 0.00 4,544,000.00 M-4 0.00 0.00 3132,~~571~~660.2032 0.00 7,953,000.00 M-5 0.00 0.00 3637,~~080~~325.8149 0.00 9,089,000.00 M-6 0.00 0.00 18,~~038~~660.4269 0.00 4,544,000.00 CE 0.00 0.00 1,~~900~~814,~~263~~624.9512 0.00 9,089,206.00 P 0.00 0.00 ~~362~~471,~~600~~290.4951 0.00 100.00 R-III 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,~~106~~137,~~261~~410.8473 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 A-1 298,374,000.00 1.~~45000~~46000% ~~928~~897.~~23828655~~91891830 1.~~15900863~~16529922 0.00000000 0.00000000 A-2 67,458,000.00 1.~~48000~~49000% ~~907~~859.~~98873343~~17180972 1.~~15718121~~13792538 0.00000000 0.00000000 A-IO 0.00 5.50000% 1000.00000000 4.58333326 0.00000000 0.00000000 M-1 27,267,000.00 1.~~97000~~98000% 1000.00000000 1.~~69638904~~76000000 0.00000000 0.00000000 M-2 26,131,000.00 2.~~96000~~97000% 1000.00000000 2.~~54888906~~64000000 0.00000000 0.00000000 M-3 4,544,000.00 3.~~24000~~25000% 1000.00000000 2.~~79000000~~88888864 0.00000000 0.00000000 M-4 7,953,000.00 4.~~61000~~62000% 1000.00000000 34.~~96972212~~10666667 0.00000000 0.00000000 M-5 9,089,000.00 4.~~61000~~62000% 1000.00000000 34.~~96972274~~10666630 0.00000000 0.00000000 M-6 4,544,000.00 4.~~61000~~62000% 1000.00000000 34.~~96972271~~10666593 0.00000000 0.00000000 CE 9,089,206.86 0.00000% 999.99990538 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000% 0.00000000 0.00000000 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.~~15900863~~16529922 0.00000000 ~~897~~854.~~91891830~~59053466 A-2 0.00000000 0.00000000 1.~~15718121~~13792523 0.00000000 ~~859~~822.~~17180972~~66476711 A-IO 0.00000000 0.00000000 4.58333326 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 1.~~69638904~~76000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~54888906~~64000000 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~79000000~~88888864 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 34.~~96972212~~10666667 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 34.~~96972274~~10666630 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 34.~~96972271~~10666593 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~209~~199.~~06818156~~64603600 0.00000000 999.99990538 P 0.00000000 0.00000000 ~~3626004~~4712905.~~90000000~~10000000 0.00000000 1000.00000000 R-III 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 1518,~~249~~218,~~940~~828.5430 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~227~~246,~~546~~069.3880 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~362~~471,~~600~~290.4951 Total Deposits 1518,~~840~~936,~~087~~188.4161 Withdrawals Reimbursement for Servicer Advances ~~208~~227,~~373~~546.2238 Payment of Service Fee ~~185~~180,~~849~~476.1328 Payment of Interest and Principal 1518,~~445~~528,~~865~~165.0695 Total Withdrawals (Pool Distribution Amount) 1518,~~840~~936,~~087~~188.4161 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~177~~172,~~846~~704.0857 Master Servicing Fee - Wells Fargo 87,~~003~~771.0571 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~185~~180,~~849~~476.1328

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 ~~117~~113 0 0 0 ~~117~~113 1514,~~180~~006,~~000~~598.9061 0.00 0.00 0.00 1514,~~180~~006,~~000~~598.9061 60 Days 6154 0 0 0 6154 76,~~187~~572,~~349~~463.5399 0.00 0.00 0.00 76,~~187~~572,~~349~~463.5399 90 Days 2936 0 0 0 2936 24,~~772~~121,~~713~~046.8635 0.00 0.00 0.00 24,~~772~~121,~~713~~046.8635 120 Days 2824 0 10 0 2924 2,~~689~~374,~~279~~197.5346 0.00 ~~147,429~~0.6600 0.00 2,~~836~~374,~~709~~197.1946 150 Days 227 0 61 0 828 ~~158~~2,~~281~~890,984.0004 0.00 ~~832~~147,~~885~~429.2166 0.00 ~~991~~3,~~166~~038,413.2170 180+ Days 02 0 06 0 08 0158,281.00 0.00 0832,885.0021 0.00 0991,166.0021 Totals ~~237~~256 0 7 0 ~~244~~263 2730,~~987~~123,~~624~~571.8245 0.00 980,314.87 0.00 2831,~~967~~103,~~939~~886.6932 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 3.~~378573~~377167% 0.000000% 0.000000% 0.000000% 3.~~378573~~377167% 3.~~658564~~505788% 0.000000% 0.000000% 0.000000% 3.~~658564~~505788% 60 Days 1.~~761478~~613867% 0.000000% 0.000000% 0.000000% 1.~~761478~~613867% 1.~~732238~~645058% 0.000000% 0.000000% 0.000000% 1.~~732238~~645058% 90 Days 01.~~837424~~075912% 0.000000% 0.000000% 0.000000% 01.~~837424~~075912% 01.~~668258~~031479% 0.000000% 0.000000% 0.000000% 01.~~668258~~031479% 120 Days 0.~~808548~~717274% 0.000000% 0.~~028877~~000000% 0.000000% 0.~~837424~~717274% 0.~~648149~~594251% 0.000000% 0.~~035532~~000000% 0.000000% 0.~~683681~~594251% 150 Days 0.~~057753~~806934% 0.000000% 0.~~173260~~029886% 0.000000% 0.~~231014~~836820% 0.~~038148~~723600% 0.000000% 0.~~200735~~036901% 0.000000% 0.~~238883~~760501% 180+ Days 0.~~000000~~059773% 0.000000% 0.~~000000~~179319% 0.000000% 0.~~000000~~239091% 0.~~000000~~039617% 0.000000% 0.~~000000~~208467% 0.000000% 0.~~000000~~248084% Totals 67.~~843777~~650926% 0.000000% 0.~~202137~~209205% 0.000000% 7.~~045914~~860132% 67.~~745357~~539794% 0.000000% 0.~~236268~~245368% 0.000000% 67.~~981625~~785162%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 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 ~~110~~103 0 0 0 ~~110~~103 1312,~~964~~283,~~094~~178.4664 0.00 0.00 0.00 1312,~~964~~283,~~094~~178.4664 60 Days 5549 0 0 0 5549 5,~~689~~782,~~804~~564.0336 0.00 0.00 0.00 5,~~689~~782,~~804~~564.0336 90 Days 2532 0 0 0 2532 13,~~895~~205,~~909~~740.8345 0.00 0.00 0.00 13,~~895~~205,~~909~~740.8345 120 Days 2520 0 10 0 2620 21,~~533~~497,~~895~~393.9343 0.00 ~~147,429~~0.6600 0.00 21,~~681~~497,~~325~~393.5943 150 Days 224 0 51 0 725 ~~158~~2,~~281~~735,600.0044 0.00 ~~434~~147,~~052~~429.8266 0.00 ~~592~~2,~~333~~883,030.8210 180 Days 02 0 05 0 07 0158,281.00 0.00 0434,052.0082 0.00 0592,333.0082 Totals ~~217~~230 0 6 0 ~~223~~236 2425,~~241~~662,~~985~~758.2532 0.00 581,482.48 0.00 2426,~~823~~244,~~467~~240.7380 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 3.~~526771~~417386% 0.000000% 0.000000% 0.000000% 3.~~526771~~417386% 43.~~100520~~749258% 0.000000% 0.000000% 0.000000% 43.~~100520~~749258% 60 Days 1.~~763386~~625747% 0.000000% 0.000000% 0.000000% 1.~~763386~~625747% 1.~~670796~~765042% 0.000000% 0.000000% 0.000000% 1.~~670796~~765042% 90 Days 01.~~801539~~061712% 0.000000% 0.000000% 0.000000% 01.~~801539~~061712% 0.~~556729~~978505% 0.000000% 0.000000% 0.000000% 0.~~556729~~978505% 120 Days 0.~~801539~~663570% 0.000000% 0.~~032062~~000000% 0.000000% 0.~~833601~~663570% 0.~~744072~~457057% 0.000000% 0.~~043292~~000000% 0.000000% 0.~~787364~~457057% 150 Days 0.~~064123~~796284% 0.000000% 0.~~160308~~033179% 0.000000% 0.~~224431~~829463% 0.~~046479~~835001% 0.000000% 0.~~127458~~045001% 0.000000% 0.~~173937~~880002% 180 Days 0.~~000000~~066357% 0.000000% 0.~~000000~~165893% 0.000000% 0.~~000000~~232250% 0.~~000000~~048313% 0.000000% 0.~~000000~~132488% 0.000000% 0.~~000000~~180801% Totals 67.~~957358~~631055% 0.000000% 0.~~192369~~199071% 0.000000% 7.~~149727~~830126% 7.~~118596~~833176% 0.000000% 0.~~170751~~177489% 0.000000% 78.~~289347~~010665% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 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 710 0 0 0 710 1,~~215~~723,~~906~~419.4497 0.00 0.00 0.00 1,~~215~~723,~~906~~419.4497 60 Days 65 0 0 0 65 1789,~~497,545~~899.5063 0.00 0.00 0.00 1789,~~497,545~~899.5063 90 Days 4 0 0 0 4 ~~876~~915,~~804~~305.0390 0.00 0.00 0.00 ~~876~~915,~~804~~305.0390 120 Days 34 0 0 0 34 ~~155~~876,~~383~~804.6003 0.00 0.00 0.00 ~~155~~876,~~383~~804.6003 150 Days 3 0 0 1 0 13 155,383.60 0.00 0.00 ~~398,832.39~~ 0.00 ~~398~~155,~~832~~383.3960 180 Days 0 0 01 0 01 0.00 0.00 0398,832.0039 0.00 0398,832.0039 Totals 2026 0 1 0 2127 34,~~745~~460,~~639~~813.5713 0.00 398,832.39 0.00 4,~~144~~859,~~471~~645.9652 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 23.~~034884~~012048% 0.000000% 0.000000% 0.000000% 23.~~034884~~012048% 12.~~634889~~396583% 0.000000% 0.000000% 0.000000% 12.~~634889~~396583% 60 Days 1.~~744186~~506024% 0.000000% 0.000000% 0.000000% 1.~~744186~~506024% 21.~~013576~~098432% 0.000000% 0.000000% 0.000000% 21.~~013576~~098432% 90 Days 1.~~162791~~204819% 0.000000% 0.000000% 0.000000% 1.~~162791~~204819% 1.~~178937~~272822% 0.000000% 0.000000% 0.000000% 1.~~178937~~272822% 120 Days 01.~~872093~~204819% 0.000000% 0.000000% 0.000000% 01.~~872093~~204819% 01.~~208926~~219281% 0.000000% 0.000000% 0.000000% 01.~~208926~~219281% 150 Days 0.~~000000~~903614% 0.000000% 0.~~290698~~000000% 0.000000% 0.~~290698~~903614% 0.~~000000~~216076% 0.000000% 0.~~536264~~000000% 0.000000% 0.~~536264~~216076% 180 Days 0.000000% 0.000000% 0.~~000000~~301205% 0.000000% 0.~~000000~~301205% 0.000000% 0.000000% 0.~~000000~~554615% 0.000000% 0.~~000000~~554615% Totals 57.~~813953~~831325% 0.000000% 0.~~290698~~301205% 0.000000% 68.~~104651~~132530% 56.~~036328~~203195% 0.000000% 0.~~536264~~554615% 0.000000% 56.~~572592~~757810%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~227~~246,~~546~~069.3880

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 8.~~236084~~241231% Weighted Average Net Coupon 7.~~736084~~741231% Weighted Average Pass-Through Rate 7.~~713585~~718732% Weighted Average Maturity(Stepdown Calculation ) ~~336~~335 Beginning Scheduled Collateral Loan Count 3,~~546~~463 Number Of Loans Paid In Full 83117 Ending Scheduled Collateral Loan Count 3,~~463~~346 Beginning Scheduled Collateral Balance ~~426~~414,~~830~~490,~~580~~977.4927 Ending Scheduled Collateral Balance ~~414~~399,~~490~~100,~~977~~222.2705 Ending Actual Collateral Balance at 3130-~~Aug~~Sep-2003 ~~414~~399,~~916~~527,~~878~~786.5817 Monthly P &I Constant 3,~~311~~221,~~318~~002.4043 Special Servicing Fee 0.00 Prepayment Penalties ~~362~~471,~~600~~290.4951 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~414~~399,~~490~~100,~~977~~222.2705 Scheduled Principal ~~380~~373,~~691~~292.8137 Unscheduled Principal 1115,~~958~~017,~~911~~462.4185 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 9,089,206.00 Overcollateralized Amount 9,089,206.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 ~~Extra principal distribution Amount 0.00 Excess Cash Amount 0.00~~

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Coupon Rate 8.~~236084~~241231% Weighted Average Net Rate 7.~~736084~~741231% Weighted Average Pass Through Rate 7.~~713585~~718732% Weighted Average Maturity ~~336~~335 Record Date 0809/3130/2003 Principal and Interest Constant 3,~~311~~221,~~318~~002.4043 Beginning Loan Count 3,~~546~~463 Loans Paid in Full 83117 Ending Loan Count 3,~~463~~346 Beginning Scheduled Balance ~~426~~414,~~830~~490,~~580~~977.4927 Ending Scheduled Balance ~~414~~399,~~490~~100,~~977~~222.2705 Ending Actual Balance at 3130-~~Aug~~Sep-2003 ~~414~~399,~~916~~527,~~878~~786.5817 Scheduled Principal ~~380~~373,~~691~~292.8137 Unscheduled Principal 1115,~~958~~017,~~911~~462.4185 Scheduled Interest 2,~~929~~846,~~510~~596.4951 Servicing Fee ~~177~~172,~~846~~704.0857 Master Servicing Fee 87,~~003~~771.0571 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 0.00 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 2,~~744~~667,~~777~~233.4678 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.00 Special Servicing Fee 0.00 Prepayment Penalties ~~362~~471,~~600~~290.4951 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 9,089,206.00 Overcollateralized Amount 9,089,206.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00

Miscellaneous Reporting Required Overcollateralization Amount: 9,089,206.00 Overcollateralization Increase Amount: 0.00 Overcollateralization Reduction Amount: 0.00 Credit Enhancement Percentage: 2122.~~3798~~2042%

Group Level Collateral Statement Group 1 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 8.~~347045~~350421 7.~~736651~~741283 8.~~236084~~241231 Weighted Average Net Rate 7.~~847045~~850421 7.~~236652~~241283 7.~~736084~~741231 Weighted Average Maturity ~~333~~332 ~~338~~337 ~~336~~335 Beginning Loan Count 3,~~190~~119 ~~356~~344 3,~~546~~463 Loans Paid In Full 71105 12 83117 Ending Loan Count 3,~~119~~014 ~~344~~332 3,~~463~~346 Beginning Scheduled Balance ~~349~~340,~~238~~192,~~748~~237.5335 7774,~~591~~298,~~831~~739.9692 ~~426~~414,~~830~~490,~~580~~977.4927 Ending scheduled Balance ~~340~~327,~~192~~264,~~237~~174.3521 7471,~~298~~836,~~739~~047.9284 ~~414~~399,~~490~~100,~~977~~222.2705 Record Date 0809/3130/2003 0809/3130/2003 0809/3130/2003 Principal And Interest Constant 2,~~740~~672,~~024~~907.2376 ~~571~~548,~~294~~094.1767 3,~~311~~221,~~318~~002.4043 Scheduled Principal ~~310~~304,~~085~~939.7377 7068,~~606~~352.0860 ~~380~~373,~~691~~292.8137 Unscheduled Principal 812,~~736~~623,~~425~~123.4537 32,~~222~~394,~~485~~339.9648 1115,~~958~~017,~~911~~462.4185 Scheduled Interest 2,~~429~~367,~~259~~290.7119 ~~500~~479,~~250~~306.7832 2,~~929~~846,~~510~~596.4951 Servicing Fees ~~145~~141,~~516~~746.1476 3230,~~329~~957.9481 ~~177~~172,~~846~~704.0857 Master Servicing Fees 6,~~548~~378.2060 1,~~454~~393.8511 87,~~003~~771.0571 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 0.00 0.00 0.00 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 2,~~277~~219,~~874~~842.1663 ~~466~~447,~~903~~391.3015 2,~~744~~667,~~777~~233.4678 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 7.~~824547~~827922 7.~~214151~~218783 7.~~713585~~718732

Filing Compare · ACE SECURITIES CORP HOME EQUITY LOAN TRUST SERIES 2003-FM1