8-K 1 abf03op1.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, 2003 ASSET BACKED FUNDING CORPORATION Asset-Backed Certificates, Series 2003-OP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-90830-06 54-2123748 Pooling and Servicing Agreement) (Commission 54-2123749 (State or other File Number) 54-2123750 jurisdiction 54-2123751 of Incorporation) 54-6553639 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, 2003 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset-Backed Certificates, Series 2003-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 2003-OP1 Trust, relating to the December 26, 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-OP1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 1/7/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset- Backed Certificates, Series 2003-OP1 Trust, relating to the December 26, 2003 distribution. EX-99.1

Asset Backed Funding Corporation Asset-Backed Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 ABFC Series: 2003-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 04542BDD1 SEN 1.~~44000~~43875% ~~445~~427,~~663~~088,~~343~~198.9581 ~~570~~528,~~449~~946.0767 910,~~081~~264,~~369~~994.5544 A-1A 04542BDE9 SEN 1.~~53000~~52875% 2322,~~239~~271,~~914~~280.5932 3129,~~606~~308.2830 ~~473~~535,~~564~~286.3155 A-2 04542BDF6 SEN 1.~~26000~~25875% 5549,~~760~~910,~~058~~612.7803 6254,~~451~~080.2758 1,~~084~~797,~~007~~927.1078 A-3 04542BDG4 SEN 1.~~46000~~45875% 121,860,000.00 ~~158~~153,~~147~~020.2099 0.00 M-1 04542BDH2 SUB 1.~~81000~~80875% 42,288,000.00 6865,~~036~~842.6925 0.00 M-2 04542BDJ8 SUB 2.~~67000~~66875% 29,217,000.00 6967,~~341~~120.6808 0.00 M-3 04542BDK5 SUB 3.~~02000~~01875% 7,689,000.00 2019,~~640~~980.6948 0.00 M-4 04542BDL3 SUB 3.~~92000~~91875% 7,689,000.00 2625,~~791~~937.8940 0.00 M-5 04542BDM1 SUB 4.~~77000~~76875% 7,689,000.00 3231,~~601~~563.3637 0.00 M-6 04542BDN9 SUB 4.~~62000~~61875% 7,688,000.00 3130,~~572~~566.0558 0.00 CE BFCAS03OPCE SEN 0.00000% 7,304,284.64 32,~~060~~983,~~647~~300.3276 0.00 P BFCAS03OPPP SEN 0.00000% 0.00 ~~184~~281,~~798~~101.8307 0.00 R BFCAS03OPTR SEN 0.00000% 0.00 0.00 0.00 Totals ~~756~~730,~~087~~694,~~601~~375.9680 4,~~317~~270,~~084~~768.3353 1012,~~638~~598,~~940~~208.9677

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~436~~416,~~581~~823,~~974~~204.4037 910,~~651~~793,~~818~~941.6211 0.00 A-1A 0.00 2221,~~766~~735,~~350~~993.2877 ~~505~~564,~~170~~594.5985 0.00 A-2 0.00 5448,~~676~~112,~~051~~684.6825 1,~~146~~852,~~458~~008.3736 0.00 A-3 0.00 121,860,000.00 ~~158~~153,~~147~~020.2099 0.00 M-1 0.00 42,288,000.00 6865,~~036~~842.6925 0.00 M-2 0.00 29,217,000.00 6967,~~341~~120.6808 0.00 M-3 0.00 7,689,000.00 2019,~~640~~980.6948 0.00 M-4 0.00 7,689,000.00 2625,~~791~~937.8940 0.00 M-5 0.00 7,689,000.00 3231,~~601~~563.3637 0.00 M-6 0.00 7,688,000.00 3130,~~572~~566.0558 0.00 CE 0.00 7,304,284.64 32,~~060~~983,~~647~~300.3276 0.00 P 0.00 0.00 ~~184~~281,~~798~~101.8307 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~745~~718,~~448~~096,~~661~~167.0003 1416,~~956~~868,~~025~~977.2930 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-1 454,678,000.00 ~~445~~427,~~663~~088,~~343~~198.9581 0.00 910,~~081~~264,~~369~~994.5544 0.00 0.00 A-1A 23,710,000.00 2322,~~239~~271,~~914~~280.5932 0.00 ~~473~~535,~~564~~286.3155 0.00 0.00 A-2 59,059,000.00 5549,~~760~~910,~~058~~612.7803 0.00 1,~~084~~797,~~007~~927.1078 0.00 0.00 A-3 121,860,000.00 121,860,000.00 0.00 0.00 0.00 0.00 M-1 42,288,000.00 42,288,000.00 0.00 0.00 0.00 0.00 M-2 29,217,000.00 29,217,000.00 0.00 0.00 0.00 0.00 M-3 7,689,000.00 7,689,000.00 0.00 0.00 0.00 0.00 M-4 7,689,000.00 7,689,000.00 0.00 0.00 0.00 0.00 M-5 7,689,000.00 7,689,000.00 0.00 0.00 0.00 0.00 M-6 7,688,000.00 7,688,000.00 0.00 0.00 0.00 0.00 CE 7,305,067.20 7,304,284.64 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 768,872,067.20 ~~756~~730,~~087~~694,~~601~~375.9680 0.00 1012,~~638~~598,~~940~~208.9677 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-1 910,~~081~~264,~~369~~994.5544 ~~436~~416,~~581~~823,~~974~~204.4037 0.~~96020035~~91674373 910,~~081~~264,~~369~~994.5544 A-1A ~~473~~535,~~564~~286.3155 2221,~~766~~735,~~350~~993.2877 0.~~96020035~~91674373 ~~473~~535,~~564~~286.3155 A-2 1,~~084~~797,~~007~~927.1078 5448,~~676~~112,~~051~~684.6825 0.~~92578695~~81465457 1,~~084~~797,~~007~~927.1078 A-3 0.00 121,860,000.00 1.00000000 0.00 M-1 0.00 42,288,000.00 1.00000000 0.00 M-2 0.00 29,217,000.00 1.00000000 0.00 M-3 0.00 7,689,000.00 1.00000000 0.00 M-4 0.00 7,689,000.00 1.00000000 0.00 M-5 0.00 7,689,000.00 1.00000000 0.00 M-6 0.00 7,688,000.00 1.00000000 0.00 CE 0.00 7,304,284.64 0.99989287 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 1012,~~638~~598,~~940~~208.9677 ~~745~~718,~~448~~096,~~661~~167.0003 0.~~96953537~~93396053 1012,~~638~~598,~~940~~208.9677

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 454,678,000.00 ~~980~~939.~~17353809~~32013163 0.00000000 1922.~~97318883~~57640449 0.00000000 A-1A 23,710,000.00 ~~980~~939.~~17353817~~32013159 0.00000000 1922.~~97318895~~57640447 0.00000000 A-2 59,059,000.00 ~~944~~845.~~14160043~~09747930 0.00000000 1830.~~35464705~~44290929 0.00000000 A-3 121,860,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 42,288,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 29,217,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 7,689,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 7,689,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 7,689,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 7,688,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,305,067.20 999.89287436 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 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 1922.~~97318883~~57640449 ~~960~~916.~~20034926~~74372714 0.~~96020035~~91674373 1922.~~97318883~~57640449 A-1A 0.00000000 1922.~~97318895~~57640447 ~~960~~916.~~20034922~~74372712 0.~~96020035~~91674373 1922.~~97318895~~57640447 A-2 0.00000000 1830.~~35464705~~44290929 ~~925~~814.~~78695339~~65457001 0.~~92578695~~81465457 1830.~~35464705~~44290929 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 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 999.89287436 0.99989287 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, 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-1 454,678,000.00 1.~~44000~~43875% ~~445~~427,~~663~~088,~~343~~198.9581 ~~570~~529,~~449~~129.0865 0.00 0.00 A-1A 23,710,000.00 1.~~53000~~52875% 2322,~~239~~271,~~914~~280.5932 3129,~~606~~318.2844 0.00 0.00 A-2 59,059,000.00 1.~~26000~~25875% 5549,~~760~~910,~~058~~612.7803 6254,~~451~~099.2729 0.00 0.00 A-3 121,860,000.00 1.~~46000~~45875% 121,860,000.00 ~~158~~153,~~147~~073.2093 0.00 0.00 M-1 42,288,000.00 1.~~81000~~80875% 42,288,000.00 6865,~~036~~865.6903 0.00 0.00 M-2 29,217,000.00 2.~~67000~~66875% 29,217,000.00 6967,~~341~~143.6830 0.00 0.00 M-3 7,689,000.00 3.~~02000~~01875% 7,689,000.00 2019,~~640~~987.6940 0.00 0.00 M-4 7,689,000.00 3.~~92000~~91875% 7,689,000.00 2625,~~791~~946.8937 0.00 0.00 M-5 7,689,000.00 4.~~77000~~76875% 7,689,000.00 3231,~~601~~574.3629 0.00 0.00 M-6 7,688,000.00 4.~~62000~~61875% 7,688,000.00 3130,~~572~~577.0515 0.00 0.00 CE 7,305,067.20 0.00000% 7,304,284.64 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 768,872,067.20 1,~~071~~006,~~638~~714.1985 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 0182.0199 0.00 ~~570~~528,~~449~~946.0767 0.00 ~~436~~416,~~581~~823,~~974~~204.4037 A-1A 010.0014 0.00 3129,~~606~~308.2830 0.00 2221,~~766~~735,~~350~~993.2877 A-2 018.0071 0.00 6254,~~451~~080.2758 0.00 5448,~~676~~112,~~051~~684.6825 A-3 052.0094 0.00 ~~158~~153,~~147~~020.2099 0.00 121,860,000.00 M-1 022.0078 0.00 6865,~~036~~842.6925 0.00 42,288,000.00 M-2 023.0022 0.00 6967,~~341~~120.6808 0.00 29,217,000.00 M-3 06.0091 0.00 2019,~~640~~980.6948 0.00 7,689,000.00 M-4 08.0097 0.00 2625,~~791~~937.8940 0.00 7,689,000.00 M-5 010.0092 0.00 3231,~~601~~563.3637 0.00 7,689,000.00 M-6 010.0057 0.00 3130,~~572~~566.0558 0.00 7,688,000.00 CE 0.00 0.00 32,~~060~~983,~~647~~300.3276 0.00 7,304,284.64 P 0.00 0.00 ~~184~~281,~~798~~101.8307 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0348.0115 0.00 4,~~317~~270,~~084~~768.3353 0.00 (4) Amount Does Not Include Excess Special Hazard, 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-1 454,678,000.00 1.~~44000~~43875% ~~980~~939.~~17353809~~32013163 1.~~25462213~~16374588 0.00000000 0.00000000 A-1A 23,710,000.00 1.~~53000~~52875% ~~980~~939.~~17353817~~32013159 1.~~33303585~~23654323 0.00000000 0.00000000 A-2 59,059,000.00 1.~~26000~~25875% ~~944~~845.~~14160043~~09747930 10.~~05743866~~91602110 0.00000000 0.00000000 A-3 121,860,000.00 1.~~46000~~45875% 1000.00000000 1.~~29777778~~25614582 0.00000000 0.00000000 M-1 42,288,000.00 1.~~81000~~80875% 1000.00000000 1.~~60888881~~55753476 0.00000000 0.00000000 M-2 29,217,000.00 2.~~67000~~66875% 1000.00000000 2.~~37333333~~29809015 0.00000000 0.00000000 M-3 7,689,000.00 3.~~02000~~01875% 1000.00000000 2.~~68444401~~59947978 0.00000000 0.00000000 M-4 7,689,000.00 3.~~92000~~91875% 1000.00000000 3.~~48444401~~37447913 0.00000000 0.00000000 M-5 7,689,000.00 4.~~77000~~76875% 1000.00000000 4.~~24000000~~10642346 0.00000000 0.00000000 M-6 7,688,000.00 4.~~62000~~61875% 1000.00000000 43.~~10666623~~97725676 0.00000000 0.00000000 CE 7,305,067.20 0.00000% 999.89287436 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 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.~~00000002~~00040246 0.00000000 1.~~25462211~~16334344 0.00000000 ~~960~~916.~~20034926~~74372714 A-1A 0.~~00000000~~00042767 0.00000000 1.~~33303585~~23611556 0.00000000 ~~960~~916.~~20034922~~74372712 A-2 0.~~00000000~~00031680 0.00000000 10.~~05743866~~91570430 0.00000000 ~~925~~814.~~78695339~~65457001 A-3 0.~~00000000~~00043443 0.00000000 1.~~29777778~~25571139 0.00000000 1000.00000000 M-1 0.~~00000000~~00053869 0.00000000 1.~~60888881~~55699607 0.00000000 1000.00000000 M-2 0.~~00000000~~00079474 0.00000000 2.~~37333333~~29729541 0.00000000 1000.00000000 M-3 0.~~00000000~~00089869 0.00000000 2.~~68444401~~59857979 0.00000000 1000.00000000 M-4 0.~~00000000~~00116660 0.00000000 3.~~48444401~~37331252 0.00000000 1000.00000000 M-5 0.~~00000000~~00142021 0.00000000 4.~~24000000~~10500325 0.00000000 1000.00000000 M-6 0.~~00000000~~00137487 0.00000000 43.~~10666623~~97588189 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~418~~408.~~97592948~~38785987 0.00000000 999.89287436 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, 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 1517,~~543~~333,~~259~~412.6131 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~184~~281,~~798~~101.8307 Total Deposits 1517,~~728~~614,~~058~~513.4438 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~772~~745,~~033~~536.1508 Payment of Interest and Principal 1416,~~956~~868,~~025~~977.2930 Total Withdrawals (Pool Distribution Amount) 1517,~~728~~614,~~058~~513.4438 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~315~~304,~~036~~456.4807 Credit Risk Manager Fee 10,~~996~~626.6037 Mortgage Insurance Premium ~~440~~425,~~973~~595.0285 Trustee Fee 54,~~027~~857.0579 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~772~~745,~~033~~536.1508

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 911 0 0 911 1,~~709~~623,~~324~~059.0692 0.00 0.00 1,~~709~~623,~~324~~059.0692 30 Days 6575 1 01 0 6677 1012,~~534~~928,~~890~~562.4513 91198,~~777~~376.2736 097,796.0075 0.00 1013,~~626~~224,~~667~~735.7224 60 Days 718 01 1912 0 2631 ~~959~~2,~~937~~682,819.1962 0134,810.0072 21,~~934~~605,~~047~~172.3432 0.00 34,~~893~~422,~~984~~802.5366 90 Days 12 14 1241 02 1449 ~~261~~231,~~288~~109.9635 98825,~~850~~957.1524 16,~~685~~692,~~027~~880.0881 0201,731.0090 27,~~045~~951,~~166~~679.1930 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 7395 1117 3154 02 ~~115~~168 1115,~~756~~842,~~116~~491.6010 12,~~899~~782,~~951~~204.4824 48,~~619~~395,~~074~~849.4288 0201,731.0090 1827,~~275~~222,~~142~~277.5012 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.~~183486~~231287% 0.000000% 0.000000% 0.~~183486~~231287% 0.~~229130~~225832% 0.000000% 0.000000% 0.~~229130~~225832% 30 Days 1.~~325178~~576955% 0.~~020387~~021026% 0.~~000000~~021026% 0.000000% 1.~~345566~~619008% 1.~~412174~~798878% 0.~~012302~~027602% 0.~~000000~~013607% 0.000000% 1.~~424476~~840087% 60 Days 0.~~142712~~378469% 0.~~000000~~021026% 0.~~387360~~252313% 0.000000% 0.~~530071~~651808% 0.~~128677~~373287% 0.~~000000~~018758% 0.~~393301~~223343% 0.000000% 0.~~521978~~615388% 90 Days 0.~~020387~~042052% 0.~~020387~~084104% 0.~~244648~~862069% 0.~~000000~~042052% 01.~~285423~~030278% 0.~~035025~~032157% 0.~~013251~~114924% 0.~~225873~~931246% 0.~~000000~~028069% 01.~~274149~~106395% 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.~~488277~~997477% 0.~~224261~~357443% 01.~~632008~~135408% 0.~~000000~~042052% 23.~~344546~~532380% 12.~~575876~~204322% 0.~~254683~~387115% 01.~~619175~~168197% 0.~~000000~~028069% 23.~~449734~~787703%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~328,864~~0.1000

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~783731~~777070% Weighted Average Net Coupon 7.~~283731~~277070% Weighted Average Pass-Through Rate 6.~~558423~~552696% Weighted Average Maturity(Stepdown Calculation ) ~~349~~347 Beginning Scheduled Collateral Loan Count 4,~~966~~824 Number Of Loans Paid In Full 6168 Ending Scheduled Collateral Loan Count 4,~~905~~756 Beginning Scheduled Collateral Balance ~~756~~730,~~087~~694,~~601~~375.9680 Ending Scheduled Collateral Balance ~~745~~718,~~448~~096,~~661~~167.0003 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~746~~718,~~005~~701,~~195~~452.7996 Monthly P &I Constant 5,~~508~~326,~~133~~504.7569 Special Servicing Fee 0.00 Prepayment Penalties ~~184~~281,~~798~~101.8307 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~745~~718,~~448~~096,~~661~~167.0003 Scheduled Principal ~~603~~590,~~815~~953.0338 Unscheduled Principal 1012,~~035~~007,~~125~~255.9339 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,304,284.64 Overcollateralized Amount 7,304,284.64 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 32,~~060~~982,~~647~~952.3228

Miscellaneous Reporting Group 1 Available Funds 1213,~~552~~688,~~774~~938.7541 Group 2 Available Funds 2,~~218~~898,~~451~~937.7256

Group Level Collateral Statement Group Group 1 Fixed Group 1 ARM Group 2 Fixed Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~497295~~483160 7.~~894335~~893430 7.~~782996~~762868 Weighted Average Net Rate 6.~~997295~~983159 7.~~394335~~393430 7.~~282997~~262868 Weighted Average Maturity ~~349~~347 ~~349~~347 ~~349~~347 Beginning Loan Count 1,~~094~~066 2,~~642~~553 ~~364~~354 Loans Paid In Full 1316 4144 2 Ending Loan Count 1,~~081~~050 2,~~601~~509 ~~362~~352 Beginning Scheduled Balance ~~153~~149,~~790~~490,~~716~~788.9522 ~~394~~379,~~611~~367,~~426~~575.3769 5755,~~723~~454,~~705~~153.9818 Ending scheduled Balance ~~151~~146,~~755~~817,~~564~~302.9536 ~~387~~371,~~091~~240,~~644~~780.5156 5755,~~515~~286,~~579~~659.7137 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant 1,~~115~~083,~~337~~707.8542 2,~~879~~771,~~722~~892.3784 ~~428~~411,~~575~~902.4206 Scheduled Principal ~~154~~151,~~492~~487.5491 ~~283~~276,~~726~~466.7470 5453,~~189~~166.2601 Unscheduled Principal 12,~~880~~521,~~659~~997.4695 7,~~236~~850,~~055~~328.1243 ~~153~~114,~~937~~327.0180 Scheduled Interest ~~960~~932,~~845~~219.3151 2,~~595~~495,~~995~~426.6314 ~~374~~358,~~386~~736.1605 Servicing Fees 6462,~~079~~287.4688 ~~164~~158,~~421~~069.4486 2423,~~051~~105.5390 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~1,020~~991.3468 2,~~623~~522.7919 ~~384~~369.3827 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~108~~104,~~297~~937.8478 ~~218~~209,~~557~~830.1582 3836,~~197~~605.9122 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 ~~787~~764,~~447~~002.6717 2,~~210~~125,~~393~~003.2527 ~~311~~298,~~752~~655.3466 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 0.000000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~144306~~132837 6.~~721731~~721724 6.~~480921~~462758

Group Level Collateral Statement Group Group 2 ARM Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~786718~~781043 7.~~783731~~777070 Weighted Average Net Rate 7.~~286719~~281043 7.~~283731~~277070 Weighted Average Maturity ~~349~~347 ~~349~~347 Beginning Loan Count ~~866~~851 4,~~966~~824 Loans Paid In Full 56 6168 Ending Loan Count ~~861~~845 4,~~905~~756 Beginning Scheduled Balance ~~149~~146,~~961~~381,~~752~~858.6671 ~~756~~730,~~087~~694,~~601~~375.9680 Ending scheduled Balance ~~149~~144,~~085~~751,~~871~~424.8374 ~~745~~718,~~448~~096,~~661~~167.0003 Record Date 0911/30/2003 0911/30/2003 Principal And Interest Constant 1,~~084~~059,~~498~~002.1137 5,~~508~~326,~~133~~504.7569 Scheduled Principal ~~111~~109,~~406~~832.4976 ~~603~~590,~~815~~953.0338 Unscheduled Principal ~~764~~1,~~474~~520,601.3421 1012,~~035~~007,~~125~~255.9339 Scheduled Interest ~~973~~949,~~091~~169.6261 4,~~904~~735,~~318~~551.7231 Servicing Fees 6260,~~484~~992.0543 ~~315~~304,~~036~~456.4807 Master Servicing Fees 0.00 0.00 Trustee Fee ~~998~~974.5465 54,~~027~~857.0579 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 8684,~~916~~848.7240 ~~451~~436,~~969~~222.6222 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 ~~822~~802,~~692~~354.3113 43,~~132~~990,~~285~~015.5723 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.000000 0.000000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~583217~~577488 6.~~558423~~552696

Filing Compare · ASSET BACKED FUNDING CORP ABFC ASSET BACK CERT SER 2003 OPT1