8-K 1 abf03wf1.txt DECEMBER 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): December 26, 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 54-2116952 (State or other File Number) 54-2116950 jurisdiction 54-2116951 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 December 26, 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 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-WF1 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: 1/6/04 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 December 26, 2003 distribution. EX-99.1

Asset Backed Funding Corporation ~~Asset~~Mortgage ~~Backed~~Pass-Through Certificates Record Date: 1011/3130/03 Distribution Date: 1112/2526/03 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% 0.00 0.00 0.00 A2 04542BCD2 SEN 1.98200% ~~211~~200,749,~~587~~925.4219 ~~349~~331,~~739~~571.1237 10,~~999~~810,~~662~~257.2360 M1 04542BCE0 SUB 1.~~84000~~83875% 14,609,000.00 2123,~~653~~131.7438 0.00 M2 04542BCF7 SUB 2.~~87000~~86875% 11,688,000.00 2728,~~021~~872.9798 0.00 M3 04542BCG5 SUB 4.~~17000~~16875% 10,226,000.00 3436,~~350~~708.8182 0.00 M4 04542BCH3 SUB 4.~~37000~~36875% 2,922,000.00 10,~~286~~992.2449 0.00 CE ABF03W1CE SUB 0.00000% 1,460,948.82 1,~~120~~061,~~156~~957.2507 0.00 R ABF03W1R1 SEN 0.00000% 0.00 0.00 0.00 P ABF03WF1P SEN 0.00000% 0.01 ~~233~~222,~~488~~403.6290 0.00 Totals ~~252~~241,655,~~536~~874.2502 1,~~796~~715,~~696~~638.7501 10,~~999~~810,~~662~~257.2360

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 0.00 0.00 0.00 A2 0.00 ~~200~~189,~~749~~939,~~925~~667.1959 11,~~349~~141,~~401~~828.3597 0.00 M1 0.00 14,609,000.00 2123,~~653~~131.7438 0.00 M2 0.00 11,688,000.00 2728,~~021~~872.9798 0.00 M3 0.00 10,226,000.00 3436,~~350~~708.8182 0.00 M4 0.00 2,922,000.00 10,~~286~~992.2449 0.00 CE 0.01 1,460,948.82 1,~~120~~061,~~156~~957.2507 0.0600 R 0.00 0.00 0.00 0.00 P 0.00 0.01 ~~233~~222,~~488~~403.6290 0.00 Totals 0.01 ~~241~~230,~~655~~845,~~874~~616.0242 12,~~796~~525,~~358~~895.9861 0.0600 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 0.00 0.00 0.00 0.00 0.00 A2 216,850,000.00 ~~211~~200,749,~~587~~925.4219 0.00 10,~~999~~810,~~662~~257.2360 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 ~~252~~241,655,~~536~~874.2502 0.00 10,~~999~~810,~~662~~257.2360 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 0.00 0.00 0.00000000 0.00 A2 10,~~999~~810,~~662~~257.2360 ~~200~~189,~~749~~939,~~925~~667.1959 0.~~92575479~~87590347 10,~~999~~810,~~662~~257.2360 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 10,~~999~~810,~~662~~257.2461 ~~241~~230,~~655~~845,~~874~~616.0242 0.~~82705112~~79005374 10,~~999~~810,~~662~~257.2360

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 34,433,000.00 0.00000000 0.00000000 0.00000000 0.00000000 A2 216,850,000.00 ~~976~~925.~~47953618~~75478529 0.00000000 5049.~~72475089~~85131473 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 0.00000000 0.00000000 0.00000000 0.00000000 A2 0.00000000 5049.~~72475089~~85131473 ~~925~~875.~~75478529~~90347056 0.~~92575479~~87590347 5049.~~72475089~~85131473 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, 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% 0.00 0.00 0.00 0.00 A2 216,850,000.00 1.98200% ~~211~~200,749,~~587~~925.4219 ~~349~~331,~~739~~571.7496 0.00 0.00 M1 14,609,000.00 1.~~84000~~83875% 14,609,000.00 2123,~~653~~131.7842 0.00 0.00 M2 11,688,000.00 2.~~87000~~86875% 11,688,000.00 2728,~~022~~873.01 0.00 0.00 M3 10,226,000.00 4.~~17000~~16875% 10,226,000.00 3436,~~350~~708.8485 0.00 0.00 M4 2,922,000.00 4.~~37000~~36875% 2,922,000.00 10,~~286~~992.2550 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 ~~443~~431,~~052~~277.6274 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 0.00 0.00 0.00 0.00 0.00 A2 0.00 0.00 ~~349~~331,~~739~~571.1237 0.00 ~~200~~189,~~749~~939,~~925~~667.1959 M1 0.00 0.00 2123,~~653~~131.7438 0.00 14,609,000.00 M2 0.00 0.00 2728,~~021~~872.9798 0.00 11,688,000.00 M3 0.00 0.00 3436,~~350~~708.8182 0.00 10,226,000.00 M4 0.00 0.00 10,~~286~~992.2449 0.00 2,922,000.00 CE 0.00 0.00 1,~~120~~061,~~156~~957.2507 0.00 1,460,948.82 R 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~233~~222,~~488~~403.6290 0.00 0.01 Totals 0.00 0.00 1,~~796~~715,~~696~~638.7501 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 A1 34,433,000.00 1.90200% 0.00000000 0.00000000 0.00000000 0.00000000 A2 216,850,000.00 1.98200% ~~976~~925.~~47953618~~75478529 1.~~61281872~~52903832 0.00000000 0.00000000 M1 14,609,000.00 1.~~84000~~83875% 1000.00000000 1.~~48222192~~58336779 0.00000000 0.00000000 M2 11,688,000.00 2.~~87000~~86875% 1000.00000000 2.~~31194473~~47031229 0.00000000 0.00000000 M3 10,226,000.00 4.~~17000~~16875% 1000.00000000 3.~~35916683~~58975650 0.00000000 0.00000000 M4 2,922,000.00 4.~~37000~~36875% 1000.00000000 3.~~52027721~~76197810 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 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A2 0.00000000 0.00000000 1.~~61281586~~52903560 0.00000000 ~~925~~875.~~75478529~~90347056 M1 0.00000000 0.00000000 1.~~48221918~~58336505 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~31194131~~47030972 0.00000000 1000.00000000 M3 0.00000000 0.00000000 3.~~35916390~~58975357 0.00000000 1000.00000000 M4 0.00000000 0.00000000 3.~~52027379~~76197467 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~766~~726.~~30338030~~48908800 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, 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 12,~~673~~409,~~722~~518.9622 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 ~~233~~222,~~488~~403.6290 Total Deposits 12,~~907~~631,~~211~~922.5812 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~110~~106,~~852~~026.6051 Payment of Interest and Principal 12,~~796~~525,~~358~~895.9861 Total Withdrawals (Pool Distribution Amount) 12,~~907~~631,~~211~~922.5812 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~105~~100,~~273~~689.1396 Credit Risk Manager 3,~~684~~524.5614 Securities Admin Fee - Wells Fargo 1,~~894~~812.9141 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~110~~106,~~852~~026.6051

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 1622 0 0 0 1622 2,~~180~~776,~~196~~531.9215 0.00 0.00 0.00 2,~~180~~776,~~196~~531.9215 60 Days 21 0 0 0 21 ~~440~~531,~~852~~042.9171 0.00 0.00 0.00 ~~440~~531,~~852~~042.9171 90 Days 0 1 928 251 030 ~~35 32,772~~0.1200 ~~697~~66,~~909~~977.1129 3,~~785~~945,~~010~~451.8728 0414,379.0006 4,~~515~~426,~~692~~807.1063 120 Days 01 0 0 0 01 0154,948.0054 0.00 0.00 0.00 0154,948.0054 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 1924 91 2528 01 5354 23,~~653~~462,~~821~~522.9540 ~~697~~66,~~909~~977.1129 3,~~785~~945,~~010~~451.8728 0414,379.0006 7,~~136~~889,~~741~~330.9303 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 01.~~904466~~294879% 0.000000% 0.000000% 0.000000% 01.~~904466~~294879% 01.~~901454~~201670% 0.000000% 0.000000% 0.000000% 01.~~901454~~201670% 60 Days 0.~~113058~~058858% 0.000000% 0.000000% 0.000000% 0.~~113058~~058858% 0.~~182281~~229833% 0.000000% 0.000000% 0.000000% 0.~~182281~~229833% 90 Days 0.~~056529~~000000% 0.~~508762~~058858% 1.~~413228~~648028% 0.~~000000~~058858% 1.~~978519~~765745% 0.~~013550~~000000% 0.~~288567~~028987% 1.~~565002~~707574% 0.~~000000~~179341% 1.~~867120~~915903% 120 Days 0.~~000000~~058858% 0.000000% 0.000000% 0.000000% 0.~~000000~~058858% 0.~~000000~~067061% 0.000000% 0.000000% 0.000000% 0.~~000000~~067061% 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.~~074053~~412596% 0.~~508762~~058858% 1.~~413228~~648028% 0.~~000000~~058858% 23.~~996043~~178340% 1.~~097285~~498564% 0.~~288567~~028987% 1.~~565002~~707574% 0.~~000000~~179341% 23.~~950855~~414467%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 5872,~~470~~647.8399

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~951035~~941511% Weighted Average Net Coupon 7.~~451035~~441511% Weighted Average Pass-Through Rate 7.~~424535~~415011% Weighted Average Maturity(Stepdown Calculation ) ~~326~~325 Beginning Scheduled Collateral Loan Count 1,~~836~~769 Number Of Loans Paid In Full 6770 Ending Scheduled Collateral Loan Count 1,~~769~~699 Beginning Scheduled Collateral Balance ~~252~~241,655,~~536~~874.2502 Ending Scheduled Collateral Balance ~~241~~230,~~655~~845,~~874~~616.0242 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2003 ~~241~~231,~~853~~055,~~376~~955.1381 Monthly P &I Constant 1,~~883~~801,~~382~~817.7409 Special Servicing Fee 0.00 Prepayment Penalties ~~233~~222,~~488~~403.6290 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~241~~230,~~655~~845,~~874~~616.0242 Scheduled Principal ~~209~~202,~~321~~556.9645 Unscheduled Principal 10,~~790~~607,~~340~~701.2715 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,~~120~~061,~~156~~957.2507

Miscellaneous Reporting Three Month Rolling Percentage 2.~~337545~~462666% Credit Enhancement Percentage 1617.~~927355~~720046% 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.~~352445~~340878 8.~~262738~~257125 7.~~951035~~941511 Weighted Average Net Rate 6.~~852445~~840878 7.~~762738~~757125 7.~~451035~~441511 Weighted Average Maturity ~~326~~325 ~~326~~325 ~~326~~325 Beginning Loan Count ~~655~~635 1,~~181~~134 1,~~836~~769 Loans Paid In Full 2014 4756 6770 Ending Loan Count ~~635~~621 1,~~134~~078 1,~~769~~699 Beginning Scheduled Balance 8683,~~514~~241,~~430~~729.4268 ~~166~~158,~~141~~414,~~105~~144.8334 ~~252~~241,655,~~536~~874.2502 Ending scheduled Balance 8381,~~241~~397,~~729~~000.6855 ~~158~~149,~~414~~448,~~144~~615.3487 ~~241~~230,~~655~~845,~~874~~616.0242 Record Date 1011/3130/2003 1011/3130/2003 1011/3130/2003 Principal And Interest Constant ~~625~~603,~~459~~405.8573 1,~~257~~198,~~922~~411.8936 1,~~883~~801,~~382~~817.7409 Scheduled Principal 9594,~~382~~182.7091 ~~113~~108,~~939~~373.2654 ~~209~~202,~~321~~556.9645 Unscheduled Principal 31,~~177~~750,~~318~~546.0422 78,~~613~~857,~~022~~154.2393 10,~~790~~607,~~340~~701.2715 Scheduled Interest ~~530~~509,~~077~~222.1582 1,~~143~~090,~~983~~037.6382 1,~~674~~599,~~060~~260.7864 Servicing Fees 3634,~~047~~684.6706 6966,~~225~~005.4690 ~~105~~100,~~273~~689.1396 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 1,~~910~~838.5227 3,~~668~~498.9528 5,~~579~~336.4755 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 ~~492~~472,~~118~~700.9649 1,~~071~~020,~~089~~533.2264 1,~~563~~493,~~208~~234.1813 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~825945~~814378 7.~~736238~~730625 7.~~424535~~415011

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