8-K 1 ffm03ffb_dec.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 FIRST REPUBLIC MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2003-FFB Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-102489-12 Pooling and Servicing Agreement) (Commission 54-2114692 (State or other File Number) 54-2114693 jurisdiction 54-2114694 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 FIRST REPUBLIC MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2003-FFB 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 Mortgage Pass-Through Certificates, Series 2003-FFB 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. FIRST REPUBLIC MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2003-FFB 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: 12/31/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-FFB Trust, relating to the December 26, 2003 distribution. EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 911/30/03 Distribution Date: 1012/2726/03 FFM Series: 2003-FFB 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 R FFM03FFBR RES 0.00000% 0.00 0.00 0.00 A-IO 32027NCG4 SEN 6.00000% 0.00 ~~427~~349,~~240~~559.0099 0.00 A 32027NCE9 SEN 1.~~52000~~51875% ~~197~~189,~~206~~263,~~136~~687.9715 ~~266~~247,~~447~~521.4041 3,~~449~~857,~~425~~182.5866 M-1 32027NCH2 SUB 2.~~12000~~11875% 20,721,000.00 3937,~~047~~805.5703 0.00 M-2 32027NCJ8 SUB 3.~~12000~~11875% 14,246,000.00 3938,~~508~~258.9192 0.00 B-1 32027NCK5 SUB 4.~~12000~~11875% 15,541,000.00 5655,~~914~~119.6029 0.00 B-2 32027NCL3 SUB 7.00000% 3,885,000.00 22,662.50 0.00 X FFM03FFBX SEN 0.00000% 647,336.04 ~~992~~1,~~247~~029,044.7132 0.00 P FFM03FFBP SEN 0.00000% 100.00 92134,~~222~~416.1791 0.00 Totals ~~252~~244,~~246~~304,~~573~~123.0119 1,~~936~~914,~~290~~388.8637 3,~~449~~857,~~425~~182.5866

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 ~~427~~349,~~240~~559.0099 0.00 A 0.00 ~~193~~185,~~756~~406,~~711~~504.3949 34,~~715~~104,~~872~~704.9807 0.00 M-1 0.00 20,721,000.00 3937,~~047~~805.5703 0.00 M-2 0.00 14,246,000.00 3938,~~508~~258.9192 0.00 B-1 0.00 15,541,000.00 5655,~~914~~119.6029 0.00 B-2 0.00 3,885,000.00 22,662.50 0.00 X 0.00 647,336.04 ~~992~~1,~~247~~029,044.7132 0.00 P 0.00 100.00 92134,~~222~~416.1791 0.00 Totals 0.00 ~~248~~240,~~797~~446,~~147~~940.4353 5,~~385~~771,~~716~~571.4403 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) R 0.00 0.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 A 203,893,000.00 ~~197~~189,~~206~~263,~~136~~687.9715 0.00 3,~~449~~857,~~425~~182.5866 0.00 0.00 M-1 20,721,000.00 20,721,000.00 0.00 0.00 0.00 0.00 M-2 14,246,000.00 14,246,000.00 0.00 0.00 0.00 0.00 B-1 15,541,000.00 15,541,000.00 0.00 0.00 0.00 0.00 B-2 3,885,000.00 3,885,000.00 0.00 0.00 0.00 0.00 X 648,315.47 647,336.04 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 258,934,415.47 ~~252~~244,~~246~~304,~~573~~123.0119 0.00 3,~~449~~857,~~425~~182.5866 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 R 0.00 0.00 0.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 A 3,~~449~~857,~~425~~182.5866 ~~193~~185,~~756~~406,~~711~~504.3949 0.~~95028624~~90933237 3,~~449~~857,~~425~~182.5866 M-1 0.00 20,721,000.00 1.00000000 0.00 M-2 0.00 14,246,000.00 1.00000000 0.00 B-1 0.00 15,541,000.00 1.00000000 0.00 B-2 0.00 3,885,000.00 1.00000000 0.00 X 0.00 647,336.04 0.99848927 0.00 P 0.00 100.00 1.00000000 0.00 Totals 3,~~449~~857,~~425~~182.5866 ~~248~~240,~~797~~446,~~147~~940.4353 0.~~96085006~~92860171 3,~~449~~857,~~425~~182.5866

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A 203,893,000.00 ~~967~~928.~~20405786~~25004855 0.00000000 1618.~~91782249~~91768065 0.00000000 M-1 20,721,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 14,246,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 15,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 3,885,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 648,315.47 998.48926943 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Deals 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A 0.00000000 1618.~~91782249~~91768065 ~~950~~909.~~28623538~~33236791 0.~~95028624~~90933237 1618.~~91782249~~91768065 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 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 998.48926943 0.99848927 0.00000000 P 0.00000000 0.00000000 1,000.00000000 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 R 0.00 0.00000% 0.00 0.00 0.00 0.00 A-IO 0.00 6.00000% 8569,~~448~~912,000.00 ~~427~~349,~~240~~560.00 0.00 0.00 A 203,893,000.00 1.~~52000~~51875% ~~197~~189,~~206~~263,~~136~~687.9715 ~~266~~247,~~447~~521.4042 0.00 0.00 M-1 20,721,000.00 2.~~12000~~11875% 20,721,000.00 3937,~~047~~805.5703 0.00 0.00 M-2 14,246,000.00 3.~~12000~~11875% 14,246,000.00 3938,~~508~~258.9192 0.00 0.00 B-1 15,541,000.00 4.~~12000~~11875% 15,541,000.00 5655,~~914~~119.6029 0.00 0.00 B-2 3,885,000.00 7.00000% 3,885,000.00 22,662.50 0.00 0.00 X 648,315.47 0.00000% 647,336.04 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 258,934,415.47 ~~851~~750,~~820~~927.9816 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 R 0.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 ~~427~~349,~~240~~559.0099 0.00 8569,~~448~~912,000.00 A 0.00 0.00 ~~266~~247,~~447~~521.4041 0.00 ~~193~~185,~~756~~406,~~711~~504.3949 M-1 0.00 0.00 3937,~~047~~805.5703 0.00 20,721,000.00 M-2 0.00 0.00 3938,~~508~~258.9192 0.00 14,246,000.00 B-1 0.00 0.00 5655,~~914~~119.6029 0.00 15,541,000.00 B-2 0.00 0.00 22,662.50 0.00 3,885,000.00 X 0.00 0.00 ~~992~~1,~~247~~029,044.7132 0.00 647,336.04 P 0.00 0.00 92134,~~222~~416.1791 0.00 100.00 Totals 0.00 0.00 1,~~936~~914,~~290~~388.8637 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 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 6.00000% ~~1000~~818.~~00000000~~18181818 54.~~00000000~~09090909 0.00000000 0.00000000 A 203,893,000.00 1.~~52000~~51875% ~~967~~928.~~20405786~~25004855 1.~~30680014~~21397704 0.00000000 0.00000000 M-1 20,721,000.00 2.~~12000~~11875% 1000.00000000 1.~~88444428~~82447903 0.00000000 0.00000000 M-2 14,246,000.00 3.~~12000~~11875% 1000.00000000 2.~~77333357~~68559034 0.00000000 0.00000000 B-1 15,541,000.00 4.~~12000~~11875% 1000.00000000 3.~~66222251~~54670163 0.00000000 0.00000000 B-2 3,885,000.00 7.00000% 1000.00000000 5.83333333 0.00000000 0.00000000 X 648,315.47 0.00000% 998.48926943 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00000000 0.00000000 54.~~00000000~~09090897 0.00000000 ~~1000~~818.~~00000000~~18181818 A 0.00000000 0.00000000 1.~~30680014~~21397699 0.00000000 ~~950~~909.~~28623538~~33236791 M-1 0.00000000 0.00000000 1.~~88444428~~82447903 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~77333357~~68559034 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~66222251~~54670163 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~1530~~1587.~~50136225~~25862272 0.00000000 998.48926943 P 0.00000000 0.00000000 ~~922221~~1344169.~~70000000~~10000000 0.00000000 1000.00000000 (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 5,~~614~~946,~~545~~410.3431 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 92134,~~222~~416.1791 Total Deposits 56,~~706~~080,~~767~~827.5122 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~321~~309,~~051~~256.0619 Payment of Interest and Principal 5,~~385~~771,~~716~~571.4503 Total Withdrawals (Pool Distribution Amount) 56,~~706~~080,~~767~~827.5122 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~105~~100,~~102~~121.7255 Credit Risk Manager's Fee 3,~~153~~053.0880 PMI Premium ~~209~~203,~~747~~128.3087 Trustee Fee 32,~~047~~951.9697 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~321~~309,~~051~~256.0619

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 4147 0 0 0 4147 1,~~548~~855,~~904~~469.6105 0.00 0.00 0.00 1,~~548~~855,~~904~~469.6105 60 Days 3551 0 0 0 3551 1,~~176~~975,~~895~~607.9966 0.00 0.00 0.00 1,~~176~~975,~~895~~607.9966 90 Days 0 0 2 0 2 0.00 0.00 ~~132~~159,~~859~~009.8454 0.00 ~~132~~159,~~859~~009.8454 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 7698 0 2 0 78100 23,~~725~~831,~~800~~076.6071 0.00 ~~132~~159,~~859~~009.8454 0.00 23,~~858~~990,~~660~~086.4425 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.~~713664~~841239% 0.000000% 0.000000% 0.000000% 0.~~713664~~841239% 0.~~622557~~771675% 0.000000% 0.000000% 0.000000% 0.~~622557~~771675% 60 Days 0.~~609225~~912833% 0.000000% 0.000000% 0.000000% 0.~~609225~~912833% 0.~~473034~~821640% 0.000000% 0.000000% 0.000000% 0.~~473034~~821640% 90 Days 0.000000% 0.000000% 0.~~034813~~035797% 0.000000% 0.~~034813~~035797% 0.000000% 0.000000% 0.~~053401~~066131% 0.000000% 0.~~053401~~066131% 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.~~322889~~754072% 0.000000% 0.~~034813~~035797% 0.000000% 1.~~357702~~789869% 1.~~095592~~593315% 0.000000% 0.~~053401~~066131% 0.000000% 1.~~148992~~659446%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 10.~~300016~~262100% Weighted Average Net Coupon 89.~~805410~~770312% Weighted Average Pass-Through Rate 8.~~790911~~758061% Weighted Average Maturity(Stepdown Calculation ) ~~220~~218 Beginning Scheduled Collateral Loan Count 5,~~812~~663 Number Of Loans Paid In Full 6776 Ending Scheduled Collateral Loan Count 5,~~745~~587 Beginning Scheduled Collateral Balance ~~252~~244,~~246~~304,~~573~~123.0119 Ending Scheduled Collateral Balance ~~248~~240,~~797~~446,~~147~~940.4353 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~248~~240,~~797~~446,~~147~~940.4353 Monthly P &I Constant 2,~~289~~213,~~667~~188.9222 Special Servicing Fee 0.00 Prepayment Penalties 92134,~~222~~416.1791 Realized Loss Amount 0.00 Cumulative Realized Loss 8127,~~211~~389.4244 Ending Scheduled Balance for Premium Loans ~~248~~240,~~797~~446,~~147~~940.4353 Scheduled Principal ~~124~~123,~~548~~960.1450 Unscheduled Principal 3,~~324~~733,~~877~~222.4416

Miscellaneous Reporting Credit Enhancement Percetage 2122.~~82005~~52943% Extra Principal Distribution 0.00 Overcollateralization Amount 647,336.04 Overcollateralization Deficiency Amount 0.00 Overcollateralization Increase Amount 0.00 Overcollateralization Reduction Amount 0.00 Overcollateralization Target Amount 647,336.04 Specified Overcollateralization Amount 647,336.04 Step Down NO Trigger Event NO Undrawn Pool Insurance Policy Balance 25,838,369.00 Excess Cash 1,~~844~~779,~~068~~971.6462 Soldier/Sailor Interest Shortfall 0.00

Filing Compare · FIRST FRANKLIN MORTGAGE LOAN TRUST 2003-FFB