8-K 1 ffm03ff1_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 FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2003-FF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-104153-02 Pooling and Servicing Agreement) (Commission 54-2110371 (State or other File Number) 54-2110372 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 December 26, 2003 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2003-FF1 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-FF1 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 FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2003-FF1 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 Asset Backed Certificates, Series 2003-FF1 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-FF1 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 32027NBX8 SEN 2.23400% ~~375~~359,~~922~~860,~~454~~589.0661 ~~699~~669,~~842~~940.3045 76,~~087~~858,~~845~~071.9744 A-2 32027NBY6 SEN 2.26500% ~~124~~120,~~631~~879,~~554~~585.0885 ~~235~~228,~~242~~160.0621 21,~~020~~019,~~104~~508.9060 M-1 32027NBZ3 MEZ 2.68800% 27,140,000.00 60,793.60 0.00 M-2 32027NCA7 MEZ 2.~~87000~~86875% 25,633,000.00 6563,~~392~~321.6352 0.00 M-3F 32027NCB5 MEZ 5.59200% 8,500,000.00 39,610.00 0.00 M-3V 32027NCC3 MEZ 3.~~62000~~61875% 5,070,000.00 1615,~~314~~798.1386 0.00 M-4 32027NCD1 MEZ 4.~~12000~~11875% 3,920,000.00 1413,~~355~~903.9107 0.00 R-1 FFM3FF1R1 SEN 0.00000% 0.00 0.00 0.00 C FFM03FF1C SEN 0.00000% 5,126,520.77 1,~~967~~900,~~398~~540.9265 0.00 P FFM03FF1P SEN 0.00000% 100.00 ~~178~~196,~~824~~450.4046 0.00 DIV_CERT SEN 0.00000% 0.0001 15,~~170~~262.9115 0.00 Totals ~~575~~556,~~943~~129,~~628~~796.9124 3,~~278~~193,~~944~~780.8697 97,~~107~~877,~~950~~580.8704

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~368~~353,~~834~~002,~~608~~518.0917 7,~~787~~528,~~688~~011.2789 0.00 A-2 0.00 ~~122~~119,~~611~~860,~~449~~077.1925 21,~~255~~247,~~346~~668.9681 0.00 M-1 0.00 27,140,000.00 60,793.60 0.00 M-2 0.00 25,633,000.00 6563,~~392~~321.6352 0.00 M-3F 0.00 8,500,000.00 39,610.00 0.00 M-3V 0.00 5,070,000.00 1615,~~314~~798.1386 0.00 M-4 0.00 3,920,000.00 1413,~~355~~903.9107 0.00 R-1 0.00 0.00 0.00 0.00 C 0.00 5,126,520.77 1,~~967~~900,~~398~~540.9265 0.00 P 0.00 100.00 ~~178~~196,~~824~~450.4046 0.00 DIV_CERT 0.00 0.01 15,~~170~~262.9115 0.00 Totals 0.00 ~~566~~548,~~835~~252,~~678~~216.0620 1211,~~386~~071,~~895~~361.7301 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-1 394,105,000.00 ~~375~~359,~~922~~860,~~454~~589.0661 0.00 76,~~087~~858,~~845~~071.9744 0.00 0.00 A-2 133,626,000.00 ~~124~~120,~~631~~879,~~554~~585.0885 0.00 21,~~020~~019,~~104~~508.9060 0.00 0.00 M-1 27,140,000.00 27,140,000.00 0.00 0.00 0.00 0.00 M-2 25,633,000.00 25,633,000.00 0.00 0.00 0.00 0.00 M-3F 8,500,000.00 8,500,000.00 0.00 0.00 0.00 0.00 M-3V 5,070,000.00 5,070,000.00 0.00 0.00 0.00 0.00 M-4 3,920,000.00 3,920,000.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 C 5,125,991.09 5,126,520.77 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 DIV_CERT 0.00 0.0001 0.00 0.00 0.00 0.00 Totals 603,120,091.09 ~~575~~556,~~943~~129,~~628~~796.9124 0.00 97,~~107~~877,~~950~~580.8704 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 76,~~087~~858,~~845~~071.9744 ~~368~~353,~~834~~002,~~608~~518.0917 0.~~93587904~~89570677 76,~~087~~858,~~845~~071.9744 A-2 21,~~020~~019,~~104~~508.9060 ~~122~~119,~~611~~860,~~449~~077.1925 0.~~91757180~~89698170 21,~~020~~019,~~104~~508.9060 M-1 0.00 27,140,000.00 1.00000000 0.00 M-2 0.00 25,633,000.00 1.00000000 0.00 M-3F 0.00 8,500,000.00 1.00000000 0.00 M-3V 0.00 5,070,000.00 1.00000000 0.00 M-4 0.00 3,920,000.00 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 C 0.00 5,126,520.77 1.00010333 0.00 P 0.00 100.00 1.00000000 0.00 DIV_CERT 0.00 0.01 0.00000000 0.00 Totals 97,~~107~~877,~~950~~580.8704 ~~566~~548,~~835~~252,~~678~~216.0620 0.~~93983883~~90902662 97,~~107~~877,~~950~~580.8704

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 394,105,000.00 ~~953~~913.~~86370145~~10840921 0.00000000 17.~~98466391~~40163520 0.00000000 A-2 133,626,000.00 ~~932~~904.~~68940236~~61127213 0.00000000 157.~~11760361~~62956760 0.00000000 M-1 27,140,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 25,633,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3F 8,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3V 5,070,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 3,920,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 C 5,125,991.09 1000.10333221 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 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 17.~~98466391~~40163520 ~~935~~895.~~87903754~~70677401 0.~~93587904~~89570677 17.~~98466391~~40163520 A-2 0.00000000 157.~~11760361~~62956760 ~~917~~896.~~57179883~~98170453 0.~~91757180~~89698170 157.~~11760361~~62956760 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-3F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3V 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 1,000.10333221 1.00010333 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 DIV_CERT 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-1 394,105,000.00 2.23400% ~~375~~359,~~922~~860,~~454~~589.0661 ~~699~~669,~~842~~940.3046 0.00 0.00 A-2 133,626,000.00 2.26500% ~~124~~120,~~631~~879,~~554~~585.0885 ~~235~~228,~~242~~160.0622 0.00 0.00 M-1 27,140,000.00 2.68800% 27,140,000.00 60,793.60 0.00 0.00 M-2 25,633,000.00 2.~~87000~~86875% 25,633,000.00 6563,~~392~~321.6352 0.00 0.00 M-3F 8,500,000.00 5.59200% 8,500,000.00 39,610.00 0.00 0.00 M-3V 5,070,000.00 3.~~62000~~61875% 5,070,000.00 1615,~~314~~798.1386 0.00 0.00 M-4 3,920,000.00 4.~~12000~~11875% 3,920,000.00 1413,~~355~~903.9107 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 C 5,125,991.09 0.00000% 5,126,520.77 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 DIV_CERT 0.00 0.00000% 0.0001 ~~1,170~~0.9100 0.00 0.00 Totals 603,120,091.09 1,~~132~~091,~~721~~527.5473 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 0.0002 0.00 ~~699~~669,~~842~~940.3045 0.00 ~~368~~353,~~834~~002,~~608~~518.0917 A-2 0.0001 0.00 ~~235~~228,~~242~~160.0621 0.00 ~~122~~119,~~611~~860,~~449~~077.1925 M-1 0.00 0.00 60,793.60 0.00 27,140,000.00 M-2 0.00 0.00 6563,~~392~~321.6352 0.00 25,633,000.00 M-3F 0.00 0.00 39,610.00 0.00 8,500,000.00 M-3V 0.00 0.00 1615,~~314~~798.1386 0.00 5,070,000.00 M-4 0.00 0.00 1413,~~355~~903.9107 0.00 3,920,000.00 R-1 0.00 0.00 0.00 0.00 0.00 C 0.00 0.00 1,~~967~~900,~~398~~540.9265 0.00 5,126,520.77 P 0.00 0.00 ~~178~~196,~~824~~450.4046 0.00 100.00 DIV_CERT 0.00 0.00 15,~~170~~262.9115 0.00 0.01 Totals 0.0003 0.00 3,~~278~~193,~~944~~780.8697 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-1 394,105,000.00 2.23400% ~~953~~913.~~86370145~~10840921 1.~~77577625~~69990348 0.00000000 0.00000000 A-2 133,626,000.00 2.26500% ~~932~~904.~~68940236~~61127213 1.~~76045126~~70745379 0.00000000 0.00000000 M-1 27,140,000.00 2.68800% 1000.00000000 2.24000000 0.00000000 0.00000000 M-2 25,633,000.00 2.~~87000~~86875% 1000.00000000 2.~~55111107~~47031249 0.00000000 0.00000000 M-3F 8,500,000.00 5.59200% 1000.00000000 4.66000000 0.00000000 0.00000000 M-3V 5,070,000.00 3.~~62000~~61875% 1000.00000000 3.~~21777712~~11614596 0.00000000 0.00000000 M-4 3,920,000.00 4.~~12000~~11875% 1000.00000000 3.~~66222194~~54670153 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 5,125,991.09 0.00000% 1000.10333221 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 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~~00000005 0.00000000 1.~~77577625~~69990345 0.00000000 ~~935~~895.~~87903754~~70677401 A-2 0.~~00000000~~00000007 0.00000000 1.~~76045126~~70745371 0.00000000 ~~917~~896.~~57179883~~98170453 M-1 0.00000000 0.00000000 2.24000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~55111107~~47031249 0.00000000 1000.00000000 M-3F 0.00000000 0.00000000 4.66000000 0.00000000 1000.00000000 M-3V 0.00000000 0.00000000 3.~~21777712~~11614596 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.~~66222194~~54670153 0.00000000 1000.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 ~~383~~370.~~80849390~~76550010 0.00000000 1000.10333221 P 0.00000000 0.00000000 ~~1788244~~1964504.~~00000000~~60000000 0.00000000 1000.00000000 DIV_CERT 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 1211,~~460~~119,~~886~~028.5863 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 ~~178~~196,~~824~~450.4046 Total Deposits 1211,~~639~~315,~~710~~479.9809 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~252~~244,~~815~~118.2508 Payment of Interest and Principal 1211,~~386~~071,~~895~~361.7301 Total Withdrawals (Pool Distribution Amount) 1211,~~639~~315,~~710~~479.9809 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.0003 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.0003

SERVICING FEES Gross Servicing Fee ~~239~~231,~~976~~721.5002 Back-up Master Servicing Fee 9,~~599~~268.0682 Wells Fargo 3,~~239~~128.6924 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~252~~244,~~815~~118.2508

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0251.0002 0.00 0.00 Reserve Fund 1,000.00 0251.0002 0251.0002 1,000.00

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 4855 0 0 0 4855 67,~~374~~214,~~488~~198.0382 0.00 0.00 0.00 67,~~374~~214,~~488~~198.0382 60 Days 1722 0 0 0 1722 12,~~809~~886,~~260~~324.0768 0.00 0.00 0.00 12,~~809~~886,~~260~~324.0768 90 Days 1815 0 0 0 1815 2,~~250~~772,~~447~~829.6105 0.00 0.00 0.00 2,~~250~~772,~~447~~829.6105 120 Days 2212 0 0 0 2212 31,~~679~~073,~~355~~422.6570 0.00 0.00 0.00 31,~~679~~073,~~355~~422.6570 150 Days 513 0 0 0 513 ~~536~~1,~~028~~677,811.1620 0.00 0.00 0.00 ~~536~~1,~~028~~677,811.1620 180+ Days 025 0 0 0 025 03,849,043.0011 0.00 0.00 0.00 03,849,043.0011 Totals ~~110~~142 0 0 0 ~~110~~142 1419,~~649~~473,~~579~~629.5256 0.00 0.00 0.00 1419,~~649~~473,~~579~~629.5256 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 1.~~428146~~684017% 0.000000% 0.000000% 0.000000% 1.~~428146~~684017% 1.~~124574~~315854% 0.000000% 0.000000% 0.000000% 1.~~124574~~315854% 60 Days 0.~~505802~~673607% 0.000000% 0.000000% 0.000000% 0.~~505802~~673607% 0.~~319186~~526459% 0.000000% 0.000000% 0.000000% 0.~~319186~~526459% 90 Days 0.~~535555~~459277% 0.000000% 0.000000% 0.000000% 0.~~535555~~459277% 0.~~397019~~505758% 0.000000% 0.000000% 0.000000% 0.~~397019~~505758% 120 Days 0.~~654567~~367422% 0.000000% 0.000000% 0.000000% 0.~~654567~~367422% 0.~~649104~~195790% 0.000000% 0.000000% 0.000000% 0.~~649104~~195790% 150 Days 0.~~148765~~398040% 0.000000% 0.000000% 0.000000% 0.~~148765~~398040% 0.~~094565~~306029% 0.000000% 0.000000% 0.000000% 0.~~094565~~306029% 180+ Days 0.~~000000~~765462% 0.000000% 0.000000% 0.000000% 0.~~000000~~765462% 0.~~000000~~702057% 0.000000% 0.000000% 0.000000% 0.~~000000~~702057% Totals 34.~~272835~~347826% 0.000000% 0.000000% 0.000000% 34.~~272835~~347826% 23.~~584449~~551947% 0.000000% 0.000000% 0.000000% 23.~~584449~~551947%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 94 0 0 0 94 ~~986~~309,~~221~~727.5248 0.00 0.00 0.00 ~~986~~309,~~221~~727.5248 60 Days 43 0 0 0 43 ~~363~~263,~~053~~896.9410 0.00 0.00 0.00 ~~363~~263,~~053~~896.9410 90 Days 21 0 0 0 21 ~~185~~74,~~288~~111.3148 0.00 0.00 0.00 ~~185~~74,~~288~~111.3148 120 Days 3 0 0 0 3 ~~130~~312,~~334~~906.6632 0.00 0.00 0.00 ~~130~~312,~~334~~906.6632 150 Days 01 0 0 0 01 0110,869.0031 0.00 0.00 0.00 0110,869.0031 180 Days 03 0 0 0 03 0130,172.0049 0.00 0.00 0.00 0130,172.0049 Totals 1815 0 0 0 1815 1,~~664~~201,~~898~~683.4318 0.00 0.00 0.00 1,~~664~~201,~~898~~683.4318 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~528014~~698080% 0.000000% 0.000000% 0.000000% 10.~~528014~~698080% 10.~~430113~~465105% 0.000000% 0.000000% 0.000000% 10.~~430113~~465105% 60 Days 0.~~679117~~523560% 0.000000% 0.000000% 0.000000% 0.~~679117~~523560% 0.~~526462~~396282% 0.000000% 0.000000% 0.000000% 0.~~526462~~396282% 90 Days 0.~~339559~~174520% 0.000000% 0.000000% 0.000000% 0.~~339559~~174520% 0.~~268685~~111290% 0.000000% 0.000000% 0.000000% 0.~~268685~~111290% 120 Days 0.~~509338~~523560% 0.000000% 0.000000% 0.000000% 0.~~509338~~523560% 0.~~188997~~469879% 0.000000% 0.000000% 0.000000% 0.~~188997~~469879% 150 Days 0.~~000000~~174520% 0.000000% 0.000000% 0.000000% 0.~~000000~~174520% 0.~~000000~~166488% 0.000000% 0.000000% 0.000000% 0.~~000000~~166488% 180 Days 0.~~000000~~523560% 0.000000% 0.000000% 0.000000% 0.~~000000~~523560% 0.~~000000~~195475% 0.000000% 0.000000% 0.000000% 0.~~000000~~195475% Totals 32.~~056027~~617801% 0.000000% 0.000000% 0.000000% 32.~~056027~~617801% 21.~~414258~~804519% 0.000000% 0.000000% 0.000000% 21.~~414258~~804519% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 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 3749 0 0 0 3749 45,~~602~~865,~~652~~588.1885 0.00 0.00 0.00 45,~~602~~865,~~652~~588.1885 60 Days 1319 0 0 0 1319 12,~~446~~622,~~206~~428.1358 0.00 0.00 0.00 12,~~446~~622,~~206~~428.1358 90 Days 1511 0 0 0 1511 1,~~740~~438,~~786~~898.1726 0.00 0.00 0.00 1,~~740~~438,~~786~~898.1726 120 Days 169 0 0 0 169 2760,~~000,465~~516.6438 0.00 0.00 0.00 2760,~~000,465~~516.6438 150 Days 511 0 0 0 511 ~~536~~1,~~028~~243,002.1604 0.00 0.00 0.00 ~~536~~1,~~028~~243,002.1604 180 Days 019 0 0 0 019 02,173,095.0074 0.00 0.00 0.00 02,173,095.0074 Totals 86118 0 0 0 86118 1014,~~326~~103,~~138~~529.2885 0.00 0.00 0.00 1014,~~326~~103,~~138~~529.2885 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 12.~~507128~~057095% 0.000000% 0.000000% 0.000000% 12.~~507128~~057095% 1.~~292249~~711532% 0.000000% 0.000000% 0.000000% 1.~~292249~~711532% 60 Days 0.~~529532~~797649% 0.000000% 0.000000% 0.000000% 0.~~529532~~797649% 0.~~406039~~765204% 0.000000% 0.000000% 0.000000% 0.~~406039~~765204% 90 Days 0.~~610998~~461797% 0.000000% 0.000000% 0.000000% 0.~~610998~~461797% 0.~~488746~~419859% 0.000000% 0.000000% 0.000000% 0.~~488746~~419859% 120 Days 0.~~651731~~377834% 0.000000% 0.000000% 0.000000% 0.~~651731~~377834% 0.~~561654~~221913% 0.000000% 0.000000% 0.000000% 0.~~561654~~221913% 150 Days 0.~~203666~~461797% 0.000000% 0.000000% 0.000000% 0.~~203666~~461797% 0.~~150496~~362698% 0.000000% 0.000000% 0.000000% 0.~~150496~~362698% 180 Days 0.~~000000~~797649% 0.000000% 0.000000% 0.000000% 0.~~000000~~797649% 0.~~000000~~634092% 0.000000% 0.000000% 0.000000% 0.~~000000~~634092% Totals 34.~~503055~~953820% 0.000000% 0.000000% 0.000000% 34.~~503055~~953820% 24.~~899185~~115298% 0.000000% 0.000000% 0.000000% 24.~~899185~~115298% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 01 0 0 0 01 0482,882.0049 0.00 0.00 0.00 0482,882.0049 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 01 0 0 0 01 0482,882.0049 0.00 0.00 0.00 0482,882.0049 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 02.~~000000~~380952% 0.000000% 0.000000% 0.000000% 02.~~000000~~380952% 02.~~000000~~483438% 0.000000% 0.000000% 0.000000% 02.~~000000~~483438% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 02.~~000000~~380952% 0.000000% 0.000000% 0.000000% 02.~~000000~~380952% 02.~~000000~~483438% 0.000000% 0.000000% 0.000000% 02.~~000000~~483438% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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 21 0 0 0 21 ~~785~~556,~~614~~000.3300 0.00 0.00 0.00 ~~785~~556,~~614~~000.3300 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 13 0 0 0 13 ~~324~~1,~~373~~259,819.1331 0.00 0.00 0.00 ~~324~~1,~~373~~259,819.1331 120 Days 30 0 0 0 30 ~~1,548,555~~0.3500 0.00 0.00 0.00 ~~1,548,555~~0.3500 150 Days 01 0 0 0 01 0323,939.0085 0.00 0.00 0.00 0323,939.0085 180 Days 03 0 0 0 03 01,545,774.0088 0.00 0.00 0.00 01,545,774.0088 Totals 68 0 0 0 68 23,~~658~~685,~~542~~534.8104 0.00 0.00 0.00 23,~~658~~685,~~542~~534.8104 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~729927~~371747% 0.000000% 0.000000% 0.000000% 0.~~729927~~371747% 0.~~644612~~465251% 0.000000% 0.000000% 0.000000% 0.~~644612~~465251% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 01.~~364964~~115242% 0.000000% 0.000000% 0.000000% 01.~~364964~~115242% 01.~~266154~~054196% 0.000000% 0.000000% 0.000000% 01.~~266154~~054196% 120 Days 10.~~094891~~000000% 0.000000% 0.000000% 0.000000% 10.~~094891~~000000% 10.~~270620~~000000% 0.000000% 0.000000% 0.000000% 10.~~270620~~000000% 150 Days 0.~~000000~~371747% 0.000000% 0.000000% 0.000000% 0.~~000000~~371747% 0.~~000000~~271067% 0.000000% 0.000000% 0.000000% 0.~~000000~~271067% 180 Days 01.~~000000~~115242% 0.000000% 0.000000% 0.000000% 01.~~000000~~115242% 01.~~000000~~293479% 0.000000% 0.000000% 0.000000% 01.~~000000~~293479% Totals 2.~~189781~~973978% 0.000000% 0.000000% 0.000000% 2.~~189781~~973978% 23.~~181386~~083993% 0.000000% 0.000000% 0.000000% 23.~~181386~~083993%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 60.~~997294~~000000% Weighted Average Net Coupon 6.~~497294~~483511% Weighted Average Pass-Through Rate 60.~~470544~~000000% Weighted Average Maturity(Stepdown Calculation ) ~~350~~348 Beginning Scheduled Collateral Loan Count 3,~~411~~304 Number Of Loans Paid In Full 5038 Ending Scheduled Collateral Loan Count 3,~~361~~266 Beginning Scheduled Collateral Balance ~~575~~556,~~943~~129,~~628~~796.9223 Ending Scheduled Collateral Balance ~~566~~548,~~835~~252,~~678~~216.0519 Ending Actual Collateral Balance at 30-~~Sep~~Nov-2003 ~~566~~548,~~835~~252,~~708~~216.1119 Monthly P &I Constant 3,~~682~~555,~~641~~004.06 Special Servicing Fee 0.00 Prepayment Penalties ~~178~~196,~~824~~450.4046 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~566~~548,~~835~~252,~~678~~216.0519 Scheduled Principal ~~324~~318,~~268~~555.5411 Unscheduled Principal 87,~~783~~559,~~682~~024.3493

Miscellaneous Reporting Credit Enhancement 1311.~~089740%~~93957 ~~Extra~~Stepdown ~~Principal~~Date ~~Amount~~in ~~0.00~~Effect ~~Overcollaterization~~NO Trigger Event NO Overcollaterized Target Amount 5,126,520.77 Overcollaterized ~~Deficiency Amount 0.00 Overcollaterized~~ Increase Amount 0.00 Overcollaterized Reduction Amount 0.00 ~~Overcollaterized~~Overcollaterization ~~Release~~ Amount ~~0.00 Overcollaterized Target Amount~~ 5,126,520.77 Specified Overcollaterization Amount 5,126,520.77 ~~Stepdown~~Overcollaterized ~~Date~~Deficiency inAmount ~~Effect~~0.00 NOOvercollaterized ~~Trigger~~Release ~~Event~~Amount NO0.00 Extra Principal Amount 0.00 Excess Cash 1,~~967~~900,~~398~~540.9265 Soldier/Sailor Interest Shortfall 0.00

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed Fixed Mixed ARM Weighted Average Coupon Rate 7.~~522851~~524430 7.~~048999~~031169 7.~~028952~~008101 Weighted Average Net Rate 7.~~022851~~044430 6.~~548999~~519250 6.~~528952~~528101 Weighted Average Maturity ~~350~~348 ~~350~~348 ~~351~~349 Beginning Loan Count ~~594~~580 2,~~496~~411 4442 Loans Paid In Full 57 4129 10 Ending Loan Count ~~589~~573 2,~~455~~382 4342 Beginning Scheduled Balance 6967,~~728~~690,~~548~~084.3587 ~~362~~348,~~494~~470,~~229~~828.8285 2019,~~234~~464,~~017~~587.6431 Ending scheduled Balance 6866,~~961~~592,~~060~~997.9281 ~~356~~342,~~173~~709,~~871~~844.2847 19,~~826~~444,~~727~~115.2231 Record Date 0911/30/2003 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~502~~488,~~594~~766.9888 2,~~319~~228,~~496~~053.2348 ~~138~~133,~~212~~036.1149 Scheduled Principal 6564,~~463~~325.7779 ~~190~~186,~~144~~255.9061 19,~~692~~361.1666 Unscheduled Principal ~~702~~1,~~023~~032,761.6727 65,~~130~~574,~~213~~728.6477 ~~387~~1,~~598~~110.2634 Scheduled Interest ~~437~~424,~~131~~441.2109 2,~~129~~041,~~351~~797.3387 ~~118~~113,~~519~~674.9583 Servicing Fees 2927,~~053~~076.5505 ~~151~~148,~~039~~657.2441 87,~~430~~785.8483 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~392~~380.2277 21,~~039~~960.0414 ~~113~~109.8149 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1,~~162~~128.1518 65,~~041~~807.5683 ~~337~~324.2341 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 ~~406~~395,~~523~~856.2909 1,~~970~~885,~~231~~372.49 ~~109~~105,~~638~~455.0710 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 6.996101 6.522249 6.502202~~

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~543564~~537876 60.~~997294~~000000 Weighted Average Net Rate 6.~~043564~~057876 6.~~497294~~483511 Weighted Average Maturity ~~351~~349 ~~350~~348 Beginning Loan Count ~~277~~271 3,~~411~~304 Loans Paid In Full 32 5038 Ending Loan Count ~~274~~269 3,~~361~~266 Beginning Scheduled Balance ~~123~~120,~~486~~504,~~833~~295.1120 ~~575~~556,~~943~~129,~~628~~796.9223 Ending scheduled Balance ~~121~~119,~~874~~505,~~018~~258.6360 ~~566~~548,~~835~~252,~~678~~216.0519 Record Date 0911/30/2003 0911/30/2003 Principal And Interest Constant ~~722~~705,~~337~~147.7421 3,~~682~~555,~~641~~004.06 Scheduled Principal 48,~~967~~612.7105 ~~324~~318,~~268~~555.5411 Unscheduled Principal 1950,~~563,846~~424.7755 87,~~783~~559,~~682~~024.3493 Scheduled Interest ~~673~~656,~~370~~535.0316 3,~~358~~236,~~372~~448.5295 Servicing Fees 5148,~~452~~201.8773 ~~239~~231,~~976~~721.5002 Master Servicing Fees 0.00 0.00 Trustee Fee ~~694~~677.6284 3,~~239~~128.6924 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 2,~~058~~008.1240 9,~~599~~268.0682 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 ~~619~~605,~~164~~647.4219 32,~~105~~992,~~557~~330.2787 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 6.016814 6.470544~~

Filing Compare · FINANCIAL ASSET SEC CORP FIRST FRANKLIN MORT LN TR 03 FF1