8-K 1 abf04op3_nov.txt NOVEMBER 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): November 26, 2004 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-OP3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108551-06 54-2151898 Pooling and Servicing Agreement) (Commission 54-2151899 (State or other File Number) 54-6612481 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On November 26, 2004 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2004-OP3 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-OP3 Trust, relating to the November 26, 2004 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 2004-OP3 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 11/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-OP3 Trust, relating to the November 26, 2004 distribution. EX-99.1

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 810/31/042004 Distribution Date: 911/2726/042004 ABFC Series: 2004-OP3 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 A1 04542BGR7 SEN 12.~~86500~~18250% ~~345~~313,~~557~~320,~~392~~934.2131 ~~590,~~607,842.4861 1424,~~595~~862,~~954~~145.1849 A2 04542BGS5 SEN 12.~~70500~~02250% 6755,~~236~~993,~~303~~955.2986 ~~105~~100,~~057~~664.7669 48,~~758~~065,~~284~~110.1863 A3 04542BGT3 SEN 12.~~80500~~12250% 32,285,000.00 5360,~~404~~911.5103 0.00 A4 04542BGU0 SEN 2.~~00500~~32250% 33,819,000.00 6269,~~140~~817.5445 0.00 M1 04542BGV8 SUB 2.~~11500~~43250% 34,333,000.00 6674,~~546~~235.0158 0.00 M2 04542BGW6 SUB 23.~~73500~~05250% 26,632,000.00 6672,~~751~~261.5049 0.00 M3 04542BGX4 SUB 23.~~91500~~23250% 8,663,000.00 2324,~~142~~891.3169 0.00 M4 04542BGY2 SUB 3.~~26500~~58250% 7,380,000.00 2223,~~082~~501.0520 0.00 M5 04542BGZ9 SUB 3.~~41500~~73250% 6,417,000.00 2021,~~082~~290.7318 0.00 M6 04542BHA3 SUB 4.~~66500~~98250% 6,417,000.00 2728,~~433~~420.6518 0.00 CE BFCAS04OP3C SEN 0.00000% 3,210,690.67 21,~~070~~777,~~103~~754.9596 0.00 P BFCAS04OP3P SEN 0.00000% 0.00 ~~331~~384,~~589~~527.8970 0.00 R BFCAS04OP3R SEN 0.00000% 0.00 0.00 0.00 Totals ~~571~~528,~~950~~471,~~386~~580.1784 3,~~438~~246,~~942~~118.3876 1932,~~354~~927,~~238~~256.3612

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 ~~330~~288,~~961~~458,~~438~~788.0382 1525,~~186~~469,~~561~~988.6610 0.00 A2 0.00 6247,~~478~~928,~~019~~845.1123 48,~~863~~165,~~341~~775.9432 0.00 A3 0.00 32,285,000.00 5360,~~404~~911.5103 0.00 A4 0.00 33,819,000.00 6269,~~140~~817.5445 0.00 M1 0.00 34,333,000.00 6674,~~546~~235.0158 0.00 M2 0.00 26,632,000.00 6672,~~751~~261.5049 0.00 M3 0.00 8,663,000.00 2324,~~142~~891.3169 0.00 M4 0.00 7,380,000.00 2223,~~082~~501.0520 0.00 M5 0.00 6,417,000.00 2021,~~082~~290.7318 0.00 M6 0.00 6,417,000.00 2728,~~433~~420.6518 0.00 CE 0.00 3,210,690.67 21,~~070~~777,~~103~~754.9596 0.00 P 0.00 0.00 ~~331~~384,~~589~~527.8970 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~552~~495,~~596~~544,~~147~~324.8172 2236,~~793~~173,~~180~~374.7488 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) A1 395,510,000.00 ~~345~~313,~~557~~320,~~392~~934.2131 0.00 1424,~~595~~862,~~954~~145.1849 0.00 0.00 A2 87,071,000.00 6755,~~236~~993,~~303~~955.2986 0.00 48,~~758~~065,~~284~~110.1863 0.00 0.00 A3 32,285,000.00 32,285,000.00 0.00 0.00 0.00 0.00 A4 33,819,000.00 33,819,000.00 0.00 0.00 0.00 0.00 M1 34,333,000.00 34,333,000.00 0.00 0.00 0.00 0.00 M2 26,632,000.00 26,632,000.00 0.00 0.00 0.00 0.00 M3 8,663,000.00 8,663,000.00 0.00 0.00 0.00 0.00 M4 7,380,000.00 7,380,000.00 0.00 0.00 0.00 0.00 M5 6,417,000.00 6,417,000.00 0.00 0.00 0.00 0.00 M6 6,417,000.00 6,417,000.00 0.00 0.00 0.00 0.00 CE 3,210,689.65 3,210,690.67 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 641,737,689.65 ~~571~~528,~~950~~471,~~386~~580.1784 0.00 1932,~~354~~927,~~238~~256.3612 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 A1 1424,~~595~~862,~~954~~145.1849 ~~330~~288,~~961~~458,~~438~~788.0382 0.~~83679664~~72933374 1424,~~595~~862,~~954~~145.1849 A2 48,~~758~~065,~~284~~110.1863 6247,~~478~~928,~~019~~845.1123 0.~~71755256~~55045704 48,~~758~~065,~~284~~110.1863 A3 0.00 32,285,000.00 1.00000000 0.00 A4 0.00 33,819,000.00 1.00000000 0.00 M1 0.00 34,333,000.00 1.00000000 0.00 M2 0.00 26,632,000.00 1.00000000 0.00 M3 0.00 8,663,000.00 1.00000000 0.00 M4 0.00 7,380,000.00 1.00000000 0.00 M5 0.00 6,417,000.00 1.00000000 0.00 M6 0.00 6,417,000.00 1.00000000 0.00 CE 0.00 3,210,690.67 1.00000032 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 1932,~~354~~927,~~238~~256.3612 ~~552~~495,~~596~~544,~~147~~324.8172 0.~~86109349~~77219140 1932,~~354~~927,~~238~~256.3612

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 395,510,000.00 ~~873~~792.~~70077169~~19472152 0.00000000 3662.~~90413436~~86097821 0.00000000 A2 87,071,000.00 ~~772~~643.~~20088537~~08387247 0.00000000 5492.~~64832355~~62682902 0.00000000 A3 32,285,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A4 33,819,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 34,333,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 26,632,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 8,663,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 7,380,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 6,417,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 6,417,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,210,689.65 1000.00031769 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 $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 3662.~~90413436~~86097821 ~~836~~729.~~79663733~~33374332 0.~~83679664~~72933374 3662.~~90413436~~86097821 A2 0.00000000 5492.~~64832355~~62682902 ~~717~~550.~~55256182~~45704345 0.~~71755256~~55045704 5492.~~64832355~~62682902 A3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 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 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.00031769 1.00000032 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 A1 395,510,000.00 12.~~86500~~18250% ~~345~~313,~~557~~320,~~392~~934.2131 ~~590~~607,~~759~~842.1661 0.00 0.00 A2 87,071,000.00 12.~~70500~~02250% 6755,~~236~~993,~~303~~955.2986 ~~105~~100,~~084~~664.7469 0.00 0.00 A3 32,285,000.00 12.~~80500~~12250% 32,285,000.00 5360,~~418~~911.2203 0.00 0.00 A4 33,819,000.00 2.~~00500~~32250% 33,819,000.00 6269,~~156~~817.5045 0.00 0.00 M1 34,333,000.00 2.~~11500~~43250% 34,333,000.00 6674,~~563~~235.1058 0.00 0.00 M2 26,632,000.00 23.~~73500~~05250% 26,632,000.00 6672,~~768~~261.6449 0.00 0.00 M3 8,663,000.00 23.~~91500~~23250% 8,663,000.00 2324,~~148~~891.2669 0.00 0.00 M4 7,380,000.00 3.~~26500~~58250% 7,380,000.00 2223,~~087~~501.7220 0.00 0.00 M5 6,417,000.00 3.~~41500~~73250% 6,417,000.00 2021,~~087~~290.8818 0.00 0.00 M6 6,417,000.00 4.~~66500~~98250% 6,417,000.00 2728,~~440~~420.7018 0.00 0.00 CE 3,210,689.65 0.00000% 3,210,690.67 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 641,737,689.65 1,~~037~~083,~~514~~836.9210 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 ~~151~~0.6800 0.00 ~~590,~~607,842.4861 0.00 ~~330~~288,~~961~~458,~~438~~788.0382 A2 260.9800 0.00 ~~105~~100,~~057~~664.7669 0.00 6247,~~478~~928,~~019~~845.1123 A3 130.7200 0.00 5360,~~404~~911.5103 0.00 32,285,000.00 A4 150.9600 0.00 6269,~~140~~817.5445 0.00 33,819,000.00 M1 170.0900 0.00 6674,~~546~~235.0158 0.00 34,333,000.00 M2 170.1400 0.00 6672,~~751~~261.5049 0.00 26,632,000.00 M3 50.9400 0.00 2324,~~142~~891.3169 0.00 8,663,000.00 M4 50.6700 0.00 2223,~~082~~501.0520 0.00 7,380,000.00 M5 50.1600 0.00 2021,~~082~~290.7318 0.00 6,417,000.00 M6 70.0500 0.00 2728,~~433~~420.6518 0.00 6,417,000.00 CE 0.00 0.00 21,~~070~~777,~~103~~754.9596 0.00 3,210,690.67 P 0.00 0.00 ~~331~~384,~~589~~527.8970 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals ~~266~~0.3900 0.00 3,~~438~~246,~~942~~118.3876 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 395,510,000.00 12.~~86500~~18250% ~~873~~792.~~70077169~~19472152 1.~~49366428~~53685775 0.00000000 0.00000000 A2 87,071,000.00 12.~~70500~~02250% ~~772~~643.~~20088537~~08387247 1.~~20688565~~15612190 0.00000000 0.00000000 A3 32,285,000.00 12.~~80500~~12250% 1000.00000000 1.~~65458324~~88666656 0.00000000 0.00000000 A4 33,819,000.00 2.~~00500~~32250% 1000.00000000 12.~~83791656~~06444454 0.00000000 0.00000000 M1 34,333,000.00 2.~~11500~~43250% 1000.00000000 12.~~93874989~~16222235 0.00000000 0.00000000 M2 26,632,000.00 23.~~73500~~05250% 1000.00000000 2.~~50708321~~71333321 0.00000000 0.00000000 M3 8,663,000.00 23.~~91500~~23250% 1000.00000000 2.~~67208357~~87333372 0.00000000 0.00000000 M4 7,380,000.00 3.~~26500~~58250% 1000.00000000 23.~~99291599~~18444444 0.00000000 0.00000000 M5 6,417,000.00 3.~~41500~~73250% 1000.00000000 3.~~13041608~~31777778 0.00000000 0.00000000 M6 6,417,000.00 4.~~66500~~98250% 1000.00000000 4.~~27625058~~42888889 0.00000000 0.00000000 CE 3,210,689.65 0.00000% 1000.00031769 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 $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.~~00038350~~00000000 0.00000000 1.~~49328078~~53685775 0.00000000 ~~836~~729.~~79663733~~33374332 A2 0.~~00030986~~00000000 0.00000000 1.~~20657578~~15612190 0.00000000 ~~717~~550.~~55256182~~45704345 A3 0.~~00042497~~00000000 0.00000000 1.~~65415859~~88666656 0.00000000 1000.00000000 A4 0.~~00047192~~00000000 0.00000000 12.~~83744463~~06444454 0.00000000 1000.00000000 M1 0.~~00049777~~00000000 0.00000000 12.~~93825212~~16222235 0.00000000 1000.00000000 M2 0.~~00064359~~00000000 0.00000000 2.~~50643962~~71333321 0.00000000 1000.00000000 M3 0.~~00068567~~00000000 0.00000000 2.~~67139674~~87333372 0.00000000 1000.00000000 M4 0.~~00076829~~00000000 0.00000000 23.~~99214770~~18444444 0.00000000 1000.00000000 M5 0.~~00080411~~00000000 0.00000000 3.~~12961353~~31777778 0.00000000 1000.00000000 M6 0.~~00109864~~00000000 0.00000000 4.~~27515194~~42888889 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~644~~553.~~75367465~~69878556 0.00000000 1000.00031769 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 2236,~~901~~195,~~385~~281.2602 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 ~~331~~384,~~589~~527.8970 Total Deposits 2336,~~232~~579,~~975~~808.1572 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~439~~406,~~794~~433.4184 Payment of Interest and Principal 2236,~~793~~173,~~180~~374.7488 Total Withdrawals (Pool Distribution Amount) 2336,~~232~~579,~~975~~808.1572 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall ~~266~~0.3900

SERVICING FEES Gross Servicing Fee ~~142~~132,~~987~~117.6090 Credit Risk Manager Fee 87,~~340~~706.9588 PMI Premium ~~284~~263,~~652~~085.8591 Trustee Fee 3,~~813~~523.0115 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~439~~406,~~794~~433.4184

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 106 0 0 106 1781,~~452,239~~445.1820 0.00 0.00 1781,~~452,239~~445.1820 30 Days 4448 1 10 0 4649 6,~~524~~881,~~307~~079.7571 ~~111~~121,~~431~~370.4563 ~~95,207~~0.6200 0.00 67,~~730~~002,~~946~~450.8234 60 Days 14 21 53 0 2118 12,~~833~~064,~~326~~646.3833 ~~158~~111,~~936~~496.2053 ~~624~~448,~~294~~499.8889 0.00 2,~~616~~624,~~557~~642.4675 90 Days 38 26 1125 0 1639 ~~559~~1,~~065~~823,096.8757 ~~225~~633,~~361~~386.9778 12,~~297~~875,~~277~~328.8174 0.00 25,~~081~~331,~~705~~812.6509 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 6170 1514 1728 0 93112 810,~~916~~768,~~700~~822.0061 1,~~947~~647,~~968~~699.8014 23,~~016~~323,~~780~~828.3163 0.00 1215,~~881~~740,~~449~~350.1138 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.~~281215~~186104% 0.000000% 0.000000% 0.~~281215~~186104% 0.~~262714~~157634% 0.000000% 0.000000% 0.~~262714~~157634% 30 Days 1.~~237345~~488834% 0.~~028121~~031017% 0.~~028121~~000000% 0.000000% 1.~~293588~~519851% 1.~~180263~~388055% 0.~~020158~~024483% 0.~~017223~~000000% 0.000000% 1.~~217644~~412538% 60 Days 0.~~393701~~434243% 0.~~056243~~031017% 0.~~140607~~093052% 0.000000% 0.~~590551~~558313% 0.~~331653~~416482% 0.~~028752~~022491% 0.~~112936~~090472% 0.000000% 0.~~473342~~529444% 90 Days 0.~~084364~~248139% 0.~~056243~~186104% 0.~~309336~~775434% 0.000000% 01.~~449944~~209677% 0.~~101136~~367756% 0.~~040769~~127767% 0.~~234681~~580013% 0.000000% 01.~~376586~~075536% 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 12.~~715411~~171216% 0.~~421822~~434243% 0.~~478065~~868486% 0.000000% 23.~~615298~~473945% 12.~~613052~~172293% 0.~~352392~~332375% 0.~~364840~~670485% 0.000000% 23.~~330285~~175153%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 7180,~~233~~417.1453

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~432554~~420702% Weighted Average Net Coupon 7.~~132554~~120702% Weighted Average Pass-Through Rate 6.~~509829~~497813% Weighted Average Maturity (Stepdown Calculation ) ~~344~~342 Beginning Scheduled Collateral Loan Count 3,~~663~~414 Number Of Loans Paid In Full ~~107~~190 Ending Scheduled Collateral Loan Count 3,~~556~~224 Beginning Scheduled Collateral Balance ~~571~~528,~~950~~471,~~386~~580.1784 Ending Scheduled Collateral Balance ~~552~~495,~~596~~544,~~147~~324.8172 Ending Actual Collateral Balance at 31-~~Aug~~Oct-2004 ~~552~~495,~~784~~735,~~267~~220.0668 Monthly P &I Constant 43,~~043~~726,~~264~~934.8052 Special Servicing Fee 0.00 Prepayment Penalties ~~331~~384,~~589~~527.8970 Realized Loss Amount 0.00 Cumulative Realized Loss 0343.0095 Scheduled Principal ~~500~~458,~~720~~909.9414 Unscheduled Principal 1832,~~853~~468,~~517~~346.4298 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,210,690.67 Overcollateralized Amount 3,210,690.67 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 21,~~070~~777,~~103~~754.9596

Miscellaneous Reporting Group 1 Available Funds 1626,~~839~~923,~~466~~969.9370 Group 2 Available Funds 58,~~622~~864,~~123~~877.9248

Group Level Collateral Statement Group 1 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~443904~~434813 7.~~403161~~384454 7.~~432554~~420702 Weighted Average Net Rate 7.~~143904~~134813 7.~~103161~~084454 7.~~132554~~120702 Weighted Average Maturity ~~343~~341 ~~344~~342 ~~344~~342 Beginning Loan Count 2,~~791~~598 ~~872~~816 3,~~663~~414 Loans Paid In Full 86151 2139 ~~107~~190 Ending Loan Count 2,~~705~~447 ~~851~~777 3,~~556~~224 Beginning Scheduled Balance ~~412~~380,~~633~~396,~~118~~911.2485 ~~159~~148,~~317~~074,~~267~~668.9399 ~~571~~528,~~950~~471,~~386~~580.1784 Ending scheduled Balance ~~398~~355,~~037~~534,~~164~~766.0636 ~~154~~140,~~558~~009,~~983~~558.7536 ~~552~~495,~~596~~544,~~147~~324.8172 Record Date 0810/31/2004 0810/31/2004 0810/31/2004 Principal And Interest Constant 2,~~921~~687,~~491~~006.3841 1,~~121~~039,~~773~~928.4211 43,~~043~~726,~~264~~934.8052 Scheduled Principal ~~361~~330,~~823~~189.6386 ~~138~~128,~~897~~719.3128 ~~500~~458,~~720~~909.9414 Unscheduled Principal 1424,~~234~~531,~~130~~955.5563 47,~~619~~936,~~386~~391.8735 1832,~~853~~468,~~517~~346.4298 Scheduled Interest 2,~~559~~356,~~667~~816.7555 ~~982~~911,~~876~~208.1183 3,~~542~~268,~~543~~025.8638 Servicing Fees ~~103~~95,~~158~~099.2823 3937,~~829~~018.3267 ~~142~~132,~~987~~117.6090 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 2,~~750~~535.8998 ~~1,062~~987.1217 3,~~813~~523.0115 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 65,~~017~~547.5746 2,~~323~~159.3842 87,~~340~~706.9588 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 ~~208~~191,~~831~~809.1827 7571,~~821~~276.6764 ~~284~~263,~~652~~085.8591 Net Interest 2,~~238~~061,~~909~~824.8361 ~~863~~799,~~839~~766.6293 32,~~102~~861,~~749~~591.4554 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0343.0095 0343.0095 Percentage of Cumulative Losses 0.0000 0.~~0000~~0002 0.~~0000~~0001 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~511091~~504231 6.~~506561~~481327 6.~~509829~~497813

Filing Compare · Asset Backed Funding Corp. ABFC Asset Backed Certificates Series 2004-OPT3