8-K 1 d92871.txt FINANCIAL ASSET SECURITIES CORP ================================================================================ 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 14, 2002 FINANCIAL ASSET SECURITIES CORP. (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT, DATED AS OF SEPTEMBER 1, 2002, PROVIDING FOR THE ISSUANCE OF ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2002-FFA) FINANCIAL ASSET SECURITIES CORP. -------------------------------- (Exact name of registrant as specified in its charter) -------------------------------------------------------------------------------- Delaware 333-84929 06-1442101 ---------------------------- ------------ ---------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification Number) 600 Steamboat Road Greenwich, Connecticut 06830 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (203) 625-2700 -------------- ================================================================================ -2- Item 2. ACQUISITION OR DISPOSITION OF ASSETS Description of the Certificates and the Mortgage Pool On September 26, 2002, a single series of certificates, entitled First Franklin Mortgage Loan Trust 2002-FFA, Asset-Backed Certificates, Series 2002-FFA (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of September 1, 2002 (the "Agreement"), attached hereto as Exhibit 4.1, among Financial Asset Securities Corp. as depositor (the "Depositor"), Option One Mortgage Corporation ("Option One") as master servicer (the "Master Servicer") and Wells Fargo Bank Minnesota, National Association as trustee (the "Trustee"). The Certificates consist of ten classes of certificates (collectively, the "Certificates"), designated as the "Class A-1 Certificates", "Class S-1 Certificates", "Class S-2 Certificates", "Class M-1 Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class C Certificates", "Class P Certificates", "Class R Certificates" and "Class X Certificates". The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a pool of mortgage loans (the "Mortgage Pool'") of second lien fixed-rate residential mortgage loans having original terms to maturity up to 30 years (the "Mortgage Loans"). The Mortgage Pool consist of Mortgage Loans having an aggregate principal balance of $286,898,831 as of September1, 2002 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated September 23, 2002, between Option One and the Depositor (the "Purchase Agreement"). The Class A-1 Certificates, the Class S-1 Certificates, the Class M-1 Certificates, the Class M-2 Certificates and the Class M-3 Certificates were sold by the Depositor to Greenwich Capital Markets, Inc. (the "Underwriter"), pursuant to an Underwriting Agreement, dated September 23, 2002 (the "Underwriting Agreement") between the Depositor and the Underwriter. The Certificates have the following initial Certificate Balances and Pass-Through Rates: ============================================================================ Initial Certificate Principal Class Balance or Notional Amount Pass-through Rate ---------------------------------------------------------------------------- A-1 $235,258,000 Variable ---------------------------------------------------------------------------- S-1 $28,689,000 Variable ---------------------------------------------------------------------------- S-2 $28,689,000 Variable ---------------------------------------------------------------------------- M-1 $21,517,000 Variable ---------------------------------------------------------------------------- M-2 $15,779,000 Variable ---------------------------------------------------------------------------- M-3 $14,344,000 Variable ---------------------------------------------------------------------------- C $ 731 Variable ---------------------------------------------------------------------------- P $100.00 N/A ---------------------------------------------------------------------------- R 100% N/A ============================================================================ X 100% N/A ============================================================================ -3- The Certificates, other than the Class C Certificates, the Class P Certificates, the Class X Certificates and the Class R Certificates, and the Mortgage Loans are more particularly described in the Prospectus, dated September 20, 2002 and the Prospectus Supplement, dated September 23, 2002, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class C Certificates, the Class P Certificates, the Class S-1 Certificates, the Class X Certificates, and the Class R Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement. Item 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable (b) Not applicable (c) Exhibits EXHIBIT NO. DESCRIPTION ----------- ----------- 4.1 Pooling and Servicing Agreement, dated as of September 1, 2002, by and among Financial Asset Securities Corp. as Depositor, Option One Mortgage Corporation as Master Servicer and Wells Fargo Bank Minnesota, National Association as Trustee, relating to the Series 2002-FFA Certificates. SIGNATURES 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 thereunto duly authorized. Dated: November 14, 2002 FINANCIAL ASSET SECURITIES CORP. By: /s/Frank Y. Skibo --------------------------- Name: Frank Y. Skibo Title: Index to Exhibits ----------------- Sequentially Exhibit No. Description Numbered Page ----------- ----------- ------------- 4.1 Pooling and Servicing Agreement, dated as of 7 September 1, 2002, by and among Financial Asset Securities Corp. as Depositor, Option One Mortgage Corporation as Master Servicer and Wells Fargo Bank Minnesota, National Association as Trustee, relating to the Series 2002-FFA Certificates. Exhibit 4.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 9/30/02 Distribution Date: 10/25/02 FFM Series: 2002-FFA 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 32027NAZ4 SEN 2.16063% 235,258,000.00 409,468.31 2,843,137.08 S-1 32027NBD2 SUB 2.00000% 0.00 47,815.00 0.00 S-2 32027NBE0 SUB 2.00000% 0.00 47,815.00 0.00 M-1 32027NBA8 SUB 2.81063% 21,517,000.00 48,717.04 0.00 M-2 32027NBB6 SUB 3.31063% 15,779,000.00 42,080.96 0.00 M-3 32027NBC4 SUB 4.11063% 14,344,000.00 47,497.87 0.00 C FFM02FFAC SEN 0.00000% 731.07 0.00 0.00 P FFM02FFAP SEN 0.00000% 100.00 4,705.81 0.00 R FFM0FFAR RES 0.00000% 0.00 0.00 0.00 Totals 286,898,831.07 648,099.99 2,843,137.08

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 232,414,862.92 3,252,605.39 0.00 S-1 0.00 0.00 47,815.00 0.00 S-2 0.00 0.00 47,815.00 0.00 M-1 0.00 21,517,000.00 48,717.04 0.00 M-2 0.00 15,779,000.00 42,080.96 0.00 M-3 0.00 14,344,000.00 47,497.87 0.00 C 0.00 2,030,893.21 0.00 0.00 P 0.00 100.00 4,705.81 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 286,085,856.13 3,491,237.07 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 235,258,000.00 235,258,000.00 0.00 2,843,137.08 0.00 0.00 S-1 0.00 0.00 0.00 0.00 0.00 0.00 S-2 0.00 0.00 0.00 0.00 0.00 0.00 M-1 21,517,000.00 21,517,000.00 0.00 0.00 0.00 0.00 M-2 15,779,000.00 15,779,000.00 0.00 0.00 0.00 0.00 M-3 14,344,000.00 14,344,000.00 0.00 0.00 0.00 0.00 C 731.07 731.07 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 286,898,831.07 286,898,831.07 0.00 2,843,137.08 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 2,843,137.08 232,414,862.92 0.98791481 2,843,137.08 S-1 0.00 0.00 0.00000000 0.00 S-2 0.00 0.00 0.00000000 0.00 M-1 0.00 21,517,000.00 1.00000000 0.00 M-2 0.00 15,779,000.00 1.00000000 0.00 M-3 0.00 14,344,000.00 1.00000000 0.00 C 0.00 2,030,893.21 2,777.97366873 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 2,843,137.08 286,085,856.13 0.99716634 2,843,137.08

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 235,258,000.00 1000.00000000 0.00000000 12.08518767 0.00000000 S-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 S-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 21,517,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 15,779,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 14,344,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 731.07 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 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 0.00000000 12.08518767 987.91481233 0.98791481 12.08518767 S-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 S-2 0.00000000 0.00000000 0.00000000 0.00000000 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 C 0.00000000 0.00000000 2,777,973.6687321 2777.97366873 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 235,258,000.00 2.16063% 235,258,000.00 409,468.31 0.00 0.00 S-1 0.00 2.00000% 28,689,000.00 47,815.00 0.00 0.00 S-2 0.00 2.00000% 28,689,000.00 47,815.00 0.00 0.00 M-1 21,517,000.00 2.81063% 21,517,000.00 48,717.04 0.00 0.00 M-2 15,779,000.00 3.31063% 15,779,000.00 42,080.96 0.00 0.00 M-3 14,344,000.00 4.11063% 14,344,000.00 47,497.87 0.00 0.00 C 731.07 0.00000% 731.07 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 286,898,831.07 643,394.18 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 0.00 0.00 409,468.31 0.00 232,414,862.92 S-1 0.00 0.00 47,815.00 0.00 28,689,000.00 S-2 0.00 0.00 47,815.00 0.00 28,689,000.00 M-1 0.00 0.00 48,717.04 0.00 21,517,000.00 M-2 0.00 0.00 42,080.96 0.00 15,779,000.00 M-3 0.00 0.00 47,497.87 0.00 14,344,000.00 C 0.00 0.00 0.00 0.00 2,030,893.21 P 0.00 0.00 4,705.81 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 648,099.99 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, 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 235,258,000.00 2.16063% 1000.00000000 1.74050749 0.00000000 0.00000000 S-1 0.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000 S-2 0.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000 M-1 21,517,000.00 2.81063% 1000.00000000 2.26411860 0.00000000 0.00000000 M-2 15,779,000.00 3.31063% 1000.00000000 2.66689651 0.00000000 0.00000000 M-3 14,344,000.00 4.11063% 1000.00000000 3.31134063 0.00000000 0.00000000 C 731.07 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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 0.00000000 0.00000000 1.74050749 0.00000000 987.91481233 S-1 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000 S-2 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.26411860 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.66689651 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.31134063 0.00000000 1000.00000000 C 0.00000000 0.00000000 0.00000000 0.00000000 2777973.66873213 P 0.00000000 0.00000000 47058.10000000 0.00000000 1000.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,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 3,627,947.31 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Prepayment Penalties 4,705.81 Total Deposits 3,632,653.12 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 141,416.05 Payment of Interest and Principal 3,491,237.07 Total Withdrawals (Pool Distribution Amount) 3,632,653.12 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 0.00

SERVICING FEES Gross Servicing Fee 119,539.93 AMBAC 19,604.83 Wells Fargo 2,271.29 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 141,416.05

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00

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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 11.774444% Weighted Average Net Coupon 11.274449% Weighted Average Pass-Through Rate 11.182949% Weighted Average Maturity(Stepdown Calculation ) 179 Beginning Scheduled Collateral Loan Count 7,272 Number Of Loans Paid In Full 11 Ending Scheduled Collateral Loan Count 7,261 Beginning Scheduled Collateral Balance 286,898,831.07 Ending Scheduled Collateral Balance 286,085,856.13 Ending Actual Collateral Balance at 30-Sep-2002 286,085,856.13 Monthly P &I Constant 2,923,279.20 Special Servicing Fee 0.00 Prepayment Penalties 4,705.81 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 286,085,856.13 Scheduled Principal 108,217.13 Unscheduled Principal 704,757.81

Miscellaneous Reporting Credit Enhancement Percentage 0.179996% Stepdown Date in Effect NO Trigger Event in Effect NO Prepayment Penalty Charges 4,705.81 Overcollateralization Target Amount 15,062,188.63 Overcollateralization Amount 2,030,893.21 Overcollateralization Increase Amount 2,030,162.14 Overcollateralization Reduction Amount 0.00 Overcollateralization Release Amount 0.00 Specified Overcollateralization Amount 15,062,188.63 Overcollateralization Deficiency Amount 13,031,295.42 Extra Principal Distribution Amount 2,030,162.14 Excess Cash Amount 2,030,162.14

Filing Compare · FINANCIAL ASSETS SEC CORP FIRST FRANKLIN MORT LN TR 2002 FFA