8-K 1 we685067-8k.txt CURRENT REPORT 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: October 25, 2002 (Date of earliest event reported) Commission File No. 333-98129 Wells Fargo Asset Securities Corporation -------------------------------------------------------------------------------- Delaware 52-1972128 -------------------------------------------------------------------------------- (State of Incorporation) I.R.S. Employer Identification No. 7485 New Horizon Way, Frederick, Maryland 21703 -------------------------------------------------------------------------------- Address of principal executive offices (Zip Code) (301) 846-8881 -------------------------------------------------------------------------------- Registrant's Telephone Number, including area code -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) ITEM 5. Other Events ------------ On October 25, 2002, Wells Fargo Asset Securities Corporation, a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series 2002-19, Class I-A-1, Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5, Class I-A-6, Class I-A-7, Class I-A-8, Class I-A-9, Class I-A-PO, Class I-A-R, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-A-PO, Class B-1, Class B-2 and Class B-3 (the "Offered Certificates"), having an aggregate original principal balance of $746,204,180.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of October 25, 2002, among the Registrant, Wells Fargo Bank Minnesota, National Association, as master servicer (the "Master Servicer" or "Wells Fargo Bank") and Wachovia Bank, National Association, as trustee (the "Agreement"), a copy of which is filed as an exhibit hereto. Mortgage Pass-Through Certificates, Series 2002-19, Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal balance of $4,504,679.14 (the "Private Class B Certificates" and, together with the Offered Certificates, the "Certificates"), were also issued pursuant to the Agreement. As of the date of initial issuance, the Offered Certificates evidenced an approximate 99.40% undivided interest in a trust fund (the "Trust Estate"), consisting principally of a pool of fixed interest rate, conventional, monthly pay, fully-amortizing, one-to four-family residential first mortgage loans, other than the Fixed Retained Yield (as defined in the Agreement), which may include loans secured by shares issued by cooperative housing corporations. The remaining undivided interests in the Trust Estate are evidenced by the Private Class B Certificates. Distributions on the Private Class B Certificates are subordinated to distributions on the Offered Certificates. Interest on the Offered Certificates will be distributed on each Distribution Date (as defined in the Agreement). Monthly distributions in reduction of the principal balance of the Offered Certificates will be allocated to the Offered Certificates in accordance with the priorities set forth in the Agreement. Distributions of interest and in reduction of principal balance on any Distribution Date will be made to the extent that the Pool Distribution Amount is sufficient therefor. Elections will be made to treat the Trust Estate as two REMICs for federal income tax purposes (the "Upper-Tier REMIC" and "Lower-Tier REMIC," respectively). The Class I-A-1, Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5, Class I-A-6, Class I-A-7, Class I-A-8, Class I-A-9, Class I-A-PO, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-7, Class II-A-PO, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates will be treated as "regular interests" in the Upper-Tier REMIC and the Class I-A-R Certificate represent the "residual interests" in the Upper-Tier REMIC, Middle-Tier REMIC and Lower-Tier REMIC. ITEM 7. Financial Statements and Exhibits --------------------------------- (c) Exhibits Item 601(a) of Regulation S-K Exhibit No. Description ----------- ----------- (EX-4) Pooling and Servicing Agreement, dated as of October 25, 2002, among Wells Fargo Asset Securities Corporation, Wells Fargo Bank Minnesota, National Association and Wachovia Bank, National Association, as trustee. 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. WELLS FARGO ASSET SECURITIES CORPORATION October 25, 2002 /s/ Patrick Greene --------------------------------------- Patrick Greene Vice President INDEX TO EXHIBITS ----------------- Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing E Agreement, dated as of October 25, 2002 among Wells Fargo Asset Securities Corporation, Wells Fargo Bank Minnesota, National Association and Wachovia Bank, National Association, as trustee.

Wells Fargo Asset Securities Corporation Mortgage Pass-Through Certificates Record Date: 11/30/02 Distribution Date: 12/26/02 WFMBS Series: 2002-17 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 A-PO 94979EAD1 PO 0.00000% 217,176.35 0.00 1,392.63 A-1 94979EAA7 SEQ 5.75000% 169,737,233.54 812,569.94 12,621,748.62 A-2 94979EAB5 SEQ 5.75000% 164,214,832.64 786,132.98 12,211,100.03 A-3 94979EAC3 SEQ 5.75000% 1,485,419.63 7,111.03 4,834.96 A-R 94979EAE9 RES 5.75000% 0.00 0.00 0.00 B-1 94979EAF6 SUB 5.75000% 2,377,661.68 11,382.40 7,739.17 B-2 94979EAG4 SUB 5.75000% 793,214.08 3,797.29 2,581.87 B-3 94979EAH2 SUB 5.75000% 792,223.80 3,792.55 2,578.65 B-4 94979EAJ8 SUB 5.75000% 397,102.18 1,901.02 1,292.55 B-5 94979EAK5 SUB 5.75000% 198,055.95 948.14 644.66 B-6 94979EAL3 SUB 5.75000% 396,502.90 1,898.15 1,290.60 Totals 340,609,422.75 1,629,533.50 24,855,203.74

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-PO 0.00 215,783.72 1,392.63 0.00 A-1 0.00 157,115,484.91 13,434,318.56 0.00 A-2 0.00 152,003,732.61 12,997,233.01 0.00 A-3 0.00 1,480,584.66 11,945.99 0.00 A-R 0.00 0.00 0.00 0.00 B-1 0.00 2,369,922.52 19,121.57 0.00 B-2 0.00 790,632.21 6,379.16 0.00 B-3 0.00 789,645.15 6,371.20 0.00 B-4 0.00 395,809.63 3,193.57 0.00 B-5 0.00 197,411.29 1,592.80 0.00 B-6 0.00 395,212.30 3,188.75 0.00 Totals 0.00 315,754,219.00 26,484,737.24 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-PO 221,445.73 217,176.35 799.14 593.49 0.00 0.00 A-1 200,000,000.00 169,737,233.54 554,835.40 12,066,913.23 0.00 0.00 A-2 193,493,000.00 164,214,832.64 536,783.83 11,674,316.21 0.00 0.00 A-3 1,500,000.00 1,485,419.63 212.54 4,622.43 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 B-1 2,401,000.00 2,377,661.68 7,739.17 0.00 0.00 0.00 B-2 801,000.00 793,214.08 2,581.87 0.00 0.00 0.00 B-3 800,000.00 792,223.80 2,578.65 0.00 0.00 0.00 B-4 401,000.00 397,102.18 1,292.55 0.00 0.00 0.00 B-5 200,000.00 198,055.95 644.66 0.00 0.00 0.00 B-6 400,394.83 396,502.90 1,290.60 0.00 0.00 0.00 Totals 400,217,940.56 340,609,422.75 1,108,758.41 23,746,445.36 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-PO 1,392.63 215,783.72 0.97443161 1,392.63 A-1 12,621,748.62 157,115,484.91 0.78557742 12,621,748.62 A-2 12,211,100.03 152,003,732.61 0.78557742 12,211,100.03 A-3 4,834.96 1,480,584.66 0.98705644 4,834.96 A-R 0.00 0.00 0.00000000 0.00 B-1 7,739.17 2,369,922.52 0.98705644 7,739.17 B-2 2,581.87 790,632.21 0.98705644 2,581.87 B-3 2,578.65 789,645.15 0.98705644 2,578.65 B-4 1,292.55 395,809.63 0.98705643 1,292.55 B-5 644.66 197,411.29 0.98705645 644.66 B-6 1,290.60 395,212.30 0.98705645 1,290.60 Totals 24,855,203.74 315,754,219.00 0.78895568 24,855,203.74

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-PO 221,445.73 980.72042301 3.60873971 2.68006974 0.00000000 A-1 200,000,000.00 848.68616770 2.77417700 60.33456615 0.00000000 A-2 193,493,000.00 848.68616766 2.77417700 60.33456616 0.00000000 A-3 1,500,000.00 990.27975333 0.14169333 3.08162000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,401,000.00 990.27975010 3.22331112 0.00000000 0.00000000 B-2 801,000.00 990.27975031 3.22330836 0.00000000 0.00000000 B-3 800,000.00 990.27975000 3.22331250 0.00000000 0.00000000 B-4 401,000.00 990.27975062 3.22331671 0.00000000 0.00000000 B-5 200,000.00 990.27975000 3.22330000 0.00000000 0.00000000 B-6 400,394.83 990.27976960 3.22331834 0.00000000 0.00000000 (2) Per $1000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-PO 0.00000000 6.28880945 974.43161356 0.97443161 6.28880945 A-1 0.00000000 63.10874310 785.57742455 0.78557742 63.10874310 A-2 0.00000000 63.10874311 785.57742456 0.78557742 63.10874311 A-3 0.00000000 3.22330667 987.05644000 0.98705644 3.22330667 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 3.22331112 987.05644315 0.98705644 3.22331112 B-2 0.00000000 3.22330836 987.05644195 0.98705644 3.22330836 B-3 0.00000000 3.22331250 987.05643750 0.98705644 3.22331250 B-4 0.00000000 3.22331671 987.05643392 0.98705643 3.22331671 B-5 0.00000000 3.22330000 987.05645000 0.98705645 3.22330000 B-6 0.00000000 3.22331834 987.05645125 0.98705645 3.22331834 (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-PO 221,445.73 0.00000% 217,176.35 0.00 0.00 0.00 A-1 200,000,000.00 5.75000% 169,737,233.54 813,324.24 0.00 0.00 A-2 193,493,000.00 5.75000% 164,214,832.64 786,862.74 0.00 0.00 A-3 1,500,000.00 5.75000% 1,485,419.63 7,117.64 0.00 0.00 A-R 100.00 5.75000% 0.00 0.00 0.00 0.00 B-1 2,401,000.00 5.75000% 2,377,661.68 11,392.96 0.00 0.00 B-2 801,000.00 5.75000% 793,214.08 3,800.82 0.00 0.00 B-3 800,000.00 5.75000% 792,223.80 3,796.07 0.00 0.00 B-4 401,000.00 5.75000% 397,102.18 1,902.78 0.00 0.00 B-5 200,000.00 5.75000% 198,055.95 949.02 0.00 0.00 B-6 400,394.83 5.75000% 396,502.90 1,899.91 0.00 0.00 Totals 400,217,940.56 1,631,046.18 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-PO 0.00 0.00 0.00 0.00 215,783.72 A-1 754.30 0.00 812,569.94 0.00 157,115,484.91 A-2 729.76 0.00 786,132.98 0.00 152,003,732.61 A-3 6.60 0.00 7,111.03 0.00 1,480,584.66 A-R 0.00 0.00 0.00 0.00 0.00 B-1 10.57 0.00 11,382.40 0.00 2,369,922.52 B-2 3.52 0.00 3,797.29 0.00 790,632.21 B-3 3.52 0.00 3,792.55 0.00 789,645.15 B-4 1.76 0.00 1,901.02 0.00 395,809.63 B-5 0.88 0.00 948.14 0.00 197,411.29 B-6 1.76 0.00 1,898.15 0.00 395,212.30 Totals 1,512.67 0.00 1,629,533.50 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-PO 221,445.73 0.00000% 980.72042301 0.00000000 0.00000000 0.00000000 A-1 200,000,000.00 5.75000% 848.68616770 4.06662120 0.00000000 0.00000000 A-2 193,493,000.00 5.75000% 848.68616766 4.06662122 0.00000000 0.00000000 A-3 1,500,000.00 5.75000% 990.27975333 4.74509333 0.00000000 0.00000000 A-R 100.00 5.75000% 0.00000000 0.00000000 0.00000000 0.00000000 B-1 2,401,000.00 5.75000% 990.27975010 4.74508955 0.00000000 0.00000000 B-2 801,000.00 5.75000% 990.27975031 4.74509363 0.00000000 0.00000000 B-3 800,000.00 5.75000% 990.27975000 4.74508750 0.00000000 0.00000000 B-4 401,000.00 5.75000% 990.27975062 4.74508728 0.00000000 0.00000000 B-5 200,000.00 5.75000% 990.27975000 4.74510000 0.00000000 0.00000000 B-6 400,394.83 5.75000% 990.27976960 4.74509124 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 A-PO 0.00000000 0.00000000 0.00000000 0.00000000 974.43161356 A-1 0.00377150 0.00000000 4.06284970 0.00000000 785.57742455 A-2 0.00377151 0.00000000 4.06284972 0.00000000 785.57742456 A-3 0.00440000 0.00000000 4.74068667 0.00000000 987.05644000 A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00440233 0.00000000 4.74069138 0.00000000 987.05644315 B-2 0.00439451 0.00000000 4.74068664 0.00000000 987.05644195 B-3 0.00440000 0.00000000 4.74068750 0.00000000 987.05643750 B-4 0.00438903 0.00000000 4.74069825 0.00000000 987.05643392 B-5 0.00440000 0.00000000 4.74070000 0.00000000 987.05645000 B-6 0.00439566 0.00000000 4.74069558 0.00000000 987.05645125 (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 26,329,866.92 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 523,527.78 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Prepayment Penalties 0.00 Total Deposits 26,853,394.70 Withdrawals Reimbursement for Servicer Advances 291,107.51 Payment of Service Fee 57,137.98 Payment of Interest and Principal 26,484,737.24 Total Withdrawals (Pool Distribution Amount) 26,832,982.73 Ending Balance 20,411.97

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 20,087.27 Servicing Fee Support 18,574.60 Non-Supported Prepayment/Curtailment Interest Shortfall 1,512.67

SERVICING FEES Gross Servicing Fee 70,891.93 Master Servicing Fee 4,820.65 Supported Prepayment/Curtailment Interest Shortfall 18,574.60 Net Servicing Fee 57,137.98

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 1 0 0 0 1 386,083.16 0.00 0.00 0.00 386,083.16 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 1 0 0 0 1 104,000.00 0.00 0.00 0.00 104,000.00 120 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 2 0 0 0 2 490,083.16 0.00 0.00 0.00 490,083.16 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 0.145138% 0.000000% 0.000000% 0.000000% 0.145138% 0.117809% 0.000000% 0.000000% 0.000000% 0.117809% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.145138% 0.000000% 0.000000% 0.000000% 0.145138% 0.031735% 0.000000% 0.000000% 0.000000% 0.031735% 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 0.290276% 0.000000% 0.000000% 0.000000% 0.290276% 0.149544% 0.000000% 0.000000% 0.000000% 0.149544%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 172,034.46

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 5,003,394.83 1.25016755% 4,938,633.10 1.56407509% 98.434855% 100.000000% Class B-1 2,602,394.83 0.65024442% 2,568,710.58 0.81351584% 0.751073% 0.000000% Class B-2 1,801,394.83 0.45010347% 1,778,078.37 0.56312102% 0.250566% 0.000000% Class B-3 1,001,394.83 0.25021238% 988,433.22 0.31303880% 0.250253% 0.000000% Class B-4 600,394.83 0.15001697% 592,623.59 0.18768509% 0.125439% 0.000000% Class B-5 400,394.83 0.10004420% 395,212.30 0.12516454% 0.062563% 0.000000% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.125250% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description Fixed 15 Year Weighted Average Gross Coupon 6.423549% Weighted Average Pass-Through Rate 5.750000% Weighted Average Maturity (Stepdown Calculation) 174 Beginning Scheduled Collateral Loan Count 736 Number Of Loans Paid In Full 47 Ending Scheduled Collateral Loan Count 689 Beginning Scheduled Collateral Balance 340,609,422.75 Ending Scheduled Collateral Balance 315,754,219.01 Ending Actual Collateral Balance at 30-Nov-2002 327,718,628.47 Ending Scheduled Balance For Wells Fargo Serviced 311,616,904.09 Ending Scheduled Balance For Other Servicers 4,137,314.92 Monthly P &I Constant 2,894,591.33 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 26,444,988.26 Class AP Deferred Amount 0.00 Ending Scheduled Balance for Premium Loans 301,757,021.37 Ending Scheduled Balance for Discount Loans 13,997,197.64 Scheduled Principal 1,108,758.39 Unscheduled Principal 23,746,445.35 Unpaid Principal Balance Of Outstanding Mortgage Loans With Original LTV: Less Than Or Equal To 80% 311,836,772.35 Greater Than 80%, less than or equal to 85% 1,682,752.29 Greater than 85%, less than or equal to 95% 1,551,658.41 Greater than 95% 684,310.44

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