8-K 1 we722050-8k.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: May 28, 2003 (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 May 28, 2003, Wells Fargo Asset Securities Corporation, a Delaware corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series 2003-E, Class A-1, Class A-2, Class A-3, Class A-4, Class A-WIO, Class A-R, Class B-1, Class B-2 and Class B-3 (the "Offered Certificates"), having an aggregate original principal balance of $149,858,920.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of May 28, 2003, 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 2003-E, Class B-4, Class B-5 and Class B-6 Certificates, having an aggregate initial principal balance of $677,673.86 (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 99.55% undivided interest in a trust fund (the "Trust Estate"), consisting principally of a pool of adjustable interest rate, conventional, monthly pay, fully-amortizing, one-to four-family residential first mortgage loans, which may include loans secured by shares issued by cooperative housing corporations. Some of the Mortgage Loans were originated in connection with the relocation of employees by various corporate employers that participated in the relocation program of Wells Fargo Home Mortgage, Inc. and of the employees of various non-participant employers. 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. An election will be made to treat the Trust Estate as a REMIC for federal income tax purposes. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-WIO, 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 REMIC and the Class A-R Certificate will be treated as the "residual interest" in the 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 May 28, 2003, 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 May 28, 2003 /s/ Patrick Greene ---------------------------------------- Patrick Greene Senior Vice President INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, E dated as of May 28, 2003 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: 5/31/03 Distribution Date: 6/25/03 WFMBS Series: 2003-E 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-1 949783AA2 SEQ 5.00000% 113,945,000.00 474,289.41 4,057,293.50 A-2 949783AB0 SEQ 0.00000% 2,250,820.51 0.00 5,030.75 A-3 949783AC8 SEQ 5.00000% 30,000,000.00 124,873.25 1,068,224.19 A-4 949783AD6 SEQ 5.00000% 50,000.00 208.12 1,780.37 A-WIO 949783AE4 NOT 0.30629% 0.00 23,228.16 0.00 A-R 949783AF1 SEQ 5.00000% 100.00 0.42 100.00 B-1 949783AG9 SUB 5.00000% 2,408,000.00 10,023.16 2,622.70 B-2 949783AH7 SUB 5.00000% 678,000.00 2,822.14 738.45 B-3 949783AJ3 SUB 5.00000% 527,000.00 2,193.61 573.99 B-4 949783AK0 SUB 5.00000% 226,000.00 940.71 246.15 B-5 949783AL8 SUB 5.00000% 225,000.00 936.55 245.06 B-6 949783AM6 SUB 5.00000% 226,673.86 943.52 245.66 Totals 150,536,594.37 640,459.05 5,137,100.82

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 109,887,706.50 4,531,582.91 0.00 A-2 0.00 2,245,789.76 5,030.75 0.00 A-3 0.00 28,931,775.81 1,193,097.44 0.00 A-4 0.00 48,219.63 1,988.49 0.00 A-WIO 0.00 0.00 23,228.16 0.00 A-R 0.00 0.00 100.42 0.00 B-1 0.00 2,405,377.30 12,645.86 0.00 B-2 0.00 677,261.55 3,560.59 0.00 B-3 0.00 526,426.01 2,767.60 0.00 B-4 0.00 225,753.85 1,186.86 0.00 B-5 0.00 224,754.94 1,181.61 0.00 B-6 1.22 226,426.98 1,189.18 1.22 Totals 1.22 145,399,492.33 5,777,559.87 1.22 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-1 113,945,000.00 113,945,000.00 124,101.98 3,933,191.52 0.00 0.00 A-2 2,250,820.51 2,250,820.51 2,805.20 2,225.54 0.00 0.00 A-3 30,000,000.00 30,000,000.00 32,674.18 1,035,550.01 0.00 0.00 A-4 50,000.00 50,000.00 54.46 1,725.92 0.00 0.00 A-WIO 0.00 0.00 0.00 0.00 0.00 0.00 A-R 100.00 100.00 3.06 96.94 0.00 0.00 B-1 2,408,000.00 2,408,000.00 2,622.70 0.00 0.00 0.00 B-2 678,000.00 678,000.00 738.45 0.00 0.00 0.00 B-3 527,000.00 527,000.00 573.99 0.00 0.00 0.00 B-4 226,000.00 226,000.00 246.15 0.00 0.00 0.00 B-5 225,000.00 225,000.00 245.06 0.00 0.00 0.00 B-6 226,673.86 226,673.86 245.66 0.00 0.00 1.22 Totals 150,536,594.37 150,536,594.37 164,310.89 4,972,789.93 0.00 1.22 (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 4,057,293.50 109,887,706.50 0.96439253 4,057,293.50 A-2 5,030.75 2,245,789.76 0.99776493 5,030.75 A-3 1,068,224.19 28,931,775.81 0.96439253 1,068,224.19 A-4 1,780.37 48,219.63 0.96439260 1,780.37 A-WIO 0.00 0.00 0.00000000 0.00 A-R 100.00 0.00 0.00000000 100.00 B-1 2,622.70 2,405,377.30 0.99891084 2,622.70 B-2 738.45 677,261.55 0.99891084 738.45 B-3 573.99 526,426.01 0.99891083 573.99 B-4 246.15 225,753.85 0.99891084 246.15 B-5 245.06 224,754.94 0.99891084 245.06 B-6 246.88 226,426.98 0.99891086 245.66 Totals 5,137,102.04 145,399,492.33 0.96587473 5,137,100.82

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 113,945,000.00 1000.00000000 1.08913932 34.51833358 0.00000000 A-2 2,250,820.51 1000.00000000 1.24630107 0.98876831 0.00000000 A-3 30,000,000.00 1000.00000000 1.08913933 34.51833367 0.00000000 A-4 50,000.00 1000.00000000 1.08920000 34.51840000 0.00000000 A-WIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 1000.00000000 30.60000000 969.40000000 0.00000000 B-1 2,408,000.00 1000.00000000 1.08916113 0.00000000 0.00000000 B-2 678,000.00 1000.00000000 1.08915929 0.00000000 0.00000000 B-3 527,000.00 1000.00000000 1.08916509 0.00000000 0.00000000 B-4 226,000.00 1000.00000000 1.08915929 0.00000000 0.00000000 B-5 225,000.00 1000.00000000 1.08915556 0.00000000 0.00000000 B-6 226,673.86 1000.00000000 1.08375972 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-1 0.00000000 35.60747290 964.39252710 0.96439253 35.60747290 A-2 0.00000000 2.23507382 997.76492618 0.99776493 2.23507382 A-3 0.00000000 35.60747300 964.39252700 0.96439253 35.60747300 A-4 0.00000000 35.60740000 964.39260000 0.96439260 35.60740000 A-WIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000 B-1 0.00000000 1.08916113 998.91083887 0.99891084 1.08916113 B-2 0.00000000 1.08915929 998.91084071 0.99891084 1.08915929 B-3 0.00000000 1.08916509 998.91083491 0.99891083 1.08916509 B-4 0.00000000 1.08915929 998.91084071 0.99891084 1.08915929 B-5 0.00000000 1.08915556 998.91084444 0.99891084 1.08915556 B-6 0.00538218 1.08914191 998.91085809 0.99891086 1.08375972 (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-1 113,945,000.00 5.00000% 113,945,000.00 474,770.83 0.00 0.00 A-2 2,250,820.51 0.00000% 2,250,820.51 0.00 0.00 0.00 A-3 30,000,000.00 5.00000% 30,000,000.00 125,000.00 0.00 0.00 A-4 50,000.00 5.00000% 50,000.00 208.33 0.00 0.00 A-WIO 0.00 0.30629% 91,098,406.84 23,251.74 0.00 0.00 A-R 100.00 5.00000% 100.00 0.42 0.00 0.00 B-1 2,408,000.00 5.00000% 2,408,000.00 10,033.33 0.00 0.00 B-2 678,000.00 5.00000% 678,000.00 2,825.00 0.00 0.00 B-3 527,000.00 5.00000% 527,000.00 2,195.83 0.00 0.00 B-4 226,000.00 5.00000% 226,000.00 941.67 0.00 0.00 B-5 225,000.00 5.00000% 225,000.00 937.50 0.00 0.00 B-6 226,673.86 5.00000% 226,673.86 944.47 0.00 0.00 Totals 150,536,594.37 641,109.12 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-1 481.43 0.00 474,289.41 0.00 109,887,706.50 A-2 0.00 0.00 0.00 0.00 2,245,789.76 A-3 126.75 0.00 124,873.25 0.00 28,931,775.81 A-4 0.21 0.00 208.12 0.00 48,219.63 A-WIO 23.58 0.00 23,228.16 0.00 86,198,432.19 A-R 0.00 0.00 0.42 0.00 0.00 B-1 10.17 0.00 10,023.16 0.00 2,405,377.30 B-2 2.86 0.00 2,822.14 0.00 677,261.55 B-3 2.23 0.00 2,193.61 0.00 526,426.01 B-4 0.95 0.00 940.71 0.00 225,753.85 B-5 0.95 0.00 936.55 0.00 224,754.94 B-6 0.96 0.00 943.52 0.00 226,426.98 Totals 650.09 0.00 640,459.05 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-1 113,945,000.00 5.00000% 1000.00000000 4.16666664 0.00000000 0.00000000 A-2 2,250,820.51 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 30,000,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 A-4 50,000.00 5.00000% 1000.00000000 4.16660000 0.00000000 0.00000000 A-WIO 0.00 0.30629% 1000.00000000 0.25523761 0.00000000 0.00000000 A-R 100.00 5.00000% 1000.00000000 4.20000000 0.00000000 0.00000000 B-1 2,408,000.00 5.00000% 1000.00000000 4.16666528 0.00000000 0.00000000 B-2 678,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 B-3 527,000.00 5.00000% 1000.00000000 4.16666034 0.00000000 0.00000000 B-4 226,000.00 5.00000% 1000.00000000 4.16668142 0.00000000 0.00000000 B-5 225,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 B-6 226,673.86 5.00000% 1000.00000000 4.16664718 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-1 0.00422511 0.00000000 4.16244162 0.00000000 964.39252710 A-2 0.00000000 0.00000000 0.00000000 0.00000000 997.76492618 A-3 0.00422500 0.00000000 4.16244167 0.00000000 964.39252700 A-4 0.00420000 0.00000000 4.16240000 0.00000000 964.39260000 A-WIO 0.00025884 0.00000000 0.25497877 0.00000000 946.21229042 A-R 0.00000000 0.00000000 4.20000000 0.00000000 0.00000000 B-1 0.00422342 0.00000000 4.16244186 0.00000000 998.91083887 B-2 0.00421829 0.00000000 4.16244838 0.00000000 998.91084071 B-3 0.00423150 0.00000000 4.16244782 0.00000000 998.91083491 B-4 0.00420354 0.00000000 4.16243363 0.00000000 998.91084071 B-5 0.00422222 0.00000000 4.16244444 0.00000000 998.91084444 B-6 0.00423516 0.00000000 4.16245614 0.00000000 998.91085809 (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 5,816,016.59 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 0.00 Total Deposits 5,816,016.59 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 45,617.39 Payment of Interest and Principal 5,777,559.85 Total Withdrawals (Pool Distribution Amount) 5,823,177.24 Ending Balance 7,160.65

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 3,279.66 Servicing Fee Support 2,629.57 Non-Supported Prepayment/Curtailment Interest Shortfall 650.09

SERVICING FEES Gross Servicing Fee 46,993.79 Master Servicing Fee 1,253.17 Supported Prepayment/Curtailment Interest Shortfall 2,629.57 Net Servicing Fee 45,617.39

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 2 0 0 0 2 1,547,000.00 0.00 0.00 0.00 1,547,000.00 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 2 0 0 0 2 1,547,000.00 0.00 0.00 0.00 1,547,000.00 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 0.763359% 0.000000% 0.000000% 0.000000% 0.763359% 1.122033% 0.000000% 0.000000% 0.000000% 1.122033% 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 0.763359% 0.000000% 0.000000% 0.000000% 0.763359% 1.122033% 0.000000% 0.000000% 0.000000% 1.122033%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 37,782.64

SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Original $ Original % Current $ Current % Class% Prepayment% Class A 4,290,673.86 2.85025304% 4,286,000.63 2.94774112% 97.052259% 100.000000% Class B-1 1,882,673.86 1.25064199% 1,880,623.33 1.29341809% 1.654323% 0.000000% Class B-2 1,204,673.86 0.80025316% 1,203,361.78 0.82762447% 0.465794% 0.000000% Class B-3 677,673.86 0.45017217% 676,935.77 0.46556956% 0.362055% 0.000000% Class B-4 451,673.86 0.30004257% 451,181.92 0.31030502% 0.155265% 0.000000% Class B-5 226,673.86 0.15057725% 226,426.98 0.15572749% 0.154578% 0.000000% Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.155727% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure

COLLATERAL STATEMENT Collateral Description 10/1 CMT ARM Weighted Average Gross Coupon 5.495711% Weighted Average Net Coupon 5.110711% Weighted Average Pass-Through Rate 5.110711% Weighted Average Maturity(Stepdown Calculation ) 356 Beginning Scheduled Collateral Loan Count 270 Number Of Loans Paid In Full 8 Ending Scheduled Collateral Loan Count 262 Beginning Scheduled Collateral Balance 150,536,594.37 Ending Scheduled Collateral Balance 145,399,492.33 Ending Actual Collateral Balance at 31-May-2003 137,874,693.84 Monthly P &I Constant 857,942.58 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 5,755,660.13 Ending Scheduled Balance for Premium Loans 145,399,492.33 Scheduled Principal 164,312.11 Unscheduled Principal 4,972,789.93 Unpaid Principal Balance Of Outstanding Mortgage Loans With Original LTV: Less Than Or Equal To 80% 145,009,201.54 Greater Than 80%, less than or equal to 85% 0.00 Greater than 85%, less than or equal to 95% 390,887.51 Greater than 95% 0.00

Filing Compare · WELLS FARGO MORTGAGE BACK SECURITIES 2003-E