8-K 1 as808769-8k.txt CURRENT REPORT 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: August 20, 2003 (Date of earliest event reported) Asset Backed Funding Corporation -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-108551 75-2533468 -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 214 North Tryon Street, Charlotte, North Carolina 28255 -------------------------------------------------------------------------------- Address of principal executive offices (Zip Code) Registrant's telephone number, including area code (704) 386-2400 ----------------------------- -------------------------------------------------------------------------------- (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: |_| 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 August 20, 2003, Asset Backed Funding Corporation (the "Corporation"), sold ABFC Asset-Backed Certificates, Series 2003-OPT1, Class A-1, Class A-1A, Class A-2, Class A-3, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 (the "Offered Certificates"), having an aggregate original principal balance of $761,567,000.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of July 1, 2003 (the "Agreement"), among the Corporation, as depositor, Option One Mortgage Corporation, as master servicer and Wells Fargo Bank Minnesota, N.A., as trustee, a copy of which is filed as an exhibit hereto. ABFC Asset-Backed Certificates, Series 2003-OPT1, Class CE, Class P and Class R (the "Private Certificates" and, together with the Offered Certificates, the "Certificates"), were also issued pursuant to the Agreement but were not publicly offered. As of the date of initial issuance, the Offered Certificates evidenced an approximate 99.05% undivided interest in a trust (the "Trust"), consisting primarily of conventional fixed-rate mortgage loans and adjustable-rate mortgage loans, secured by mortgages creating first and second liens on one- to four-family properties and certain other property. The remaining undivided interests in the Trust are evidenced by the Private 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. An election will be made to treat certain assets of the Trust as one or more real estate mortgage investment conduits for federal income tax purposes (each, a "REMIC"). ITEM 9.01 Financial Statements and Exhibits --------------------------------- (c) Exhibits Item 601(a) of Regulation S-K Description ----------- (EX-4) Pooling and Servicing Agreement, dated as of July 1, 2003, among Asset Backed Funding Corporation, Option One Mortgage Corporation and Wells Fargo Bank Minnesota, National Association. 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 August 20, 2003 By: --------------------------------------- Name: Kirk B. Meyers Title: Vice President INDEX TO EXHIBITS ----------------- Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, E dated as of July 1, 2003, among Asset Backed Funding Corporation, Option One Mortgage Corporation and Wells Fargo Bank Minnesota, National Association.

Asset Backed Funding Corporation Asset-Backed Certificates Record Date: 11/30/03 Distribution Date: 12/26/03 ABFC Series: 2003-OP1 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 04542BDD1 SEN 1.43875% 427,088,198.81 528,946.67 10,264,994.44 A-1A 04542BDE9 SEN 1.52875% 22,271,280.32 29,308.30 535,286.55 A-2 04542BDF6 SEN 1.25875% 49,910,612.03 54,080.58 1,797,927.78 A-3 04542BDG4 SEN 1.45875% 121,860,000.00 153,020.99 0.00 M-1 04542BDH2 SUB 1.80875% 42,288,000.00 65,842.25 0.00 M-2 04542BDJ8 SUB 2.66875% 29,217,000.00 67,120.08 0.00 M-3 04542BDK5 SUB 3.01875% 7,689,000.00 19,980.48 0.00 M-4 04542BDL3 SUB 3.91875% 7,689,000.00 25,937.40 0.00 M-5 04542BDM1 SUB 4.76875% 7,689,000.00 31,563.37 0.00 M-6 04542BDN9 SUB 4.61875% 7,688,000.00 30,566.58 0.00 CE BFCAS03OPCE SEN 0.00000% 7,304,284.64 2,983,300.76 0.00 P BFCAS03OPPP SEN 0.00000% 0.00 281,101.07 0.00 R BFCAS03OPTR SEN 0.00000% 0.00 0.00 0.00 Totals 730,694,375.80 4,270,768.53 12,598,208.77

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 416,823,204.37 10,793,941.11 0.00 A-1A 0.00 21,735,993.77 564,594.85 0.00 A-2 0.00 48,112,684.25 1,852,008.36 0.00 A-3 0.00 121,860,000.00 153,020.99 0.00 M-1 0.00 42,288,000.00 65,842.25 0.00 M-2 0.00 29,217,000.00 67,120.08 0.00 M-3 0.00 7,689,000.00 19,980.48 0.00 M-4 0.00 7,689,000.00 25,937.40 0.00 M-5 0.00 7,689,000.00 31,563.37 0.00 M-6 0.00 7,688,000.00 30,566.58 0.00 CE 0.00 7,304,284.64 2,983,300.76 0.00 P 0.00 0.00 281,101.07 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 718,096,167.03 16,868,977.30 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-1 454,678,000.00 427,088,198.81 0.00 10,264,994.44 0.00 0.00 A-1A 23,710,000.00 22,271,280.32 0.00 535,286.55 0.00 0.00 A-2 59,059,000.00 49,910,612.03 0.00 1,797,927.78 0.00 0.00 A-3 121,860,000.00 121,860,000.00 0.00 0.00 0.00 0.00 M-1 42,288,000.00 42,288,000.00 0.00 0.00 0.00 0.00 M-2 29,217,000.00 29,217,000.00 0.00 0.00 0.00 0.00 M-3 7,689,000.00 7,689,000.00 0.00 0.00 0.00 0.00 M-4 7,689,000.00 7,689,000.00 0.00 0.00 0.00 0.00 M-5 7,689,000.00 7,689,000.00 0.00 0.00 0.00 0.00 M-6 7,688,000.00 7,688,000.00 0.00 0.00 0.00 0.00 CE 7,305,067.20 7,304,284.64 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 768,872,067.20 730,694,375.80 0.00 12,598,208.77 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 10,264,994.44 416,823,204.37 0.91674373 10,264,994.44 A-1A 535,286.55 21,735,993.77 0.91674373 535,286.55 A-2 1,797,927.78 48,112,684.25 0.81465457 1,797,927.78 A-3 0.00 121,860,000.00 1.00000000 0.00 M-1 0.00 42,288,000.00 1.00000000 0.00 M-2 0.00 29,217,000.00 1.00000000 0.00 M-3 0.00 7,689,000.00 1.00000000 0.00 M-4 0.00 7,689,000.00 1.00000000 0.00 M-5 0.00 7,689,000.00 1.00000000 0.00 M-6 0.00 7,688,000.00 1.00000000 0.00 CE 0.00 7,304,284.64 0.99989287 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 12,598,208.77 718,096,167.03 0.93396053 12,598,208.77

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 454,678,000.00 939.32013163 0.00000000 22.57640449 0.00000000 A-1A 23,710,000.00 939.32013159 0.00000000 22.57640447 0.00000000 A-2 59,059,000.00 845.09747930 0.00000000 30.44290929 0.00000000 A-3 121,860,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 42,288,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 29,217,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 7,689,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 7,689,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 7,689,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 7,688,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,305,067.20 999.89287436 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 $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 22.57640449 916.74372714 0.91674373 22.57640449 A-1A 0.00000000 22.57640447 916.74372712 0.91674373 22.57640447 A-2 0.00000000 30.44290929 814.65457001 0.81465457 30.44290929 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 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 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.89287436 0.99989287 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 A-1 454,678,000.00 1.43875% 427,088,198.81 529,129.65 0.00 0.00 A-1A 23,710,000.00 1.52875% 22,271,280.32 29,318.44 0.00 0.00 A-2 59,059,000.00 1.25875% 49,910,612.03 54,099.29 0.00 0.00 A-3 121,860,000.00 1.45875% 121,860,000.00 153,073.93 0.00 0.00 M-1 42,288,000.00 1.80875% 42,288,000.00 65,865.03 0.00 0.00 M-2 29,217,000.00 2.66875% 29,217,000.00 67,143.30 0.00 0.00 M-3 7,689,000.00 3.01875% 7,689,000.00 19,987.40 0.00 0.00 M-4 7,689,000.00 3.91875% 7,689,000.00 25,946.37 0.00 0.00 M-5 7,689,000.00 4.76875% 7,689,000.00 31,574.29 0.00 0.00 M-6 7,688,000.00 4.61875% 7,688,000.00 30,577.15 0.00 0.00 CE 7,305,067.20 0.00000% 7,304,284.64 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 768,872,067.20 1,006,714.85 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-1 182.99 0.00 528,946.67 0.00 416,823,204.37 A-1A 10.14 0.00 29,308.30 0.00 21,735,993.77 A-2 18.71 0.00 54,080.58 0.00 48,112,684.25 A-3 52.94 0.00 153,020.99 0.00 121,860,000.00 M-1 22.78 0.00 65,842.25 0.00 42,288,000.00 M-2 23.22 0.00 67,120.08 0.00 29,217,000.00 M-3 6.91 0.00 19,980.48 0.00 7,689,000.00 M-4 8.97 0.00 25,937.40 0.00 7,689,000.00 M-5 10.92 0.00 31,563.37 0.00 7,689,000.00 M-6 10.57 0.00 30,566.58 0.00 7,688,000.00 CE 0.00 0.00 2,983,300.76 0.00 7,304,284.64 P 0.00 0.00 281,101.07 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 348.15 0.00 4,270,768.53 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-1 454,678,000.00 1.43875% 939.32013163 1.16374588 0.00000000 0.00000000 A-1A 23,710,000.00 1.52875% 939.32013159 1.23654323 0.00000000 0.00000000 A-2 59,059,000.00 1.25875% 845.09747930 0.91602110 0.00000000 0.00000000 A-3 121,860,000.00 1.45875% 1000.00000000 1.25614582 0.00000000 0.00000000 M-1 42,288,000.00 1.80875% 1000.00000000 1.55753476 0.00000000 0.00000000 M-2 29,217,000.00 2.66875% 1000.00000000 2.29809015 0.00000000 0.00000000 M-3 7,689,000.00 3.01875% 1000.00000000 2.59947978 0.00000000 0.00000000 M-4 7,689,000.00 3.91875% 1000.00000000 3.37447913 0.00000000 0.00000000 M-5 7,689,000.00 4.76875% 1000.00000000 4.10642346 0.00000000 0.00000000 M-6 7,688,000.00 4.61875% 1000.00000000 3.97725676 0.00000000 0.00000000 CE 7,305,067.20 0.00000% 999.89287436 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 $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 0.00040246 0.00000000 1.16334344 0.00000000 916.74372714 A-1A 0.00042767 0.00000000 1.23611556 0.00000000 916.74372712 A-2 0.00031680 0.00000000 0.91570430 0.00000000 814.65457001 A-3 0.00043443 0.00000000 1.25571139 0.00000000 1000.00000000 M-1 0.00053869 0.00000000 1.55699607 0.00000000 1000.00000000 M-2 0.00079474 0.00000000 2.29729541 0.00000000 1000.00000000 M-3 0.00089869 0.00000000 2.59857979 0.00000000 1000.00000000 M-4 0.00116660 0.00000000 3.37331252 0.00000000 1000.00000000 M-5 0.00142021 0.00000000 4.10500325 0.00000000 1000.00000000 M-6 0.00137487 0.00000000 3.97588189 0.00000000 1000.00000000 CE 0.00000000 0.00000000 408.38785987 0.00000000 999.89287436 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 17,333,412.31 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 281,101.07 Total Deposits 17,614,513.38 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 745,536.08 Payment of Interest and Principal 16,868,977.30 Total Withdrawals (Pool Distribution Amount) 17,614,513.38 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 304,456.07 Credit Risk Manager Fee 10,626.37 Mortgage Insurance Premium 425,595.85 Trustee Fee 4,857.79 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 745,536.08

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 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 11 0 0 11 1,623,059.92 0.00 0.00 1,623,059.92 30 Days 75 1 1 0 77 12,928,562.13 198,376.36 97,796.75 0.00 13,224,735.24 60 Days 18 1 12 0 31 2,682,819.62 134,810.72 1,605,172.32 0.00 4,422,802.66 90 Days 2 4 41 2 49 231,109.35 825,957.24 6,692,880.81 201,731.90 7,951,679.30 120 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 95 17 54 2 168 15,842,491.10 2,782,204.24 8,395,849.88 201,731.90 27,222,277.12 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 0.231287% 0.000000% 0.000000% 0.231287% 0.225832% 0.000000% 0.000000% 0.225832% 30 Days 1.576955% 0.021026% 0.021026% 0.000000% 1.619008% 1.798878% 0.027602% 0.013607% 0.000000% 1.840087% 60 Days 0.378469% 0.021026% 0.252313% 0.000000% 0.651808% 0.373287% 0.018758% 0.223343% 0.000000% 0.615388% 90 Days 0.042052% 0.084104% 0.862069% 0.042052% 1.030278% 0.032157% 0.114924% 0.931246% 0.028069% 1.106395% 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 1.997477% 0.357443% 1.135408% 0.042052% 3.532380% 2.204322% 0.387115% 1.168197% 0.028069% 3.787703%

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 & Arm Weighted Average Gross Coupon 7.777070% Weighted Average Net Coupon 7.277070% Weighted Average Pass-Through Rate 6.552696% Weighted Average Maturity(Stepdown Calculation ) 347 Beginning Scheduled Collateral Loan Count 4,824 Number Of Loans Paid In Full 68 Ending Scheduled Collateral Loan Count 4,756 Beginning Scheduled Collateral Balance 730,694,375.80 Ending Scheduled Collateral Balance 718,096,167.03 Ending Actual Collateral Balance at 30-Nov-2003 718,701,452.96 Monthly P &I Constant 5,326,504.69 Special Servicing Fee 0.00 Prepayment Penalties 281,101.07 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 718,096,167.03 Scheduled Principal 590,953.38 Unscheduled Principal 12,007,255.39 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,304,284.64 Overcollateralized Amount 7,304,284.64 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,982,952.28

Miscellaneous Reporting Group 1 Available Funds 13,688,938.41 Group 2 Available Funds 2,898,937.56

Group Level Collateral Statement Group Group 1 Fixed Group 1 ARM Group 2 Fixed Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.483160 7.893430 7.762868 Weighted Average Net Rate 6.983159 7.393430 7.262868 Weighted Average Maturity 347 347 347 Beginning Loan Count 1,066 2,553 354 Loans Paid In Full 16 44 2 Ending Loan Count 1,050 2,509 352 Beginning Scheduled Balance 149,490,788.22 379,367,575.69 55,454,153.18 Ending scheduled Balance 146,817,302.36 371,240,780.56 55,286,659.37 Record Date 11/30/2003 11/30/2003 11/30/2003 Principal And Interest Constant 1,083,707.42 2,771,892.84 411,902.06 Scheduled Principal 151,487.91 276,466.70 53,166.01 Unscheduled Principal 2,521,997.95 7,850,328.43 114,327.80 Scheduled Interest 932,219.51 2,495,426.14 358,736.05 Servicing Fees 62,287.88 158,069.86 23,105.90 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 991.68 2,522.19 369.27 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 104,937.78 209,830.82 36,605.22 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 764,002.17 2,125,003.27 298,655.66 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.132837 6.721724 6.462758

Group Level Collateral Statement Group Group 2 ARM Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.781043 7.777070 Weighted Average Net Rate 7.281043 7.277070 Weighted Average Maturity 347 347 Beginning Loan Count 851 4,824 Loans Paid In Full 6 68 Ending Loan Count 845 4,756 Beginning Scheduled Balance 146,381,858.71 730,694,375.80 Ending scheduled Balance 144,751,424.74 718,096,167.03 Record Date 11/30/2003 11/30/2003 Principal And Interest Constant 1,059,002.37 5,326,504.69 Scheduled Principal 109,832.76 590,953.38 Unscheduled Principal 1,520,601.21 12,007,255.39 Scheduled Interest 949,169.61 4,735,551.31 Servicing Fees 60,992.43 304,456.07 Master Servicing Fees 0.00 0.00 Trustee Fee 974.65 4,857.79 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 84,848.40 436,222.22 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 802,354.13 3,990,015.23 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.577488 6.552696

Filing Compare · ASSET BACKED FUNDING CORP ABFC ASSET BACK CERT SER 2003 OPT1