8-K 1 as753593-8k.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: January 30, 2004 (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 (IRS Employer of incorporation) File No.) Identification No.) 201 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 January 30, 2004, Asset Backed Funding Corporation (the "Corporation"), sold ABFC Asset-Backed Certificates, Series 2004-OPT1, Class A-1, Class A-1A, Class A-2, 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 $431,069,000.00. The Offered Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as of January 1, 2004 (the "Agreement"), among the Corporation, as depositor, Option One Mortgage Corporation, as master servicer, and Wells Fargo Bank, National Association, as trustee, a copy of which is filed as an exhibit hereto. ABFC Asset-Backed Certificates, Series 2004-OPT1, Class B, 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 97.35% 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 Exhibit No. Description ----------------- ----------- (EX-4) Pooling and Servicing Agreement, dated as of January 1, 2004, among Asset Backed Funding Corporation, Option One Mortgage Corporation and Wells Fargo Bank, 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 January 30, 2004 By: /s/ Kirk B. Meyers --------------------------------- Name: Kirk B. Meyers Title: Vice President INDEX TO EXHIBITS Paper (P) or Exhibit No. Description Electronic (E) ----------- ----------- -------------- (EX-4) Pooling and Servicing Agreement, dated as E of January 1, 2004, among Asset Backed Funding Corporation, Option One Mortage Corporation and Wells Fargo Bank, National Association.

Asset Backed Funding Corporation Asset Backed Certificates Record Date: 11/30/2004 Distribution Date: 12/27/2004 Asset Backed Funding Corporation Asset Backed Certificates Series 2004 OPT-1 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 A-1 04542BEX6 SEQ 2.50000% 182,483,080.03 392,845.49 12,416,591.15 A-1A 04542BEY4 SEQ 2.60000% 9,604,506.26 21,503.42 653,513.89 A-2 04542BEZ1 SEQ 2.53000% 29,389,750.44 64,028.83 2,232,345.40 M-1 04542BFA5 SUB 2.88000% 31,439,000.00 77,968.71 0.00 M-2 04542BFB3 SUB 3.63000% 23,247,000.00 72,666.24 0.00 M-3 04542BFC1 SUB 3.78000% 7,749,000.00 25,222.99 0.00 M-4 04542BFD9 SUB 4.08000% 6,642,000.00 23,335.56 0.00 M-5 04542BFE7 SUB 4.33000% 4,428,000.00 16,510.29 0.00 M-6 04542BFF4 SUB 5.68000% 5,535,000.00 27,072.30 0.00 B 04542BFG2 SUB 6.00000% 7,749,000.00 38,745.00 0.00 CE BFCAS04OPCE SEQ 0.00000% 3,985,240.01 1,018,938.23 0.00 P BFCAS04OPTP SEQ 0.00000% 0.00 234,431.56 0.00 R BFCAS04OPTR SEQ 0.00000% 0.00 0.00 0.00 Totals 312,251,576.74 2,013,268.62 15,302,450.44

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 170,066,488.87 12,809,436.64 0.00 A-1A 0.00 8,950,992.37 675,017.31 0.00 A-2 0.00 27,157,405.05 2,296,374.23 0.00 M-1 0.00 31,439,000.00 77,968.71 0.00 M-2 0.00 23,247,000.00 72,666.24 0.00 M-3 0.00 7,749,000.00 25,222.99 0.00 M-4 0.00 6,642,000.00 23,335.56 0.00 M-5 0.00 4,428,000.00 16,510.29 0.00 M-6 0.00 5,535,000.00 27,072.30 0.00 B 0.00 7,749,000.00 38,745.00 0.00 CE 0.00 3,985,240.01 1,018,938.23 0.00 P 0.00 0.00 234,431.56 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 296,949,126.30 17,315,719.06 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-1 287,504,000.00 182,483,080.03 0.00 12,416,591.15 0.00 0.00 A-1A 15,132,000.00 9,604,506.26 0.00 653,513.89 0.00 0.00 A-2 49,393,000.00 29,389,750.44 0.00 2,232,345.40 0.00 0.00 M-1 31,439,000.00 31,439,000.00 0.00 0.00 0.00 0.00 M-2 23,247,000.00 23,247,000.00 0.00 0.00 0.00 0.00 M-3 7,749,000.00 7,749,000.00 0.00 0.00 0.00 0.00 M-4 6,642,000.00 6,642,000.00 0.00 0.00 0.00 0.00 M-5 4,428,000.00 4,428,000.00 0.00 0.00 0.00 0.00 M-6 5,535,000.00 5,535,000.00 0.00 0.00 0.00 0.00 B 7,749,000.00 7,749,000.00 0.00 0.00 0.00 0.00 CE 3,986,445.89 3,985,240.01 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 442,804,445.89 312,251,576.74 0.00 15,302,450.44 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 12,416,591.15 170,066,488.87 0.59152738 12,416,591.15 A-1A 653,513.89 8,950,992.37 0.59152738 653,513.89 A-2 2,232,345.40 27,157,405.05 0.54982295 2,232,345.40 M-1 0.00 31,439,000.00 1.00000000 0.00 M-2 0.00 23,247,000.00 1.00000000 0.00 M-3 0.00 7,749,000.00 1.00000000 0.00 M-4 0.00 6,642,000.00 1.00000000 0.00 M-5 0.00 4,428,000.00 1.00000000 0.00 M-6 0.00 5,535,000.00 1.00000000 0.00 B 0.00 7,749,000.00 1.00000000 0.00 CE 0.00 3,985,240.01 0.99969750 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 15,302,450.44 296,949,126.30 0.67061008 15,302,450.44

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 287,504,000.00 634.71492581 0.00000000 43.18754226 0.00000000 A-1A 15,132,000.00 634.71492598 0.00000000 43.18754229 0.00000000 A-2 49,393,000.00 595.01853380 0.00000000 45.19558237 0.00000000 M-1 31,439,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 23,247,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 7,749,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,642,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 4,428,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 5,535,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 7,749,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,986,445.89 999.69750499 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 A-1 0.00000000 43.18754226 591.52738351 0.59152738 43.18754226 A-1A 0.00000000 43.18754229 591.52738369 0.59152738 43.18754229 A-2 0.00000000 45.19558237 549.82295163 0.54982295 45.19558237 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.69750499 0.99969750 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-1 287,504,000.00 2.50000% 182,483,080.03 392,845.52 0.00 0.00 A-1A 15,132,000.00 2.60000% 9,604,506.26 21,503.42 0.00 0.00 A-2 49,393,000.00 2.53000% 29,389,750.44 64,028.84 0.00 0.00 M-1 31,439,000.00 2.88000% 31,439,000.00 77,968.72 0.00 0.00 M-2 23,247,000.00 3.63000% 23,247,000.00 72,666.25 0.00 0.00 M-3 7,749,000.00 3.78000% 7,749,000.00 25,223.00 0.00 0.00 M-4 6,642,000.00 4.08000% 6,642,000.00 23,335.56 0.00 0.00 M-5 4,428,000.00 4.33000% 4,428,000.00 16,510.29 0.00 0.00 M-6 5,535,000.00 5.68000% 5,535,000.00 27,072.30 0.00 0.00 B 7,749,000.00 6.00000% 7,749,000.00 38,745.00 0.00 0.00 CE 3,986,445.89 0.00000% 3,985,240.01 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 442,804,445.89 759,898.90 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 0.03 0.00 392,845.49 0.00 170,066,488.87 A-1A 0.00 0.00 21,503.42 0.00 8,950,992.37 A-2 0.00 0.00 64,028.83 0.00 27,157,405.05 M-1 0.01 0.00 77,968.71 0.00 31,439,000.00 M-2 0.00 0.00 72,666.24 0.00 23,247,000.00 M-3 0.00 0.00 25,222.99 0.00 7,749,000.00 M-4 0.00 0.00 23,335.56 0.00 6,642,000.00 M-5 0.00 0.00 16,510.29 0.00 4,428,000.00 M-6 0.00 0.00 27,072.30 0.00 5,535,000.00 B 0.00 0.00 38,745.00 0.00 7,749,000.00 CE 0.00 0.00 1,018,938.23 0.00 3,985,240.01 P 0.00 0.00 234,431.56 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.04 0.00 2,013,268.62 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-1 287,504,000.00 2.50000% 634.71492581 1.36640019 0.00000000 0.00000000 A-1A 15,132,000.00 2.60000% 634.71492598 1.42105604 0.00000000 0.00000000 A-2 49,393,000.00 2.53000% 595.01853380 1.29631405 0.00000000 0.00000000 M-1 31,439,000.00 2.88000% 1000.00000000 2.48000000 0.00000000 0.00000000 M-2 23,247,000.00 3.63000% 1000.00000000 3.12583344 0.00000000 0.00000000 M-3 7,749,000.00 3.78000% 1000.00000000 3.25500065 0.00000000 0.00000000 M-4 6,642,000.00 4.08000% 1000.00000000 3.51333333 0.00000000 0.00000000 M-5 4,428,000.00 4.33000% 1000.00000000 3.72861111 0.00000000 0.00000000 M-6 5,535,000.00 5.68000% 1000.00000000 4.89111111 0.00000000 0.00000000 B 7,749,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 CE 3,986,445.89 0.00000% 999.69750499 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 A-1 0.00000010 0.00000000 1.36640008 0.00000000 591.52738351 A-1A 0.00000000 0.00000000 1.42105604 0.00000000 591.52738369 A-2 0.00000000 0.00000000 1.29631385 0.00000000 549.82295163 M-1 0.00000032 0.00000000 2.47999968 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.12583301 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.25499935 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.51333333 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.72861111 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.89111111 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 255.60066739 0.00000000 999.69750499 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 17,212,389.05 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) (20,252.30) Prepayment Penalties 234,431.56 Total Deposits 17,426,568.31 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 110,849.25 Payment of Interest and Principal 17,315,719.06 Total Withdrawals (Pool Distribution Amount) 17,426,568.31 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 104,083.82 Credit Risk Manager Fee 4,553.65 Trustee Fee 2,211.78 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 110,849.25

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Account 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 7 1 0 8 1,005,008.16 133,999.75 0.00 1,139,007.91 30 Days 39 0 3 0 42 6,375,990.65 0.00 349,561.40 0.00 6,725,552.05 60 Days 18 2 4 0 24 2,329,998.77 117,160.68 492,406.34 0.00 2,939,565.79 90 Days 18 12 41 3 74 2,869,818.48 1,653,562.33 5,672,232.24 180,866.23 10,376,479.28 120 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 75 21 49 3 148 11,575,807.90 2,775,731.17 6,648,199.73 180,866.23 21,180,605.03 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 0.350350% 0.050050% 0.000000% 0.400400% 0.338245% 0.045099% 0.000000% 0.383344% 30 Days 1.951952% 0.000000% 0.150150% 0.000000% 2.102102% 2.145902% 0.000000% 0.117648% 0.000000% 2.263551% 60 Days 0.900901% 0.100100% 0.200200% 0.000000% 1.201201% 0.784184% 0.039432% 0.165724% 0.000000% 0.989340% 90 Days 0.900901% 0.600601% 2.052052% 0.150150% 3.703704% 0.965866% 0.556523% 1.909045% 0.060872% 3.492306% 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 3.753754% 1.051051% 2.452452% 0.150150% 7.407407% 3.895952% 0.934200% 2.237517% 0.060872% 7.128540%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 116,060.80

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.340000% Weighted Average Net Coupon 6.940000% Weighted Average Pass-Through Rate 6.914000% Weighted Average Maturity(Stepdown Calculation ) 341 Beginning Scheduled Collateral Loan Count 2,086 Number Of Loans Paid In Full 88 Ending Scheduled Collateral Loan Count 1,998 Beginning Scheduled Collateral Balance 312,251,576.74 Ending Scheduled Collateral Balance 296,949,126.30 Ending Actual Collateral Balance at 30-Nov-2004 297,124,005.25 Monthly P &I Constant 2,188,135.38 Special Servicing Fee 0.00 Prepayment Penalties 234,431.56 Realized Loss Amount 20,252.30 Cumulative Realized Loss 151,080.91 Ending Scheduled Balance for Premium Loans 296,949,126.30 Scheduled Principal 278,196.66 Unscheduled Principal 15,024,253.78 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,985,240.01 Overcollateralized Amount 3,985,240.01 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 20,252.30 Excess Cash Amount 1,039,190.53

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.377953 7.096508 7.340000 Weighted Average Net Rate 6.977953 6.696509 6.940000 Weighted Average Maturity 341 341 341 Beginning Loan Count 1,906 180 2,086 Loans Paid In Full 80 8 88 Ending Loan Count 1,826 172 1,998 Beginning Scheduled Balance 270,143,686.70 42,107,890.04 312,251,576.74 Ending scheduled Balance 257,070,627.22 39,878,499.08 296,949,126.30 Record Date 11/30/2004 11/30/2004 11/30/2004 Principal And Interest Constant 1,901,488.79 286,646.59 2,188,135.38 Scheduled Principal 240,565.89 37,630.77 278,196.66 Unscheduled Principal 12,832,493.59 2,191,760.19 15,024,253.78 Scheduled Interest 1,660,922.90 249,015.82 1,909,938.72 Servicing Fees 90,047.87 14,035.95 104,083.82 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,913.52 298.26 2,211.78 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 3,939.57 614.08 4,553.65 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 1,565,021.94 234,067.53 1,799,089.47 Realized Loss Amount 20,252.30 0.00 20,252.30 Cumulative Realized Loss 151,080.91 0.00 151,080.91 Percentage of Cumulative Losses 0.0397 0.0000 0.0341 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.951953 6.670508 6.914000

Miscellaneous Reporting Group Group 1 Available Funds 14,617,829.06 Group Group 2 Available Funds 2,463,458.45

Filing Compare · ABFC ASSET-BACKED CERTIFICATES SERIES 2004-OPT1