8-K 1 ffm01ff1.txt MAY 8K 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 (Date of earliest event reported): May 25, 2001 FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2001-FF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-84929-05 Pooling and Servicing Agreement) (Commission (State or other File Number) 52-2267487 jurisdiction 52-2267486 of Incorporation) IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, MD 21044 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Former name or former address, if changed since last report) ITEM 5. Other Events On May 25, 2001 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2001-FF1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2001-FF1 Trust, relating to the May 25, 2001 distribution. 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2001-FF1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee By: /s/ Sherri Sharps, Vice President By: Sherri Sharps, Vice President Date: 5/31/01 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2001-FF1 Trust, relating to the May 25, 2001 distribution. EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 34/3130/01 Distribution Date: 45/25/01 FFM Series: 2001-FF1 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) 846-8152 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 32027NAD3 SEN 54.~~26000~~71625% ~~200~~197,~~127~~338,~~519~~501.1365 ~~877~~775,~~225~~581.6342 2,~~789~~516,~~017~~806.4889 A-2 32027NAE1 SEN 54.~~27500~~73125% 28,~~240~~225,~~792~~575.2865 ~~124~~111,~~141~~285.8221 15294,~~216~~502.6382 M-1 32027NAF8 SUB 5.~~65000~~10625% 11,132,000.00 5247,~~413~~368.1798 0.00 M-2 32027NAG6 SUB 65.~~05000~~50625% 3,711,000.00 1817,~~709~~028.6308 0.00 C FFM01FF1C SUB 0.00000% 1,236,469.32 ~~712~~823,~~558~~014.1517 0.00 P FFM01FF1P SEN 0.00000% 100.00 8174,~~155~~120.3822 0.00 DIV_CERT SEN 0.00000% 0.00 23,~~487~~135.3762 0.00 R-1 FFM1FF1R1 RES 0.00000% 0.00 0.00 0.00 R-2 FFM1FF1R2 RES 0.00000% 0.00 0.00 0.00 Totals ~~244~~241,~~447~~643,~~880~~646.7362 1,~~868~~851,~~691~~533.1570 2,~~804~~811,~~234~~309.1171

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~197~~194,~~338~~821,~~501~~694.6576 3,~~666~~292,~~243~~388.1131 0.00 A-2 0.00 2827,~~225~~931,~~575~~072.6583 ~~139~~405,~~358~~788.4503 0.00 M-1 0.00 11,132,000.00 5247,~~413~~368.1798 0.00 M-2 0.00 3,711,000.00 1817,~~709~~028.6308 0.00 C 0.00 1,236,469.32 ~~712~~823,~~558~~014.1517 0.00 P 0.00 100.00 8174,~~155~~120.3822 0.00 DIV_CERT 0.00 0.00 23,~~487~~135.3762 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 Totals 0.00 ~~241~~238,~~643~~832,~~646~~336.6291 4,~~672~~662,~~925~~843.2641 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-1 201,948,000.00 ~~200~~197,~~127~~338,~~519~~501.1365 0.00 2,~~789~~516,~~017~~806.4889 0.00 0.00 A-2 29,350,000.00 28,~~240~~225,~~792~~575.2865 0.00 15294,~~216~~502.6382 0.00 0.00 M-1 11,132,000.00 11,132,000.00 0.00 0.00 0.00 0.00 M-2 3,711,000.00 3,711,000.00 0.00 0.00 0.00 0.00 C 1,236,469.32 1,236,469.32 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 DIV_CERT 0.00 0.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 Totals 247,377,569.32 ~~244~~241,~~447~~643,~~880~~646.7362 0.00 2,~~804~~811,~~234~~309.1171 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 2,~~789~~516,~~017~~806.4889 ~~197~~194,~~338~~821,~~501~~694.6576 0.~~97717483~~96471218 2,~~789~~516,~~017~~806.4889 A-2 15294,~~216~~502.6382 2827,~~225~~931,~~575~~072.6583 0.~~96168912~~95165495 15294,~~216~~502.6382 M-1 0.00 11,132,000.00 1.00000000 0.00 M-2 0.00 3,711,000.00 1.00000000 0.00 C 0.00 1,236,469.32 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 DIV_CERT 0.00 0.00 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 Totals 2,~~804~~811,~~234~~309.1171 ~~241~~238,~~643~~832,~~646~~336.6291 0.~~97682117~~96545672 2,~~804~~811,~~234~~309.1171

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 201,948,000.00 ~~990~~977.~~98539787~~17482545 0.00000000 1312.~~81057242~~46264826 0.00000000 A-2 29,350,000.00 ~~962~~961.~~20757342~~68911925 0.00000000 010.~~51845417~~03416763 0.00000000 M-1 11,132,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 3,711,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 1,236,469.32 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 1312.~~81057242~~46264826 ~~977~~964.~~17482545~~71217719 0.~~97717483~~96471218 1312.~~81057242~~46264826 A-2 0.00000000 010.~~51845417~~03416763 ~~961~~951.~~68911925~~65495162 0.~~96168912~~95165495 010.~~51845417~~03416763 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 C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 DIV_CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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-1 201,948,000.00 54.2672 ~~200~~197,~~127~~338,~~519~~501.1365 ~~877~~775,~~225~~581.6342 0.00 0.00 A-2 29,350,000.00 54.2873 28,~~240~~225,~~792~~575.2865 ~~124~~111,~~141~~285.8221 0.00 0.00 M-1 11,132,000.00 5.6511 11,132,000.00 5247,~~413~~368.1798 0.00 0.00 M-2 3,711,000.00 65.0551 3,711,000.00 1817,~~709~~028.6308 0.00 0.00 C 1,236,469.32 0.00 1,236,469.32 0.00 0.00 0.00 P 100.00 0.00 100.00 0.00 0.00 0.00 DIV_CERT 0.00 0.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 Totals 247,377,569.32 1951,~~072,490~~263.2569 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 0.00 0.00 ~~877~~775,~~225~~581.6342 0.00 ~~197~~194,~~338~~821,~~501~~694.6576 A-2 0.00 0.00 ~~124~~111,~~141~~285.8221 0.00 2827,~~225~~931,~~575~~072.6583 M-1 0.00 0.00 5247,~~413~~368.1798 0.00 11,132,000.00 M-2 0.00 0.00 1817,~~709~~028.6308 0.00 3,711,000.00 C 0.00 0.00 ~~712~~823,~~558~~014.1517 0.00 1,236,469.32 P 0.00 0.00 8174,~~155~~120.3822 0.00 100.00 DIV_CERT 0.00 0.00 23,~~487~~135.3762 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~868~~851,~~691~~533.1570 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-1 201,948,000.00 54.~~26000~~71625% ~~990~~977.~~98539787~~17482545 43.~~34381935~~84050062 0.00000000 0.00000000 A-2 29,350,000.00 54.~~27500~~73125% ~~962~~961.~~20757342~~68911925 43.~~22970426~~79165963 0.00000000 0.00000000 M-1 11,132,000.00 5.~~65000~~10625% 1000.00000000 4.~~70833363~~25520841 0.00000000 0.00000000 M-2 3,711,000.00 65.~~05000~~50625% 1000.00000000 54.~~04166801~~58854217 0.00000000 0.00000000 C 1,236,469.32 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 0.00000000 0.00000000 43.~~34381935~~84050062 0.00000000 ~~977~~964.~~17482545~~71217719 A-2 0.00000000 0.00000000 43.~~22970426~~79165963 0.00000000 ~~961~~951.~~68911925~~65495162 M-1 0.00000000 0.00000000 4.~~70833363~~25520841 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 54.~~04166801~~58854217 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~576~~665.~~28453733~~61632924 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~811553~~41202.~~80000000~~20000000 0.00000000 1000.00000000 DIV_CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 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 4,~~795~~761,~~419~~548.5242 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 7798,~~019~~593.3797 Realized Losses 0.00 Total Deposits 4,~~872~~860,~~438~~142.8939 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~199~~197,~~513~~298.6398 Payment of Interest and Principal 4,~~672~~662,~~925~~843.2641 Total Withdrawals (Pool Distribution Amount) 4,~~872~~860,~~438~~142.8939 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~101~~100,~~853~~684.3380 Wells Fargo Bank Minnesota, N.A. 1,~~833~~812.7978 Advisor Fee 2,~~988~~955.9890 PMI Insurer Fee 9291,~~837~~845.5350 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~199~~197,~~513~~298.6398

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 56 0 0 56 ~~637~~885,~~395~~776.0523 0.00 0.00 ~~637~~885,~~395~~776.0523 30 Days 1720 01 0 0 1721 12,~~936~~444,~~449~~903.2026 0111,741.0032 0.00 0.00 12,~~936~~556,~~449~~644.2058 60 Days 34 01 104 0 139 ~~567~~543,~~527~~248.7342 071,605.0063 1393,~~111,525~~747.6919 0.00 1,~~679~~008,~~053~~601.4224 90 Days 0 1 1019 0 1120 0.00 7168,~~634~~224.1550 ~~925~~2,~~624~~279,863.1412 0.00 ~~997~~2,~~258~~348,087.2962 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 2024 69 2023 0 4656 2,~~503~~988,~~976~~151.9368 ~~709~~1,~~029~~137,347.2068 2,~~037~~673,~~149~~610.8331 0.00 56,~~250~~799,~~155~~109.9667 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.~~264971~~321543% 0.000000% 0.000000% 0.~~264971~~321543% 0.~~263775~~370812% 0.000000% 0.000000% 0.~~263775~~370812% 30 Days 01.~~900901~~071811% 0.~~000000~~053591% 0.000000% 0.000000% 01.~~900901~~125402% 01.~~801366~~023509% 0.~~000000~~046778% 0.000000% 0.000000% 01.~~801366~~070287% 60 Days 0.~~158983~~214362% 0.~~000000~~053591% 0.~~529942~~214362% 0.000000% 0.~~688924~~482315% 0.~~234861~~227420% 0.~~000000~~029976% 0.~~459985~~164834% 0.000000% 0.~~694847~~422230% 90 Days 0.000000% 0.~~052994~~053591% 01.~~529942~~018221% 0.000000% 01.~~582936~~071811% 0.000000% 0.~~029645~~028561% 0.~~383053~~954418% 0.000000% 0.~~412698~~982979% 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.~~059883~~286174% 0.~~317965~~482315% 1.~~059883~~232583% 0.000000% 23.~~437732~~001072% 1.~~036227~~250929% 0.~~293419~~476127% 01.~~843039~~119252% 0.000000% 2.~~172685~~846308%

Delinquency Status By Groups

DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 56 0 0 56 ~~637~~885,~~395~~776.0523 0.00 0.00 ~~637~~885,~~395~~776.0523 30 Days 1720 01 0 0 1721 12,~~936~~444,~~449~~903.2026 0111,741.0032 0.00 0.00 12,~~936~~556,~~449~~644.2058 60 Days 34 01 104 0 139 ~~567~~543,~~527~~248.7342 071,605.0063 1393,~~111,525~~747.6919 0.00 1,~~679~~008,~~053~~601.4224 90 Days 0 1 1019 0 1120 0.00 7168,~~634~~224.1550 ~~925~~2,~~624~~279,863.1412 0.00 ~~997~~2,~~258~~348,087.2962 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 2024 69 2023 0 4656 2,~~503~~988,~~976~~151.9368 ~~709~~1,~~029~~137,347.2068 2,~~037~~673,~~149~~610.8331 0.00 56,~~250~~799,~~155~~109.9667 0-29 Days 0.~~278087~~337458% 0.000000% 0.000000% 0.~~278087~~337458% 0.~~301543~~424098% 0.000000% 0.000000% 0.~~301543~~424098% 30 Days 01.~~945495~~124859% 0.~~000000~~056243% 0.000000% 0.000000% 01.~~945495~~181102% 01.~~916107~~170588% 0.~~000000~~053500% 0.000000% 0.000000% 01.~~916107~~224088% 60 Days 0.~~166852~~224972% 0.~~000000~~056243% 0.~~556174~~224972% 0.000000% 0.~~723026~~506187% 0.~~268490~~260100% 0.~~000000~~034284% 0.~~525847~~188521% 0.000000% 0.~~794337~~482905% 90 Days 0.000000% 0.~~055617~~056243% 01.~~556174~~068616% 0.000000% 01.~~611791~~124859% 0.000000% 0.~~033889~~032665% 01.~~437900~~091569% 0.000000% 01.~~471789~~124234% 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.~~112347~~349831% 0.~~333704~~506187% 1.~~112347~~293588% 0.000000% 23.~~558398~~149606% 1.~~184597~~430688% 0.~~335432~~544547% 01.~~963747~~280090% 0.000000% 23.~~483776~~255325% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 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 Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 7798,~~019~~593.3797

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 9.~~992252~~989849% Weighted Average Net Coupon 9.~~492252~~489849% Weighted Average Pass-Through Rate 9.~~012836~~010064% Weighted Average Maturity(Stepdown Calculation ) 1 Beginning Scheduled Collateral Loan Count 1,~~909~~887 Number Of Loans Paid In Full 2221 Ending Scheduled Collateral Loan Count 1,~~887~~866 Beginning Scheduled Collateral Balance ~~244~~241,~~447~~643,~~880~~646.7362 Ending Scheduled Collateral Balance ~~241~~238,~~643~~832,~~646~~336.6291 Ending Actual Collateral Balance at 3130-~~Mar~~Apr-2001 ~~241~~238,~~643~~874,~~646~~692.6272 Monthly P &I Constant 2,~~230~~199,~~413~~406.9799 Ending Scheduled Balance for Premium Loans ~~241~~238,~~643~~832,~~646~~336.6291 Scheduled Principal 113,~~771~~633.1582 Unscheduled Principal 2,~~690~~697,~~462~~675.9689 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,236,469.32 Overcollateralized Amount 1,236,469.32 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount ~~712~~823,~~558~~014.1517

Dividend Account Deposit $5040,~~926~~077.6632 Dividend Account Withdrawal $23,~~487~~135.3762 Dividend Account Balance $89126,~~469~~411.7848 Credit Enhancement Percentage 6.~~57787~~65421% Trigger Event No Stepdown Date No

Group Level Collateral Statement Group ID 1 2 Total Collateral Description Mixed ARM Mixed ARM Weighted Average Coupon Rate 10.~~495708~~459636 9.~~647576~~647601 Weighted Average Net Rate 9.~~514509~~477995 8.~~680813~~680825 Weighted Average Maturity ~~354~~353.00 ~~354~~353.00 Beginning Loan Count 1,~~820~~798 89 1,~~909~~887 Loans Paid In Full 2220 01 2221 Ending Loan Count 1,~~798~~778 8988 1,~~887~~866 Beginning Scheduled Balance ~~214~~211,~~166~~377,~~980~~962.3183 30,~~280~~265,~~900~~683.4279 ~~244~~241,~~447~~643,~~880~~646.7362 Ending scheduled Balance ~~211~~208,~~377~~861,~~962~~155.8394 3029,~~265~~971,~~683~~180.7997 ~~241~~238,~~643~~832,~~646~~336.6291 Record Date 34/3130/01 34/3130/01 Principal And Interest Constant 1,~~971~~940,~~777~~903.0621 258,~~636~~503.9178 2,~~230~~199,~~413~~406.9799 Scheduled Principal 98,~~581~~456.9908 15,~~189~~177.1674 113,~~771~~633.1582 Unscheduled Principal 2,~~690~~418,~~435~~350.4981 27279,325.4708 2,~~690~~697,~~462~~675.9689 Scheduled Interest 1,~~873~~842,~~195~~447.0713 243,~~447~~326.7504 2,~~116~~085,~~642~~773.8217 Servicing Fees 8988,~~236~~074.2214 12,~~617~~610.0669 ~~101~~100,~~853~~684.2883 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~606~~585.2033 ~~227~~226.1098 1,~~833~~812.3031 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 8483,~~274~~254.5386 11,~~551~~545.2578 9594,~~825~~800.7864 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,~~698~~669,~~078~~532.1280 ~~219~~218,~~052~~942.3459 1,~~917~~888,~~130~~475.4639 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00

Filing Compare · FINANCIAL ASSET SEC CORP ASSET BACKED CERTS SERIES 2001 FF1