8-K 1 ffm01ff1.txt AUGUST 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): August 27, 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 August 27, 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 August 27, 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/ Beth Belfield, Officer By: Beth Belfield, Officer Date: 8/31/01 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 August 27, 2001 distribution. EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 67/3031/01 Distribution Date: 78/2527/01 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) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 32027NAD3 SEN 4.~~01500~~00250% ~~192~~190,~~824~~062,~~703~~464.2937 ~~645~~697,~~159~~331.3226 23,~~762~~122,~~238~~187.9290 A-2 32027NAE1 SEN 4.~~03000~~01750% 2726,~~579~~578,~~426~~235.7817 9297,~~620~~879.9189 115,~~001,191~~828.6153 M-1 32027NAF8 SUB 4.~~40500~~39250% 11,132,000.00 4044,~~863~~822.7253 0.00 M-2 32027NAG6 SUB 4.~~80500~~79250% 3,711,000.00 1416,~~859~~302.4689 0.00 C FFM01FF1C SUB 0.00000% 1,236,469.32 ~~941~~852,~~946~~328.5272 0.00 P FFM01FF1P SEN 0.00000% 100.00 ~~109~~97,~~825~~550.0283 0.00 DIV_CERT SEN 0.00000% 0.00 64,~~122~~898.5691 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 ~~236~~232,~~483~~720,~~699~~268.3986 1,~~851~~811,~~397~~115.5103 3,~~763~~138,~~430~~016.5343

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~190~~186,~~062~~940,~~464~~276.3747 3,~~407~~819,~~398~~519.2416 0.00 A-2 0.00 26,~~578~~562,~~235~~406.1764 1113,~~093,812~~708.5242 0.00 M-1 0.00 11,132,000.00 4044,~~863~~822.7253 0.00 M-2 0.00 3,711,000.00 1416,~~859~~302.4689 0.00 C 0.00 1,236,469.32 ~~941~~852,~~946~~328.5272 0.00 P 0.00 100.00 ~~109~~97,~~825~~550.0283 0.00 DIV_CERT 0.00 0.00 64,~~122~~898.5691 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 ~~232~~229,~~720~~582,~~268~~252.8643 54,~~614~~949,~~828~~131.0446 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 ~~192~~190,~~824~~062,~~703~~464.2937 0.00 23,~~762~~122,~~238~~187.9290 0.00 0.00 A-2 29,350,000.00 2726,~~579~~578,~~426~~235.7817 0.00 115,~~001,191~~828.6153 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 ~~236~~232,~~483~~720,~~699~~268.3986 0.00 3,~~763~~138,~~430~~016.5343 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 23,~~762~~122,~~238~~187.9290 ~~190~~186,~~062~~940,~~464~~276.3747 0.~~94114556~~92568521 23,~~762~~122,~~238~~187.9290 A-2 115,~~001,191~~828.6153 26,~~578~~562,~~235~~406.1764 0.~~90556168~~90502237 115,~~001,191~~828.6153 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 3,~~763~~138,~~430~~016.5343 ~~232~~229,~~720~~582,~~268~~252.8643 0.~~94074927~~92806415 3,~~763~~138,~~430~~016.5343

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 ~~954~~941.~~82353522~~14556406 0.00000000 1315.~~67797116~~46035564 0.00000000 A-2 29,350,000.00 ~~939~~905.~~67382555~~56167530 0.00000000 340.~~11215026~~53930256 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 1315.~~67797116~~46035564 ~~941~~925.~~14556406~~68520842 0.~~94114556~~92568521 1315.~~67797116~~46035564 A-2 0.00000000 340.~~11215026~~53930256 905.~~56167530~~02237274 0.~~90556168~~90502237 340.~~11215026~~53930256 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 4.~~01500~~00250% ~~192~~190,~~824~~062,~~703~~464.2937 ~~645~~697,~~159~~331.3226 0.00 0.00 A-2 29,350,000.00 4.~~03000~~01750% 2726,~~579~~578,~~426~~235.7817 9297,~~620~~879.9189 0.00 0.00 M-1 11,132,000.00 4.~~40500~~39250% 11,132,000.00 4044,~~863~~822.7253 0.00 0.00 M-2 3,711,000.00 4.~~80500~~79250% 3,711,000.00 1416,~~859~~302.4689 0.00 0.00 C 1,236,469.32 0.00000% 1,236,469.32 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 DIV_CERT 0.00 0.00000% 0.00 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 247,377,569.32 ~~793~~856,~~503~~336.4157 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 ~~645~~697,~~159~~331.3226 0.00 ~~190~~186,~~062~~940,~~464~~276.3747 A-2 0.00 0.00 9297,~~620~~879.9189 0.00 26,~~578~~562,~~235~~406.1764 M-1 0.00 0.00 4044,~~863~~822.7253 0.00 11,132,000.00 M-2 0.00 0.00 1416,~~859~~302.4689 0.00 3,711,000.00 C 0.00 0.00 ~~941~~852,~~946~~328.5272 0.00 1,236,469.32 P 0.00 0.00 ~~109~~97,~~825~~550.0283 0.00 100.00 DIV_CERT 0.00 0.00 64,~~122~~898.5691 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,~~851~~811,~~397~~115.5103 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 4.~~01500~~00250% ~~954~~941.~~82353522~~14556406 3.~~19468041~~45302385 0.00000000 0.00000000 A-2 29,350,000.00 4.~~03000~~01750% ~~939~~905.~~67382555~~56167530 3.~~15573799~~33491959 0.00000000 0.00000000 M-1 11,132,000.00 4.~~40500~~39250% 1000.00000000 34.~~67083363~~02645796 0.00000000 0.00000000 M-2 3,711,000.00 4.~~80500~~79250% 1000.00000000 4.~~00416599~~39312584 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 3.~~19468041~~45302385 0.00000000 ~~941~~925.~~14556406~~68520842 A-2 0.00000000 0.00000000 3.~~15573799~~33491959 0.00000000 905.~~56167530~~02237274 M-1 0.00000000 0.00000000 34.~~67083363~~02645796 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.~~00416599~~39312584 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~761~~689.~~80339032~~32460047 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~1098250~~975508.~~20000000~~30000000 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 54,~~587~~979,~~919~~090.8182 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~139~~160,~~120~~043.7863 Realized Losses 0.00 Total Deposits 5,~~727~~139,~~040~~134.5945 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~112~~190,~~212~~002.5599 Payment of Interest and Principal 54,~~614~~949,~~828~~131.0446 Total Withdrawals (Pool Distribution Amount) 5,~~727~~139,~~040~~134.5945 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 9896,~~522~~953.0070 Wells Fargo Bank Minnesota, N.A. 1,~~773~~745.7842 Advisor Fee 2,~~897~~851.6578 PMI Insurer Fee 988,~~019~~452.1209 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~112~~190,~~212~~002.5599

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 9 01 0 910 1,~~140~~196,~~155~~437.8382 0114,751.0069 0.00 1,~~140~~311,~~155~~189.8351 30 Days 3431 10 1 0 3632 34,~~861~~185,~~164~~835.0939 ~~84,502~~0.9400 ~~105~~40,~~153~~368.7065 0.00 4,~~050~~226,~~820~~204.7304 60 Days 18 12 1112 0 1322 ~~348~~902,~~690~~382.5816 71285,~~547~~351.8304 1,~~147~~375,~~057~~188.2553 0.00 12,~~567~~562,~~295~~921.6673 90 Days 10 12 2835 23 3240 ~~111,634~~0.8400 68147,~~172~~856.2627 34,~~437~~303,~~518~~817.6340 ~~160~~361,~~584~~018.2157 34,~~777~~812,~~909~~692.9424 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 3639 1213 4049 23 90104 45,~~321~~088,~~489~~217.5155 1,~~364~~629,~~378~~645.8613 45,~~689~~834,~~729~~126.5827 ~~160~~361,~~584~~018.2157 1012,~~536~~913,~~182~~007.1652 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.~~493151~~501393% 0.~~000000~~055710% 0.000000% 0.~~493151~~557103% 0.~~489803~~521007% 0.~~000000~~049970% 0.000000% 0.~~489803~~570978% 30 Days 1.~~863014~~727019% 0.~~054795~~000000% 0.~~054795~~055710% 0.000000% 1.~~972603~~782730% 1.~~658731~~822786% 0.~~036302~~000000% 0.~~045173~~017579% 0.000000% 1.~~740206~~840365% 60 Days 0.~~054795~~445682% 0.~~054795~~111421% 0.~~602740~~668524% 0.000000% 01.~~712329~~225627% 0.~~149795~~392956% 0.~~030736~~124260% 0.~~492768~~598847% 0.000000% 01.~~673300~~116063% 90 Days 0.~~054795~~000000% 0.~~054795~~111421% 1.~~534247~~949861% 0.~~109589~~167131% 12.~~753425~~228412% 0.~~047958~~000000% 0.~~029286~~064386% 1.~~476735~~874163% 0.~~068986~~157211% 12.~~622965~~095760% 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 12.~~972603~~172702% 0.~~657534~~724234% 2.~~191781~~729805% 0.~~109589~~167131% 45.~~931507~~793872% 12.~~856483~~215742% 0.~~586128~~709654% 2.~~014677~~540560% 0.~~068986~~157211% 45.~~526274~~623167%

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 ~~139~~160,~~120~~043.7863

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 9.~~986821~~989148% Weighted Average Net Coupon 9.~~486886~~489216% Weighted Average Pass-Through Rate 9.~~005526~~009415% Weighted Average Maturity(Stepdown Calculation ) 1350 Beginning Scheduled Collateral Loan Count 1,~~850~~825 Number Of Loans Paid In Full 2530 Ending Scheduled Collateral Loan Count 1,~~825~~795 Beginning Scheduled Collateral Balance ~~236~~232,~~483~~720,~~699~~268.3986 Ending Scheduled Collateral Balance ~~232~~229,~~720~~582,~~268~~252.8643 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2001 ~~232~~229,~~778~~639,~~259~~423.4664 Monthly P &I Constant 2,~~190~~148,~~838~~030.5808 Ending Scheduled Balance for Premium Loans ~~232~~229,~~720~~582,~~268~~252.8643 Scheduled Principal ~~112~~113,~~913~~248.2423 Unscheduled Principal 3,~~650~~024,~~517~~768.2920 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 ~~941~~852,~~946~~328.5272

Dividend Account Deposit $3938,~~266~~562.8470 Dividend Account Withdrawal $64,~~122~~898.5691 Dividend Account Balance $~~196~~230,~~461~~124.0988 Credit Enhancement Percentage 6.~~79940~~90935% Trigger Event No Stepdown Date No

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 10.~~451229~~611001 119.~~192801~~644598 9.~~986821~~989148 Weighted Average Net Rate 9.~~467969~~628532 108.~~224746~~684381 9.~~486886~~489216 Weighted Average Maturity ~~351~~350 ~~351~~350 1350 Beginning Loan Count 1,~~763~~741 8784 1,~~850~~825 Loans Paid In Full 2230 30 2530 Ending Loan Count 1,~~741~~711 84 1,~~825~~795 Beginning Scheduled Balance ~~206~~204,~~864~~101,~~164~~925.4755 2928,~~619~~618,~~534~~343.9231 ~~236~~232,~~483~~720,~~699~~268.3986 Ending scheduled Balance ~~204~~200,~~101~~979,~~925~~737.5565 28,~~618~~602,~~343~~514.3178 ~~232~~229,~~720~~582,~~268~~252.8643 Record Date 0607/3031/2001 0607/3031/2001 0607/3031/2001 Principal And Interest Constant 1,~~899~~903,~~822~~157.9355 ~~291~~244,~~015~~872.6553 2,~~190~~148,~~838~~030.5808 Scheduled Principal 98,~~168~~386.9004 14,~~744~~862.3419 ~~112~~113,~~913~~248.2423 Unscheduled Principal 23,~~664~~023,~~070~~801.0286 ~~986,447~~966.2734 3,~~650~~024,~~517~~768.2920 Scheduled Interest 1,~~801~~804,~~654~~771.0351 ~~276~~230,~~271~~010.3134 2,~~077~~034,~~925~~781.3485 Servicing Fees 8685,~~193~~029.4152 1211,~~341~~924.4630 9896,~~534~~953.8782 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 1,~~551~~530.4878 ~~222~~214.1464 1,~~773~~745.6242 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 8180,~~756~~542.3191 1110,~~330~~760.8790 9391,~~087~~303.1881 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,~~632~~637,~~152~~668.8330 ~~252~~207,~~376~~110.8450 1,~~884~~844,~~529~~778.6780 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