8-K 1 opt01001.txt DECEMBER 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): December 26, 2001 OPTION ONE MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2001-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-14625-07 Pooling and Servicing Agreement) (Commission (State or other File Number) 52-2289264 jurisdiction 52-2289263 of Incorporation) IRS EIN c/o Wells Fargo Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, Maryland 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 December 26, 2001 a distribution was made to holders of OPTION ONE MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2001-1 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 2001-1 Trust, relating to the December 26, 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. OPTION ONE MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2001-1 Trust By: Wells Fargo Bank Minnesota, NA, as Trustee By: /s/ Beth Belfield, Officer By: Beth Belfield, Officer Date: 1/8/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2001-1 Trust, relating to the December 26, 2001 distribution. EX-99.1

Option One Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 1011/3130/01 Distribution Date: 1112/26/01 OOMC Series: 2001-1 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 68389FBJ2 SEN 2.~~67000~~35000% ~~102~~99,~~084~~460,~~340~~059.9829 ~~242~~194,~~280~~775.1595 23,~~624~~540,~~281~~696.6957 M-1 68389FBK9 SEN 32.~~07000~~75000% 6,825,000.00 1815,~~624~~640.6763 0.00 M-2 68389FBL7 SEN 3.~~49000~~17000% 4,550,000.00 1412,~~115~~019.1158 0.00 M-3 68389FBM5 SEN 4.~~42000~~10000% 1,625,000.00 65,~~384~~552.4408 0.00 C OPT01001C JUN 0.00000% 1,300,000.00 ~~625~~659,~~936~~130.9153 0.00 R-1 OPT0101R1 RES 0.00000% 0.00 0.00 0.00 R-2 OPT0101R2 RES 0.00000% 0.00 0.00 0.00 P OPT01000P ~~Pre_Pa~~Pre_Pay 0.00000% 100.00 9170,~~767~~338.3418 0.00 Totals ~~116~~113,~~384~~760,~~440~~159.9829 ~~999~~957,~~108~~456.6295 23,~~624~~540,~~281~~696.6957

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 9995,~~460~~919,~~059~~362.2972 23,~~866~~735,~~561~~472.8452 0.00 M-1 0.00 6,825,000.00 1815,~~624~~640.6763 0.00 M-2 0.00 4,550,000.00 1412,~~115~~019.1158 0.00 M-3 0.00 1,625,000.00 65,~~384~~552.4408 0.00 C 0.00 1,300,000.00 ~~625~~659,~~936~~130.9153 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 P 0.00 100.00 9170,~~767~~338.3418 0.00 Totals 0.00 ~~113~~110,~~760~~219,~~159~~462.2972 34,~~623~~498,~~390~~153.3152 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 115,700,000.00 ~~102~~99,~~084~~460,~~340~~059.9829 0.00 23,~~624~~540,~~281~~696.6957 0.00 0.00 M-1 6,825,000.00 6,825,000.00 0.00 0.00 0.00 0.00 M-2 4,550,000.00 4,550,000.00 0.00 0.00 0.00 0.00 M-3 1,625,000.00 1,625,000.00 0.00 0.00 0.00 0.00 C 1,299,900.00 1,300,000.00 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 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 130,000,000.00 ~~116~~113,~~384~~760,~~440~~159.9829 0.00 23,~~624~~540,~~281~~696.6957 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 23,~~624~~540,~~281~~696.6957 9995,~~460~~919,~~059~~362.2972 0.~~85963750~~82903511 23,~~624~~540,~~281~~696.6957 M-1 0.00 6,825,000.00 1.00000000 0.00 M-2 0.00 4,550,000.00 1.00000000 0.00 M-3 0.00 1,625,000.00 1.00000000 0.00 C 0.00 1,300,000.00 1.00007693 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 23,~~624~~540,~~281~~696.6957 ~~113~~110,~~760~~219,~~159~~462.2972 0.~~87507815~~84784202 23,~~624~~540,~~281~~696.6957

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 115,700,000.00 ~~882~~859.~~31928245~~63750467 0.00000000 2230.~~68177779~~60239041 0.00000000 M-1 6,825,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 4,550,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 1,625,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 1,299,900.00 1000.07692899 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 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 2230.~~68177779~~60239041 ~~859~~829.~~63750467~~03511426 0.~~85963750~~82903511 2230.~~68177779~~60239041 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 C 0.00000000 0.00000000 1,000.07692899 1.00007693 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 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 115,700,000.00 2.~~67000~~35000% ~~102~~99,~~084~~460,~~340~~059.9829 ~~242~~194,~~280~~775.1795 0.00 0.00 M-1 6,825,000.00 32.~~07000~~75000% 6,825,000.00 1815,~~624~~640.6763 0.00 0.00 M-2 4,550,000.00 3.~~49000~~17000% 4,550,000.00 1412,~~115~~019.1158 0.00 0.00 M-3 1,625,000.00 4.~~42000~~10000% 1,625,000.00 65,~~384~~552.4408 0.00 0.00 C 1,299,900.00 0.00000% 1,300,000.00 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 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 130,000,000.00 ~~281~~227,~~404~~988.3924 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 0.0200 0.00 ~~242~~194,~~280~~775.1595 0.00 9995,~~460~~919,~~059~~362.2972 M-1 0.00 0.00 1815,~~624~~640.6763 0.00 6,825,000.00 M-2 0.00 0.00 1412,~~115~~019.1158 0.00 4,550,000.00 M-3 0.00 0.00 65,~~384~~552.4408 0.00 1,625,000.00 C 0.00 0.00 ~~625~~659,~~936~~130.9153 0.00 1,300,000.00 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 9170,~~767~~338.3418 0.00 100.00 Totals 0.0200 0.00 ~~999~~957,~~108~~456.6295 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 115,700,000.00 2.~~67000~~35000% ~~882~~859.~~31928245~~63750467 21.~~09403777~~68345678 0.00000000 0.00000000 M-1 6,825,000.00 32.~~07000~~75000% 1000.00000000 2.~~72888938~~29166740 0.00000000 0.00000000 M-2 4,550,000.00 3.~~49000~~17000% 1000.00000000 32.~~10222198~~64166593 0.00000000 0.00000000 M-3 1,625,000.00 4.~~42000~~10000% 1000.00000000 3.~~92888615~~41666462 0.00000000 0.00000000 C 1,299,900.00 0.00000% 1000.07692899 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 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) Per $1 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 0.~~00000017~~00000000 0.00000000 21.~~09403760~~68345678 0.00000000 ~~859~~829.~~63750467~~03511426 M-1 0.00000000 0.00000000 2.~~72888938~~29166740 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 32.~~10222198~~64166593 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~92888615~~41666462 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~481~~507.~~52697131~~06248942 0.00000000 1000.07692899 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 ~~917673~~703381.~~40000000~~80000000 0.00000000 1000.00000000 (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 34,~~627~~520,~~031~~703.6017 Liquidations, Insurance Proceeds, Reserve Funds 21.1569 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Prepayment Penalties 9170,~~767~~338.3418 Total Deposits 34,~~718~~591,~~801~~043.0904 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 9592,~~410~~889.7852 Payment of Interest and Principal 34,~~623~~498,~~390~~153.3152 Total Withdrawals (Pool Distribution Amount) 34,~~718~~591,~~801~~043.0904 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 4847,~~493~~400.5205 Radian PMI Policy Fee 4644,~~286~~873.8827 Trustee Fee ~~630~~616.3820 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 9592,~~410~~889.7852

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 21.1569 21.1569 1,000.00

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 32 0 0 32 ~~540~~153,~~422~~859.9788 0.00 0.00 ~~540~~153,~~422~~859.9788 30 Days 78 01 01 0 710 2,~~625~~394,~~703~~113.6983 0386,282.0030 0283,212.0077 0.00 23,~~625~~063,~~703~~608.6990 60 Days 61 0 3 0 94 1302,~~791,548~~926.1511 0.00 1,~~227~~035,~~332~~880.8485 0.00 31,~~018~~338,~~880~~806.9996 90 Days 01 6 3029 25 3841 0112,226.0011 1,~~541~~804,~~574~~788.7980 6,~~072~~343,~~813~~965.7352 ~~375~~1,~~779~~054,912.2948 79,~~990~~315,~~167~~892.8191 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 1310 9 33 25 57 42,~~417~~809,~~251~~266.8405 2,~~081~~344,~~997~~930.7698 7,~~300~~663,~~146~~059.5714 ~~375~~1,~~779~~054,912.2948 1413,~~175~~872,~~175~~168.4665 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.~~804290~~552486% 0.000000% 0.000000% 0.~~804290~~552486% 0.~~474849~~139521% 0.000000% 0.000000% 0.~~474849~~139521% 30 Days 12.~~876676~~209945% 0.~~000000~~276243% 0.~~000000~~276243% 0.000000% 12.~~876676~~762431% 2.~~307106~~171002% 0.~~000000~~350284% 0.~~000000~~256820% 0.000000% 2.~~307106~~778106% 60 Days 10.~~608579~~276243% 0.000000% 0.~~804290~~828729% 0.000000% 21.~~412869~~104972% 10.~~574165~~274696% 0.000000% 10.~~078410~~939345% 0.000000% 21.~~652575~~214041% 90 Days 0.~~000000~~276243% 1.~~608579~~657459% 8.~~042895~~011050% 01.~~536193~~381215% 1011.~~187668~~325967% 0.~~000000~~101768% 1.~~354523~~636598% 5.~~335949~~752761% 0.~~330183~~956603% 78.~~020655~~447729% 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 32.~~485255~~762431% 2.~~412869~~486188% 89.~~847185~~116022% 01.~~536193~~381215% 15.~~281501~~745856% 32.~~881270~~547466% 12.~~829372~~126403% 6.~~414360~~948926% 0.~~330183~~956603% 12.~~455185~~579398%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~157~~168,~~223~~950.9351

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 10.~~332643~~337608% Weighted Average Net Coupon 9.~~832644~~837609% Weighted Average Pass-Through Rate 9.~~348895~~357763% Weighted Average Maturity(Stepdown Calculation ) ~~342~~341 Beginning Scheduled Collateral Loan Count ~~382~~373 Number Of Loans Paid In Full 911 Ending Scheduled Collateral Loan Count ~~373~~362 Beginning Scheduled Collateral Balance ~~116~~113,~~384~~760,~~440~~159.9829 Ending Scheduled Collateral Balance ~~113~~110,~~760~~219,~~159~~462.2972 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2001 ~~113~~110,~~809~~276,~~431~~886.0449 Monthly P &I Constant 1,~~057~~034,~~261~~177.6797 Special Servicing Fee 0.00 Prepayment Penalties 9170,~~767~~338.3418 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~113~~110,~~760~~219,~~159~~462.2972 Scheduled Principal 5554,~~129~~171.2335 Unscheduled Principal 23,~~569~~486,~~152~~525.4622

Step Down Date: Do Not Step Down In Effect Since: N/A Comments: N/A Trigger Event: Not Triggered In Effect Since: ~~November~~N/A ~~2001~~ Comments: N/A Delinquency Cut-Off Date Balance $~~115~~112,~~777~~238,~~494~~489.7378 Unscheduled Principal - Voluntary $3,486,525.22 Unscheduled Principal - Involuntary ~~. PMI Refund / Cash Adjustment~~ $~~617~~0.5300

General Excess Available Amt ~~625~~659,~~936~~130.9153 Extra Principal Distribution Amt 0.00 Overcollateralization Amt 1,300,000.00 Overcollateralzation Deficit Amt 0.00 Overcollateralization Release Amt 0.00 Overcollateralization Increase Amt 0.00 Target Overcollateralization Amt 1,300,000.00

Filing Compare · OPTION ONE MORT ACCEP CORP ASSET BACKED CERT SER 2001-1