8-K 1 opt02001.txt MAY 8-K 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 28, 2002 OPTION ONE MORTGAGE LOAN TRUST Asset-Backed Certificates, Series 2002-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-96403-01 Pooling and Servicing Agreement) (Commission 52-2365574 (State or other File Number) 52-2365575 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, Maryland 21045 (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 28, 2002 a distribution was made to holders of OPTION ONE MORTGAGE LOAN TRUST,Asset-Backed Certificates, Series 2002-1 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 2002-1 Trust, relating to the May 28, 2002 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 2002-1 Trust By: Wells Fargo Bank of Minnesota, NA, as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 5/31/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-1 Trust, relating to the May 28, 2002 distribution. EX-99.1

Option One Mortgage Loan Trust ~~Mortgage Pass~~Asset-~~Through~~Backed Certificates Record Date: 24/2830/02 Distribution Date: 35/2528/02 OOMC Series: 2002-1 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 68389FCB8 SEN 2.14000% ~~583~~576,~~605~~087,~~643~~629.3249 ~~971~~1,~~379~~130,091.1690 34,~~311~~195,~~723~~242.2830 M1 68389FCC6 MEZ 2.60000% 21,125,000.00 4250,~~719~~347.4492 0.00 M2 68389FCD4 MEZ 3.15000% 19,500,000.00 4756,~~775~~306.0025 0.00 M3 68389FCE2 MEZ 3.80000% 17,875,000.00 5262,~~830~~264.5658 0.00 C OPT02001C JUN 0.00000% 6,499,986.90 2,~~961~~725,~~106~~737.2278 0.00 P OPT02001P SEN 0.00000% 100.00 3655,~~588~~346.7160 0.00 R1 OPT0201R1 SEN 0.00000% 0.00 0.00 0.00 R2 OPT0201R2 SEN 0.00000% 0.00 0.00 0.00 Totals ~~648~~641,~~605~~087,~~730~~716.2239 4,~~112~~080,~~399~~095.0903 34,~~311~~195,~~723~~242.2830

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~580~~571,~~293~~892,~~920~~387.0419 45,~~283~~325,~~102~~334.4420 0.00 M1 0.00 21,125,000.00 4250,~~719~~347.4492 0.00 M2 0.00 19,500,000.00 4756,~~775~~306.0025 0.00 M3 0.00 17,875,000.00 5262,~~830~~264.5658 0.00 C 0.00 6,499,986.90 2,~~961~~725,~~106~~737.2278 0.00 P 0.00 100.00 3655,~~588~~346.7160 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 Totals 0.00 ~~645~~636,~~294~~892,~~006~~474.9409 78,~~424~~275,~~122~~337.3733 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 585,000,000.00 ~~583~~576,~~605~~087,~~643~~629.3249 0.00 34,~~311~~195,~~723~~242.2830 0.00 0.00 M1 21,125,000.00 21,125,000.00 0.00 0.00 0.00 0.00 M2 19,500,000.00 19,500,000.00 0.00 0.00 0.00 0.00 M3 17,875,000.00 17,875,000.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 Totals 643,500,000.00 ~~642~~634,~~105~~587,~~643~~629.3249 0.00 34,~~311~~195,~~723~~242.2830 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 34,~~311~~195,~~723~~242.2830 ~~580~~571,~~293~~892,~~920~~387.0419 0.~~99195542~~97759382 34,~~311~~195,~~723~~242.2830 M1 0.00 21,125,000.00 1.00000000 0.00 M2 0.00 19,500,000.00 1.00000000 0.00 M3 0.00 17,875,000.00 1.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 Totals 34,~~311~~195,~~723~~242.2830 ~~638~~630,~~793~~392,~~920~~387.0419 0.~~99268674~~97963075 34,~~311~~195,~~723~~242.2830

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 585,000,000.00 ~~997~~984.~~61648431~~76517862 0.00000000 57.~~66106544~~17135436 0.00000000 M1 21,125,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 19,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 17,875,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 6,498,589.93 1000.21496509 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 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 0.00000000 57.~~66106544~~17135436 ~~991~~977.~~95541887~~59382426 0.~~99195542~~97759382 57.~~66106544~~17135436 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 1,000.21496509 1.00021497 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 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 585,000,000.00 2.14000% ~~583~~576,~~605~~087,~~643~~629.3249 ~~971~~1,~~379~~130,091.1790 0.00 0.00 M1 21,125,000.00 2.60000% 21,125,000.00 4250,~~719~~347.4492 0.00 0.00 M2 19,500,000.00 3.15000% 19,500,000.00 4756,~~775~~306.0025 0.00 0.00 M3 17,875,000.00 3.80000% 17,875,000.00 5262,~~830~~264.5658 0.00 0.00 C 6,498,589.93 0.00000% 6,499,986.90 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 649,998,689.93 1,~~114~~299,~~704~~010.1765 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 0.0100 0.00 ~~971~~1,~~379~~130,091.1690 0.00 ~~580~~571,~~293~~892,~~920~~387.0419 M1 0.00 0.00 4250,~~719~~347.4492 0.00 21,125,000.00 M2 0.00 0.00 4756,~~775~~306.0025 0.00 19,500,000.00 M3 0.00 0.00 5262,~~830~~264.5658 0.00 17,875,000.00 C 0.00 0.00 2,~~961~~725,~~106~~737.2278 0.00 6,499,986.90 P 0.00 0.00 3655,~~588~~346.7160 0.00 100.00 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 Totals 0.0100 0.00 4,~~112~~080,~~399~~095.0903 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 585,000,000.00 2.14000% ~~997~~984.~~61648431~~76517862 1.~~66047721~~93178103 0.00000000 0.00000000 M1 21,125,000.00 2.60000% 1000.00000000 2.~~02222201~~38333349 0.00000000 0.00000000 M2 19,500,000.00 3.15000% 1000.00000000 2.~~45000000~~88750000 0.00000000 0.00000000 M3 17,875,000.00 3.80000% 1000.00000000 23.~~95555580~~48333315 0.00000000 0.00000000 C 6,498,589.93 0.00000% 1000.21496509 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 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 0.~~00000002~~00000000 0.00000000 1.~~66047720~~93178103 0.00000000 ~~991~~977.~~95541887~~59382426 M1 0.00000000 0.00000000 2.~~02222201~~38333349 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~45000000~~88750000 0.00000000 1000.00000000 M3 0.00000000 0.00000000 23.~~95555580~~48333315 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~455~~419.~~65364978~~43526355 0.00000000 1000.21496509 P 0.00000000 0.00000000 ~~365887~~553466.~~10000000~~00000000 0.00000000 1000.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 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 8,~~056~~881,~~480~~748.5617 Liquidations, Insurance Proceeds, Reserve Funds 01.0008 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Prepayment Penalties 3655,~~588~~346.7160 Total Deposits 8,~~093~~937,~~069~~095.2785 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~668~~661,~~946~~758.9052 Payment of Interest and Principal 78,~~424~~275,~~122~~337.3733 Total Withdrawals (Pool Distribution Amount) 8,~~093~~937,~~069~~095.2785 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~270~~267,~~252~~119.0795 Radian ~~395~~391,~~181~~165.5272 Wells Fargo 3,~~513~~472.3185 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~668~~661,~~946~~758.9052

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 01.0008 01.0008 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 36 0 0 36 ~~202~~653,~~033~~939.9032 0.00 0.00 ~~202~~653,~~033~~939.9032 30 Days 833 0 31 0 1134 ~~859~~4,~~161~~575,609.0075 0.00 ~~279~~202,~~922~~401.2897 0.00 14,~~139~~778,~~083~~011.2872 60 Days 6 1 017 7 0 824 ~~105~~1,~~288~~120,762.2571 066,085.0066 ~~908~~3,~~374~~343,702.6735 0.00 14,~~013~~530,~~662~~550.9272 90 Days 01 01 09 0 011 0162,052.0023 0299,110.0092 0954,191.0044 0.00 01,415,354.0059 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 940 38 1027 0 2275 ~~964~~5,~~449~~858,424.2569 ~~202~~1,~~033~~019,135.90 14,~~188~~500,~~296~~295.9576 0.00 211,~~354~~377,~~780~~856.1035 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.~~074683~~150830% 0.000000% 0.000000% 0.~~074683~~150830% 0.~~031306~~102659% 0.000000% 0.000000% 0.~~031306~~102659% 30 Days 0.~~199154~~829563% 0.000000% 0.~~074683~~025138% 0.000000% 0.~~273836~~854701% 0.~~133130~~718307% 0.000000% 0.~~043375~~031774% 0.000000% 0.~~176505~~750081% 60 Days 0.~~024894~~150830% 0.~~000000~~025138% 0.~~174259~~427350% 0.000000% 0.~~199154~~603318% 0.~~016315~~175944% 0.~~000000~~010375% 0.~~140756~~524915% 0.000000% 0.~~157071~~711233% 90 Days 0.~~000000~~025138% 0.~~000000~~025138% 0.~~000000~~226244% 0.000000% 0.~~000000~~276521% 0.~~000000~~025440% 0.~~000000~~046956% 0.~~000000~~149795% 0.000000% 0.~~000000~~222191% 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 01.~~224048~~005530% 0.~~074683~~201106% 0.~~248942~~678733% 0.000000% 01.~~547672~~885370% 0.~~149445~~919691% 0.~~031306~~159990% 0.~~184131~~706484% 0.000000% 01.~~364882~~786165% (7) Delinquencies are stratified according to the information the Servicer has provided. All 90+ delinquencies are reported in the 90 day delinquency field.

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 87184,~~157~~149.7869

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~778382~~772289% Weighted Average Net Coupon 8.~~278383~~272289% Weighted Average Pass-Through Rate 7.~~540749~~533597% Weighted Average Maturity(Stepdown Calculation ) ~~349~~347 Beginning Scheduled Collateral Loan Count 43,~~035~~997 Number Of Loans Paid In Full 1819 Ending Scheduled Collateral Loan Count 43,~~017~~978 Beginning Scheduled Collateral Balance ~~648~~641,~~605~~087,~~730~~716.2239 Ending Scheduled Collateral Balance ~~645~~636,~~294~~892,~~006~~474.9409 Ending Actual Collateral Balance at 2830-~~Feb~~Apr-2002 ~~645~~636,~~354~~999,~~616~~311.8449 Monthly P &I Constant 5,~~161~~105,~~293~~726.1347 Special Servicing Fee 0.00 Prepayment Penalties 3655,~~588~~346.7160 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~645~~636,~~294~~892,~~006~~474.9409 Scheduled Principal ~~416~~419,~~535~~220.5183 Unscheduled Principal 23,~~895~~776,~~187~~021.7747

Net WAC Carryover Amount 0.00 Credit Enhancement Percentage 10.~~0214944~~139016% Delinquency Percentage 0.~~16678636~~9307486% Rolling Three Month Delinquency ~~Percentag~~Percentage 0.~~16678636~~9307048% PMI Payments During PrePay Pd. 0.00 Cumulative PMI Claims Denied 0.00 Delinquency Cut-Off Balance ~~607~~638,~~761~~860,~~247~~453.9959 Unscheduled Principal - Voluntary 03,776,021.0047 Unscheduled Principal - Involuntary 0.00 Trigger Event Not ~~Triggered~~In Effect In Effect Since N/A Comments N/A Step Down Date Do Not Step Down In Effect Since N/A Comments N/A

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~General ~~Statement~~Excess ~~Group~~Available ~~Group~~Amt ~~1 Group~~ 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 8.279235 8.910018 8.778382 Weighted Average Net Rate 7.779236 8.410018 8.278383 Weighted Average Maturity 0 0 349 Beginning Loan Count 830 3,~~205 4~~725,~~035 Loans Paid In Full 4 14 18 Ending Loan Count 826 3,191 4,017 Beginning Scheduled Balance 135,354,896~~737.0178 ~~513,250,834.21~~Extra ~~648,605,730.22 Ending scheduled Balance 134,712,699.37 510,581,307.57 645,294,006.94 Record Date 02/28/2002 02/28/2002 02/28/2002~~ Principal ~~And~~Distribution ~~Interest~~Amt Constant 1,050,960.75 4,110,332.38 5,161,293.13 Scheduled Principal 117,098.27 299,437.24 416,535.51 Unscheduled Principal 525,098.37 2,370,089.40 2,895,187.77 Scheduled Interest 933,862.48 3,810,895.14 4,744,757.62 Servicing Fees 56,397.77 213,854.30 270,252.07 Master Servicing Fees 0.00 ~~0.00~~Overcollateralization ~~0.00~~Amt ~~Trustee Fee 733.17 2~~6,~~780.14 3~~499,~~513~~986.3190 ~~FRY~~Overcollateralization ~~Amount~~Deficit ~~0.00~~Amt 0.00 ~~0.00~~Overcollateralization ~~Special~~Release ~~Hazard~~Amt ~~Fee~~ 0.00 ~~0.00~~Overcollateralization ~~0.00~~Increase ~~Other~~Amt ~~Fee 83,826.25 311,355.27 395,181.52 Pool Insurance Fee~~ 0.00 ~~0.00~~Target ~~0.00~~Overcollateralization ~~Spread~~Amt ~~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 877~~6,~~464.71 3~~499,~~597,040~~986.84 4,474,505.55 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 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.029567 7.675558 7.54074990

Filing Compare · OPTION ONE MORTGAGE LOAN TR 2002-1 AS-BCKD CERT SER 2002-1