8-K 1 ace02he1.txt SEPTEMBER 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): September 25, 2002 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset-Backed Pass-Through Certs., Series 2002-HE1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-45458-06 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 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 September 25, 2002 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset-Backed Pass-Through Certs., Series 2002-HE1 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 ACE Securities Corp. Home Equity Loan Trust Asset-Backed Pass-Through Certs., Series 2002-HE1 Trust, relating to the September 25 , 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. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset-Backed Pass-Through Certs., Series 2002-HE1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/25/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Ace Securities Corp.Home Equity Loan Trust, Asset-Backed Pass-Through Certs., Series 2002-HE1 Trust, relating to the September 25, 2002 distribution. EX-99.1

ACE Securities Corporation Mortgage Pass-Through Certificates Record Date: 78/31/02 Distribution Date: 89/2625/02 ACE Series: 2002-HE1 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 004427AV2 SEN 2.~~18000~~15000% ~~399~~395,~~181~~634,~~000~~184.0073 ~~991~~708,~~077~~844.7258 36,~~546~~098,~~815~~509.2737 A-IO 004427AW0 IO 6.50000% 0.00 270,833.33 0.00 M-1 004427AX8 MEZ 2.~~49000~~46000% 35,789,000.00 ~~101~~73,~~491~~367.6445 0.00 M-2 004427AY6 MEZ 3.~~04000~~01000% 27,530,000.00 9569,~~314~~054.9842 0.00 M-3 004427AZ3 MEZ 3.~~84000~~81000% 23,776,000.00 ~~103~~75,~~980~~488.3780 0.00 M-4 004427BA7 MEZ 4.~~14000~~11000% 6,757,000.00 3123,~~859~~142.2572 0.00 P ACE02HE1P SEN 0.00000% 100.00 45171,~~912~~387.6026 0.00 CE AC02HE1CE JUN 0.00000% 7,508,764.83 12,~~973~~321,~~809~~053.5040 0.00 Totals ~~500~~496,~~541~~995,~~864~~049.8356 3,~~614~~713,~~279~~171.3996 36,~~546~~098,~~815~~509.2737

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~395~~389,~~634~~535,~~184~~675.7336 46,~~537~~807,~~892~~353.9995 0.00 A-IO 0.00 0.00 270,833.33 0.00 M-1 0.00 35,789,000.00 ~~101~~73,~~491~~367.6445 0.00 M-2 0.00 27,530,000.00 9569,~~314~~054.9842 0.00 M-3 0.00 23,776,000.00 ~~103~~75,~~980~~488.3780 0.00 M-4 0.00 6,757,000.00 3123,~~859~~142.2572 0.00 P 0.00 100.00 45171,~~912~~387.6026 0.00 CE 0.00 7,508,764.83 12,~~973~~321,~~809~~053.5040 0.00 Totals 0.00 ~~496~~490,~~995~~896,~~049~~540.5619 79,~~161~~811,~~094~~681.6633 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-1 399,181,000.00 ~~399~~395,~~181~~634,~~000~~184.0073 0.00 36,~~546~~098,~~815~~509.2737 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 35,789,000.00 35,789,000.00 0.00 0.00 0.00 0.00 M-2 27,530,000.00 27,530,000.00 0.00 0.00 0.00 0.00 M-3 23,776,000.00 23,776,000.00 0.00 0.00 0.00 0.00 M-4 6,757,000.00 6,757,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 ~~100.00 100.00 0.00 0.00 0.00 0.00~~ CE 7,508,764.83 7,508,764.83 0.00 0.00 0.00 0.00 Totals 500,541,~~964~~864.83 ~~500~~496,~~541~~995,~~964~~049.8356 0.00 36,~~546~~098,~~815~~509.2737 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 36,~~546~~098,~~815~~509.2737 ~~395~~389,~~634~~535,~~184~~675.7336 0.~~99111477~~97583722 36,~~546~~098,~~815~~509.2737 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 35,789,000.00 1.00000000 0.00 M-2 0.00 27,530,000.00 1.00000000 0.00 M-3 0.00 23,776,000.00 1.00000000 0.00 M-4 0.00 6,757,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 ~~P 0.00 100.00 1.00000000 0.00~~ CE 0.00 7,508,764.83 1.00000000 0.00 Totals 36,~~546~~098,~~815~~509.2737 ~~496~~490,~~995~~896,~~149~~540.5619 0.~~99291405~~98073023 36,~~546~~098,~~815~~509.2737

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 399,181,000.00 ~~1000~~991.~~00000000~~11476932 0.00000000 815.~~88523068~~27755422 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 35,789,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 27,530,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 23,776,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,757,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,508,764.83 1000.00000000 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 815.~~88523068~~27755422 ~~991~~975.~~11476932~~83721510 0.~~99111477~~97583722 815.~~88523068~~27755422 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 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-1 399,181,000.00 2.~~18000~~15000% ~~399~~395,~~181~~634,~~000~~184.0073 ~~991~~708,~~077~~844.7258 0.00 0.00 A-IO 0.00 6.50000% 50,000,000.00 270,833.33 0.00 0.00 M-1 35,789,000.00 2.~~49000~~46000% 35,789,000.00 ~~101~~73,~~491~~367.6445 0.00 0.00 M-2 27,530,000.00 3.~~04000~~01000% 27,530,000.00 9569,~~314~~054.9842 0.00 0.00 M-3 23,776,000.00 3.~~84000~~81000% 23,776,000.00 ~~103~~75,~~980~~488.3780 0.00 0.00 M-4 6,757,000.00 4.~~14000~~11000% 6,757,000.00 3123,~~859~~142.2572 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 7,508,764.83 0.00000% 7,508,764.83 0.00 0.00 0.00 Totals 500,541,864.83 1,~~594~~220,~~557~~731.2930 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 ~~991~~708,~~077~~844.7258 0.00 ~~395~~389,~~634~~535,~~184~~675.7336 A-IO 0.00 0.00 270,833.33 0.00 50,000,000.00 M-1 0.00 0.00 ~~101~~73,~~491~~367.6445 0.00 35,789,000.00 M-2 0.00 0.00 9569,~~314~~054.9842 0.00 27,530,000.00 M-3 0.00 0.00 ~~103~~75,~~980~~488.3780 0.00 23,776,000.00 M-4 0.00 0.00 3123,~~859~~142.2572 0.00 6,757,000.00 P 0.00 0.00 45171,~~912~~387.6026 0.00 100.00 CE 0.00 0.00 12,~~973~~321,~~809~~053.5040 0.00 7,508,764.83 Totals 0.00 0.00 3,~~614~~713,~~279~~171.3996 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-1 399,181,000.00 2.~~18000~~15000% ~~1000~~991.~~00000000~~11476932 21.~~48277779~~77574729 0.00000000 0.00000000 A-IO 0.00 6.50000% 1000.00000000 5.41666660 0.00000000 0.00000000 M-1 35,789,000.00 2.~~49000~~46000% 1000.00000000 2.~~83583336~~05000000 0.00000000 0.00000000 M-2 27,530,000.00 3.~~04000~~01000% 1000.00000000 32.~~46222230~~50833345 0.00000000 0.00000000 M-3 23,776,000.00 3.~~84000~~81000% 1000.00000000 43.~~37333319~~17500000 0.00000000 0.00000000 M-4 6,757,000.00 4.~~14000~~11000% 1000.00000000 43.~~71499926~~42499926 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,508,764.83 0.00000% 1000.00000000 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 21.~~48277779~~77574729 0.00000000 ~~991~~975.~~11476932~~83721510 A-IO 0.00000000 0.00000000 5.41666660 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.~~83583336~~05000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 32.~~46222230~~50833345 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 43.~~37333319~~17500000 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 43.~~71499926~~42499926 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~459126~~1713872.~~00000000~~60000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~262~~309.~~86740159~~11254415 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 79,~~019~~469,~~975~~132.1631 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~330~~405,~~804~~184.5629 Realized Losses 0.00 Prepayment Penalties 45171,~~912~~387.6026 Total Deposits 710,~~396~~045,~~692~~703.3286 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~235~~234,~~597~~022.6653 Payment of Interest and Principal 79,~~161~~811,~~094~~681.6633 Total Withdrawals (Pool Distribution Amount) 710,~~396~~045,~~692~~703.3286 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~208~~207,~~559~~081.1128 Credit Risk Manager Fee - Murrayhill 6,~~256~~212.7842 Custodial Fee - U.S. Bank 0.00 Master Servicing Fee - Wells Fargo 6,~~256~~212.7842 PMI - MGIC 14,~~524~~516.9941 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~235~~234,~~597~~022.6653

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days ~~240~~285 0 0 0 ~~240~~285 3134,~~924~~718,~~531~~168.0633 0.00 0.00 0.00 3134,~~924~~718,~~531~~168.0633 60 Days 5067 0 0 0 5067 68,~~890~~908,~~956~~245.2655 0.00 0.00 0.00 68,~~890~~908,~~956~~245.2655 90 Days 1328 0 0 0 1328 13,~~714~~863,~~635~~356.0957 0.00 0.00 0.00 13,~~714~~863,~~635~~356.0957 120 Days 011 0 0 0 011 01,232,800.0072 0.00 0.00 0.00 01,232,800.0072 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 ~~303~~391 0 0 0 ~~303~~391 4048,~~530~~722,~~122~~571.4117 0.00 0.00 0.00 4048,~~530~~722,~~122~~571.4117 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 67.~~462036~~763552% 0.000000% 0.000000% 0.000000% 67.~~462036~~763552% 67.~~419833~~068180% 0.000000% 0.000000% 0.000000% 67.~~419833~~068180% 60 Days 1.~~346257~~825116% 0.000000% 0.000000% 0.000000% 1.~~346257~~825116% 1.~~385730~~813606% 0.000000% 0.000000% 0.000000% 1.~~385730~~813606% 90 Days 0.~~350027~~762735% 0.000000% 0.000000% 0.000000% 0.~~350027~~762735% 0.~~344803~~786531% 0.000000% 0.000000% 0.000000% 0.~~344803~~786531% 120 Days 0.~~000000~~299646% 0.000000% 0.000000% 0.000000% 0.~~000000~~299646% 0.~~000000~~250983% 0.000000% 0.000000% 0.000000% 0.~~000000~~250983% 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 810.~~158320~~651049% 0.000000% 0.000000% 0.000000% 810.~~158320~~651049% 89.~~150367~~919299% 0.000000% 0.000000% 0.000000% 89.~~150367~~919299%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~330~~405,~~804~~184.5629

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 9.~~119635~~116728% Weighted Average Net Coupon 8.~~619635~~616728% Weighted Average Pass-Through Rate 8.~~554809~~551676% Weighted Average Maturity(Stepdown Calculation ) ~~347~~346 Beginning Scheduled Collateral Loan Count 3,~~737~~714 Number Of Loans Paid In Full 2343 Ending Scheduled Collateral Loan Count 3,~~714~~671 Beginning Scheduled Collateral Balance ~~500~~496,~~541~~995,~~864~~049.8356 Ending Scheduled Collateral Balance ~~496~~490,~~995~~896,~~049~~540.5619 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2002 ~~497~~491,~~279~~189,~~738~~650.7293 Monthly P &I Constant 4,~~159~~257,~~309~~442.8459 Special Servicing Fee 0.00 Prepayment Penalties 45171,~~912~~387.6026 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~496~~490,~~995~~896,~~049~~540.5619 Scheduled Principal ~~309~~310,~~431~~248.2307 Unscheduled Principal 35,~~237~~788,~~384~~261.0430

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Coupon Rate 9.~~119635~~116728% Weighted Average Net Rate 8.~~619635~~616728% Weighted Average Pass Through Rate 8.~~554809~~551676% Weighted Average Maturity ~~347~~346 Record Date 0708/31/2002 Principal and Interest Constant 4,~~159~~257,~~309~~442.8459 Beginning Loan Count 3,~~737~~714 Loans Paid in Full 2343 Ending Loan Count 3,~~714~~671 Beginning Scheduled Balance ~~500~~496,~~541~~995,~~864~~049.8356 Ending Scheduled Balance ~~496~~490,~~995~~896,~~049~~540.5619 Ending Actual Balance at 31-~~Jul~~Aug-2002 ~~497~~491,~~279~~189,~~738~~650.7293 Scheduled Principal ~~309~~310,~~431~~248.2307 Unscheduled Principal 35,~~237~~788,~~384~~261.0430 Scheduled Interest 3,~~849~~947,~~878~~194.6152 Servicing Fee ~~208~~207,~~559~~081.1128 Master Servicing Fee 6,~~256~~212.7842 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 20,~~781~~728.7783 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 3,~~614~~713,~~280~~171.9599 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.00 Special Servicing Fee 0.00 Prepayment Penalties 45171,~~912~~387.6026

Miscellaneous Reporting Required Overcollaterization Amount 7,508,764.83 Overcollateralization Increase Amount: 0.00 Overcollateralization Reduction Amount: 0.00 Credit Enhancement Percentage: 20.~~3947~~6481%

Filing Compare · ACE SECURITIES CORP HOME EQUITY LOAN TRUST 2002- HE1