8-K 1 opt02001.txt NOVEMBER 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): November 25, 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 November 25, 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 November 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. 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: 12/4/02 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 November 25, 2002 distribution. EX-99.1

Option One Mortgage Loan Trust ~~Asset~~Mortgage Pass-~~Backed~~Through Certificates Record Date: ~~9/30/02~~ 10/2531/02 Distribution Date: 11/25/02 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.~~10375~~12000% ~~539~~527,~~740~~546,~~301~~875.2712 ~~946~~963,~~232~~066.2213 1214,~~193~~144,~~426~~127.1598 M1 68389FCC6 MEZ 2.~~56375~~58000% 21,125,000.00 4546,~~132~~932.6871 0.00 M2 68389FCD4 MEZ 3.~~11375~~13000% 19,500,000.00 5052,~~598~~557.4492 0.00 M3 68389FCE2 MEZ 3.~~76375~~78000% 17,875,000.00 5658,~~064~~183.1913 0.00 C OPT02001C JUN 0.00000% 6,499,986.90 2,~~637~~573,~~953~~307.7998 0.00 P OPT02001P SEN 0.00000% 100.00 ~~285~~330,~~823~~463.4838 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 ~~604~~592,~~740~~546,~~388~~962.1702 4,~~021~~024,~~804~~511.8025 1214,~~193~~144,~~426~~127.1598

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 ~~527~~513,~~546~~402,~~875~~747.1214 1315,~~139~~107,~~658~~194.3711 0.00 M1 0.00 21,125,000.00 4546,~~132~~932.6871 0.00 M2 0.00 19,500,000.00 5052,~~598~~557.4492 0.00 M3 0.00 17,875,000.00 5658,~~064~~183.1913 0.00 C 0.00 6,499,986.90 2,~~637~~573,~~953~~307.7998 0.00 P 0.00 100.00 ~~285~~330,~~823~~463.4838 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 Totals 0.00 ~~592~~578,~~546~~402,~~962~~834.0204 1618,~~215~~168,~~230~~639.9523 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 ~~539~~527,~~740~~546,~~301~~875.2712 0.00 1214,~~193~~144,~~426~~127.1598 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 ~~598~~586,~~240~~046,~~301~~875.2712 0.00 1214,~~193~~144,~~426~~127.1598 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 1214,~~193~~144,~~426~~127.1598 ~~527~~513,~~546~~402,~~875~~747.1214 0.~~90178953~~87761153 1214,~~193~~144,~~426~~127.1598 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 1214,~~193~~144,~~426~~127.1598 ~~586~~571,~~046~~902,~~875~~747.1214 0.~~91071775~~88873776 1214,~~193~~144,~~426~~127.1598

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 585,000,000.00 ~~922~~901.~~63299362~~78953012 0.00000000 2024.~~84346350~~17799655 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 2024.~~84346350~~17799655 ~~901~~877.~~78953012~~61153357 0.~~90178953~~87761153 2024.~~84346350~~17799655 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.~~10375~~12000% ~~539~~527,~~740~~546,~~301~~875.2712 ~~946~~963,~~232~~066.2213 0.00 0.00 M1 21,125,000.00 2.~~56375~~58000% 21,125,000.00 4546,~~132~~932.6871 0.00 0.00 M2 19,500,000.00 3.~~11375~~13000% 19,500,000.00 5052,~~598~~557.4492 0.00 0.00 M3 17,875,000.00 3.~~76375~~78000% 17,875,000.00 5658,~~064~~183.1913 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,~~098~~120,~~027~~739.5389 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 0.00 0.00 ~~946~~963,~~232~~066.2213 0.00 ~~527~~513,~~546~~402,~~875~~747.1214 M1 0.00 0.00 4546,~~132~~932.6871 0.00 21,125,000.00 M2 0.00 0.00 5052,~~598~~557.4492 0.00 19,500,000.00 M3 0.00 0.00 5658,~~064~~183.1913 0.00 17,875,000.00 C 0.00 0.00 2,~~637~~573,~~953~~307.7998 0.00 6,499,986.90 P 0.00 0.00 ~~285~~330,~~823~~463.4838 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 0.00 0.00 4,~~021~~024,~~804~~511.8025 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.~~10375~~12000% ~~922~~901.~~63299362~~78953012 1.~~61749097~~64626689 0.00000000 0.00000000 M1 21,125,000.00 2.~~56375~~58000% 1000.00000000 2.~~13645822~~22166675 0.00000000 0.00000000 M2 19,500,000.00 3.~~11375~~13000% 1000.00000000 2.~~59479179~~69527795 0.00000000 0.00000000 M3 17,875,000.00 3.~~76375~~78000% 1000.00000000 3.~~13645818~~25500028 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 0.00000000 0.00000000 1.~~61749097~~64626689 0.00000000 ~~901~~877.~~78953012~~61153357 M1 0.00000000 0.00000000 2.~~13645822~~22166675 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~59479179~~69527795 0.00000000 1000.00000000 M3 0.00000000 0.00000000 3.~~13645818~~25500028 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~405~~395.~~92710394~~97943673 0.00000000 1000.21496509 P 0.00000000 0.00000000 ~~2858234~~3304633.80000000 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 1618,~~586~~454,~~809~~106.5078 Liquidations, Insurance Proceeds, Reserve Funds 1.0712 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses ~~(30,212~~0.~~51)~~00 Prepayment Penalties ~~285~~330,~~823~~463.4838 Total Deposits 1618,~~842~~784,~~421~~571.5428 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~627~~615,~~190~~932.5905 Payment of Interest and Principal 1618,~~215~~168,~~230~~639.9523 Total Withdrawals (Pool Distribution Amount) 1618,~~842~~784,~~421~~571.5428 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~251~~246,~~975~~894.2279 Radian PMI Policy Fee ~~371~~365,~~939~~827.7770 Wells Fargo 3,~~275~~209.6056 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~627~~615,~~190~~932.5905

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 1.0712 1.0712 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 1215 20 0 1415 1,~~353~~815,~~308~~165.3675 ~~438,282~~0.5000 0.00 1,~~791~~815,~~590~~165.8675 30 Days 8371 3 01 0 8675 1210,~~861~~816,~~434~~306.7466 ~~381~~329,~~272~~585.9123 0201,923.0093 0.00 1311,~~242~~347,~~707~~815.6582 60 Days 916 01 1725 0 2642 12,~~112~~452,~~657~~267.4417 0109,645.0083 3,~~983~~327,~~578~~250.8173 0.00 5,~~096~~889,~~236~~163.2573 90 Days 1 1721 6773 67 91102 ~~153~~59,~~344~~696.0207 2,~~115~~792,~~065~~890.3213 811,~~594~~119,~~795~~376.9745 ~~670~~740,~~681~~040.4966 1114,~~533~~712,~~886~~003.8031 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 9388 3240 8699 67 ~~217~~234 1413,~~127~~328,~~436~~269.2090 35,~~849~~047,~~646~~286.5994 1314,~~016~~648,~~657~~551.2811 ~~670~~740,~~681~~040.4966 3133,~~664~~764,~~421~~148.5661 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.~~322754~~413223% 0.~~053792~~000000% 0.000000% 0.~~376547~~413223% 0.~~228313~~313712% 0.~~073942~~000000% 0.000000% 0.~~302255~~313712% 30 Days 21.~~232383~~955923% 0.~~080689~~082645% 0.~~000000~~027548% 0.000000% 2.~~313072~~066116% 21.~~169820~~869363% 0.~~064324~~056962% 0.~~000000~~034898% 0.000000% 21.~~234144~~961223% 60 Days 0.~~242066~~440771% 0.~~000000~~027548% 0.~~457235~~688705% 0.000000% 01.~~699301~~157025% 0.~~187714~~423821% 0.~~000000~~018950% 0.~~672060~~575043% 0.000000% 01.~~859773~~017814% 90 Days 0.~~026896~~027548% 0.~~457235~~578512% 12.~~802044~~011019% 0.~~161377~~192837% 2.~~447552~~809917% 0.~~025870~~010317% 0.~~356827~~482690% 1.~~450007~~921742% 0.~~113149~~127900% 12.~~945853~~542650% 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 2.~~501345~~424242% 01.~~860678~~101928% 2.~~313072~~727273% 0.~~161377~~192837% 56.~~836471~~446281% 2.~~383404~~303502% 0.~~649464~~872314% 2.~~196008~~531684% 0.~~113149~~127900% 5.~~342025~~835399% (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 ~~394~~399,~~032~~718.9789

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~731683~~728379% Weighted Average Net Coupon 8.~~231683~~228379% Weighted Average Pass-Through Rate 7.~~487134~~481020% Weighted Average Maturity(Stepdown Calculation ) ~~342~~341 Beginning Scheduled Collateral Loan Count 3,~~788~~718 Number Of Loans Paid In Full 7088 Ending Scheduled Collateral Loan Count 3,~~718~~630 Beginning Scheduled Collateral Balance ~~604~~592,~~740~~546,~~388~~962.1702 Ending Scheduled Collateral Balance ~~592~~578,~~546~~402,~~962~~834.0204 Ending Actual Collateral Balance at 3031-~~Sep~~Oct-2002 ~~592~~578,~~741~~609,~~885~~094.3033 Monthly P &I Constant 4,~~810~~714,~~728~~058.1001 Special Servicing Fee 0.00 Prepayment Penalties ~~285~~330,~~823~~463.4838 Realized Loss Amount ~~30,212~~0.5100 Cumulative Realized Loss 78,808.22 Ending Scheduled Balance for Premium Loans ~~592~~578,~~546~~402,~~962~~834.0204 Scheduled Principal ~~410~~404,~~393~~079.7132 Unscheduled Principal 1113,~~783~~740,~~032~~048.4466

Credit Enhancement Percentage 10.~~748412~~969592% Rolling Three Month Delinquency Percentage 2.~~3205514202351~~8360440327526% PMI Payments During PrePay Pd. 0.00 Cumulative PMI Claims Denied 0.00 Delinquency Cut-Off Balance ~~599~~586,~~529~~539,~~618~~663.4641 Unscheduled Principal - Voluntary 1113,~~580~~740,~~230~~048.0266 Unscheduled Principal - Involuntary ~~202,802~~0.4200 Trigger Event Not Triggered In Effect Since N/A Comments N/A Step Down Date Do ~~not~~Not ~~step~~Step ~~down~~Down In Effect Since N/A Comments N/A

Miscellaneous Reporting General Excess Available Amt ~~2668166~~2,573,307.398 Extra Principal Distribution Amt ~~30,212~~0.5100 Overcollateralization Amt 6,499,986.90 Overcollateralization Deficit Amt ~~30212~~0.5100 Overcollateralization Release Amt 0.00 Overcollateralization Increase Amt 0.00 Target Overcollateralization Amt 6,499,986.90

Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 8.~~219656~~206116 8.~~871747~~870617 8.~~731683~~728379 Weighted Average Net Rate 7.~~719655~~706116 8.~~371748~~370617 8.~~231683~~228379 Weighted Average Maturity ~~342~~341 ~~342~~341 ~~342~~341 Beginning Loan Count ~~786~~768 32,~~002~~950 3,~~788~~718 Loans Paid In Full 1819 5269 7088 Ending Loan Count ~~768~~749 2,~~950~~881 3,~~718~~630 Beginning Scheduled Balance ~~129~~126,~~893~~836,~~919~~235.5941 ~~474~~465,~~846~~710,~~468~~726.5861 ~~604~~592,~~740~~546,~~388~~962.1702 Ending scheduled Balance ~~126~~124,~~836~~472,~~235~~152.4149 ~~465~~453,~~710~~930,~~726~~681.6155 ~~592~~578,~~546~~402,~~962~~834.0204 Record Date 0910/3031/2002 0910/3031/2002 0910/3031/2002 Principal And Interest Constant 1985,~~007,994~~005.6312 3,~~802~~729,~~733~~052.4789 4,~~810~~714,~~728~~058.1001 Scheduled Principal ~~118~~117,~~258~~644.4739 ~~292~~286,~~135~~434.2493 ~~410~~404,~~393~~079.7132 Unscheduled Principal 2,~~939~~246,~~425~~438.7153 811,~~843~~493,~~606~~610.7313 1113,~~783~~740,~~032~~048.4466 Scheduled Interest ~~889~~867,~~736~~360.1673 3,~~510~~442,~~598~~617.2396 4,~~400~~309,~~334~~978.3969 Servicing Fees 5452,~~122~~848.6441 ~~197~~194,~~852~~046.5838 ~~251~~246,~~975~~894.2279 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~703~~687.6007 2,~~572~~522.0049 3,~~275~~209.6056 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 8179,~~173~~583.7661 ~~290~~286,~~766~~244.0109 ~~371~~365,~~939~~827.7770 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 ~~835~~814,~~613~~512.5232 23,~~213~~248,~~745~~571.6558 34,~~049~~063,~~359~~083.1790 Realized Loss Amount 0.00 ~~30,212~~0.5100 ~~30,212~~0.5100 Cumulative Realized Loss 6,309.46 72,498.76 78,808.22 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 6.~~963247~~946674 7.~~630444~~626550 7.~~487134~~481020

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