8-K 1 abf02wf1.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 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2002-WF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-32857-09 Pooling and Servicing Agreement) (Commission 43-1959575 (State or other File Number) 43-1959566 jurisdiction 43-1959567 of Incorporation) 43-1959569 43-1959449 IRS EIN 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 November 25, 2002 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2002-WF1 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-WF1 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. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2002-WF1 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: 12/3/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-WF1 Trust, relating to the November 25, 2002 distribution.

Asset Backed Funding Corporation Mortgage Pass-Through Certificates Record Date: 910/3031/02 ~~Distribution Date: 10~~11/25/02 Distribution Date: ABFC Series: 2002-WF1 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 04542BAE2 SEN 2.~~10375~~12000% ~~240~~230,~~393~~991,~~268~~224.0156 ~~418~~421,~~216~~687.2531 911,~~402~~539,~~043~~350.4573 A-IO 04542BAF9 SEN 4.50000% 0.00 ~~127~~128,~~254~~235.2500 0.00 M-1 04542BAG7 MEZ 2.~~56375~~58000% 20,518,000.00 4345,~~500~~584.5916 0.00 M-2 04542BAH5 MEZ 3.~~11375~~13000% 17,953,000.00 4648,~~228~~388.0132 0.00 M-3 04542BAJ1 MEZ 3.~~71375~~73000% 14,533,000.00 4446,~~632~~679.6219 0.00 B 04542BAK8 SUB 6.~~56375~~58000% 3,420,000.00 1819,~~563~~378.6210 0.00 CE ABF02W1CE SEN 0.00000% 1,709,821.53 1,~~539~~459,~~783~~983.1286 0.00 R1 ABF02W1R1 RES 0.00000% 0.00 0.00 0.00 R2 ABF02W1R2 RES 0.00000% 0.00 0.00 0.00 R3 ABF02W1R3 RES 0.00000% 0.00 0.00 0.00 R4 ABF02W1R4 RES 0.00000% 0.00 0.00 0.00 R5 ABF02W1R5 RES 0.00000% 0.00 0.00 0.00 P ABF02WF1P SEN 0.00000% 0.01 ~~249~~304,~~902~~066.8957 0.00 Totals ~~298~~289,~~527~~125,~~089~~046.5510 2,~~488~~474,~~081~~002.3551 911,~~402~~539,~~043~~350.4573

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~230~~219,~~991~~451,~~224~~873.5683 911,~~820~~961,~~259~~038.7004 0.00 A-IO 0.00 0.00 ~~127~~128,~~254~~235.2500 0.00 M-1 0.00 20,518,000.00 4345,~~500~~584.5916 0.00 M-2 0.00 17,953,000.00 4648,~~228~~388.0132 0.00 M-3 0.00 14,533,000.00 4446,~~632~~679.6219 0.00 B 0.00 3,420,000.00 1819,~~563~~378.6210 0.00 CE 0.0001 1,709,821.53 1,~~539~~459,~~783~~983.1286 0.0001 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 P 0.00 0.01 ~~249~~304,~~902~~066.8957 0.00 Totals 0.0001 ~~289~~277,~~125~~585,~~046~~695.1037 1114,~~890~~013,~~124~~353.8024 0.0001 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-1 283,830,000.00 ~~240~~230,~~393~~991,~~268~~224.0156 0.00 911,~~402~~539,~~043~~350.4573 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 20,518,000.00 20,518,000.00 0.00 0.00 0.00 0.00 M-2 17,953,000.00 17,953,000.00 0.00 0.00 0.00 0.00 M-3 14,533,000.00 14,533,000.00 0.00 0.00 0.00 0.00 B 3,420,000.00 3,420,000.00 0.00 0.00 0.00 0.00 CE 1,710,308.83 1,709,821.53 0.00 0.00 0.00 0.0001 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 R3 0.00 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.01 0.00 0.00 0.00 0.00 Totals 341,964,308.83 ~~298~~289,~~527~~125,~~089~~046.5510 0.00 911,~~402~~539,~~043~~350.4573 0.00 0.0001 (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-1 911,~~402~~539,~~043~~350.4573 ~~230~~219,~~991~~451,~~224~~873.5683 0.~~81383654~~77318069 911,~~402~~539,~~043~~350.4573 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 20,518,000.00 1.00000000 0.00 M-2 0.00 17,953,000.00 1.00000000 0.00 M-3 0.00 14,533,000.00 1.00000000 0.00 B 0.00 3,420,000.00 1.00000000 0.00 CE 0.0001 1,709,821.53 0.99971508 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 R3 0.00 0.00 0.00000000 0.00 R4 0.00 0.00 0.00000000 0.00 R5 0.00 0.00 0.00000000 0.00 P 0.00 0.01 0.00000000 0.00 Totals 911,~~402~~539,~~043~~350.4574 ~~289~~277,~~125~~585,~~046~~695.1037 0.~~84548311~~81173879 911,~~402~~539,~~043~~350.4573

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 283,830,000.00 ~~846~~813.~~96215344~~83653793 0.00000000 3340.~~12561551~~65585290 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 20,518,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 17,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 14,533,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 3,420,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 1,710,308.83 999.71508070 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 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1000 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 3340.~~12561551~~65585290 ~~813~~773.~~83653793~~18068502 0.~~81383654~~77318069 3340.~~12561551~~65585290 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 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.~~00000000~~00000585 0.~~00000000~~00000585 999.71508070 0.99971508 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 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-1 283,830,000.00 2.~~10375~~12000% ~~240~~230,~~393~~991,~~268~~224.0156 421,~~439~~687.4531 0.00 0.00 A-IO 0.00 4.50000% 34,196,000.00 128,235.00 0.00 0.00 M-1 20,518,000.00 2.~~56375~~58000% 20,518,000.00 4345,~~835~~584.8516 0.00 0.00 M-2 17,953,000.00 3.~~11375~~13000% 17,953,000.00 4648,~~584~~388.2932 0.00 0.00 M-3 14,533,000.00 3.~~71375~~73000% 14,533,000.00 4446,~~976~~679.6119 0.00 0.00 B 3,420,000.00 6.~~56375~~58000% 3,420,000.00 1819,~~706~~378.6910 0.00 0.00 CE 1,710,308.83 0.00000% 1,709,821.53 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 R3 0.00 0.00000% 0.00 0.00 0.00 0.00 R4 0.00 0.00000% 0.00 0.00 0.00 0.00 R5 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 Totals 341,964,308.83 ~~703~~709,~~777~~952.8908 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 ~~3,223~~0.2000 0.00 ~~418~~421,~~216~~687.2531 0.00 ~~230~~219,~~991~~451,~~224~~873.5683 A-IO ~~980~~0.7500 0.00 ~~127~~128,~~254~~235.2500 0.00 34,196,000.00 M-1 ~~335~~0.2600 0.00 4345,~~500~~584.5916 0.00 20,518,000.00 M-2 ~~356~~0.2800 0.00 4648,~~228~~388.0132 0.00 17,953,000.00 M-3 ~~343~~0.9800 0.00 4446,~~632~~679.6219 0.00 14,533,000.00 B ~~143~~0.0700 0.00 1819,~~563~~378.6210 0.00 3,420,000.00 CE 0.00 0.00 1,~~539~~459,~~783~~983.1286 0.00 1,709,821.53 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 R3 0.00 0.00 0.00 0.00 0.00 R4 0.00 0.00 0.00 0.00 0.00 R5 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~249~~304,~~902~~066.8957 0.00 0.01 Totals ~~5,382~~0.5400 0.00 2,~~488~~474,~~081~~002.3551 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-1 283,830,000.00 2.~~10375~~12000% ~~846~~813.~~96215344~~83653793 1.~~48483053~~48570380 0.00000000 0.00000000 A-IO 0.00 4.50000% 1000.00000000 3.75000000 0.00000000 0.00000000 M-1 20,518,000.00 2.~~56375~~58000% 1000.00000000 2.~~13645823~~22166683 0.00000000 0.00000000 M-2 17,953,000.00 3.~~11375~~13000% 1000.00000000 2.~~59479140~~69527767 0.00000000 0.00000000 M-3 14,533,000.00 3.~~71375~~73000% 1000.00000000 3.~~09479185~~21194454 0.00000000 0.00000000 B 3,420,000.00 6.~~56375~~58000% 1000.00000000 5.~~46979240~~66611111 0.00000000 0.00000000 CE 1,710,308.83 0.00000% 999.71508070 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 R3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000 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.~~01135609~~00000000 0.00000000 1.~~47347444~~48570380 0.00000000 ~~813~~773.~~83653793~~18068502 A-IO 0.~~02868026~~00000000 0.00000000 3.~~72131974~~75000000 0.00000000 1000.00000000 M-1 0.~~01633980~~00000000 0.00000000 2.~~12011843~~22166683 0.00000000 1000.00000000 M-2 0.~~01984515~~00000000 0.00000000 2.~~57494625~~69527767 0.00000000 1000.00000000 M-3 0.~~02366889~~00000000 0.00000000 3.~~07112227~~21194454 0.00000000 1000.00000000 B 0.~~04183333~~00000000 0.00000000 5.~~42795906~~66611111 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~900~~853.~~29536946~~63756205 0.00000000 999.71508070 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R5 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 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 1113,~~671~~714,~~961~~089.2808 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~100~~122,~~110~~894.1145 Realized Losses 0.00 Prepayment Penalties ~~249~~304,~~902~~066.8957 Total Deposits 1214,~~021~~141,~~974~~050.2810 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~131~~127,~~849~~696.4886 Payment of Interest and Principal 1114,~~890~~013,~~124~~353.8024 Total Withdrawals (Pool Distribution Amount) 1214,~~021~~141,~~974~~050.2810 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~124~~120,~~386~~468.3176 Credit Risk Manager Fee 4,~~975~~818.4575 Securities Administration Fee 2,~~487~~409.7235 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~131~~127,~~849~~696.4886

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 4341 09 062 02 43114 4,~~742~~187,~~875~~470.8156 0892,504.0002 07,753,544.0039 0129,357.0066 412,~~742~~962,~~875~~876.8163 60 Days 153 0 0 0 153 1277,~~894,907~~550.4504 0.00 0.00 0.00 1277,~~894,907~~550.4504 90 Days 162 0 0 0 162 1168,~~833,790~~311.4713 0.00 0.00 0.00 1168,~~833,790~~311.4713 120 Days 131 0 0 0 13 1 64,~~123,362~~854.4507 0.00 0.00 0.00 164,~~123,362~~854.4507 150 Days 70 0 0 0 70 ~~698,370~~0.0500 0.00 0.00 0.00 ~~698,370~~0.0500 180+ Days 100 0 0 0 100 ~~1,069,932~~0.1100 0.00 0.00 0.00 ~~1,069,932~~0.1100 Totals ~~104~~47 09 062 02 ~~104~~120 114,~~363~~698,~~238~~185.3480 0892,504.0002 07,753,544.0039 0129,357.0066 1113,~~363~~473,~~238~~591.3487 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 1.~~802179~~781834% 0.~~000000~~391134% 02.~~000000~~694481% 0.~~000000~~086919% 14.~~802179~~954368% 1.~~639319~~507499% 0.~~000000~~321303% 02.~~000000~~791294% 0.~~000000~~046569% 14.~~639319~~666665% 60 Days 0.~~628667~~130378% 0.000000% 0.000000% 0.000000% 0.~~628667~~130378% 0.~~654952~~099919% 0.000000% 0.000000% 0.000000% 0.~~654952~~099919% 90 Days 0.~~670578~~086919% 0.000000% 0.000000% 0.000000% 0.~~670578~~086919% 0.~~633828~~060592% 0.000000% 0.000000% 0.000000% 0.~~633828~~060592% 120 Days 0.~~544845~~043459% 0.000000% 0.000000% 0.000000% 0.~~544845~~043459% 0.~~388277~~023348% 0.000000% 0.000000% 0.000000% 0.~~388277~~023348% 150 Days 0.~~293378~~000000% 0.000000% 0.000000% 0.000000% 0.~~293378~~000000% 0.~~241383~~000000% 0.000000% 0.000000% 0.000000% 0.~~241383~~000000% 180+ Days 0.~~419111~~000000% 0.000000% 0.000000% 0.000000% 0.~~419111~~000000% 0.~~369809~~000000% 0.000000% 0.000000% 0.000000% 0.~~369809~~000000% Totals 42.~~358759~~042590% 0.~~000000~~391134% 02.~~000000~~694481% 0.~~000000~~086919% 45.~~358759~~215124% 31.~~927570~~691358% 0.~~000000~~321303% 02.~~000000~~791294% 0.~~000000~~046569% 34.~~927570~~850524% ~~(7) All Foreclosure, REO, and Bankruptcy loans are reported in the 30 day field.~~

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~100~~122,~~110~~894.1145

COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 9.~~548522~~536218% Weighted Average Net Coupon 9.~~048522~~036218% Weighted Average Pass-Through Rate 9.~~038522~~026218% Weighted Average Maturity(Stepdown Calculation ) ~~340~~339 Beginning Scheduled Collateral Loan Count 2,~~454~~386 Number Of Loans Paid In Full 6885 Ending Scheduled Collateral Loan Count 2,~~386~~301 Beginning Scheduled Collateral Balance ~~298~~289,~~527~~125,~~089~~046.5510 Ending Scheduled Collateral Balance ~~289~~277,~~125~~585,~~046~~695.1037 Ending Actual Collateral Balance at 3031-~~Sep~~Oct-2002 ~~289~~277,~~319~~776,~~853~~031.6870 Monthly P &I Constant 2,~~556~~473,~~553~~453.4582 Special Servicing Fee 0.00 Prepayment Penalties ~~249~~304,~~902~~066.8957 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~289~~277,~~125~~585,~~046~~695.1037 Scheduled Principal ~~181~~175,~~142~~820.9398 Unscheduled Principal 911,~~220~~363,~~900~~529.5275 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,709,821.54 Overcollateralized Amount 1,709,821.54 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,~~539~~459,~~752~~983.3386

Monthly Excess Interest $1,~~539~~459,~~752~~983.3386

Filing Compare · ASSET BACKED FUNDING CORP 2002 WF1 TRUST