8-K 1 abf02op1.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-OP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-32857-14 Pooling and Servicing Agreement) (Commission 52-2365738 (State or other File Number) 52-2365739 jurisdiction 52-2365740 of Incorporation) 52-2365741 52-2365742 52-2365743 52-2365744 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-OP1 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-OP1 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-OP1 Trust By: Wells Fargo Bank Minnesota, N.A. as Trustee 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-OP1 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-OP1 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 04542BBG6 SEN 2.~~14063~~16000% ~~391~~389,~~222~~195,~~000~~084.0096 ~~674~~723,~~621~~902.7984 23,~~026~~899,~~915~~022.0406 A-2 04542BBH4 SEN 2.73400% 125,~~860~~096,~~000~~645.0058 ~~277~~285,~~192~~011.6685 ~~763~~1,~~354~~889,193.4210 A-IO 04542BBJ0 SEN 6.00000% 0.00 319,184.99 0.00 AIO-INV 04542BBK7 SEN 0.00000% 0.00 0.00 0.00 M-1 04542BBL5 MEZ 2.~~54063~~56000% 41,495,000.00 8491,~~924~~473.4442 0.00 M-2 04542BBM3 MEZ 2.~~74063~~76000% 12,767,000.00 2830,~~186~~342.0890 0.00 M-3 04542BBN1 MEZ 3.~~21063~~23000% 23,939,000.00 6166,~~914~~583.4167 0.00 M-4 04542BBP6 MEZ 3.~~66063~~68000% 19,151,000.00 5660,~~473~~687.2539 0.00 M-5 04542BBQ4 MEZ 3.~~96063~~98000% 9,576,000.00 3032,~~552~~819.3008 0.00 M-6 04542BBR2 MEZ 5.~~06063~~08000% 4,788,000.00 1920,~~518~~944.8584 0.00 B ABF02OP1B SUB 7.50000% 6,383,000.00 39,893.75 0.00 CE ABF02OPCE SEN 0.00000% 3,~~192~~191,~~849~~869.25 2,~~821~~722,~~439~~799.5986 0.00 R SEN 0.00000% 0.00 0.00 0.00 P ABF02OP1P SEN 0.00000% 0.00 60119,~~571~~668.3042 0.00 Totals ~~638~~635,~~373~~582,~~849~~599.2579 4,~~474~~513,~~473~~313.4101 25,~~790~~788,~~269~~215.4616

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~389~~385,~~195~~296,~~084~~062.9690 24,~~701~~622,~~536~~924.8390 0.00 A-2 0.00 ~~125~~123,~~096~~207,~~645~~452.5848 12,~~040~~174,~~547~~204.0895 0.00 A-IO 0.00 0.00 319,184.99 0.00 AIO-INV 0.00 0.00 0.00 0.00 M-1 0.00 41,495,000.00 8491,~~924~~473.4442 0.00 M-2 0.00 12,767,000.00 2830,~~186~~342.0890 0.00 M-3 0.00 23,939,000.00 6166,~~914~~583.4167 0.00 M-4 0.00 19,151,000.00 5660,~~473~~687.2539 0.00 M-5 0.00 9,576,000.00 3032,~~552~~819.3008 0.00 M-6 0.00 4,788,000.00 1920,~~518~~944.8584 0.00 B 0.00 6,383,000.00 39,893.75 0.00 CE 0.00 3,191,869.25 2,~~821~~722,~~439~~799.5986 0.00 R 0.00 0.00 0.00 0.00 P 0.00 0.00 60119,~~571~~668.3042 0.00 Totals 0.00 ~~635~~629,~~582~~794,~~599~~384.7963 710,~~264~~301,~~742~~528.8717 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-1 391,222,000.00 ~~391~~389,~~222~~195,~~000~~084.0096 0.00 23,~~026~~899,~~915~~022.0406 0.00 0.00 A-2 125,860,000.00 125,~~860~~096,~~000~~645.0058 0.00 ~~763~~1,~~354~~889,193.4210 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 AIO-INV 0.00 0.00 0.00 0.00 0.00 0.00 M-1 41,495,000.00 41,495,000.00 0.00 0.00 0.00 0.00 M-2 12,767,000.00 12,767,000.00 0.00 0.00 0.00 0.00 M-3 23,939,000.00 23,939,000.00 0.00 0.00 0.00 0.00 M-4 19,151,000.00 19,151,000.00 0.00 0.00 0.00 0.00 M-5 9,576,000.00 9,576,000.00 0.00 0.00 0.00 0.00 M-6 4,788,000.00 4,788,000.00 0.00 0.00 0.00 0.00 B 6,383,000.00 6,383,000.00 0.00 0.00 0.00 0.00 CE 3,192,849.25 3,~~192~~191,~~849~~869.25 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 638,373,849.25 ~~638~~635,~~373~~582,~~849~~599.2579 0.00 25,~~790~~788,~~269~~215.4616 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 23,~~026~~899,~~915~~022.0406 ~~389~~385,~~195~~296,~~084~~062.9690 0.~~99481902~~98485275 23,~~026~~899,~~915~~022.0406 A-2 ~~763~~1,~~354~~889,193.4210 ~~125~~123,~~096~~207,~~645~~452.5848 0.~~99393489~~97892462 ~~763~~1,~~354~~889,193.4210 A-IO 0.00 0.00 0.00000000 0.00 AIO-INV 0.00 0.00 0.00000000 0.00 M-1 0.00 41,495,000.00 1.00000000 0.00 M-2 0.00 12,767,000.00 1.00000000 0.00 M-3 0.00 23,939,000.00 1.00000000 0.00 M-4 0.00 19,151,000.00 1.00000000 0.00 M-5 0.00 9,576,000.00 1.00000000 0.00 M-6 0.00 4,788,000.00 1.00000000 0.00 B 0.00 6,383,000.00 1.00000000 0.00 CE 0.00 3,191,869.25 0.99969306 0.00 R 0.00 0.00 0.00000000 0.00 P 0.00 0.00 0.00000000 0.00 Totals 25,~~790~~788,~~269~~215.4616 ~~635~~629,~~582~~794,~~599~~384.7963 0.~~99562756~~98656044 25,~~790~~788,~~269~~215.4616

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 391,222,000.00 ~~1000~~994.~~00000000~~81901570 0.00000000 59.~~18098430~~96626483 0.00000000 A-2 125,860,000.00 ~~1000~~993.~~00000000~~93489258 0.00000000 615.~~06510742~~01027411 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 AIO-INV 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 41,495,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 12,767,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 23,939,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 19,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 9,576,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 4,788,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,383,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,192,849.25 ~~1000~~999.~~00000000~~69306412 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 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-1 0.00000000 59.~~18098430~~96626483 ~~994~~984.~~81901570~~85275087 0.~~99481902~~98485275 59.~~18098430~~96626483 A-2 0.00000000 615.~~06510742~~01027411 ~~993~~978.~~93489258~~92461846 0.~~99393489~~97892462 615.~~06510742~~01027411 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AIO-INV 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 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 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 0.00000000 999.69306412 0.99969306 0.00000000 R 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-1 391,222,000.00 2.~~14063~~16000% ~~391~~389,~~222~~195,~~000~~084.0096 ~~674~~723,~~621~~902.8086 0.00 0.00 A-2 125,860,000.00 2.73400% 125,~~860~~096,~~000~~645.0058 ~~277~~285,~~192~~011.6786 0.00 0.00 A-IO 0.00 6.00000% 63,837,000.00 319,185.00 0.00 0.00 AIO-INV 0.00 0.00000% ~~482~~480,~~990~~963,~~905~~279.9804 0.00 0.00 0.00 M-1 41,495,000.00 2.~~54063~~56000% 41,495,000.00 8491,~~924~~473.4442 0.00 0.00 M-2 12,767,000.00 2.~~74063~~76000% 12,767,000.00 2830,~~186~~342.0990 0.00 0.00 M-3 23,939,000.00 3.~~21063~~23000% 23,939,000.00 6166,~~914~~583.4167 0.00 0.00 M-4 19,151,000.00 3.~~66063~~68000% 19,151,000.00 5660,~~473~~687.2539 0.00 0.00 M-5 9,576,000.00 3.~~96063~~98000% 9,576,000.00 3032,~~552~~819.3008 0.00 0.00 M-6 4,788,000.00 5.~~06063~~08000% 4,788,000.00 1920,~~518~~944.8584 0.00 0.00 B 6,383,000.00 7.50000% 6,383,000.00 39,893.75 0.00 0.00 CE 3,192,849.25 0.00000% 3,~~192~~191,~~849~~869.25 0.00 0.00 0.00 R 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 638,373,849.25 1,~~592~~670,~~462~~844.5677 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 0.0102 0.00 ~~674~~723,~~621~~902.7984 0.00 ~~389~~385,~~195~~296,~~084~~062.9690 A-2 0.01 0.00 ~~277~~285,~~192~~011.6685 0.00 ~~125~~123,~~096~~207,~~645~~452.5848 A-IO 0.01 0.00 319,184.99 0.00 63,837,000.00 AIO-INV 0.00 0.00 0.00 0.00 ~~480~~477,~~963~~064,~~279~~256.0498 M-1 0.00 0.00 8491,~~924~~473.4442 0.00 41,495,000.00 M-2 0.00 0.00 2830,~~186~~342.0890 0.00 12,767,000.00 M-3 0.00 0.00 6166,~~914~~583.4167 0.00 23,939,000.00 M-4 0.00 0.00 5660,~~473~~687.2539 0.00 19,151,000.00 M-5 0.00 0.00 3032,~~552~~819.3008 0.00 9,576,000.00 M-6 0.00 0.00 1920,~~518~~944.8584 0.00 4,788,000.00 B 0.00 0.00 39,893.75 0.00 6,383,000.00 CE 0.00 0.00 2,~~821~~722,~~439~~799.5986 0.00 3,191,869.25 R 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 60119,~~571~~668.3042 0.00 0.01 Totals 0.0304 0.00 4,~~474~~513,~~473~~313.4101 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-1 391,222,000.00 2.~~14063~~16000% ~~1000~~994.~~00000000~~81901570 1.~~72439638~~85036337 0.00000000 0.00000000 A-2 125,860,000.00 2.73400% ~~1000~~993.~~00000000~~93489258 2.~~20238892~~26451502 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 AIO-INV 0.00 0.00000% ~~1000~~995.~~00000203~~80193760 0.00000000 0.00000000 0.00000000 M-1 41,495,000.00 2.~~54063~~56000% 1000.00000000 2.~~04661863~~20444439 0.00000000 0.00000000 M-2 12,767,000.00 2.~~74063~~76000% 1000.00000000 2.~~20773009~~37666641 0.00000000 0.00000000 M-3 23,939,000.00 3.~~21063~~23000% 1000.00000000 2.~~58634070~~78138895 0.00000000 0.00000000 M-4 19,151,000.00 3.~~66063~~68000% 1000.00000000 23.~~94884079~~16888883 0.00000000 0.00000000 M-5 9,576,000.00 3.~~96063~~98000% 1000.00000000 3.~~19050752~~42722222 0.00000000 0.00000000 M-6 4,788,000.00 5.~~06063~~08000% 1000.00000000 4.~~07661863~~37444444 0.00000000 0.00000000 B 6,383,000.00 7.50000% 1000.00000000 6.25000000 0.00000000 0.00000000 CE 3,192,849.25 0.00000% ~~1000~~999.~~00000000~~69306412 0.00000000 0.00000000 0.00000000 R 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) 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-1 0.~~00000003~~00000005 0.00000000 1.~~72439635~~85036332 0.00000000 ~~994~~984.~~81901570~~85275087 A-2 0.00000008 0.00000000 2.~~20238884~~26451494 0.00000000 ~~993~~978.~~93489258~~92461846 A-IO 0.00000016 0.00000000 4.99999984 0.00000000 1000.00000000 AIO-INV 0.00000000 0.00000000 0.00000000 0.00000000 ~~995~~987.~~80193760~~72927614 M-1 0.00000000 0.00000000 2.~~04661863~~20444439 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~20772930~~37666641 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~58634070~~78138895 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 23.~~94884079~~16888883 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~19050752~~42722222 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.~~07661863~~37444444 0.00000000 1000.00000000 B 0.00000000 0.00000000 6.25000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~883~~852.~~67453928~~78058775 0.00000000 999.69306412 R 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 710,~~483~~279,~~726~~425.1529 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0180,766.0076 Realized Losses 0.00 Prepayment Penalties 60119,~~571~~668.3042 Total Deposits 710,~~544~~579,~~297~~860.4547 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~279~~269,~~554~~063.5834 Payment of Interest and Principal 710,~~264~~301,~~742~~528.8717 Total Withdrawals (Pool Distribution Amount) 710,~~544~~570,~~297~~591.4551 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~265~~264,~~989~~826.1011 ~~Credit~~Certificate ~~Risk~~Administration ~~Manager~~ Fee ~~9,309~~0.6500 Trustee Fee 4,~~255~~237.8323 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~279~~269,~~554~~063.5834

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 8 0 0 8 ~~882~~877,~~067~~627.3682 0.00 0.00 ~~882~~877,~~067~~627.3682 30 Days 1746 01 0 0 1747 35,~~580~~938,~~854~~562.8946 0103,178.0077 0.00 0.00 36,~~580~~041,~~854~~741.8923 60 Days 02 0 14 0 16 0344,512.0083 0.00 96868,~~000~~058.0024 0.00 961,~~000~~212,571.0007 90 Days 0 0 01 0 01 0.00 0.00 095,731.0007 0.00 095,731.0007 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 1748 89 15 0 2662 36,~~580~~283,~~854~~075.8929 ~~882~~980,~~067~~806.3659 96963,~~000~~789.0031 0.00 48,~~558~~227,~~922~~671.2519 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.~~178571~~179856% 0.000000% 0.000000% 0.~~178571~~179856% 0.~~138711~~139275% 0.000000% 0.000000% 0.~~138711~~139275% 30 Days 01.~~379464~~034173% 0.~~000000~~022482% 0.000000% 0.000000% 01.~~379464~~056655% 0.~~563115~~942418% 0.~~000000~~016374% 0.000000% 0.000000% 0.~~563115~~958792% 60 Days 0.~~000000~~044964% 0.000000% 0.~~022321~~089928% 0.000000% 0.~~022321~~134892% 0.~~000000~~054672% 0.000000% 0.~~015097~~137756% 0.000000% 0.~~015097~~192428% 90 Days 0.000000% 0.000000% 0.~~000000~~022482% 0.000000% 0.~~000000~~022482% 0.000000% 0.000000% 0.~~000000~~015192% 0.000000% 0.~~000000~~015192% 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.~~379464~~079137% 0.~~178571~~202338% 0.~~022321~~112410% 0.000000% 01.~~580357~~393885% 0.~~563115~~997090% 0.~~138711~~155649% 0.~~015097~~152948% 0.000000% 01.~~716923~~305687%

~~OTHER~~Delinquency ~~INFORMATION~~Status ~~Current~~By ~~Period~~Groups ~~Class~~DELINQUENT ABANKRUPTCY ~~Insufficient~~FORECLOSURE ~~Funds~~REO Total Group One 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 6 0 0 6 713,953.95 0.00 0.00 713,953.95 30 Days 36 0 0 0 36 4,789,061.77 0.00 0.00 0.00 4,789,061.77 60 Days 2 0 4 0 6 344,512.83 0.00 868,058.24 0.00 1,212,571.07 90 Days 0 0 1 0 1 0.00 0.00 95,731.07 0.00 95,731.07 120 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 38 6 5 0 49 5,133,574.60 713,953.95 963,789.31 0.00 6,811,317.86 0-29 Days 1.342282% 0.000000% 0.000000% 1.342282% 1.314663% 0.000000% 0.000000% 1.314663% 30 Days 8.053691% 0.000000% 0.000000% 0.000000% 8.053691% 8.818498% 0.000000% 0.000000% 0.000000% 8.818498% 60 Days 0.447427% 0.000000% 0.894855% 0.000000% 1.342282% 0.634380% 0.000000% 1.598428% 0.000000% 2.232808% 90 Days 0.000000% 0.000000% 0.223714% 0.000000% 0.223714% 0.000000% 0.000000% 0.176278% 0.000000% 0.176278% 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 8.501119% 1.342282% 1.118568% 0.000000% 10.961969% 9.452878% 1.314663% 1.774705% 0.000000% 12.542246% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group One 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 2 0 0 2 163,673.87 0.00 0.00 163,673.87 30 Days 10 1 0 0 11 1,149,500.69 103,178.77 0.00 0.00 1,252,679.46 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 10 3 0 0 13 1,149,500.69 266,852.64 0.00 0.00 1,416,353.33 0-29 Days 0.066445% 0.000000% 0.000000% 0.066445% 0.038692% 0.000000% 0.000000% 0.038692% 30 Days 0.332226% 0.033223% 0.000000% 0.000000% 0.365449% 0.271738% 0.024391% 0.000000% 0.000000% 0.296129% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.332226% 0.099668% 0.000000% 0.000000% 0.431894% 0.271738% 0.063083% 0.000000% 0.000000% 0.334821% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group Two No of ~~Contaminated~~Loans ~~Properties~~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 ~~Periodic~~0.00 ~~Advance~~0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group Two 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

~~COLLATERAL~~OTHER ~~STATEMENT~~INFORMATION ~~Collateral~~Current ~~Description~~Period ~~Mixed~~Class ~~Fixed~~A ~~Weighted~~Insufficient ~~Average~~Funds ~~Coupon Rate 8~~0.~~820806%~~00 ~~Weighted Average Net Rate 8.320806% Weighted Average Pass Through Rate 8.295306% Weighted Average Maturity 352 Record Date 09/30/2002~~ Principal ~~and Interest Constant 5,777,658.84 Beginning Loan Count 4,498 Loans Paid in Full 18 Ending Loan Count 4,480 Beginning Scheduled~~ Balance 638,373,849.25 Ending Scheduled Balance 635,582,599.78 Ending Actual Balance at 30-Sep-2002 635,900,876.60 Scheduled Principal 1,085,182.16 Unscheduled Principal 1,706,067.31 Scheduled Interest 4,692,476.68 Servicing Fee 265,989.10 Master Servicing Fee 0.00 Trustee Fee 4,255.83 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 9,309.65 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 4,412,922.10 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of ~~Cumulative~~Contaminated ~~Losses~~Properties 0.00 ~~Special~~Periodic ~~Servicing~~Advance ~~Fee 0.00 Prepayment Penalties 60~~180,~~571~~766.30 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 980.00 Specified O/C Amount 3,191,869.25 Overcollateralized Amount 3,191,869.25 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.0076

~~Group~~COLLATERAL ~~Level~~STATEMENT Collateral ~~Statement Group Group One Group One Group Two Collateral~~ Description Mixed Fixed ~~Mixed ARM Mixed Fixed~~ Weighted Average Coupon Rate 8.~~807977~~820840% ~~8.827148 9.502476~~ Weighted Average Net Rate 8.~~307977~~320840% Weighted Average Pass Through Rate 8.~~327148~~295340% ~~9.002478~~ Weighted Average Maturity ~~352~~351 ~~352~~Record ~~352~~Date 10/31/2002 Principal and Interest Constant 5,764,628.66 Beginning Loan Count ~~453 3~~4,~~040~~480 ~~160~~ Loans Paid Inin Full 032 ~~13 1~~ Ending Loan Count ~~453 3~~4,~~027~~448 ~~159~~ Beginning Scheduled Balance 55635,~~135~~582,~~530~~599.0978 ~~427,855,375.89 15,470,531.72~~ Ending ~~scheduled~~Scheduled Balance 55629,~~089~~794,~~504~~384.2362 ~~425,873,774.81~~Ending ~~15,392,500.13~~Actual ~~Record~~Balance ~~Date~~at ~~09/30/~~31-Oct-2002 ~~09/30/2002 09/30/2002 Principal And Interest Constant 517~~630,~~056~~141,224.34 ~~3,850,090.87 148,139.29~~ Scheduled Principal ~~112~~1,~~362.61 702~~092,~~805~~651.2083 ~~25,632.32~~ Unscheduled Principal ~~(66~~4,~~336.75) 1~~695,~~278,795~~563.8833 ~~52,399.27~~ Scheduled Interest ~~404~~4,~~693.73 3~~671,~~147,285~~976.6783 ~~122,506.97~~ Servicing ~~Fees~~Fee 22264,~~973~~826.1411 ~~178,273.07 6,446.04~~ Master Servicing ~~Fees~~Fee 0.00 ~~0.00 0.00~~ Trustee Fee ~~367.58 2~~4,~~852~~237.3623 ~~103.14~~ FRY Amount 0.00 ~~0.00 0.00~~ Special Hazard Fee 0.00 ~~0.00 0.00~~ Other Fee ~~804.05 6~~9,~~239~~268.5796 ~~225.63~~ 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 ~~380~~4,~~548.96 2~~393,~~959,920~~644.6753 ~~115,732.16~~ 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~~Special Servicing Fee 0.00 Prepayment Penalties 0119,668.0042 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 ~~Special~~Overcollateralized ~~Servicing~~Reduction ~~Fee~~Amount 0.00 0Specified O/C Amount 3,191,869.0025 Overcollateralized Amount 3,191,869.25 Overcollateralized Deficiency Amount 0.00 ~~Pass-Through~~Base ~~Rate~~Overcollateralization ~~8.282477~~Amount 80.~~301648 8.976976~~00

Group Level Collateral Statement Group Group ~~Two~~One ~~Total~~Group One Group Two Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 8.~~731094~~808232 8.~~820806~~826668 9.502473 Weighted Average Net Rate 8.~~231094~~308232 8.~~320806~~326668 9.002473 Weighted Average Maturity ~~352~~351 ~~352~~351 351 Beginning Loan Count ~~845~~453 43,~~498~~027 159 Loans Paid In Full 46 1817 2 Ending Loan Count ~~841~~447 43,~~480~~010 157 Beginning Scheduled Balance ~~139~~55,~~912~~089,~~411~~504.5523 ~~638~~425,~~373~~873,~~849~~774.2581 15,392,500.13 Ending scheduled Balance ~~139~~54,~~226~~275,~~820~~090.6148 ~~635~~422,~~582~~789,~~599~~166.7850 15,129,203.37 Record Date 0910/3031/2002 0910/3031/2002 10/31/2002 Principal And Interest Constant 1525,~~262,372~~461.3485 53,~~777~~860,~~658~~141.8414 152,278.25 Scheduled Principal ~~244~~121,~~382~~094.0325 1727,~~085~~602.57 30,~~182~~389.1624 Unscheduled Principal ~~441~~693,~~208~~319.9150 12,~~706~~357,~~067~~005.3174 232,907.52 Scheduled Interest 1404,~~017,990~~367.3160 43,~~692~~132,~~476~~538.6857 121,889.01 Servicing Fees 5822,~~296~~953.8597 ~~265~~177,~~989~~447.1042 6,413.54 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~932~~367.7526 42,~~255~~839.8316 102.62 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~2,040~~803.4042 96,~~309~~210.6566 224.48 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 ~~956~~380,~~720~~242.3195 42,~~412~~946,~~922~~041.1033 115,148.37 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 8.~~205594~~282732 8.~~295306~~301168 8.976973

Filing Compare · ASSET BACKED FUNDING CORP ABFC ASST BCKD CERT SER 2002-OPT1