8-K 1 ffm02ff1.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 FIRST FRANKLIN MORTGAGE LOAN TRUST Asset-Backed Certificates, Series 2002-FF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-84929-09 Pooling and Servicing Agreement) (Commission 52-2365555 (State or other File Number) 52-2365556 jurisdiction 52-2365557 of Incorporation) 52-2365558 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 FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset-Backed Certificates, Series 2002-FF1 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-FF1 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Asset-Backed Certificates, Series 2002-FF1 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-FF1 Trust, relating to the November 25, 2002 distribution.

First Franklin Mortgage Loan Trust Asset-Backed Certificates Record Date: 910/3031/02 ~~Distribution Date: 10~~11/25/02 Distribution Date: FFM Series: 2002-FF1 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 I-A-1 32027NAN1 SEN 1.~~94375~~96000% 4136,~~140~~071,~~794~~190.6209 6660,~~639~~880.5215 53,~~069~~804,~~604~~882.5372 I-A-2 32027NAP6 SEN 3.79000% 432,700,000.00 1,366,610.83 0.00 II-A-1 32027NAQ4 SEN 2.~~10375~~12000% ~~106~~104,~~650~~049,~~655~~946.0773 ~~186~~189,~~971~~948.9396 21,~~600~~050,~~708~~817.3407 M-1 32027NAR2 SUB 2.~~51375~~53000% 14,264,000.00 2931,~~880~~075.1171 0.00 M-2 32027NAS0 SUB 3.~~01375~~03000% 12,679,000.00 3133,~~842~~081.7862 0.00 M-3 32027NAT8 SUB 3.~~66375~~68000% 12,679,000.00 3840,~~710~~178.5734 0.00 C FFM02FF1C SEN 0.00000% 1,584,883.64 1,~~749~~703,~~489~~303.7564 0.00 P FFM02FF1P SEN 0.00000% 100.00 ~~171~~132,~~578~~535.0297 0.00 DIV_CERT SEN 0.00000% 0.01 24,~~597~~658.1307 0.00 AUCADMIN SEN 0.00000% 0.00 0.00 0.00 R1 FFM2FF1R1 SEN 0.00000% 0.00 0.00 0.00 R2 FFM2FF1R2 SEN 0.00000% 0.00 0.00 0.00 R3 FFM2FF1R3 SEN 0.00000% 0.00 0.00 0.00 R4 FFM2FF1R4 SEN 0.00000% 0.00 0.00 0.00 Totals ~~621~~614,~~698~~028,~~433~~120.3447 3,~~644~~562,~~320~~273.6429 74,~~670~~855,~~312~~699.8779

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses I-A-1 0.00 3632,~~071~~266,~~190~~307.0937 53,~~136~~865,~~244~~762.0587 0.00 I-A-2 0.00 432,700,000.00 1,366,610.83 0.00 II-A-1 0.00 ~~104~~102,~~049~~999,~~946~~129.7366 21,~~787~~240,~~680~~766.2703 0.00 M-1 0.00 14,264,000.00 2931,~~880~~075.1171 0.00 M-2 0.00 12,679,000.00 3133,~~842~~081.7862 0.00 M-3 0.00 12,679,000.00 3840,~~710~~178.5734 0.00 C 0.00 1,584,883.64 1,~~749~~703,~~489~~303.7564 0.0001 P 0.00 100.00 ~~171~~132,~~578~~535.0297 0.00 DIV_CERT 0.00 0.01 24,~~597~~658.1307 0.00 AUCADMIN 0.00 0.00 0.00 0.00 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 Totals 0.00 ~~614~~609,~~028~~172,~~120~~420.4768 118,~~314~~417,~~633~~973.5108 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) I-A-1 50,079,000.00 4136,~~140~~071,~~794~~190.6209 0.00 53,~~069~~804,~~604~~882.5372 0.00 0.00 I-A-2 432,700,000.00 432,700,000.00 0.00 0.00 0.00 0.00 II-A-1 109,968,000.00 ~~106~~104,~~650~~049,~~655~~946.0773 0.00 21,~~600~~050,~~708~~817.3407 0.00 0.00 M-1 14,264,000.00 14,264,000.00 0.00 0.00 0.00 0.00 M-2 12,679,000.00 12,679,000.00 0.00 0.00 0.00 0.00 M-3 12,679,000.00 12,679,000.00 0.00 0.00 0.00 0.00 C 1,584,358.44 1,584,883.64 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 DIV_CERT 0.01 0.01 0.00 0.00 0.00 0.00 AUCADMIN 0.00 0.00 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 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 0.00 0.00 0.00 0.00 0.00 0.00 Totals 633,953,458.45 ~~621~~614,~~698~~028,~~433~~120.3447 0.00 74,~~670~~855,~~312~~699.8779 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 I-A-1 53,~~069~~804,~~604~~882.5372 3632,~~071~~266,~~190~~307.0937 0.~~72028575~~64430814 53,~~069~~804,~~604~~882.5372 I-A-2 0.00 432,700,000.00 1.00000000 0.00 II-A-1 21,~~600~~050,~~708~~817.3407 ~~104~~102,~~049~~999,~~946~~129.7366 0.~~94618386~~93662820 21,~~600~~050,~~708~~817.3407 M-1 0.00 14,264,000.00 1.00000000 0.00 M-2 0.00 12,679,000.00 1.00000000 0.00 M-3 0.00 12,679,000.00 1.00000000 0.00 C 0.00 1,584,883.64 1.00033149 0.00 P 0.00 100.00 1.00000000 0.00 DIV_CERT 0.00 0.01 1.00000000 0.00 AUCADMIN 0.00 0.00 0.00000000 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 R4 0.00 0.00 0.00000000 0.00 Totals 74,~~670~~855,~~312~~699.8779 ~~614~~609,~~028~~172,~~120~~420.4768 0.~~96856971~~96091032 74,~~670~~855,~~312~~699.8779

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion I-A-1 50,079,000.00 ~~821~~720.~~51789413~~28575031 0.00000000 ~~101~~75.~~23214381~~97760978 0.00000000 I-A-2 432,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 II-A-1 109,968,000.00 ~~969~~946.~~83354312~~18386012 0.00000000 239.~~64968300~~55566228 0.00000000 M-1 14,264,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 12,679,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 12,679,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 1,584,358.44 1000.33149064 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 0.01 0.00000000 0.00000000 0.00000000 0.00000000 AUCADMIN 0.00 0.00000000 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 R3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R4 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 I-A-1 0.00000000 ~~101~~75.~~23214381~~97760978 ~~720~~644.~~28575031~~30814054 0.~~72028575~~64430814 ~~101~~75.~~23214381~~97760978 I-A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 II-A-1 0.00000000 239.~~64968300~~55566228 ~~946~~936.~~18386012~~62819784 0.~~94618386~~93662820 239.~~64968300~~55566228 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 C 0.00000000 0.00000000 1,000.33149064 1.00033149 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 DIV_CERT 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 AUCADMIN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 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 I-A-1 50,079,000.00 1.~~94375~~96000% 4136,~~140~~071,~~794~~190.6209 6660,~~639~~880.5215 0.00 0.00 I-A-2 432,700,000.00 3.79000% 432,700,000.00 1,366,610.83 0.00 0.00 II-A-1 109,968,000.00 2.~~10375~~12000% ~~106~~104,~~650~~049,~~655~~946.0773 ~~186~~189,~~971~~948.9396 0.00 0.00 M-1 14,264,000.00 2.~~51375~~53000% 14,264,000.00 2931,~~880~~075.1171 0.00 0.00 M-2 12,679,000.00 3.~~01375~~03000% 12,679,000.00 3133,~~842~~081.7862 0.00 0.00 M-3 12,679,000.00 3.~~66375~~68000% 12,679,000.00 3840,~~710~~178.5734 0.00 0.00 C 1,584,358.44 0.00000% 1,584,883.64 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 DIV_CERT 0.01 0.00000% 0.01 0.00 0.00 0.00 AUCADMIN 0.00 0.00000% 0.00 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 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 Totals 633,953,458.45 1,~~720~~721,~~655~~775.7461 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 I-A-1 0.00 0.00 6660,~~639~~880.5215 0.00 3632,~~071~~266,~~190~~307.0937 I-A-2 0.00 0.00 1,366,610.83 0.00 432,700,000.00 II-A-1 0.00 0.00 ~~186~~189,~~971~~948.9396 0.00 ~~104~~102,~~049~~999,~~946~~129.7366 M-1 0.00 0.00 2931,~~880~~075.1171 0.00 14,264,000.00 M-2 0.00 0.00 3133,~~842~~081.7862 0.00 12,679,000.00 M-3 0.00 0.00 3840,~~710~~178.5734 0.00 12,679,000.00 C 0.00 0.00 1,~~749~~703,~~489~~303.7564 0.00 1,584,883.64 P 0.00 0.00 ~~171~~132,~~578~~535.0297 0.00 100.00 DIV_CERT 0.00 0.00 24,~~597~~658.1307 0.00 0.01 AUCADMIN 0.00 0.00 0.00 0.00 0.00 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 Totals 0.00 0.00 3,~~644~~562,~~320~~273.6429 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 I-A-1 50,079,000.00 1.~~94375~~96000% ~~821~~720.~~51789413~~28575031 1.~~33068791~~21568222 0.00000000 0.00000000 I-A-2 432,700,000.00 3.79000% 1000.00000000 3.15833333 0.00000000 0.00000000 II-A-1 109,968,000.00 2.~~10375~~12000% ~~969~~946.~~83354312~~18386012 1.~~70023943~~72731122 0.00000000 0.00000000 M-1 14,264,000.00 2.~~51375~~53000% 1000.00000000 2.~~09479178~~17861119 0.00000000 0.00000000 M-2 12,679,000.00 3.~~01375~~03000% 1000.00000000 2.~~51145832~~60916634 0.00000000 0.00000000 M-3 12,679,000.00 3.~~66375~~68000% 1000.00000000 3.~~05312485~~16888871 0.00000000 0.00000000 C 1,584,358.44 0.00000% 1000.33149064 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 AUCADMIN 0.00 0.00000% 0.00000000 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 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 (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 I-A-1 0.00000000 0.00000000 1.~~33068791~~21568222 0.00000000 ~~720~~644.~~28575031~~30814054 I-A-2 0.00000000 0.00000000 3.15833333 0.00000000 1000.00000000 II-A-1 0.00000000 0.00000000 1.~~70023943~~72731122 0.00000000 ~~946~~936.~~18386012~~62819784 M-1 0.00000000 0.00000000 2.~~09479178~~17861119 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~51145832~~60916634 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~05312485~~16888871 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~1104~~1075.~~22597932~~07467818 0.00000000 1000.33149064 P 0.00000000 0.00000000 ~~1715780~~1325359.~~20000000~~70000000 0.00000000 1000.00000000 DIV_CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AUCADMIN 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R4 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 118,~~777~~873,~~041~~130.7344 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~132,966~~0.2500 Realized Losses 0.00 Prepayment Penalties 0132,535.0097 Total Deposits 119,~~910~~005,~~007~~666.9841 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~595~~587,~~374~~693.4733 Payment of Interest and Principal 118,~~314~~417,~~633~~973.5108 Total Withdrawals (Pool Distribution Amount) 119,~~910~~005,~~007~~666.9841 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~259~~255,~~040~~845.9600 Radian Insurance Fee ~~333~~329,~~484~~034.1218 Wells Fargo Bank Minnesota, N.A. 2,~~849~~814.3915 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~595~~587,~~374~~693.4733

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 1112 0 0 1112 1,~~675~~794,~~575~~338.9148 0.00 0.00 1,~~675~~794,~~575~~338.9148 30 Days 2731 02 0 0 2733 24,~~995~~034,~~004~~669.5671 0172,257.0097 0.00 0.00 24,~~995~~206,~~004~~927.5668 60 Days 1 10 714 0 915 ~~364~~71,~~217~~906.8515 ~~57,748~~0.6400 1,~~471~~675,~~767~~809.5543 0.00 1,~~893~~747,~~734~~715.0458 90 Days 20 36 2027 34 2837 ~~500,117~~0.7800 ~~529~~931,~~370~~649.5144 24,~~933~~820,~~726~~780.3463 ~~134~~238,~~274~~709.6837 45,~~097~~991,~~489~~139.3144 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 3032 1520 2741 34 7597 34,~~859~~106,~~340~~575.1986 2,~~262~~898,~~695~~245.0689 46,~~405~~496,~~493~~590.8906 ~~134~~238,~~274~~709.6837 1013,~~661~~740,~~803~~121.8218 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.~~269278~~295858% 0.000000% 0.000000% 0.~~269278~~295858% 0.~~272835~~294504% 0.000000% 0.000000% 0.~~272835~~294504% 30 Days 0.~~660955~~764300% 0.~~000000~~049310% 0.000000% 0.000000% 0.~~660955~~813609% 0.~~487679~~662208% 0.~~000000~~028273% 0.000000% 0.000000% 0.~~487679~~690481% 60 Days 0.~~024480~~024655% 0.~~024480~~000000% 0.~~171359~~345168% 0.000000% 0.~~220318~~369822% 0.~~059306~~011802% 0.~~009403~~000000% 0.~~239649~~275050% 0.000000% 0.~~308358~~286852% 90 Days 0.~~048960~~000000% 0.~~073439~~147929% 0.~~489596~~665680% 0.~~073439~~098619% 0.~~685435~~912229% 0.~~081435~~000000% 0.~~086198~~152911% 0.~~477701~~791232% 0.~~021864~~039179% 0.~~667197~~983323% 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.~~734394~~788955% 0.~~367197~~493097% 01.~~660955~~010848% 0.~~073439~~098619% 12.~~835985~~391519% 0.~~628419~~674010% 0.~~368436~~475688% 01.~~717350~~066282% 0.~~021864~~039179% 12.~~736070~~255159%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 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 1112 0 0 1112 1,~~675~~794,~~575~~338.9148 0.00 0.00 1,~~675~~794,~~575~~338.9148 30 Days 2731 02 0 0 2733 24,~~995~~034,~~004~~669.5671 0172,257.0097 0.00 0.00 24,~~995~~206,~~004~~927.5668 60 Days 0 1 6 0 714 0~~.00~~ 5715 71,~~748~~906.6415 0.00 1,~~089~~675,~~687~~809.0843 0.00 1,~~147~~747,~~435~~715.7258 90 Days 10 36 1822 34 2532 ~~126,750~~0.00 ~~529~~931,~~370~~649.5144 2,~~156~~923,~~175~~564.8807 ~~134~~238,~~274~~709.6837 24,~~946~~093,~~571~~922.0788 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 2832 1520 2436 34 7092 34,~~121~~106,~~754~~575.5686 2,~~262~~898,~~695~~245.0689 34,~~245~~599,~~862~~373.9650 ~~134~~238,~~274~~709.6837 811,~~764~~842,~~587~~904.2662 0-29 Days 12.~~978417~~169982% 0.000000% 0.000000% 12.~~978417~~169982% 2.~~404146~~594089% 0.000000% 0.000000% 2.~~404146~~594089% 30 Days 45.~~856115~~605787% 0.~~000000~~361664% 0.000000% 0.000000% 45.~~856115~~967450% 45.~~297286~~832953% 0.~~000000~~249035% 0.000000% 0.000000% 46.~~297286~~081987% 60 Days 0.~~000000~~180832% 0.~~179856~~000000% 12.~~079137~~531646% 0.000000% 12.~~258993~~712477% 0.~~000000~~103955% 0.~~082859~~000000% 12.~~563503~~422730% 0.000000% 12.~~646361~~526686% 90 Days 0.~~179856~~000000% 01.~~539568~~084991% 3.~~237410~~978300% 0.~~539568~~723327% 45.~~496403~~786618% 0.~~181863~~000000% 01.~~759550~~346893% 34.~~093720~~226619% 0.~~192660~~345104% 45.~~227793~~918615% 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 5.~~035971~~786618% 23.~~697842~~616637% 46.~~316547~~509946% 0.~~539568~~723327% 1216.~~589928~~636528% 45.~~479149~~936908% 34.~~246555~~190016% 46.~~657222~~649349% 0.~~192660~~345104% 1217.~~575587~~121377% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 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 05 0 05 0.00 0.00 01,897,216.0056 0.00 01,897,216.0056 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 05 0 05 0.00 0.00 01,897,216.0056 0.00 01,897,216.0056 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~~155909% 0.000000% 0.~~000000~~155909% 0.000000% 0.000000% 0.~~000000~~441785% 0.000000% 0.~~000000~~441785% 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~~155909% 0.000000% 0.~~000000~~155909% 0.000000% 0.000000% 0.~~000000~~441785% 0.000000% 0.~~000000~~441785% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 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 10 0 10 0 20 ~~364,217~~0.8500 0.00 ~~382,080~~0.4700 0.00 ~~746,298~~0.3200 90 Days 10 0 20 0 30 ~~373,367~~0.7800 0.00 ~~777,550~~0.4600 0.00 ~~1,150,918~~0.2400 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 20 0 30 0 50 ~~737,585~~0.6300 0.00 ~~1,159,630~~0.9300 0.00 ~~1,897,216~~0.5600 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 20.~~439024~~000000% 0.000000% 20.~~439024~~000000% 0.000000% 40.~~878049~~000000% 20.~~535038~~000000% 0.000000% 20.~~659366~~000000% 0.000000% 50.~~194403~~000000% 90 Days 20.~~439024~~000000% 0.000000% 40.~~878049~~000000% 0.000000% 70.~~317073~~000000% 20.~~598723~~000000% 0.000000% 50.~~411925~~000000% 0.000000% 80.~~010648~~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 40.~~878049~~000000% 0.000000% 70.~~317073~~000000% 0.000000% 120.~~195122~~000000% 50.~~133761~~000000% 0.000000% 80.~~071291~~000000% 0.000000% 130.~~205052~~000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 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%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~132~~151,~~966~~497.2533

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 7.~~969511~~963998% Weighted Average Net Coupon 7.~~469511~~463998% Weighted Average Pass-Through Rate 6.~~820321~~815466% Weighted Average Maturity(Stepdown Calculation ) ~~351~~350 Beginning Scheduled Collateral Loan Count 4,~~121~~085 Number Of Loans Paid In Full 3629 Ending Scheduled Collateral Loan Count 4,~~085~~056 Beginning Scheduled Collateral Balance ~~621~~614,~~698~~028,~~433~~120.3346 Ending Scheduled Collateral Balance ~~614~~609,~~028~~172,~~120~~420.4667 Ending Actual Collateral Balance at 3031-~~Sep~~Oct-2002 ~~614~~609,~~134~~274,~~494~~917.0276 Monthly P &I Constant 4,~~580~~527,~~901~~425.2719 Special Servicing Fee 0.00 Prepayment Penalties 0132,535.0097 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~614~~609,~~028~~172,~~120~~420.4667 Scheduled Principal 452,~~040~~326.7620 Unscheduled Principal 74,~~218~~403,~~272~~373.1159 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,584,883.65 Overcollateralized Amount 1,584,883.65 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00

Dividend Account Deposit $62,~~957~~327.3202 Dividend Account Withdrawal $24,~~597~~658.1307 Dividend Account Balance ~~$312~~370,~~729~~398.2217 Credit Enhancement Percentage 6.~~37319~~45280% Trigger Event Not inTriggered ~~Effect~~ Stepdown Date Do Not Step Down Class I-A-1 Pass-Through Rate for next distribution date 1.~~96000~~51000% Class I-A-2 Pass-Through Rate for next distribution date 3.79000% Class II-A-1 Pass-Through Rate for next distribution date 21.~~12000~~67000% Class M-1 Pass-Through Rate for next distribution date 2.~~53000~~08000% Class M-2 Pass-Through Rate for next distribution date 32.~~03000~~58000% Class M-3 Pass-Through Rate for next distribution date 3.~~68000~~23000% Other Income ~~($383~~0.~~15)~~00

~~COLLATERAL~~Group ~~STATEMENT~~Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Fixed 15/30 & ~~Mixed~~ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 8.374547 8.009822 7.~~969511%~~641916 Weighted Average Net Rate 7.~~469511%~~874548 ~~Weighted~~7.509822 ~~Average Pass Through Rate 6~~7.~~820321%~~141916 Weighted Average Maturity 351 ~~Record~~351 ~~Date~~350 ~~09/30/2002 Principal and Interest Constant 4,580,901.27~~ Beginning Loan Count 4556 3,~~121~~230 41 Loans Paid inIn Full 363 23 0 Ending Loan Count 4553 3,~~085~~207 41 Beginning Scheduled Balance ~~621~~69,~~698~~686,~~433~~109.3392 432,647,463.98 14,366,439.62 Ending ~~Scheduled~~scheduled Balance ~~614~~69,~~028~~162,~~120~~759.4638 ~~Ending~~429,365,931.80 ~~Actual~~14,354,378.88 ~~Balance~~Record atDate ~~30-Sep-~~10/31/2002 ~~614~~10/31/2002 10/31/2002 Principal And Interest Constant 542,~~134~~624.79 3,~~494~~196,332.0282 103,246.12 Scheduled Principal ~~452~~56,~~040~~300.7611 308,475.18 11,756.85 Unscheduled Principal 7467,~~218~~050.43 2,~~272~~973,057.1100 303.89 Scheduled Interest 4486,~~128~~324.68 2,~~860~~887,857.5164 91,489.27 Servicing ~~Fee~~Fees ~~259~~29,~~040~~035.9688 180,269.83 5,985.99 Master Servicing ~~Fee~~Fees 0.00 0.00 0.00 Trustee Fee 2319.43 1,~~849~~982.3978 65.82 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~333~~38,~~484~~627.1267 226,352.63 8,415.52 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 3457,~~533,485~~288.80 2,707,587.81 85,503.28 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 ~~Special~~0.00 ~~Servicing Fee~~ 0.00 Prepayment Penalties 0.00 ~~Required Overcollateralized Amount~~ 0.00 ~~Overcollateralized Increase Amount~~ 0.00 ~~Overcollateralized~~Special ~~Reduction~~Servicing ~~Amount~~Fee 0.00 ~~Specified O/C Amount 1,584,883~~0.6500 ~~Overcollateralized Amount 1,584,883.65 Overcollateralized Deficiency Amount~~ 0.00 ~~Base~~Pass-Through ~~Overcollateralization~~Rate ~~Amount~~7.203875 06.00876506 6.433488

Group Level Collateral Statement Group Group 14 ~~Group~~Total ~~2 Group 3~~ Collateral Description Fixed 15/30 & ARM Fixed ~~15/30~~ & ~~ARM~~Mixed ~~Fixed 15/30 &~~ ARM Weighted Average Coupon Rate 87.~~373850~~513892 ~~8.014264~~ 7.~~702803~~963998 Weighted Average Net Rate 7.~~873848~~013892 7.~~514264~~463998 ~~7.202803~~ Weighted Average Maturity ~~352~~350 ~~352~~350 ~~351~~ Beginning Loan Count ~~564~~258 34,~~253~~085 43 Loans Paid In Full 83 2329 2 Ending Loan Count ~~556~~255 34,~~230~~056 41 Beginning Scheduled Balance 7097,~~928~~328,~~968~~106.4394 ~~436~~614,~~474~~028,~~210~~120.0046 ~~15,374,026.15~~ Ending scheduled Balance 6996,~~686~~289,~~109~~350.9261 ~~432~~609,~~647~~172,~~463~~420.9867 ~~14,366,439.62~~ Record Date 0910/3031/2002 0910/3031/2002 ~~09/30/2002~~ Principal And Interest Constant ~~551~~685,~~114~~221.1446 34,~~223~~527,~~299~~425.2019 ~~110,364.02~~ Scheduled Principal 5675,~~157~~794.0106 ~~308~~452,~~282~~326.7620 ~~11,678.11~~ Unscheduled Principal 1962,~~186,701~~962.5027 34,~~518~~403,~~463~~373.2659 ~~995,908.42~~ Scheduled Interest ~~494~~609,~~957~~427.1340 24,~~915~~075,~~016~~098.4499 ~~98,685.91~~ Servicing Fees 2940,553.7330 ~~181~~255,~~864~~845.2300 ~~6,405.84~~ Master Servicing Fees 0.00 0.00 ~~0.00~~ Trustee Fee ~~325~~446.0612 2,~~000~~814.4915 ~~70.46~~ FRY Amount 0.00 0.00 ~~0.00~~ Special Hazard Fee 0.00 0.00 ~~0.00~~ Other Fee 3955,~~429~~638.1236 ~~228~~329,~~316~~034.8518 ~~9,069.78~~ 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 ~~425~~568,~~649~~874.1410 23,~~502~~819,~~834~~253.9199 ~~83,139.82~~ 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 ~~7.201274~~ 6.~~881052~~322403 6.~~489373~~815466

Group Level Collateral Statement Group Group 4 Total Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM Weighted Average Coupon Rate 7.523575 7.969511 Weighted Average Net Rate 7.023574 7.469511 Weighted Average Maturity 351 351 Beginning Loan Count 261 4,121 Loans Paid In Full 3 36 Ending Loan Count 258 4,085 Beginning Scheduled Balance 98,921,228.75 621,698,433.33 Ending scheduled Balance 97,328,106.94 614,028,120.46 Record Date 09/30/2002 09/30/2002 Principal And Interest Constant 696,123.91 4,580,901.27 Scheduled Principal 75,922.88 452,040.76 Unscheduled Principal 1,517,198.93 7,218,272.11 Scheduled Interest 620,201.03 4,128,860.51 Servicing Fees 41,217.16 259,040.96 Master Servicing Fees 0.00 0.00 Trustee Fee 453.38 2,849.39 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 56,668.37 333,484.12 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 521,861.93 3,533,485.80 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.330636 6.820321

Filing Compare · FINANCIAL ASSETS SEC CORP FIRST FRANK MORT LN TR 2002-FF1