8-K 1 opt02001.txt DECEMBER 8-K 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): December 26, 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 December 26, 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 December 26, 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: 1/3/03 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 December 26, 2002 distribution. EX-99.1

Option One Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 1011/3130/02 Distribution Date: 1112/2526/02 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 21.~~12000~~67000% ~~527~~513,~~546~~402,~~875~~747.1214 ~~963~~738,~~066~~301.1367 14,~~144~~889,~~127~~292.9830 M1 68389FCC6 MEZ 2.~~58000~~13000% 21,125,000.00 4638,~~932~~746.7177 0.00 M2 68389FCD4 MEZ 32.~~13000~~68000% 19,500,000.00 5245,~~557~~001.9267 0.00 M3 68389FCE2 MEZ 3.~~78000~~33000% 17,875,000.00 5851,~~183~~256.1356 0.00 C OPT02001C JUN 0.00000% 6,499,986.90 2,~~573~~588,~~307~~654.9897 0.00 P OPT02001P SEN 0.00000% 100.00 ~~330~~341,~~463~~256.3874 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 ~~592~~578,~~546~~402,~~962~~834.0204 43,~~024~~803,~~511~~218.2538 14,~~144~~889,~~127~~292.9830

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 498,513,~~402,747~~454.1484 15,~~107~~627,~~194~~593.1197 0.00 M1 0.00 21,125,000.00 4638,~~932~~746.7177 0.00 M2 0.00 19,500,000.00 5245,~~557~~001.9267 0.00 M3 0.00 17,875,000.00 5851,~~183~~256.1356 0.00 C 0.00 6,499,986.90 2,~~573~~588,~~307~~654.9897 0.00 P 0.00 100.00 ~~330~~341,~~463~~256.3874 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 Totals 0.00 ~~578~~563,~~402~~513,~~834~~541.0474 18,~~168~~692,~~639~~510.2368 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 ~~527~~513,~~546~~402,~~875~~747.1214 0.00 14,~~144~~889,~~127~~292.9830 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 ~~586~~571,~~046~~902,~~875~~747.1214 0.00 14,~~144~~889,~~127~~292.9830 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 14,~~144~~889,~~127~~292.9830 498,513,~~402,747~~454.1484 0.~~87761153~~85215975 14,~~144~~889,~~127~~292.9830 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 14,~~144~~889,~~127~~292.9830 ~~571~~557,~~902~~013,~~747~~454.1484 0.~~88873776~~86559977 14,~~144~~889,~~127~~292.9830

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 585,000,000.00 ~~901~~877.~~78953012~~61153357 0.00000000 2425.~~17799655~~45178171 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 2425.~~17799655~~45178171 ~~877~~852.~~61153357~~15975186 0.~~87761153~~85215975 2425.~~17799655~~45178171 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 21.~~12000~~67000% ~~527~~513,~~546~~402,~~875~~747.1214 ~~963~~738,~~066~~301.1367 0.00 0.00 M1 21,125,000.00 2.~~58000~~13000% 21,125,000.00 4638,~~932~~746.7177 0.00 0.00 M2 19,500,000.00 32.~~13000~~68000% 19,500,000.00 5245,~~557~~001.9267 0.00 0.00 M3 17,875,000.00 3.~~78000~~33000% 17,875,000.00 5851,~~183~~256.1356 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 1873,~~120,739~~306.8967 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 ~~963~~738,~~066~~301.1367 0.00 498,513,~~402,747~~454.1484 M1 0.00 0.00 4638,~~932~~746.7177 0.00 21,125,000.00 M2 0.00 0.00 5245,~~557~~001.9267 0.00 19,500,000.00 M3 0.00 0.00 5851,~~183~~256.1356 0.00 17,875,000.00 C 0.00 0.00 2,~~573~~588,~~307~~654.9897 0.00 6,499,986.90 P 0.00 0.00 ~~330~~341,~~463~~256.3874 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 43,~~024~~803,~~511~~218.2538 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 21.~~12000~~67000% ~~901~~877.~~78953012~~61153357 1.~~64626689~~26205414 0.00000000 0.00000000 M1 21,125,000.00 2.~~58000~~13000% 1000.00000000 21.~~22166675~~83416663 0.00000000 0.00000000 M2 19,500,000.00 32.~~13000~~68000% 1000.00000000 2.~~69527795~~30777795 0.00000000 0.00000000 M3 17,875,000.00 3.~~78000~~33000% 1000.00000000 32.~~25500028~~86749986 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.~~64626689~~26205414 0.00000000 ~~877~~852.~~61153357~~15975186 M1 0.00000000 0.00000000 21.~~22166675~~83416663 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~69527795~~30777795 0.00000000 1000.00000000 M3 0.00000000 0.00000000 32.~~25500028~~86749986 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~395~~398.~~97943673~~34102442 0.00000000 1000.21496509 P 0.00000000 0.00000000 ~~3304633~~3412567.~~80000000~~40000000 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 1819,~~454~~092,~~106~~664.7877 Liquidations, Insurance Proceeds, Reserve Funds 10.1286 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0(138,682.0006) Prepayment Penalties ~~330~~341,~~463~~256.3874 Total Deposits 1819,~~784~~295,~~571~~240.2831 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~615~~602,~~932~~729.0563 Payment of Interest and Principal 18,~~168~~692,~~639~~510.2368 Total Withdrawals (Pool Distribution Amount) 1819,~~784~~295,~~571~~240.2831 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~246~~241,~~894~~001.7913 Radian PMI Policy Fee ~~365~~358,~~827~~595.7046 Wells Fargo 3,~~209~~133.5604 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~615~~602,~~932~~729.0563

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 10.1286 10.1286 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 1514 0 0 1514 1,~~815~~555,~~165~~221.7597 0.00 0.00 1,~~815~~555,~~165~~221.7597 30 Days 7159 3 13 0 7565 107,~~816~~890,~~306~~170.6639 ~~329~~383,~~585~~515.2398 ~~201~~683,~~923~~828.9365 0.00 118,~~347~~957,~~815~~515.8202 60 Days 1610 12 2529 0 4241 21,~~452~~508,~~267~~088.1781 ~~109~~263,~~645~~537.8376 34,~~327~~606,~~250~~463.7336 0.00 56,~~889~~378,~~163~~089.7393 90 Days 13 21 7389 710 ~~102~~123 59367,~~696~~470.0745 2,~~792~~902,~~890~~658.1375 1112,~~119~~769,~~376~~131.4559 ~~740~~1,~~040~~025,466.6615 1417,~~712~~064,~~003~~726.3194 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 8872 40 99121 710 ~~234~~243 139,~~328~~765,~~269~~729.9065 5,~~047~~104,~~286~~934.9446 1418,~~648~~059,~~551~~423.1160 ~~740~~1,~~040~~025,466.6615 33,~~764~~955,~~148~~553.6186 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.~~413223~~394144% 0.000000% 0.000000% 0.~~413223~~394144% 0.~~313712~~275860% 0.000000% 0.000000% 0.~~313712~~275860% 30 Days 1.~~955923~~661036% 0.~~082645~~084459% 0.~~027548~~084459% 0.000000% 21.~~066116~~829955% 1.~~869363~~399533% 0.~~056962~~068027% 0.~~034898~~121295% 0.000000% 1.~~961223~~588855% 60 Days 0.~~440771~~281532% 0.~~027548~~056306% 0.~~688705~~816441% 0.000000% 1.~~157025~~154279% 0.~~423821~~267500% 0.~~018950~~046745% 0.~~575043~~817080% 0.000000% 1.~~017814~~131325% 90 Days 0.~~027548~~084459% 0.~~578512~~591216% 2.~~011019~~505631% 0.~~192837~~281532% 23.~~809917~~462838% 0.~~010317~~065181% 0.~~482690~~514864% 12.~~921742~~264947% 0.~~127900~~181894% 23.~~542650~~026886% 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.~~424242~~027027% 1.~~101928~~126126% 23.~~727273~~406532% 0.~~192837~~281532% 6.~~446281~~841216% 21.~~303502~~732213% 0.~~872314~~905497% 23.~~531684~~203322% 0.~~127900~~181894% 56.~~835399~~022926% (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 ~~399~~418,~~718~~129.8972

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~728379~~720647% Weighted Average Net Coupon 8.~~228379~~220647% Weighted Average Pass-Through Rate 7.~~481020~~470177% Weighted Average Maturity (Stepdown Calculation ) ~~341~~340 Beginning Scheduled Collateral Loan Count 3,~~718~~630 Number Of Loans Paid In Full 8878 Ending Scheduled Collateral Loan Count 3,~~630~~552 Beginning Scheduled Collateral Balance ~~592~~578,~~546~~402,~~962~~834.0204 Ending Scheduled Collateral Balance ~~578~~563,~~402~~513,~~834~~541.0474 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~578~~563,~~609~~771,~~094~~745.3347 Monthly P &I Constant 4,~~714~~600,~~058~~583.0174 Special Servicing Fee 0.00 Prepayment Penalties ~~330~~341,~~463~~256.3874 Realized Loss Amount 0138,682.0006 Cumulative Realized Loss 78217,~~808~~490.2228 Ending Scheduled Balance for Premium Loans ~~578~~563,~~402~~513,~~834~~541.0474 Scheduled Principal ~~404~~397,~~079~~211.3225 Unscheduled Principal 1314,~~740~~492,~~048~~081.6605

Credit Enhancement Percentage 1011.~~969592~~237840% Rolling Three Month Delinquency Percentage 23.~~8360440327526~~4641646% ~~PMI Payments During PrePay Pd. 0.00 Cumulative PMI Claims Denied 0.00~~ Delinquency Cut-Off Balance ~~586~~570,~~539~~897,~~663~~507.4115 Unscheduled Principal - Voluntary 1314,~~740~~213,~~048~~408.6680 Unscheduled Principal - Involuntary 0278,672.0025 Trigger Event Not Triggered In Effect Since N/A Comments N/A Step Down Date DoDon't ~~Not~~ Step Down In Effect Since N/A Comments N/A

Miscellaneous Reporting General Excess Available Amt 2,~~573~~727,~~307~~337.9803 Extra Principal Distribution Amt 0138,682.0006 Overcollateralization Amt 6,499,986.90 Overcollateralization Deficit Amt 0138,682.0006 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.~~206116~~183550 8.~~870617~~867924 8.~~728379~~720647 Weighted Average Net Rate 7.~~706116~~683550 8.~~370617~~367924 8.~~228379~~220647 Weighted Average Maturity ~~341~~340 ~~341~~340 ~~341~~340 Beginning Loan Count ~~768~~749 2,~~950~~881 3,~~718~~630 Loans Paid In Full 1918 6960 8878 Ending Loan Count ~~749~~731 2,~~881~~821 3,~~630~~552 Beginning Scheduled Balance ~~126~~124,~~836~~472,~~235~~152.4149 ~~465~~453,~~710~~930,~~726~~681.6155 ~~592~~578,~~546~~402,~~962~~834.0204 Ending scheduled Balance ~~124~~121,~~472~~906,~~152~~066.49 ~~453~~441,~~930~~607,~~681~~475.5525 ~~578~~563,~~402~~513,~~834~~541.0474 Record Date 1011/3130/2002 1011/3130/2002 1011/3130/2002 Principal And Interest Constant ~~985~~965,~~005~~579.1213 3,~~729~~635,~~052~~004.8961 4,~~714~~600,~~058~~583.0174 Scheduled Principal ~~117~~116,~~644~~725.3973 ~~286~~280,~~434~~485.9352 ~~404~~397,~~079~~211.3225 Unscheduled Principal 2,~~246~~449,~~438~~360.5327 1112,~~493~~042,~~610~~720.1378 1314,~~740~~492,~~048~~081.6605 Scheduled Interest ~~867~~848,~~360~~853.7340 3,~~442~~354,~~617~~519.9609 4,~~309~~203,~~978~~372.6949 Servicing Fees 5251,~~848~~863.4137 ~~194~~189,~~046~~137.3876 ~~246~~241,~~894~~001.7913 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~687~~674.0724 2,~~522~~458.4980 3,~~209~~133.5604 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 7978,~~583~~353.6194 ~~286~~280,~~244~~241.0952 ~~365~~358,~~827~~595.7046 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 ~~814~~796,~~512~~990.3207 3,~~248~~165,~~571~~381.5833 43,~~063~~962,~~083~~371.9040 Realized Loss Amount 0.00 0138,682.0006 0138,682.0006 Cumulative Realized Loss 6,309.46 72211,~~498~~180.7682 78217,~~808~~490.2228 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.~~946674~~921662 7.~~626550~~620585 7.~~481020~~470177

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