8-K 1 ffm02ff2.txt DECEMBER 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): December 26, 2002 FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2002-FF2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-84929-10 Pooling and Servicing Agreement) (Commission 52-2365736 (State or other File Number) 52-2365737 jurisdiction IRS EIN of Incorporation) 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 December 26, 2002 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2002-FF2 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-FF2 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2002-FF2 Trust By: Wells Fargo Bank Minnesota, N.A., as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 1/7/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2002-FF2 Trust, relating to the December 26, 2002 distribution. EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: ~~10/31/02~~ 11/2530/02 Distribution Date: 12/26/02 FFM Series: 2002-FF2 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 A1 32027NAU5 SEN 21.~~22000~~77000% 9796,~~632~~811,~~061~~339.5218 ~~186~~147,~~639~~556.9661 ~~820~~1,~~722~~885,736.3442 A2 32027NAV3 SEN 21.~~20000~~75000% ~~192~~190,~~532~~714,~~602~~323.9447 ~~364~~287,~~742~~395.3289 1,~~818~~336,~~279~~969.4755 M1 32027NAW1 SUB 2.~~63000~~18000% 9,404,000.00 2117,~~297~~653.4540 0.00 M2 32027NAX9 SUB 32.~~08000~~63000% 7,053,000.00 1815,~~706~~973.1209 0.00 M3 32027NAY7 SUB 3.~~78000~~33000% 3,135,000.00 108,~~204~~989.4261 0.00 R1 FFM2FF2R1 SUB 0.00000% 0.00 0.00 0.00 R2 FFM2FF2R2 SUB 0.00000% 0.00 0.00 0.00 C FFM02FF2C SUB 0.00000% 783,627.43 1,~~236~~341,~~299~~837.6409 0.00 P FFM02FF2P SUB 0.00000% 100.00 4053,~~814~~562.5626 0.00 DIV_CERT SUB 0.00000% 0.01 ~~350~~285.5121 0.00 Totals ~~310~~307,~~540~~901,~~391~~390.9009 1,~~879~~873,~~054~~253.9816 23,~~639~~222,~~001~~705.8197

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 9694,~~811~~925,~~339~~602.1876 12,~~007~~033,~~362~~293.3003 0.00 A2 0.00 ~~190~~189,~~714~~377,~~323~~353.4792 21,~~183~~624,~~021~~365.7944 0.00 M1 0.00 9,404,000.00 2117,~~297~~653.4540 0.00 M2 0.00 7,053,000.00 1815,~~706~~973.1209 0.00 M3 0.00 3,135,000.00 108,~~204~~989.4261 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 C 0.00 783,627.43 1,~~236~~341,~~299~~837.6409 0.00 P 0.00 100.00 4053,~~814~~562.5626 0.00 DIV_CERT 0.00 0.01 ~~350~~285.5121 0.00 Totals 0.00 ~~307~~304,~~901~~678,~~390~~684.0912 45,~~518~~095,~~056~~959.7913 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) A1 98,613,000.00 9796,~~632~~811,~~061~~339.5218 0.00 ~~820~~1,~~722~~885,736.3442 0.00 0.00 A2 194,462,000.00 ~~192~~190,~~532~~714,~~602~~323.9447 0.00 1,~~818~~336,~~279~~969.4755 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 C 783,872.56 783,627.43 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 DIV_CERT 0.00 0.01 0.00 0.00 0.00 0.00 Totals 293,858,972.56 ~~290~~288,~~948~~309,~~391~~390.9009 0.00 23,~~639~~222,~~001~~705.8197 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 A1 ~~820~~1,~~722~~885,736.3442 9694,~~811~~925,~~339~~602.1876 0.~~98172999~~96260739 ~~820~~1,~~722~~885,736.3442 A2 1,~~818~~336,~~279~~969.4755 ~~190~~189,~~714~~377,~~323~~353.4792 0.~~98072797~~97385275 1,~~818~~336,~~279~~969.4755 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 C 0.00 783,627.43 0.99968728 0.00 P 0.00 100.00 1.00000000 0.00 DIV_CERT 0.00 0.01 0.00000000 0.00 Totals 23,~~639~~222,~~001~~705.8197 ~~288~~285,~~309~~086,~~390~~684.0912 0.~~98111481~~97014796 23,~~639~~222,~~001~~705.8197

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 98,613,000.00 ~~990~~981.~~05264539~~72998672 0.00000000 819.~~32265868~~12259459 0.00000000 A2 194,462,000.00 ~~990~~980.~~07828234~~72797498 0.00000000 96.~~35030736~~87522267 0.00000000 M1 9,404,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 7,053,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 3,135,000.00 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 C 783,872.56 999.68728335 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 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 A1 0.00000000 819.~~32265868~~12259459 ~~981~~962.~~72998672~~60739213 0.~~98172999~~96260739 819.~~32265868~~12259459 A2 0.00000000 96.~~35030736~~87522267 ~~980~~973.~~72797498~~85275231 0.~~98072797~~97385275 96.~~35030736~~87522267 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 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 999.68728335 0.99968728 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 DIV_CERT 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 A1 98,613,000.00 21.~~22000~~77000% 9796,~~632~~811,~~061~~339.5218 ~~186~~147,~~639~~556.9662 0.00 0.00 A2 194,462,000.00 21.~~20000~~75000% ~~192~~190,~~532~~714,~~602~~323.9447 ~~364~~287,~~742~~395.3289 0.00 0.00 M1 9,404,000.00 2.~~63000~~18000% 9,404,000.00 2117,~~297~~653.4540 0.00 0.00 M2 7,053,000.00 32.~~08000~~63000% 7,053,000.00 1815,~~706~~973.1209 0.00 0.00 M3 3,135,000.00 3.~~78000~~33000% 3,135,000.00 108,~~204~~989.4261 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 C 783,872.56 0.00000% 783,627.43 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 DIV_CERT 0.00 0.00000% 0.01 0285.0021 0.00 0.00 Totals 313,450,972.56 ~~601~~477,~~590~~853.2782 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 A1 0.00 0.00 ~~186~~147,~~639~~556.9661 0.00 9694,~~811~~925,~~339~~602.1876 A2 0.00 0.00 ~~364~~287,~~742~~395.3289 0.00 ~~190~~189,~~714~~377,~~323~~353.4792 M1 0.00 0.00 2117,~~297~~653.4540 0.00 9,404,000.00 M2 0.00 0.00 1815,~~706~~973.1209 0.00 7,053,000.00 M3 0.00 0.00 108,~~204~~989.4261 0.00 3,135,000.00 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 C 0.00 0.00 1,~~236~~341,~~299~~837.6409 0.00 783,627.43 P 0.00 0.00 4053,~~814~~562.5626 0.00 100.00 DIV_CERT 0.00 0.00 ~~350~~285.5121 0.00 0.01 Totals 0.00 0.00 1,~~879~~873,~~054~~253.9816 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 A1 98,613,000.00 21.~~22000~~77000% ~~990~~981.~~05264539~~72998672 1.~~89265066~~49632016 0.00000000 0.00000000 A2 194,462,000.00 21.~~20000~~75000% ~~990~~980.~~07828234~~72797498 1.~~87564830~~47790257 0.00000000 0.00000000 M1 9,404,000.00 2.~~63000~~18000% 1000.00000000 21.~~26472246~~87722246 0.00000000 0.00000000 M2 7,053,000.00 32.~~08000~~63000% 1000.00000000 2.~~65222175~~26472281 0.00000000 0.00000000 M3 3,135,000.00 3.~~78000~~33000% 1000.00000000 32.~~25499841~~86749920 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 C 783,872.56 0.00000% 999.68728335 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 DIV_CERT 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 A1 0.00000000 0.00000000 1.~~89265066~~49632006 0.00000000 ~~981~~962.~~72998672~~60739213 A2 0.00000000 0.00000000 1.~~87564830~~47790257 0.00000000 ~~980~~973.~~72797498~~85275231 M1 0.00000000 0.00000000 21.~~26472246~~87722246 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~65222175~~26472281 0.00000000 1000.00000000 M3 0.00000000 0.00000000 32.~~25499841~~86749920 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 C 0.00000000 0.00000000 ~~1577~~1711.~~16917658~~80515619 0.00000000 999.68728335 P 0.00000000 0.00000000 ~~408145~~535622.60000000 0.00000000 1000.00000000 DIV_CERT 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 45,~~807~~424,~~888~~113.9516 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Prepayment Penalties ~~40,814~~0.5600 Total Deposits 45,~~848~~424,~~703~~113.5116 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~330~~328,~~646~~154.7203 Payment of Interest and Principal 45,~~518~~095,~~056~~959.7913 Total Withdrawals (Pool Distribution Amount) 45,~~848~~424,~~703~~113.5116 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~129~~128,~~391~~292.8626 PMI Insurance Fee ~~198~~197,~~796~~424.4222 Trustee Fee 2,~~458~~437.4455 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~330~~328,~~646~~154.7203

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 10 0 0 10 ~~157,363~~0.9100 0.00 0.00 ~~157,363~~0.9100 30 Days 2025 0 0 0 2025 23,~~302~~350,~~261~~018.3462 0.00 0.00 0.00 23,~~302~~350,~~261~~018.3462 60 Days 213 0 0 0 213 ~~778~~978,~~734~~756.5102 0.00 0.00 0.00 ~~778~~978,~~734~~756.5102 90 Days 02 0 0 0 02 0778,734.0051 0.00 0.00 0.00 0778,734.0051 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 2240 10 0 0 2340 35,~~080~~107,~~995~~509.8515 ~~157,363~~0.9100 0.00 0.00 35,~~238~~107,~~359~~509.7615 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.~~050787~~000000% 0.000000% 0.000000% 0.~~050787~~000000% 0.~~051103~~000000% 0.000000% 0.000000% 0.~~051103~~000000% 30 Days 1.~~015744~~280082% 0.000000% 0.000000% 0.000000% 1.~~015744~~280082% 01.~~747645~~099308% 0.000000% 0.000000% 0.000000% 01.~~747645~~099308% 60 Days 0.~~101574~~665643% 0.000000% 0.000000% 0.000000% 0.~~101574~~665643% 0.~~252889~~321179% 0.000000% 0.000000% 0.000000% 0.~~252889~~321179% 90 Days 0.~~000000~~102407% 0.000000% 0.000000% 0.000000% 0.~~000000~~102407% 0.~~000000~~255542% 0.000000% 0.000000% 0.000000% 0.~~000000~~255542% 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 12.~~117318~~048131% 0.~~050787~~000000% 0.000000% 0.000000% 12.~~168106~~048131% 1.~~000535~~676028% 0.~~051103~~000000% 0.000000% 0.000000% 1.~~051638~~676028%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 10 0 0 0 10 ~~749,512~~0.5200 0.00 0.00 0.00 ~~749,512~~0.5200 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 0 0 0 10 ~~749,512~~0.5200 0.00 0.00 0.00 ~~749,512~~0.5200 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 20.~~702703~~000000% 0.000000% 0.000000% 0.000000% 20.~~702703~~000000% 50.~~860542~~000000% 0.000000% 0.000000% 0.000000% 50.~~860542~~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 20.~~702703~~000000% 0.000000% 0.000000% 0.000000% 20.~~702703~~000000% 50.~~860542~~000000% 0.000000% 0.000000% 0.000000% 50.~~860542~~000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 13 0 0 0 13 87941,~~690~~924.4666 0.00 0.00 0.00 87941,~~690~~924.4666 60 Days 1 0 0 0 1 ~~451~~87,~~291~~690.5746 0.00 0.00 0.00 ~~451~~87,~~291~~690.5746 90 Days 01 0 0 0 01 0451,291.0057 0.00 0.00 0.00 0451,291.0057 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 25 0 0 0 25 ~~538~~1,~~982~~480,906.0369 0.00 0.00 0.00 ~~538~~1,~~982~~480,906.0369 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 01.~~383142~~162791% 0.000000% 0.000000% 0.000000% 01.~~383142~~162791% 01.~~096478~~049250% 0.000000% 0.000000% 0.000000% 01.~~096478~~049250% 60 Days 0.~~383142~~387597% 0.000000% 0.000000% 0.000000% 0.~~383142~~387597% 0.~~496515~~097682% 0.000000% 0.000000% 0.000000% 0.~~496515~~097682% 90 Days 0.~~000000~~387597% 0.000000% 0.000000% 0.000000% 0.~~000000~~387597% 0.~~000000~~502713% 0.000000% 0.000000% 0.000000% 0.~~000000~~502713% 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.~~766284~~937984% 0.000000% 0.000000% 0.000000% 01.~~766284~~937984% 01.~~592993~~649646% 0.000000% 0.000000% 0.000000% 01.~~592993~~649646% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 10 0 0 10 ~~157,363~~0.9100 0.00 0.00 ~~157,363~~0.9100 30 Days 02 0 0 0 02 0158,704.00 0.00 0.00 0.00 0158,704.00 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 2 0 1 0 0 12 0158,704.00 ~~157,363~~0.9100 0.00 0.00 ~~157~~158,~~363~~704.9100 0-29 Days 0.~~404858~~000000% 0.000000% 0.000000% 0.~~404858~~000000% 0.~~591123~~000000% 0.000000% 0.000000% 0.~~591123~~000000% 30 Days 0.~~000000~~816327% 0.000000% 0.000000% 0.000000% 0.~~000000~~816327% 0.~~000000~~599777% 0.000000% 0.000000% 0.000000% 0.~~000000~~599777% 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~~816327% 0.~~404858~~000000% 0.000000% 0.000000% 0.~~404858~~816327% 0.~~000000~~599777% 0.~~591123~~000000% 0.000000% 0.000000% 0.~~591123~~599777% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 1820 0 0 0 1820 12,~~465~~249,~~058~~389.3696 0.00 0.00 0.00 12,~~465~~249,~~058~~389.3696 60 Days 112 0 0 0 112 ~~327~~891,~~442~~065.9456 0.00 0.00 0.00 ~~327~~891,~~442~~065.9456 90 Days 01 0 0 0 01 0327,442.0094 0.00 0.00 0.00 0327,442.0094 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 1933 0 0 0 1933 13,~~792~~467,~~501~~898.3046 0.00 0.00 0.00 13,~~792~~467,~~501~~898.3046 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~264045~~414427% 0.000000% 0.000000% 0.000000% 1.~~264045~~414427% 01.~~824768~~274613% 0.000000% 0.000000% 0.000000% 01.~~824768~~274613% 60 Days 0.~~070225~~848656% 0.000000% 0.000000% 0.000000% 0.~~070225~~848656% 0.~~184337~~504921% 0.000000% 0.000000% 0.000000% 0.~~184337~~504921% 90 Days 0.~~000000~~070721% 0.000000% 0.000000% 0.000000% 0.~~000000~~070721% 0.~~000000~~185545% 0.000000% 0.000000% 0.000000% 0.~~000000~~185545% 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 12.~~334270~~333805% 0.000000% 0.000000% 0.000000% 12.~~334270~~333805% 1.~~009105~~965079% 0.000000% 0.000000% 0.000000% 1.~~009105~~965079%

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.~~451058~~442699% Weighted Average Net Coupon 7.~~951058~~942700% Weighted Average Pass-Through Rate 7.~~173364~~163768% Weighted Average Maturity(Stepdown Calculation ) ~~356~~355 Beginning Scheduled Collateral Loan Count 1,~~984~~969 Number Of Loans Paid In Full 1516 Ending Scheduled Collateral Loan Count 1,~~969~~953 Beginning Scheduled Collateral Balance ~~310~~307,~~540~~901,~~391~~390.8908 Ending Scheduled Collateral Balance ~~307~~304,~~901~~678,~~390~~684.0811 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2002 ~~307~~304,~~934~~738,~~910~~888.1109 Monthly P &I Constant 2,~~432~~424,~~429~~426.0510 Special Servicing Fee 0.00 Prepayment Penalties ~~40,814~~0.5600 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans ~~307~~304,~~901~~678,~~390~~684.0811 Scheduled Principal 204,~~357~~598.6409 Unscheduled Principal 23,~~434~~018,~~644~~107.1788

Overcollateralized Amount 783,627.43 Overcollateralization Release Amount 00.00 Overcollateralization Deficiency Amount 00.00 Excess Overcollaterized Amount 00.00 Credit Enhancement Percentage 6.50% Overcollateralization Target Amount 783,627.43 Stepdown Date No Trigger Event No Dividend Account Beginning Balance 1837,~~988~~357.2091 Dividend Account Deposits 18,~~720~~706.0004 Dividend Account Withdrawals ~~350~~285.5121 Dividend Account Ending Balance 3755,~~357~~778.9174

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 8.~~451058~~442699% Weighted Average Net Rate 7.~~951058~~942700% Weighted Average Pass Through Rate 7.~~173364~~163768% Weighted Average Maturity ~~356~~355 Record Date 1011/3130/2002 Principal and Interest Constant 2,~~432~~424,~~429~~426.0510 Beginning Loan Count 1,~~984~~969 Loans Paid in Full 1516 Ending Loan Count 1,~~969~~953 Beginning Scheduled Balance ~~310~~307,~~540~~901,~~391~~390.8908 Ending Scheduled Balance ~~307~~304,~~901~~678,~~390~~684.0811 Ending Actual Balance at 3130-~~Oct~~Nov-2002 ~~307~~304,~~934~~738,~~910~~888.1109 Scheduled Principal 204,~~357~~598.6409 Unscheduled Principal 23,~~434~~018,~~644~~107.1788 Scheduled Interest 2,~~228~~219,~~071~~828.4101 Servicing Fee ~~129~~128,~~391~~292.8626 Master Servicing Fee 0.00 Trustee Fee 2,~~458~~437.4455 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee ~~198~~197,~~796~~424.4222 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 1,~~897~~891,~~424~~673.6998 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.00 Special Servicing Fee 0.00 Prepayment Penalties ~~40,814~~0.5600

~~Group~~Miscellaneous ~~Level~~Reporting ~~Collateral~~Overcollateralization ~~Statement~~Target ~~Group~~Amount 1 2 3 Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.770750 7.657962 8.709424 Weighted Average Net Rate 7.270750 7.157961 8.209424 Weighted Average Maturity 356 356 354 Beginning Loan Count 37 264 248 Loans Paid In Full 0 3 1 Ending Loan Count 37 261 247 Beginning Scheduled Balance 12783,~~798,314~~627.1743 ~~91,690,005.93~~Overcollateralized ~~26,860,058.19~~Amount ~~Ending scheduled Balance 12~~783,~~787,230~~627.3043 ~~90,880,367.46~~Overcollateralization ~~26,621,452.29~~Deficiency ~~Record~~Amount Date 10/31/2002 10/31/2002 10/31/2002 Principal And Interest Constant 93,121.65 653,452.71 215,764.93 Scheduled Principal 10,244.57 68,320.59 20,818.56 Unscheduled Principal 839.30 741,317.88 217,787.34 Scheduled Interest 82,877.08 585,132.12 194,946.37 Servicing Fees 5,332.63 38,204.18 11,191.70 Master Servicing Fees 0.00 ~~0.00~~Overcollateralization ~~0.00~~Increase ~~Trustee Fee 101.31 725.87 212.66 FRY~~ Amount 0.00 ~~0.00~~Overcollateralized ~~0.00~~Release ~~Special~~Amount ~~Hazard Fee~~ 0.00 ~~0.00~~Excess ~~0.00~~Overcollaterized Other Fee 9,312.56 61,811.49 16,337.58 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 68,130.58 484,390.58 167,204.43 Realized Loss Amount 0.00 ~~0.00~~Credit ~~0.00~~Enhancement ~~Cumulative Realized Loss 0.00 0.00 0.00~~ Percentage ~~of Cumulative Losses 0~~6.006176% ~~0.00~~Stepdown ~~0.00~~Date ~~Prepayment~~Occurred ~~Penalties~~NO ~~22,379.75~~Trigger ~~0.00~~Event ~~18,434.81~~Occurred ~~Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.388083 6.339499 7.470026~~NO

Group Level Collateral Statement Group 41 ~~Total~~2 3 Collateral Description Fixed 15/30 & ARM ~~Mixed~~Fixed 15/30 & ARM Fixed 15/30 & ~~Arm~~ARM Weighted Average Coupon Rate 910.~~141808~~663531 87.~~451058~~651402 9.717948 Weighted Average Net Rate 810.~~641808~~163531 7.~~951058~~151402 9.217949 Weighted Average Maturity ~~354~~355 ~~356~~355 353 Beginning Loan Count ~~1,435~~37 ~~1,984~~261 247 Loans Paid In Full 111 153 2 Ending Loan Count ~~1,424~~36 ~~1,969~~258 245 Beginning Scheduled Balance ~~179~~12,~~192~~787,~~013~~230.6030 ~~310~~90,~~540~~880,~~391~~367.8946 26,621,452.29 Ending scheduled Balance ~~177~~12,~~612~~027,~~340~~965.0399 ~~307~~89,~~901~~753,~~390~~895.0835 26,457,225.40 Record Date 1011/3130/2002 1011/3130/2002 11/30/2002 Principal And Interest Constant 1123,~~470~~945.66 647,~~089~~770.7637 2236,~~432,429~~417.0504 Scheduled Principal ~~104~~10,~~973~~314.9280 ~~204~~68,~~357~~301.6483 20,828.79 Unscheduled Principal 748,949.51 1,~~474~~058,~~699~~170.6528 2143,~~434,644~~398.1710 Scheduled Interest 1113,~~365~~630.86 579,~~115~~468.8454 2215,~~228,071~~588.4125 Servicing Fees 745,~~663~~328.3502 ~~129~~37,~~391~~866.8683 11,092.26 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~1,418~~101.6024 ~~2,458~~719.4447 210.75 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee ~~111~~9,~~334~~304.7945 ~~198~~61,~~796~~666.4288 16,160.30 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 198,~~177~~897.15 479,~~699~~215.1036 1188,~~897,424~~124.6994 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 ~~40,814~~0.5600 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 79.~~886729~~280867 76.~~173364~~327642 8.480000

Filing Compare · FINANCIAL ASSET SEC CORP FIRST FRANK MORT LN TR 2002-FF2