8-K 1 ffm03ffb.txt SEPTEMBER 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): September 25, 2003 FIRST REPUBLIC MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2003-FFB Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-102489-12 54-2114692 Pooling and Servicing Agreement) (Commission 54-2114693 (State or other File Number) 54-2114694 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 September 25, 2003 a distribution was made to holders of FIRST REPUBLIC MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2003-FFB 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 Mortgage Pass-Through Certificates, Series 2003-FFB Trust, relating to the September 25, 2003 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 REPUBLIC MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2003-FFB Trust By: Wells Fargo Bank Minnesota, N.A., as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 9/30/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2003-FFB Trust, relating to the September 25, 2003 distribution. EX-99.1

First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 78/31/03 Distribution Date: 89/25/03 FFM Series: 2003-FFB 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 R FFM03FFBR RES 0.00000% 0.00 0.00 0.00 A-IO 32027NCG4 SEN 6.00000% 0.00 427,240.00 0.00 A 32027NCE9 SEN 1.~~50000~~51000% ~~200~~199,~~976~~512,~~908~~341.9391 259,~~595~~421.1746 12,~~464~~306,~~567~~204.0294 M-1 32027NCH2 SUB 2.~~10000~~11000% 20,721,000.00 37,~~470~~648.4891 0.00 M-2 32027NCJ8 SUB 3.~~10000~~11000% 14,246,000.00 38,~~028~~151.9158 0.00 B-1 32027NCK5 SUB 4.~~10000~~11000% 15,541,000.00 5455,~~868~~002.3619 0.00 B-2 32027NCL3 SUB 7.00000% 3,885,000.00 22,662.50 0.00 X FFM03FFBX SEN 0.00000% 647,336.04 1,~~026~~022,~~532~~886.3831 0.00 P FFM03FFBP SEN 0.00000% 100.00 3565,~~376~~738.8743 0.00 Totals ~~256~~254,~~017~~552,~~344~~777.9795 1,~~901~~928,~~774~~751.6738 12,~~464~~306,~~567~~204.0294

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 427,240.00 0.00 A 0.00 ~~199~~197,~~512~~206,~~341~~136.9197 12,~~724~~565,~~162~~626.1940 0.00 M-1 0.00 20,721,000.00 37,~~470~~648.4891 0.00 M-2 0.00 14,246,000.00 38,~~028~~151.9158 0.00 B-1 0.00 15,541,000.00 5455,~~868~~002.3619 0.00 B-2 0.00 3,885,000.00 22,662.50 0.00 X 0.00 647,336.04 1,~~026~~022,~~532~~886.3831 0.00 P 0.00 100.00 3565,~~376~~738.8743 0.00 Totals 0.00 ~~254~~252,~~552~~246,~~777~~573.9501 34,~~366~~234,~~341~~956.6932 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) R 0.00 0.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 A 203,893,000.00 ~~200~~199,~~976~~512,~~908~~341.9391 0.00 12,~~464~~306,~~567~~204.0294 0.00 0.00 M-1 20,721,000.00 20,721,000.00 0.00 0.00 0.00 0.00 M-2 14,246,000.00 14,246,000.00 0.00 0.00 0.00 0.00 B-1 15,541,000.00 15,541,000.00 0.00 0.00 0.00 0.00 B-2 3,885,000.00 3,885,000.00 0.00 0.00 0.00 0.00 X 648,315.47 647,336.04 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 258,934,415.47 ~~256~~254,~~017~~552,~~344~~777.9795 0.00 12,~~464~~306,~~567~~204.0294 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 R 0.00 0.00 0.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 A 12,~~464~~306,~~567~~204.0294 ~~199~~197,~~512~~206,~~341~~136.9197 0.~~97851492~~96720406 12,~~464~~306,~~567~~204.0294 M-1 0.00 20,721,000.00 1.00000000 0.00 M-2 0.00 14,246,000.00 1.00000000 0.00 B-1 0.00 15,541,000.00 1.00000000 0.00 B-2 0.00 3,885,000.00 1.00000000 0.00 X 0.00 647,336.04 0.99848927 0.00 P 0.00 100.00 1.00000000 0.00 Totals 12,~~464~~306,~~567~~204.0294 ~~254~~252,~~552~~246,~~777~~573.9501 0.~~98307820~~97417167 12,~~464~~306,~~567~~204.0294

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A 203,893,000.00 ~~985~~978.~~69793436~~51491670 0.00000000 711.~~18301766~~31085883 0.00000000 M-1 20,721,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 14,246,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 15,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 3,885,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 648,315.47 998.48926943 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Deals 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A 0.00000000 711.~~18301766~~31085883 ~~978~~967.~~51491670~~20405786 0.~~97851492~~96720406 711.~~18301766~~31085883 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 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 998.48926943 0.99848927 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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 R 0.00 0.00000% 0.00 0.00 0.00 0.00 A-IO 0.00 6.00000% 85,448,000.00 427,240.00 0.00 0.00 A 203,893,000.00 1.~~50000~~51000% ~~200~~199,~~976~~512,~~908~~341.9391 259,~~595~~421.1746 0.00 0.00 M-1 20,721,000.00 2.~~10000~~11000% 20,721,000.00 37,~~470~~648.4891 0.00 0.00 M-2 14,246,000.00 3.~~10000~~11000% 14,246,000.00 38,~~028~~151.9158 0.00 0.00 B-1 15,541,000.00 4.~~10000~~11000% 15,541,000.00 5455,~~868~~002.3619 0.00 0.00 B-2 3,885,000.00 7.00000% 3,885,000.00 22,662.50 0.00 0.00 X 648,315.47 0.00000% 647,336.04 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 258,934,415.47 ~~839~~840,~~865~~126.4264 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 R 0.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 427,240.00 0.00 85,448,000.00 A 0.00 0.00 259,~~595~~421.1746 0.00 ~~199~~197,~~512~~206,~~341~~136.9197 M-1 0.00 0.00 37,~~470~~648.4891 0.00 20,721,000.00 M-2 0.00 0.00 38,~~028~~151.9158 0.00 14,246,000.00 B-1 0.00 0.00 5455,~~868~~002.3619 0.00 15,541,000.00 B-2 0.00 0.00 22,662.50 0.00 3,885,000.00 X 0.00 0.00 1,~~026~~022,~~532~~886.3831 0.00 647,336.04 P 0.00 0.00 3565,~~376~~738.8743 0.00 100.00 Totals 0.00 0.00 1,~~901~~928,~~774~~751.6738 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 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 A 203,893,000.00 1.~~50000~~51000% ~~985~~978.~~69793436~~51491670 1.~~27319315~~27234118 0.00000000 0.00000000 M-1 20,721,000.00 2.~~10000~~11000% 1000.00000000 1.~~80833357~~81694465 0.00000000 0.00000000 M-2 14,246,000.00 3.~~10000~~11000% 1000.00000000 2.~~66944476~~67805559 0.00000000 0.00000000 B-1 15,541,000.00 4.~~10000~~11000% 1000.00000000 3.~~53055531~~53916672 0.00000000 0.00000000 B-2 3,885,000.00 7.00000% 1000.00000000 5.83333333 0.00000000 0.00000000 X 648,315.47 0.00000% 998.48926943 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 A 0.00000000 0.00000000 1.~~27319315~~27234118 0.00000000 ~~978~~967.~~51491670~~20405786 M-1 0.00000000 0.00000000 1.~~80833357~~81694465 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~66944476~~67805559 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 3.~~53055531~~53916672 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~1583~~1577.~~38405838~~76014507 0.00000000 998.48926943 P 0.00000000 0.00000000 ~~353768~~657384.~~70000000~~30000000 0.00000000 1000.00000000 (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 34,~~664~~492,~~797~~750.5805 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) ~~(8,211~~0.~~42)~~00 Prepayment Penalties 3565,~~376~~738.8743 Total Deposits 34,~~691~~558,~~963~~488.0348 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~325~~323,~~621~~532.3416 Payment of Interest and Principal 34,~~366~~234,~~341~~956.6932 Total Withdrawals (Pool Distribution Amount) 34,~~691~~558,~~963~~488.0348 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~106~~105,~~438~~605.2842 Credit Risk Manager's Fee 3,~~200~~181.2291 PMI Premium ~~212~~211,~~889~~668.2997 Trustee Fee 3,~~093~~075.5586 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~325~~323,~~621~~532.3416

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2332 0 0 0 2332 ~~839~~1,~~795~~009,652.9582 0.00 0.00 0.00 ~~839~~1,~~795~~009,652.9582 60 Days 1724 0 0 0 1724 ~~763~~893,~~397~~214.5102 0.00 0.00 0.00 ~~763~~893,~~397~~214.5102 90 Days 0 0 34 0 34 0.00 0.00 ~~107~~167,~~798~~941.4459 0.00 ~~107~~167,~~798~~941.4459 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 4056 0 34 0 4360 1,~~603~~902,~~193~~866.4684 0.00 ~~107~~167,~~798~~941.4459 0.00 12,~~710~~070,~~991~~808.9043 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~392625~~550585% 0.000000% 0.000000% 0.000000% 0.~~392625~~550585% 0.~~329910~~400264% 0.000000% 0.000000% 0.000000% 0.~~329910~~400264% 60 Days 0.~~290201~~412939% 0.000000% 0.000000% 0.000000% 0.~~290201~~412939% 0.~~299898~~354104% 0.000000% 0.000000% 0.000000% 0.~~299898~~354104% 90 Days 0.000000% 0.000000% 0.~~051212~~068823% 0.000000% 0.~~051212~~068823% 0.000000% 0.000000% 0.~~042348~~066578% 0.000000% 0.~~042348~~066578% 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.~~682827~~963524% 0.000000% 0.~~051212~~068823% 0.000000% 01.~~734039~~032347% 0.~~629808~~754368% 0.000000% 0.~~042348~~066578% 0.000000% 0.~~672156~~820946%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 012,850.0017

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 10.~~314944~~307702% Weighted Average Net Coupon 9.~~816048~~809862% Weighted Average Pass-Through Rate 8.~~803697~~797523% Weighted Average Maturity(Stepdown Calculation ) ~~222~~221 Beginning Scheduled Collateral Loan Count 5,~~884~~858 Number Of Loans Paid In Full 2646 Ending Scheduled Collateral Loan Count 5,~~858~~812 Beginning Scheduled Collateral Balance ~~256~~254,~~017~~552,~~344~~777.9795 Ending Scheduled Collateral Balance ~~254~~252,~~552~~246,~~777~~573.9501 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2003 ~~254~~252,~~552~~246,~~777~~573.9501 Monthly P &I Constant 2,~~323~~310,~~756~~689.5738 Special Servicing Fee 0.00 Prepayment Penalties 3565,~~376~~738.8743 Realized Loss Amount ~~8,211~~0.4200 Cumulative Realized Loss 8,211.42 Ending Scheduled Balance for Premium Loans ~~254~~252,~~552~~246,~~777~~573.9501 Scheduled Principal ~~123~~124,~~086~~144.1730 Unscheduled Principal 12,~~341~~182,~~480~~060.8564

Miscellaneous Reporting Credit Enhancement Percetage 2126.~~49867~~4808% Extra Principal Distribution ~~8,211~~0.4200 Overcollateralization Amount 647,336.04 Overcollateralization Deficiency Amount 0.00 Overcollateralization Increase Amount 0.00 Overcollateralization Reduction Amount 0.00 Overcollateralization Target Amount 647,336.04 Specified Overcollateralization Amount 647,336.04 Step Down NO Trigger Event NO Undrawn Pool Insurance Policy Balance 25,838,369.00 Excess Cash 1,~~866~~863,~~397~~012.8394

Filing Compare · FIRST FRANKLIN MORTGAGE LOAN TRUST 2003-FFB