8-K 1 ace02he1.txt OCTOBER 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): October 25, 2002 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2002-HE1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-45458-06 Pooling and Servicing Agreement) (Commission Pending (State or other File Number) IRS EIN jurisdiction 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 October 25, 2002 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2002-HE1 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 Pass- Through Certificates, Series 2002-HE1 Trust, relating to the October 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. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2002-HE1 Trust By: Wells Fargo Bank Minnesota, N.A. as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 11/8/02 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2002-HE1 Trust, relating to the October 25, 2002 distribution. EX-99.1
ACE Securities Corporation Asset-Backed Certificates Record Date: 9/30/02 Distribution Date: 10/25/02 ACE Series: 2002-HE1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 004427AV2 SEN 2.15375% 389,535,675.36 699,135.38 6,403,975.02 A-IO 004427AW0 IO 6.50000% 0.00 270,833.33 0.00 M-1 004427AX8 MEZ 2.46375% 35,789,000.00 73,479.29 0.00 M-2 004427AY6 MEZ 3.01375% 27,530,000.00 69,140.45 0.00 M-3 004427AZ3 MEZ 3.81375% 23,776,000.00 75,563.10 0.00 M-4 004427BA7 MEZ 4.11375% 6,757,000.00 23,163.84 0.00 P ACE02HE1P SEN 0.00000% 100.00 129,299.79 0.00 CE AC02HE1CE JUN 0.00000% 7,508,764.83 2,283,834.13 0.00 Totals 490,896,540.19 3,624,449.31 6,403,975.02
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 383,131,700.34 7,103,110.40 0.00 A-IO 0.00 0.00 270,833.33 0.00 M-1 0.00 35,789,000.00 73,479.29 0.00 M-2 0.00 27,530,000.00 69,140.45 0.00 M-3 0.00 23,776,000.00 75,563.10 0.00 M-4 0.00 6,757,000.00 23,163.84 0.00 P 0.00 100.00 129,299.79 0.00 CE 0.00 7,508,764.83 2,283,834.13 0.00 Totals 0.00 484,492,565.17 10,028,424.33 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 399,181,000.00 389,535,675.36 0.00 6,403,975.02 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 35,789,000.00 35,789,000.00 0.00 0.00 0.00 0.00 M-2 27,530,000.00 27,530,000.00 0.00 0.00 0.00 0.00 M-3 23,776,000.00 23,776,000.00 0.00 0.00 0.00 0.00 M-4 6,757,000.00 6,757,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 CE 7,508,764.83 7,508,764.83 0.00 0.00 0.00 0.00 Totals 500,541,864.83 490,896,540.19 0.00 6,403,975.02 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 6,403,975.02 383,131,700.34 0.95979443 6,403,975.02 A-IO 0.00 0.00 0.00000000 0.00 M-1 0.00 35,789,000.00 1.00000000 0.00 M-2 0.00 27,530,000.00 1.00000000 0.00 M-3 0.00 23,776,000.00 1.00000000 0.00 M-4 0.00 6,757,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CE 0.00 7,508,764.83 1.00000000 0.00 Totals 6,403,975.02 484,492,565.17 0.96793615 6,403,975.02
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 399,181,000.00 975.83721510 0.00000000 16.04278515 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 35,789,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 27,530,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 23,776,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,757,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,508,764.83 1000.00000000 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-1 0.00000000 16.04278515 959.79442995 0.95979443 16.04278515 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 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 A-1 399,181,000.00 2.15375% 389,535,675.36 699,135.38 0.00 0.00 A-IO 0.00 6.50000% 50,000,000.00 270,833.33 0.00 0.00 M-1 35,789,000.00 2.46375% 35,789,000.00 73,479.29 0.00 0.00 M-2 27,530,000.00 3.01375% 27,530,000.00 69,140.45 0.00 0.00 M-3 23,776,000.00 3.81375% 23,776,000.00 75,563.10 0.00 0.00 M-4 6,757,000.00 4.11375% 6,757,000.00 23,163.84 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 7,508,764.83 0.00000% 7,508,764.83 0.00 0.00 0.00 Totals 500,541,864.83 1,211,315.39 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 699,135.38 0.00 383,131,700.34 A-IO 0.00 0.00 270,833.33 0.00 50,000,000.00 M-1 0.00 0.00 73,479.29 0.00 35,789,000.00 M-2 0.00 0.00 69,140.45 0.00 27,530,000.00 M-3 0.00 0.00 75,563.10 0.00 23,776,000.00 M-4 0.00 0.00 23,163.84 0.00 6,757,000.00 P 0.00 0.00 129,299.79 0.00 100.00 CE 0.00 0.00 2,283,834.13 0.00 7,508,764.83 Totals 0.00 0.00 3,624,449.31 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 399,181,000.00 2.15375% 975.83721510 1.75142449 0.00000000 0.00000000 A-IO 0.00 6.50000% 1000.00000000 5.41666660 0.00000000 0.00000000 M-1 35,789,000.00 2.46375% 1000.00000000 2.05312498 0.00000000 0.00000000 M-2 27,530,000.00 3.01375% 1000.00000000 2.51145841 0.00000000 0.00000000 M-3 23,776,000.00 3.81375% 1000.00000000 3.17812500 0.00000000 0.00000000 M-4 6,757,000.00 4.11375% 1000.00000000 3.42812491 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,508,764.83 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 A-1 0.00000000 0.00000000 1.75142449 0.00000000 959.79442995 A-IO 0.00000000 0.00000000 5.41666660 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 2.05312498 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.51145841 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.17812500 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.42812491 0.00000000 1000.00000000 P 0.00000000 0.00000000 1292997.90000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 304.15576752 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 9,658,005.42 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 474,018.07 Realized Losses 0.00 Prepayment Penalties 129,299.79 Total Deposits 10,261,323.28 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 232,898.95 Payment of Interest and Principal 10,028,424.33 Total Withdrawals (Pool Distribution Amount) 10,261,323.28 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 204,540.25 Credit Risk Manager Fee - Murrayhill 6,136.19 Custodial Fee - U.S. Bank 1,699.09 Master Servicing Fee - Wells Fargo 6,136.19 PMI - MGIC 14,387.23 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 232,898.95
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 285 0 0 0 285 33,831,839.52 0.00 0.00 0.00 33,831,839.52 60 Days 102 1 12 0 115 14,191,291.90 91,447.43 1,224,455.84 0.00 15,507,195.17 90 Days 33 0 0 0 33 4,011,133.93 0.00 0.00 0.00 4,011,133.93 120 Days 19 0 1 0 20 2,562,310.00 0.00 128,082.90 0.00 2,690,392.90 150 Days 11 0 0 0 11 1,184,890.02 0.00 0.00 0.00 1,184,890.02 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 450 1 13 0 464 55,781,465.37 91,447.43 1,352,538.74 0.00 57,225,451.54 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 7.853403% 0.000000% 0.000000% 0.000000% 7.853403% 6.978451% 0.000000% 0.000000% 0.000000% 6.978451% 60 Days 2.810692% 0.027556% 0.330670% 0.000000% 3.168917% 2.927220% 0.018863% 0.252567% 0.000000% 3.198650% 90 Days 0.909341% 0.000000% 0.000000% 0.000000% 0.909341% 0.827372% 0.000000% 0.000000% 0.000000% 0.827372% 120 Days 0.523560% 0.000000% 0.027556% 0.000000% 0.551116% 0.528524% 0.000000% 0.026419% 0.000000% 0.554944% 150 Days 0.303114% 0.000000% 0.000000% 0.000000% 0.303114% 0.244406% 0.000000% 0.000000% 0.000000% 0.244406% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 12.400110% 0.027556% 0.358225% 0.000000% 12.785891% 11.505973% 0.018863% 0.278986% 0.000000% 11.803822%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 474,018.07
COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 9.113240% Weighted Average Net Coupon 8.613240% Weighted Average Pass-Through Rate 8.543916% Weighted Average Maturity(Stepdown Calculation ) 345 Beginning Scheduled Collateral Loan Count 3,671 Number Of Loans Paid In Full 42 Ending Scheduled Collateral Loan Count 3,629 Beginning Scheduled Collateral Balance 490,896,540.19 Ending Scheduled Collateral Balance 484,492,565.17 Ending Actual Collateral Balance at 30-Sep-2002 484,804,419.11 Monthly P &I Constant 4,166,820.49 Special Servicing Fee 0.00 Prepayment Penalties 129,299.79 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 484,492,565.17 Scheduled Principal 309,472.20 Unscheduled Principal 6,094,502.82
COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Coupon Rate 9.113240% Weighted Average Net Rate 8.613240% Weighted Average Pass Through Rate 8.543916% Weighted Average Maturity 345 Record Date 09/30/2002 Principal and Interest Constant 4,166,820.49 Beginning Loan Count 3,671 Loans Paid in Full 42 Ending Loan Count 3,629 Beginning Scheduled Balance 490,896,540.19 Ending Scheduled Balance 484,492,565.17 Ending Actual Balance at 30-Sep-2002 484,804,419.11 Scheduled Principal 309,472.20 Unscheduled Principal 6,094,502.82 Scheduled Interest 3,857,348.29 Servicing Fee 204,540.25 Master Servicing Fee 6,136.19 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 22,222.51 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 3,624,449.34 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.00 Special Servicing Fee 0.00 Prepayment Penalties 129,299.79
Miscellaneous Reporting Required Overcollaterization Amount 7,508,764.83 Overcollateralization Increase Amount: 0.00 Overcollateralization Reduction Amount: 0.00 Credit Enhancement Percentage: 20.9210%