8-K 1 abfc0218k.txt ABFC 2002-NC1 8K 11-02 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: 25-Nov-02 Asset Backed Funding Corporation (AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT, DATED AS OF July 1, 2002, PROVIDING FOR THE ISSUANCE OF ABFC ASSET BACKED CERTIFICATES, SERIES 2002-NC1) Asset Backed Funding Corporation (Exact name of registrant as specified in its charter) Delaware 333-32857-13 (State or Other (Commission Jurisdiction of File Number) Incorporation) 75-2533468 (I.R.S. Employer Identification Number) 100 North Tryon St Charlotte, NC 28255 (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number: (704) 386-2400 Item 5. Other Events On 25-Nov-02 a scheduled distribution was made from the trust to holders of the certificates. The Trustee has caused to be filed with the commission, the Monthly Report dated 25-Nov-02 The Monthly Report is filed pursuant to and in accordance with (1) numerous no-action letters (2) current Commission policy in the area. A. Monthly Report Information: See Exhibit No.1 B. Have any deficiencies occurred? NO. Date: Amount: C. Item 1: Legal Proceedings: NONE D. Item 2: Changes in Securities: NONE E.Item 4: Submission of Matters to a Vote of Certificateholders: NONE F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if applicable: NOT APPLICABLE Item 7. Monthly Statements and Exhibits Exhibit No. 1. Monthly Distrib Rep dated: 25-Nov-02 ASSET BACKED FUNDING CORPORATION ABFC Asset-Backed Certificates, Series 2002-NC1 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 11/25/02 Class Cusip A-1 04542BAW2 A-2 04542BAX0 A-IO 04542BAY8 M-1 04542BAZ5 M-2 04542BBA9 M-3 04542BBB7 M-4 04542BBC5 B 04542BBD3 CE N/A P N/A R N/A Beginning Certificate Class Bal(1) A-1 281,083,819.47 A-2 93,865,450.85 A-IO 48,272,000.00 M-1 32,584,000.00 M-2 28,963,000.00 M-3 19,308,000.00 M-4 8,448,000.00 B 3,620,000.00 CE 3,621,032.64 P 0.00 R 0.00 Total 471,493,302.96 Class Prin A-1 5,079,739.37 A-2 1,470,938.82 A-IO 0.00 M-1 0.00 M-2 0.00 M-3 0.00 M-4 0.00 B 0.00 CE 0.00 P 0.00 R 0.00 Total 6,550,678.19 Class Int A-1 515,554.57 A-2 174,589.74 A-IO 261,473.33 M-1 70,426.70 M-2 76,816.31 M-3 63,678.86 M-4 30,044.37 B 21,116.67 CE 3,616,340.19 P 139,469.40 R 0.00 Total 4,969,510.14 Class Losses A-1 0.00 A-2 0.00 A-IO 0.00 M-1 0.00 M-2 0.00 M-3 0.00 M-4 0.00 B 0.00 CE 0.00 P 0.00 R 0.00 Total 0.00 Ending Certificate Class Bal A-1 276,004,080.10 A-2 92,394,512.03 A-IO 48,272,000.00 M-1 32,584,000.00 M-2 28,963,000.00 M-3 19,308,000.00 M-4 8,448,000.00 B 3,620,000.00 CE 3,621,032.64 P 0.00 R 0.00 Total 464,942,624.77 AMOUNTS PER $1,000 UNIT Class Prin A-1 17.499447 A-2 15.339536 A-IO 0.000000 M-1 0.000000 M-2 0.000000 M-3 0.000000 M-4 0.000000 B-1 0.000000 CE 0.000000 P 0.000000 R 0.000000 Class Int A-1 1.776060 A-2 1.820691 A-IO 5.416667 M-1 2.161389 M-2 2.652222 M-3 3.298056 M-4 3.556388 B-1 5.833334 CE 554.141785 P 0.000000 R 0.000000 Class Total A-1 19.27551 A-2 17.16023 A-IO 5.41667 M-1 2.16139 M-2 2.65222 M-3 3.29806 M-4 3.55639 B-1 5.83333 CE 554.14178 P 0.00000 R 0.00000 Ending Certificate Class Bal A-1 950.820174 A-2 963.526801 A-IO 1000.000000 M-1 1000.000000 M-2 1000.000000 M-3 0.000000 M-4 0.000000 B-1 0.000000 CE 0.000000 P 0.000000 R 0.000000 Class Losses A-1 0.000000 A-2 0.000000 A-IO 0.000000 M-1 0.000000 M-2 0.000000 M-3 0.000000 M-4 0.000000 B-1 0.000000 CE 0.000000 P 0.000000 R 0.000000 Current Pass-Through Class Int Rate A-1 2.13000% A-2 2.16000% A-IO 6.50000% M-1 2.51000% M-2 3.08000% M-3 0.00000% M-4 0.00000% B-1 0.00000% CE 0.00000% P 0.00000% R 0.00000% Section 4.06 (iii.)(xviii) Overcollateralization Amount 3,621,032.64 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency 0.00 Overcollateralization Target amount 3,621,032.64 Monthly Excess Interest Amount 2,006,565.49 Monthly Excess Cashflow Amount 2,006,565.49 Section 4.06 (vi) BALANCES AS OF: 11/25/02 Stated Principal Balance of Mortgage Loans 464,942,624.77 Section 4.06 (vii.) Group 1 Group 2 Weighted Avg Term to Maturity 353.77 356.51 Weighted Average Mortgage Rate 8.81624% 8.44482% Section 4.06 (v) P&I ADVANCES Aggregate Advances for the Collection Period 471,422.86 Cumulative Unreimbursed Advances 0.00 Servicing Advances 0.00 Cumulative Nonrecoverable Advances 0.00 * P&I Advances made on Mortgage Loans Delinquent as of the Determ Date Section 4.06 (viii.) DELINQUENCY INFORMATION Unpaid Principal Stated Principal Number Balance Balance 30-59 days del 87 11,332,258.30 11,313,565.81 60-89 days del 3 345,803.21 345,230.34 90 + del 2 394,203.19 393,116.92 Foreclosures 59 6,691,788.68 6,675,204.23 Bankruptcies 15 1,868,806.12 1,865,916.26 Section 4.06 (ix.) REO INFORMATION Loans that became REO properties in the preceding calendar month: Unpaid Principal Stated Principal Loan Number Balance Balance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Unpaid Principal Stated Principal Loan Number Balance Balance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Section 4.06 (x.) REO INFORMATION Number of REO Loans 0.00 Stated Principal Balance of REO Properties 0.00 Total Book Value of REO Properties: 0.00 Section 4.06 (xix.) Stepdown Date Occurrence NO Trigger Event Occurrence NO Realized Loss as a Percentage of the Original Pool Balance 0 Section 4.06 (xvi.),(iv.) Trustee Fee 3,929.16 Servicing Fee 196,455.11 Credit Risk Manager Fee 6,875.94 Section 4.02(xviii.) Prepayment Penalties Loan # Penalty Loan # Penalty 609945 3,584.50 570666 5,578.01 588524 3,514.58 609278 4,711.21 588424 1,967.21 610141 6,377.00 579028 3,876.65 603219 7,726.04 610290 2,312.43 611212 5,023.07 610315 7,315.18 614098 4,576.72 595378 2,666.84 592027 5,614.05 589802 2,241.64 585595 4,929.77 Loan # Penalty 614581 5,688.18 615128 9,024.80 592568 15,127.50 598985 5,148.82 613179 8,861.33 572374 12,234.80 604885 11,369.06 0 0.00 Total 139,469.40 Section 4.06 (xx.)(xii)(i)(xi) Available Funds Group 1 Group 2 Total Sched Prin 236,553.88 78,848.58 315,402.46 Curtailments 25,421.65 4,135.67 29,557.32 Liq Proc 0.00 0.00 0.00 Payoffs 4,817,763.84 1,387,954.57 6,205,718.41 Prepmnt Pen 117,026.73 22,442.68 139,469.40 Net Interest 2,450,897.87 780,173.27 3,231,071.14 Total Funds 7,647,663.97 2,273,554.77 9,921,218.73 Current Loss 0.00 Aggregate Realized Losses 0.00 Section 4.06 (xxii.) Liquidation Report Loan # Ending Balance Loss Amt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 SIGNATURES 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 thereunto duly authorized. Asset Backed Funding Corporation By: /s/ Eve Kaplan Name: Eve Kaplan Title: Vice President U.S. Bank National Association Dated: 11/25/02