-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R4i21JgxPOYgkk/uY75SpL/ZY9XVB4kV7+VZNCtLtTE9dLCkvyZLzCAXVobUs7GT ItxdHewfO8N7SGTyJ9ouNA== 0001019965-03-000064.txt : 20030121 0001019965-03-000064.hdr.sgml : 20030120 20030121122317 ACCESSION NUMBER: 0001019965-03-000064 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021226 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABFC ASSET BACKED CERTIFICATES SERIES 2002-NC1 CENTRAL INDEX KEY: 0001178714 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-32857-13 FILM NUMBER: 03519020 BUSINESS ADDRESS: STREET 1: 100 NORTH TRYON ST CITY: CHARLOTTE STATE: NC ZIP: 28255 8-K 1 abfc02nc1dec8k.txt ABFC 2002-NC1 8K 12-02 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: 26-Dec-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 26-Dec-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 26-Dec-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: 26-Dec-02 ASSET BACKED FUNDING CORPORATION ABFC Asset-Backed Certificates, Series 2002-NC1 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 12/26/02 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-1 276,004,080.10 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 Class Prin A-1 5,216,395.42 A-2 2,055,512.65 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 7,271,908.07 Class Int A-1 399,285.90 A-2 136,050.92 A-IO 261,473.33 M-1 57,800.40 M-2 65,593.15 M-3 56,197.01 M-4 26,770.77 B 21,116.67 CE 3,616,340.19 P 178,229.50 R 0.00 Total 4,818,857.84 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-1 270,787,684.68 A-2 90,338,999.38 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 457,670,716.70 AMOUNTS PER $1,000 UNIT Class Prin A-1 17.970220 A-2 21.435705 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 1.375520 A-2 1.418793 A-IO 5.416667 M-1 1.773889 M-2 2.264722 M-3 2.910556 M-4 3.168888 B-1 5.833334 CE 592.366635 P 0.000000 R 0.000000 Class Total A-1 19.34574 A-2 22.85450 A-IO 5.41667 M-1 1.77389 M-2 2.26472 M-3 2.91056 M-4 3.16889 B-1 5.83333 CE 592.36663 P 0.00000 R 0.00000 Ending Certificate Class Bal A-1 932.849954 A-2 942.091096 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 1.68000% A-2 1.71000% A-IO 6.50000% M-1 2.06000% M-2 2.63000% 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 2,150,877.45 Monthly Excess Cashflow Amount 2,150,877.45 Section 4.06 (vi) BALANCES AS OF: 12/26/2002 Stated Principal Balance of Mortgage Loans 457,670,716.70 Section 4.06 (vii.) Group 1 Group 2 Weighted Avg Term to Maturity 352.94 357.35 Weighted Average Mortgage Rate 8.81409% 8.44809% Section 4.06 (v) P&I ADVANCES Aggregate Advances for the Collection Period 569,797.37 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 78 11,371,172.19 11,352,311.47 60-89 days del 11 1,859,609.89 1,855,443.02 90 + del 0 0.00 0.00 Foreclosures 70 8,796,033.63 8,775,029.94 Bankruptcies 19 2,311,145.19 2,307,016.27 Section 4.06 (ix.) REO INFORMATION Loans that became REO properties in the preceding calendar month: Unpaid Principal Stated Principal Loan Number Balance Balance 593,860.00 78,702.11 78,578.23 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 590,649.00 92,740.38 92,586.26 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 2.00 Stated Principal Balance of REO Properties 171,107.26 Total Book Value of REO Properties: 174,245.91 Section 4.06 (xix.) Stepdown Date Occurrence NO Trigger Event Occurrence NO Realized Loss as a Percentage of the Original Pool Balance 0.00122% Section 4.06 (xvi.),(iv.) Trustee Fee 3,874.58 Servicing Fee 193,726.04 Credit Risk Manager Fee 6,780.41 Section 4.02(xviii.) Prepayment Penalties Loan # Penalty Loan # Penalty 584492 483.99 607618 2,946.09 604935 1,796.67 600968 3,015.39 609093 1,826.79 592381 3,061.91 605483 2,023.21 603778 3,211.38 599702 2,178.43 604293 3,288.23 600684 2,313.32 610404 3,886.98 612137 2,813.07 609851 4,071.28 597310 2,864.21 607534 4,296.04 Loan # Penalty 585171 4,556.06 596043 4,590.04 587043 4,616.87 607043 5,029.68 597252 5,240.93 617583 5,243.51 571451 5,744.52 600311 5,937.07 Total 178,229.50 Section 4.06 (xx.)(xii)(i)(xi) Available Funds Group 1 Group 2 Total Sched Prin 235,312.81 78,480.40 313,793.21 Curtailments 19,626.39 5,039.64 24,666.03 Liq Proc 5,898.52 0.00 5,898.52 Payoffs 4,961,456.22 1,971,992.61 6,933,448.83 Prepmnt Pen 126,037.37 52,192.13 178,229.50 Net Interest 2,415,068.85 770,751.74 3,185,820.59 Total Funds 7,751,603.12 2,878,456.52 10,630,059.64 Current Loss 5,898.52 Aggregate Realized Losses 5,898.52 Section 4.06 (xxii.) Liquidation Report Loan # Beginning Balance Loss Amt 594,679.00 241,947.37 5,898.52 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: 12/26/2002 -----END PRIVACY-ENHANCED MESSAGE-----