-----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, FovQ37nnETtEKrwpNJ5fFlm+Wr6XiY7i4HjITOsJdsxKzUcm7hondc3Q//dOUjlb UnEq5KQkmMtUDMiMwXcfTw== 0001019965-03-000299.txt : 20030314 0001019965-03-000299.hdr.sgml : 20030314 20030314150530 ACCESSION NUMBER: 0001019965-03-000299 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021025 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030314 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-32857-13 FILM NUMBER: 03604057 BUSINESS ADDRESS: STREET 1: 100 NORTH TRYON ST CITY: CHARLOTTE STATE: NC ZIP: 28255 8-K/A 1 o10028k.txt AMENDED ABFC 2002-NC1 8K10-02 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-Oct-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 333-90830 (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-Oct-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-Oct-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-Oct-02 ASSET BACKED FUNDING CORPORATION ABFC Asset-Backed Certificates, Series 2002-NC1 STATEMENT TO CERTIFICATEHOLDERS Distribution Date: 10/25/02 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-1 285,642,798.83 A-2 95,334,913.04 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 477,521,744.51 Class Prin A-1 4,558,979.36 A-2 1,469,462.19 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 6,028,441.55 Class Int A-1 503,147.89 A-2 170,311.85 A-IO 261,473.33 M-1 67,713.63 M-2 73,946.16 M-3 61,363.24 M-4 28,960.80 B 21,116.67 CE 2,073,677.13 P 111,627.87 R 0.00 Total 3,373,338.57 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-1 281,083,819.47 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 AMOUNTS PER $1,000 UNIT Class Prin A-1 15.705455 A-2 15.324137 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 1.733319 A-2 1.776080 A-IO 5.416667 M-1 2.078125 M-2 2.553125 M-3 3.178125 M-4 3.428125 B-1 5.833334 CE 572.675625 P 0.000000 R 0.000000 Class Total A-1 17.43877 A-2 17.10022 A-IO 5.41667 M-1 2.07813 M-2 2.55313 M-3 3.17813 M-4 3.42813 B-1 5.83333 CE 572.67562 P 0.00000 R 0.00000 Ending Certificate Class Bal A-1 968.319621 A-2 978.866338 A-IO 1000.000000 M-1 1000.000000 M-2 1000.000000 M-3 1000.000000 M-4 1000.000000 B-1 1000.000000 CE 1000.000000 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 2.11375% A-2 2.14375% A-IO 6.50000% M-1 2.49375% M-2 3.06375% M-3 3.81375% M-4 4.11375% B-1 7.00000% CE 5.21110% P 0.00000% R 0.00000% Interest Unpaid Reduction from the Allocation of: Distribution Interest Realized Class Amount Amount Losses A-1 503,147.89 0.00 0.00 A-2 170,311.85 0.00 0.00 A-IO 261,473.33 0.00 0.00 M-1 67,713.63 0.00 0.00 M-2 73,946.16 0.00 0.00 M-3 61,363.24 0.00 0.00 M-4 28,960.80 0.00 0.00 B 21,116.67 0.00 0.00 CE 2,073,677.13 0.00 0.00 P 111,627.87 NA 0.00 TOTAL 3,373,338.57 0.00 0.00 Cap Relief Act Prepayment Carryover Interest Interest Accrued Class Amount Shortfalls Shortfalls Interest A-1 0.00 0.00 0.00 503,147.89 A-2 0.00 0.00 0.00 170,311.85 A-IO 0.00 0.00 0.00 261,473.33 M-1 0.00 0.00 0.00 67,713.63 M-2 0.00 0.00 0.00 73,946.16 M-3 0.00 0.00 0.00 61,363.24 M-4 0.00 0.00 0.00 28,960.80 B 0.00 0.00 0.00 21,116.67 CE 0.00 0.00 0.00 2,073,677.13 P 0.00 0.00 0.00 111,627.87 TOTAL 0.00 0.00 0.00 3,373,338.57 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 2,073,677.13 Monthly Excess Cashflow Amount 2,073,677.13 Section 4.06 (vi) BALANCES AS OF: 10/25/02 Stated Principal Balance of Mortgage Loans 471,493,302.96 Ending Count of Loans 3,222.00 Section 4.06 (vii.) Group 1 Group 2 Weighted Avg Term to Maturity 349.73 353.07 Weighted Average Mortgage Rate 8.81495% 8.45130% Section 4.06 (v) P&I ADVANCES Aggregate Advances for the Collection Period 413,217.49 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 59 7,676,287.74 7,663,932.16 60-89 days del 5 662,226.69 660,809.47 90 + del 0 0.00 0.00 Foreclosures 46 5,622,298.90 5,609,808.44 Bankruptcies 9 924,097.01 923,098.43 Section 4.06 (ix.) REO INFORMATION Loans that became REO properties in the preceding calendar month: Unpaid Principal Stated Principal Loan Number Balance Balance 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 3,979.41 Servicing Fee 198,967.21 Credit Risk Manager Fee 6,963.86 Section 4.02(xviii.) Prepayment Penalties Loan # Penalty Loan # Penalty 592805 4,570.26 613138 11,963.76 592804 8,503.74 592181 3,573.36 598732 5,945.51 594483 4,263.23 602489 6,754.75 574194 2,682.01 603382 1,728.88 588348 5,425.88 606778 13,558.49 581077 1,954.78 609475 4,529.83 591890 3,809.50 Loan # Penalty 610111 5,733.50 576344 7,858.76 592919 3,693.45 601317 2,417.69 587139 5,578.51 586822 7,081.96 Total 111,627.87 Section 4.06 (xx.)(xii)(i)(xi) Available Funds Group 1 Group 2 Total Sched Prin 238,229.18 79,097.43 317,326.61 Curtailments (75,644.68) 2,418.70 (73,225.98) Liq Proc 0.00 0.00 0.00 Payoffs 4,396,394.86 1,387,946.06 5,784,340.92 Prepmnt Pen 98,069.38 13,558.49 111,627.87 Net Interest 2,482,107.60 790,546.37 3,272,653.97 Total Funds 7,139,156.34 2,273,567.05 9,412,723.39 Current Loss 0.00 Aggregate Realized Losses 0.00 Section 4.06 (xxii.) Liquidation Report Loan # Beginning Bal 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 Section 4.06 (xxiii.) Aggregate Prin Bal of Mortgage Loans Purchased by the Servicer or Seller 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: 10/25/02 -----END PRIVACY-ENHANCED MESSAGE-----