8-K 1 abf04op1_jul.txt JULY 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): July 26, 2004 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-OP1 Trust (Exact name of registrant as specified in its charter) 54-6593442 54-2142304 54-2142305 New York (governing law of 333-108551-02 54-2142306 Pooling and Servicing Agreement) (Commission 54-2142307 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, 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 July 26, 2004 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2004-OP1 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 Certificates, Series 2004-OP1 Trust, relating to the July 26, 2004 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. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-OP1 Trust By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 7/26/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-OP1 Trust, relating to the July 26, 2004 distribution. EX-99.1
Asset Backed Funding Corporation Asset Backed Certificates Record Date: 6/30/04 Distribution Date: 7/26/04 ABFC Series: 2004-OP1 Contact: Customer Service - CTSLink Wells Fargo Bank, 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 04542BEX6 SEQ 1.62000% 254,749,984.86 355,376.20 11,853,129.62 A-1A 04542BEY4 SEQ 1.72000% 13,408,080.48 19,858.86 623,857.61 A-2 04542BEZ1 SEQ 1.65000% 42,217,431.54 59,983.93 2,201,622.24 M-1 04542BFA5 SUB 2.00000% 31,439,000.00 54,144.94 0.00 M-2 04542BFB3 SUB 2.75000% 23,247,000.00 55,050.18 0.00 M-3 04542BFC1 SUB 2.90000% 7,749,000.00 19,350.97 0.00 M-4 04542BFD9 SUB 3.20000% 6,642,000.00 18,302.40 0.00 M-5 04542BFE7 SUB 3.45000% 4,428,000.00 13,154.85 0.00 M-6 04542BFF4 SUB 4.80000% 5,535,000.00 22,878.00 0.00 B 04542BFG2 SUB 6.00000% 7,749,000.00 38,745.00 0.00 CE BFCAS04OPCE SEQ 0.00000% 3,985,240.01 1,697,486.44 0.00 P BFCAS04OPTP SEQ 0.00000% 0.00 237,647.24 0.00 R BFCAS04OPTR SEQ 0.00000% 0.00 0.00 0.00 Totals 401,149,736.89 2,591,979.01 14,678,609.47
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 242,896,855.23 12,208,505.82 0.00 A-1A 0.00 12,784,222.87 643,716.47 0.00 A-2 0.00 40,015,809.30 2,261,606.17 0.00 M-1 0.00 31,439,000.00 54,144.94 0.00 M-2 0.00 23,247,000.00 55,050.18 0.00 M-3 0.00 7,749,000.00 19,350.97 0.00 M-4 0.00 6,642,000.00 18,302.40 0.00 M-5 0.00 4,428,000.00 13,154.85 0.00 M-6 0.00 5,535,000.00 22,878.00 0.00 B 0.00 7,749,000.00 38,745.00 0.00 CE 0.00 3,985,240.01 1,697,486.44 0.00 P 0.00 0.00 237,647.24 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 386,471,127.41 17,270,588.48 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-1 287,504,000.00 254,749,984.86 0.00 11,853,129.62 0.00 0.00 A-1A 15,132,000.00 13,408,080.48 0.00 623,857.61 0.00 0.00 A-2 49,393,000.00 42,217,431.54 0.00 2,201,622.24 0.00 0.00 M-1 31,439,000.00 31,439,000.00 0.00 0.00 0.00 0.00 M-2 23,247,000.00 23,247,000.00 0.00 0.00 0.00 0.00 M-3 7,749,000.00 7,749,000.00 0.00 0.00 0.00 0.00 M-4 6,642,000.00 6,642,000.00 0.00 0.00 0.00 0.00 M-5 4,428,000.00 4,428,000.00 0.00 0.00 0.00 0.00 M-6 5,535,000.00 5,535,000.00 0.00 0.00 0.00 0.00 B 7,749,000.00 7,749,000.00 0.00 0.00 0.00 0.00 CE 3,986,445.89 3,985,240.01 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 442,804,445.89 401,149,736.89 0.00 14,678,609.47 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 11,853,129.62 242,896,855.23 0.84484687 11,853,129.62 A-1A 623,857.61 12,784,222.87 0.84484687 623,857.61 A-2 2,201,622.24 40,015,809.30 0.81015142 2,201,622.24 M-1 0.00 31,439,000.00 1.00000000 0.00 M-2 0.00 23,247,000.00 1.00000000 0.00 M-3 0.00 7,749,000.00 1.00000000 0.00 M-4 0.00 6,642,000.00 1.00000000 0.00 M-5 0.00 4,428,000.00 1.00000000 0.00 M-6 0.00 5,535,000.00 1.00000000 0.00 B 0.00 7,749,000.00 1.00000000 0.00 CE 0.00 3,985,240.01 0.99969750 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 14,678,609.47 386,471,127.41 0.87278059 14,678,609.47
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 287,504,000.00 886.07457587 0.00000000 41.22770334 0.00000000 A-1A 15,132,000.00 886.07457573 0.00000000 41.22770354 0.00000000 A-2 49,393,000.00 854.72499221 0.00000000 44.57356791 0.00000000 M-1 31,439,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 23,247,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 7,749,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 6,642,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 4,428,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 5,535,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 7,749,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 3,986,445.89 999.69750499 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1000 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 41.22770334 844.84687250 0.84484687 41.22770334 A-1A 0.00000000 41.22770354 844.84687219 0.84484687 41.22770354 A-2 0.00000000 44.57356791 810.15142429 0.81015142 44.57356791 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 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.69750499 0.99969750 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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-1 287,504,000.00 1.62000% 254,749,984.86 355,376.23 0.00 0.00 A-1A 15,132,000.00 1.72000% 13,408,080.48 19,858.86 0.00 0.00 A-2 49,393,000.00 1.65000% 42,217,431.54 59,983.93 0.00 0.00 M-1 31,439,000.00 2.00000% 31,439,000.00 54,144.94 0.00 0.00 M-2 23,247,000.00 2.75000% 23,247,000.00 55,050.19 0.00 0.00 M-3 7,749,000.00 2.90000% 7,749,000.00 19,350.98 0.00 0.00 M-4 6,642,000.00 3.20000% 6,642,000.00 18,302.40 0.00 0.00 M-5 4,428,000.00 3.45000% 4,428,000.00 13,154.85 0.00 0.00 M-6 5,535,000.00 4.80000% 5,535,000.00 22,878.00 0.00 0.00 B 7,749,000.00 6.00000% 7,749,000.00 38,745.00 0.00 0.00 CE 3,986,445.89 0.00000% 3,985,240.01 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 442,804,445.89 656,845.38 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 0.03 0.00 355,376.20 0.00 242,896,855.23 A-1A 0.00 0.00 19,858.86 0.00 12,784,222.87 A-2 0.01 0.00 59,983.93 0.00 40,015,809.30 M-1 0.00 0.00 54,144.94 0.00 31,439,000.00 M-2 0.00 0.00 55,050.18 0.00 23,247,000.00 M-3 0.00 0.00 19,350.97 0.00 7,749,000.00 M-4 0.00 0.00 18,302.40 0.00 6,642,000.00 M-5 0.00 0.00 13,154.85 0.00 4,428,000.00 M-6 0.00 0.00 22,878.00 0.00 5,535,000.00 B 0.00 0.00 38,745.00 0.00 7,749,000.00 CE 0.00 0.00 1,697,486.44 0.00 3,985,240.01 P 0.00 0.00 237,647.24 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.04 0.00 2,591,979.01 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, 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-1 287,504,000.00 1.62000% 886.07457587 1.23607404 0.00000000 0.00000000 A-1A 15,132,000.00 1.72000% 886.07457573 1.31237510 0.00000000 0.00000000 A-2 49,393,000.00 1.65000% 854.72499221 1.21442168 0.00000000 0.00000000 M-1 31,439,000.00 2.00000% 1000.00000000 1.72222208 0.00000000 0.00000000 M-2 23,247,000.00 2.75000% 1000.00000000 2.36805566 0.00000000 0.00000000 M-3 7,749,000.00 2.90000% 1000.00000000 2.49722287 0.00000000 0.00000000 M-4 6,642,000.00 3.20000% 1000.00000000 2.75555556 0.00000000 0.00000000 M-5 4,428,000.00 3.45000% 1000.00000000 2.97083333 0.00000000 0.00000000 M-6 5,535,000.00 4.80000% 1000.00000000 4.13333333 0.00000000 0.00000000 B 7,749,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 CE 3,986,445.89 0.00000% 999.69750499 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1000 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 0.00000010 0.00000000 1.23607393 0.00000000 844.84687250 A-1A 0.00000000 0.00000000 1.31237510 0.00000000 844.84687219 A-2 0.00000020 0.00000000 1.21442168 0.00000000 810.15142429 M-1 0.00000000 0.00000000 1.72222208 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.36805523 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.49722158 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.75555556 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.97083333 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.13333333 0.00000000 1000.00000000 B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 425.81449412 0.00000000 999.69750499 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,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 17,141,920.39 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) 0.00 Prepayment Penalties 237,647.24 Total Deposits 17,379,567.63 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 108,979.15 Payment of Interest and Principal 17,270,588.48 Total Withdrawals (Pool Distribution Amount) 17,379,567.63 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 100,287.47 Credit Risk Manager Fee 5,850.15 Trustee Fee 2,841.53 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 108,979.15
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Account 0.00 0.00 0.00 0.00
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 6 1 0 7 713,306.57 161,091.92 0.00 874,398.49 30 Days 40 0 2 0 42 6,235,911.33 0.00 164,015.14 0.00 6,399,926.47 60 Days 14 2 5 0 21 2,249,561.35 141,527.04 743,648.28 0.00 3,134,736.67 90 Days 6 5 24 0 35 738,428.65 640,036.70 3,082,575.92 0.00 4,461,041.27 120 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 60 13 32 0 105 9,223,901.33 1,494,870.31 4,151,331.26 0.00 14,870,102.90 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 0.240385% 0.040064% 0.000000% 0.280449% 0.184495% 0.041666% 0.000000% 0.226162% 30 Days 1.602564% 0.000000% 0.080128% 0.000000% 1.682692% 1.612907% 0.000000% 0.042422% 0.000000% 1.655330% 60 Days 0.560897% 0.080128% 0.200321% 0.000000% 0.841346% 0.581845% 0.036606% 0.192343% 0.000000% 0.810794% 90 Days 0.240385% 0.200321% 0.961538% 0.000000% 1.402244% 0.190993% 0.165544% 0.797303% 0.000000% 1.153840% 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 2.403846% 0.520833% 1.282051% 0.000000% 4.206731% 2.385746% 0.386646% 1.073735% 0.000000% 3.846126%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 81,344.91
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.368752% Weighted Average Net Coupon 7.068752% Weighted Average Pass-Through Rate 7.042752% Weighted Average Maturity(Stepdown Calculation) 346 Beginning Scheduled Collateral Loan Count 2,577 Number Of Loans Paid In Full 81 Ending Scheduled Collateral Loan Count 2,496 Beginning Scheduled Collateral Balance 401,149,736.89 Ending Scheduled Collateral Balance 386,471,127.42 Ending Actual Collateral Balance at 30-Jun-2004 386,625,482.24 Monthly P &I Constant 2,807,575.73 Special Servicing Fee 0.00 Prepayment Penalties 237,647.24 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 386,471,127.42 Scheduled Principal 344,264.91 Unscheduled Principal 14,334,344.56 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 3,985,240.01 Overcollateralized Amount 3,985,240.01 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 1,697,486.44
Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.398770 7.179649 7.368752 Weighted Average Net Rate 7.098770 6.879649 7.068752 Weighted Average Maturity 346 346 346 Beginning Loan Count 2,353 224 2,577 Loans Paid In Full 74 7 81 Ending Loan Count 2,279 217 2,496 Beginning Scheduled Balance 346,195,297.21 54,954,439.68 401,149,736.89 Ending scheduled Balance 333,718,309.98 52,752,817.44 386,471,127.42 Record Date 06/30/2004 06/30/2004 06/30/2004 Principal And Interest Constant 2,432,007.13 375,568.60 2,807,575.73 Scheduled Principal 297,490.97 46,773.94 344,264.91 Unscheduled Principal 12,179,496.26 2,154,848.30 14,334,344.56 Scheduled Interest 2,134,516.16 328,794.66 2,463,310.82 Servicing Fees 86,548.85 13,738.62 100,287.47 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 2,452.26 389.27 2,841.53 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 5,048.70 801.45 5,850.15 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 2,040,466.35 313,865.32 2,354,331.67 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.072770 6.853649 7.042752
Miscellaneous Reporting Group Group 1 Available Funds 14,517,453.65 Group Group 2 Available Funds 2,515,487.58
Group