Wachovia Asset Securitization Issuance, LLC
Series 2003-HE3
Statement to Securityholders Distribution Date: 05/25/05
Distribution Summary
Original Beginning Unpaid Ending
Certificate Certificate Certificate Principal Total Certificate
Class Cusip Rate Balance Balance Interest Principal Amount Distribution Balance
A 92975TAA2 3.270000% 500,000,000.00 342,958,625.26 934,562.25 6,984,603.47 0.00 7,919,165.72 335,974,021.79
Factors per Thousand 685.91725052 1.86912450 13.96920694 15.83833144 671.94804358
Certificate n/a 0.000000% 0.00 5,164,816.14 509,722.15 0.00 0.00 509,722.15 5,164,816.14
Totals 500,000,000.00 342,958,625.26 1,444,284.40 6,984,603.47 0.00 8,428,887.87 335,974,021.79
Wachovia Bank, National Association
Structured Finance Trust Services Tom Musarra
401 South Tryon Street, 12th Floor Vice President
Charlotte, North Carolina 28288-1179 Phone: 917-351-2027
www.firstlinkabs.com - Page 1 - Thomas.Musarra@Wachovia.com
Bond Interest Information
Type of Accrual Moody's S & P Fitch
Class Cusip Certificate Period LIBOR Margin Original Rating* Original Rating* Original Rating
A 92975TAA2 Senior/Variable 30/360 3.02000% 0.25000% Aaa AAA n/a
Certificate n/a Residual - - - - - -
0
* Original Ratings of the Offered Certificates per the Prospectus Supplement dated November 12, 2003
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Bond Interest Information
Current Outstanding Current Current
Class Cusip Interest Due Interest Carryforward Interest Carryforward Carryforward Paid
A 92975TAA2 934,562.25 0.00 0.00 0.00
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Collection Activity
Interest
Interest Collected 1,626,489.69
(Additional Balance Interest) 0.00
(Relief Act Shortfalls) 0.00
Total Interest Collected 1,626,489.69
Principal
Principal Collected 17,150,928.78
Net Liquidation Proceeds 0.00
Substitute Adjustment Amount 0.00
Other Principal Collected 0.00
(Additional Balance Increase) 0.00
(Draw Amounts) (10,166,325.31)
Total Principal Collected 6,984,603.47
Additional Funds
Additional Funds from the Funding Account 0.00
Draws from the Policy 0.00
Yield Maintenance Payment 0.00
Total Additional Funds Collected 0.00
Total Available Collections 8,611,093.16
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Collateral Information
Periodic Information
Beginning Collateral Balance 348,123,441.40
Ending Collateral Balance 341,138,837.93
Current Liquidation Loss Amounts 0.00
Cumulative Liquidation Loss Amounts 125,464.99
Gross WAC 5.605%
Net WAC 5.329%
WAM 202
AGE 32
Gross CPR 45.461%
Net CPR 21.589%
Draw Rate 29.929%
Original Information
Collateral Balance 500,007,015.50
Number of Loans 9,940
Gross WAC 4.118%
WAM 234
LIBOR 1.12000%
Overcollateralization Information
Overcollateralization Target Amount 5,164,816.14
Beginning Overcollateralization Amount 5,164,816.14
Ending Overcollateralization Amount 5,164,816.14
Overcollateralization Increase 0.00
Overcollateralization Decrease 0.00
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Additional Account Activity
Funding Account
Beginning Balance 0.00
Interest Earnings 0.00
Deposits 0.00
Withdrawals 0.00
Interest Earnings to Collection Account 0.00
Ending Balance 0.00
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Delinquency Information
Delinquent: # $ %
30-59 Days 5 748,570.80 0.219%
60-89 Days 1 24,879.05 0.007%
90-119 Days 0 0.00 0.000%
120-149 Days 0 0.00 0.000%
150-179 Days 0 0.00 0.000%
180+ Days 4 164,816.14 0.048%
Total 10 938,265.99 0.275%
Foreclosure: # $ %
4 164,816.14 0.048%
REO: # $ %
0 0.00 0.000%
* Foreclosures are included in the delinquency totals
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Additional Reporting Items
Fees Additional Information
Servicing Fee 145,051.43 # of Loans using a Promotional Rate 0
Enhancer Premium 37,153.85 Promotional Advances 0.00
Indenture Trustee Expenses 0.00 3 Largest Mortgage Loan Balances 2,458,427.95
Paying Agent Expenses 0.00 Additional Balances created during the first
Rapid Amortization Period 0.00
Total Fees 182,205.29 Cumulative Liquidation Loss Amount % 0.025%
Cumulative Subsequent Mortgage Loans 0.00
Deficiency Amount 0.00
Draws from Policy not yet Reimbursed 0.00
Percentage Interest Class A 100.00%
Stepdown Cumulative Loss Test Met? (Yes / No) Yes
Stepdown Date Active (Yes / No) No
Amortization Period Stepdown Delinquency Test Met? (Yes / No) Yes
Revolving (Yes / No) No
Managed Amortization (Yes / No) Yes
Rapid Amortization (Yes / No) No
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