- --------------------------------------------------------------------------------
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): March 27, 2003
FINANCIAL ASSET SECURITIES CORP.
(as depositor under the Pooling and Servicing Agreement,
dated as of March 1, 2003, providing for the issuance of
Asset Backed Pass-Through Certificates, Series 2003-1)
Financial Asset Securities Corp.
--------------------------------
(Exact name of registrant as specified in its charter)
- --------------------------------------------------------------------------------
Delaware 333-99463 06-1442101
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
600 Steamboat Road
Greenwich, Connecticut 06830
- ---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
- --------------------------------------------------------------------------------
-2-
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
Description of the Certificates and the Mortgage Pool
On March 27, 2003, a single series of certificates, entitled
Equifirst Mortgage Loan Trust 2003-1, Asset-Backed Certificates, Series 2003-1
(the "Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of March 1, 2003 (the "Agreement"), attached hereto as Exhibit 4.1,
among Financial Asset Securities Corp. as depositor (the "Depositor"), Fairbanks
Capital Corp., as servicer (the "Servicer") and Deutsche Bank National Trust
Company as trustee (the "Trustee"). The Certificates consist of eight classes of
certificates (collectively, the "Certificates"), designated as the "Class I-F1
Certificates", "Class II-A1 Certificates", "Class M-1 Certificates", "Class M-2
Certificates", "Class M-3 Certificates", "Class C Certificates", "Class P
Certificates" and "Class R Certificates". The Certificates evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust
Fund"), consisting of a pool of mortgage loans (the "Mortgage Pool'") of
conventional, one- to four- family, adjustable rate and fixed rate, first lien
mortgage loans having original terms to maturity up to 30 years (the "Mortgage
Loans"). The Mortgage Pool consist of Mortgage Loans having an aggregate
principal balance of $293,642,875.16. as of March 1, 2003 (the "Cut-off Date").
The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase
Agreement, dated March 24, 2003, among EFC Holdings Corporation (the
"Originator") Greenwich Capital Financial Products, Inc. (the "Seller") and the
Depositor (the "Purchase Agreement"). The Class I-F1 Certificates, the Class
II-A1 Certificates, the Class M-1 Certificates, the Class M-2 Certificates and
the Class M-3 Certificates were sold by the Depositor to Greenwich Capital
Markets, Inc. (the "Underwriter"), pursuant to an Underwriting Agreement, dated
March 24, 2003 (the "Underwriting Agreement") between the Depositor and the
Underwriter.
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
Initial Certificate Principal
Class Balance or Notional Amount Pass-Through Rate
- --------------- ------------------------------------ -------------------------
I-F1 $ 75,514,000.00 3.51%
II-A1 $153,529,000.00 Variable
M-1 $ 20,555,000.00 Variable
M-2 $ 16,884,000.00 Variable
M-3 $ 13,948,000.00 Variable
C $ 13,212,775.16 Variable
P $ 100.00 N/A
R 100.00% N/A
=============== ==================================== =========================
The Certificates, other than the Class C Certificates, the Class P
Certificates and the Class R Certificates, and the Mortgage Loans are more
particularly described in the Prospectus, dated March 24, 2003 and the
Prospectus Supplement, dated March 24, 2003, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C
Certificates, the Class
-3-
P Certificates and the Class R Certificates have not been and will not be
publicly offered by the Depositor. Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to them in the Prospectus
Supplement.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
4.1 Pooling and Servicing Agreement, dated as of
March 1, 2003, by and among Financial Asset
Securities Corp. as Depositor, Fairbanks Capital
Corp. as Servicer and Deutsche Bank National Trust
Company as Trustee, relating to the Series 2003-1
Certificates.
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.
Dated: March 27, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Y. Skibo
-------------------------------
Name: Frank Y. Skibo
Title: Senior Vice President
Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
- ----------- ----------- -------------
4.1 Pooling and Servicing Agreement, dated as of March 7
1, 2003, by and among Financial Asset Securities
Corp. as Depositor, Fairbanks Capital Corp. as
Servicer and Deutsche Bank National Trust Company
as Trustee, relating to the Series 2003-1 Certificates.
Exhibit 4.1