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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): April 25, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING
AGREEMENT, DATED AS OF APRIL 1, 2003, PROVIDING FOR
THE ISSUANCE OF ASSET BACKED PASS-THROUGH
CERTIFICATES, SERIES 2003-FF1)
Financial Asset Securities Corp.
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(Exact name of registrant as specified in its charter)
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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
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
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Item 2. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pool
On April 25, 2003, a single series of certificates, entitled
First Franklin Mortgage Loan Trust 2003-FF1, Asset-Backed Certificates, Series
2003-FF1 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of April 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 Wells
Fargo Bank Minnesota, National Association as trustee (the "Trustee"). The
Certificates consist of eleven classes of certificates (collectively, the
"Certificates"), designated as the "Class A-1 Certificates", "Class A-2
Certificates", "Class M-1 Certificates", "Class M-2 Certificates", "Class M-3F
Certificates", "Class M-3V Certificates", "Class M-4 Certificates", "Class C
Certificates", "Class P Certificates", "Class R Certificates" and "Dividend
Account Certificate". 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
$450,405,122.39 as of April 1, 2003 (the "Cut-off Date"). The Mortgage Loans
were purchased pursuant to the Mortgage Loan Purchase Agreement, dated April 23,
2003, between Greenwich Capital Financial Products, Inc. (the "Seller") and the
Depositor (the "Purchase Agreement"). The Class A-1 Certificates, Class A-2
Certificates, the Class M-1 Certificates, the Class M-2 Certificates, Class M-3F
Certificates, Class M-3V Certificates and the Class M-4 Certificates were sold
by the Depositor to Greenwich Capital Markets, Inc. (the "Underwriter"),
pursuant to an Underwriting Agreement, dated April 23, 2003 (the "Underwriting
Agreement") between the Depositor and the Underwriter.
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The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
Initial Certificate Principal
Class Balance or Notional Amount Pass-through Rate
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A-1 $ 394,105,000 2.234%
A-2 $ 133,626,000 2.265%
M-1 $ 27,140,000 2.688%
M-2 $ 25,633,000 Variable
M-3F $ 8,500,000 5.592%
M-3V $ 5,070,000 Variable
M-4 $ 3,920,000 Variable
C $ 5,125,991 N/A
P $ 100 N/A
R 100% 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 April 23, 2003 and the
Prospectus Supplement, dated April 23, 2003, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C
Certificates, the Class 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
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(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of April 1, 2003,
by and among Financial Asset Securities Corp. as Depositor,
Fairbanks Capital Corp. as Servicer and Wells Fargo Bank
Minnesota, National Association as Trustee, relating to the
Series 2003-FF1 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: April 25, 2003
FINANCIAL ASSET SECURITIES
CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: SVP
Index to Exhibits
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Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of April 7
1, 2003, by and among Financial Asset Securities
Corp. as Depositor, Fairbanks Capital Corp. as Servicer
and Wells Fargo Bank Minnesota, National Association as
Trustee, relating to the Series 2003- FF1 Certificates.
Exhibit 4.1