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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): May 24, 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 2003-1)
Financial Asset Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-104153 06-1442101
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(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
Description of the Certificates and the Mortgage Pool
On April 29, 2003, a single series of certificates, entitled
Fremont Home Loan Trust 2003-1, Asset-Backed Certificates, Series 2003-1 (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"), Litton
Loan Servicing LP as servicer (the "Servicer") and Deutsche Bank National Trust
Company 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-3 Certificates", "Class M-4 Certificates", "Class M-5
Certificates", "Class C Certificates", "Class P Certificates","Class R
Certificates" and "Class R-X 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 and
second 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 $343,698,224.89 as of April 1, 2003 (the "Cut-off
Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase
Agreement, dated April 24, 2003, among Fremont Investment & Loan (the
"Originator") Greenwich Capital Financial Products, Inc. (the "Seller") and the
Depositor (the "Purchase Agreement"). The Class A-1 Certificates, the Class A-2
Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class
M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the
Class C Certificates, the Class P Certificates and the Class R Certificates were
sold by the Depositor to Greenwich Capital Markets, Inc. and Banc of America
Securities LLC (the "Underwriters"), pursuant to an Underwriting Agreement,
dated April 24, 2003 (the "Underwriting Agreement")among the Depositor and the
Underwriters.
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 $ 178,396,000.00 Variable
A-2 $ 100,000,000.00 Variable
M-1 $ 22,340,000.00 Variable
M-2 $ 15,466,000.00 Variable
M-3 $ 5,155,000.00 Fixed
M-4 $ 8,249,000.00 Variable
M-5 $ 6,358,000.00 Variable
C $ 7,734,124.89 Variable
P $ 100.00 N/A
R 100.00% N/A
R-X 100.00% N/A
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The Certificates, other than the Class C Certificates, the Class P
Certificates, the Class R Certificates and the Class R-X Certificates, and the
Mortgage Loans are more particularly described in the Prospectus, dated April
24, 2003 and the Prospectus Supplement, dated April 24, 2003, as previously
filed with the Securities and Exchange Commission pursuant to Rule 424(b). The
Class C Certificates, the Class P Certificates, the Class R Certificates and the
Class R-X 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, Litton Loan
Servicing LP 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: April 24, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: Senior Vice President
Index to Exhibits
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, Litton Loan Servicing LP as
Servicer and Deutsche Bank National Trust Company
as Trustee, relating to the Series 2003-1 Certificates.
Exhibit 4.1