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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): October 9, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF SEPTEMBER 1, 2003, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2003-3)
Financial Asset Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-108195 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
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Description of the Certificates and the Mortgage Pool
On September 25, 2003 a single series of certificates,
entitled Fremont Home Loan Trust 2003-3, Asset-Backed Certificates, Series
2003-3 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of September 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 $408,308,288.91 as of
September 1, 2003 (the "Cut-off Date"). The Mortgage Loans were purchased
pursuant to the Mortgage Loan Purchase Agreement, dated September 22, 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 and the Class M-5 Certificates were sold by the Depositor to
Greenwich Capital Markets, Inc.(the "Underwriter"), pursuant to an Underwriting
Agreement, dated September 23, 2003 (the "Underwriting Agreement")among 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
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A-1 $270,614,000 2.52%
A-2 $85,633,000 2.43%
M-1 $31,172,000 Variable
M-2 $26,718,000 Variable
M-3 $5,566.000 Variable
M-4 $7,793,000 Variable
M-5 $8,906,000 Variable
C $8,906,188.91 Variable
P $100.00 N/A
R 100.00% N/A
R-X 100.00% N/A
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
September 23, 2003 and the Prospectus Supplement, dated September 23,
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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 September 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 2003-3 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: September 25, 2003
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Frank Y. Skibo
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Name: Frank Y. Skibo
Title: Senior Vice President
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 7
September 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 2003-3 Certificates.
Exhibit 4.1