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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): November 14, 2003
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF NOVEMBER 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 333-108195 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
Description of the Certificates and the Mortgage Pool
On November 14, 2003, a single series of certificates,
entitled Finance America 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 November 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 twelve classes of certificates (collectively, the "Certificates"), designated
as the "Class I-A1 Certificates", "Class II-A2 Certificates", "Class M-1
Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class M-4
Certificates", "Class M-5 Certificates", "Class M-6 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
$324,540,673.06 as of November 1, 2003 (the "Cut-off Date"). The Mortgage Loans
were purchased pursuant to the Mortgage Loan Purchase Agreement, dated November
12, 2003, between Greenwich Capital Financial Products, Inc. (the "Seller") and
the Depositor (the "Purchase Agreement"). The Class I-A1 Certificates, the Class
II-A2 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
and the Class M-6 Certificates were sold by the Depositor to Greenwich Capital
Markets, Inc.(the "Underwriter"), pursuant to an Underwriting Agreement, dated
November 12, 2003 (the "Underwriting Agreement")among the Depositor and the
Underwriter.
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
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Initial Certificate Principal
Class Balance or Notional Amount Pass-Through Rate
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I-A1 $163,175,000.00 Variable
II-A2 $96,459,000.00 Variable
M-1 $21,744,000.00 Variable
M-2 $17,850,000.00 Variable
M-3 $5,679,000.00 Variable
M-4 $5,679,000.00 Variable
M-5 $3,894,000.00 Variable
M-6 $3,894,000.00 Variable
C $6,166,573.06 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 M-3 Certificates, the Class
M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class C
Certificates, 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 November 12, 2003 and the Prospectus Supplement, dated
November 12, 2003, as previously filed with the Securities and Exchange
Commission pursuant to Rule 424(b). The Class M-3 Certificates, the Class M-4
Certificates, Class M-5 Certificates, the Class M-6 Certificates, the Class C
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
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement, dated as of
November 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: November 12, 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 7
November 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