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: 25-Sep-02
Asset Backed Funding Corporation
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF July 1, 2002, PROVIDING FOR THE ISSUANCE OF
ABFC ASSET BACKED CERTIFICATES,
SERIES 2002-NC1)
Asset Backed Funding Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-90830
(State or Other (Commission
Jurisdiction of File Number)
Incorporation)
75-2533468
(I.R.S. Employer
Identification
Number)
100 North Tryon St
Charlotte, NC 28255
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number: (704) 386-2400
Item 5. Other Events
On 25-Sep-02 a scheduled distribution was made
from the trust to holders of the certificates. The Trustee has caused
to be filed with the commission, the Monthly Report dated
25-Sep-02 The Monthly Report is filed pursuant
to and in accordance with (1) numerous no-action letters
(2) current Commission policy in the area.
A. Monthly Report Information:
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E.Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distrib Rep dated: 25-Sep-02
ASSET BACKED FUNDING CORPORATION
ABFC Asset-Backed Certificates, Series 2002-NC1
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 09/25/02
Class Cusip
A-1 04542BAW2
A-2 04542BAX0
A-IO 04542BAY8
M-1 04542BAZ5
M-2 04542BBA9
M-3 04542BBB7
M-4 04542BBC5
B 04542BBD3
CE N/A
P N/A
R N/A
Beginning
Certificate
Class Bal(1)
A-1 288,052,583.74
A-2 95,762,742.58
A-IO 48,272,000.00
M-1 32,584,000.00
M-2 28,963,000.00
M-3 19,308,000.00
M-4 8,448,000.00
B 3,620,000.00
CE 3,621,032.64
P 0.00
R 0.00
Total 480,359,358.96
Class Prin
A-1 2,409,784.91
A-2 427,829.54
A-IO 0.00
M-1 0.00
M-2 0.00
M-3 0.00
M-4 0.00
B 0.00
CE 0.00
P 0.00
R 0.00
Total 2,837,614.45
Class Int
A-1 506,492.46
A-2 170,776.89
A-IO 261,473.33
M-1 67,611.80
M-2 73,855.65
M-3 61,302.90
M-4 28,934.40
B 21,116.67
CE 2,088,948.78
P 57,957.84
R 0.00
Total 3,338,470.72
Class Losses
A-1 0.00
A-2 0.00
A-IO 0.00
M-1 0.00
M-2 0.00
M-3 0.00
M-4 0.00
B 0.00
CE 0.00
P 0.00
R 0.00
Total 0.00
Ending
Certificate
Class Bal
A-1 285,642,798.83
A-2 95,334,913.04
A-IO 48,272,000.00
M-1 32,584,000.00
M-2 28,963,000.00
M-3 19,308,000.00
M-4 8,448,000.00
B 3,620,000.00
CE 3,621,032.64
P 0.00
R 0.00
Total 477,521,744.51
AMOUNTS PER $1,000 UNIT
Class Prin
A-1 8.301588
A-2 4.461577
A-IO 0.000000
M-1 0.000000
M-2 0.000000
M-3 0.000000
M-4 0.000000
B-1 0.000000
CE 0.000000
P 0.000000
R 0.000000
Class Int
A-1 1.744841
A-2 1.780929
A-IO 5.416667
M-1 2.075000
M-2 2.550000
M-3 3.175000
M-4 3.425000
B-1 5.833334
CE 576.893110
P 0.000000
R 0.000000
Class Total
A-1 10.04643
A-2 6.24251
A-IO 5.41667
M-1 2.07500
M-2 2.55000
M-3 3.17500
M-4 3.42500
B-1 5.83333
CE 576.89311
P 0.00000
R 0.00000
Ending
Certificate
Class Bal
A-1 984.025075
A-2 994.190475
A-IO 1000.000000
M-1 1000.000000
M-2 1000.000000
M-3 1000.000000
M-4 1000.000000
B-1 1000.000000
CE 1000.000000
P 0.000000
R 0.000000
Class Losses
A-1 0.000000
A-2 0.000000
A-IO 0.000000
M-1 0.000000
M-2 0.000000
M-3 0.000000
M-4 0.000000
B-1 0.000000
CE 0.000000
P 0.000000
R 0.000000
Current
Pass-Through
Class Int Rate
A-1 2.11000%
A-2 2.14000%
A-IO 6.50000%
M-1 2.49000%
M-2 3.06000%
M-3 3.81000%
M-4 4.11000%
B-1 7.00000%
CE 5.21847%
P 0.00000%
R 0.00000%
Interest Unpaid Reduction from the Allocation of:
Distribution Interest Realized
Class Amount Amount Losses
A-1 506,492.46 0.00 0.00
A-2 170,776.89 0.00 0.00
A-IO 261,473.33 0.00 0.00
M-1 67,611.80 0.00 0.00
M-2 73,855.65 0.00 0.00
M-3 61,302.90 0.00 0.00
M-4 28,934.40 0.00 0.00
B 21,116.67 0.00 0.00
CE 2,088,948.78 0.00 0.00
P 57,957.84 NA 0.00
TOTAL 3,338,470.72 0.00 0.00
Cap Relief Act Prepayment
Carryover Interest Interest Accrued
Class Amount Shortfalls Shortfalls Interest
A-1 0.00 0.00 0.00 506,492.46
A-2 0.00 0.00 0.00 170,776.89
A-IO 0.00 0.00 0.00 261,473.33
M-1 0.00 0.00 0.00 67,611.80
M-2 0.00 0.00 0.00 73,855.65
M-3 0.00 0.00 0.00 61,302.90
M-4 0.00 0.00 0.00 28,934.40
B 0.00 0.00 0.00 21,116.67
CE 0.00 0.00 0.00 2,088,948.78
P 0.00 0.00 0.00 57,957.84
TOTAL 0.00 0.00 0.00 3,338,470.72
Section 4.06 (iii.)(xviii)
Overcollateralization Amount 3,621,032.64
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency 0.00
Overcollateralization Target amount 3,621,032.64
Monthly Excess Interest Amount 2,088,948.78
Monthly Excess Cashflow Amount 2,088,948.78
Section 4.06 (vi)
BALANCES AS OF: 9/25/02
Stated Principal Balance of Mortgage Loans 477,521,744.51
Ending Count of Loans 3,254.00
Section 4.06 (vii.) Group 1 Group 2
Weighted Avg Term to Maturity 350.72 354.07
Weighted Average Mortgage Rate 8.81370% 8.44840%
Section 4.06 (v)
P&I ADVANCES
Aggregate Advances for the Collection Period 334,164.17
Cumulative Unreimbursed Advances 0.00
Servicing Advances 0.00
Cumulative Nonrecoverable Advances 0.00
* P&I Advances made on Mortgage Loans Delinquent as of the Determ Date
Section 4.06 (viii.)
DELINQUENCY INFORMATION Unpaid Principal Stated Principal
Number Balance Balance
30-59 days del 58 7,779,546.50 7,767,942.22
60-89 days del 1 79,920.00 79,742.45
90 + del 0 0.00 0.00
Foreclosures 27 3,146,071.44 3,139,522.14
Bankruptcies 4 446,249.68 445,899.87
Section 4.06 (ix.)
REO INFORMATION
Loans that became REO properties in the preceding calendar month:
Unpaid Principal Stated Principal
Loan Number Balance Balance
Section 4.06 (x.)
REO INFORMATION
Number of REO Loans 0.00
Stated Principal Balance of REO Properties 0.00
Total Book Value of REO Properties: 0.00
Section 4.06 (xix.)
Stepdown Date Occurrence NO
Trigger Event Occurrence NO
Realized Loss as a Percentage of the Original Pool Balance 0
Section 4.06 (xvi.),(iv.)
Trustee Fee 4,003.05
Servicing Fee 200,149.35
Credit Risk Manager Fee 7,005.24
Section 4.02(xviii.) Prepayment Penalties
Loan # Penalty Loan # Penalty
548147 $5,185.47 594277 $7,732.71
576278 $4,236.99 600650 $6,995.62
578804 $2,183.64 605526 $303.37
585125 $9,471.09 608986 $2,225.30
587175 $3,792.24 609149 $5,536.25
588014 $10,295.59
Total $57,958.27
Section 4.06 (xx.)(xii)(i)(xi)
Available Funds Group 1 Group 2 Total
Sched Prin 237,314.23 78,780.52 316,094.75
Curtailments 69,113.86 6,192.15 75,306.01
Liq Proc 0.00 0.00 0.00
Payoffs 2,103,356.82 342,856.87 2,446,213.69
Prepmnt Pen 47,662.25 10,295.59 57,957.84
Net Interest 2,498,429.94 793,091.23 3,291,521.17
Total Funds 4,955,877.10 1,231,216.36 6,187,093.46
Current Loss 0.00
Aggregate Realized Losses 0.00
Section 4.06 (xxii.)
Liquidation Report
Loan # Beginning Bal Loss Amt
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
Section 4.06 (xxiii.)
Aggregate Prin Bal of Mortgage Loans Purchased by the Servicer or Seller 0.00
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.
Asset Backed Funding Corporation
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
U.S. Bank National Association
Dated: 9/25/02