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) : July 25, 2003
ASSET BACKED FUNDING CORPORATION, (as depositor under the Pooling and Servicing
Agreement, dated April 1, 2003, providing for the issuance of ABFC 2003-AHL1
Trust, ABFC Asset-Backed Certificates Series 2003-AHL1).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-90830-04 75-2533468
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
100 North Tyron Sreet
Charlotte, North Carolina 28255
(Address pof principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (703) 386-2400
N/A
(Former name or former address, if changed since last report.)
<page>
Item 5. Other Events.
This current report on Form 8-K relates to the monthly distribution
reported to the holders of ABFC 2003-AHL1 Trust, ABFC Asset-Backed Certificates
Series 2003-AHL1 pursuant to the terms of the Pooling and Servicing Agreement,
dated April 1, 2003 among Asset Backed Funding Corp., as depositor, Litton Loan
Servicing LP as servicer, and JPMorgan Chase Bank, as trustee.
On July 25, 2003 distributions were made to the Certificateholders.
Specific information with respect to the distributions is filed as Exhibit 99.1.
No other reportable transactions or matters have occurred during the current
reporting period.
Item 7. Financial Statements and Exhibits.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on July 25, 2003
as Exhibit 99.1.
-2-
<page>
ABFC 2003-AHL1 Trust
ABFC Asset-Backed Certificates, Series 2003-AHL1
- -------------------------------------------------------------------------------
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 hereunto duly authorized.
JPMorgan Chase Bank,
Date: July 28, 2003 By: /s/ Mark McDermott
------------------------------------
Mark McDermott
Vice President
-3-
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
July 25, 2003
-4-
Exhibit 99.1
Statement to Certificateholders
July 25, 2003
-5-
<page>
<table>
ABFC Asset-Backed Certificates, Series 2003-AHL1
STATEMENT TO CERTIFICATEHOLDERS
July 25, 2003
<s> <c> <c>
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DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
IA 109,394,000.00 108,239,765.86 625,759.63 331,569.19 957,328.82 0.00 0.00 107,614,006.23
IIA 191,962,000.00 189,975,372.74 2,094,603.75 215,624.28 2,310,228.03 0.00 0.00 187,880,768.99
M1 24,034,000.00 24,034,000.00 0.00 37,670.82 37,670.82 0.00 0.00 24,034,000.00
M2 19,413,000.00 19,413,000.00 0.00 46,569.99 46,569.99 0.00 0.00 19,413,000.00
M3 10,168,000.00 10,168,000.00 0.00 34,115.11 34,115.11 0.00 0.00 10,168,000.00
M4 3,698,000.00 3,698,000.00 0.00 13,944.79 13,944.79 0.00 0.00 3,698,000.00
M5 6,286,000.00 6,286,000.00 0.00 22,397.16 22,397.16 0.00 0.00 6,286,000.00
N 26,275,000.00 23,569,406.27 1,378,951.04 183,055.72 1,562,006.76 0.00 0.00 22,190,455.23
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 391,230,000.00 385,383,544.87 4,099,314.42 884,947.06 4,984,261.48 0.00 0.00 381,284,230.45
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
- ----------------------------------------------------------------------------------------- -------------------------------------
CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- ------------------------------------------------------------------------------------------- ------------------------------------
IA 04542BCJ9 989.44883504 5.72023722 3.03096322 8.75120043 983.72859782 IA 3.684000 %
IIA 04542BCK6 989.65093477 10.91155411 1.12326544 12.03481955 978.73938066 IIA 1.365000 %
M1 04542BCL4 1,000.00000000 0.00000000 1.56739702 1.56739702 1,000.00000000 M1 1.885000 %
M2 04542BCM2 1,000.00000000 0.00000000 2.39890743 2.39890743 1,000.00000000 M2 2.885000 %
M3 04542BCN0 1,000.00000000 0.00000000 3.35514457 3.35514457 1,000.00000000 M3 4.035000 %
M4 04542BCP5 1,000.00000000 0.00000000 3.77090049 3.77090049 1,000.00000000 M4 4.535000 %
M5 04542BDA7 1,000.00000000 0.00000000 3.56302259 3.56302259 1,000.00000000 M5 4.285000 %
N 04542BDB5 897.02783140 52.48148582 6.96691608 59.44840190 844.54634558 N 9.320000 %
TOTALS 985.05621979 10.47801656 2.26196115 12.73997771 974.57820323
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If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
Nadezhka Thomas
JPMorgan Chase Bank - Structured Finance Services
4 New York Plaza, 6th Floor,
New York, New York 10004
Tel: (212) 623-4493
Fax: (212) 623-5930
Email: Nadezhka.Thomas@chase.com
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<page>
Sec. 4.06(iii) O/C Amount 4,807,338.37
Sec. 4.06(iii) Targeted O/C Amount 4,807,338.00
Sec. 4.06(iii) O/C Deficiency Amount 0.00
Sec. 4.06(iii) O/C Release Amount 0.00
Sec. 4.06(iii) Monthly Excess Interest 1,459,536.21
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 1,459,536.21
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(v) Current Advances 58,912.34
Sec. 4.06(vi) Ending Collateral Balance Group 1 132,445,541.53
Sec. 4.06(vi) Ending Collateral Balance Group 2 231,455,572.06
Sec. 4.06(vi) Total Ending Collateral Balance 363,901,113.59
Sec. 4.06(vii) Total Beginning Number of Loans 2,344.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 943.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 1,401.00
Sec. 4.06(vii) Total Ending Number of Loans 2,332.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 941.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 1,391.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 7.07463 %
Sec. 4.06(vii) Group 1 Weighted Average Net Mortgage Rate 7.03732 %
Sec. 4.06(vii) Group 2 Weighted Average Net Mortgage Rate 7.09590 %
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 304.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 354.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 8 1,215,832.84 0.92 %
2 Month 2 269,830.64 0.20 %
3 Month 2 507,883.15 0.38 %
Total 12 1,993,546.63 1.50 %
Group 2
Principal
Category Number Balance Percentage
1 Month 29 4,399,230.70 1.90 %
2 Month 6 1,083,754.89 0.47 %
3 Month 3 364,900.62 0.16 %
Total 38 5,847,886.21 2.53 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 37 5,615,063.54 1.54 %
2 Month 8 1,353,585.53 0.37 %
3 Month 5 872,783.77 0.24 %
Total 50 7,841,432.84 2.15 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
Sec. 4.06(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
0 0.00 0.00%
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 4.06(viii)Loans in Bankruptcy
Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
0 0.00 0.00%
Group 2
Principal
Number Balance Percentage
1 89,572.80 0.04 %
Group Totals
Principal
Number Balance Percentage
1 89,572.80 0.02 %
Sec. 4.06(ix)Loans in REO
Group 1
Principal
Number Balance Percentage
0 0.00 0.00%
Group 2
Principal
Number Balance Percentage
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
Sec. 4.06(xi) Principal Prepayments
Principal Prepayments Group 1 506,173.05
Principal Prepayments Group 2 1,916,378.57
Sec. 4.06 Prepayment Penalties/Premiums 102,470.55
Sec. 4.06(xii) Realized Losses
Current Realized Losses Incurred in Group 1 0.00
Current Realized Losses Incurred in Group 2 0.00
Cummulative Realized Losses Incurred in Group 1 0.00
Cummulative Realized Losses Incurred in Group 2 0.00
Sec. 4.06(xiii)Class M1 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M1 Applied Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M2 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M2 Applied Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M3 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M3 Applied Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M4 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M4 Applied Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M5 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M5 Applied Realized Loss Amount 0.00
Sec. 4.06 Unpaid Interest
Class IA Unpaid Interest Shortfall 0.00
Class IIa Unpaid Interest Shortfall 0.00
Class M1 Unpaid Interest Shortfall 0.00
Class M2 Unpaid Interest Shortfall 0.00
Class M3 Unpaid Interest Shortfall 0.00
Class M4 Unpaid Interest Shortfall 0.00
Class M5 Unpaid Interest Shortfall 0.00
Class N Unpaid Interest Shortfall 0.00
Sec. 4.06(xv) Current Period Relief Act Interest Shortfalls 1,538.73
Class IA Interest Accrual Relief Act Reduction 726.89
Class IIA Interest Accrual Relief Act Reduction 472.70
Class M1 Interest Accrual Relief Act Reduction 82.58
Class M2 Interest Accrual Relief Act Reduction 102.09
Class M3 Interest Accrual Relief Act Reduction 74.79
Class M4 Interest Accrual Relief Act Reduction 30.57
Class M5 Interest Accrual Relief Act Reduction 49.10
Total Class Interest Accrual Relief Act Reduction 1,538.73
Sec. 4.06(xv) Net Prepayment Interest Shortfalls 0.00
Class IA Prepayment Interest Shortfall Reduction 0.00
Class IIA Prepayment Interest Shortfall Reduction 0.00
Class M1 Prepayment Interest Shortfall Reduction 0.00
Class M2 Prepayment Interest Shortfall Reduction 0.00
Class M3 Prepayment Interest Shortfall Reduction 0.00
Class M4 Prepayment Interest Shortfall Reduction 0.00
Class M5 Prepayment Interest Shortfall Reduction 0.00
Sec. 4.06(xvi) Trustee Fee Paid 1,527.59
Sec. 4.06(xvii)Cap Carryover Amount - Class IA 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class IA 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class IIA 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class IIA 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class M1 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class M2 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class M1 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class M2 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class M3 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class M3 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class M4 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class M4 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class M5 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class M5 0.00
Sec. 4.06(xix) Has the Trigger Event Occured NO
Sec. 4.06(xix) Credit Enhancement Percentage 18.7981 %
Sec. 4.06(xix) Rolling 3 Month Prior Delinquency Percentage 24.3445 %
Sec. 4.06(xix) Rolling 3 Month Percentage divided by the Credit Enhancement Percentage 77.2168 %
Sec. 4.06(xix) Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 %
Sec. 4.06(xx) Available Funds
Available Funds 4,883,318.53
Interest Remittance Amount 2,162,955.15
Principal Remittance Amount 2,720,363.38
Sec 4.06 Repurchased Principal 0.00
Sec 4.06 Class X Distributable Amount 0.00
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.