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) : December 26, 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 December 26, 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 October 25, 2003
as Exhibit 99.1.
-2-
<page>
ABFC 2003-AHL1 Trust
ABFC Asset-Backed Certificates, Series 2003-AHL1
- -------------------------------------------------------------------------------
SIGNATURE
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: January 5, 2004 By: /s/ Mark McDermott
------------------------------------
Mark McDermott
Vice President
-3-
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders
December 26, 2003
-4-
Exhibit 99.1
Statement to Certificateholders
December 26, 2003
-5-
<page>
<table>
ABFC Asset-Backed Certificates, Series 2003-AHL1
STATEMENT TO CERTIFICATEHOLDERS
December 26, 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
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IA 109,394,000.00 98,419,655.69 2,665,994.42 301,879.04 2,967,873.46 0.00 0.00 95,753,661.27
IIA 191,962,000.00 170,959,807.73 6,450,706.72 213,088.20 6,663,794.92 0.00 0.00 164,509,101.01
M1 24,034,000.00 24,034,000.00 0.00 40,708.82 40,708.82 0.00 0.00 24,034,000.00
M2 19,413,000.00 19,413,000.00 0.00 49,583.62 49,583.62 0.00 0.00 19,413,000.00
M3 10,168,000.00 10,168,000.00 0.00 36,030.72 36,030.72 0.00 0.00 10,168,000.00
M4 3,698,000.00 3,698,000.00 0.00 14,694.79 14,694.79 0.00 0.00 3,698,000.00
M5 6,286,000.00 6,286,000.00 0.00 23,626.72 23,626.72 0.00 0.00 6,286,000.00
N 26,275,000.00 16,264,408.76 1,513,873.21 126,320.24 1,640,193.45 0.00 0.00 14,750,535.55
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 391,230,000.00 349,242,872.18 10,630,574.35 805,932.15 11,436,506.50 0.00 0.00 338,612,297.83
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 899.68056466 24.37057261 2.75955756 27.13013017 875.30999205 IA 3.684000 %
IIA 04542BCK6 890.59192825 33.60408164 1.11005407 34.71413571 856.98784661 IIA 1.448750 %
M1 04542BCL4 1,000.00000000 0.00000000 1.69380128 1.69380128 1,000.00000000 M1 1.968750 %
M2 04542BCM2 1,000.00000000 0.00000000 2.55414516 2.55414516 1,000.00000000 M2 2.968750 %
M3 04542BCN0 1,000.00000000 0.00000000 3.54354052 3.54354052 1,000.00000000 M3 4.118750 %
M4 04542BCP5 1,000.00000000 0.00000000 3.97371282 3.97371282 1,000.00000000 M4 4.618750 %
M5 04542BDA7 1,000.00000000 0.00000000 3.75862552 3.75862552 1,000.00000000 M5 4.368750 %
N 04542BDB5 619.00699372 57.61648754 4.80762093 62.42410847 561.39050618 N 9.320000 %
TOTALS 892.67917128 27.17218605 2.05999578 29.23218184 865.50698523
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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 1,305,091.35
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 1,305,091.35
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 0.00
Sec. 4.06(v) Current Advances 124,871.76
Sec. 4.06(vi) Ending Collateral Balance Group 1 120,585,196.57
Sec. 4.06(vi) Ending Collateral Balance Group 2 208,083,904.08
Sec. 4.06(vi) Total Ending Collateral Balance 328,669,100.65
Sec. 4.06(vii) Total Beginning Number of Loans 2,184.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 883.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 1,301.00
Sec. 4.06(vii) Total Ending Number of Loans 2,138.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 867.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 1,271.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 7.05075 %
Sec. 4.06(vii) Group 1 Weighted Average Net Mortgage Rate 7.02453 %
Sec. 4.06(vii) Group 2 Weighted Average Net Mortgage Rate 7.06582 %
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 297.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 349.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 21 2,674,041.54 2.22 %
2 Month 3 323,852.17 0.27 %
3 Month 8 1,283,635.47 1.06 %
Total 32 4,281,529.18 3.55 %
Group 2
Principal
Category Number Balance Percentage
1 Month 37 5,837,382.61 2.81 %
2 Month 14 2,176,685.90 1.05 %
3 Month 32 4,191,268.35 2.01 %
Total 83 12,205,336.86 5.87 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 58 8,511,424.15 2.59 %
2 Month 17 2,500,538.07 0.76 %
3 Month 40 5,474,903.82 1.67 %
Total 115 16,486,866.04 5.02 %
Please Note: Delinquency Numbers Include Bankruptcies and Foreclosures
Sec. 4.06(viii)Loans in Foreclosures
Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
4 516,346.49 0.43 %
Group 2
Principal
Number Balance Percentage
25 3,253,511.75 1.56 %
Group Totals
Principal
Number Balance Percentage
29 3,769,858.24 1.15 %
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
4 404,625.47 0.19 %
Group Totals
Principal
Number Balance Percentage
4 404,625.47 0.12 %
Sec. 4.06(ix)Loans in REO
Group 1
Principal
Number Balance Percentage
0 0.00 0.00 %
Group 2
Principal
Number Balance Percentage
2 341,592.08 0.16 %
Group Totals
Principal
Number Balance Percentage
2 341,592.08 0.10 %
Sec. 4.06(xi) Principal Prepayments
Principal Prepayments Group 1 2,551,280.29
Principal Prepayments Group 2 6,280,122.12
Sec. 4.06 Prepayment Penalties/Premiums 335,102.10
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 606.27
Class IA Interest Accrual Relief Act Reduction 269.30
Class IIA Interest Accrual Relief Act Reduction 190.09
Class M1 Interest Accrual Relief Act Reduction 36.32
Class M2 Interest Accrual Relief Act Reduction 44.23
Class M3 Interest Accrual Relief Act Reduction 32.14
Class M4 Interest Accrual Relief Act Reduction 13.11
Class M5 Interest Accrual Relief Act Reduction 21.08
Total Class Interest Accrual Relief Act Reduction 606.27
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 1,407.44
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 20.8131 %
Sec. 4.06(xix) Rolling 3 Month Prior Delinquency Percentage 2.353221 %
Sec. 4.06(xix) Rolling 3 Month Percentage divided by the Credit Enhancement Percentage 8.8445 %
Sec. 4.06(xix) Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 %
Sec. 4.06(xx) Available Funds
Available Funds 11,102,811.85
Interest Remittance Amount 1,986,110.71
Principal Remittance Amount 9,116,701.14
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.