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-WMC1
Trust, ABFC Asset-Backed Certificates Series 2003-WMC1).
ASSET BACKED FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-108551-01 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-WMC1 Trust, ABFC Asset-Backed Certificates
Series 2003-WMC pursuant to the terms of the Pooling and Servicing Agreement,
dated November 1, 2003 among Asset Backed Funding Corp., as depositor, HomeQ
Servicing Corporation, 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 December 26, 2003
as Exhibit 99.1.
-2-
<page>
ABFC 2003-WMC1 Trust
ABFC Asset-Backed Certificates, Series 2003-WMC1
- -------------------------------------------------------------------------------
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 7, 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 20030-WMC1
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
- ----------------------------------------------------------------------------------------------------------------------------------
A1 212,422,000.00 212,422,000.00 2,421,996.81 272,320.58 2,694,317.39 0.00 0.00 210,000,003.19
A2 106,783,000.00 106,783,000.00 2,762,817.53 124,020.30 2,886,837.83 0.00 0.00 104,020,182.47
A3 27,549,000.00 27,549,000.00 0.00 39,587.34 39,587.34 0.00 0.00 27,549,000.00
M1 27,612,000.00 27,612,000.00 0.00 42,055.57 42,055.57 0.00 0.00 27,612,000.00
M2 19,478,000.00 19,478,000.00 0.00 45,600.84 45,600.84 0.00 0.00 19,478,000.00
M3 9,418,000.00 9,418,000.00 0.00 24,076.40 24,076.40 0.00 0.00 9,418,000.00
M4 6,421,000.00 6,421,000.00 0.00 22,773.37 22,773.37 0.00 0.00 6,421,000.00
M5 5,565,000.00 5,565,000.00 0.00 23,331.46 23,331.46 0.00 0.00 5,565,000.00
M6 5,137,000.00 5,137,000.00 0.00 21,537.05 21,537.05 0.00 0.00 5,137,000.00
P 0.00 0.00 0.00 24,788.13 24,788.13 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 420,385,000.00 420,385,000.00 5,184,814.34 640,091.04 5,824,905.38 0.00 0.00 415,200,185.66
CE 428,091,563.75 428,091,563.75 0.00 1,705,788.72 1,705,788.72 0.00 0.00 422,907,767.78
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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
- ------------------------------------------------------------------------------------------- ------------------------------------
A1 04542BDX7 1,000.00000000 11.40181718 1.28197917 12.68379636 988.59818282 A1 1.488750 %
A2 04542BDY5 1,000.00000000 25.87319639 1.16142363 27.03462002 974.12680361 A2 1.348750 %
A3 04542BDZ2 1,000.00000000 0.00000000 1.43697920 1.43697920 1,000.00000000 A3 1.668750 %
M1 04542BEA6 1,000.00000000 0.00000000 1.52309032 1.52309032 1,000.00000000 M1 1.768750 %
M2 04542BEB4 1,000.00000000 0.00000000 2.34114591 2.34114591 1,000.00000000 M2 2.718750 %
M3 04542BEC2 1,000.00000000 0.00000000 2.55642387 2.55642387 1,000.00000000 M3 2.968750 %
M4 04542BED0 1,000.00000000 0.00000000 3.54670145 3.54670145 1,000.00000000 M4 4.118750 %
M5 04542BEE8 1,000.00000000 0.00000000 4.19253549 4.19253549 1,000.00000000 M5 4.868750 %
M6 04542BEF5 1,000.00000000 0.00000000 4.19253455 4.19253455 1,000.00000000 M6 4.868750 %
TOTALS 1,000.00000000 12.33349035 1.52263054 13.85612089 987.66650965
CE N/A 1,000.00000000 0.00000000 3.98463521 3.98463521 987.89091772 CE 4.781562 %
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If there are any questions or problems with this statement, please contact the Administrator listed below:
---------------------------------------
RYAN VAUGHN
JPMorgan Chase Bank - Structured Finance Services NY
4 NEW YORK PLAZA FLR 6, ,
New York, New York 10004
Tel: (212) 623-4484
Fax: (212) 623-5930
Email: Ryan.M.Vaughn@JPMorgan.com
---------------------------------------
<page>
Sec. 4.06(iii) O/C Amount 7,707,582.12
Sec. 4.06(iii) Targeted O/C Amount 7,705,648.15
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 1,705,788.72
Sec. 4.06(iii) Monthly Excess Cash Flow Amount 1,705,788.72
Sec. 4.06(iii) Extra Principal Distribution Amount 0.00
Sec. 4.06(iv) Servicing Compensation 178,371.49
Sec. 4.06(v) Current Advances 0.00
Sec. 4.06(vi) Ending Collateral Balance Group 1 259,828,103.75
Sec. 4.06(vi) Ending Collateral Balance Group 2 163,079,664.03
Sec. 4.06(vi) Total Ending Collateral Balance 422,907,767.78
Sec. 4.06(vii) Total Beginning Number of Loans 2,422.00
Sec. 4.06(vii) Total Group 1 Beginning Number of Loans 1,679.00
Sec. 4.06(vii) Total Group 2 Beginning Number of Loans 743.00
Sec. 4.06(vii) Total Ending Number of Loans 2,399.00
Sec. 4.06(vii) Total Group 1 Ending Number of Loans 1,667.00
Sec. 4.06(vii) Total Group 2 Ending Number of Loans 732.00
Sec. 4.06(vii) Weighted Average Net Mortgage Rate for All Loans 6.50634 %
Sec. 4.06(vii) Group 1 Weighted Average Net Mortgage Rate 6.43425 %
Sec. 4.06(vii) Group 2 Weighted Average Net Mortgage Rate 6.62034 %
Sec. 4.06(vii)Group 1 Weighted Average Term to Maturity 344.00
Sec. 4.06(vii)Group 2 Weighted Average Term to Maturity 327.00
Sec. 4.06(viii)Loans Delinquent
Group 1
Principal
Category Number Balance Percentage
1 Month 2 840,134.30 0.32 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 2 840,134.30 0.32 %
Group 2
Principal
Category Number Balance Percentage
1 Month 0 0.00 0.00 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 0 0.00 0.00 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 2 840,134.30 0.20 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 2 840,134.30 0.20 %
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
0 0.00 0.00 %
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00 %
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 2,198,483.12
Principal Prepayments Group 2 2,625,899.13
Sec. 4.06 Prepayment Penalties/Premiums 24,788.13
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(xiii) Class M6 Unpaid Realized Loss Amount 0.00
Sec. 4.06(xiii) Class M6 Applied Realized Loss Amount 0.00
Sec. 4.06 Unpaid Interest
Class A1 Unpaid Interest Shortfall 0.00
Class A2 Unpaid Interest Shortfall 0.00
Class A3 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 M6 Unpaid Interest Shortfall 0.00
Sec. 4.06(xv) Current Period Relief Act Interest Shortfalls 0.00
Class A1 Interest Accrual Relief Act Reduction 0.00
Class A2 Interest Accrual Relief Act Reduction 0.00
Class A3 Interest Accrual Relief Act Reduction 0.00
Class M1 Interest Accrual Relief Act Reduction 0.00
Class M2 Interest Accrual Relief Act Reduction 0.00
Class M3 Interest Accrual Relief Act Reduction 0.00
Class M4 Interest Accrual Relief Act Reduction 0.00
Class M5 Interest Accrual Relief Act Reduction 0.00
Class M6 Interest Accrual Relief Act Reduction 0.00
Total Class Interest Accrual Relief Act Reduction 0.00
Sec. 4.06(xv) Net Prepayment Interest Shortfalls 0.00
Class A1 Prepayment Interest Shortfall Reduction 0.00
Class A2 Prepayment Interest Shortfall Reduction 0.00
Class A3 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
Class M6 Prepayment Interest Shortfall Reduction 0.00
Sec. 4.06(xvi) Trustee Fee Paid 2,140.46
Sec. 4.06(xvi) Credit Risk Manager Fee Paid 6,243.00
Sec. 4.06(xvii) Reserve Account
Libor 1.12
Strike Rate 6.07
Beginning Reserve Account 0.00
Reserve Account Withdrawl 0.00
Ending Reserve Account 0.00
A1 Cap Amount Paid 0.00
A2 Cap Amount Paid 0.00
A3 Cap Amount Paid 0.00
M1 Cap Amount Paid 0.00
M2 Cap Amount Paid 0.00
M3 Cap Amount Paid 0.00
M4 Cap Amount Paid 0.00
M5 Cap Amount Paid 0.00
M6 Cap Amount Paid 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class A1 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class A1 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class A2 0.00
Sec. 4.06(xvii)Cap Carryover Amount - Class M1 0.00
Sec. 4.06(xvii)Unpaid 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 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(xvii)Cap Carryover Amount - Class M6 0.00
Sec. 4.06(xvii)Unpaid Cap Carryover Amount - Class M6 0.00
Sec. 4.06(xix) Has the Trigger Event Occured NO
Sec. 4.06(xix) Credit Enhancement Percentage 19.2332 %
Sec. 4.06 Rolling 3 Month Prior Delinquency Percentage N/A
Sec. 4.06(xix) Rolling 3 Month Percentage divided by the Credit Enhancement Percentage N/A
Sec. 4.06(xix) Cummulative Realized Losses as a Percentage of Original Collateral Balance 0.0000 %
Sec. 4.06(xx) Available Funds
Available Funds 7,514,289.42
Interest Remittance Amount 2,329,475.08
Principal Remittance Amount 5,184,814.34
The Principal Remittance Amount was adjusted by the Servicer by $1,018.37 for loan # 10573907 1,018.37
Sec 4.06 Repurchased Principal 0.00
Sec 4.06 Class CE Distributable Amount 1,705,788.72
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.