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): December 26, 2002
FIRST FRANKLIN MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 2002-FFA Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-84929-11
Pooling and Servicing Agreement) (Commission 52-2365745
(State or other File Number) 52-2365746
jurisdiction 52-2365747
of Incorporation) IRS EIN
c/o Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On December 26, 2002 a distribution was made to holders of FIRST FRANKLIN
MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2002-FFA Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to
holders of Asset Backed
Certificates, Series 2002-FFA
Trust, relating to the December
26, 2002 distribution.
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.
FIRST FRANKLIN MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 2002-FFA Trust
By: Wells Fargo Bank Minnesota, N.A., as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 1/7/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset
Backed Certificates, Series 2002-FFA Trust, relating
to the December 26, 2002 distribution.
EX-99.1
First Franklin Mortgage Loan Trust
Mortgage Pass-Through Certificates
Record Date: 11/30/02
Distribution Date: 12/26/02
FFM Series: 2002-FFA
Contact: Customer Service - CTSLink
Wells Fargo Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A 32027NAZ4 SEN 1.73000% 226,791,652.60 337,856.56 4,152,834.09
S-1 32027NBD2 SUB 2.00000% 0.00 47,815.00 0.00
S-2 32027NBE0 SUB 2.00000% 0.00 47,815.00 0.00
M-1 32027NBA8 SUB 2.38000% 21,517,000.00 44,097.90 0.00
M-2 32027NBB6 SUB 2.88000% 15,779,000.00 39,131.92 0.00
M-3 32027NBC4 SUB 3.68000% 14,344,000.00 45,454.54 0.00
C FFM02FFAC SEN 0.00000% 4,016,270.15 0.00 0.00
P FFM02FFAP SEN 0.00000% 100.00 63,730.80 0.00
R FFM0FFAR RES 0.00000% 0.00 0.00 0.00
Totals 282,448,022.75 625,901.72 4,152,834.09
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A 0.00 222,638,818.50 4,490,690.65 0.00
S-1 0.00 0.00 47,815.00 0.00
S-2 0.00 0.00 47,815.00 0.00
M-1 0.00 21,517,000.00 44,097.90 0.00
M-2 0.00 15,779,000.00 39,131.92 0.00
M-3 0.00 14,344,000.00 45,454.54 0.00
C 0.00 6,086,673.12 0.00 0.00
P 0.00 100.00 63,730.80 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 280,365,591.62 4,778,735.81 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A 235,258,000.00 226,791,652.60 0.00 4,152,834.09 0.00 0.00
S-1 0.00 0.00 0.00 0.00 0.00 0.00
S-2 0.00 0.00 0.00 0.00 0.00 0.00
M-1 21,517,000.00 21,517,000.00 0.00 0.00 0.00 0.00
M-2 15,779,000.00 15,779,000.00 0.00 0.00 0.00 0.00
M-3 14,344,000.00 14,344,000.00 0.00 0.00 0.00 0.00
C 731.07 4,016,270.15 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 286,898,831.07 282,448,022.75 0.00 4,152,834.09 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A 4,152,834.09 222,638,818.50 0.94636024 4,152,834.09
S-1 0.00 0.00 0.00000000 0.00
S-2 0.00 0.00 0.00000000 0.00
M-1 0.00 21,517,000.00 1.00000000 0.00
M-2 0.00 15,779,000.00 1.00000000 0.00
M-3 0.00 14,344,000.00 1.00000000 0.00
C 0.00 6,086,673.12 8,325.70495301 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 4,152,834.09 280,365,591.62 0.97722807 4,152,834.09
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A 235,258,000.00 964.01249947 0.00000000 17.65225450 0.00000000
S-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
S-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 21,517,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 15,779,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 14,344,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
C 731.07 5493687.54018083 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A 0.00000000 17.65225450 946.36024492 0.94636024 17.65225450
S-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
S-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
C 0.00000000 0.00000000 8,325,704.95301408 8325.70495301 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A 235,258,000.00 1.73000% 226,791,652.60 337,856.56 0.00 0.00
S-1 0.00 2.00000% 28,689,000.00 47,815.00 0.00 0.00
S-2 0.00 2.00000% 28,689,000.00 47,815.00 0.00 0.00
M-1 21,517,000.00 2.38000% 21,517,000.00 44,097.90 0.00 0.00
M-2 15,779,000.00 2.88000% 15,779,000.00 39,131.92 0.00 0.00
M-3 14,344,000.00 3.68000% 14,344,000.00 45,454.54 0.00 0.00
C 731.07 0.00000% 4,016,270.15 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 286,898,831.07 562,170.92 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A 0.00 0.00 337,856.56 0.00 222,638,818.50
S-1 0.00 0.00 47,815.00 0.00 28,689,000.00
S-2 0.00 0.00 47,815.00 0.00 28,689,000.00
M-1 0.00 0.00 44,097.90 0.00 21,517,000.00
M-2 0.00 0.00 39,131.92 0.00 15,779,000.00
M-3 0.00 0.00 45,454.54 0.00 14,344,000.00
C 0.00 0.00 0.00 0.00 6,086,673.12
P 0.00 0.00 63,730.80 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 625,901.72 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A 235,258,000.00 1.73000% 964.01249947 1.43611082 0.00000000 0.00000000
S-1 0.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000
S-2 0.00 2.00000% 1000.00000000 1.66666667 0.00000000 0.00000000
M-1 21,517,000.00 2.38000% 1000.00000000 2.04944463 0.00000000 0.00000000
M-2 15,779,000.00 2.88000% 1000.00000000 2.48000000 0.00000000 0.00000000
M-3 14,344,000.00 3.68000% 1000.00000000 3.16888873 0.00000000 0.00000000
C 731.07 0.00000% 5493687.54018083 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A 0.00000000 0.00000000 1.43611082 0.00000000 946.36024492
S-1 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000
S-2 0.00000000 0.00000000 1.66666667 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.04944463 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.48000000 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.16888873 0.00000000 1000.00000000
C 0.00000000 0.00000000 0.00000000 0.00000000 8325704.95301408
P 0.00000000 0.00000000 637308.00000000 0.00000000 1000.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,853,827.02
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Prepayment Penalties 63,730.80
Total Deposits 4,917,557.82
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 138,822.01
Payment of Interest and Principal 4,778,735.81
Total Withdrawals (Pool Distribution Amount) 4,917,557.82
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 117,686.69
AMBAC 18,899.30
Wells Fargo 2,236.02
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 138,822.01
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 287 0 0 0 287
10,088,797.50 0.00 0.00 0.00 10,088,797.50
60 Days 133 0 0 0 133
4,345,154.55 0.00 0.00 0.00 4,345,154.55
90 Days 11 0 0 0 11
344,029.37 0.00 0.00 0.00 344,029.37
120 Days 2 0 0 0 2
56,112.57 0.00 0.00 0.00 56,112.57
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 433 0 0 0 433
14,834,093.99 0.00 0.00 0.00 14,834,093.99
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 4.018482% 0.000000% 0.000000% 0.000000% 4.018482%
3.598444% 0.000000% 0.000000% 0.000000% 3.598444%
60 Days 1.862223% 0.000000% 0.000000% 0.000000% 1.862223%
1.549817% 0.000000% 0.000000% 0.000000% 1.549817%
90 Days 0.154018% 0.000000% 0.000000% 0.000000% 0.154018%
0.122707% 0.000000% 0.000000% 0.000000% 0.122707%
120 Days 0.028003% 0.000000% 0.000000% 0.000000% 0.028003%
0.020014% 0.000000% 0.000000% 0.000000% 0.020014%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 6.062728% 0.000000% 0.000000% 0.000000% 6.062728%
5.290982% 0.000000% 0.000000% 0.000000% 5.290982%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 11.774468%
Weighted Average Net Coupon 11.274467%
Weighted Average Pass-Through Rate 11.184672%
Weighted Average Maturity(Stepdown Calculation ) 177
Beginning Scheduled Collateral Loan Count 7,189
Number Of Loans Paid In Full 47
Ending Scheduled Collateral Loan Count 7,142
Beginning Scheduled Collateral Balance 282,448,022.75
Ending Scheduled Collateral Balance 280,365,591.62
Ending Actual Collateral Balance at 30-Nov-2002 280,365,591.62
Monthly P &I Constant 2,943,263.18
Special Servicing Fee 0.00
Prepayment Penalties 63,730.80
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 280,365,591.62
Scheduled Principal 171,867.18
Unscheduled Principal 1,910,563.91
Miscellaneous Reporting
Credit Enhancement Percentage 0.197050%
Stepdown Date in Effect NO
Trigger Event in Effect NO
Prepayment Penalty Charges 63,730.80
Overcollateralization Target Amount 15,062,188.63
Overcollateralization Amount 6,086,673.12
Overcollateralization Increase Amount 2,070,403.00
Overcollateralization Reduction Amount 0.00
Overcollateralization Release Amount 0.00
Specified Overcollateralization Amount 15,062,188.63
Overcollateralization Deficiency Amount 8,975,515.51
Extra Principal Distribution Amount 2,070,403.00
Excess Cash Amount 2,070,403.00