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
ACE SECURITIES CORP.
Home Equity Loan Asset-Backed Certs., Series 2002-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-45458-06
Pooling and Servicing Agreement) (Commission Pending
(State or other File Number) IRS EIN
jurisdiction
of Incorporation)
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 ACE SECURITIES CORP.
Home Equity Loan Asset-Backed Certs., Series 2002-HE1 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 Home Equity Loan
Asset-Backed Certs., Series
2002-HE1 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.
ACE SECURITIES CORP.
Home Equity Loan Asset-Backed Certs., Series 2002-HE1 Trust
By: Wells Fargo Bank Minnesota, N.A. as Securities Administrato
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 12/31/02
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity
Loan Asset-Backed Certs., Series 2002-HE1 Trust,
relating to the December 26, 2002 distribution.
EX-99.1
ACE Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/02
Distribution Date: 12/26/02
ACE Series: 2002-HE1
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-1 004427AV2 SEN 1.72000% 375,235,984.52 555,766.18 10,405,121.15
A-IO 004427AW0 IO 6.50000% 0.00 270,833.33 0.00
M-1 004427AX8 MEZ 2.03000% 35,789,000.00 62,561.16 0.00
M-2 004427AY6 MEZ 2.58000% 27,530,000.00 61,162.48 0.00
M-3 004427AZ3 MEZ 3.38000% 23,776,000.00 69,201.37 0.00
M-4 004427BA7 MEZ 3.68000% 6,757,000.00 21,412.18 0.00
P ACE02HE1P SEN 0.00000% 100.00 265,509.72 0.00
CE AC02HE1CE JUN 0.00000% 7,508,764.83 2,351,273.14 0.00
Totals 476,596,849.35 3,657,719.56 10,405,121.15
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 364,830,863.37 10,960,887.33 0.00
A-IO 0.00 0.00 270,833.33 0.00
M-1 0.00 35,789,000.00 62,561.16 0.00
M-2 0.00 27,530,000.00 61,162.48 0.00
M-3 0.00 23,776,000.00 69,201.37 0.00
M-4 0.00 6,757,000.00 21,412.18 0.00
P 0.00 100.00 265,509.72 0.00
CE 0.00 7,508,764.83 2,351,273.14 0.00
Totals 0.00 466,191,728.20 14,062,840.71 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-1 399,181,000.00 375,235,984.52 0.00 10,405,121.15 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
M-1 35,789,000.00 35,789,000.00 0.00 0.00 0.00 0.00
M-2 27,530,000.00 27,530,000.00 0.00 0.00 0.00 0.00
M-3 23,776,000.00 23,776,000.00 0.00 0.00 0.00 0.00
M-4 6,757,000.00 6,757,000.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
CE 7,508,764.83 7,508,764.83 0.00 0.00 0.00 0.00
Totals 500,541,864.83 476,596,849.35 0.00 10,405,121.15 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-1 10,405,121.15 364,830,863.37 0.91394847 10,405,121.15
A-IO 0.00 0.00 0.00000000 0.00
M-1 0.00 35,789,000.00 1.00000000 0.00
M-2 0.00 27,530,000.00 1.00000000 0.00
M-3 0.00 23,776,000.00 1.00000000 0.00
M-4 0.00 6,757,000.00 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CE 0.00 7,508,764.83 1.00000000 0.00
Totals 10,405,121.15 466,191,728.20 0.93137410 10,405,121.15
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-1 399,181,000.00 940.01464128 0.00000000 26.06617336 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 35,789,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 27,530,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 23,776,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 6,757,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 7,508,764.83 1000.00000000 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-1 0.00000000 26.06617336 913.94846791 0.91394847 26.06617336
A-IO 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
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 399,181,000.00 1.72000% 375,235,984.52 555,766.19 0.00 0.00
A-IO 0.00 6.50000% 50,000,000.00 270,833.33 0.00 0.00
M-1 35,789,000.00 2.03000% 35,789,000.00 62,561.16 0.00 0.00
M-2 27,530,000.00 2.58000% 27,530,000.00 61,162.48 0.00 0.00
M-3 23,776,000.00 3.38000% 23,776,000.00 69,201.37 0.00 0.00
M-4 6,757,000.00 3.68000% 6,757,000.00 21,412.18 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CE 7,508,764.83 0.00000% 7,508,764.83 0.00 0.00 0.00
Totals 500,541,864.83 1,040,936.71 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-1 0.00 0.00 555,766.18 0.00 364,830,863.37
A-IO 0.00 0.00 270,833.33 0.00 50,000,000.00
M-1 0.00 0.00 62,561.16 0.00 35,789,000.00
M-2 0.00 0.00 61,162.48 0.00 27,530,000.00
M-3 0.00 0.00 69,201.37 0.00 23,776,000.00
M-4 0.00 0.00 21,412.18 0.00 6,757,000.00
P 0.00 0.00 265,509.72 0.00 100.00
CE 0.00 0.00 2,351,273.14 0.00 7,508,764.83
Totals 0.00 0.00 3,657,719.56 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-1 399,181,000.00 1.72000% 940.01464128 1.39226614 0.00000000 0.00000000
A-IO 0.00 6.50000% 1000.00000000 5.41666660 0.00000000 0.00000000
M-1 35,789,000.00 2.03000% 1000.00000000 1.74805555 0.00000000 0.00000000
M-2 27,530,000.00 2.58000% 1000.00000000 2.22166655 0.00000000 0.00000000
M-3 23,776,000.00 3.38000% 1000.00000000 2.91055560 0.00000000 0.00000000
M-4 6,757,000.00 3.68000% 1000.00000000 3.16888856 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE 7,508,764.83 0.00000% 1000.00000000 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-1 0.00000000 0.00000000 1.39226611 0.00000000 913.94846791
A-IO 0.00000000 0.00000000 5.41666660 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.74805555 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.22166655 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.91055560 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.16888856 0.00000000 1000.00000000
P 0.00000000 0.00000000 2655097.20000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 313.13713949 0.00000000 1000.00000000
<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 13,753,780.87
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 267,127.65
Realized Losses 0.00
Prepayment Penalties 265,509.72
Total Deposits 14,286,418.24
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 223,577.53
Payment of Interest and Principal 14,062,840.71
Total Withdrawals (Pool Distribution Amount) 14,286,418.24
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 198,582.01
Credit Risk Manager Fee - Murrayhill 5,957.44
Custodial Fee - U.S. Bank 0.00
Master Servicing Fee - Wells Fargo 5,957.44
PMI - MGIC 13,080.64
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 223,577.53
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
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 4 0 4
0.00 463,756.97 0.00 463,756.97
30 Days 106 1 0 0 107
12,083,647.17 148,118.32 0.00 0.00 12,231,765.49
60 Days 41 0 2 0 43
6,183,915.23 0.00 298,266.29 0.00 6,482,181.52
90 Days 34 4 21 0 59
4,993,327.62 443,825.73 2,088,752.61 0.00 7,525,905.96
120 Days 20 1 0 0 21
2,525,727.22 129,743.34 0.00 0.00 2,655,470.56
150 Days 11 1 0 0 12
1,422,203.23 149,448.12 0.00 0.00 1,571,651.35
180+ Days 8 0 0 0 8
904,506.93 0.00 0.00 0.00 904,506.93
Totals 220 7 27 0 254
28,113,327.40 871,135.51 2,850,775.87 0.00 31,835,238.78
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% 0.113993% 0.000000% 0.113993%
0.000000% 0.099405% 0.000000% 0.099405%
30 Days 3.020804% 0.028498% 0.000000% 0.000000% 3.049302%
2.590084% 0.031749% 0.000000% 0.000000% 2.621832%
60 Days 1.168424% 0.000000% 0.056996% 0.000000% 1.225420%
1.325499% 0.000000% 0.063932% 0.000000% 1.389431%
90 Days 0.968937% 0.113993% 0.598461% 0.000000% 1.681391%
1.070301% 0.095132% 0.447716% 0.000000% 1.613149%
120 Days 0.569963% 0.028498% 0.000000% 0.000000% 0.598461%
0.541380% 0.027810% 0.000000% 0.000000% 0.569190%
150 Days 0.313480% 0.028498% 0.000000% 0.000000% 0.341978%
0.304844% 0.032034% 0.000000% 0.000000% 0.336877%
180+ Days 0.227985% 0.000000% 0.000000% 0.000000% 0.227985%
0.193878% 0.000000% 0.000000% 0.000000% 0.193878%
Totals 6.269592% 0.199487% 0.769450% 0.000000% 7.238529%
6.025985% 0.186725% 0.611053% 0.000000% 6.823762%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 267,127.65
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.104015%
Weighted Average Net Coupon 8.604015%
Weighted Average Pass-Through Rate 8.541080%
Weighted Average Maturity(Stepdown Calculation ) 343
Beginning Scheduled Collateral Loan Count 3,574
Number Of Loans Paid In Full 65
Ending Scheduled Collateral Loan Count 3,509
Beginning Scheduled Collateral Balance 476,596,849.35
Ending Scheduled Collateral Balance 466,191,728.20
Ending Actual Collateral Balance at 30-Nov-2002 466,534,976.81
Monthly P &I Constant 4,187,237.19
Special Servicing Fee 0.00
Prepayment Penalties 265,509.72
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 466,191,728.20
Scheduled Principal 305,940.04
Unscheduled Principal 10,099,181.11
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 9.104015%
Weighted Average Net Rate 8.604015%
Weighted Average Pass Through Rate 8.541080%
Weighted Average Maturity 343
Record Date 11/30/2002
Principal and Interest Constant 4,187,237.19
Beginning Loan Count 3,574
Loans Paid in Full 65
Ending Loan Count 3,509
Beginning Scheduled Balance 476,596,849.35
Ending Scheduled Balance 466,191,728.20
Ending Actual Balance at 30-Nov-2002 466,534,976.81
Scheduled Principal 305,940.04
Unscheduled Principal 10,099,181.11
Scheduled Interest 3,881,297.15
Servicing Fee 198,582.01
Master Servicing Fee 5,957.44
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 19,038.08
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 3,657,719.62
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.00
Special Servicing Fee 0.00
Prepayment Penalties 265,509.72
Miscellaneous Reporting
Required Overcollaterization Amount 7,508,764.83
Overcollateralization Increase Amount: 0.00
Overcollateralization Reduction Amount: 0.00
Credit Enhancement Percentage: 21.7423%