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): July 25, 2003
FIRST FRANKLIN MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 2003-FF1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-104153-02
Pooling and Servicing Agreement) (Commission 54-2110371
(State or other File Number) 54-2110372
jurisdiction IRS EIN
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 July 25, 2003 a distribution was made to holders of FIRST FRANKLIN MORTGAGE
LOAN TRUST, Asset Backed Certificates, Series 2003-FF1 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
2003-FF1 Trust, relating to the July 25,
2003 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 2003-FF1 Trust
By: Wells Fargo Bank Minnesota, N.A., as Trustee
By: /s/ Beth Belfield, Assistant Vice President
By: Beth Belfield, Assistant Vice President
Date: 7/30/03
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2003-FF1 Trust, relating to the
July 25, 2003 distribution.
EX-99.1
First Franklin Mortgage Loan Trust
Mortgage Pass-Through Certificates
Record Date: 6/30/03
Distribution Date: 7/25/03
FFM Series: 2003-FF1
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 32027NBX8 SEN 2.23400% 391,369,350.14 728,599.27 3,110,216.83
A-2 32027NBY6 SEN 2.26500% 130,910,921.56 247,094.36 1,776,557.66
M-1 32027NBZ3 MEZ 2.68800% 27,140,000.00 60,793.60 0.00
M-2 32027NCA7 MEZ 2.78500% 25,633,000.00 59,489.92 0.00
M-3F 32027NCB5 MEZ 5.59200% 8,500,000.00 39,610.00 0.00
M-3V 32027NCC3 MEZ 3.53500% 5,070,000.00 14,935.37 0.00
M-4 32027NCD1 MEZ 4.03500% 3,920,000.00 13,181.00 0.00
R-1 FFM3FF1R1 SEN 0.00000% 0.00 0.00 0.00
C FFM03FF1C SEN 0.00000% 5,126,520.77 2,063,330.09 0.00
P FFM03FF1P SEN 0.00000% 100.00 72,391.70 0.00
DIV_CERT SEN 0.00000% 0.00 0.00 0.00
Totals 597,669,892.47 3,299,425.31 4,886,774.49
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 388,259,133.31 3,838,816.10 0.00
A-2 0.00 129,134,363.90 2,023,652.02 0.00
M-1 0.00 27,140,000.00 60,793.60 0.00
M-2 0.00 25,633,000.00 59,489.92 0.00
M-3F 0.00 8,500,000.00 39,610.00 0.00
M-3V 0.00 5,070,000.00 14,935.37 0.00
M-4 0.00 3,920,000.00 13,181.00 0.00
R-1 0.00 0.00 0.00 0.00
C 0.00 5,126,520.77 2,063,330.09 0.00
P 0.00 100.00 72,391.70 0.00
DIV_CERT 0.00 0.00 0.00 0.00
Totals 0.00 592,783,117.98 8,186,199.80 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-1 394,105,000.00 391,369,350.14 0.00 3,110,216.83 0.00 0.00
A-2 133,626,000.00 130,910,921.56 0.00 1,776,557.66 0.00 0.00
M-1 27,140,000.00 27,140,000.00 0.00 0.00 0.00 0.00
M-2 25,633,000.00 25,633,000.00 0.00 0.00 0.00 0.00
M-3F 8,500,000.00 8,500,000.00 0.00 0.00 0.00 0.00
M-3V 5,070,000.00 5,070,000.00 0.00 0.00 0.00 0.00
M-4 3,920,000.00 3,920,000.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
C 5,125,991.09 5,126,520.77 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
DIV_CERT 0.00 0.00 0.00 0.00 0.00 0.00
Totals 603,120,091.09 597,669,892.47 0.00 4,886,774.49 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 3,110,216.83 388,259,133.31 0.98516673 3,110,216.83
A-2 1,776,557.66 129,134,363.90 0.96638651 1,776,557.66
M-1 0.00 27,140,000.00 1.00000000 0.00
M-2 0.00 25,633,000.00 1.00000000 0.00
M-3F 0.00 8,500,000.00 1.00000000 0.00
M-3V 0.00 5,070,000.00 1.00000000 0.00
M-4 0.00 3,920,000.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
C 0.00 5,126,520.77 1.00010333 0.00
P 0.00 100.00 1.00000000 0.00
DIV_CERT 0.00 0.00 0.00000000 0.00
Totals 4,886,774.49 592,783,117.98 0.98286084 4,886,774.49
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-1 394,105,000.00 993.05857612 0.00000000 7.89184819 0.00000000
A-2 133,626,000.00 979.68151078 0.00000000 13.29499993 0.00000000
M-1 27,140,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 25,633,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3F 8,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3V 5,070,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 3,920,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
C 5,125,991.09 1000.10333221 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
DIV_CERT 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-1 0.00000000 7.89184819 985.16672793 0.98516673 7.89184819
A-2 0.00000000 13.29499993 966.38651086 0.96638651 13.29499993
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-3F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3V 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00000000 0.00000000 1,000.10333221 1.00010333 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
DIV_CERT 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-1 394,105,000.00 2.23400% 391,369,350.14 728,599.27 0.00 0.00
A-2 133,626,000.00 2.26500% 130,910,921.56 247,094.36 0.00 0.00
M-1 27,140,000.00 2.68800% 27,140,000.00 60,793.60 0.00 0.00
M-2 25,633,000.00 2.78500% 25,633,000.00 59,489.92 0.00 0.00
M-3F 8,500,000.00 5.59200% 8,500,000.00 39,610.00 0.00 0.00
M-3V 5,070,000.00 3.53500% 5,070,000.00 14,935.38 0.00 0.00
M-4 3,920,000.00 4.03500% 3,920,000.00 13,181.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
C 5,125,991.09 0.00000% 5,126,520.77 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
DIV_CERT 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 603,120,091.09 1,163,703.53 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 0.01 0.00 728,599.27 0.00 388,259,133.31
A-2 0.00 0.00 247,094.36 0.00 129,134,363.90
M-1 0.00 0.00 60,793.60 0.00 27,140,000.00
M-2 0.00 0.00 59,489.92 0.00 25,633,000.00
M-3F 0.00 0.00 39,610.00 0.00 8,500,000.00
M-3V 0.00 0.00 14,935.37 0.00 5,070,000.00
M-4 0.00 0.00 13,181.00 0.00 3,920,000.00
R-1 0.00 0.00 0.00 0.00 0.00
C 0.00 0.00 2,063,330.09 0.00 5,126,520.77
P 0.00 0.00 72,391.70 0.00 100.00
DIV_CERT 0.00 0.00 0.00 0.00 0.00
Totals 0.01 0.00 3,299,425.31 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-1 394,105,000.00 2.23400% 993.05857612 1.84874404 0.00000000 0.00000000
A-2 133,626,000.00 2.26500% 979.68151078 1.84914882 0.00000000 0.00000000
M-1 27,140,000.00 2.68800% 1000.00000000 2.24000000 0.00000000 0.00000000
M-2 25,633,000.00 2.78500% 1000.00000000 2.32083330 0.00000000 0.00000000
M-3F 8,500,000.00 5.59200% 1000.00000000 4.66000000 0.00000000 0.00000000
M-3V 5,070,000.00 3.53500% 1000.00000000 2.94583432 0.00000000 0.00000000
M-4 3,920,000.00 4.03500% 1000.00000000 3.36250000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
C 5,125,991.09 0.00000% 1000.10333221 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
DIV_CERT 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-1 0.00000003 0.00000000 1.84874404 0.00000000 985.16672793
A-2 0.00000000 0.00000000 1.84914882 0.00000000 966.38651086
M-1 0.00000000 0.00000000 2.24000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.32083330 0.00000000 1000.00000000
M-3F 0.00000000 0.00000000 4.66000000 0.00000000 1000.00000000
M-3V 0.00000000 0.00000000 2.94583235 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.36250000 0.00000000 1000.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00000000 0.00000000 402.52315187 0.00000000 1000.10333221
P 0.00000000 0.00000000 723917.00000000 0.00000000 1000.00000000
DIV_CERT 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 8,376,160.27
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 72,391.70
Total Deposits 8,448,551.97
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 262,352.17
Payment of Interest and Principal 8,186,199.80
Total Withdrawals (Pool Distribution Amount) 8,448,551.97
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 0.01
SERVICING FEES
<s> <c>
Gross Servicing Fee 249,029.10
Back-up Master Servicing Fee 9,961.17
Wells Fargo 3,361.90
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 262,352.17
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
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 0 0 0
0.00 0.00 0.00 0.00
30 Days 152 0 0 0 152
23,232,007.80 0.00 0.00 0.00 23,232,007.80
60 Days 64 0 0 0 64
8,864,223.08 0.00 0.00 0.00 8,864,223.08
90 Days 5 0 0 0 5
515,971.51 0.00 0.00 0.00 515,971.51
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 221 0 0 0 221
32,612,202.39 0.00 0.00 0.00 32,612,202.39
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 4.340377% 0.000000% 0.000000% 0.000000% 4.340377%
3.919140% 0.000000% 0.000000% 0.000000% 3.919140%
60 Days 1.827527% 0.000000% 0.000000% 0.000000% 1.827527%
1.495357% 0.000000% 0.000000% 0.000000% 1.495357%
90 Days 0.142776% 0.000000% 0.000000% 0.000000% 0.142776%
0.087042% 0.000000% 0.000000% 0.000000% 0.087042%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 6.310680% 0.000000% 0.000000% 0.000000% 6.310680%
5.501539% 0.000000% 0.000000% 0.000000% 5.501539%
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 & Arm
Weighted Average Gross Coupon 7.013834%
Weighted Average Net Coupon 6.513834%
Weighted Average Pass-Through Rate 6.479229%
Weighted Average Maturity(Stepdown Calculation ) 353
Beginning Scheduled Collateral Loan Count 3,525
Number Of Loans Paid In Full 23
Ending Scheduled Collateral Loan Count 3,502
Beginning Scheduled Collateral Balance 597,669,892.48
Ending Scheduled Collateral Balance 592,783,117.99
Ending Actual Collateral Balance at 30-Jun-2003 592,783,244.46
Monthly P &I Constant 3,822,595.66
Special Servicing Fee 0.00
Prepayment Penalties 72,391.70
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 592,783,117.99
Scheduled Principal 329,297.92
Unscheduled Principal 4,557,476.57
Miscellaneous Reporting
Credit Enhancement 12.613906%
Stepdown Date in Effect NO
Trigger Event NO
Overcollaterized Target Amount 5,126,520.77
Overcollaterized Increase Amount 0.00
Overcollaterized Reduction Amount 0.00
Overcollaterization Amount 5,126,520.77
Specified Overcollaterization Amount 5,126,520.77
Overcollaterized Deficiency Amount 0.00
Overcollaterized Release Amount 0.00
Extra Principal Amount 0.00
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed Fixed Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 7.550182 7.062720 7.061136
Weighted Average Net Rate 7.050182 6.562720 6.561137
Weighted Average Maturity 353 353 354
Beginning Loan Count 615 2,576 46
Loans Paid In Full 4 15 0
Ending Loan Count 611 2,561 46
Beginning Scheduled Balance 72,290,977.31 375,378,696.94 21,188,468.98
Ending scheduled Balance 71,724,516.08 372,834,941.34 21,167,916.37
Record Date 06/30/2003 06/30/2003 06/30/2003
Principal And Interest Constant 520,766.10 2,402,927.08 144,668.53
Scheduled Principal 65,924.42 193,598.29 19,989.64
Unscheduled Principal 500,536.81 2,350,157.31 562.97
Scheduled Interest 454,841.68 2,209,328.79 124,678.89
Servicing Fees 30,121.25 156,407.78 8,828.52
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 406.65 2,111.49 119.19
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 1,204.85 6,256.31 353.14
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00
Net Interest 423,108.93 2,044,553.21 115,378.04
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00 0.00
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.023432 6.535970 6.534386
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 6.562585 7.013834
Weighted Average Net Rate 6.062585 6.513834
Weighted Average Maturity 354 353
Beginning Loan Count 288 3,525
Loans Paid In Full 4 23
Ending Loan Count 284 3,502
Beginning Scheduled Balance 128,811,749.25 597,669,892.48
Ending scheduled Balance 127,055,744.20 592,783,117.99
Record Date 06/30/2003 06/30/2003
Principal And Interest Constant 754,233.95 3,822,595.66
Scheduled Principal 49,785.57 329,297.92
Unscheduled Principal 1,706,219.48 4,557,476.57
Scheduled Interest 704,448.38 3,493,297.74
Servicing Fees 53,671.55 249,029.10
Master Servicing Fees 0.00 0.00
Trustee Fee 724.57 3,361.90
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 2,146.87 9,961.17
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 647,905.39 3,230,945.57
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 6.035835 6.479229