Wells Fargo Mortgage Backed Securities 2001-13 Rtd By Fitch

Business Wire, May 30, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--May 30, 2001

Wells Fargo Mortgage Backed Securities' $257.8 million mortgage pass-through certificates, series 2001-13, classes A-1 through A-14, A-R, A-LR, and A-PO are rated `AAA' by Fitch. Additionally, the $3.6 million class B-1 certificates are rated `AA', $1.3 million class B-2 certificates are rated `A', and $0.8 million class B-3 certificates are rated `BBB'.

The `AAA' rating on the class A senior certificates reflects the 2.75% subordination provided by the 1.35% class B-1, the 0.50% class B-2, the 0.30% class B-3, and the 0.60% unoffered class B certificates. Fitch believes the amount of credit enhancement will be sufficient to cover credit losses, including limited bankruptcy, fraud and special hazard losses. The rating also reflects the high quality of the underlying collateral, the integrity of the legal and financial structures and the servicing capabilities of Wells Fargo Home Mortgage, Inc. (WFHM).

The mortgage loans consist of a pool of recently originated 30 year fixed-rate corporate employee relocation loans secured by one- to four- family residential properties located primarily in California (22.67%), New Jersey (8.46%) and Texas (7.36%). Weighted average FICO of the pool is 729 with 71.51% and 6.01% of the loans possessing FICO Scores greater than 700 and less than 650, respectively. The weighted average original loan to value ratio (LTV) of the pool is approximately 77.30% with 22.52% of the loans having a LTV in excess of 80%. Approximately 12.13% of the loans have principal balances greater than $600,000. The weighted average coupon of the loans is 7.12% and the weighted average remaining term is 356 months.

The mortgage loans were originated or acquired by WFHM, and in turn sold to Wells Fargo Asset Securities Corporation. Wells Fargo Bank Minnesota, N.A., an affiliate of WFHM, will act as master servicer, First Union National Bank will be the trustee of the trust. Wells Fargo Asset Securities Corporation, a special purpose corporation, deposited the loans into the trust, which then issued the certificates. One or more real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate for federal income tax purposes.