Fitch Rates Wells Fargo Mortgage Backed Securities Series 2002-B

Business Wire, May 30, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--May 30, 2002

Fitch rates Wells Fargo Mortgage Backed Securities, mortgage pass-through certificates, series 2002-B, $193 million classes A-1 through A-4, and A-R, 'AAA'.

The 'AAA' rating on the senior certificates reflects the 2.85% subordination provided by the 1.40% class B-1, the 0.55% class B-2, the 0.40% class B-3, and the 0.50% non-offered class B certificates. Fitch believes the amount of credit enhancement will be sufficient to cover credit losses, as well as 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), rated 'RPS1' by Fitch.

The mortgage pool consists of recently originated, conventional, 20- to 30-year adjustable rate mortgage loans secured by one- to four-family residential properties located primarily in California (52.36%), New Jersey (4.53%), and Massachusetts (4.24%). The interest rate on the mortgage loans is fixed during the initial seven years, then will adjust on an annual basis based on an index (one-year CMT) plus a gross margin. Weighted average FICO of the pool is 735 with 77% and 4.51% of the loans possessing FICO Scores greater than 700 and less than or equal to 650, respectively. The weighted average original loan-to-value ratio (OLTV) of the pool is approximately 65.77% with 1.58% of the loans having an OLTV in excess of 80%. Approximately 28.06% of the loans have principal balances greater than $600,000. The weighted average coupon of the loans is 6.55% and the weighted average remaining term is 359 months. The weighted average gross margin of the pool is 2.75%.

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