Fitch Rates Wells Fargo's Mortgage P-T Ctfs Series 2003-3

Business Wire, April 4, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--April 4, 2003

Wells Fargo Mortgage Pass-Through Certificates, series 2003-3 residential mortgage pass-through certificates are rated by Fitch Ratings as follows:

Group 1 certificates:

-- $486,114,997 classes 1-A-1 through 1-A-24 'AAA';

-- $50 classes 1-A-R and 1-A-LR 'AAA'.

Group 2 certificates:

-- $492,757,000 class II-A-1 'AAA'.

Certificates of both groups:

-- $3,009,039 class A-PO 'AAA'.

The 'AAA' rating on the group 1 senior certificates reflects the 2.70% subordination provided by the 1.45% class I-B-1, 0.40% class I-B-2, 0.35% class I-B-3, 0.20% privately offered class I-B-4, 0.15% privately offered class I-B-5, and 0.15% privately offered class I-B-6. Classes I-B-1, I-B-2, I-B-3, and the privately offered classes I-B-4, I-B-5 and I-B-6 are not rated by Fitch.

The 'AAA' rating on the group 2 senior certificates reflects the 1.20% subordination provided by the 0.60% class II-B-1, 0.15% class II-B-2, 0.20% class II-B-3, 0.10% privately offered class II-B-4, 0.05% privately offered class II-B-5, and 0.10% privately offered class II-B-6. Classes II-B-1, II-B-2, II-B-3, and the privately offered classes II-B-4, II-B-5 and II-B-6 are not rated by Fitch.

The ratings also reflect 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 Group 1 collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 237 to 360 months. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 64.44%. The average balance of the mortgage loans is $480,423 and the weighted average coupon of the loans is 6.214%. The weighted average FICO credit score for the group is 733. The states that represent the largest portion of mortgage loans are California (49.28%) and New York (5.48%).

The Group 2 collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 115 to 180 months. The weighted average OLTV for the mortgage loans in the pool is approximately 56.02%. The average balance of the mortgage loans is $493,405 and the weighted average coupon of the loans is 5.728%. The weighted average FICO credit score for the group is 737. The states that represent the largest portion of mortgage loans are California (31.03%), New York (8.40%), and New Jersey (5.16%).

Approximately 0.97% and 2.06% of the mortgage loans in group 1 and 2, respectively, are secured by properties located in the state of Georgia, none of which are covered under the Georgia Fair Lending Act (GFLA), effective as of October 2002. For additional information on GFLA, please see the press release issued March 14, 2003 entitled 'To Rate RMBS After Amendment To Georgia Predatory Lending Statue, GFLA" at 'www.fitchratings.com'.

WFHM sold the loans to Wells Fargo Asset Securities Corporation (WFASC), a special purpose corporation, and deposited the loans into the trust. The trust issued the certificates in exchange for the mortgage loans. Wells Fargo Bank Minnesota, N.A., an affiliate of WFHM, will act as master servicer and custodian, and Wachovia Bank, N.A. will act as trustee. For federal income tax purposes, an election will be made to treat the trust as two real estate mortgage investment conduits (REMICs).