Fitch Rates Wells Fargo's $499.7MM Mortgage Backed Securities 2003-4

Business Wire, June 3, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--June 3, 2003

Wells Fargo Mortgage Backed Securities 2003-4 Trust, residential mortgage pass-through certificates classes A-1 through A-18, A-PO, A-R and A-LR ($486,921,971) are rated 'AAA' by Fitch Ratings. In addition, class B-1 ($6,255,000) is rated 'AA', class B-2 ($3,003,000) is rated 'A', class B-3 ($1,751,000) is rated 'BBB', class B-4 ($1,001,000) is rated 'BB', and class B-5 ($751,000) is rated 'B' by Fitch Ratings.

The 'AAA' rating on the senior certificates reflects the 2.70% subordination provided by the 1.25% class B-1, the 0.60% class B-2, the 0.35% class B-3, the 0.20% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.15% privately offered class B-6. Classes B-1, B-2, B-3, B-4, and B-5 classes are rated 'AA', 'A', 'BBB', 'BB' and 'B', respectively, based on their respective subordination.

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 mortgage pool consists of fully amortizing, one-to four-family, fixed interest rate, first-lien mortgage loans, substantially all of which have original terms to maturity of approximately 30 years. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 64.35%. The average balance of the mortgage loans is $457,017 and the weighted average coupon of the loans is 6.068%. The weighted average FICO credit score is 740. The states that represent the largest portion of mortgage loans are California (49.00%), New York (6.37%), and Massachusetts (4.07%).

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued on May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site at 'www.fitchratings.com'.

Approximately 99.68% of the mortgage loans were originated in conformity with WFHM's standard underwriting standards. The remaining 0.32% of the mortgage loans were purchased by WFHM in bulk purchase transactions. 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 conduit (REMIC).