UNDERWRITING AGREEMENT





                                                              New York, New York

                                                               November 21, 2003



Banc of America Securities LLC

214 North Tryon Street

Charlotte, North Carolina  28255



Bear, Stearns & Co. Inc.

383 Madison Avenue

New York, New York 10179



Countrywide Securities Corporation

4500 Park Granada

Calabasas, California 91302



Ladies and Gentlemen:



         Asset Backed Funding Corporation (the "Company"), proposes to sell to

the underwriters named in Schedule II hereto (collectively, the "Underwriters"

and each, an "Underwriter") the principal amount of the ABFC Asset-Backed

Certificates, Series 2003-WMC1, identified in Schedule I hereto (the

"Securities"), to be issued under a pooling and servicing agreement, to be dated

as of November 1, 2003 (the "Pooling and Servicing Agreement"), among the

Company, as depositor, HomEq Servicing Corporation, as servicer (the

"Servicer"), and JPMorgan Chase Bank, as trustee (the "Trustee").



         Each class of Securities listed in Schedule I hereto will represent an

undivided beneficial ownership interest in the ABFC 2003-WMC1 Trust (the

"Trust"). The assets of the Trust will include, among other things, a pool of

conventional fixed and adjustable rate, one- to four-family first and second

lien residential mortgage loans (the "Mortgage Loans") transferred to the

Company pursuant to a mortgage loan purchase agreement, dated as of November 25,

2003 (the "Mortgage Loan Purchase Agreement"), between Bank of America, N.A.

("BofA") and the Company, and by the Company to the Trust pursuant to the

Pooling and Servicing Agreement. This Underwriting Agreement shall hereinafter

be referred to as the "Agreement." This Agreement, the Pooling and Servicing

Agreement and the Mortgage Loan Purchase Agreement are collectively hereinafter

referred to as the "Basic Documents." Capitalized terms used herein and not

otherwise defined shall have the respective meanings ascribed thereto in the

Pooling and Servicing Agreement.



         1. Representations and Warranties. The Company represents and warrants

to, and agrees with, each Underwriter that:



               (a) The Company meets the requirements for use of Form S-3 under

the Securities Act of 1933, as amended (the "Act"), and has filed with the

Securities and Exchange Commission (the "Commission") a registration statement

on such form (the file number of which is set forth in Schedule I hereto), which

has been declared effective by the Commission, for the registration under the

Act of the Securities. Such registration statement, as amended to the date



<PAGE>



of this Agreement, meets the requirements set forth in Rule 415(a)(1) under the

Act and complies in all other material respects with said Rule. The Company

proposes to file with the Commission pursuant to Rule 424 under the Act a

supplement to the form of prospectus included in such registration statement

relating to the Securities and the plan of distribution thereof and has

previously advised the Underwriters of all further information (financial and

other) with respect to the Company to be set forth therein. Such registration

statement, including the exhibits thereto, as amended to the date of this

Agreement, is hereinafter called the "Registration Statement"; such prospectus

in the form in which it appears in the Registration Statement is hereinafter

called the "Basic Prospectus"; and such supplemented form of prospectus, in the

form in which it shall be filed with the Commission pursuant to Rule 424

(including the Basic Prospectus as so supplemented) is hereinafter called the

"Final Prospectus." Any reference herein to the Registration Statement, the

Basic Prospectus or the Final Prospectus shall be deemed to refer to and include

the documents incorporated by reference therein pursuant to Item 12 of Form S-3

which were filed under the Securities Exchange Act of 1934, as amended (the

"Exchange Act"), on or before the date of this Agreement, or the issue date of

the Basic Prospectus or the Final Prospectus, as the case may be; and any

reference herein to the terms "amend," "amendment" or "supplement" with respect

to the Registration Statement, the Basic Prospectus or the Final Prospectus

shall be deemed to refer to and include the filing of any document under the

Exchange Act after the date of this Agreement, or the issue date of the Basic

Prospectus or the Final Prospectus, as the case may be, and deemed to be

incorporated therein by reference pursuant to Item 12 of Form S-3 under the Act.



               (b) As of the date hereof, when the Final Prospectus is first

filed pursuant to Rule 424 under the Act, when, prior to the Closing Date (as

hereinafter defined), any amendment to the Registration Statement becomes

effective (including the filing of any document incorporated by reference in the

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