UNDERWRITING AGREEMENT





                                                              New York, New York

                                                                     May 6, 2003



Banc of America Securities LLC

214 North Tryon Street

Charlotte, NC  28255



Greenwich Capital Markets, Inc.

600 Steamboat Road

Greenwich, CT  06830



Dear Sirs:



         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-AHL1, identified in Schedule I hereto (the

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

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

as depositor, Litton Loan Servicing LP, 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-AHL1 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-lien

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

pursuant to a mortgage loan purchase agreement, dated as of May 8, 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 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





<PAGE>





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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