Financial Asset Sec Corp Meritage Mortgage Loan Trust 2004 1 8-K Other events

                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  June 25, 2004


                            Financial Asset Securities Corp.,
             (as depositor, HomeQ Servicing Corporation, as Servicer,
               and Deutsche Bank National Trust Company, as Trustee).

          FINANCIAL ASSET SEC CORP MERITAGE MORTGAGE LOAN TRUST 2004-1
            (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-111379-0                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


               600 Steamboat Road
               Greenwich, Connecticut                    06830
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (203) 625-2700


     Item 5.  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 7.  Financial Statement and Exhibits

     Exhibits:  (as noted in Item 5 above)

     Monthly Remittance Statement to the Certificateholders dated as of
     June 25, 2004.




                                     SIGNATURE


               Pursuant to the requirements of the Securities Exchange Act of
          1934, the Registrant has duly caused this report to be signed on its
          behalf by the undersigned, hereunto duly authorized.


                                  Deutsche Bank National Trust Company,
                                  not in its individual capacity, but solely
                                  as a duly authorized agent of the Registrant
                                  pursuant to the Pooling and Servicing
                                  Agreement, dated as of March 1,2004.


          Date:  Jun 29, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

          DOCUMENT

          Monthly Remittance Statement to the Certificateholders
          dated as of June 25, 2004.






			

	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	June 25, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
&nb sp;
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				21
			12.	Realized Loss Detail Report				24
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				25
			14.	Additional Certificate Report				26
				Total Number of Pages				26
			CONTACTS
				Administrator: Eiko Akiyama
				Direct Phone Number: (714)247-6328
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
&nbs p;
	Seller:		Greenwich Capital Financial Pro ducts, In					Cut-Off Date: March 1, 2004
	Certificate Insurer(s):							Closing Date: March 30, 2004
								First Payment Date: April 26, 2004
	Servicer(s):		HomeQ Servicing Corp. Master Servicer
								Distribution Date: June 25, 2004
	Underwriter(s):		Greenwich Capital Markets					Record Date: June 24, 2004
								May 28, 2004
						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for June 25, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
I-A1	&n bsp;	276,060,000.00			271,255,899.78	310,663.35	5,137,206.64	5,447,869.99	-	-	266,118,693.14
II-A1		110,000,000.00			104,862,018.88	107,454.44	5,100,542.20	5,207,996.64	-	-	99,761,476.68
II-A2		142,500,000.00			142,500,000.00	159,520.83	-	159,520.83	-	-	142,500,000.00
II-A3		23,540,000.00			23,540,000.00	29,595.01	-	29,595.01	-	-	23,540,000.00
M-1		41,530,000.00			41,530,000.00	57,219.11	-	57,219.11	-	-	41,530,000.00
M-2		13,840,000.00			13,840,000.00	19,664.33	-	19,664.33	-	-	13,840,000.00
M-3		10,380,000.00			10,380,000.00	18,323.58	-	18,323.58	-	-	10,380,000.00
M-4		12,110,000.00			12,110,000.00	22,941.72	-	22,941.72	-	-	12,110,000.00
M-5		10,380,000.00			10,380,000.00	21,452.00	-	21,452.00	-	-	10,380,000.00
M-6		10,380,000.00			10,380,000.00	25,474.25	-	25,474.25	-	-	10,380,000.00
M-7		10,380,000.00			10,380,000.00	26,368.08	-	26,368.08	-	-	10,380,000.00
M-8		10,380,000.00			10,380,000.00	36,647.17	-	3 6,647.17	-	-	10,380,000.00
B-1		6,920,000.00			6,920,000.00	27,410.89	-	27,410.89	-	-	6,920,000.00
C		13,843,689.66			13,844,875.79	2,273,926.82	-	2,273,926.82	-	-	13,844,875.79
P		100.00			100.00	233,981.69	-	233,981.69	-	-	100.00
R		-			-	-	-	-	-	-	-
Total		692,243,789.66			682,302,894.45	3,370,643.27	10,237,748.84	13,608,392.11	-	-	672,065,145.61
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
I-A1	05/25/04	06/24/04		A-Act/360	59001FAL5	276,060,000.00	982.597623	1.125347	18.609022	19.734369	963.988601
II-A1	05/25/04	06/24/04		A-Act/360	59001FAM3	110,000,000.00	953.291081	0.976859	46.368565	47.345424	906.922515
II-A2	05/25/04	06/24/04		A-Act/360	59001FAN1	142,500,000.00	1,000.000000	1.119444	-	1.119444	1,000.000000
II-A3	05/25/04	06/24/04		A-Act/360	59001FAP6	23,540,000.00	1,000.000000	1.257222	-	1.257222	1,000.000000
M-1	05/25/04	06/24/04		A-Act/360	59001FAQ4	41,530,000.00	1,000.000000	1.377778	-	1.377778	1,000.000000
M-2	05/25/04	06/24/04		A-Act/360	59001FAR2	13,840,000.00	1,000.000000	1.420833	-	1.420833	1,000.000000
M-3	05/25/04	06/24/04		A-Act/360	59001FAS0	10,380,000.00	1,000.000000	1.765277	-	1.765277	1,000. 000000
M-4	05/25/04	06/24/04		A-Act/360	59001FAT8	12,110,000.00	1,000.000000	1.894444	-	1.894444	1,000.000000
M-5	05/25/04	06/24/04		A-Act/360	59001FAU5	10,380,000.00	1,000.000000	2.066667	-	2.066667	1,000.000000
M-6	05/25/04	06/24/04		A-Act/360	59001FAV3	10,380,000.00	1,000.000000	2.454167	-	2.454167	1,000.000000
M-7	05/25/04	06/24/04		A-Act/360	59001FAW1	10,380,000.00	1,000.000000	2.540277	-	2.540277	1,000.000000
M-8	05/25/04	06/24/04		A-Act/360	59001FAX9	10,380,000.00	1,000.000000	3.530556	-	3.530556	1,000.000000
B-1	05/25/04	06/24/04		A-Act/360	59001FAZ4	6,920,000.00	1,000.000000	3.961111	-	3.961111	1,000.000000
C				A - -30/360		706,087,479.32	745.159468	3.220460	-	3.220460	730.660204
P				-		100.00	1,000.000000	2,339,816.900000	-	2,339,816.900000	1,000.000000
R				-		-	-	-	-	-	-
							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for June 25, 2004 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
I-A1	276,060,000.00		876,375.24		9,485,337 .72	455,969.14	9,941,306.86	10,817,682.10	-	-	266,118,693.14
II-A1	110,000,000.00		307,447.19		9,794,848.51	443,674.81	10,238,523.32	10,545,970.51	-	-	99,761,476.68
II-A2	142,500,000.00		446,618.75		-	-	-	446,618.75	-	-	142,500,000.00
II-A3	23,540,000.00		82,880.42		-	-	-	82,880.42	-	-	23,540,000.00
M-1	41,530,000.00		160,271.20		-	-	-	160,271.20	-	-	41,530,000.00
M-2	13,840,000.00		55,083.20		-	-	-	55,083.20	-	-	13,840,000.00
M-3	10,380,000.00		51,346.40		-	-	-	51,346.40	-	-	10,380,000.00
M-4	12,110,000.00		64,294.01		-	-	-	64,294.01	-	-	12,110,000.00
M-5	10,380,000.00		60,126.15		-	-	-	60,126.15	-	-	10,380,000.00
M-6	10,380,000.00		71,414.40		-	-	-	71,414.40	-	-	10,380,000.00
M-7	10,380,000.00		73,922.90		-	-	-	73,922.90	-	-	10,380,000.00
M-8	10,380,000.00		102,770.65		-	-	-	102,770.65	-	-	10,380,000.00
B-1	6,920,000.00		76,875.43		-	-	-	76,875.43	-	-	6,920,000.00
C	13,843,689.66		7,077,111.72		-	-	-	7,077,111.72	-	1,186.13	13,844,875.79
P	100.00		310,159.35		-	-	-	310,159.35	-	-	100.00
R	-		-		-	-	-	-	-	-	-
Total	692,243,789.66		9,816,697.01		19,280,186.23	899,643.95	20,179,830.18	29,996,527.19	-	1,186.13	672,065,145.61
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
I-A1	1.33000%	271,255,899.78			310,663.35	-	-	-	310,663.35	310,663.35	-
II-A1	1.19000%	104,862,018.88			107,454.44	-	-	-	107,454.44	107,454.44	-
II-A2	1.30000%	142,500,000.00			159,520.83	-	-	-	159,520.83	159,520.83	-
II-A3	1.46000%	23,540,000.00			29,595.01	-	-	-	29,595.01	29,595.01	-
M-1	1.60000%	41,530,000.00			57,219.11	-	-	-	57,219.11	57,219.11	-
M-2	1.65000%	13,840,000.00			19,664.33	-	-	-	19,664.33	19,664.33	-
M-3	2.05000%	10,380,000.00			18,323.58	-	-	-	18,323.58	18,323.58	-
M-4	2.20000%	12,110,000.00			22,941.72	-	-	-	22,941.72	22,941.72	-
M-5	2.40000%	10,380,000.00			21,452.00	-	-	-	21,452.00	21,452.00	-
M-6	2.85000%	10,380,000.00			25,474.25	-	-	-	25,474.25	25,474.25	-
M-7	2.95000%	10,380,000.00			26,368.08	-	-	-	26,368.08	26,368.08	-
M-8	4.10000%	10,380,000.00			36,647.17	-	-	-	36,647.17	36,647.17	-
B-1	4.60000%	6,920,000.00			27,410.89	-	-	-	27,410.89	27,410.89	-
C	5.32636%	526,147,770.24			2 ,273,926.82	-	-	-	2,273,926.82	2,273,926.82	-
P		100.00			233,981.69	-	-	-	233,981.69	233,981.69	-
R		-			-	-	-	-	-	-	-
Total		1,194,605,788.90			3,370,643.27	-	-	-	3,370,643.27	3,370,643.27	-
							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP II	GROUP I	TOTAL
	Principal Collections					5,100,542.20	5,137,206.64	10,237,748.84
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					5,100,542.20	5,137,206. 64	10,237,748.84
	Interest Collections					1,627,140.03	1,934,696.81	3,561,836.84
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Inter est Fees					(96,998.98)	(94,194.60)	(191,193.57)
	TOTAL NET INTEREST					1,530,141.05	1,840,502.21	3,370,643.27
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					6,630,683.25	6,977,708.85	13,608,392.11
PRINCIPAL - COLLECTIONS						GROUP II	GROUP I	TOTAL
	Scheduled Principal					147,192.75	151,279.02	298,471.77
	Curtailments					84,933.74	30,982.40	115,916.14
	Prepayments in Full					4,868,415.71	4,954,945.22	9,823,360.93
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(14,545.53)	(19,088.82)	(33,634.35)
	Advanced Principal					14,545.53	19,088.82	33,634.35
	Realized Losses					0.00	0.00	0.00
	TOTAL PRINCIPAL COLLECTED					5,100,542.20	5,137,206.64	10,237,748.84
				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP II	GROUP I	TOTAL
	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00
INTEREST - COLLECTIONS						GROUP II	GROUP I	TOTAL
	Scheduled Interest					1,637,933.18	1,714,457.03	3,352,390.21
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Month End Interest (PPIS)					0.00	0.00	0.00
	Delinquent Interest					(194,395.28)	(233,076.66)	(427,471.94)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					0.00	0.00	0.00
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					183,602.13	219,334.75	402,936.88
	Prepayment Penalties					0.00	233,981.69	233,981.69
	TOTAL INTEREST COLLECTED					1,627,140.03	1,934,696.81	3,561,836.84
				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for June 25, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS						GROUP II	GROUP I	TOTAL
	TOTAL OTHER ACCOUNT INTEREST					0.00	0.00	0.00
INTEREST - FEES						GROUP II	GROUP I	TOTAL
	Current Servicing Fees					95,862.40	93,056.83	188,919.23
	Trustee Fee					1,136.58	1,137.77	2,274.34
	PMI Insurance Premium Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					96,998.98	94,194.60	191,193.57
				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1								&n bsp;
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for June 25, 2004 Distribution
	Credit Enhancement Report
						;
ACCOUNTS						GROUP II	GROUP I	TOTAL
	Net WAC Rate Carryover Reserve Fund Beginning Balance							1,000.00
	Amount paid to maintain $1,000 balance							0.00
	Net WAC Rate Carryover Amount							0.00
	Net WAC Rate Carryover Reserve Fund Ending Balance							1,000.00
	Int Earnings paid to Class C							0.00
INSURANCE						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP II	GROUP I	TOTAL
	Overcolla teralization Target Amount							13,844,875.79
	Overcollateralized Amount							13,844,875.79
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount					0.00	0.00	0.00
	Overcollateralization Deficiency Amount					& nbsp;		0.00
	Extra Principal Distribution Amt					0.00	0.00	0.00
									& nbsp;
				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP II	GROUP I	TOTAL
	Loan Count:
	Original					1841	2261	4102
	Prior					1,807	2,222	4,029
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(32)	(33)	(65)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,775	2,189	3,964
	Principal Balance:
	Original					261,110,730.10	261,133,059.56	522,243,789.66
	Prior					255,973,321.87	256,329,572.58	512,302,894.45
	Prefunding					-	-	-
	Scheduled Principal					(147,192.75)	(1 51,279.02)	(298,471.77)
	Partial and Full Voluntary Prepayments					(4,953,349.45)	(4,985,927.62)	(9,939,277.07)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					250,872,779.67	251,192,365.94	502,065,145.61
PREFUNDING						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
	Group I
	Group II
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP II	GROUP I	TOTAL
	Weighted Average Coupon Original					7.696203%	8.049532%	7.872875%
	Weighted Average Coupon Prior					7.685083%	8.039722%	7.862339%
	Weighted Average Coupon Current					7.678612%	8.026184%	7.852519%
	Weighted Average Months to Maturity Original					348	348	348		;
	Weighted Average Months to Maturity Prior					347	347	347
	Weighted Average Months to Maturity Current					346	346	346
	Weighted Avg Remaining Amortization Term Original					356	356	356
	Weighted Avg Remaining Amortization Term Prior					355	355	355
	Weighted Avg Remaining Amortization Term Current					354	354	354
	Weighted Average Seasoning Original					3.50	3.52	3.51
&nbs p;	Weighted Average Seasoning Prior					4.50	4.52	4.51
	Weighted Average Seasoning Current					5.49	5.50	5.50
	&nb sp;
Note: Original information refers to deal issue.
	Group I
	Group II
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
			&nb sp;
Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for June 25, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP II	GROUP I	TOTAL
	Weighted Average Margin Original					5.539%	5.714%
	Weighted Average Margin Prior					5.533%	5.701%
	Weighted Average Margin Current					5.520%	5.695%
	Weighted Average Max Rate Original					13.206%	13.576%
	Weighted Average Max Rate Prior					13.196%	13.564%
	Weighted Average Max Rate Current					13.180%	13.558%
	Weighted Average Min Rate Original					7.501%	7.816%
	Weighted Average Min Rate Prior					7.489%	7.806%
	Weighted Average Min Rate Current					7.482%	7.799%
	Weighted Average Cap Up Original					1.367%	1.371%
	Weighted Average Cap Up Prior					1.367%	1.370%
	Weighted Average Cap Up Current					1.366%	1.370%
	Weighted Average Cap Down Original					1.367 %	1.371%
	Weighted Average Cap Down Prior					1.367%	1.370%
	Weighted Average Cap Down Current					1.366%	1.370%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP II	GROUP I	TOTAL
	Current Servicing Fees					95,862.40	93,056.83	188,919.23
	Delinquent Servicing Fees					10,793.15	13,741.91	24,535.06
	TOTAL SERVICI NG FEES					106,655.55	106,798.74	213,454.29
	Total Servicing Fees					106,655.55	106,798.74	213,454.29
	Compensating Month End Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(10,793.15)	(13,741.91)	(24,535.06)
	COLLECTED SERVICING FEES					95,862.40	93,056.83	188,919.23
	Prepay ment Interest Shortfall					0.00	0.00	0.00
	Total Advanced Interest			&n bsp;		183,602.13	219,334.75	402,936.88
ADDITIONAL COLLATERAL INFORMATION						GROUP II	GROUP I	TOTAL
	Next One-Month LIBOR							1.300000%
	Current One-Month LIBOR							1.100000%
				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Delinquency Report for June 25, 2004 Distribution
	Delinquency Report - Total
			&n bsp;
				<1 PAYMENT	1 PAYMENT	2 P AYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			10,647,444.98	1,935,403.82	34,944.84	12,617,793.64
		% Balance			2.12%	0.39%	0.01%	2.51%
		# Loans			89	24	1	114
		% # Loans			2.25%	0.61%	0.03%	2.88%
FORECLOSURE		Balance		365,838.24	389,442.87	2,996,186.10	139,544.38	3,891,011.59
		% Balance		0.07%	0.08%	0.60%	0.03%	0.78%
		# Loans		4	3	20	1	28
		% # Loans		0.10%	0.08%	0.50%	0.03%	0.71%
BANKRUPTCY		Balance		1,234,461.89	135,426.30	109,754.48	-	1,479,642.67
		% Balance		0.25%	0.03%	0.02%	0.00%	0.29%
		# Loans		13	2	2	-	17
		% # Loans		0.33%	0.05%	0.05%	0.00%	0.43%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		1,600,300.13	11,172,314.15	5,041,344.40	174,489.22	17,988,447.90
		% Balance		0.32%	2.23%	1.00%	0.03%	3.58%
		# Loans		17	94	46	2	159
		% # Loans		0.43%	2.37%	1.16%	0.05%	4.01%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy an d REO
Note: Dates correspond to distribution dates.
				Page 11 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
										;
	Delinquency Report for June 25, 2004 Distribution
	Delinquency Report - Group I Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,387,295.65	1,004,595.79	-	6,391,891.44
		% Balance			2.14%	0.40%	0.00%	2.54%
		# Loans			44	13	-	57
		% # Loans			2.01%	0.59%	0.00%	2.60%
FORECLOSURE		Balance		302,245.16	192,178.25	1,604,912.46	139,544.38	2,238,880.25
		% Balance		0.12%	0.08%	0.64%	0.06%	0.89%
		# Loans		3	2	10	1	16
		% # Loans		0.14%	0.09%	0.46%	0.05%	0.73%
BANKRUPTCY		Balance		648,948.73	135,426.30	109,754.48	-	894,129.51
		% Balance		0.26%	0.05%	0.04%	0.00%	0.36%
		# Loans		7	2	2	-	11
		% # Loans		0.32%	0.09%	0.09%	0.00%	0.50%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		951,193.89	5,714,900.20	2,719,262.73	139,544.38	9,524,901.20
		% Balance		0.38%	2.28%	1.08%	0.06%	3.79%
		# Loans		10	48	25	1	84
		% # Loans		0.46%	2.19%	1.14%	0.05%	3.84%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Delinquency Report for June 25, 2004 Distribution
	Delinquency Report - Group II Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			5,260,149.33	930,808.03	34,944.84	6,225,902.20
		% Balance			2.10%	0.37%	0.01%	2.48%
		# Loans			45	11	1	57
		% # Loans			2.54%	0.62%	0.06%	3.21%	& nbsp;
FORECLOSURE		Balance		63,593.08	197,264.62	1,391,273.64	-	1,652,131.34
		% Balance		0.03%	0.08%	0.55%	0.00%	0.66%
		# Loans		1	1	10	-	12
		% # Loans		0.06%	0.06%	0.56%	0.00%	0.68%
BANKRUPTCY		Balance		585,513.16	-	-	-	585,513.16
		% Balance		0.23%	0.00%	0.00%	0.00%	0.23%
		# Loans		6	-	-	-	6
		% # Loans		0.34%	0.00%	0.00%	0.00%	0.34%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		649,106.24	5,457,413.95	2,322,081.67	34,944.84	8,463,546.70
		% Balance		0.26%	2.18%	0.93%	0.01%	3.37%
		# Loans		7	46	21	1	75
		% # Loans		0.39%	2.59%	1.18%	0.06%	4.23%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
				;
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	REO Report for June 25, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group I; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group II; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated	&nb sp;	Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 14 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Foreclosure Report for June 25, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
										& nbsp;
SUMMARY				LOAN GROUP
Total Loan Count = 28				Loan Group 1 = Group I
Total Original Principal Balance = 3,903,150.00				Loan Group 2 = Group II
Total Current Balance = 3,891,011.59
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
320922347 1		72,000.00	71,753.79	Feb-01-04	10.875%	IN - 80.00%	360	Aug-26-03
320929482 1		74,800.00	74,472.92	Jan-01-04	9.125%	IN - 80.00%	360	Sep-24-03
320929664 1		114,000.00	113,691.37	Feb-01-04	10.750%	VA - 100.00%	360	Oct-10-03
320930548 1		73,600.00	73,260.65	Feb-01-04	9.250%	KS - 80.00%	360	Sep-26-03
320931082 1		206,400.00	205,607.41	Dec-01-03	9.750%	FL - 80.00%	360	Sep-23-03
320933559 1		205,000.00	204,042.02	Feb-01-04	8.125%	CA - 79.77%	360	Oct-24-03
320934425 1		119,150.00	118,835.99	Jan-01-04	10.875%	AZ - 99.97%	360	Oct-27-03
320936891 1		116,800.00	116,800.00	Mar-01-04	6.125%	AZ - 79.99%	360	Oct-27-03
320938426 1		118,000.00	117,705.33	Jan-01-04	1 1.125%	OH - 100.00%	360	Oct-27-03
320941198 1		102,000.00	101,799.65	Jan-01-04	11.500%	NM - 100.00%	360	Nov-18-03
320943475 1		101,900.00	101,593.24	Jan-01-04	9.500%	KY - 79.98%	360	Nov-26-03
320944267 1		310,500.00	310,500.00	Feb-01-04	6.999%	WA - 90.00%	360	Sep-23-03
321100497 1		140,000.00	139,544.38	Dec-01-03	9.125%	MI - 80.00%	360	Nov-17-03
321102071 1		124,000.00	123,749.25	Jan-01-04	10.500%	MI - 80.00%	360	Dec-18-03
321102360 1		312,000.00	311,220.41	Jan-01-04	9.500%	FL - 80.00%	360	Dec-18-03
321103319 1		54,400.00	54, 303.84	Jan-01-04	11.125%	IN - 80.00%	360	Dec-18-03
320925589 2		135,100.00	134,521.90	Jan-01-04	10.500%	MO - 79.99%	360	Aug-29-03
320925597 2		33,800.00	33,698.65	Feb-01-04	13.990%	MO - 100.00%	180	Aug-29-03
320926488 2		64,000.00	63,593.08	Feb-01-04	7.875%	MI - 80.00%	360	Aug-27-03
320927684 2		72,000.00	71,687.66	Dec-01-03	9.750%	FL - 80.00%	360	Aug-29-03
320928195 2		204,700.00	203,954.07	Dec-01-03	10.000%	MI - 79.99%	360	Sep-23-03			;
320930142 2		198,000.00	197,264.62	Jan-01-04	9.250%	CA - 80.00%	360	Oct-03-03
320934839 2		155,850.00	155,064.93	Jan-01-04	7.750%	FL - 100.00%	360	Oct-15-03
320938582 2		319,200.00	318,187.78	Dec-01-03	9.250%	NV - 80.00%	360	Nov-04-03
320942048 2		121,600.00	121,204.27	Jan-01-04	9.125%	AZ - 80.00%	360	Nov-20-03
320949514 2		182,000.00	181,046.47	Jan-01-04	6.750%	WA - 100.00%	360	Nov-20-03
321101834 2		94,350.00	93,976.57	Feb-01-04	7.249%	CO - 85.00%	360	Dec-18-03
321102378 2		78,000.00	77,931.34	Jan-01-04	14.250%	FL - 100.00%	180	Dec-18-03
				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP II	GROUP I	TOTAL
									&nb sp;
	Current
	Number of Paid in Full Loans					32	33	65
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					32	33	65
	Paid in Full Balance					4,868,415.71	4,954,945.22	9,823,360.93
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					84,933.74	30,982.40	115,916.14
	Total Prepayment Amount					4,953,349.45	4,985,927.62	9,939,277.07
	Cumulative
	Number of Paid in Full Loans					66	72	138
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					66	72	138
	Paid in Full Balance					9,513,704.06	9,188,282.41	18,701,986.47
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					280,571.56	296,442.07	577,013.63
	Total Prepayment Amount					9,794,275.62	9,484,724.48	19,279,000.10
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
&n bsp;
VOLUNTARY PREPAYMENT RATES						GROUP II	GROUP I	TOTAL
	SMM					1.94%	1.95%	1.94%
	3 Months Avg SMM					1.27%	1.23%	1.25%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.27%	1.23%	1.25%
	CPR					20.91%	21.01%	20.96%
	3 Months Avg CPR		& nbsp;			14.20%	13.77%	13.99%
	12 Months Avg CPR
	Avg CPR Since Cut-off					14.20%	13.77%	13.99%
	PSA					1904.59%	1908.51%	1906.56%
	3 Months Avg PSA Approximation					1577.90%	1525.56%	1551.71%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1577.90%	1525.56%	1551.71%
	Group I
	Group II								;
CPR by Groups					T otal CPR
PSA by Groups					Total PSA
								&nbs p;
				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for June 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
	Group I
	Group II
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
					&nbs p;
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for June 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 65						Loan Group 1 = Group I
Total Original Principal Balance = 9,868,200.00						Loan Group 2 = Group II
Total Prepayment Amount = 9,823,360.93
			&nbs p;
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
320920861 1			63,000.00	62,492.13	May-26-04	11.250%	CA - 100.00%	Paid Off - 180	May-09-03
320920960 1			29,400.00	29,281.06	Jun-09-04	11.500%	RI - 100.00%	Paid Off - 180	May-05-03
320921372 1			18,000.00	17,976.85	May-28-04	15.750%	MI - 100.00%	Paid Off - 180	Jun-06-03
320922420 1			18,600.00	18,431.82	Jun-01-04	12.990%	OH - 99.25%	Paid Off - 240	Aug-26-03
320922693 1			210,400.00	210,400.00	May-27-04	7.125%	CA - 80.00%	Paid Off - 360	Jul-23-03
320923444 1			185,550.00	184,246.27	Jun-10-04	6.749%	CA - 79.98%	Paid Off - 360	Aug-13-03
320924723 1			85,500.00	85,228.82	May-17-04	11.250%	KS - 90.00%	Paid Off - 360	Aug-13-03
320927858 1			192,000.00	191,388.75	May-26-04	10.125%	MI - 80.00%	Paid Off - 360	Sep-05-03
320927874 1			48,000.00	47,919.62	May-26-04	13.500%	MI - 100.00%	Paid Off - 180	Sep-05-03
320927890 1			318,750.00	317,655.04	May-27-04	9.625%	CA - 85.00%	Paid Off - 360	Sep-11-03
320928252 1			184,500.00	183,755.24	Apr-27-04	9.750%	NE - 90.00%	Paid Off - 360	Sep-25-03
320930175 1			213,300.00	212,111.10	May-24-04	7.250%	CA - 90.00%	Paid Off - 360	Sep-15-03
320931504 1			168,500.00	167,658.96	May-26-04	6.999%	NV - 100.00%	Paid Off - 360	Oct-15-03
320932478 1			284,800.00	283,741.78	May-28-04	9.249%	MA - 80.00%	Paid Off - 360	Sep-30-03
320932775 1			150,400.00	149,586.89	May-27-04	6.750%	CA - 80.00%	Paid Off - 360	Oct-03-03
320933906 1			239,900.00	238,549.02	Jun-03-04	6.375%	NV - 79.99%	Paid Off - 360	Oct-27-03
320934987 1			184,000.00	183,227.64	May-28-04	7.875%	AZ - 80.00%	Paid Off - 360	Oct-06-03
320935109 1			120,000.00	119,549.63	Jun-14-04	9.125%	OH - 75.00%	Paid Off - 360	Oct-14-03
320936438 1			160,000.00	159,431.47	May-26-04	8.875%	DC - 100.00%	Paid Off - 360	Oct-24-03
320942774 1			157,500.00	157,145.69	Jun-11-04	9.999%	CA - 90.00%	Paid Off - 360	Nov-17-03
320943962 1			217,000.00	215,205.05	May-21-04	6.375%	CA - 70.00%	Paid Off - 360	Aug-18-03
320947278 1			176,000.00	174,879.86	May-20-04	7.500%	CA - 80.00%	Paid Off - 360	Sep-18-03
320948672 1			296,400.00	295,012.72	May-28-04	6.375%	CA - 95.00%	Paid Off - 360	Nov-07-03
320949704 1			220,000.00	219,252.02	Jun-04-04	8.000%	MD - 100.00%	Paid Off - 360	Nov-12-03
321096307 1			200,200.00	198,900.72	May-18-04	5.625%	AZ - 80.00%	Paid Off - 360	Oct-17-03
321096315 1			50,050.00	49,934.37	May-18-04	10.750%	AZ - 99.99%	Paid Off - 180	Oct-17-03
321097248 1			134,250.00	133,897.59	Jun-15-04	10.125%	IL - 75.00%	Paid Off - 360	Dec-18-03
321098626 1			127,000.00	126,760.08	Jun-14-04	9.750%	GA - 100.00%	Paid Off - 360	Dec-18-03
321100166 1			300,000.00	299,335.74	May-26-04	8.990%	CA - 80.00%	Paid Off - 360	Dec-18-03
321100208 1			75,000.00	74,915.25	May-26-04	12.125%	CA - 100.00%	Paid Off - 180	Dec-18-03
321103285 1			10,000.00	9,977.85	May-28-04	11.990%	DE - 100.00%	Paid Off - 180	Dec-18-03
321275851 1			20,000.00	19,957.38	Jun-14-04	13.990%	FL - 100.00%	Paid Off - 180	Jun-06-03
321349664 1			117,300.00	117,138.81	May-27-04	9.875%	IN - 85.00%	Paid Off - 360	Jan-16-04
320920895 2			158,100.00	157,567.78	Jun-15-04	10.375%	IL - 85.00%	Paid Off - 360	Aug-08-03
320920937 2			40,000.00	39,943.02	May-25-04	15.750%	RI - 100.00%	Paid Off - 180	May-19-03
320921984 2			178,500.00	177,622.98	Jun-08-04	7.875%	CA - 75.00%	Paid Off - 360	Sep-18-03
320922412 2			74,400.00	74,191.92	Jun-01-04	11.250%	OH - 80.00%	Paid Off - 360	Aug-26-03
320923360 2			46,400.00	46,262.99	Jun-10-04	10.990%	CA - 99.98%	Paid Off - 180	Aug-13-03
320925712 2			152,000.00	151,446.10	Jun-01-04	10.000%	FL - 80.00%	Paid Off - 360	Aug-25-03
320926140 2			530,000.00	520,027.25	May-21-04	7.875%	CA - 81.54%	Paid Off - 360	Aug-20-03
320926231 2			107,600.00	106,787.57	May-19-04	6.374%	WA - 80.00%	Paid Off - 360	Aug-21-03
320926306 2			236,000.00	235,017.72	May-28-04	9.500%	CA - 80.00%	Paid Off - 360	Aug-25-03
320926710 2			335,750.00	334,953.59	May-25-04	9.749%	CA - 85.00%	Paid Off - 360	Nov-14-03
320927106 2			119,000.00	118,616.95	Jun-08-04	10.000%	NJ - 85.00%	Paid Off - 360	Sep-17-03
					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for June 25, 2004 Distribution
&nbs p;
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	L TV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
320927577 2			104,000.00	103,016.31	May-17-04	7.125%	NV - 80.00%	Paid Off - 360	Sep-03-03
320930795 2			112,100.00	111,343.63	May-26-04	6.250%	KS - 95.00%	Paid Off - 360	Sep-18-03
320931223 2			45,800.00	45,712.93	Jun-04-04	12.375%	CA - 100.00%	Paid Off - 180	Sep-18-03
320935802 2			31,500.00	31,424.18	May-27-04	10.750%	PA - 90.00%	Paid Off - 360	Nov-04-03
320936578 2			103,900.00	103,570.53	Jun-10-04	9.250%	OH - 79.99%	Paid Off - 360	Oct-31-03
320937188 2		440,100.00	440,100.00	May-28-04	7.500%	CA - 90.00%	Paid Off - 360	Oct-22-03
320939093 2			137,500.00	136,928.77	Jun-10-04	10.375%	CO - 100.00%	Paid Off - 360	Nov-06-03
320940208 2			200,400.00	199,243.02	May-28-04	6.250%	IL - 78.59%	Paid Off - 360	Nov-06-03
320940232 2			40,000.00	39,947.75	May-29-04	12.500%	RI - 100.00%	Paid Off - 180	Nov-21-03
320941560 2			189,600.00	189,087.77	May-26-04	9.125%	FL - 79.98%	Paid Off - 360	Nov-10-03
320943525 2			79,550.00	79,324.56	Jun-10-04	12.250%	MD - 99.99%	Paid Off - 180	Jun-06-03
320944226 2			112,000.00	110,852.77	Jun-01-04	7.374%	CA - 80.00%	Paid Off - 360	Aug-25-03
320947765 2			88,000.00	87,738.84	May-20-04	10.375%	VA - 80.00%	Paid Off - 360	Oct-27-03
321097636 2			223,000.00	222,507.26	Jun-03-04	9.000%	IL - 100.00%	Paid Off - 360	Dec-18-03
321100265 2			223,550.00	223,550.00	May-20-04	7.875%	NV - 79.99%	Paid Off - 360	Dec-18-03
321100273 2			41,950.00	41,918.86	May-20-04	13.990%	NV - 94.99%	Paid Off - 180	Dec-18-03
321104093 2			133,200.00	132,954.95	May-17-04	9.875%	OR - 90.00%	Paid Off - 360	Dec-18-03
321104549 2			107,500.00	107,177.86	Jun-14-04	7.500%	TX - 67.19%	Paid Off - 360	Dec-18-03
321275976 2			117,500.00	117,087.30	Jun-10-04	10.750%	MO - 100.00%	Paid Off - 360	Jul-10-03
321276081 2			192,000.00	190,776.12	Apr-30-04	7.250%	CA - 80.00%	Paid Off - 360	Aug-15-03
321349680 2			192,000.00	191,714.43	May-20-04	9.500%	IL - 80.00%	Paid Off - 360	Jan-16-04
	&nb sp;
					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 25, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP II	GROUP I	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.					&nbs p;
SPACE INTENTIONALLY LEFT BLANK
	Group I						3 Months Moving Average
	Group II
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for June 25, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP II	GROUP I	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%			;
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.00%	0.00%			& nbsp;
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
									;
	Group I
	Group II
CDR by Groups					Total CDR
SDA by Groups					Total SDA
							;
				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates										;
	Realized Loss Report for June 25, 2004 Distribution
	Realized Loss Report - Collateral
	Group I
	Group II
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 23 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for June 25, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group I
Total Prior Principal Balance = 0.00						Loan Group 2 = Group II
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 24 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2 004-1
	Mortgage Pass-Through Certificates
											& nbsp;
	Triggers, Adj. Rate Cert. and Miscellaneous Report for June 25, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP II	GROUP I	TOTAL
	Step Down Date?							No
	Trigger Event Occuring?				&n bsp;			No
	Delinquency Percentage							1.092305%
	Beginning Credit Enhancement Percentage							20.539980%
	Ending Credit Enhancement Percentage							27.913684%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Additional Certificate Report for June 25, 2004 Distribution
	Additional Certificate Report
	CLASS					Net WAC Rate Carryover Amt	Unpaid Realized Loss Amt	Interest Carry Forward Amt
	I-A1					0.00	0.00	0.00
	II-A1					0.0 0	0.00	0.00
	II-A2					0.00	0.00	0.00
	II-A3					0.00	0.00	0.00
	M-1					0.00	0.00	0.00
	M-2					0.00	0.00	0.00
	M-3					0.00	0.00	0.00
	M-4					0.00	0.00	0.00
	M-5					0.00	0.00	0.00
	M-6					0.00	0.00	0.00
	M-7					0.00	0.00	0.00
	M-8					0.00	0.00	0.00
	B-1					0.00	0.00	0.00
	C					0.00	0.00	0.00
	P					0.00	0.00	0.00
				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank