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

                                     UNITED STATES
                           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):  October 25, 2004
                           (Date of earliest event reported)

           Financial Asset Securities Corporation (as Depositor under the
               Pooling and Servicing Agreement, dated as March 1, 2004,
               providing for the issuance of Meritage Mortgage Loan Trust
              2004-1 Asset-Backed Pass-Through Certificates, Series 2004-1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-111379-04                          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


       (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  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 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

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

                                    Signatures

               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,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Financial Asset Securities
                                  Corporation, Registrant


          Date:  Oct 26, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

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










			

	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	October 25, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			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				22
			12.	Realized Loss Detail Report				25
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				26
			14.	Additional Certificate Report				27
						&nbs p;
				Total Number of Pages				27
			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.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Greenwich Capital Financial Products, I n					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: October 25, 2004
	Underwriter(s):		Greenwich Capital Markets					Record Date: September 30, 2004
								September 24, 2004
						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for October 25, 2004 Distribution
										&n bsp;
	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		276,060,000.00			246,889,080.37	397,491.42	8,264,054.45	8,661,545.87	-	-	238,625,025.92
II-A1		110,000,000.00			81,499,830.50	122,340.30	11,253,496.16	11,375,836.46	-	-	70,246,334.34
II-A2		142,500,000.00			142,500,000.00	226,100.00	-	226,100.00	-	-	142,500,000.00
II-A3		23,540,000.00			23,540,000.00	40,279.56	-	40,279.56	-	-	23,540,000.00
M-1		41,530,000.00			41,530,000.00	75,584.60	-	75,584.60	-	-	41,530,000.00
M-2		13,840,000.00			13,840,000.00	25,727.02	-	25,727.02	-	-	13,840,000.00
M-3		10,380,000.00			10,380,000.00	22,524.60	-	22,524.60	-	-	10,380,000.00
M-4		12,110,000.00			12,110,000.00	27,691 .53	-	27,691.53	-	-	12,110,000.00
M-5		10,380,000.00			10,380,000.00	25,350.27	-	25,350.27	-	-	10,380,000.00
M-6		10,380,000.00			10,380,000.00	28,983.27	-	28,983.27	-	-	10,380,000.00
M-7		10,380,000.00			10,380,000.00	29,790.60	-	29,790.60	-	-	10,380,000.00
M-8		10,380,000.00			10,380,000.00	39,074.93	-	39,074.93	-	-	10,380,000.00
B-1		6,920,000.00			6,920,000.00	28,741.07	-	28,741.07	-	-	6,920,000.00
C		13,843,689.66			13,844,875.79	2,669,045.68	-	2,669,045.68	-	-	13,844,875.79
P		100.00			100.00	390,297.54	-	390,297.54	-	-	100.00
R		-			-	-	-	-	-	-	-
Total		692,243,789.66			634,573,886.6 6	4,149,022.39	19,517,550.61	23,666,573.00	-	-	615,056,336.05
	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	09/27/04	10/24/04		A-Act/360	59001FAL5	276,060,000.00	894.331234	1.439873	29.935719	31.375592	864.395515
II-A1	09/27/04	10/24/04		A-Act/360	59001FAM3	110,000,000.00	740.907550	1.112185	102.304511	103.416695	638.603039
II-A2	09/27/04	10/24/04		A-Act/360	59001FAN1	142,500,000.00	1,000.000000	1.586667	-	1.586667	1,000.000000
II-A3	09/27/04	10/24/04		A-Act/360	59001FAP6	23,540,000.00	1,000.000000	1.711111	-	1.711111	1,000.000000
M-1	09/27/04	10/24/04		A-Act/360	59001FAQ4	41,530,000.00	1,000.000000	1.820000	-	1.820000	1,000.000000
M-2	09/27/04	10/24/04		A-Act/360	59001FAR2	13,840,000.00	1,000.000000	1.858889	-	1.858889	1,000.000000
M-3	09/27/04	10/24/04		A-Act/360	59001FAS0	10,380,000.00	1,000.000000	2.170000	-	2.170000	1,000.000000
M-4	09/27/04	10/24/04		A-Act/360	59001FAT8	12,110,000.00	1,000.000000	2.286666	-	2.286666	1,000.000000
M-5	09/27/04	10/24/04		A-Act/360	59001FAU5	10,380,000.00	1,000.000000	2.442223	-	2.442223	1,000.000000
M-6	09/27/04	10/24/04		A-Act/360	59001FAV3	10,380,000.00	1,000.000000	2.792223	-	2.792223	1,000.000000
M-7	09/27/04	10/24/04		A-Act/360	59001FAW1	10,380,000.00	1,000.000000	2.870000	-	2.870000	1,000.000000
M-8	09/27/04	10/24/04	A-Act/360	59001FAX9	10,380,000.00	1,000.000000	3.764444	-	3.764444	1,000.000000
B-1	09/27/04	10/24/04		A-Act/360	59001FAZ4	6,920,000.00	1,000.000000	4.153334	-	4.153334	1,000.000000
C				A-30/360		706,087,479.32	918.326385	3.780050	-	3.780050	890.684554
P				-		100.00	1,000.000000	3,902,975.400000	-	3,902,975.400000	1,000.000000
R				-		-	-	-	-	-	-
							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for October 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		2,418,303.17		36, 198,819.88	1,236,154.20	37,434,974.08	39,853,277.25	-	-	238,625,025.92
II-A1	110,000,000.00		807,656.40		38,589,390.71	1,164,274.95	39,753,665.66	40,561,322.06	-	-	70,246,334.34
II-A2	142,500,000.00		1,289,803.13		-	-	-	1,289,803.13	-	-	142,500,000.00
II-A3	23,540,000.00		234,932.48		-	-	-	234,932.48	-	-	23,540,000.00
M-1	41,530,000.00		448,229.84		-	-	-	448,229.84	-	-	41,530,000.00
M-2	13,840,000.00		153,391.41		-	-	-	153,391.41	-	-	13,840,000.00
M-3	10,380,000.00		139,148.23		-	-	-	139,148.23	-	-	10,380,000.00
M-4	12,110,000.00		172,885.38		-	-	-	172,885.38	-	-	12,110,000.00
M-5	10,380,000.00		160,239.82		-	-	-	160,239.82	-	-	10,380,000.00
M-6	10,380,000.00		187,357.57		-	-	-	187,357.57	-	-	10,380,000.00
M-7	10,380,000.00		193,383.73		-	-	-	193,383.73	-	-	10,380,000.00
M-8	10,380,000.00		262,684.64		-	-	-	262,684.64	-	-	10,380,000.00
B-1	6,920,000.00		195,210.32		-	-	-	195,210.32	-	-	6,920,000.00
C	13,843,689.66		18,666,445.31		-	-	-	18,666,445.31	-	1,186.13	13,844,875.79
P	100.00		1,438,594.84		-	-	-	1,43 8,594.84	-	-	100.00
R	-		0.00		-	-	-	0.00	-	-	-
Total	692,243,789.66		26,768,266.27		74,788,210.59	2,400,429.15	77,188,639.74	103,956,906.01	-	1,186.13	615,056,336.05
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpai d	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	2.07000%	246,889,080.37			397,491.42	-	-	-	397,491.42	397,491.42	-
II-A1	1.93000%	81,499,830.50			122,340.30	-	-	-	122,340.30	122,340.30	-
II-A2	2.04000%	142,500,000.00			226,100.00	-	-	-	226,100.00	226,100.00	-
II-A3	2.20000%	23,540,000.00			40,279.56	-	-	-	40,279.56	40,279.56	-
M-1	2.34000%	41,530,000.00			75,584.60	-	-	-	75,584.60	75,584.60	-
M-2	2.39000%	13,840,000.00			25,727.02	-	-	-	25,727.02	25,727.02	-
M-3	2.79000%	10,380,000.00	22,524.60	-	-	-	22,524.60	22,524.60	-
M-4	2.94000%	12,110,000.00			27,691.53	-	-	-	27,691.53	27,691.53	-
M-5	3.14000%	10,380,000.00			25,350.27	-	-	-	25,350.27	25,350.27	-
M-6	3.59000%	10,380,000.00			28,983.27	-	-	-	28,983.27	28,983.27	-
M-7	3.69000%	10,380,000.00			29,790.60	-	-	-	29,790.60	29,790.60	-
M-8	4.84000%	10,380,000.00			39,074.93	-	-	-	39,074.93	39,074.93	-
B-1	5.34000%	6,920,000.00			28,741.07	-	-	-	28,741.07	28,741.07	-
C	5.04725%	648,418,762.45			2,669,045.68	-	0.00	-	2,669,045.68	2,669,045.68	0.00
P		100.00			390,297.54	-	-	-	390,297.54	390,297.54	-
R		-			-	-	-	-	-	-	-
Total		1,269,147,773.32			4,149,022.39	-	0.00	-	4,149,022.39	4,149,022.39	0.00
							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
&nb sp;	Collection Account Report for October 25, 2004 Distribution
	Collection Account Report
SUMMARY						GR OUP II	GROUP I	TOTAL
	Principal Collections					11,196,450.72	8,222,162.88	19,418,613.60
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					11,196,450.72	8,222,162.88	19,418,613.60
	Interest Collections					2,232,269.64	2,250,846.03	4,483,115.67
	Interest Withdrawals					0.00	0.00	0.00
&n bsp;	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(118,382.25)	(116,774.01)	(235,156.27)
	TOTAL NET INTEREST					2,113,887.39	2,134,072.02	4,247,959.40
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					13,310,338.11	10,356,234.90	23,666,573.00
PRINCIPAL - COLLECTIONS						GROUP II	GROUP I	TOTAL
	Scheduled Principal					175,367.81	190,939.53	366,307.34
	Curtailments					21,218.05	11,211.34	32,429.39
	Prepayments in Full					10,688,025.07	7,675,725.04	18,363,750.11
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	Liquidations					317,936.71	437,127.06	755,063.77
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(20,222.88)	(22,106.33)	(42,329.21)
	Advanced Principal					20,222.88	22,106.33	42,329.21
	Realized Losses					(6,096.92)	(92,840.09)	(98,937.01)
	TOTAL PRINCIPAL COLLECTED					11,196,450.72	8,222,162.88	19,418,613.60
				Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for October 25, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
					&nbs p;
PRINCIPAL - OTHER ACCOUNTS						GROUP II	GROUP I	TOTAL
	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00
INTEREST - COLLEC TIONS						GROUP II	GROUP I	TOTAL
	Scheduled Interest					2,023,185.60	2,095,020.03	4,118,205.63
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					2,438.16	3,387.20	5,825.36
	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					(265,304.17)	(291,215.21)	(556,519.38)
	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					250,398.02	274,908.50	525,306.52
	Prepayment Penalties					221,552.03	168,745.51	390,297.54
	TOTAL INTEREST COLLECTED					2,232,269.64	2,250,846.03	4,483,115.67
				Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for October 25, 2004 Distribution
	Collection Account Report
											&n bsp;
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					117,323.55	115,717.47	233,041.02
	Trustee Fee					1,058.70	1,056.54	2,115.25
	PMI Insurance Premium Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					118,382.25	116,774.01	235,156.27
				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for October 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			& nbsp;			GROUP II	GROUP I	TOTAL
	Overcollateralization 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							98,937.01
	Extra Principal Distribution Amt					57,045.44	41,891.57	98,937.01
				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for October 25, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP II	GROUP I	TOTAL
	Loan Count:
	Original					1841	2261	4102
	Prior					2,261	2,763	5,024
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(64)	(61)	(125)
	Repurchases					-	-	-
	Liquidations					(2)	(3)	(5)
	Current					2,195	2,699	4,894
	Principal Balance:
	Original					261,110,730.10	261,133,059.56	522,243,789.66
	Prior					317,611,133.49	316,962,753.17	634,573,886.66
	Prefunding					-	-	-
	Scheduled Principal					(175,367.81)	(190,939.53)	(366,307.34)
	Partial and Full Voluntary Prepayments					(10,709,243.12)	(7,686,936.38)	(18,396,179.50)
	Repurchases					-	-	-
	Liquidations					(317,936.71)	(437,127.06)	(755,063.77)
	Current					306,408,585.85	308,647,750.20	615,056,336.05
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 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for October 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					7.662431%	7.954085%	7.808367%
	Weighted Average Coupon Current					7.653222%	7.944431%	7.798678%
	Weighted Average Months to Maturity Original					348	348	348
	Weighted Average Months to Maturity Prior					344	344	344
	Weighted Average Months to Maturity Current					343	343	343
	Weighted Avg Remaining Amortization Term Original					356	356	356
	Weighted Avg Remaining Amortization Term Prior					351	351	351
	Weighted Avg Remaining Amortization Term Current					350	350	350
	Weighted Average Seasoning Original					3.50	3.52	3.51
	Weighted Average Seasoning Prior					8.48	8.45	8.46
	Weighted Average Seasoning Current					9.46	9.41	9.44
Note: Original information refers to deal issue.
					&n bsp;
	Group I
	Group II
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for October 25, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP II	GROUP I	TOTAL
	Weighted Average Margin Original					5.539%	5.714%
	Weighted Average Margin Prior					5.585%	5.701%
	Weighted Average Margin Current					5.588%	5.694%
	Weighted Average Max Rate Original					13.206%	13.576%
	Weighted Average Max Rate Prior					13.423%	13.758%
	Weighted Average Max Rate Current					13.435%	13.753%
	Weighted Average Min Rate Original					7.501%	7.816%
	Weighted Average Min Rate Prior					7.469%	7.680%
	Weighted Average Min Rate Current					7.471%	7.671%
	Weighted Average Cap Up Original					1.367%	1.371%
	Weighted Average Cap Up Prior					1.369%	1.379%
	Weighted Average Cap Up Current					1.370%	1.379%
	Weighted Average Cap Down Original					1.367%	1.371%
	Weighted Average Cap Down Prior					1.369%	1.379%
	Weighted Average Cap Down Current					1.370%	1.379%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP II	GROUP I	TOTAL
	Current Servicing Fees					117,323.55	115,717.47	233,041.02
	Delinquent Servicing Fees					14,906.15	16,306.71	31,212.86
	TOTAL SERVICING FEES					132,229.70	132,024.18	264,253.88
	Total Servicing Fees					132,229.70	132,024.18	264,253.88
	Compensating Month End Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(14,906.15)	(16,306.71)	(31,212.86)
	COLLECTED SERVICING FEES					117,323.55	115,717.47	233,041.02
	Prepayment Interest Shortfall					0.00	0.00	0.00
	Total Advanced Interest					250,398.02	274,908.50	525,306.52
ADDITIONAL COLLATERAL INFORMATION						GROUP II	GROUP I	TOTAL
	Next One-Month LIBOR							1.932500%
	Current One-Month LIBOR							1.840000%
				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
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	Delinquency Report for October 25, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			13,500,000.16	3,442,779.75	1,537,237.54	18,480,017.45
		% Balance			2.19%	0.56%	0.25%	3.00%
		# Loans			114	38	24	176
		% # Loans			2.33%	0.78%	0.49%	3.60%
FORECLOSURE		Balance		-	111,674.20	3,669,394.79	10,063,318.91	13,844,387.90
		% Balance		0.00%	0.02%	0.60%	1.64%	2.25%
;		# Loans		-	1	24	80	105
		% # Loans		0.00%	0.02%	0.49%	1.63%	2.15%
BANKRUPTCY		Balance		2,541,235.00	117,626.42	59,759.98	1,215,650.40	3,934,271.80
		% Balance		0.41%	0.02%	0.01%	0.20%	0.64%
		# Loans		23	1	1	14	39
		% # Loans		0.47%	0.02%	0.02%	0.29%	0.80%
REO		Balance		-	-	-	2,015,947.38	2,015,947.38
		% Balance		0.00%	0.00%	0.00%	0.33%	0.33%
		# Loans		-	-	-	13	13
		% # Loans		0.00%	0.00%	0.00%	0.27%	0.27%
TOTAL		Balance		2,541,235.00	13,729,300.78	7,171,934.52	14,832,154.23	38,274,624.53
		% Balance		0.41%	2.23%	1.17%	2.41%	6.22%
&nbs p;		# Loans		23	116	63	131	333
		% # Loans		0.47%	2.37%	1.29%	2.68%	6.80%
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 11 of 27				© COPYRIGHT 2004 Deutsche Bank
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	Delinquency Report for October 25, 2004 Distribution
	Delinquency Report - Group I Group
				&nbs p;
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,436,793.98	2,447,108.72	634,841.96	10,518,744.66
		% Balance			2.41%	0.79%	0.21%	3.41%
		# Loans			63	28	8	99
		% # Loans			2.33%	1.04%	0.30%	3.67%
FORECLOSURE		Balance		-	111,674.20	2,002,136.25	5,053,746.54	7,167,556.99
		% Balance		0.00%	0.04%	0.65%	1.64%	2.32%
&nb sp;		# Loans		-	1	12	43	56
		% # Loans		0.00%	0.04%	0.44%	1.59%	2.07%
BANKRUPTCY		Balance		1,067,367.97	117,626.42	-	682,352.77	1,867,347.16
		% Balance		0.35%	0.04%	0.00%	0.22%	0.61%
		# Loans		11	1	-	7	19
		% # Loans		0.41%	0.04%	0.00%	0.26%	0.70%
REO		Balance		-	-	-	457,378.27	457,378.27
		% Balance		0.00%	0.00%	0.00%	0.15%	0.15%
		# Loans		-	-	-	5	5
		% # Loans		0.00%	0.00%	0.00%	0.19%	0.19%
TOTAL		Balance		1,067,367.97	7,666,094.60	4,449,244.97	6,828,319.54	20,011,027.08
		% Balance		0.35%	2.48%	1.44%	2.21%	6.48%
		# Loans		11	65	40	63	179
		% # Loans		0.41%	2.41%	1.48%	2.33%	6.63%
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 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Delinquency Report for October 25, 2004 Distribution
	Delinquency Report - Group II Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,063,206.18	995,671.03	902,395.58	7,961,272.79
		% Balance			1.98%	0.32%	0.29%	2.60%
		# Loans			51	10	16	77
		% # Loans			2.32%	0.46%	0.73%	3.51%
FORECLOSURE		Balance		-	-	1,667,258.54	5,009,572.37	6,676,830.91
		% Balance		0.00%	0.00%	0.54%	1.63%	2.18%
		# Loans		-	-	12	37	49
		% # Loans		0.00%	0.00%	0.55%	1.69%	2.23%
BANKRUPTCY		Balance		1,473,867.03	-	59,759.98	533,297.63	2,066,924.64
		% Balance		0.48%	0.00%	0.02%	0.17%	0.67%
		# Loans		12	-	1	7	20
		% # Loans		0.55%	0.00%	0.05%	0.32%	0.91%
REO		Balance		-	-	-	1,558,569.11	1,558,569.11
		% Balance		0.00%	0.00%	0.00%	0.51%	0.51%
		# Loans		-	-	-	8	8
		% # Loans		0.00%	0.00%	0.00%	0.36%	0.36%
TOTAL		Balance		1,473,867.03	6,063,206.18	2,722,689.55	8,003,834.69	18,263,597.45
		% Balance		0.48%	1.98%	0.89%	2.61%	5.96%
		# Loans		12	51	23	68	154
		% # Loans		0.55%	2.32%	1.05%	3.10%	7.02%
Note: <1 Payment = 0-2 9days, 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 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	REO Report for October 25, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 4				Loan Group 1 = Group I; REO Book Value = Not Available
Total Original Principal Balance = 614,200.00				Loan Group 2 = Group II; REO Book Value = Not Available
Total Current Balance = 608,933.32
REO Book Value = Not Available
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
320922628 1		23,400.00	23,140.48	May-01-04	7.375%	AL - 60.00%	360	Jul-30-03
320941131 2		476,000.00	471,376.22	May-01-04	6.250%	GA - 80.00%	360	Nov-12-03
321099053 2		46,300.00	46,119.22	Feb-01-04	10.250%	KS - 79.97%	360	Dec-18-03
321406282 2		68,500.00	68,297.40	May-01-04	10.999%	MI - 100.00%	360	Jan-16-04
				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
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	Mortgage Pass-Through Certificates
	Foreclosure Report for October 25, 2004 Distribution
;
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 43				Loan Group 1 = Group I
Total Original Principal Balance = 6,552,550.00				Loan Group 2 = Group II
Total Current Balance = 6,517,620.69
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
320922917 1		84,000.00	83,464.94	Jun-01-04	9.750%	MS - 80.00%	360	Aug-26-03
320924665 1		125,000.00	124,263.50	Jul-01-04	10.125%	IN - 89.99%	360	Aug-07-03
320926405 1		188,800.00	187,954.75	Jul-01-04	11.375%	MA - 80.00%	360	Sep-11-03
320933120 1		103,000.00	102,270.73	Apr-01-04	8.375%	IN - 89.57%	360	Oct-14-03
320935422 1		55,200.00	54,673.27	Jun-01-04	9.500%	IN - 80.00%	360	Oct-10-03
320939580 1		315,000.00	313,008.63	Jul-01-04	8.500%	IN - 100.00%	360	Nov-12-03
320940539 1		111,900.00	111,299.38	Jul-01-04	9.250%	MO - 79.99%	360	Nov-26-03
320947583 1		243,200.00	239,923.91	Jul-01-04	5.500%	OR - 80.00%	360	Sep-18-03
321097990 1		112,000.00	111,674.20	Aug-01-04	11.625%	AR - 100.00%	360	Dec-18-03
321100737 1		201,000.00	199,689.73	Jul-01-04	7.750%	UT - 100.00%	360	Dec-18-03
321102790 1		104,900.00	104,559.07	Jun-01-04	11.125%	AZ - 100.00%	360	Dec-18-03
321103392 1		51,900.00	51,744.88	Jun-01-04	11.500%	OH - 100.00%	360	Dec-18-03
321103665 1		178,000.00	177,467.94	Jul-01-04	11.500%	AZ - 100.00%	360	Dec-18-03
321349870 1		152,900.00	152,312.80	Jun-01-04	9.750%	MI - 84.99%	360	Jan-16-04
321350159 1		111,100.00	110,754.69	Jul-01-04	10.750%	AZ - 79.97%	360	Jan-16-04
321351819 1		165,350.00	164,836.10	May-01-04	10.750%	NM - 99.98%	360	Jan-16-04
321404311 1		236,000.00	235,145.92	Jun-01-04	9.375%	CO - 80.00%	360	Feb-16-04
321404667 1		92,700.00	92,361.52	Jul-01-04	9.990%	TX - 100.00%	360	Jan-16-04
321405524 1		68,000.00	67,640.02	May-01-04	7.500%	PA - 85.00%	360	Feb-16-04
321405532 1		68,000.00	67,640.02	May-01-04	7.500%	PA - 85.00%	360	Feb-16-04
321405805 1		111,000.00	110,616.32	Jul-01-04	10.250%	IN - 100.00%	360	Jan-16-04
321621898 1		208,000.00	207,323.09	Jul-01-04	9.125%	IL - 1 00.00%	360	Mar-17-04
321623076 1		127,900.00	127,472.79	Jul-01-04	8.999%	CT - 100.00%	360	Mar-17-04
321623084 1		84,000.00	83,784.06	May-01-04	10.250%	VA - 100.00%	360	Mar-17-04	&n bsp;
321624793 1		107,200.00	106,471.15	May-01-04	5.375%	NM - 100.00%	360	Mar-17-04
321624900 1		220,400.00	219,663.83	Jun-01-04	8.999%	CA - 100.00%	360	Mar-17-04
320920754 2		10,000.00	9,767.33	Jul-01-04	11.990%	PA - 100.00%	180	May-13-03
320925472 2		48,000.00	47,530.24	Jul-01-04	7.625%	IN - 80.00%	360	Aug-28-03
320925589 2		135,100.00	134,283.82	Feb-01-04	10.500%	MO - 79.99%	360	Aug-29-03
320926082 2		475,200.00	468,701.02	Jun-01-04	5.875%	FL - 80.00%	360	Aug-21-03
320928112 2		64,600.00	64,254.72	Jul-01-04	9.750%	MO - 85.00%	360	Oct-16-03
320930613 2		78,300.00	77,768.87	Jun-01-04	8.999%	OH - 90.00%	360	Oct-27-03
320930696 2		350,000.00	347,751.14	Jul-01-04	9.875%	CA - 70.00%	360	Sep-19-03
320936610 2		112,000.00	111,352.80	Jul-01-04	9.374%	IL - 80.00%	360	Oct-16-03
321097040 2		141,400.00	140,860.24	Jul-01-04	10.875%	IA - 100.00%	360	Nov-17-03
321097198 2		36,000.00	35,830.21	Apr-01-04	9.875%	MS - 80.00%	360	Nov-17-03
321351678 2		310,000.00	310,000.00	Apr-01-04	10.750%	NE - 100.00%	360	Jan-16-04
321351850 2		112,000.00	111,442.42	Jul-01-04	8.490%	NE - 100.00%	360	Jan-16-04
321403677 2		36,000.00	35,827.86	Jul-01-04	10.250%	OK - 95.00%	360	Feb-16-04
321403727 2		206,300.00	205,553.41	May-01-04	9.375%	UT - 100.00%	360	Feb-16-04
321404147 2		294,400.00	293,355.05	Jul-01-04	10.125%	IL - 100.00%	360	Jan-16-04
321621393 2		125,600.00	125,301.94	May-01-04	10.625%	OK - 80.00%	360	Mar-17-04
321624462 2		391,200.00	390,022.38	Jul-01-04	9.500%	MA - 100.00%	360	Mar-17-04
				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for October 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP II	GROUP I	TOTAL
	Current
	Number of Paid in Full Loans					64	61	125
	Number of Repurchased Loans		;			-	-	-
	Total Number of Loans Prepaid in Full					64	61	125
	Paid in Full Balance					10,688,025.07	7,675,725.04	18,363,750.11
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					21,218.05	11,211.34	32,429.39
	Total Prepayment Amount					10,709,243.12	7,686,936.38	18,396,179.50
	Cumulative
	Number of Paid in Full Loans					259	271	530
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					259	271	530
	Paid in Full Balance					36,944,534.67	34,542,427.49	71,486,962.16
	Repurchased Loans Balance					-	-	-
	Curtailments Amount		&nb sp;			398,070.42	345,180.76	743,251.18
	Total Prepayment Amount					37,342,605.09	34,887,608.25	72,230,213.34
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for October 25, 2004 Distribution
									& nbsp;
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP II	GROUP I	TOTAL
	SMM					3.37%	2.43%	2.90%
	3 Months Avg SMM					2.38%	2.05%	2.21%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.76%	1.64%	1.70%
	CPR					33.76%	25.53%	29.76%
	3 Months Avg CPR					25.08%	22.03%	23.56%
	12 Months Avg CPR
	Avg CPR Since Cut-off					19.18%	18.03%	18.61%
	PSA					1783.79%	1356.00%	1576.52%
	3 Months Avg PSA Approximation					1534.73%	1353.05%	1444.87%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1539.99%	1449.47%	1494.84%
	Group I
	Group II
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for October 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 PS A Avg since Cut-Off
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)											&n bsp;
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 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for October 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 125						Loan Group 1 = Group I
Total Original Principal Balance = 18,454,050.00						Loan Group 2 = Group II
Total Prepayment Amount = 18,363,750.11
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origina tion
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
320921000 1			46,500.00	46,261.42	Oct-05-04	11.500%	CA - 99.99%	Paid Off - 180	May-07-03
320921190 1			18,500.00	18,275.99	Oct-15-04	8.000%	PA - 64.91%	Paid Off - 360	May-29-03
320921612 1			60,700.00	60,345.00	Sep-28-04	11.750%	AZ - 100.00%	Paid Off - 180	Jun-05-03		&n bsp;
320922131 1			100,450.00	99,793.48	Sep-29-04	9.625%	FL - 79.98%	Paid Off - 360	Aug-06-03
320922313 1			212,000.00	211,999.50	Oct-04-04	5.625%	CA - 80.00%	Paid Off - 360	Sep-17-03
320922651 1			315,000.00	313,248.59	Oct-05-04	9.999%	CA - 90.00%	Paid Off - 360	Aug-01-03
320923659 1			88,800.00	88,276 .78	Sep-27-04	10.125%	OH - 80.00%	Paid Off - 360	Jul-29-03
320924566 1			109,000.00	107,970.40	Sep-29-04	9.875%	IA - 78.42%	Paid Off - 360	Aug-25-03
320924590 1			61,000.00	60,495.16	Sep-22-04	10.750%	CA - 100.00%	Paid Off - 180	Aug-27-03
320925605 1			54,400.00	54,097.55	Oct-04-04	9.999%	KS - 80.00%	Paid Off - 360	Aug-20-03
320926215 1			80,450.00	80,019.20	Oct-12-04	10.250%	MI - 79.98%	Paid Off - 360	Sep-11-03
320926553 1			144,750.00	143,903.58	Oct-06-04	9.375%	WA - 79.99%	Paid Off - 360	Sep-17-03
320926702 1			45,600.00	45,451.29	Sep-28-04	12.490%	MA - 100.00%	Paid Off - 180	Aug-29-03
320926801 1			74,150.00	72,949.09	Sep-23-04	6.625%	FL - 79.99%	Paid Off - 360	Sep-24-03
320927833 1			207,000.00	205,741.87	Oct-15-04	9.500%	UT - 90.00%	Paid Off - 360	Sep-09-03
320928351 1			48,000.00	47,784.88	Oc t-01-04	11.125%	PA - 80.00%	Paid Off - 360	Sep-22-03
320929847 1			176,000.00	174,929.68	Sep-22-04	9.125%	CA - 80.00%	Paid Off - 360	Sep-22-03
320930282 1			81,000.00	80,090.45	Oct-08-04	6.000%	FL - 90.00%	Paid Off - 360	Sep-30-03
320931397 1			84,000.00	83,514.73	Sep-29-04	9.375%	AZ - 80.00%	Paid Off - 360	Sep-26-03
320931728 1			204,000.00	202,897.67	Sep-15-04	10.125%	MI - 85.00%	Paid Off - 360	Oct-08-03
320932726 1			70,000.00	69,725.55	Oct-14-04	10.750%	IN - 100.00%	Paid Off - 360	Oct-10-03
320933393 1			35,200.00	35,005.21	Oct-12-04	9.125%	MD - 80.00%	Paid Off - 360	Oct-23-03
320933799 1			13 3,600.00	132,237.14	Oct-13-04	5.990%	CA - 80.00%	Paid Off - 360	Oct-02-03
320933815 1			68,800.00	68,481.30	Sep-20-04	9.999%	IL - 80.00%	Paid Off - 360	Oct-06-03
320933831 1			17,200.00	16,906.51	Sep-20-04	1 4.240%	IL - 100.00%	Paid Off - 180	Oct-06-03
320934458 1			215,000.00	213,101.28	Sep-17-04	6.750%	CA - 100.00%	Paid Off - 360	Oct-06-03
320934896 1			97,450.00	96,628.37	Oct-15-04	6.990%	KS - 99.97%	Paid Off - 360	Oct-28-03
320935158 1			189,000.00	187,205.79	Sep-28-04	6.375%	CA - 90.00%	Paid Off - 360	Oct-13-03
320935539 1			113,600.00	112,732.00	Sep-16-04	7.750%	CA - 80.00%	Paid Off - 360	Oct-21-03
3209 36735 1			100,000.00	99,462.47	Oct-12-04	9.250%	AZ - 80.00%	Paid Off - 360	Oct-21-03
320936842 1			25,000.00	24,964.96	Oct-12-04	15.500%	AZ - 100.00%	Paid Off - 180	Oct-21-03
320938418 1			74,400.00	73,832.02	Sep-30-04	7.500%	FL - 80.00%	Paid Off - 360	Oct-29-03
320939135 1			59,000.00	58,803.11	Oct-07-04	10.990%	IA - 100.00%	Paid Off - 360	Nov-21-03
320940257 1			68,850.00	68,580.81	Oct-07-04	10.250%	SD - 90.00%	Paid Off - 360	Nov-12-03
320942964 1			323,000.00	319,906.09	Sep-21-04	5.750%	CA - 85.00%	Paid Off - 360	Nov-14-03
320946924 1			68,000.00	67,636.44	Oct-04-04	9.750%	OH - 80.00%	Paid Off - 360	Sep-16-03
320947534 1			100,000.00	99,449.27	Sep-21-04	9.125%	CA - 80.00%	Paid Off - 360	Oct-08-03
320947898 1		512,000.00	509,787.02	Sep-27-04	5.625%	CA - 80.00%	Paid Off - 360	Sep-26-03
320948318 1			213,850.00	213,850.00	Oct-14-04	6.875%	CA - 80.00%	Paid Off - 360	Oct-07-03
320948391 1			252,000.00	250,617.92	Oct-13-04	9.249%	RI - 80.00%	Paid Off - 360	Oct-15-03
320949845 1			303,200.00	301,365.50	Sep-23-04	8.124%	MA - 80.00%	Paid Off - 360	Nov-25-03
321099384 1			90,000.00	89,577.98	Sep-24-04	9.375%	NJ - 90.00%	Paid Off - 360	Nov-17-03
321101321 1			220,000.00	218,729.34	Oct-12-04	7.750%	CA - 68.75%	Paid Off - 360	Dec-18-03
321101628 1			96,300.00	95,867.92	Sep-03-04	8.999%	KS - 90.00%	Paid Off - 360	Dec-18-03
					Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for October 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date		&nbs p;
321103079 1			154,400.00	153,758.91	Oct-14-04	9.375%	CA - 80.00%	Paid Off - 360	Dec-18-03
321104390 1			148,000.00	146,961.17	Oct-04-04	7.375%	VA - 100.00%	Paid Off - 360	Nov-17-03		&n bsp;
321104523 1			149,600.00	148,962.06	Sep-29-04	9.250%	IL - 80.00%	Paid Off - 360	Dec-18-03
321104531 1			37,400.00	37,311.34	Sep-29-04	12.000%	IL - 100.00%	Paid Off - 180	Dec-18-03
321275828 1			156,000.00	154,433.48	Oct-07-04	8.249%	VA - 80.00%	Paid Off - 360	May-29-03
321347239 1			131,300.00	130,69 5.68	Sep-28-04	8.875%	MI - 89.99%	Paid Off - 360	Dec-18-03
321347700 1			46,500.00	46,343.43	Sep-29-04	10.375%	IN - 75.00%	Paid Off - 360	Dec-18-03
321347833 1		FCL	168,000.00	167,272.08	Oct-01-04	8.499%	CA - 80.00%	Paid Off - 360	Jan-16-04
321348401 1			357,650.00	357,650.00	Sep-21-04	6.125%	CA - 94.99%	Paid Off - 360	Jan-16-04
321350787 1			30,800.00	30,744.18	Oct-08-04	14.250%	OH - 100.00%	Paid Off - 180	Oct-17-03
321403487 1			51,500.00	51,404.20	Sep-29-04	11.750%	MO - 100.00%	Paid Off - 360	Feb-16-04
321404725 1			120,900.00	120,895.37	Sep-27-04	5.625%	NV - 99.98%	Paid Off - 360	Feb-16-04
321408858 1			112,700.00	112,333.25	Sep-24-04	9.125%	AZ - 70.00%	Paid Off - 360	Feb-16-04
321622839 1			115,900.00	115,639.31	Sep-23-04	10.000%	CT - 100.00%	Paid Off - 360	Mar-17-04
321622953 1			35,000.00	34,906.49	Oct-04- 04	9.624%	IA - 90.00%	Paid Off - 360	Mar-17-04
321622979 1			10,000.00	9,973.81	Oct-04-04	12.125%	IA - 90.00%	Paid Off - 180	Mar-17-04
321624785 1			234,000.00	233,939.97	Oct-01-04	6.125%	CA - 75.48%	Paid Off - 36 0	Mar-17-04
320921273 2			39,900.00	39,510.84	Oct-04-04	12.750%	FL - 99.98%	Paid Off - 180	May-19-03
320923345 2			104,000.00	103,347.76	Sep-16-04	9.875%	MO - 78.20%	Paid Off - 360	Aug-04-03
320925571 2			216,000.00	213,211.41	Oct-04-04	5.500%	CA - 80.00%	Paid Off - 360	Sep-02-03
320926546 2			184,000.00	181,843.48	Oct-06-04	6.249%	CA - 80.00%	Paid Off - 360	Aug-25-03
320926694 2			182,400.00	181,412.27	Sep-28-04	10.125%	MA - 80.00%	Paid Off - 360	Aug-29-03
320927049 2			132,300.00	132,300.00	Oct-05-04	5.625%	AZ - 80.00%	Paid Off - 360	Aug-28-03
320927809 2			197,350.00	194,918.68	Oct-15-04	5.500%	AZ - 79.99%	Paid Off - 360	Sep-04-03
320929219 2			90,000.00	88,739.54	Oct-13-04	10.750%	MO - 90.00%	Paid Off - 360	Sep-24-03
320932239 2			264,000.00	262,321.30	Sep-28-04	7.875%	CA - 80.00%	Paid Off - 360	Nov-04-03
320932502 2		FCL	360,000.00	358,265.60	Oct-07-04	10.250%	MA - 80.00%	Paid Off - 360	Sep-26-03
320932924 2			135,000.00	134,275.37	Sep-23-04	9.250%	CA - 100.00%	Paid Off - 360	Oct-09-03
320933617 2			123,200.00	122,663.02	Oct-08-04	10.250%	OH - 80.00%	Paid Off - 360	Oct-17-03
320933997 2			250,000.00	247,074.79	Sep-21-04	5.249%	CA - 68.49%	Paid Off - 360	Oct-07-03
320934078 2			225,250.00	224,182.25	Oct-15-04	9.999%	CA - 85.00%	Paid Off - 360	Oct-07-03
320934250 2			295,000.00	293,467.58	Sep-24-04	10.375%	CA - 100.00%	Paid Off - 360	Oct-17-03
320935711 2			283,500.00	283,387.69	Sep-30-04	6.875%	CA - 90.00%	Paid Off - 360	Oct-10-03
320935968 2			185,500.00	184,712.57	Oct-13-04	10.375%	MA - 79.99%	Paid Off - 360	Oct-30-03
320936776 2			114,300.00	113,775.02	Oct-01-04	10.000%	OH - 90.00%	Paid Off - 360	Oct-29-03
320936792 2			127,900.00	127,342.59	Oct-13-04	10.250%	IL - 79.99%	Paid Off - 360	Oct-15-03
320936933 2			130,450.00	129,482.89	Oct-06-04	7.499%	CA - 79.98%	Paid Off - 360	Nov-11-03
320936966 2			32,650.00	32,561.64	Oct-06-04	12.125%	CA - 100.00%	Paid Off - 180	Nov-11-03
320937071 2			352,000.00	350,205.56	Sep-29-04	9.500%	CA - 80.00%	Paid Off - 360	Oct-17-03
320937865 2			93,000.00	91,532.82	Sep-24-04	7.875%	IA - 100.00%	Paid Off - 360	Oct-24-03
320937907 2			140,000.00	140,000.00	Sep-16-04	5.875%	CA - 80.00%	Paid Off - 360	Oct-17-03
320938434 2			18,600.00	18,435.15	Sep-29-04	12.990%	FL - 100.00%	Paid Off - 180	Oct-29-03
320938582 2			319,200.00	317,663.92	Sep-15-04	9.250%	NV - 80.00%	Paid Off - 360	Nov-04-03
320938590 2			79,800.00	79,577.57	Sep-15-04	14.250%	NV - 100.00%	Paid Off - 180	Nov-04-03
320938699 2			168,800.00	168,048.45	Sep-27-04	9.625%	IL - 80.00%	Paid Off - 360	Nov-13-03
320942311 2			58,500.00	58,269.66	Oct-13-04	10.250%	KS - 79.05%	Paid Off - 360	Nov-20-03
320943012 2			73,500.00	73,077.21	Oct-07-04	8.375%	MO - 100.00%	Paid Off - 360	Nov-21-03
320944184 2			220,000.00	218,189.70	Sep-20-04	7.625%	CA - 80.00%	Paid Off - 360	Sep-02-03
320944192 2			55,000.00	54,807.75	Sep-20-04	11.750%	CA - 100.00%	Paid Off - 180	Sep-02-03
320944200 2			237,500.00	237,500.00	Sep-24-04	4.999%	CA - 95.00%	Paid Off - 360	Aug-26-03
320946957 2			240,000.00	236,915.47	Oct-04-04	5.500%	MA - 80.00%	Paid Off - 360	Sep-11-03
320948466 2			146,700.00	145,475.21	Oct-12-04	10.375%	MD - 99.98%	Paid Off - 360	Oct-28-03
					Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Lo an Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for October 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
321096265 2			190,600.00	189,281.84	Sep-21-04	7.999%	AZ - 80.00%	Paid Off - 360	Oct-17-03
321096455 2			104,000.00	103,656.27	Sep-16-04	11.375%	NJ - 80.00%	Paid Off - 360	Dec-18-03
321097008 2			389,600.00	387,414.19	Sep-28-04	8.499%	MA - 80.00%	Paid Off - 360	Nov-17-03
321097099 2			68,400.00	68,142.58	Oct-07-04	10.500%	FL - 80.00%	Paid Off - 360	Dec-18-03
321098204 2			85,900.00	85,603.06	Oct-04-04	10.250%	LA - 98.73%	Paid Off - 360	Dec-18-03
321098758 2			166,250.00	164,933.34	Oct-06-04	6.125%	MD - 95.00%	Paid Off - 360	Dec-18-03
321102261 2			475,200.00	475,196.99	Oct-01-04	5.499%	CA - 80.00%	Paid Off - 360	Dec-18-03
321104267 2			387,000.00	387,000.00	Sep-22-04	6.750%	CA - 90.00%	Paid Off - 360	Nov-17-03
321104507 2			145,800.00	145,254.36	Sep-30-04	9.875%	IL - 80.00%	Paid Off - 360	Dec-18-03	&nb sp;
321104515 2			36,450.00	36,363.59	Sep-30-04	12.000%	IL - 100.00%	Paid Off - 180	Dec-18-03
321347494 2			68,000.00	67,743.29	Oct-05-04	11.125%	OH - 80.00%	Paid Off - 360	Dec-18-03
321348393 2			265,500.00	265,496.58	Oct-04-04	7.499%	MD - 90.00%	Paid Off - 360	Jan-16-04
321349102 2			364,000.00	362,682.71	Sep-30-04	9.375%	CA - 80.00%	Paid Off - 360	Jan-16-04
321351066 2			68,000.00	67,772.40	Oct-15-04	9.750%	MD - 85.00%	Paid Off - 360	Jan-16-04
321403537 2			32,800.00	32,706.30	Oct-01-04	10.499%	WA - 100.00%	Paid Off - 360	Jan-16-04
321404014 2			164,000.00	163,493.26	Oct-01-04	9.375%	IL - 80.00%	Paid Off - 360	Feb-16-04
321407363 2			197,600.00	196,706.23	Oct-05-04	7.500%	CA - 80.00%	Paid Off - 360	Feb-16-04
321410425 2			79,100.00	78,872.35	Sep-23-04	9.750%	OH - 100.00%	Paid Off - 360	Feb-16-04
321410458 2			19,800.00	19,643.90	Sep-23-04	15.990%	OH - 100.00%	Paid Off - 180	Feb-16-04
321411050 2			128,000.00	128,000.00	Sep-28-04	5.625%	AZ - 100.00%	Paid Off - 360	Feb-16-04
321411068 2			51,600.00	51,436.38	Sep-29-04	9.250%	MO - 99.38%	Paid Off - 360	Feb-16-04
321411092 2			32,000.00	31,913.06	Sep-28-04	9.990%	AZ - 100.00%	Paid Off - 180	Feb-16-04
321411100 2			12,900.00	12,886.32	Sep-29-04	14.250%	MO - 99.38%	Paid Off - 180	Feb-16-04
321620866 2			439,400.00	437,293.58	Sep-30-04	6.250%	MD - 99.99%	Paid Off - 360	Mar-17-04
321622375 2			199,500.00	199,423.11	Sep-30-04	9.250%	CA - 84.89%	Paid Off - 360	Mar-17-04
321622532 2			500,000.00	499,981.89	Oct-05-04	7.500%	CA - 100.00%	Paid Off - 360	Mar-17-04
321622847 2			29,000.00	28,952.37	Sep-23-04	13.500%	CT - 100.00%	Paid Off - 180	Mar-17-04
321624520 2			129,550.00	129,301.70	Oct-14-04	10.750%	MO - 99.99%	Paid Off - 360	Mar-17-04
321624538 2			32,400.00	32,378.66	Oct-14-04	15.500%	MO - 99.99%	Paid Off - 180	Mar-17-04
					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for October 25, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP II	GROUP I	TOTAL
	Current
	Number of Loans Liquidated					2	3	5
	Collateral Realized Loss/(Gain) Amount					6,096.92	92,840.09	98,937.01
	Net Liquidation Proceeds					311,839.79	344,286.97	656,126.76
	Cumulative
	Number of Loans Liquidated					2	3	5
	Collateral Realized Loss/(Gain) Amount					6,096.92	92,840.09	98,937.01
	Net Liquidation Proceeds					311,839.79	344,286.97	656,126.76
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
	Group I						3 Months Moving Average
	Group II
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for October 25, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP II	GROUP I	TOTAL
	MDR					0.10%	0.14%	0.12%
	3 Months Avg MDR					0.03%	0.05%	0.04%
	12 Months A vg MDR
	Avg MDR Since Cut-off					0.01%	0.02%	0.02%
	CDR					1.19%	1.64%	1.42%
	3 Months Avg CDR					0.40%	0.55%	0.48%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.17%	0.24%	0.20%
	SDA					6.31%	8.72%	7.52%
	3 Months Avg SDA Approximation					2.45%	3.38%	2.91%
	12 Months Avg SDA Approximation			;
	Avg SDA Since Cut-off Approximation					1.38%	1.90%	1.64%
	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 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for October 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
		&nb sp;
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Ba lance 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 24 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for October 25, 2004 Distribution
	Realized Loss Detai l Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 5
Total Loan Count Revisions = 0						Loan Group 1 = Group I
Total Prior Principal Balance = 755,063.77						Loan Group 2 = Group II
Total Current Realized Loss Amount = 98,937.01
Total Revisions Amount = 0.00
Total Realized Loss Amount = 98,937.01
Total Net Liquidation Proceeds = 656,126.76	;
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)
320933559 1			8.125%	CA - 79.77%	360	203,617.39		2,175.40	2,175.40
320934425 1			10.875%	AZ - 99.97%	360	118,695.22		31,996.89	31,996.89
321349094 1		FCL	9.750%	MO - 80.00%	360	114,814.45		58,667.80	58,667.80
320930142 2			9.250%	CA - 80.00%	360	196,937.16	&n bsp;	5,372.42	5,372.42
320942048 2		FCL	9.125%	AZ - 80.00%	360	120,999.55		724.50	724.50
					Page 25 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mor tgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for October 25, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP II	GROUP I	TOTAL
	Step Down Date?							No
	Trigger Event Occuring?							No
	Delinquency Percentage							4.028025%
	Beginning Credit Enhancement Percentage							22.084879%
	Ending Credit Enhancement Percentage							22.785697%
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORM ATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Additional Certificate Report for October 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					0.00	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
&n bsp;	C					0.00	0.00	0.00
	P					0.00	0.00	0.00
				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank