Equifirst Mortgage Loan Trust 2004-3 Asset-backed Certificates, Series 2004-3 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):  December 27, 2004
                         (Date of earliest event reported)

            Financial Asset Securities Corporation (as Depositor under the
             Pooling and Servicing Agreement, dated as November 15, 2004,
               providing for the issuance of Equifirst Mortgage Loan Trust
         Series 2004-3 Asset-Backed Pass-Through Certificates, Series 2004-3)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-111379-34                          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
     December 27, 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:  Dec 28, 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 December 27, 2004.










			

Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
				External Part ies						Table of Contents
													Page
				Seller
										1. Certificate Payment Report					2
				Greenwich Capital Financial Products, In
										2. Collection Account Report					4
										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10
										6. REO Report					11
										7. Foreclosure Report					12
										8. Prepayment Report					13
										9. Prepayment Detail Report					16
										10. Realized Loss Report					1 7
										11. Realized Loss Detail Report					20
				Servicer(s)
										12. Triggers and Adj. Cert. Report					21
				Ocwen Federal
					13. Additional Certificate Report					22
				Underwriter(s)
				Greenwich Capital Markets
										Total Number of Pages					22
				Dates						Contacts
				Cut-Off Date:			November 15, 2004			Eiko Akiyama
				Close Date:			November 30, 2004			Administrator
				First Distribution Date:			December 27, 2004			(714) 247-6328
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92514
				Distribution Date:			December 27, 2004
										Factor Information:			(800) 735-7777
				Record Date:			November 30, 2004
										Main Phone Number:			(714) 247-6000
							December 24, 2004
										https://www.tss.db.com/invr
Page 1 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution -
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance
					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)
A-1	SNR	$	125,000,000.00		125,000,000.00		221,953.13		2,056,356.63		2,278,309.76		0.00		0.00		122,943,643.37
A-2	SNR	$	191,000,000.00		191,000,000.00		363,496.88		0.00		363,496.88		0.00		0.00		191,000,000.00
A-3	SNR	$	27,210,000.00		27,210,000.00		54,845.16		0.00		54,845.16		0.00		0.00		27,210,000.00
M-1	MEZ	$	27,917,000.00		27,917,000.00		57,735.85		0.00		57,735.85		0.00		0.00		27,917,000.00
M-2	MEZ	$	9,149,000.00		9,149,000.00		19,264.36		0.00		19,264.36		0.00		0.00		9,149,000.00
M-3	MEZ	$	14,076,000.00		14,076,000.00		30,166.63		0.00		30,166.63		0.00		0.00		14,076,000.00
M-4	MEZ	$	8,211,000.00		8,211,000.00		19,136.76		0.00		19,136.76		0.00		0.00		8,211,000.00
M-5	MEZ	$	8,211,000.00		8,211,000.00		19,752.59		0.00		19,752.59		0.00		0.00		8,211,000.00
M-6	MEZ	$	8,211,000.00		8,211,000.00		20,676.32		0.00		20,676.32		0.00		0.00		8,211,000.00
M-7	MEZ	$	8,211,000.00		8,211,000.00		23,755.45		0.00		23,755.45		0.00		0.00		8,211,000.00
M-8	MEZ	$	8,211,000.00		8,211,000.00		24,371.27		0.00		24,371.27		0.00		0.00		8,211,000.00
M-9	MEZ	$	7,038,000.00		7,038,000.00		25,376.39		0.00		25,376.39		0.00		0.00		7,038,000.00
M-10	MEZ	$	4,223,000.00		4,223,000.00		16,493.45		0.00		16,493.45		0.00		0.00		4,223,000.00
B-1	SUB	$	6,099,000.00		6,099,000.00		26,107.53		0.00		26,107.53		0.00		0.00		6,099,000.00
B-2	SUB	$	7,038,000.00		7,038,000.00		30,127.04		0.00		30,127.04		0.00		0.00		7,038,000.00
C	SUB, EXE	$	9,385,924.00		9,385,924.00		1,618,440.56		2,103.52		1,620,544.08		0.00		0.00		9,383,820.48
P	EXE	$	100.00		100.00		860.00		0.00		860.00		0.00		0.00		100.00
R	RES	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total			469,191,024.00		469,191,024.00		2,572,559.37		2,058,460.15		4,631,019.52		0.00		0.00		467,132,563.85
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)		(1)		(2)		(3)		(4)=(2)+(3)		(5)
A-1	11/30/04		12/26/04		A-Act/360		29445FBU1		125,000,000.00		1,000.000000		1.775625		16.450853		18.226478		983.549147
A-2	11/30/04		12/26/04		A-Act/360		29445FBV9		191,000,000.00		1,000.000000		1.903125		0.000000		1.903125		1,000.000000
A-3	11/30/04		12/26/04		A-Act/360		29445FBW7		27,210,000.00		1,000.000000		2.015625		0.000000		2.015625		1,000.000000
M-1	11/30/04		12/26/04		A-Act/360		29445FBX5		27,917,000 .00		1,000.000000		2.068125		0.000000		2.068125		1,000.000000
M-2	11/30/04		12/26/04		A-Act/360		29445FBY3		9,149,000.00		1,000.000000		2.105625		0.000000		2.105625		1,000.000000
M-3	11/30/04		12/26/04		A-Act/360		29445FBZ0	14,076,000.00		1,000.000000		2.143125		0.000000		2.143125		1,000.000000
M-4	11/30/04		12/26/04		A-Act/360		29445FCA4		8,211,000.00		1,000.000000		2.330625		0.000000		2.330625		1,000.000000
M-5	11/30/04		12/26/04		A-Act/360		29445FCB2		8,211,000.00		1,000.000000		2.405625		0.000000		2.405625		1,000.000000
M-6	11/30/04		12/26/04		A-Act/360		29445FCC0		8,211,000.00		1,000.000000		2.518124		0.000000		2.518124		1,000.000000
M-7	11/30/04		12/26/04		A-Act/360		29445FCD8		8,211,000.00		1,000.000000		2.893125		0.000000		2.893125		1,000.000000
M-8	11/30/04		12/26/04		A-Act/360		29445FCE6		8,211,000.00		1,000.000000		2.968124		0.000000		2.968124		1,000.000000
M-9	11/30/04		12/26/04		A-Act/360		29445FCF3		7,038,000.00		1,000.000000		3.605625		0.000000		3.605625		1,000.000000
M-10	11/30/04		12/26/04		A-Act/360		29445FCG1		4,223,000.00		1,000.000000		3.905624		0.000000		3.905624		1,000.000000
B-1	11/30/04		12/26/04		A-Act/360		29445FCH9		6,099,000.00		1,000.0 00000		4.280625		0.000000		4.280625		1,000.000000
B-2	11/30/04		12/26/04		A-Act/360		29445FCJ5		7,038,000.00		1,000.000000		4.280625		0.000000		4.280625		1,000.000000
C	11/25/04		12/24/04				9,385,924.00		1,000.000000	172.432737		0.224114		172.656851		999.775886
P	11/25/04		12/24/04				100.00		1,000.000000		8,600.000000		0.000000		8,600.000000		1,000.000000
R	11/25/04		12/24/04				0.00		0.000000	0.000000		0.000000		0.000000		0.000000
Page 2 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Distribution to Date -
																	Current
	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal
Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	125,000,000.00		221,953.13		1,701,052.13		355,304.50		2,056,356.63		2,278,309.76		0.00		0.00		122,943,643.37
A-2	191,000,000.00		363,496.88		0.00		0.00		0.00		363,496.88		0.00		0.00		191,000,000.00
A-3	27,210,000.00		54,845.16		0.00		0.00		0.00		54,845.16		0.00		0.00		27,210,000.00
M-1	27,917,000.00		57,735.85		0.00		0.00		0.00		57,735.85		0.00		0.00		27,917,000.00
M-2	9,149,000.00		19,264.36		0.00		0.00		0.00		19,264.36		0.00		0.00		9,149,000.00
M-3	14,076,000.00		30,166.63		0.00		0.00		0.00	30,166.63		0.00		0.00		14,076,000.00
M-4	8,211,000.00		19,136.76		0.00		0.00		0.00		19,136.76		0.00		0.00		8,211,000.00
M-5	8,211,000.00		19,752.59		0.00		0.00		0.00		19,752.59		0.00		0.00		8,211,000.00
M-6	8,211,000.00		20,676.32		0.00		0.00		0.00		20,676.32		0.00		0.00		8,211,000.00
M-7	8,211,000.00		23,755.45		0.00		0.00		0.00		23,755.45		0.00		0.00		8,211,000.00
M-8	8,211,000.00		24,371.27		0.00		0.00		0.00		24,371.27		0.00		0.00		8,211,000.00
M-9	7,038,000.00		25,376.39		0.00		0.00		0.00		25,376.39		0.00		0.00		7,038,000.00
M-10	4,223,000.00		16,493.45		0.00		0.00		0.00		16,493.45		0.00		0.00		4,223,000.00
B-1	6,099,000.00		26,107.53		0.00		0.00		0.00		26,107.53		0.00		0.00		6,099,000.00
B-2	7,038,000.00		30,127.04		0.00		0.00		0.00		30,127.04		0.00		0.00		7,038,000.00
C	9,385,924.00		1,618,440.56		1,740.07		363.45		2,103.52		1,620,544.08		0.00		0.00		9,383,820.48
P	100.00		860.00		0.00		0.00		0.00		860.00		0.00		0.00		100.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total	469,191,024.00		2,572,559.37		1,702,792.20		355,667.95		2,058,460.15		4,631,019.52		0.00		0.00		467,132,563.85
Interest Detail -
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid o r		Current
	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid
Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	2.36750%		125,000,000.00		221,953.13		0.00		0.00		0.00		221,953.13		221,953.13		0.00
A-2	2.53750%		191,000,000.00		363,496.88		0.00		0.00		0.00		363,496.88		363,496.88		0.00
A-3	2.68750%		27,210,000.00		54,845.16		0.00		0.00		0.00		54,845.16		54,845.16		0.00
M-1	2.75750%		27,917,000.00		57,735.85		0.00		0.00		0.00		57,735.85		57,735.85		0.00
M-2	2.80750%		9,149,000.00		19,264.36		0 .00		0.00		0.00		19,264.36		19,264.36		0.00
M-3	2.85750%		14,076,000.00		30,166.63		0.00		0.00		0.00		30,166.63		30,166.63		0.00
M-4	3.10750%		8,211,000.00		19,136.76		0.00		0.00		0.00		19,136.76		19,136.76		0.00
M-5	3.20750%		8,211,000.00		19,752.59		0.00		0.00		0.00		19,752.59		19,752.59		0.00
M-6	3.35750%		8,211,000.00		20,676.32		0.00		0.00		0.00		20,676.32		20,676.32		0.00
M-7	3.85750%		8,211,000.00		23,755.45		0.00		0.00		0.00		23,755.45		23,755.45		0.00
M-8	3.95750%		8,211,000.00		24,371.27		0.00		0 .00		0.00		24,371.27		24,371.27		0.00
M-9	4.80750%		7,038,000.00		25,376.39		0.00		0.00		0.00		25,376.39		25,376.39		0.00
M-10	5.20750%		4,223,000.00		16,493.45		0.00		0.00		0.00		16,493.45		16,493.45		0.00
B-1	5.70750%		6,099,000.00		26,107.53		0.00		0.00		0.00		26,107.53		26,107.53		0.00
B-2	5.70750%		7,038,000.00		30,127.04		0.00		0.00		0.00		30,127.04		30,127.04		0.00
C	206.91928%		9,385,924.00		1,618,440.56		0.00		0.00		0.00		1,618,440.56		1,618,440.56		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		860.00		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total			469,191,024.00		2,571,699.37		0.00		0.00		0.00		2,571,699.37		2,572,559.37		0.00
Page 3 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Collection Account Report
SUMMARY
														Total
Principal Collections														2,058,460.34
Principal Withrawals														0.00
Principal Other Accounts														0.00
TOTAL NET PRINCIPAL														2,058,460.34
Interest Collec tions														2,680,512.98
Interest Withdrawals														-0.00
Interest Other Accounts														860.00
Interest Fees														-108,813.80
TOTAL NET INTEREST														2,572,559.18
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									4,631,019.52
PRINCIPAL - COLLECTIONS
															Total
Scheduled Principal Received															355,667.95
Curtailments															-19,362.59
Prepayments In Full															1,722,154.98
Repurchased/Substitutions															0.00
Liquidations															0.00
Other Additional Principal															0.00
Delinquent Principal															-158,857.72
Realized Losses															-0.00
Advanced Principal															158,857.72
TOTAL PRINCIPAL COLLECTED															2,058,460.34
PRINCIPAL - WITHDRAWALS
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
														Total
TOTAL PRINCIPAL OTHER ACCOUNTS														0.00
Page 4 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
INTEREST - COLLECTIONS
														Total
Scheduled Interest														2,769,980.63
Repurchased/Substitution Interest														0.00
Liquidation Interest														0.00
Other Additional Interest														0.00
Prepayment Interest Shortfalls														-624.95
Delinquent Interest														-1,275,195.97
Compensating Interest														624.95
Civil Relief Act Shortfalls														-0.00
Interest Advanced														1,185,728.33
TOTAL INTEREST COLLECTED														2,680,512.98
INTEREST - WITHDRAWALS
														Total
TOTAL INTEREST WITHDRAWALS														0.00
INTEREST - OTHER ACCOUNTS
														Total
Prepayment Charges														860.00
TOTAL INTEREST OTHER ACCOUNTS														860.00
INTEREST - FEES
														Total
Current Servicing Fees														106,624.24
Tr ustee Fees														2,189.56
TOTAL INTEREST FEES														108,813.80
Page 5 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS
Net WAC Rate Carryover Reserve Account
Amount Deposited in the Account						0.00
Begining Balance						0.00
Amount Withdrawn						0.00
Ending Balance						0.00
INSURANCE
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
														Total
Overcollateralization Amount														9,385,924.19
Overcollateralization Target Amount														9,383,820.48
Overcollateralization Deficiency Amount														0. 00
Overcollateralization Release Amount														2,103.71
Page 6 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Collateral Report
COLLATERAL
															Total
																	&nb sp;
Loan Count:
Original														3,250
Prior														3,250
Prefunding														0
Scheduled Paid Offs														-0
Full Voluntary Prepayments														-11
Repurchases														-0
Liquidations														-0
Current														3,239
Principal Balance:
Original														469,191,024.19
Prior														469,191,024.19
Prefunding														0.00
Scheduled Principal														-355,667.95
Partial Prepayments														(19,362.59)
Full Voluntary Prepayments														-1,722,154.98
Repurchases														-0.00
Liquidations														-0.00
Current														467,132,563.85
PREFUNDING
SPACE INTENTIONALLY LEFT BLANK
Page 7 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
CHARACTERISTICS
														Total
Weighted Average Coupon Original														7.08448%
Weighted Average Coupon Prior														7.08448%
Weighted Average Coupon Current														7.08448%
Weighted Average Months to Maturity Original														354
Weighted Average Months to Maturity Prior														354
Weighted Average Months to Maturity Current														354
Weighted Avg Remaining Amortization Term Original														354
Weighted Avg Remaining Amortization Term Prior														354
Weighted Avg Remaining Amortization Term Current														354
Weighted Average Seasoning Original														2.53
Weighted Average Seasoning Prior														2.53
Weighted Average Seasoning Current														2.53
Page 8 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Back ed Certificates
2004-3
December 27, 2004 Distribution
ARM CHARACTERISTICS
														Total
Weighted Average Margin Original														6.63314%
Weighted Average Margin Prior														6.63314%
Weighted Avera ge Margin Current														6.63314%
Weighted Average Max Rate Original														12.95602%
Weighted Average Max Rate Prior														12.95602%
Weighted Average Max Rate Current														12.95602%
Weighted Average Min Rate Original														6.95601%
Weighted Average Min Rate Prior														6.95601%
Weighted Average Min Rate Current														6.95601%
Weighted Average Cap Up Original														1.00000%
Weighted Average Cap Up Prior														1.00000%
Weighted Average Cap Up Current														1.00000%
Weighted Average Cap Down Original														1.00000%
Weighted Average Cap Down Prior														1.00000%
Weighted Average Cap Down Current														1.00000%
																	& nbsp;
SERVICING FEES & ADVANCES
															Total
Current Servicing Fees														106,624.24
Delinquent Se rvicing Fees														88,827.90
TOTAL SERVICING FEES														195,452.15
Total Servicing Fees														195,452.15
Compensating Interest														-624.95
Delinquent Servicing Fees														-88,827.90
COLLECTED SERVICING FEES														105,999.30
Total Advaced Interest														1,185,728.33
Total A dvaced Principal														158,857.72
Aggregate Advances with respect to this Distribution														1,344,586.05
ADDITIONAL COLLATERAL INFORMATION
														Total
Prepayment Interest Shortfall (PPIS)														624.95
Compensating Interest														-624.95
Net Prepayment Interest Shortfall (PPIS)														0.00
Weighted Average Net Mortgage Rate														6.579561%
Libor For Current Period														2.2075%
Libor For Next Period														2.4175%
Page 9 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Delinquency Report
	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				1,130,620.07		99,583.53		318,586.64		1,548,790.24
			% Balance				0.24%		0.02%		0.07%		0.33%
			# Loans				10		1		1		12
			% # Loans				0.31%		0.03%		0.03%		0.37%
	FORECLOSURE		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00		0.00	0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00		1,130,620.07		99,583.53		318,586.64		1,548,790.24
			% Balance		0.00%		0.24%		0.02%		0.07%		0.33%
			# Loans		0		10		1		1		12
			% # Loans		0.00%		0.31%		0.03%		0.03%		0.37%
Page 10 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
REO Report
Loan Number			Original		Stated				Current		State &
														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
TOTAL
Page 11 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &
														First
&	Principal		Principal		Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
TOTAL
Page 12 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Prepayment Report
VOLUNTARY PRE PAYMENTS
															Total
Current
Number of Paid in Full Loans														11
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														11
Curtailments Amount														-19,362.59
Paid in Full Balance														1,722,154.98
Repurc hased Loans Balance														0.00
Total Prepayment Amount														1,702,792.39
Cumulative
Number of Paid in Full Loans														11
Number of Repurchased Loans														0
Total Number of Loans Prepaid in Full														11
Paid in Full Balance														1,722,154.98
Repurchased Loans Balance														0.00
Curtailments Amount														-19,362.59
Total Prepayment Amount														1,702,792.39
Page 13 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
VOLUNTARY PREPAYMENTS RATES																	&nbs p;
															Total
SMM														0.36%
3 Months Avg SMM														0.36%
12 Months Avg SMM														0.36%
Avg SMM Since Cut-off														0.36%
CPR														4.27%
3 Months Avg CPR														4.27%
12 Months Avg CPR														4.27%
Avg CPR Since Cut-off														4.27%
PSA														845.01%
3 Months Avg PSA Approximation														845.02%
12 Months Avg PSA Approximation														845.02%
Avg PSA Since Cut-off Approximation														845.02%
Page 14 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
PREPAYMENT CALCULATION METHODOLOGY
	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases +Liquidations)/(Beg Principal Balance - Sched Principal)
	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*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, liquidations, and repurchases.
	Dates correspond to distribution dates.
Page 15 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
																	;
December 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
5108081 1			86,000.00		85,969.27			01-Dec-2004		10.990%		OH - 100.00%		Paid Off - 360		11/01/2004
5403691 1			330,000.00		329,238.27			30-Nov-2004		7.350%		FL - 100.00%		Paid Off - 360		09/01/2004
5466011 1			147,590.00		147,484.78			30-Nov-2004	7.700%		FL - 100.00%		Paid Off - 360		11/01/2004
5502774 1			62,000.00		61,888.81			30-Nov-2004		9.950%		AZ - 99.87%		Paid Off - 360		09/01/2004
5630363 1			268,000.00		267,750.57			30-Nov-2004		6.350%		NY - 80.00%		Paid Off - 360		11/01/2004
5691511 1			100,800.00		100,730.98			02-Dec-2004		7.900%		ME - 90.00%		Paid Off - 360		11/01/2004
5735673 1			64,800.00		64,752.3 8			14-Dec-2004		7.550%		SC - 80.00%		Paid Off - 360		11/01/2004
5796131 1			169,600.00		1 69,286.51			30-Nov-2004		6.400%		MN - 80.00%		Paid Off - 360		10/15/2004
5810471 1			130,150.00		130,053.41			30-Nov-2004		7.500%		GA - 95.00%		Paid Off - 360		11/01/2004
5857761 1			144,000.00		144,000.00			30-Nov-2004		8.400%		MD - 90.00%		Paid Off - 360		12/01/2004
5929711 1			221,000.00		221,000.00			10-Dec-2004		8.000%		NV - 85.00%		Paid Off - 360		12/01/2004
TOTAL			1,723,940.00		1,722,154.98
Page 16 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Realized Loss Report
COLLATERAL REALIZED LOSSES
															Total
Current
Number of Loans Liquidated														0
Collateral Principal Realized Loss/(Gain) Amount														0.00
Collateral Interest Realized Loss/(Gain) Amount														0.00
Net Liquidation Proceeds														0.00
Cumulative
Number of Loans Liquidated														0
Collateral Realized Loss/(Gain) Amount														0.00
Net Liquidation Proceeds														0.00
Page 17 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
DEFAULT SPEEDS
															Total
MDR														0.00%
3 Months Avg MDR														0.00%
12 Months Avg MDR														0.00%
Avg MDR Since Cut-off														0.00%
CDR														0.00%
3 Months Avg CDR														0.00%
12 Months Avg CDR														0.00%
Avg CDR Since Cut-off														0.00%
SDA														0.00%
3 Months Avg SDA Approximation														0.00%
12 Months Avg SDA Approximation														0.00%
Avg SDA Since Cut-off Approximation														0.00%
Loss Severity Approximation for Current Period														0.00%
3 Months Avg Loss Severity Approximation														0.00%
12 Months Avg Loss Severity Approximation														0.00%
Avg Loss Severity Approximation Since Cut-off														0.00%
																	;
Page 18 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
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 dis tribution dates.
Page 19 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
TOTAL
Page 20 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3																	&nb sp;
December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS																	;
														Total
Has Stepdown Condition occurred (0 = No, 1=Yes)														0
Does a Trigger Event Exist-Either a) or b) Yes?														0
a) Does a Delinquency Trigger Event Exists (0=No,1=Yes)														0
b) Does a Loss Trigger Event Exists (0=No,1=Yes)														0
60+ days Delinqueny Balance														418,170.17
Ending Collateral Balance														467,132,563.85
Delinquency Percentage														0.0900%
Senior Enhancement Percentage														25.950608%
Cumulative Loss Percentage														0.0000%
ADJUSTABLE RATE CERTIFICATE INFORMATION
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
SPACE INTENTIONALLY LEFT BLANK
Page 21 of 22
Equifirst Mortgage Loan Trust 2004-3
Asset Backed Certificates
2004-3
December 27, 2004 Distribution
Additional Certificate Report
ADDIT IONAL CERTIFICATE REPORT
													NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
C LASS
			A-1										$0.00		$0.00
			A-2										$0.00		$0.00
			A-3										$0.00		$0.00
			M-1										$0.00		$0.00
			M-2										$0.00		$0.00
			M-3										$0.00		$0.00
			M-4										$0.00		$0.00
			M-5										$0.00		$0.00
			M-6										$0.00		$0.00
			M-7										$0.00		$0.00
			M-8										$0.00		$0.00
			M-9										$0.00		$0.00
			M-10										$0.00		$0.00
			B-1										$0.00		$0.00
			B-2										$0.00		$0.00
Page 22 of 22