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) : August 25, 2004
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JULY 1, 2004, PROVIDING FOR THE ISSUANCE OF
CHEC LOAN TRUST 2004-1
ASSET-BACKED CERTIFICATES, SERIES 2004-1)
Financial Asset Securities Corp.
--------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 333-111379-17 06-1442101
- - ---------------------------- ----------- ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
600 Steamboat Road
Greenwich, Connecticut 06830
- - ---------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
N/A
(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:
[] 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))
<page>
Item 8.1 Other Events.
This current report on Form 8-K relates to the monthly distribution
reported to the holders of CHEC Loan Trust 2004-1 Asset Backed Certificates,
Series 2004-1 pursuant to the terms of the Pooling and Servicing Agreement,
dated as of July 1, 2004, among Financial Asset Securities Corp. as Depositor,
Centex Home Equity Company, LLC as servicer and JPMorgan Chase Bank as Trustee.
On August 25, 2004 distributions were made to the Certificateholders.
Specific information with respect to these distributions is filed as Exhibit
99.1.
Item 9.1 Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on August 25, 2004
as Exhibit 99.1.
<page>
CHEC Loan Trust 2004-1
Asset Backed Certificates, Series 2004-1
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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.
JPMORGAN CHASE BANK, not in its individual capacity, but
solely as Trustee under the Agreement referred to herein
Date: September 2, 2004 By: /s/ Mark W. McDermott
--------------------------------------------
Name: Mark W. McDermott
Title: Vice President
<page>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Statement to Certificateholders August 25, 2004
Exhibit 99.1
Statement to Certificateholders August 25, 2004
<table>
CHEC Loan Trust 2004-1 Asset Backed Certificates, Series 2004-1
STATEMENT TO CERTIFICATEHOLDERS
August 25, 2004
<s> <c> <c>
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DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
A1 80,000,000.00 80,000,000.00 2,501,869.09 95,400.00 2,597,269.09 0.00 0.00 77,498,130.91
A2 140,000,000.00 140,000,000.00 0.00 185,850.00 185,850.00 0.00 0.00 140,000,000.00
A3 32,157,000.00 32,157,000.00 0.00 47,511.97 47,511.97 0.00 0.00 32,157,000.00
M1 9,746,000.00 9,746,000.00 0.00 15,130.66 15,130.66 0.00 0.00 9,746,000.00
M2 8,818,000.00 8,818,000.00 0.00 14,020.62 14,020.62 0.00 0.00 8,818,000.00
M3 5,569,000.00 5,569,000.00 0.00 9,063.55 9,063.55 0.00 0.00 5,569,000.00
M4 4,796,000.00 4,796,000.00 0.00 9,244.29 9,244.29 0.00 0.00 4,796,000.00
M5 4,486,000.00 4,486,000.00 0.00 8,983.22 8,983.22 0.00 0.00 4,486,000.00
M6 4,486,000.00 4,486,000.00 0.00 9,656.11 9,656.11 0.00 0.00 4,486,000.00
M7 3,713,000.00 3,713,000.00 0.00 9,245.37 9,245.37 0.00 0.00 3,713,000.00
M8 3,249,000.00 3,249,000.00 0.00 8,455.52 8,455.52 0.00 0.00 3,249,000.00
M9 3,094,000.00 3,094,000.00 0.00 11,532.89 11,532.89 0.00 0.00 3,094,000.00
B1 3,094,000.00 3,094,000.00 0.00 11,532.89 11,532.89 0.00 0.00 3,094,000.00
B2 3,094,000.00 3,094,000.00 0.00 11,532.89 11,532.89 0.00 0.00 3,094,000.00
C 3,093,702.00 3,093,702.00 0.00 1,301,407.89 1,301,407.89 -256.10 0.00 3,093,958.10
P 100.00 100.00 0.00 24,769.86 24,769.86 0.00 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RX 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 309,395,802.00 309,395,802.00 2,501,869.09 1,773,337.73 4,275,206.82 -256.10 0.00 306,894,189.01
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FACTOR INFORMATION PER $1,000 OF ORIGINAL FACE PASS-THROUGH RATES
- --------------------------------------------------------------------------------------------------------- ------------------------
CURRENT
BEGINNING ENDING PASS-THRU
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS RATE
- --------------------------------------------------------------------------------------------------------- ------------------------
A1 162765AA9 1,000.00000000 31.27336363 1.19250000 32.46586363 968.72663638 A1 1.590000 %
A2 162765AB7 1,000.00000000 0.00000000 1.32750000 1.32750000 1,000.00000000 A2 1.770000 %
A3 162765AC5 1,000.00000000 0.00000000 1.47750008 1.47750008 1,000.00000000 A3 1.970000 %
M1 162765AD3 1,000.00000000 0.00000000 1.55249949 1.55249949 1,000.00000000 M1 2.070000 %
M2 162765AE1 1,000.00000000 0.00000000 1.59000000 1.59000000 1,000.00000000 M2 2.120000 %
M3 162765AF8 1,000.00000000 0.00000000 1.62750045 1.62750045 1,000.00000000 M3 2.170000 %
M4 162765AG6 1,000.00000000 0.00000000 1.92750000 1.92750000 1,000.00000000 M4 2.570000 %
M5 162765AH4 1,000.00000000 0.00000000 2.00250111 2.00250111 1,000.00000000 M5 2.670000 %
M6 162765AJ0 1,000.00000000 0.00000000 2.15249889 2.15249889 1,000.00000000 M6 2.870000 %
M7 162765AK7 1,000.00000000 0.00000000 2.49000000 2.49000000 1,000.00000000 M7 3.320000 %
M8 162765AL5 1,000.00000000 0.00000000 2.60249923 2.60249923 1,000.00000000 M8 3.470000 %
M9 162765AM3 1,000.00000000 0.00000000 3.72750162 3.72750162 1,000.00000000 M9 4.970000 %
B1 162765AN1 1,000.00000000 0.00000000 3.72750162 3.72750162 1,000.00000000 B1 4.970000 %
B2 162765AP6 1,000.00000000 0.00000000 3.72750162 3.72750162 1,000.00000000 B2 4.970000 %
C N/A 1,000.00000000 0.00000000 420.66362242 420.66362242 1,000.08278108 C 0.000000 %
P N/A 1,000.00000000 0.00000000 #### #### 1,000.00000000 P 0.000000 %
TOTALS 1,000.00000000 8.08630587 5.73161536 13.81792123 991.91452187
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
--------------------------------------------------
RYAN VAUGHN
JPMorgan Chase Bank - Structured Finance Services NY
4 NEW YORK PLAZA FLR 6, ,
New York, New York 10004
Tel: (212) 623-4484
Fax: (212) 623-5930
Email: Ryan.M.Vaughn@JPMorgan.com
--------------------------------------------------
<page>
(ii) Distributions Allocable to Principal
Scheduled Monthly Payments 300,148.43
Curtailments 31,144.11
Prepayments in Full 1,767,245.12
Loans Repurchased by Seller 403,075.32
Substitution Amounts 0.00
Net Liquidation Proceeds 0.00
Overcollateralization Amount 3,093,958.02
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency Amount 0.00
Overcollateralization Target Amount 3,093,958.02
Overcollateralization Excess Amount 0.00
Servicer's Fee 128,746.81
Trustee Fee 1,933.72
Advance 0.00
Aggregate Loan Balance of Each Group
Beginning Aggregate Loan Balance 309,395,801.92
Ending Aggregate Loan Balance 306,894,188.93
Loan Count of Each Group
Group I Beginning Loan Count 2,689.00
Group I Ending Loan Count 2,670.00
Weighted Average Remaining Term 340.00
Weighted Average Net Coupon Rate 6.7829 %
Monthly Remittance Amount
Group I 4,252,370.68
Basic Principal Amount
Group I 2,501,612.98
Applied Realized Loss Amounts
Subordinate Certificates
Class M-1 0.00
Class M-2 0.00
Class M-3 0.00
Class M-4 0.00
Class M-5 0.00
Class M-6 0.00
Class M-7 0.00
Class M-8 0.00
Class M-9 0.00
Class B1 0.00
Class B2 0.00
Stepdown Date Has Not Occurred
Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (Includes Bankruptcies)
Group 1
Principal
Category Number Balance Percentage
1 Month 2 213,660.82 0.07 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 2 213,660.82 0.07 %
Group Totals
Principal
Category Number Balance Percentage
1 Month 2 213,660.82 0.07 %
2 Month 0 0.00 0.00 %
3 Month 0 0.00 0.00 %
Total 2 213,660.82 0.07 %
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Principal
Number Balance Percentage
0 0.00 0.00%
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00%
(b)(iii) Number and Aggregate Principal Amounts of Mortgage Loans in Bankruptcy
Group 1
Principal
Number Balance Percentage
0 0.00 0.00%
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00%
Number and Aggregate Principal Amounts of REO Loans
Group 1
Principal
Number Balance Percentage
0 0.00 0.00%
Group Totals
Principal
Number Balance Percentage
0 0.00 0.00%
Book Value of REO Loans
Group I 0.00
Realized Losses
Monthly Realized Losses 0.00
Cumulative Realized Losses 0.00
Net Liquidation Proceeds 0.00
Subsequent Recoveries 0.00
Cumulative Loss Percentage 0.00 %
Cumulative Realized Losses Since Cut-Off Date 0.00
Aggregate Loan Balance as of the Cut-Off Date 309,395,801.92
Has a Trigger Event Occurred? NO
Credit Enhancement Percentage 18.65096 %
1-Month LIBOR for Current Distribution Date 1.47000 %
Class Interest Carryover Shortfall
Class A1 0.00
Class A2 0.00
Class A3 0.00
Class M1 0.00
Class M2 0.00
Class M3 0.00
Class M4 0.00
Class M5 0.00
Class M6 0.00
Class M7 0.00
Class M8 0.00
Class M9 0.00
Class B1 0.00
Class B2 0.00
Principal Carryover Shortfall on the Subordinate Certificates
Class M1 0.00
Class M2 0.00
Class M3 0.00
Class M4 0.00
Class M5 0.00
Class M6 0.00
Class M7 0.00
Class M8 0.00
Class M9 0.00
Class B1 0.00
Class B2 0.00
Net Prepayment Interest Shortfalls 0.00
Class A1 PPIS 0.00
Class A2 PPIS 0.00
Class A3 PPIS 0.00
Class M1 PPIS 0.00
Class M2 PPIS 0.00
Class M3 PPIS 0.00
Class M4 PPIS 0.00
Class M5 PPIS 0.00
Class M6 PPIS 0.00
Class M9 PPIS 0.00
Class B1 PPIS 0.00
Class M7 PPIS 0.00
Class B2 PPIS 0.00
Class M8 PPIS 0.00
Class C PPIS 0.00
Relief Act Interest Shortfalls 0.00
Class A1 Relief Act Reduction 0.00
Class A2 Relief Act Reduction 0.00
Class A3 Relief Act Reduction 0.00
Class M1 Relief Act Reduction 0.00
Class M2 Relief Act Reduction 0.00
Class M3 Relief Act Reduction 0.00
Class M4 Relief Act Reduction 0.00
Class M5 Relief Act Reduction 0.00
Class M6 Relief Act Reduction 0.00
Class M9 Relief Act Reduction 0.00
Class B1 Relief Act Reduction 0.00
Class M7 Relief Act Reduction 0.00
Class B2 Relief Act Reduction 0.00
Class M8 Relief Act Reduction 0.00
Class C Relief Act Reduction 0.00
Net Wac Carryover Amount Paid 0.00
Class A1 Net Wac Carryover Amount Paid 0.00
Class A2 Net Wac Carryover Amount Paid 0.00
Class A3 Net Wac Carryover Amount Paid 0.00
Class M1 Net Wac Carryover Amount Paid 0.00
Class M2 Net Wac Carryover Amount Paid 0.00
Class M3 Net Wac Carryover Amount Paid 0.00
Class M4 Net Wac Carryover Amount Paid 0.00
Class M5 Net Wac Carryover Amount Paid 0.00
Class M6 Net Wac Carryover Amount Paid 0.00
Class M9 Net Wac Carryover Amount Paid 0.00
Class B1 Net Wac Carryover Amount Paid 0.00
Class M7 Net Wac Carryover Amount Paid 0.00
Class B2 Net Wac Carryover Amount Paid 0.00
Class M8 Net Wac Carryover Amount Paid 0.00
Net Wac Carryover Amount 0.00
Class A1 Net Wac Carryover Amount 0.00
Class A2 Net Wac Carryover Amount 0.00
Class A3 Net Wac Carryover Amount 0.00
Class M1 Net Wac Carryover Amount 0.00
Class M2 Net Wac Carryover Amount 0.00
Class M3 Net Wac Carryover Amount 0.00
Class M4 Net Wac Carryover Amount 0.00
Class M5 Net Wac Carryover Amount 0.00
Class M6 Net Wac Carryover Amount 0.00
Class M9 Net Wac Carryover Amount 0.00
Class B1 Net Wac Carryover Amount 0.00
Class M7 Net Wac Carryover Amount 0.00
Class B2 Net Wac Carryover Amount 0.00
Class M8 Net Wac Carryover Amount 0.00
Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.