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): February 25, 2004
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certs., Series 2004-FM1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-03 54-2142308
Pooling and Servicing Agreement) (Commission 54-2142309
(State or other File Number) IRS EIN
jurisdiction
of Incorporation)
c/o Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On February 25, 2004 a distribution was made to holders of ACE SECURITIES
CORP., Home Equity Loan Asset-Backed Pass-Through Certs., Series 2004-FM1
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Home Equity Loan Asset-Backed
Pass-Through Certs., Series 2004-FM1
Trust, relating to the February 25, 2004
distribution.
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.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certs., Series 2004-FM1 Trust
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 3/5/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity
Loan Asset-Backed Pass-Through Certs., Series 2004-FM1
Trust, relating to the February 25, 2004 distribution.
EX-99.1
ACE Securities Corporation Home Equity Loan Trust
Asset Backed Pass-Through Certificates
Record Date: 1/31/04
Distribution Date: 2/25/04
ACE Series: 2004-FM1
Contact: Customer Service - CTSLink
Wells Fargo Bank, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<s> <c> <c> <c> <c> <c> <c>
A-1 004421DG5 SEN 1.40000% 571,643,000.00 600,225.15 9,548,675.71
A-2A 004421DH3 SEN 1.42000% 37,604,000.00 40,048.26 690,165.48
A-2B 004421DR1 SEN 1.29000% 93,000,000.00 89,977.50 2,057,924.29
A-2C 004421DS9 SEN 1.56000% 19,127,000.00 22,378.59 0.00
A-3 004421DJ9 SEN 1.50000% 63,516,000.00 71,455.50 1,060,965.82
M-1 004421DK6 MEZ 1.70000% 69,547,000.00 88,672.43 0.00
M-2 004421DL4 MEZ 2.35000% 57,128,000.00 100,688.10 0.00
M-3 004421DM2 MEZ 2.55000% 17,387,000.00 33,252.64 0.00
M-4 004421DN0 MEZ 2.90000% 17,387,000.00 37,816.73 0.00
M-5 004421DP5 MEZ 3.05000% 14,903,000.00 34,090.61 0.00
M-6 004421DQ3 MEZ 4.60000% 9,935,000.00 34,275.75 0.00
B-1A ACE041B1A JUN 4.60000% 6,955,000.00 23,994.75 0.00
B-1B ACE041B1B JUN 6.00000% 6,955,000.00 34,775.00 0.00
CE 00499ABN4 JUN 0.00000% 8,444,303.20 4,648,560.94 0.00
P ACE04010P SEN 0.00000% 100.00 0.00 0.00
R1 ACE0401R1 SEN 0.00000% 0.00 0.00 0.00
Totals 993,531,403.20 5,860,211.95 13,357,731.30
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 562,094,324.29 10,148,900.86 0.00
A-2A 0.00 36,913,834.52 730,213.74 0.00
A-2B 0.00 90,942,075.71 2,147,901.79 0.00
A-2C 0.00 19,127,000.00 22,378.59 0.00
A-3 0.00 62,455,034.18 1,132,421.32 0.00
M-1 0.00 69,547,000.00 88,672.43 0.00
M-2 0.00 57,128,000.00 100,688.10 0.00
M-3 0.00 17,387,000.00 33,252.64 0.00
M-4 0.00 17,387,000.00 37,816.73 0.00
M-5 0.00 14,903,000.00 34,090.61 0.00
M-6 0.00 9,935,000.00 34,275.75 0.00
B-1A 0.00 6,955,000.00 23,994.75 0.00
B-1B 0.00 6,955,000.00 34,775.00 0.00
CE 0.00 8,445,016.93 4,648,560.94 0.00
P 0.00 100.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
Totals 0.00 980,174,385.63 19,217,943.25 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<s> <c> <c> <c> <c> <c> <c>
A-1 571,643,000.00 571,643,000.00 0.00 9,548,675.71 0.00 0.00
A-2A 37,604,000.00 37,604,000.00 0.00 690,165.48 0.00 0.00
A-2B 93,000,000.00 93,000,000.00 0.00 2,057,924.29 0.00 0.00
A-2C 19,127,000.00 19,127,000.00 0.00 0.00 0.00 0.00
A-3 63,516,000.00 63,516,000.00 0.00 1,060,965.82 0.00 0.00
M-1 69,547,000.00 69,547,000.00 0.00 0.00 0.00 0.00
M-2 57,128,000.00 57,128,000.00 0.00 0.00 0.00 0.00
M-3 17,387,000.00 17,387,000.00 0.00 0.00 0.00 0.00
M-4 17,387,000.00 17,387,000.00 0.00 0.00 0.00 0.00
M-5 14,903,000.00 14,903,000.00 0.00 0.00 0.00 0.00
M-6 9,935,000.00 9,935,000.00 0.00 0.00 0.00 0.00
B-1A 6,955,000.00 6,955,000.00 0.00 0.00 0.00 0.00
B-1B 6,955,000.00 6,955,000.00 0.00 0.00 0.00 0.00
CE 8,444,303.20 8,444,303.20 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00 0.00 0.00
Totals 993,531,403.20 993,531,403.20 0.00 13,357,731.30 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 9,548,675.71 562,094,324.29 0.98329609 9,548,675.71
A-2A 690,165.48 36,913,834.52 0.98164649 690,165.48
A-2B 2,057,924.29 90,942,075.71 0.97787178 2,057,924.29
A-2C 0.00 19,127,000.00 1.00000000 0.00
A-3 1,060,965.82 62,455,034.18 0.98329609 1,060,965.82
M-1 0.00 69,547,000.00 1.00000000 0.00
M-2 0.00 57,128,000.00 1.00000000 0.00
M-3 0.00 17,387,000.00 1.00000000 0.00
M-4 0.00 17,387,000.00 1.00000000 0.00
M-5 0.00 14,903,000.00 1.00000000 0.00
M-6 0.00 9,935,000.00 1.00000000 0.00
B-1A 0.00 6,955,000.00 1.00000000 0.00
B-1B 0.00 6,955,000.00 1.00000000 0.00
CE 0.00 8,445,016.93 1.00008452 0.00
P 0.00 100.00 1.00000000 0.00
R1 0.00 0.00 0.00000000 0.00
Totals 13,357,731.30 980,174,385.63 0.98655602 13,357,731.30
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<s> <c> <c> <c> <c> <c>
A-1 571,643,000.00 1000.00000000 0.00000000 16.70391435 0.00000000
A-2A 37,604,000.00 1000.00000000 0.00000000 18.35351239 0.00000000
A-2B 93,000,000.00 1000.00000000 0.00000000 22.12821817 0.00000000
A-2C 19,127,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 63,516,000.00 1000.00000000 0.00000000 16.70391429 0.00000000
M-1 69,547,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 57,128,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 17,387,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 17,387,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 14,903,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 9,935,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1A 6,955,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1B 6,955,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 8,444,303.20 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are per $1,000 denomination.
</FN>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 16.70391435 983.29608565 0.98329609 16.70391435
A-2A 0.00000000 18.35351239 981.64648761 0.98164649 18.35351239
A-2B 0.00000000 22.12821817 977.87178183 0.97787178 22.12821817
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 16.70391429 983.29608571 0.98329609 16.70391429
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 1,000.08452207 1.00008452 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 571,643,000.00 1.40000% 571,643,000.00 600,225.15 0.00 0.00
A-2A 37,604,000.00 1.42000% 37,604,000.00 40,048.26 0.00 0.00
A-2B 93,000,000.00 1.29000% 93,000,000.00 89,977.50 0.00 0.00
A-2C 19,127,000.00 1.56000% 19,127,000.00 22,378.59 0.00 0.00
A-3 63,516,000.00 1.50000% 63,516,000.00 71,455.50 0.00 0.00
M-1 69,547,000.00 1.70000% 69,547,000.00 88,672.43 0.00 0.00
M-2 57,128,000.00 2.35000% 57,128,000.00 100,688.10 0.00 0.00
M-3 17,387,000.00 2.55000% 17,387,000.00 33,252.64 0.00 0.00
M-4 17,387,000.00 2.90000% 17,387,000.00 37,816.72 0.00 0.00
M-5 14,903,000.00 3.05000% 14,903,000.00 34,090.61 0.00 0.00
M-6 9,935,000.00 4.60000% 9,935,000.00 34,275.75 0.00 0.00
B-1A 6,955,000.00 4.60000% 6,955,000.00 23,994.75 0.00 0.00
B-1B 6,955,000.00 6.00000% 6,955,000.00 34,775.00 0.00 0.00
CE 8,444,303.20 0.00000% 8,444,303.20 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R1 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 993,531,403.20 1,211,651.00 0.00 0.00
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00 0.00 600,225.15 0.00 562,094,324.29
A-2A 0.00 0.00 40,048.26 0.00 36,913,834.52
A-2B 0.00 0.00 89,977.50 0.00 90,942,075.71
A-2C 0.00 0.00 22,378.59 0.00 19,127,000.00
A-3 0.00 0.00 71,455.50 0.00 62,455,034.18
M-1 0.00 0.00 88,672.43 0.00 69,547,000.00
M-2 0.00 0.00 100,688.10 0.00 57,128,000.00
M-3 0.00 0.00 33,252.64 0.00 17,387,000.00
M-4 0.00 0.00 37,816.73 0.00 17,387,000.00
M-5 0.00 0.00 34,090.61 0.00 14,903,000.00
M-6 0.00 0.00 34,275.75 0.00 9,935,000.00
B-1A 0.00 0.00 23,994.75 0.00 6,955,000.00
B-1B 0.00 0.00 34,775.00 0.00 6,955,000.00
CE 0.00 0.00 4,648,560.94 0.00 8,445,016.93
P 0.00 0.00 0.00 0.00 100.00
R1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 5,860,211.95 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1 571,643,000.00 1.40000% 1000.00000000 1.05000000 0.00000000 0.00000000
A-2A 37,604,000.00 1.42000% 1000.00000000 1.06500000 0.00000000 0.00000000
A-2B 93,000,000.00 1.29000% 1000.00000000 0.96750000 0.00000000 0.00000000
A-2C 19,127,000.00 1.56000% 1000.00000000 1.17000000 0.00000000 0.00000000
A-3 63,516,000.00 1.50000% 1000.00000000 1.12500000 0.00000000 0.00000000
M-1 69,547,000.00 1.70000% 1000.00000000 1.27500007 0.00000000 0.00000000
M-2 57,128,000.00 2.35000% 1000.00000000 1.76250000 0.00000000 0.00000000
M-3 17,387,000.00 2.55000% 1000.00000000 1.91250014 0.00000000 0.00000000
M-4 17,387,000.00 2.90000% 1000.00000000 2.17499971 0.00000000 0.00000000
M-5 14,903,000.00 3.05000% 1000.00000000 2.28749983 0.00000000 0.00000000
M-6 9,935,000.00 4.60000% 1000.00000000 3.45000000 0.00000000 0.00000000
B-1A 6,955,000.00 4.60000% 1000.00000000 3.45000000 0.00000000 0.00000000
B-1B 6,955,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
CE 8,444,303.20 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are per $1,000 denomination.
</FN>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<s> <c> <c> <c> <c> <c>
A-1 0.00000000 0.00000000 1.05000000 0.00000000 983.29608565
A-2A 0.00000000 0.00000000 1.06500000 0.00000000 981.64648761
A-2B 0.00000000 0.00000000 0.96750000 0.00000000 977.87178183
A-2C 0.00000000 0.00000000 1.17000000 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 1.12500000 0.00000000 983.29608571
M-1 0.00000000 0.00000000 1.27500007 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.76250000 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 1.91250014 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.17500029 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.28749983 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.45000000 0.00000000 1000.00000000
B-1A 0.00000000 0.00000000 3.45000000 0.00000000 1000.00000000
B-1B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 550.49668752 0.00000000 1000.08452207
P 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 19,542,359.44
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 106,114.11
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 19,648,473.55
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 430,530.30
Payment of Interest and Principal 19,217,943.25
Total Withdrawals (Pool Distribution Amount) 19,648,473.55
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<s> <c>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
<s> <c>
Gross Servicing Fee 413,971.44
Credit Risk Manager Fee: The Murrayhill Company 12,419.15
Master Servicing Fee: Wells Fargo 4,139.71
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 430,530.30
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s> <c> <c> <c> <c> <c>
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 86 0 0 0 86
10,523,498.82 0.00 0.00 0.00 10,523,498.82
60 Days 33 0 0 0 33
3,300,153.40 0.00 0.00 0.00 3,300,153.40
90 Days 2 0 0 0 2
95,985.80 0.00 0.00 0.00 95,985.80
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 121 0 0 0 121
13,919,638.02 0.00 0.00 0.00 13,919,638.02
No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.278240% 0.000000% 0.000000% 0.000000% 1.278240%
1.072756% 0.000000% 0.000000% 0.000000% 1.072756%
60 Days 0.490488% 0.000000% 0.000000% 0.000000% 0.490488%
0.336415% 0.000000% 0.000000% 0.000000% 0.336415%
90 Days 0.029727% 0.000000% 0.000000% 0.000000% 0.029727%
0.009785% 0.000000% 0.000000% 0.000000% 0.009785%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.798454% 0.000000% 0.000000% 0.000000% 1.798454%
1.418956% 0.000000% 0.000000% 0.000000% 1.418956%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp I, Sub Grp I No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 46 0 0 0 46
6,885,976.07 0.00 0.00 0.00 6,885,976.07
60 Days 13 0 0 0 13
1,572,894.90 0.00 0.00 0.00 1,572,894.90
90 Days 1 0 0 0 1
62,220.02 0.00 0.00 0.00 62,220.02
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 60 0 0 0 60
8,521,090.99 0.00 0.00 0.00 8,521,090.99
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.379724% 0.000000% 0.000000% 0.000000% 1.379724%
1.223875% 0.000000% 0.000000% 0.000000% 1.223875%
60 Days 0.389922% 0.000000% 0.000000% 0.000000% 0.389922%
0.279558% 0.000000% 0.000000% 0.000000% 0.279558%
90 Days 0.029994% 0.000000% 0.000000% 0.000000% 0.029994%
0.011059% 0.000000% 0.000000% 0.000000% 0.011059%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.799640% 0.000000% 0.000000% 0.000000% 1.799640%
1.514491% 0.000000% 0.000000% 0.000000% 1.514491%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp I, Sub Grp II No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 31 0 0 0 31
1,706,238.62 0.00 0.00 0.00 1,706,238.62
60 Days 15 0 0 0 15
816,393.60 0.00 0.00 0.00 816,393.60
90 Days 1 0 0 0 1
33,765.78 0.00 0.00 0.00 33,765.78
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 47 0 0 0 47
2,556,398.00 0.00 0.00 0.00 2,556,398.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.137197% 0.000000% 0.000000% 0.000000% 1.137197%
0.737344% 0.000000% 0.000000% 0.000000% 0.737344%
60 Days 0.550257% 0.000000% 0.000000% 0.000000% 0.550257%
0.352801% 0.000000% 0.000000% 0.000000% 0.352801%
90 Days 0.036684% 0.000000% 0.000000% 0.000000% 0.036684%
0.014592% 0.000000% 0.000000% 0.000000% 0.014592%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.724138% 0.000000% 0.000000% 0.000000% 1.724138%
1.104736% 0.000000% 0.000000% 0.000000% 1.104736%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II, Sub Grp I No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 3 0 0 0 3
1,086,042.77 0.00 0.00 0.00 1,086,042.77
60 Days 2 0 0 0 2
733,555.34 0.00 0.00 0.00 733,555.34
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 5 0 0 0 5
1,819,598.11 0.00 0.00 0.00 1,819,598.11
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.903614% 0.000000% 0.000000% 0.000000% 0.903614%
0.828345% 0.000000% 0.000000% 0.000000% 0.828345%
60 Days 0.602410% 0.000000% 0.000000% 0.000000% 0.602410%
0.559496% 0.000000% 0.000000% 0.000000% 0.559496%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.506024% 0.000000% 0.000000% 0.000000% 1.506024%
1.387841% 0.000000% 0.000000% 0.000000% 1.387841%
<caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Grp II, Sub Grp II No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 6 0 0 0 6
845,241.36 0.00 0.00 0.00 845,241.36
60 Days 3 0 0 0 3
177,309.56 0.00 0.00 0.00 177,309.56
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 9 0 0 0 9
1,022,550.92 0.00 0.00 0.00 1,022,550.92
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.785714% 0.000000% 0.000000% 0.000000% 1.785714%
1.514040% 0.000000% 0.000000% 0.000000% 1.514040%
60 Days 0.892857% 0.000000% 0.000000% 0.000000% 0.892857%
0.317606% 0.000000% 0.000000% 0.000000% 0.317606%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 2.678571% 0.000000% 0.000000% 0.000000% 2.678571%
1.831646% 0.000000% 0.000000% 0.000000% 1.831646%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 106,114.11
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.598906%
Weighted Average Net Coupon 7.099114%
Weighted Average Pass-Through Rate 7.078906%
Weighted Average Maturity(Stepdown Calculation ) 343
Beginning Scheduled Collateral Loan Count 6,809
Number Of Loans Paid In Full 81
Ending Scheduled Collateral Loan Count 6,728
Beginning Scheduled Collateral Balance 993,531,403.20
Ending Scheduled Collateral Balance 980,174,385.62
Ending Actual Collateral Balance at 31-Jan-2004 980,977,552.83
Monthly P &I Constant 7,189,029.37
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 980,174,385.62
Scheduled Principal 897,396.96
Unscheduled Principal 12,459,620.62
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 713.73
Overcollateralized reduction Amount 0.00
Specified O/C Amount 8,445,016.93
Overcollateralized Amount 8,445,016.93
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 713.73
Excess Cash Amount 0.00
Group Level Collateral Statement
Group Grp I, Sub Grp I Grp I, Sub Grp II Grp II, Sub Grp I
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.558386 8.009237 7.037748
Weighted Average Net Rate 7.058386 7.509237 6.537748
Weighted Average Maturity 354 312 354
Beginning Loan Count 3,373 2,758 338
Loans Paid In Full 39 32 6
Ending Loan Count 3,334 2,726 332
Beginning Scheduled Balance 568,894,428.95 235,104,724.57 133,595,942.73
Ending scheduled Balance 562,234,355.62 231,155,723.26 131,012,455.48
Record Date 01/31/2004 01/31/2004 01/31/2004
Principal And Interest Constant 4,026,217.77 1,855,768.26 893,021.77
Scheduled Principal 442,947.97 286,593.78 109,509.65
Unscheduled Principal 6,217,125.36 3,662,407.53 2,473,977.60
Scheduled Interest 3,583,269.80 1,569,174.48 783,512.12
Servicing Fees 237,039.35 97,960.33 55,664.97
Master Servicing Fees 2,370.38 979.60 556.66
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 7,111.17 2,938.83 1,669.95
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00
Net Interest 3,336,748.90 1,467,295.72 725,620.54
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.630307 7.598906
Weighted Average Net Rate 7.130307 7.099114
Weighted Average Maturity 330 343
Beginning Loan Count 340 6,809
Loans Paid In Full 4 81
Ending Loan Count 336 6,728
Beginning Scheduled Balance 55,936,306.95 993,531,403.20
Ending scheduled Balance 55,771,851.26 980,174,385.62
Record Date 01/31/2004 01/31/2004
Principal And Interest Constant 414,021.57 7,189,029.37
Scheduled Principal 58,345.56 897,396.96
Unscheduled Principal 106,110.13 12,459,620.62
Scheduled Interest 355,676.01 6,291,632.41
Servicing Fees 23,306.79 413,971.44
Master Servicing Fees 233.07 4,139.71
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 699.20 12,419.15
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 331,436.95 5,861,102.11
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00