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): April 26, 2004
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset-Backed Pass-Through Certificates, Series 2004-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-06 54-2147330
Pooling and Servicing Agreement) (Commission 54-2147331
(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 April 26, 2004 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset-Backed Pass-Through Certificates, Series 2004-HE1
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
Asset-Backed Pass-Through Certificates,
Series 2004-HE1 Trust, relating to the
April 26, 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 Certificates, Series 2004-HE1 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: 5/5/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-
Backed Pass-Through Certificates, Series 2004-HE1
Trust, relating to the April 26, 2004 distribution.
EX-99.1
ACE Securities Corporation Home Equity Loan Trust
Asset-Backed Pass-Through Certificates
Record Date: 3/31/04
Distribution Date: 4/26/04
ACE Series: 2004-HE1
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 004421EG4 SEN 1.30000% 201,112,000.00 196,084.22 5,172,556.06
A-2A 004421EH2 SEN 1.21000% 35,535,000.00 32,248.02 3,169,189.98
A-2B 004421EJ8 SEN 1.54000% 20,230,000.00 23,365.65 0.00
A-3 004421EK5 SEN 1.53000% 22,346,000.00 25,642.04 0.00
M-1 004421EL3 MEZ 1.59000% 24,543,000.00 29,267.53 0.00
M-2 004421EM1 MEZ 2.19000% 20,453,000.00 33,594.05 0.00
M-3 004421EN9 MEZ 2.44000% 5,335,000.00 9,763.05 0.00
M-4 004421EP4 MEZ 2.89000% 5,335,000.00 11,563.61 0.00
M-5 004421EQ2 MEZ 3.04000% 5,335,000.00 12,163.80 0.00
M-6 004421ER0 MEZ 4.09000% 4,446,000.00 13,638.11 0.00
B 004427BU3 JUN 4.59000% 8,892,000.00 30,610.71 0.00
CE ACE4HE1CE JUN 0.00000% 2,135,286.85 1,722,574.45 1,102.53
P ACE04HE1P SEN 0.00000% 100.00 47,850.55 0.00
R ACE4HE1R1 RES 0.00000% 0.00 0.00 0.00
Totals 355,697,386.85 2,188,365.79 8,342,848.57
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 195,939,443.94 5,368,640.28 0.00
A-2A 0.00 32,365,810.02 3,201,438.00 0.00
A-2B 0.00 20,230,000.00 23,365.65 0.00
A-3 0.00 22,346,000.00 25,642.04 0.00
M-1 0.00 24,543,000.00 29,267.53 0.00
M-2 0.00 20,453,000.00 33,594.05 0.00
M-3 0.00 5,335,000.00 9,763.05 0.00
M-4 0.00 5,335,000.00 11,563.61 0.00
M-5 0.00 5,335,000.00 12,163.80 0.00
M-6 0.00 4,446,000.00 13,638.11 0.00
B 0.00 8,892,000.00 30,610.71 0.00
CE 0.00 2,134,184.32 1,723,676.98 0.00
P 0.00 100.00 47,850.55 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 347,354,538.28 10,531,214.36 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-1 201,112,000.00 201,112,000.00 0.00 5,172,556.06 0.00 0.00
A-2A 35,535,000.00 35,535,000.00 0.00 3,169,189.98 0.00 0.00
A-2B 20,230,000.00 20,230,000.00 0.00 0.00 0.00 0.00
A-3 22,346,000.00 22,346,000.00 0.00 0.00 0.00 0.00
M-1 24,543,000.00 24,543,000.00 0.00 0.00 0.00 0.00
M-2 20,453,000.00 20,453,000.00 0.00 0.00 0.00 0.00
M-3 5,335,000.00 5,335,000.00 0.00 0.00 0.00 0.00
M-4 5,335,000.00 5,335,000.00 0.00 0.00 0.00 0.00
M-5 5,335,000.00 5,335,000.00 0.00 0.00 0.00 0.00
M-6 4,446,000.00 4,446,000.00 0.00 0.00 0.00 0.00
B 8,892,000.00 8,892,000.00 0.00 0.00 0.00 0.00
CE 2,135,286.85 2,135,286.85 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 355,697,386.85 355,697,386.85 0.00 8,341,746.04 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 5,172,556.06 195,939,443.94 0.97428022 5,172,556.06
A-2A 3,169,189.98 32,365,810.02 0.91081497 3,169,189.98
A-2B 0.00 20,230,000.00 1.00000000 0.00
A-3 0.00 22,346,000.00 1.00000000 0.00
M-1 0.00 24,543,000.00 1.00000000 0.00
M-2 0.00 20,453,000.00 1.00000000 0.00
M-3 0.00 5,335,000.00 1.00000000 0.00
M-4 0.00 5,335,000.00 1.00000000 0.00
M-5 0.00 5,335,000.00 1.00000000 0.00
M-6 0.00 4,446,000.00 1.00000000 0.00
B 0.00 8,892,000.00 1.00000000 0.00
CE 1,102.53 2,134,184.32 0.99948366 1,102.53
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 8,342,848.57 347,354,538.28 0.97654509 8,342,848.57
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-1 201,112,000.00 1000.00000000 0.00000000 25.71977833 0.00000000
A-2A 35,535,000.00 1000.00000000 0.00000000 89.18502828 0.00000000
A-2B 20,230,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 22,346,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 24,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 20,453,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 5,335,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 5,335,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 5,335,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 4,446,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 8,892,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 2,135,286.85 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 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 25.71977833 974.28022167 0.97428022 25.71977833
A-2A 0.00000000 89.18502828 910.81497172 0.91081497 89.18502828
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
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 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.51633812 999.48366188 0.99948366 0.51633812
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 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-1 201,112,000.00 1.30000% 201,112,000.00 196,084.20 0.00 0.00
A-2A 35,535,000.00 1.21000% 35,535,000.00 32,248.01 0.00 0.00
A-2B 20,230,000.00 1.54000% 20,230,000.00 23,365.65 0.00 0.00
A-3 22,346,000.00 1.53000% 22,346,000.00 25,642.04 0.00 0.00
M-1 24,543,000.00 1.59000% 24,543,000.00 29,267.53 0.00 0.00
M-2 20,453,000.00 2.19000% 20,453,000.00 33,594.05 0.00 0.00
M-3 5,335,000.00 2.44000% 5,335,000.00 9,763.05 0.00 0.00
M-4 5,335,000.00 2.89000% 5,335,000.00 11,563.61 0.00 0.00
M-5 5,335,000.00 3.04000% 5,335,000.00 12,163.80 0.00 0.00
M-6 4,446,000.00 4.09000% 4,446,000.00 13,638.11 0.00 0.00
B 8,892,000.00 4.59000% 8,892,000.00 30,610.71 0.00 0.00
CE 2,135,286.85 0.00000% 2,135,286.85 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 355,697,386.85 417,940.76 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 (0.02) 0.00 196,084.22 0.00 195,939,443.94
A-2A 0.00 0.00 32,248.02 0.00 32,365,810.02
A-2B 0.00 0.00 23,365.65 0.00 20,230,000.00
A-3 0.00 0.00 25,642.04 0.00 22,346,000.00
M-1 0.00 0.00 29,267.53 0.00 24,543,000.00
M-2 0.00 0.00 33,594.05 0.00 20,453,000.00
M-3 0.00 0.00 9,763.05 0.00 5,335,000.00
M-4 0.00 0.00 11,563.61 0.00 5,335,000.00
M-5 0.00 0.00 12,163.80 0.00 5,335,000.00
M-6 0.00 0.00 13,638.11 0.00 4,446,000.00
B 0.00 0.00 30,610.71 0.00 8,892,000.00
CE 0.00 0.00 1,722,574.45 0.00 2,134,184.32
P 0.00 0.00 47,850.55 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals (0.02) 0.00 2,188,365.79 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-1 201,112,000.00 1.30000% 1000.00000000 0.97500000 0.00000000 0.00000000
A-2A 35,535,000.00 1.21000% 1000.00000000 0.90749993 0.00000000 0.00000000
A-2B 20,230,000.00 1.54000% 1000.00000000 1.15500000 0.00000000 0.00000000
A-3 22,346,000.00 1.53000% 1000.00000000 1.14750022 0.00000000 0.00000000
M-1 24,543,000.00 1.59000% 1000.00000000 1.19250010 0.00000000 0.00000000
M-2 20,453,000.00 2.19000% 1000.00000000 1.64249988 0.00000000 0.00000000
M-3 5,335,000.00 2.44000% 1000.00000000 1.83000000 0.00000000 0.00000000
M-4 5,335,000.00 2.89000% 1000.00000000 2.16749953 0.00000000 0.00000000
M-5 5,335,000.00 3.04000% 1000.00000000 2.28000000 0.00000000 0.00000000
M-6 4,446,000.00 4.09000% 1000.00000000 3.06750112 0.00000000 0.00000000
B 8,892,000.00 4.59000% 1000.00000000 3.44250000 0.00000000 0.00000000
CE 2,135,286.85 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 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 (0.00000010) 0.00000000 0.97500010 0.00000000 974.28022167
A-2A 0.00000000 0.00000000 0.90750021 0.00000000 910.81497172
A-2B 0.00000000 0.00000000 1.15500000 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 1.14750022 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.19250010 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.64249988 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 1.83000000 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.16749953 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.28000000 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.06750112 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.44250000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 806.71805289 0.00000000 999.48366188
P 0.00000000 0.00000000 478505.50000000 0.00000000 1000.00000000
R 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 10,589,128.07
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 49,944.65
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 47,850.55
Total Deposits 10,686,923.27
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 155,708.91
Payment of Interest and Principal 10,531,214.36
Total Withdrawals (Pool Distribution Amount) 10,686,923.27
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 (0.02)
SERVICING FEES
<s> <c>
Gross Servicing Fee 146,075.45
Credit Risk Manager Fee: The Murrayhill Company 4,446.19
Master Servicing Fee: Wells Fargo 5,187.27
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 155,708.91
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 58 0 0 0 58
4,823,094.47 0.00 0.00 0.00 4,823,094.47
60 Days 26 0 0 0 26
1,643,751.35 0.00 0.00 0.00 1,643,751.35
90 Days 1 0 0 0 1
54,302.43 0.00 0.00 0.00 54,302.43
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 85 0 0 0 85
6,521,148.25 0.00 0.00 0.00 6,521,148.25
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 1.721579% 0.000000% 0.000000% 0.000000% 1.721579%
1.388200% 0.000000% 0.000000% 0.000000% 1.388200%
60 Days 0.771742% 0.000000% 0.000000% 0.000000% 0.771742%
0.473110% 0.000000% 0.000000% 0.000000% 0.473110%
90 Days 0.029682% 0.000000% 0.000000% 0.000000% 0.029682%
0.015630% 0.000000% 0.000000% 0.000000% 0.015630%
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 2.523004% 0.000000% 0.000000% 0.000000% 2.523004%
1.876939% 0.000000% 0.000000% 0.000000% 1.876939%
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 37 0 0 0 37
2,660,371.02 0.00 0.00 0.00 2,660,371.02
60 Days 19 0 0 0 19
1,308,562.74 0.00 0.00 0.00 1,308,562.74
90 Days 1 0 0 0 1
54,302.43 0.00 0.00 0.00 54,302.43
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 57 0 0 0 57
4,023,236.19 0.00 0.00 0.00 4,023,236.19
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.906234% 0.000000% 0.000000% 0.000000% 1.906234%
1.356107% 0.000000% 0.000000% 0.000000% 1.356107%
60 Days 0.978877% 0.000000% 0.000000% 0.000000% 0.978877%
0.667031% 0.000000% 0.000000% 0.000000% 0.667031%
90 Days 0.051520% 0.000000% 0.000000% 0.000000% 0.051520%
0.027680% 0.000000% 0.000000% 0.000000% 0.027680%
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 2.936631% 0.000000% 0.000000% 0.000000% 2.936631%
2.050818% 0.000000% 0.000000% 0.000000% 2.050818%
<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 17 0 0 0 17
1,071,778.68 0.00 0.00 0.00 1,071,778.68
60 Days 6 0 0 0 6
295,742.65 0.00 0.00 0.00 295,742.65
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 23 0 0 0 23
1,367,521.33 0.00 0.00 0.00 1,367,521.33
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.391162% 0.000000% 0.000000% 0.000000% 1.391162%
1.285599% 0.000000% 0.000000% 0.000000% 1.285599%
60 Days 0.490998% 0.000000% 0.000000% 0.000000% 0.490998%
0.354743% 0.000000% 0.000000% 0.000000% 0.354743%
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 1.882160% 0.000000% 0.000000% 0.000000% 1.882160%
1.640342% 0.000000% 0.000000% 0.000000% 1.640342%
<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
1,072,230.04 0.00 0.00 0.00 1,072,230.04
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 3 0 0 0 3
1,072,230.04 0.00 0.00 0.00 1,072,230.04
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.255639% 0.000000% 0.000000% 0.000000% 2.255639%
1.981776% 0.000000% 0.000000% 0.000000% 1.981776%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 2.255639% 0.000000% 0.000000% 0.000000% 2.255639%
1.981776% 0.000000% 0.000000% 0.000000% 1.981776%
<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 1 0 0 0 1
18,714.73 0.00 0.00 0.00 18,714.73
60 Days 1 0 0 0 1
39,445.96 0.00 0.00 0.00 39,445.96
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 2 0 0 0 2
58,160.69 0.00 0.00 0.00 58,160.69
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.369863% 0.000000% 0.000000% 0.000000% 1.369863%
0.135756% 0.000000% 0.000000% 0.000000% 0.135756%
60 Days 1.369863% 0.000000% 0.000000% 0.000000% 1.369863%
0.286140% 0.000000% 0.000000% 0.000000% 0.286140%
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 2.739726% 0.000000% 0.000000% 0.000000% 2.739726%
0.421897% 0.000000% 0.000000% 0.000000% 0.421897%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 49,944.65
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.764880%
Weighted Average Net Coupon 7.272072%
Weighted Average Pass-Through Rate 7.239572%
Weighted Average Maturity(Stepdown Calculation ) 344
Beginning Scheduled Collateral Loan Count 3,419
Number Of Loans Paid In Full 50
Ending Scheduled Collateral Loan Count 3,369
Beginning Scheduled Collateral Balance 355,697,486.85
Ending Scheduled Collateral Balance 347,354,538.28
Ending Actual Collateral Balance at 31-Mar-2004 347,435,219.24
Monthly P &I Constant 2,579,857.09
Special Servicing Fee 0.00
Prepayment Penalties 47,850.55
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 347,354,538.28
Scheduled Principal 278,234.18
Unscheduled Principal 8,064,614.39
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 1,102.53
Specified O/C Amount 2,134,184.32
Overcollateralized Amount 2,134,184.32
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized 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 7.706416 8.328838 7.123096
Weighted Average Net Rate 7.216715 7.828837 6.631872
Weighted Average Maturity 354 320 356
Beginning Loan Count 1,970 1,236 140
Loans Paid In Full 29 14 7
Ending Loan Count 1,941 1,222 133
Beginning Scheduled Balance 199,618,214.78 85,041,572.33 57,243,410.01
Ending scheduled Balance 196,135,460.97 83,351,086.42 54,085,303.47
Record Date 03/31/2004 03/31/2004 03/31/2004
Principal And Interest Constant 1,423,681.25 674,407.77 381,173.20
Scheduled Principal 141,730.48 84,159.85 41,381.28
Unscheduled Principal 3,341,023.33 1,606,326.06 3,116,725.26
Scheduled Interest 1,281,950.77 590,247.92 339,791.92
Servicing Fees 81,461.01 35,434.06 23,432.77
Master Servicing Fees 2,911.09 1,240.21 834.79
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 2,495.21 1,063.02 715.53
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 1,195,083.46 552,510.63 314,808.83
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
Pass-Through Rate 7.184215 7.796338 6.599372
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.797396 7.764880
Weighted Average Net Rate 7.297393 7.272072
Weighted Average Maturity 323 344
Beginning Loan Count 73 3,419
Loans Paid In Full 0 50
Ending Loan Count 73 3,369
Beginning Scheduled Balance 13,794,189.73 355,697,386.85
Ending scheduled Balance 13,782,687.42 347,354,538.28
Record Date 03/31/2004 03/31/2004
Principal And Interest Constant 100,594.87 2,579,857.09
Scheduled Principal 10,962.57 278,234.18
Unscheduled Principal 539.74 8,064,614.39
Scheduled Interest 89,632.30 2,301,622.91
Servicing Fees 5,747.61 146,075.45
Master Servicing Fees 201.18 5,187.27
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 172.43 4,446.19
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 83,511.08 2,145,914.00
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
Pass-Through Rate 7.264896 7.239572