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): May 25, 2004
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-OP1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-07 54-2151906
Pooling and Servicing Agreement) (Commission 54-2151907
(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 May 25, 2004 a distribution was made to holders of ACE SECURITIES CORP. HOME
EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2004-OP1
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-OP1 Trust,
relating to the May 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 Certificates, Series 2004-OP1 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: 5/25/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2004-OP1 Trust,
relating to the May 25, 2004 distribution.
EX-99.1
ACE Securities Corporation Home Equity Loan Trust
Asset Backed Pass-Through Certificates
Record Date: 4/30/04
Distribution Date: 5/25/04
ACE Series: 2004-OP1
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 004421ES8 SEN 1.31000% 1,057,332,000.00 1,346,629.78 18,183,647.93
A-2A 004421ET6 SEN 1.21000% 105,009,000.00 123,531.42 2,779,153.77
A-2B 004421EU3 SEN 1.32000% 41,704,000.00 53,520.13 0.00
A-2C 004421EV1 SEN 1.55000% 30,083,000.00 45,333.41 0.00
M-1 004421EW9 MEZ 1.62000% 103,682,000.00 163,299.15 0.00
M-2 004421EX7 MEZ 2.15000% 82,791,000.00 173,056.19 0.00
M-3 004421EY5 MEZ 2.35000% 22,439,000.00 51,266.88 0.00
M-4 004421EZ2 MEZ 3.10000% 19,344,000.00 58,300.67 0.00
M-5 004421FA6 MEZ 3.35000% 21,665,000.00 70,561.70 0.00
M-6 004421FB4 MEZ 4.60000% 20,117,000.00 89,967.69 0.00
B 004421FC2 SUB 4.60000% 27,855,000.00 124,573.75 0.00
P ACE04OP1P SEN 0.00000% 100.00 194,460.23 0.00
CE ACE4OP1CE JUN 0.00000% 15,473,959.66 6,654,663.41 (990.93)
Totals 1,547,495,059.66 9,149,164.41 20,961,810.77
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 1,039,148,352.07 19,530,277.71 0.00
A-2A 0.00 102,229,846.23 2,902,685.19 0.00
A-2B 0.00 41,704,000.00 53,520.13 0.00
A-2C 0.00 30,083,000.00 45,333.41 0.00
M-1 0.00 103,682,000.00 163,299.15 0.00
M-2 0.00 82,791,000.00 173,056.19 0.00
M-3 0.00 22,439,000.00 51,266.88 0.00
M-4 0.00 19,344,000.00 58,300.67 0.00
M-5 0.00 21,665,000.00 70,561.70 0.00
M-6 0.00 20,117,000.00 89,967.69 0.00
B 0.00 27,855,000.00 124,573.75 0.00
P 0.00 100.00 194,460.23 0.00
CE 0.00 15,474,950.59 6,653,672.48 0.00
Totals 0.00 1,526,533,248.89 30,110,975.18 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 1,057,332,000.00 1,057,332,000.00 0.00 18,183,647.93 0.00 0.00
A-2A 105,009,000.00 105,009,000.00 0.00 2,779,153.77 0.00 0.00
A-2B 41,704,000.00 41,704,000.00 0.00 0.00 0.00 0.00
A-2C 30,083,000.00 30,083,000.00 0.00 0.00 0.00 0.00
M-1 103,682,000.00 103,682,000.00 0.00 0.00 0.00 0.00
M-2 82,791,000.00 82,791,000.00 0.00 0.00 0.00 0.00
M-3 22,439,000.00 22,439,000.00 0.00 0.00 0.00 0.00
M-4 19,344,000.00 19,344,000.00 0.00 0.00 0.00 0.00
M-5 21,665,000.00 21,665,000.00 0.00 0.00 0.00 0.00
M-6 20,117,000.00 20,117,000.00 0.00 0.00 0.00 0.00
B 27,855,000.00 27,855,000.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
CE 15,473,959.66 15,473,959.66 0.00 0.00 0.00 0.00
Totals 1,547,495,059.66 1,547,495,059.66 0.00 20,962,801.70 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 18,183,647.93 1,039,148,352.07 0.98280233 18,183,647.93
A-2A 2,779,153.77 102,229,846.23 0.97353414 2,779,153.77
A-2B 0.00 41,704,000.00 1.00000000 0.00
A-2C 0.00 30,083,000.00 1.00000000 0.00
M-1 0.00 103,682,000.00 1.00000000 0.00
M-2 0.00 82,791,000.00 1.00000000 0.00
M-3 0.00 22,439,000.00 1.00000000 0.00
M-4 0.00 19,344,000.00 1.00000000 0.00
M-5 0.00 21,665,000.00 1.00000000 0.00
M-6 0.00 20,117,000.00 1.00000000 0.00
B 0.00 27,855,000.00 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CE (990.93) 15,474,950.59 1.00006404 (990.93)
Totals 20,961,810.77 1,526,533,248.89 0.98645436 20,961,810.77
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 1,057,332,000.00 1000.00000000 0.00000000 17.19767105 0.00000000
A-2A 105,009,000.00 1000.00000000 0.00000000 26.46586264 0.00000000
A-2B 41,704,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 30,083,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 103,682,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 82,791,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 22,439,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 19,344,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 21,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 20,117,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 27,855,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 15,473,959.66 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
</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 17.19767105 982.80232895 0.98280233 17.19767105
A-2A 0.00000000 26.46586264 973.53413736 0.97353414 26.46586264
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2C 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
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 (0.06403855) 1,000.06403855 1.00006404 (0.06403855)
<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 1,057,332,000.00 1.31000% 1,057,332,000.00 1,346,629.78 0.00 0.00
A-2A 105,009,000.00 1.21000% 105,009,000.00 123,531.42 0.00 0.00
A-2B 41,704,000.00 1.32000% 41,704,000.00 53,520.13 0.00 0.00
A-2C 30,083,000.00 1.55000% 30,083,000.00 45,333.41 0.00 0.00
M-1 103,682,000.00 1.62000% 103,682,000.00 163,299.15 0.00 0.00
M-2 82,791,000.00 2.15000% 82,791,000.00 173,056.19 0.00 0.00
M-3 22,439,000.00 2.35000% 22,439,000.00 51,266.88 0.00 0.00
M-4 19,344,000.00 3.10000% 19,344,000.00 58,300.67 0.00 0.00
M-5 21,665,000.00 3.35000% 21,665,000.00 70,561.70 0.00 0.00
M-6 20,117,000.00 4.60000% 20,117,000.00 89,967.69 0.00 0.00
B 27,855,000.00 4.60000% 27,855,000.00 124,573.75 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CE 15,473,959.66 0.00000% 15,473,959.66 0.00 0.00 0.00
Totals 1,547,495,059.66 2,300,040.77 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 1,346,629.78 0.00 1,039,148,352.07
A-2A 0.00 0.00 123,531.42 0.00 102,229,846.23
A-2B 0.00 0.00 53,520.13 0.00 41,704,000.00
A-2C 0.00 0.00 45,333.41 0.00 30,083,000.00
M-1 0.00 0.00 163,299.15 0.00 103,682,000.00
M-2 0.00 0.00 173,056.19 0.00 82,791,000.00
M-3 0.00 0.00 51,266.88 0.00 22,439,000.00
M-4 0.00 0.00 58,300.67 0.00 19,344,000.00
M-5 0.00 0.00 70,561.70 0.00 21,665,000.00
M-6 0.00 0.00 89,967.69 0.00 20,117,000.00
B 0.00 0.00 124,573.75 0.00 27,855,000.00
P 0.00 0.00 194,460.23 0.00 100.00
CE 0.00 0.00 6,654,663.41 0.00 15,474,950.59
Totals 0.00 0.00 9,149,164.41 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 1,057,332,000.00 1.31000% 1000.00000000 1.27361111 0.00000000 0.00000000
A-2A 105,009,000.00 1.21000% 1000.00000000 1.17638888 0.00000000 0.00000000
A-2B 41,704,000.00 1.32000% 1000.00000000 1.28333325 0.00000000 0.00000000
A-2C 30,083,000.00 1.55000% 1000.00000000 1.50694445 0.00000000 0.00000000
M-1 103,682,000.00 1.62000% 1000.00000000 1.57500000 0.00000000 0.00000000
M-2 82,791,000.00 2.15000% 1000.00000000 2.09027781 0.00000000 0.00000000
M-3 22,439,000.00 2.35000% 1000.00000000 2.28472214 0.00000000 0.00000000
M-4 19,344,000.00 3.10000% 1000.00000000 3.01388906 0.00000000 0.00000000
M-5 21,665,000.00 3.35000% 1000.00000000 3.25694438 0.00000000 0.00000000
M-6 20,117,000.00 4.60000% 1000.00000000 4.47222200 0.00000000 0.00000000
B 27,855,000.00 4.60000% 1000.00000000 4.47222222 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE 15,473,959.66 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 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 1.27361111 0.00000000 982.80232895
A-2A 0.00000000 0.00000000 1.17638888 0.00000000 973.53413736
A-2B 0.00000000 0.00000000 1.28333325 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 1.50694445 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.57500000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.09027781 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.28472214 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.01388906 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.25694438 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.47222200 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.47222222 0.00000000 1000.00000000
P 0.00000000 0.00000000 1944602.30000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 430.05562611 0.00000000 1000.06403855
<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 30,324,791.25
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 1,165.06
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 194,460.23
Total Deposits 30,520,416.54
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 409,441.36
Payment of Interest and Principal 30,110,975.18
Total Withdrawals (Pool Distribution Amount) 30,520,416.54
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 386,873.76
Credit Risk Manager Fee: The Murrayhill Company 19,343.67
Master Servicing Fee: Wells Fargo 3,223.93
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 409,441.36
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.12 0.12 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 1 0 0 0 1
74,400.00 0.00 0.00 0.00 74,400.00
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 1 0 0 0 1
76,700.00 0.00 0.00 0.00 76,700.00
Totals 2 0 0 0 2
151,100.00 0.00 0.00 0.00 151,100.00
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 0.010022% 0.000000% 0.000000% 0.000000% 0.010022%
0.004873% 0.000000% 0.000000% 0.000000% 0.004873%
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 0.010022% 0.000000% 0.000000% 0.000000% 0.010022%
0.005024% 0.000000% 0.000000% 0.000000% 0.005024%
Totals 0.020044% 0.000000% 0.000000% 0.000000% 0.020044%
0.009897% 0.000000% 0.000000% 0.000000% 0.009897%
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
<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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 1 0 0 0 1
76,700.00 0.00 0.00 0.00 76,700.00
Totals 1 0 0 0 1
76,700.00 0.00 0.00 0.00 76,700.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.015309% 0.000000% 0.000000% 0.000000% 0.015309%
0.007865% 0.000000% 0.000000% 0.000000% 0.007865%
Totals 0.015309% 0.000000% 0.000000% 0.000000% 0.015309%
0.007865% 0.000000% 0.000000% 0.000000% 0.007865%
<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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
<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
74,400.00 0.00 0.00 0.00 74,400.00
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 1 0 0 0 1
74,400.00 0.00 0.00 0.00 74,400.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.135501% 0.000000% 0.000000% 0.000000% 0.135501%
0.044900% 0.000000% 0.000000% 0.000000% 0.044900%
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 0.135501% 0.000000% 0.000000% 0.000000% 0.135501%
0.044900% 0.000000% 0.000000% 0.000000% 0.044900%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,165.06
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.261396%
Weighted Average Net Coupon 6.961396%
Weighted Average Pass-Through Rate 6.943894%
Weighted Average Maturity(Stepdown Calculation ) 354
Beginning Scheduled Collateral Loan Count 10,095
Number Of Loans Paid In Full 117
Ending Scheduled Collateral Loan Count 9,978
Beginning Scheduled Collateral Balance 1,547,495,059.66
Ending Scheduled Collateral Balance 1,526,533,248.89
Ending Actual Collateral Balance at 30-Apr-2004 1,526,787,982.03
Monthly P &I Constant 10,683,064.20
Special Servicing Fee 0.00
Prepayment Penalties 194,460.23
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 1,526,533,248.89
Scheduled Principal 1,318,581.04
Unscheduled Principal 19,643,229.73
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 6,654,663.29
Overcollateralized reduction Amount 0.00
Specified O/C Amount 15,474,950.59
Overcollateralized Amount 15,474,950.59
Overcollateralized Deficiency Amount 990.93
Base Overcollateralized Amount 7,737,475.30
Extra principal distribution Amount 990.93
Excess Cash Amount 6,654,663.29
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.261396%
Weighted Average Net Rate 6.961396%
Weighted Average Pass Through Rate 6.943894%
Weighted Average Maturity 354
Record Date 04/30/2004
Principal and Interest Constant 10,683,064.20
Beginning Loan Count 10,095
Loans Paid in Full 117
Ending Loan Count 9,978
Beginning Scheduled Balance 1,547,495,059.66
Ending Scheduled Balance 1,526,533,248.89
Ending Actual Balance at 30-Apr-2004 1,526,787,982.03
Scheduled Principal 1,318,581.04
Unscheduled Principal 19,643,229.73
Scheduled Interest 9,364,145.48
Servicing Fee 386,873.76
Master Servicing Fee 3,223.93
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 19,343.67
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 8,955,041.80
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 194,460.23
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 6,654,663.29
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 15,474,950.59
Overcollateralized Amount 15,474,950.59
Overcollateralized Deficiency Amount 990.93
Base Overcollateralization Amount 7,737,475.30
Miscellaneous Reporting
Required Overcollateralization Amount: 15,474,950.59
Overcollateralization Increase Amount: 6,654,663.29
Overcollateralization Reduction Amount: 0.00
Credit Enhancement Percentage: 20.528021%
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 7.267275 7.290624 6.860920
Weighted Average Net Rate 6.967275 6.990624 6.560920
Weighted Average Maturity 343 357 350
Beginning Loan Count 2,484 6,617 247
Loans Paid In Full 23 85 0
Ending Loan Count 2,461 6,532 247
Beginning Scheduled Balance 336,490,522.70 989,317,130.47 53,302,899.43
Ending scheduled Balance 332,644,060.10 974,980,804.70 53,244,772.35
Record Date 04/30/2004 04/30/2004 04/30/2004
Principal And Interest Constant 2,368,566.69 6,809,980.38 355,633.52
Scheduled Principal 330,544.54 799,241.02 50,877.76
Unscheduled Principal 3,515,918.06 13,537,084.75 7,249.32
Scheduled Interest 2,037,807.59 6,010,616.24 304,755.76
Servicing Fees 84,122.65 247,329.27 13,325.72
Master Servicing Fees 701.02 2,061.09 111.04
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 4,206.13 12,366.46 666.27
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 1,948,992.35 5,748,982.54 290,652.73
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 6.949773 6.973122 6.543420
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.204695 7.261396
Weighted Average Net Rate 6.904695 6.961396
Weighted Average Maturity 358 354
Beginning Loan Count 747 10,095
Loans Paid In Full 9 117
Ending Loan Count 738 9,978
Beginning Scheduled Balance 168,384,507.06 1,547,495,059.66
Ending scheduled Balance 165,663,611.74 1,526,533,248.89
Record Date 04/30/2004 04/30/2004
Principal And Interest Constant 1,148,883.61 10,683,064.20
Scheduled Principal 137,917.72 1,318,581.04
Unscheduled Principal 2,582,977.60 19,643,229.73
Scheduled Interest 1,010,965.89 9,364,145.48
Servicing Fees 42,096.12 386,873.76
Master Servicing Fees 350.78 3,223.93
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 2,104.81 19,343.67
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 966,414.18 8,955,041.80
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 6.887195 6.943894