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): June 25, 2004
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-IN1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-08 54-2152473
Pooling and Servicing Agreement) (Commission 54-2152474
(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 June 25, 2004 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2004-IN1 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-IN1 Trust, relating to the
June 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-IN1 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: 6/29/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2004-IN1 Trust,
relating to the June 25, 2004 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 5/31/04
Distribution Date: 6/25/04
ACE Series: 2004-IN1
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 004421FD0 SEN 1.42000% 214,890,000.00 245,810.29 4,255,820.57
A-2A 004421FE8 SEN 1.25000% 32,050,000.00 32,272.57 2,365,519.27
A-2B 004421FF5 SEN 1.55000% 19,326,000.00 24,130.66 0.00
M-1 004421FG3 MEZ 1.75000% 18,660,000.00 26,305.42 0.00
M-2 004421FH1 MEZ 2.35000% 13,792,000.00 26,109.02 0.00
M-3 004421FJ7 MEZ 2.60000% 4,056,000.00 8,495.07 0.00
M-4 004421FK4 MEZ 3.20000% 4,056,000.00 10,455.47 0.00
M-5 004421FL2 MEZ 3.60000% 2,434,000.00 7,058.60 0.00
M-6 004421FM0 MEZ 4.60000% 2,434,000.00 9,019.32 0.00
B 004421FN8 SUB 4.60000% 5,679,000.00 21,043.85 0.00
CE 111290490 JUN 0.00000% 7,139,629.00 1,469,555.69 261.00
P 111290482 SEN 0.00000% 100.00 11,935.09 0.00
R 111290508 SEN 0.00000% 0.00 0.00 0.00
Totals 324,516,729.00 1,892,191.05 6,621,600.84
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 210,634,179.43 4,501,630.86 0.00
A-2A 0.00 29,684,480.73 2,397,791.84 0.00
A-2B 0.00 19,326,000.00 24,130.66 0.00
M-1 0.00 18,660,000.00 26,305.42 0.00
M-2 0.00 13,792,000.00 26,109.02 0.00
M-3 0.00 4,056,000.00 8,495.07 0.00
M-4 0.00 4,056,000.00 10,455.47 0.00
M-5 0.00 2,434,000.00 7,058.60 0.00
M-6 0.00 2,434,000.00 9,019.32 0.00
B 0.00 5,679,000.00 21,043.85 0.00
CE 0.00 7,139,368.04 1,469,816.69 0.00
P 0.00 100.00 11,935.09 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 317,895,128.20 8,513,791.89 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-1 214,890,000.00 214,890,000.00 0.00 4,255,820.57 0.00 0.00
A-2A 32,050,000.00 32,050,000.00 0.00 2,365,519.27 0.00 0.00
A-2B 19,326,000.00 19,326,000.00 0.00 0.00 0.00 0.00
M-1 18,660,000.00 18,660,000.00 0.00 0.00 0.00 0.00
M-2 13,792,000.00 13,792,000.00 0.00 0.00 0.00 0.00
M-3 4,056,000.00 4,056,000.00 0.00 0.00 0.00 0.00
M-4 4,056,000.00 4,056,000.00 0.00 0.00 0.00 0.00
M-5 2,434,000.00 2,434,000.00 0.00 0.00 0.00 0.00
M-6 2,434,000.00 2,434,000.00 0.00 0.00 0.00 0.00
B 5,679,000.00 5,679,000.00 0.00 0.00 0.00 0.00
CE 7,139,629.00 7,139,629.00 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
Totals 324,516,729.00 324,516,729.00 0.00 6,621,339.84 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 4,255,820.57 210,634,179.43 0.98019535 4,255,820.57
A-2A 2,365,519.27 29,684,480.73 0.92619285 2,365,519.27
A-2B 0.00 19,326,000.00 1.00000000 0.00
M-1 0.00 18,660,000.00 1.00000000 0.00
M-2 0.00 13,792,000.00 1.00000000 0.00
M-3 0.00 4,056,000.00 1.00000000 0.00
M-4 0.00 4,056,000.00 1.00000000 0.00
M-5 0.00 2,434,000.00 1.00000000 0.00
M-6 0.00 2,434,000.00 1.00000000 0.00
B 0.00 5,679,000.00 1.00000000 0.00
CE 261.00 7,139,368.04 0.99996345 261.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 6,621,600.84 317,895,128.20 0.97959550 6,621,600.84
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-1 214,890,000.00 1000.00000000 0.00000000 19.80464689 0.00000000
A-2A 32,050,000.00 1000.00000000 0.00000000 73.80715351 0.00000000
A-2B 19,326,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 18,660,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 13,792,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 4,056,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 4,056,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 2,434,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 2,434,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 5,679,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 7,139,629.00 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 19.80464689 980.19535311 0.98019535 19.80464689
A-2A 0.00000000 73.80715351 926.19284649 0.92619285 73.80715351
A-2B 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 0.03655652 999.96344908 0.99996345 0.03655652
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-1 214,890,000.00 1.42000% 214,890,000.00 245,810.28 0.00 0.00
A-2A 32,050,000.00 1.25000% 32,050,000.00 32,272.57 0.00 0.00
A-2B 19,326,000.00 1.55000% 19,326,000.00 24,130.66 0.00 0.00
M-1 18,660,000.00 1.75000% 18,660,000.00 26,305.42 0.00 0.00
M-2 13,792,000.00 2.35000% 13,792,000.00 26,109.02 0.00 0.00
M-3 4,056,000.00 2.60000% 4,056,000.00 8,495.07 0.00 0.00
M-4 4,056,000.00 3.20000% 4,056,000.00 10,455.47 0.00 0.00
M-5 2,434,000.00 3.60000% 2,434,000.00 7,058.60 0.00 0.00
M-6 2,434,000.00 4.60000% 2,434,000.00 9,019.32 0.00 0.00
B 5,679,000.00 4.60000% 5,679,000.00 21,043.85 0.00 0.00
CE 7,139,629.00 0.00000% 7,139,629.00 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 324,516,729.00 410,700.26 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 0.00 245,810.29 0.00 210,634,179.43
A-2A 0.00 0.00 32,272.57 0.00 29,684,480.73
A-2B 0.00 0.00 24,130.66 0.00 19,326,000.00
M-1 0.00 0.00 26,305.42 0.00 18,660,000.00
M-2 0.00 0.00 26,109.02 0.00 13,792,000.00
M-3 0.00 0.00 8,495.07 0.00 4,056,000.00
M-4 0.00 0.00 10,455.47 0.00 4,056,000.00
M-5 0.00 0.00 7,058.60 0.00 2,434,000.00
M-6 0.00 0.00 9,019.32 0.00 2,434,000.00
B 0.00 0.00 21,043.85 0.00 5,679,000.00
CE 0.00 0.00 1,469,555.69 0.00 7,139,368.04
P 0.00 0.00 11,935.09 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,892,191.05 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-1 214,890,000.00 1.42000% 1000.00000000 1.14388887 0.00000000 0.00000000
A-2A 32,050,000.00 1.25000% 1000.00000000 1.00694446 0.00000000 0.00000000
A-2B 19,326,000.00 1.55000% 1000.00000000 1.24861120 0.00000000 0.00000000
M-1 18,660,000.00 1.75000% 1000.00000000 1.40972240 0.00000000 0.00000000
M-2 13,792,000.00 2.35000% 1000.00000000 1.89305539 0.00000000 0.00000000
M-3 4,056,000.00 2.60000% 1000.00000000 2.09444527 0.00000000 0.00000000
M-4 4,056,000.00 3.20000% 1000.00000000 2.57777860 0.00000000 0.00000000
M-5 2,434,000.00 3.60000% 1000.00000000 2.90000000 0.00000000 0.00000000
M-6 2,434,000.00 4.60000% 1000.00000000 3.70555464 0.00000000 0.00000000
B 5,679,000.00 4.60000% 1000.00000000 3.70555556 0.00000000 0.00000000
CE 7,139,629.00 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 0.00000000 0.00000000 1.14388892 0.00000000 980.19535311
A-2A 0.00000000 0.00000000 1.00694446 0.00000000 926.19284649
A-2B 0.00000000 0.00000000 1.24861120 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.40972240 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.89305539 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.09444527 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.57777860 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.90000000 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.70555464 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.70555556 0.00000000 1000.00000000
CE 0.00000000 0.00000000 205.83081978 0.00000000 999.96344908
P 0.00000000 0.00000000 119350.90000000 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 8,638,529.50
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 9,359.79
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 11,935.09
Total Deposits 8,659,824.38
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 146,032.49
Payment of Interest and Principal 8,513,791.89
Total Withdrawals (Pool Distribution Amount) 8,659,824.38
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 135,215.30
Credit Risk Manager Fee: The Murrayhill Company 4,056.46
Master Servicing Fee: Wells Fargo 6,760.73
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 146,032.49
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 8 0 0 0 8
1,357,821.62 0.00 0.00 0.00 1,357,821.62
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 8 0 0 0 8
1,357,821.62 0.00 0.00 0.00 1,357,821.62
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 0.384800% 0.000000% 0.000000% 0.000000% 0.384800%
0.426808% 0.000000% 0.000000% 0.000000% 0.426808%
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 0.384800% 0.000000% 0.000000% 0.000000% 0.384800%
0.426808% 0.000000% 0.000000% 0.000000% 0.426808%
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 2 0 0 0 2
413,552.87 0.00 0.00 0.00 413,552.87
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 2 0 0 0 2
413,552.87 0.00 0.00 0.00 413,552.87
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.189215% 0.000000% 0.000000% 0.000000% 0.189215%
0.270933% 0.000000% 0.000000% 0.000000% 0.270933%
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 0.189215% 0.000000% 0.000000% 0.000000% 0.189215%
0.270933% 0.000000% 0.000000% 0.000000% 0.270933%
<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 3 0 0 0 3
390,211.94 0.00 0.00 0.00 390,211.94
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
390,211.94 0.00 0.00 0.00 390,211.94
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.364520% 0.000000% 0.000000% 0.000000% 0.364520%
0.370937% 0.000000% 0.000000% 0.000000% 0.370937%
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 0.364520% 0.000000% 0.000000% 0.000000% 0.364520%
0.370937% 0.000000% 0.000000% 0.000000% 0.370937%
<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
554,056.81 0.00 0.00 0.00 554,056.81
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
554,056.81 0.00 0.00 0.00 554,056.81
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.097902% 0.000000% 0.000000% 0.000000% 2.097902%
1.335086% 0.000000% 0.000000% 0.000000% 1.335086%
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 2.097902% 0.000000% 0.000000% 0.000000% 2.097902%
1.335086% 0.000000% 0.000000% 0.000000% 1.335086%
<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 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%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 9,359.79
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.492822%
Weighted Average Net Coupon 6.992823%
Weighted Average Pass-Through Rate 6.952822%
Weighted Average Maturity(Stepdown Calculation ) 339
Beginning Scheduled Collateral Loan Count 2,111
Number Of Loans Paid In Full 32
Ending Scheduled Collateral Loan Count 2,079
Beginning Scheduled Collateral Balance 324,516,729.00
Ending Scheduled Collateral Balance 317,895,128.20
Ending Actual Collateral Balance at 31-May-2004 318,134,161.76
Monthly P &I Constant 2,298,462.49
Special Servicing Fee 0.00
Prepayment Penalties 11,935.09
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 317,895,128.20
Scheduled Principal 272,106.56
Unscheduled Principal 6,349,494.28
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 261.00
Specified O/C Amount 7,139,368.04
Overcollateralized Amount 7,139,368.04
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 7.492822%
Weighted Average Net Rate 6.992823%
Weighted Average Pass Through Rate 6.952822%
Weighted Average Maturity 339
Record Date 05/31/2004
Principal and Interest Constant 2,298,462.49
Beginning Loan Count 2,111
Loans Paid in Full 32
Ending Loan Count 2,079
Beginning Scheduled Balance 324,516,729.00
Ending Scheduled Balance 317,895,128.20
Ending Actual Balance at 31-May-2004 318,134,161.76
Scheduled Principal 272,106.56
Unscheduled Principal 6,349,494.28
Scheduled Interest 2,026,288.48
Servicing Fee 135,215.30
Master Servicing Fee 6,760.73
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 4,056.46
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 1,880,323.44
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 11,935.09
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 261.00
Specified O/C Amount 7,139,368.04
Overcollateralized Amount 7,139,368.04
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Credit Enhancement Percentage: 18.323851%
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 7.677724 7.390554 7.386101
Weighted Average Net Rate 7.177725 6.890554 6.886101
Weighted Average Maturity 357 304 357
Beginning Loan Count 1,072 834 149
Loans Paid In Full 15 11 6
Ending Loan Count 1,057 823 143
Beginning Scheduled Balance 155,159,702.57 106,741,944.24 43,814,679.91
Ending scheduled Balance 152,526,545.61 105,119,112.87 41,466,686.80
Record Date 05/31/2004 05/31/2004 05/31/2004
Principal And Interest Constant 1,108,676.14 763,109.19 303,305.24
Scheduled Principal 115,880.92 105,707.46 33,622.20
Unscheduled Principal 2,517,276.04 1,517,123.91 2,314,370.91
Scheduled Interest 992,727.77 657,401.73 269,683.04
Servicing Fees 64,649.87 44,475.80 18,256.13
Master Servicing Fees 3,232.48 2,223.79 912.78
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 1,939.50 1,334.25 547.70
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 922,973.37 609,367.89 249,966.43
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 7.137724 6.850554 6.846101
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 6.796191 7.492822
Weighted Average Net Rate 6.296191 6.992823
Weighted Average Maturity 348 339
Beginning Loan Count 56 2,111
Loans Paid In Full 0 32
Ending Loan Count 56 2,079
Beginning Scheduled Balance 18,800,402.32 324,516,729.04
Ending scheduled Balance 18,782,782.92 317,895,128.20
Record Date 05/31/2004 05/31/2004
Principal And Interest Constant 123,371.92 2,298,462.49
Scheduled Principal 16,895.98 272,106.56
Unscheduled Principal 723.42 6,349,494.28
Scheduled Interest 106,475.94 2,026,288.48
Servicing Fees 7,833.50 135,215.30
Master Servicing Fees 391.68 6,760.73
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 235.01 4,056.46
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 98,015.75 1,880,323.44
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 6.256191 6.952822