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-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-06
Pooling and Servicing Agreement) (Commission 54-2147330
(State or other File Number) 54-2147331
jurisdiction IRS EIN
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-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
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-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: 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-HE1 Trust,
relating to the June 25, 2004 distribution.
EX-99.1
ACE Securities Corporation Home Equity Loan Trust
Asset-Backed Pass-Through Certificates
Record Date: 5/31/04
Distribution Date: 6/25/04
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 1.31000% 190,553,299.85 214,954.72 5,737,608.28
A-2A 004421EH2 SEN 1.22000% 30,548,954.47 32,093.38 4,764,309.26
A-2B 004421EJ8 SEN 1.55000% 20,230,000.00 27,001.43 0.00
A-3 004421EK5 SEN 1.54000% 22,346,000.00 29,633.28 0.00
M-1 004421EL3 MEZ 1.60000% 24,543,000.00 33,814.80 0.00
M-2 004421EM1 MEZ 2.20000% 20,453,000.00 38,747.07 0.00
M-3 004421EN9 MEZ 2.45000% 5,335,000.00 11,255.37 0.00
M-4 004421EP4 MEZ 2.90000% 5,335,000.00 13,322.68 0.00
M-5 004421EQ2 MEZ 3.05000% 5,335,000.00 14,011.78 0.00
M-6 004421ER0 MEZ 4.10000% 4,446,000.00 15,696.85 0.00
B 004427BU3 JUN 4.60000% 8,892,000.00 35,222.20 0.00
CE ACE4HE1CE JUN 0.00000% 2,134,184.32 1,583,167.38 0.00
P ACE04HE1P SEN 0.00000% 100.00 191,168.56 0.00
R ACE4HE1R1 RES 0.00000% 0.00 0.00 0.00
Totals 340,151,538.64 2,240,089.50 10,501,917.54
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 184,815,691.57 5,952,563.00 0.00
A-2A 0.00 25,784,645.21 4,796,402.64 0.00
A-2B 0.00 20,230,000.00 27,001.43 0.00
A-3 0.00 22,346,000.00 29,633.28 0.00
M-1 0.00 24,543,000.00 33,814.80 0.00
M-2 0.00 20,453,000.00 38,747.07 0.00
M-3 0.00 5,335,000.00 11,255.37 0.00
M-4 0.00 5,335,000.00 13,322.68 0.00
M-5 0.00 5,335,000.00 14,011.78 0.00
M-6 0.00 4,446,000.00 15,696.85 0.00
B 0.00 8,892,000.00 35,222.20 0.00
CE 0.00 2,134,184.32 1,583,167.38 0.00
P 0.00 100.00 191,168.56 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 329,649,621.10 12,742,007.04 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-1 201,112,000.00 190,553,299.85 0.00 5,737,608.28 0.00 0.00
A-2A 35,535,000.00 30,548,954.47 0.00 4,764,309.26 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 2,134,184.32 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 355,697,386.85 340,151,538.64 0.00 10,501,917.54 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 5,737,608.28 184,815,691.57 0.91896899 5,737,608.28
A-2A 4,764,309.26 25,784,645.21 0.72561264 4,764,309.26
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 0.00 2,134,184.32 0.99948366 0.00
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 10,501,917.54 329,649,621.10 0.92676987 10,501,917.54
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-1 201,112,000.00 947.49840810 0.00000000 28.52941784 0.00000000
A-2A 35,535,000.00 859.68635064 0.00000000 134.07370930 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 2,135,286.85 999.48366188 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 28.52941784 918.96899026 0.91896899 28.52941784
A-2A 0.00000000 134.07370930 725.61264134 0.72561264 134.07370930
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 0.00000000 999.48366188 0.99948366 0.00000000
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 1.31000% 190,553,299.85 214,954.71 0.00 0.00
A-2A 35,535,000.00 1.22000% 30,548,954.47 32,093.37 0.00 0.00
A-2B 20,230,000.00 1.55000% 20,230,000.00 27,001.43 0.00 0.00
A-3 22,346,000.00 1.54000% 22,346,000.00 29,633.28 0.00 0.00
M-1 24,543,000.00 1.60000% 24,543,000.00 33,814.80 0.00 0.00
M-2 20,453,000.00 2.20000% 20,453,000.00 38,747.07 0.00 0.00
M-3 5,335,000.00 2.45000% 5,335,000.00 11,255.37 0.00 0.00
M-4 5,335,000.00 2.90000% 5,335,000.00 13,322.68 0.00 0.00
M-5 5,335,000.00 3.05000% 5,335,000.00 14,011.78 0.00 0.00
M-6 4,446,000.00 4.10000% 4,446,000.00 15,696.85 0.00 0.00
B 8,892,000.00 4.60000% 8,892,000.00 35,222.20 0.00 0.00
CE 2,135,286.85 0.00000% 2,134,184.32 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 355,697,386.85 465,753.54 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 (0.01) 0.00 214,954.72 0.00 184,815,691.57
A-2A 0.00 0.00 32,093.38 0.00 25,784,645.21
A-2B 0.00 0.00 27,001.43 0.00 20,230,000.00
A-3 0.00 0.00 29,633.28 0.00 22,346,000.00
M-1 0.00 0.00 33,814.80 0.00 24,543,000.00
M-2 0.00 0.00 38,747.07 0.00 20,453,000.00
M-3 0.00 0.00 11,255.37 0.00 5,335,000.00
M-4 0.00 0.00 13,322.68 0.00 5,335,000.00
M-5 0.00 0.00 14,011.78 0.00 5,335,000.00
M-6 0.00 0.00 15,696.85 0.00 4,446,000.00
B 0.00 0.00 35,222.20 0.00 8,892,000.00
CE 0.00 0.00 1,583,167.38 0.00 2,134,184.32
P 0.00 0.00 191,168.56 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals (0.01) 0.00 2,240,089.50 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 1.31000% 947.49840810 1.06883085 0.00000000 0.00000000
A-2A 35,535,000.00 1.22000% 859.68635064 0.90314816 0.00000000 0.00000000
A-2B 20,230,000.00 1.55000% 1000.00000000 1.33472219 0.00000000 0.00000000
A-3 22,346,000.00 1.54000% 1000.00000000 1.32611116 0.00000000 0.00000000
M-1 24,543,000.00 1.60000% 1000.00000000 1.37777778 0.00000000 0.00000000
M-2 20,453,000.00 2.20000% 1000.00000000 1.89444434 0.00000000 0.00000000
M-3 5,335,000.00 2.45000% 1000.00000000 2.10972259 0.00000000 0.00000000
M-4 5,335,000.00 2.90000% 1000.00000000 2.49722212 0.00000000 0.00000000
M-5 5,335,000.00 3.05000% 1000.00000000 2.62638800 0.00000000 0.00000000
M-6 4,446,000.00 4.10000% 1000.00000000 3.53055556 0.00000000 0.00000000
B 8,892,000.00 4.60000% 1000.00000000 3.96111111 0.00000000 0.00000000
CE 2,135,286.85 0.00000% 999.48366188 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 (0.00000005) 0.00000000 1.06883090 0.00000000 918.96899026
A-2A 0.00000000 0.00000000 0.90314845 0.00000000 725.61264134
A-2B 0.00000000 0.00000000 1.33472219 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 1.32611116 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.37777778 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 1.89444434 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.10972259 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.49722212 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.62638800 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.53055556 0.00000000 1000.00000000
B 0.00000000 0.00000000 3.96111111 0.00000000 1000.00000000
CE 0.00000000 0.00000000 741.43077311 0.00000000 999.48366188
P 0.00000000 0.00000000 1911685.60000000 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 12,675,546.54
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 90,892.71
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 191,168.56
Total Deposits 12,957,607.81
Withdrawals
Reimbursement for Servicer Advances 66,452.02
Payment of Service Fee 149,148.75
Payment of Interest and Principal 12,742,007.04
Total Withdrawals (Pool Distribution Amount) 12,957,607.81
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 139,936.27
Credit Risk Manager Fee: The Murrayhill Company 4,252.03
Master Servicing Fee: Wells Fargo 4,960.45
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 149,148.75
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 6 0 0 6
619,936.12 0.00 0.00 619,936.12
30 Days 72 0 3 0 75
5,652,373.03 0.00 190,980.57 0.00 5,843,353.60
60 Days 17 1 20 0 38
2,313,923.92 40,314.01 1,092,286.81 0.00 3,446,524.74
90 Days 8 1 23 0 32
514,908.80 58,278.22 1,159,071.50 0.00 1,732,258.52
120 Days 2 0 15 0 17
166,599.59 0.00 840,387.65 0.00 1,006,987.24
150 Days 0 0 1 0 1
0.00 0.00 54,302.43 0.00 54,302.43
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 99 8 62 0 169
8,647,805.34 718,528.35 3,337,028.96 0.00 12,703,362.65
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 0.184900% 0.000000% 0.000000% 0.184900%
0.187999% 0.000000% 0.000000% 0.187999%
30 Days 2.218798% 0.000000% 0.092450% 0.000000% 2.311248%
1.714115% 0.000000% 0.057916% 0.000000% 1.772031%
60 Days 0.523883% 0.030817% 0.616333% 0.000000% 1.171032%
0.701711% 0.012225% 0.331242% 0.000000% 1.045179%
90 Days 0.246533% 0.030817% 0.708783% 0.000000% 0.986133%
0.156149% 0.017673% 0.351495% 0.000000% 0.525318%
120 Days 0.061633% 0.000000% 0.462250% 0.000000% 0.523883%
0.050522% 0.000000% 0.254852% 0.000000% 0.305375%
150 Days 0.000000% 0.000000% 0.030817% 0.000000% 0.030817%
0.000000% 0.000000% 0.016468% 0.000000% 0.016468%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.050847% 0.246533% 1.910632% 0.000000% 5.208012%
2.622498% 0.217898% 1.011974% 0.000000% 3.852369%
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 6 0 0 6
619,936.12 0.00 0.00 619,936.12
30 Days 49 0 1 0 50
3,583,190.46 0.00 40,398.80 0.00 3,623,589.26
60 Days 10 0 14 0 24
1,071,518.12 0.00 784,053.37 0.00 1,855,571.49
90 Days 4 1 16 0 21
314,334.80 58,278.22 811,763.85 0.00 1,184,376.87
120 Days 1 0 11 0 12
127,153.63 0.00 635,205.64 0.00 762,359.27
150 Days 0 0 1 0 1
0.00 0.00 54,302.43 0.00 54,302.43
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 64 7 43 0 114
5,096,197.01 678,214.34 2,325,724.09 0.00 8,100,135.44
0-29 Days 0.320000% 0.000000% 0.000000% 0.320000%
0.329879% 0.000000% 0.000000% 0.329879%
30 Days 2.613333% 0.000000% 0.053333% 0.000000% 2.666667%
1.906680% 0.000000% 0.021497% 0.000000% 1.928177%
60 Days 0.533333% 0.000000% 0.746667% 0.000000% 1.280000%
0.570174% 0.000000% 0.417209% 0.000000% 0.987383%
90 Days 0.213333% 0.053333% 0.853333% 0.000000% 1.120000%
0.167263% 0.031011% 0.431954% 0.000000% 0.630228%
120 Days 0.053333% 0.000000% 0.586667% 0.000000% 0.640000%
0.067661% 0.000000% 0.338004% 0.000000% 0.405665%
150 Days 0.000000% 0.000000% 0.053333% 0.000000% 0.053333%
0.000000% 0.000000% 0.028895% 0.000000% 0.028895%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.413333% 0.373333% 2.293333% 0.000000% 6.080000%
2.711778% 0.360890% 1.237559% 0.000000% 4.310227%
<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 21 0 2 0 23
1,193,851.92 0.00 150,581.77 0.00 1,344,433.69
60 Days 4 1 6 0 11
137,422.99 40,314.01 308,233.44 0.00 485,970.44
90 Days 3 0 7 0 10
181,859.27 0.00 347,307.65 0.00 529,166.92
120 Days 0 0 4 0 4
0.00 0.00 205,182.01 0.00 205,182.01
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 28 1 19 0 48
1,513,134.18 40,314.01 1,011,304.87 0.00 2,564,753.06
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.778154% 0.000000% 0.169348% 0.000000% 1.947502%
1.482708% 0.000000% 0.187015% 0.000000% 1.669723%
60 Days 0.338696% 0.084674% 0.508044% 0.000000% 0.931414%
0.170673% 0.050068% 0.382811% 0.000000% 0.603552%
90 Days 0.254022% 0.000000% 0.592718% 0.000000% 0.846740%
0.225861% 0.000000% 0.431340% 0.000000% 0.657200%
120 Days 0.000000% 0.000000% 0.338696% 0.000000% 0.338696%
0.000000% 0.000000% 0.254826% 0.000000% 0.254826%
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 2.370872% 0.084674% 1.608806% 0.000000% 4.064352%
1.879241% 0.050068% 1.255993% 0.000000% 3.185302%
<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 2 0 0 0 2
875,330.65 0.00 0.00 0.00 875,330.65
60 Days 3 0 0 0 3
1,104,982.81 0.00 0.00 0.00 1,104,982.81
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
1,980,313.46 0.00 0.00 0.00 1,980,313.46
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.680672% 0.000000% 0.000000% 0.000000% 1.680672%
1.819161% 0.000000% 0.000000% 0.000000% 1.819161%
60 Days 2.521008% 0.000000% 0.000000% 0.000000% 2.521008%
2.296436% 0.000000% 0.000000% 0.000000% 2.296436%
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 4.201681% 0.000000% 0.000000% 0.000000% 4.201681%
4.115597% 0.000000% 0.000000% 0.000000% 4.115597%
<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 1 0 0 0 1
18,714.73 0.00 0.00 0.00 18,714.73
120 Days 1 0 0 0 1
39,445.96 0.00 0.00 0.00 39,445.96
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 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 1.428571% 0.000000% 0.000000% 0.000000% 1.428571%
0.141879% 0.000000% 0.000000% 0.000000% 0.141879%
120 Days 1.428571% 0.000000% 0.000000% 0.000000% 1.428571%
0.299046% 0.000000% 0.000000% 0.000000% 0.299046%
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 2.857143% 0.000000% 0.000000% 0.000000% 2.857143%
0.440925% 0.000000% 0.000000% 0.000000% 0.440925%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 90,892.71
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.754437%
Weighted Average Net Coupon 7.260765%
Weighted Average Pass-Through Rate 7.228264%
Weighted Average Maturity(Stepdown Calculation ) 342
Beginning Scheduled Collateral Loan Count 3,312
Number Of Loans Paid In Full 67
Ending Scheduled Collateral Loan Count 3,245
Beginning Scheduled Collateral Balance 340,151,538.64
Ending Scheduled Collateral Balance 329,649,621.10
Ending Actual Collateral Balance at 31-May-2004 329,754,529.60
Monthly P &I Constant 2,470,051.36
Special Servicing Fee 0.00
Prepayment Penalties 191,168.56
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 329,649,621.10
Scheduled Principal 271,963.28
Unscheduled Principal 10,229,954.26
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 2,134,184.32
Overcollateralized Amount 2,134,184.32
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 0.00
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 7.695857 8.321424 7.069180
Weighted Average Net Rate 7.205198 7.821423 6.576028
Weighted Average Maturity 352 318 354
Beginning Loan Count 1,906 1,204 129
Loans Paid In Full 31 23 10
Ending Loan Count 1,875 1,181 119
Beginning Scheduled Balance 192,091,563.50 82,008,839.80 52,280,786.16
Ending scheduled Balance 187,865,698.77 80,497,096.25 48,097,576.03
Record Date 05/31/2004 05/31/2004 05/31/2004
Principal And Interest Constant 1,370,953.11 652,044.02 346,459.63
Scheduled Principal 139,028.74 83,352.11 38,474.38
Unscheduled Principal 4,086,835.99 1,428,391.44 4,144,735.75
Scheduled Interest 1,231,924.37 568,691.91 307,985.25
Servicing Fees 78,542.91 34,170.37 21,485.34
Master Servicing Fees 2,801.35 1,195.86 762.42
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 2,401.15 1,025.21 653.53
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 1,148,178.96 532,300.47 285,083.96
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 7.172698 7.788924 6.543527
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.798194 7.754437
Weighted Average Net Rate 7.298194 7.260765
Weighted Average Maturity 321 342
Beginning Loan Count 73 3,312
Loans Paid In Full 3 67
Ending Loan Count 70 3,245
Beginning Scheduled Balance 13,770,349.18 340,151,538.64
Ending scheduled Balance 13,189,250.05 329,649,621.10
Record Date 05/31/2004 05/31/2004
Principal And Interest Constant 100,594.60 2,470,051.36
Scheduled Principal 11,108.05 271,963.28
Unscheduled Principal 569,991.08 10,229,954.26
Scheduled Interest 89,486.55 2,198,088.08
Servicing Fees 5,737.65 139,936.27
Master Servicing Fees 200.82 4,960.45
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 172.14 4,252.03
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 83,375.94 2,048,939.33
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 7.265694 7.228264