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): July 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
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 July 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
July 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: 7/26/04
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 July 26, 2004 distribution.
EX-99.1
ACE Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/04
Distribution Date: 7/26/04
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 1.51000% 184,815,691.57 240,311.76 7,360,277.12
A-2A 004421EH2 SEN 1.42000% 25,784,645.21 31,528.89 1,002,665.43
A-2B 004421EJ8 SEN 1.75000% 20,230,000.00 30,485.49 0.00
A-3 004421EK5 SEN 1.74000% 22,346,000.00 33,481.76 0.00
M-1 004421EL3 MEZ 1.80000% 24,543,000.00 38,041.65 0.00
M-2 004421EM1 MEZ 2.40000% 20,453,000.00 42,269.54 0.00
M-3 004421EN9 MEZ 2.65000% 5,335,000.00 12,174.17 0.00
M-4 004421EP4 MEZ 3.10000% 5,335,000.00 14,241.49 0.00
M-5 004421EQ2 MEZ 3.25000% 5,335,000.00 14,930.59 0.00
M-6 004421ER0 MEZ 4.30000% 4,446,000.00 16,462.55 0.00
B 004427BU3 JUN 4.80000% 8,892,000.00 36,753.60 0.00
CE ACE4HE1CE JUN 0.00000% 2,134,184.32 1,471,841.02 0.00
P ACE04HE1P SEN 0.00000% 100.00 150,072.94 0.00
R ACE4HE1R1 RES 0.00000% 0.00 0.00 0.00
Totals 329,649,621.10 2,132,595.45 8,362,942.55
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 177,455,414.45 7,600,588.88 0.00
A-2A 0.00 24,781,979.78 1,034,194.32 0.00
A-2B 0.00 20,230,000.00 30,485.49 0.00
A-3 0.00 22,346,000.00 33,481.76 0.00
M-1 0.00 24,543,000.00 38,041.65 0.00
M-2 0.00 20,453,000.00 42,269.54 0.00
M-3 0.00 5,335,000.00 12,174.17 0.00
M-4 0.00 5,335,000.00 14,241.49 0.00
M-5 0.00 5,335,000.00 14,930.59 0.00
M-6 0.00 4,446,000.00 16,462.55 0.00
B 0.00 8,892,000.00 36,753.60 0.00
CE 0.00 2,134,184.32 1,471,841.02 0.00
P 0.00 100.00 150,072.94 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 321,286,678.55 10,495,538.00 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-1 201,112,000.00 184,815,691.57 0.00 7,360,277.12 0.00 0.00
A-2A 35,535,000.00 25,784,645.21 0.00 1,002,665.43 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 355,697,386.85 329,649,621.10 0.00 8,362,942.55 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 7,360,277.12 177,455,414.45 0.88237109 7,360,277.12
A-2A 1,002,665.43 24,781,979.78 0.69739636 1,002,665.43
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 8,362,942.55 321,286,678.55 0.90325847 8,362,942.55
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-1 201,112,000.00 918.96899026 0.00000000 36.59790127 0.00000000
A-2A 35,535,000.00 725.61264134 0.00000000 28.21627775 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 36.59790127 882.37108900 0.88237109 36.59790127
A-2A 0.00000000 28.21627775 697.39636359 0.69739636 28.21627775
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 1.51000% 184,815,691.57 240,311.74 0.00 0.00
A-2A 35,535,000.00 1.42000% 25,784,645.21 31,528.89 0.00 0.00
A-2B 20,230,000.00 1.75000% 20,230,000.00 30,485.49 0.00 0.00
A-3 22,346,000.00 1.74000% 22,346,000.00 33,481.76 0.00 0.00
M-1 24,543,000.00 1.80000% 24,543,000.00 38,041.65 0.00 0.00
M-2 20,453,000.00 2.40000% 20,453,000.00 42,269.53 0.00 0.00
M-3 5,335,000.00 2.65000% 5,335,000.00 12,174.17 0.00 0.00
M-4 5,335,000.00 3.10000% 5,335,000.00 14,241.49 0.00 0.00
M-5 5,335,000.00 3.25000% 5,335,000.00 14,930.59 0.00 0.00
M-6 4,446,000.00 4.30000% 4,446,000.00 16,462.55 0.00 0.00
B 8,892,000.00 4.80000% 8,892,000.00 36,753.60 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 355,697,386.85 510,681.46 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) 0.00 240,311.76 0.00 177,455,414.45
A-2A 0.00 0.00 31,528.89 0.00 24,781,979.78
A-2B 0.00 0.00 30,485.49 0.00 20,230,000.00
A-3 0.00 0.00 33,481.76 0.00 22,346,000.00
M-1 0.00 0.00 38,041.65 0.00 24,543,000.00
M-2 0.00 0.00 42,269.54 0.00 20,453,000.00
M-3 0.00 0.00 12,174.17 0.00 5,335,000.00
M-4 0.00 0.00 14,241.49 0.00 5,335,000.00
M-5 0.00 0.00 14,930.59 0.00 5,335,000.00
M-6 0.00 0.00 16,462.55 0.00 4,446,000.00
B 0.00 0.00 36,753.60 0.00 8,892,000.00
CE 0.00 0.00 1,471,841.02 0.00 2,134,184.32
P 0.00 0.00 150,072.94 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals (0.02) 0.00 2,132,595.45 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 1.51000% 918.96899026 1.19491497 0.00000000 0.00000000
A-2A 35,535,000.00 1.42000% 725.61264134 0.88726298 0.00000000 0.00000000
A-2B 20,230,000.00 1.75000% 1000.00000000 1.50694464 0.00000000 0.00000000
A-3 22,346,000.00 1.74000% 1000.00000000 1.49833348 0.00000000 0.00000000
M-1 24,543,000.00 1.80000% 1000.00000000 1.55000000 0.00000000 0.00000000
M-2 20,453,000.00 2.40000% 1000.00000000 2.06666650 0.00000000 0.00000000
M-3 5,335,000.00 2.65000% 1000.00000000 2.28194377 0.00000000 0.00000000
M-4 5,335,000.00 3.10000% 1000.00000000 2.66944517 0.00000000 0.00000000
M-5 5,335,000.00 3.25000% 1000.00000000 2.79861106 0.00000000 0.00000000
M-6 4,446,000.00 4.30000% 1000.00000000 3.70277778 0.00000000 0.00000000
B 8,892,000.00 4.80000% 1000.00000000 4.13333333 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 (0.00000010) 0.00000000 1.19491507 0.00000000 882.37108900
A-2A 0.00000000 0.00000000 0.88726298 0.00000000 697.39636359
A-2B 0.00000000 0.00000000 1.50694464 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 1.49833348 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.55000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.06666699 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.28194377 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.66944517 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.79861106 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 3.70277778 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.13333333 0.00000000 1000.00000000
CE 0.00000000 0.00000000 689.29428381 0.00000000 999.48366188
P 0.00000000 0.00000000 1500729.40000000 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 10,457,336.53
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 123,621.78
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 150,072.94
Total Deposits 10,731,031.25
Withdrawals
Reimbursement for Servicer Advances 90,892.71
Payment of Service Fee 144,600.54
Payment of Interest and Principal 10,495,538.00
Total Withdrawals (Pool Distribution Amount) 10,731,031.25
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 135,672.51
Credit Risk Manager Fee: The Murrayhill Company 4,120.72
Master Servicing Fee: Wells Fargo 4,807.31
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 144,600.54
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 13 0 2 15
1,151,145.38 0.00 323,021.15 1,474,166.53
30 Days 69 1 2 3 75
5,638,262.75 49,239.68 168,576.77 200,371.86 6,056,451.06
60 Days 31 0 22 0 53
2,932,633.13 0.00 1,327,548.04 0.00 4,260,181.17
90 Days 11 1 21 0 33
1,640,146.63 40,314.01 1,603,918.99 0.00 3,284,379.63
120 Days 3 2 20 4 29
129,938.07 104,587.74 1,158,964.01 215,726.95 1,609,216.77
150 Days 1 1 14 1 17
39,445.96 50,905.22 866,483.12 50,153.71 1,006,988.01
180+ Days 0 0 1 0 1
0.00 0.00 54,302.43 0.00 54,302.43
Totals 115 18 80 10 223
10,380,426.54 1,396,192.03 5,179,793.36 789,273.67 17,745,685.60
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 0.409062% 0.000000% 0.062933% 0.471995%
0.358148% 0.000000% 0.100499% 0.458647%
30 Days 2.171177% 0.031466% 0.062933% 0.094399% 2.359975%
1.754192% 0.015320% 0.052448% 0.062340% 1.884300%
60 Days 0.975456% 0.000000% 0.692259% 0.000000% 1.667716%
0.912409% 0.000000% 0.413030% 0.000000% 1.325439%
90 Days 0.346130% 0.031466% 0.660793% 0.000000% 1.038389%
0.510287% 0.012543% 0.499016% 0.000000% 1.021845%
120 Days 0.094399% 0.062933% 0.629327% 0.125865% 0.912524%
0.040427% 0.032540% 0.360580% 0.067118% 0.500664%
150 Days 0.031466% 0.031466% 0.440529% 0.031466% 0.534928%
0.012273% 0.015838% 0.269583% 0.015604% 0.313297%
180+ Days 0.000000% 0.000000% 0.031466% 0.000000% 0.031466%
0.000000% 0.000000% 0.016895% 0.000000% 0.016895%
Totals 3.618628% 0.566394% 2.517306% 0.314663% 7.016992%
3.229587% 0.434387% 1.611552% 0.245561% 5.521087%
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 10 0 2 12
1,000,003.28 0.00 323,021.15 1,323,024.43
30 Days 40 1 1 1 43
2,947,349.28 49,239.68 43,122.25 49,871.41 3,089,582.62
60 Days 18 0 20 0 38
1,318,036.41 0.00 1,241,028.15 0.00 2,559,064.56
90 Days 7 0 14 0 21
1,065,653.85 0.00 796,408.89 0.00 1,862,062.74
120 Days 2 1 15 1 19
111,223.34 58,278.22 862,116.68 59,660.41 1,091,278.65
150 Days 0 0 11 1 12
0.00 0.00 712,206.33 50,153.71 762,360.04
180 Days 0 0 1 0 1
0.00 0.00 54,302.43 0.00 54,302.43
Totals 67 12 62 5 146
5,442,262.88 1,107,521.18 3,709,184.73 482,706.68 10,741,675.47
0-29 Days 0.545852% 0.000000% 0.109170% 0.655022%
0.547995% 0.000000% 0.177014% 0.725009%
30 Days 2.183406% 0.054585% 0.054585% 0.054585% 2.347162%
1.615128% 0.026983% 0.023631% 0.027329% 1.693071%
60 Days 0.982533% 0.000000% 1.091703% 0.000000% 2.074236%
0.722275% 0.000000% 0.680075% 0.000000% 1.402351%
90 Days 0.382096% 0.000000% 0.764192% 0.000000% 1.146288%
0.583971% 0.000000% 0.436427% 0.000000% 1.020398%
120 Days 0.109170% 0.054585% 0.818777% 0.054585% 1.037118%
0.060950% 0.031936% 0.472434% 0.032694% 0.598014%
150 Days 0.000000% 0.000000% 0.600437% 0.054585% 0.655022%
0.000000% 0.000000% 0.390284% 0.027484% 0.417768%
180 Days 0.000000% 0.000000% 0.054585% 0.000000% 0.054585%
0.000000% 0.000000% 0.029757% 0.000000% 0.029757%
Totals 3.657205% 0.655022% 3.384279% 0.272926% 7.969432%
2.982325% 0.606914% 2.032609% 0.264520% 5.886369%
<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 3 0 0 3
151,142.10 0.00 0.00 151,142.10
30 Days 25 0 1 2 28
1,427,852.80 0.00 125,454.52 150,500.45 1,703,807.77
60 Days 10 0 2 0 12
595,749.40 0.00 86,519.89 0.00 682,269.29
90 Days 3 1 6 0 10
112,435.95 40,314.01 308,233.44 0.00 460,983.40
120 Days 0 1 5 3 9
0.00 46,309.52 296,847.33 156,066.54 499,223.39
150 Days 0 1 3 0 4
0.00 50,905.22 154,276.79 0.00 205,182.01
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 38 6 17 5 66
2,136,038.15 288,670.85 971,331.97 306,566.99 3,702,607.96
0-29 Days 0.258844% 0.000000% 0.000000% 0.258844%
0.192247% 0.000000% 0.000000% 0.192247%
30 Days 2.157032% 0.000000% 0.086281% 0.172563% 2.415876%
1.816175% 0.000000% 0.159573% 0.191431% 2.167179%
60 Days 0.862813% 0.000000% 0.172563% 0.000000% 1.035375%
0.757771% 0.000000% 0.110050% 0.000000% 0.867821%
90 Days 0.258844% 0.086281% 0.517688% 0.000000% 0.862813%
0.143014% 0.051278% 0.392061% 0.000000% 0.586353%
120 Days 0.000000% 0.086281% 0.431406% 0.258844% 0.776531%
0.000000% 0.058904% 0.377579% 0.198511% 0.634993%
150 Days 0.000000% 0.086281% 0.258844% 0.000000% 0.345125%
0.000000% 0.064750% 0.196234% 0.000000% 0.260984%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.278689% 0.517688% 1.466782% 0.431406% 5.694564%
2.716960% 0.367178% 1.235498% 0.389942% 4.709577%
<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
1,192,557.19 0.00 0.00 0.00 1,192,557.19
60 Days 3 0 0 0 3
1,018,847.32 0.00 0.00 0.00 1,018,847.32
90 Days 1 0 1 0 2
462,056.83 0.00 499,276.66 0.00 961,333.49
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 7 0 1 0 8
2,673,461.34 0.00 499,276.66 0.00 3,172,738.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.564103% 0.000000% 0.000000% 0.000000% 2.564103%
2.530167% 0.000000% 0.000000% 0.000000% 2.530167%
60 Days 2.564103% 0.000000% 0.000000% 0.000000% 2.564103%
2.161619% 0.000000% 0.000000% 0.000000% 2.161619%
90 Days 0.854701% 0.000000% 0.854701% 0.000000% 1.709402%
0.980314% 0.000000% 1.059281% 0.000000% 2.039596%
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 5.982906% 0.000000% 0.854701% 0.000000% 6.837607%
5.672100% 0.000000% 1.059281% 0.000000% 6.731381%
<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
70,503.48 0.00 0.00 0.00 70,503.48
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 1 0 0 0 1
18,714.73 0.00 0.00 0.00 18,714.73
150 Days 1 0 0 0 1
39,445.96 0.00 0.00 0.00 39,445.96
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 3 0 0 0 3
128,664.17 0.00 0.00 0.00 128,664.17
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.428571% 0.000000% 0.000000% 0.000000% 1.428571%
0.534912% 0.000000% 0.000000% 0.000000% 0.534912%
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 1.428571% 0.000000% 0.000000% 0.000000% 1.428571%
0.141989% 0.000000% 0.000000% 0.000000% 0.141989%
150 Days 1.428571% 0.000000% 0.000000% 0.000000% 1.428571%
0.299278% 0.000000% 0.000000% 0.000000% 0.299278%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 4.285714% 0.000000% 0.000000% 0.000000% 4.285714%
0.976179% 0.000000% 0.000000% 0.000000% 0.976179%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 123,621.78
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.743213%
Weighted Average Net Coupon 7.249334%
Weighted Average Pass-Through Rate 7.216834%
Weighted Average Maturity(Stepdown Calculation ) 341
Beginning Scheduled Collateral Loan Count 3,245
Number Of Loans Paid In Full 67
Ending Scheduled Collateral Loan Count 3,178
Beginning Scheduled Collateral Balance 329,649,621.10
Ending Scheduled Collateral Balance 321,286,678.55
Ending Actual Collateral Balance at 30-Jun-2004 321,416,503.25
Monthly P &I Constant 2,392,469.18
Special Servicing Fee 0.00
Prepayment Penalties 150,072.94
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 321,286,678.55
Scheduled Principal 265,346.58
Unscheduled Principal 8,097,595.97
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
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 7.685048 8.309843 7.017557
Weighted Average Net Rate 7.193885 7.809843 6.524993
Weighted Average Maturity 351 317 353
Beginning Loan Count 1,875 1,181 119
Loans Paid In Full 43 22 2
Ending Loan Count 1,832 1,159 117
Beginning Scheduled Balance 187,865,698.77 80,497,096.25 48,097,576.03
Ending scheduled Balance 182,413,459.82 78,589,058.08 47,106,315.32
Record Date 06/30/2004 06/30/2004 06/30/2004
Principal And Interest Constant 1,340,509.21 639,323.12 316,802.40
Scheduled Principal 137,378.45 81,891.24 35,529.50
Unscheduled Principal 5,314,860.50 1,826,146.93 955,731.21
Scheduled Interest 1,203,130.76 557,431.88 281,272.90
Servicing Fees 76,893.88 33,540.48 19,742.61
Master Servicing Fees 2,739.65 1,173.86 701.44
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 2,348.33 1,006.29 601.22
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 1,121,148.90 521,711.25 260,227.63
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 7.161385 7.777343 6.492493
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.759688 7.743213
Weighted Average Net Rate 7.259687 7.249334
Weighted Average Maturity 320 341
Beginning Loan Count 70 3,245
Loans Paid In Full 0 67
Ending Loan Count 70 3,178
Beginning Scheduled Balance 13,189,250.05 329,649,621.10
Ending scheduled Balance 13,177,845.33 321,286,678.55
Record Date 06/30/2004 06/30/2004
Principal And Interest Constant 95,834.45 2,392,469.18
Scheduled Principal 10,547.39 265,346.58
Unscheduled Principal 857.33 8,097,595.97
Scheduled Interest 85,287.06 2,127,122.60
Servicing Fees 5,495.54 135,672.51
Master Servicing Fees 192.36 4,807.31
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 164.88 4,120.72
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 79,434.28 1,982,522.06
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 7.227188 7.216834