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): August 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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act(17 CFR 240.13e-4(c))
ITEM 8.01 Other Events
On August 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 9.01 Financial Statements and Exhibits
(c) 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
August 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
(Registrant)
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: 8/26/04
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 August 25, 2004 distribution.
EX-99.1
ACE Securities Corporation Home Equity Loan Trust
Asset Backed Pass-Through Certificates
Record Date: 7/31/04
Distribution Date: 8/25/04
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 1.66000% 1,000,671,400.12 1,384,262.10 27,950,241.67
A-2A 004421ET6 SEN 1.56000% 93,193,196.46 121,151.16 6,136,725.66
A-2B 004421EU3 SEN 1.67000% 41,704,000.00 58,038.07 0.00
A-2C 004421EV1 SEN 1.90000% 30,083,000.00 47,631.42 0.00
M-1 004421EW9 MEZ 1.97000% 103,682,000.00 170,211.28 0.00
M-2 004421EX7 MEZ 2.50000% 82,791,000.00 172,481.25 0.00
M-3 004421EY5 MEZ 2.70000% 22,439,000.00 50,487.75 0.00
M-4 004421EZ2 MEZ 3.45000% 19,344,000.00 55,614.00 0.00
M-5 004421FA6 MEZ 3.70000% 21,665,000.00 66,800.42 0.00
M-6 004421FB4 MEZ 4.95000% 20,117,000.00 82,982.63 0.00
B 004421FC2 SUB 4.95000% 27,855,000.00 114,901.87 0.00
P ACE04OP1P SEN 0.00000% 100.00 471,091.28 0.00
CE ACE4OP1CE JUN 0.00000% 15,474,950.59 6,215,803.64 0.00
Totals 1,479,019,647.17 9,011,456.87 34,086,967.33
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 972,721,158.45 29,334,503.77 0.00
A-2A 0.00 87,056,470.80 6,257,876.82 0.00
A-2B 0.00 41,704,000.00 58,038.07 0.00
A-2C 0.00 30,083,000.00 47,631.42 0.00
M-1 0.00 103,682,000.00 170,211.28 0.00
M-2 0.00 82,791,000.00 172,481.25 0.00
M-3 0.00 22,439,000.00 50,487.75 0.00
M-4 0.00 19,344,000.00 55,614.00 0.00
M-5 0.00 21,665,000.00 66,800.42 0.00
M-6 0.00 20,117,000.00 82,982.63 0.00
B 0.00 27,855,000.00 114,901.87 0.00
P 0.00 100.00 471,091.28 0.00
CE 0.00 15,474,950.59 6,215,803.64 0.00
Totals 0.00 1,444,932,679.84 43,098,424.20 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 1,000,671,400.12 0.00 27,950,241.67 0.00 0.00
A-2A 105,009,000.00 93,193,196.46 0.00 6,136,725.66 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 15,474,950.59 0.00 0.00 0.00 0.00
Totals 1,547,495,059.66 1,479,019,647.17 0.00 34,086,967.33 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 27,950,241.67 972,721,158.45 0.91997704 27,950,241.67
A-2A 6,136,725.66 87,056,470.80 0.82903819 6,136,725.66
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 0.00 15,474,950.59 1.00006404 0.00
Totals 34,086,967.33 1,444,932,679.84 0.93372361 34,086,967.33
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 1,057,332,000.00 946.41172321 0.00000000 26.43468813 0.00000000
A-2A 105,009,000.00 887.47818244 0.00000000 58.43999714 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 1000.06403855 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 26.43468813 919.97703508 0.91997704 26.43468813
A-2A 0.00000000 58.43999714 829.03818530 0.82903819 58.43999714
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 0.00000000 1,000.06403855 1.00006404 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 1,057,332,000.00 1.66000% 1,000,671,400.12 1,384,262.10 0.00 0.00
A-2A 105,009,000.00 1.56000% 93,193,196.46 121,151.16 0.00 0.00
A-2B 41,704,000.00 1.67000% 41,704,000.00 58,038.07 0.00 0.00
A-2C 30,083,000.00 1.90000% 30,083,000.00 47,631.42 0.00 0.00
M-1 103,682,000.00 1.97000% 103,682,000.00 170,211.28 0.00 0.00
M-2 82,791,000.00 2.50000% 82,791,000.00 172,481.25 0.00 0.00
M-3 22,439,000.00 2.70000% 22,439,000.00 50,487.75 0.00 0.00
M-4 19,344,000.00 3.45000% 19,344,000.00 55,614.00 0.00 0.00
M-5 21,665,000.00 3.70000% 21,665,000.00 66,800.42 0.00 0.00
M-6 20,117,000.00 4.95000% 20,117,000.00 82,982.63 0.00 0.00
B 27,855,000.00 4.95000% 27,855,000.00 114,901.88 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CE 15,473,959.66 0.00000% 15,474,950.59 0.00 0.00 0.00
Totals 1,547,495,059.66 2,324,561.96 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 1,384,262.10 0.00 972,721,158.45
A-2A 0.00 0.00 121,151.16 0.00 87,056,470.80
A-2B 0.00 0.00 58,038.07 0.00 41,704,000.00
A-2C 0.00 0.00 47,631.42 0.00 30,083,000.00
M-1 0.00 0.00 170,211.28 0.00 103,682,000.00
M-2 0.00 0.00 172,481.25 0.00 82,791,000.00
M-3 0.00 0.00 50,487.75 0.00 22,439,000.00
M-4 0.00 0.00 55,614.00 0.00 19,344,000.00
M-5 0.00 0.00 66,800.42 0.00 21,665,000.00
M-6 0.00 0.00 82,982.63 0.00 20,117,000.00
B 0.00 0.00 114,901.87 0.00 27,855,000.00
P 0.00 0.00 471,091.28 0.00 100.00
CE 0.00 0.00 6,215,803.64 0.00 15,474,950.59
Totals 0.00 0.00 9,011,456.87 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 1.66000% 946.41172321 1.30920288 0.00000000 0.00000000
A-2A 105,009,000.00 1.56000% 887.47818244 1.15372168 0.00000000 0.00000000
A-2B 41,704,000.00 1.67000% 1000.00000000 1.39166675 0.00000000 0.00000000
A-2C 30,083,000.00 1.90000% 1000.00000000 1.58333344 0.00000000 0.00000000
M-1 103,682,000.00 1.97000% 1000.00000000 1.64166663 0.00000000 0.00000000
M-2 82,791,000.00 2.50000% 1000.00000000 2.08333333 0.00000000 0.00000000
M-3 22,439,000.00 2.70000% 1000.00000000 2.25000000 0.00000000 0.00000000
M-4 19,344,000.00 3.45000% 1000.00000000 2.87500000 0.00000000 0.00000000
M-5 21,665,000.00 3.70000% 1000.00000000 3.08333349 0.00000000 0.00000000
M-6 20,117,000.00 4.95000% 1000.00000000 4.12500025 0.00000000 0.00000000
B 27,855,000.00 4.95000% 1000.00000000 4.12500018 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE 15,473,959.66 0.00000% 1000.06403855 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 1.30920288 0.00000000 919.97703508
A-2A 0.00000000 0.00000000 1.15372168 0.00000000 829.03818530
A-2B 0.00000000 0.00000000 1.39166675 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 1.58333344 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.64166663 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.08333333 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.25000000 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.87500000 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.08333349 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.12500025 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.12499982 0.00000000 1000.00000000
P 0.00000000 0.00000000 4710912.80000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 401.69444516 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 42,973,851.41
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 216,408.23
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 471,091.28
Total Deposits 43,661,350.92
Withdrawals
Reimbursement for Servicer Advances 174,684.11
Payment of Service Fee 388,242.61
Payment of Interest and Principal 43,098,424.20
Total Withdrawals (Pool Distribution Amount) 43,661,350.92
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 369,754.93
Credit Risk Manager Fee: The Murrayhill Company 15,406.44
Master Servicing Fee: Wells Fargo 3,081.24
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 388,242.61
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.64 0.64 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 16 0 0 16
2,503,547.95 0.00 0.00 2,503,547.95
30 Days 87 2 1 0 90
14,157,316.87 318,601.25 327,530.82 0.00 14,803,448.94
60 Days 49 6 44 0 99
7,721,425.87 1,006,131.34 6,190,635.61 0.00 14,918,192.82
90 Days 1 1 4 0 6
131,927.75 72,152.53 716,804.83 0.00 920,885.11
120 Days 0 0 1 0 1
0.00 0.00 74,400.00 0.00 74,400.00
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 137 25 50 0 212
22,010,670.49 3,900,433.07 7,309,371.26 0.00 33,220,474.82
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 0.167662% 0.000000% 0.000000% 0.167662%
0.173199% 0.000000% 0.000000% 0.173199%
30 Days 0.911663% 0.020958% 0.010479% 0.000000% 0.943100%
0.979422% 0.022041% 0.022659% 0.000000% 1.024123%
60 Days 0.513465% 0.062873% 0.461071% 0.000000% 1.037410%
0.534179% 0.069606% 0.428277% 0.000000% 1.032061%
90 Days 0.010479% 0.010479% 0.041916% 0.000000% 0.062873%
0.009127% 0.004992% 0.049590% 0.000000% 0.063708%
120 Days 0.000000% 0.000000% 0.010479% 0.000000% 0.010479%
0.000000% 0.000000% 0.005147% 0.000000% 0.005147%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.435607% 0.261972% 0.523944% 0.000000% 2.221524%
1.522728% 0.269837% 0.505672% 0.000000% 2.298238%
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 2 0 0 2
379,378.23 0.00 0.00 379,378.23
30 Days 11 0 0 0 11
1,379,965.90 0.00 0.00 0.00 1,379,965.90
60 Days 7 1 4 0 12
1,166,870.60 58,253.03 726,001.59 0.00 1,951,125.22
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 18 3 4 0 25
2,546,836.50 437,631.26 726,001.59 0.00 3,710,469.35
0-29 Days 0.083542% 0.000000% 0.000000% 0.083542%
0.117656% 0.000000% 0.000000% 0.117656%
30 Days 0.459482% 0.000000% 0.000000% 0.000000% 0.459482%
0.427968% 0.000000% 0.000000% 0.000000% 0.427968%
60 Days 0.292398% 0.041771% 0.167084% 0.000000% 0.501253%
0.361881% 0.018066% 0.225154% 0.000000% 0.605101%
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 0.751880% 0.125313% 0.167084% 0.000000% 1.044277%
0.789849% 0.135722% 0.225154% 0.000000% 1.150725%
<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 12 0 0 12
1,808,313.55 0.00 0.00 1,808,313.55
30 Days 64 2 1 0 67
10,082,758.67 318,601.25 327,530.82 0.00 10,728,890.74
60 Days 36 3 34 0 73
5,254,681.00 501,579.57 4,861,044.17 0.00 10,617,304.74
90 Days 1 1 4 0 6
131,927.75 72,152.53 716,804.83 0.00 920,885.11
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 101 18 39 0 158
15,469,367.42 2,700,646.90 5,905,379.82 0.00 24,075,394.14
0-29 Days 0.193112% 0.000000% 0.000000% 0.193112%
0.196724% 0.000000% 0.000000% 0.196724%
30 Days 1.029932% 0.032185% 0.016093% 0.000000% 1.078210%
1.096889% 0.034660% 0.035632% 0.000000% 1.167181%
60 Days 0.579337% 0.048278% 0.547152% 0.000000% 1.174767%
0.571649% 0.054566% 0.528826% 0.000000% 1.155042%
90 Days 0.016093% 0.016093% 0.064371% 0.000000% 0.096556%
0.014352% 0.007849% 0.077980% 0.000000% 0.100182%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.625362% 0.289668% 0.627615% 0.000000% 2.542646%
1.682891% 0.293800% 0.642438% 0.000000% 2.619129%
<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 1 0 0 0 1
463,894.28 0.00 0.00 0.00 463,894.28
60 Days 1 0 1 0 2
52,663.18 0.00 323,441.31 0.00 376,104.49
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 1 0 3
516,557.46 0.00 323,441.31 0.00 839,998.77
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.414938% 0.000000% 0.000000% 0.000000% 0.414938%
0.899143% 0.000000% 0.000000% 0.000000% 0.899143%
60 Days 0.414938% 0.000000% 0.414938% 0.000000% 0.829876%
0.102074% 0.000000% 0.626910% 0.000000% 0.728984%
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 0.829876% 0.000000% 0.414938% 0.000000% 1.244813%
1.001217% 0.000000% 0.626910% 0.000000% 1.628127%
<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 2 0 0 2
315,856.17 0.00 0.00 315,856.17
30 Days 11 0 0 0 11
2,230,698.02 0.00 0.00 0.00 2,230,698.02
60 Days 5 2 5 0 12
1,247,211.09 446,298.74 280,148.54 0.00 1,973,658.37
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 1 0 1
0.00 0.00 74,400.00 0.00 74,400.00
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 16 4 6 0 26
3,477,909.11 762,154.91 354,548.54 0.00 4,594,612.56
0-29 Days 0.288184% 0.000000% 0.000000% 0.288184%
0.207495% 0.000000% 0.000000% 0.207495%
30 Days 1.585014% 0.000000% 0.000000% 0.000000% 1.585014%
1.465413% 0.000000% 0.000000% 0.000000% 1.465413%
60 Days 0.720461% 0.288184% 0.720461% 0.000000% 1.729107%
0.819331% 0.293187% 0.184038% 0.000000% 1.296556%
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% 0.144092% 0.000000% 0.144092%
0.000000% 0.000000% 0.048876% 0.000000% 0.048876%
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 2.305476% 0.576369% 0.864553% 0.000000% 3.746398%
2.284743% 0.500683% 0.232914% 0.000000% 3.018340%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 216,408.23
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.244210%
Weighted Average Net Coupon 6.944210%
Weighted Average Pass-Through Rate 6.929210%
Weighted Average Maturity(Stepdown Calculation ) 351
Beginning Scheduled Collateral Loan Count 9,734
Number Of Loans Paid In Full 191
Ending Scheduled Collateral Loan Count 9,543
Beginning Scheduled Collateral Balance 1,479,019,647.17
Ending Scheduled Collateral Balance 1,444,932,679.84
Ending Actual Collateral Balance at 31-Jul-2004 1,445,476,132.71
Monthly P &I Constant 10,221,859.91
Special Servicing Fee 0.00
Prepayment Penalties 471,091.28
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 1,444,932,679.84
Scheduled Principal 1,292,876.24
Unscheduled Principal 32,794,091.09
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 6,215,803.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 15,474,950.59
Overcollateralized Amount 15,474,950.59
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 7,737,475.30
Extra principal distribution Amount 0.00
Excess Cash Amount 6,215,803.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.244210%
Weighted Average Net Rate 6.944210%
Weighted Average Pass Through Rate 6.929210%
Weighted Average Maturity 351
Record Date 07/31/2004
Principal and Interest Constant 10,221,859.91
Beginning Loan Count 9,734
Loans Paid in Full 191
Ending Loan Count 9,543
Beginning Scheduled Balance 1,479,019,647.17
Ending Scheduled Balance 1,444,932,679.84
Ending Actual Balance at 31-Jul-2004 1,445,476,132.71
Scheduled Principal 1,292,876.24
Unscheduled Principal 32,794,091.09
Scheduled Interest 8,928,983.67
Servicing Fee 369,754.93
Master Servicing Fee 3,081.24
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 15,406.44
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 8,540,741.06
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 471,091.28
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 6,215,803.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 15,474,950.59
Overcollateralized Amount 15,474,950.59
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 7,737,475.30
Miscellaneous Reporting
Required Overcollateralization Amount: 15,474,950.59
Credit Enhancement Percentage: 21.687381%
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 7.252733 7.278045 6.836128
Weighted Average Net Rate 6.952733 6.978045 6.536128
Weighted Average Maturity 340 354 347
Beginning Loan Count 2,425 6,352 244
Loans Paid In Full 31 138 3
Ending Loan Count 2,394 6,214 241
Beginning Scheduled Balance 327,020,344.71 942,127,568.14 52,139,864.63
Ending scheduled Balance 322,352,759.35 918,844,911.83 51,580,271.50
Record Date 07/31/2004 07/31/2004 07/31/2004
Principal And Interest Constant 2,305,936.02 6,493,729.43 348,166.64
Scheduled Principal 329,443.37 779,314.40 51,137.66
Unscheduled Principal 4,338,141.99 22,503,341.91 508,455.47
Scheduled Interest 1,976,492.65 5,714,415.03 297,028.98
Servicing Fees 81,755.10 235,531.89 13,034.97
Master Servicing Fees 681.27 1,962.76 108.62
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 3,406.46 9,813.83 543.12
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 1,890,649.82 5,467,106.55 283,342.27
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 6.937733 6.963045 6.521128
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.159342 7.244210
Weighted Average Net Rate 6.859342 6.944210
Weighted Average Maturity 355 351
Beginning Loan Count 713 9,734
Loans Paid In Full 19 191
Ending Loan Count 694 9,543
Beginning Scheduled Balance 157,731,869.69 1,479,019,647.17
Ending scheduled Balance 152,154,737.16 1,444,932,679.84
Record Date 07/31/2004 07/31/2004
Principal And Interest Constant 1,074,027.82 10,221,859.91
Scheduled Principal 132,980.81 1,292,876.24
Unscheduled Principal 5,444,151.72 32,794,091.09
Scheduled Interest 941,047.01 8,928,983.67
Servicing Fees 39,432.97 369,754.93
Master Servicing Fees 328.59 3,081.24
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 1,643.03 15,406.44
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 899,642.42 8,540,741.06
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 6.844342 6.929210