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): September 27, 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 54-2147330
Pooling and Servicing Agreement) (Commission 54-2147331
(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 September 27, 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 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-HE1 Trust, relating to the
September 27, 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
(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: 9/28/2004
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 September 27, 2004 distribution.
EX-99.1
ACE Securities Corporation Home Equity Loan Trust
Asset Backed Pass-Through Certificates
Record Date: 8/31/2004
Distribution Date: 9/27/2004
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 1.82500% 171,249,956.84 286,486.91 8,423,360.35
A-2A 004421EH2 SEN 1.73500% 22,221,773.54 35,341.87 2,621,914.06
A-2B 004421EJ8 SEN 2.06500% 20,230,000.00 38,293.70 0.00
A-3 004421EK5 SEN 2.05500% 22,346,000.00 42,094.28 0.00
M-1 004421EL3 MEZ 2.11500% 24,543,000.00 47,582.74 0.00
M-2 004421EM1 MEZ 2.71500% 20,453,000.00 50,902.40 0.00
M-3 004421EN9 MEZ 2.96500% 5,335,000.00 14,500.08 0.00
M-4 004421EP4 MEZ 3.41500% 5,335,000.00 16,700.77 0.00
M-5 004421EQ2 MEZ 3.56500% 5,335,000.00 17,434.33 0.00
M-6 004421ER0 MEZ 4.61500% 4,446,000.00 18,808.43 0.00
B 004427BU3 JUN 5.11500% 8,892,000.00 41,692.36 0.00
CE ACE4HE1CE JUN 0.00000% 2,134,184.32 1,265,852.46 0.00
P ACE04HE1P SEN 0.00000% 100.00 265,047.54 0.00
R ACE4HE1R1 RES 0.00000% 0.00 0.00 0.00
Totals 312,521,014.70 2,140,737.87 11,045,274.41
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 162,826,596.49 8,709,847.26 0.00
A-2A 0.00 19,599,859.48 2,657,255.93 0.00
A-2B 0.00 20,230,000.00 38,293.70 0.00
A-3 0.00 22,346,000.00 42,094.28 0.00
M-1 0.00 24,543,000.00 47,582.74 0.00
M-2 0.00 20,453,000.00 50,902.40 0.00
M-3 0.00 5,335,000.00 14,500.08 0.00
M-4 0.00 5,335,000.00 16,700.77 0.00
M-5 0.00 5,335,000.00 17,434.33 0.00
M-6 0.00 4,446,000.00 18,808.43 0.00
B 0.00 8,892,000.00 41,692.36 0.00
CE 0.00 2,134,184.32 1,265,852.46 0.00
P 0.00 100.00 265,047.54 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 301,475,740.29 13,186,012.28 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-1 201,112,000.00 171,249,956.84 0.00 8,423,360.35 0.00 0.00
A-2A 35,535,000.00 22,221,773.54 0.00 2,621,914.06 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 355,697,386.85 312,521,014.70 0.00 11,045,274.41 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 8,423,360.35 162,826,596.49 0.80963143 8,423,360.35
A-2A 2,621,914.06 19,599,859.48 0.55156492 2,621,914.06
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 11,045,274.41 301,475,740.29 0.84756243 11,045,274.41
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-1 201,112,000.00 851.51535881 0.00000000 41.88392712 0.00000000
A-2A 35,535,000.00 625.34891065 0.00000000 73.78398931 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 41.88392712 809.63143169 0.80963143 41.88392712
A-2A 0.00000000 73.78398931 551.56492135 0.55156492 73.78398931
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 1.82500% 171,249,956.84 286,486.91 0.00 0.00
A-2A 35,535,000.00 1.73500% 22,221,773.54 35,341.88 0.00 0.00
A-2B 20,230,000.00 2.06500% 20,230,000.00 38,293.70 0.00 0.00
A-3 22,346,000.00 2.05500% 22,346,000.00 42,094.28 0.00 0.00
M-1 24,543,000.00 2.11500% 24,543,000.00 47,582.74 0.00 0.00
M-2 20,453,000.00 2.71500% 20,453,000.00 50,902.40 0.00 0.00
M-3 5,335,000.00 2.96500% 5,335,000.00 14,500.09 0.00 0.00
M-4 5,335,000.00 3.41500% 5,335,000.00 16,700.77 0.00 0.00
M-5 5,335,000.00 3.56500% 5,335,000.00 17,434.34 0.00 0.00
M-6 4,446,000.00 4.61500% 4,446,000.00 18,808.43 0.00 0.00
B 8,892,000.00 5.11500% 8,892,000.00 41,692.36 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 355,697,386.85 609,837.90 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 0.00 286,486.91 0.00 162,826,596.49
A-2A 0.00 0.00 35,341.87 0.00 19,599,859.48
A-2B 0.00 0.00 38,293.70 0.00 20,230,000.00
A-3 0.00 0.00 42,094.28 0.00 22,346,000.00
M-1 0.00 0.00 47,582.74 0.00 24,543,000.00
M-2 0.00 0.00 50,902.40 0.00 20,453,000.00
M-3 0.00 0.00 14,500.08 0.00 5,335,000.00
M-4 0.00 0.00 16,700.77 0.00 5,335,000.00
M-5 0.00 0.00 17,434.33 0.00 5,335,000.00
M-6 0.00 0.00 18,808.43 0.00 4,446,000.00
B 0.00 0.00 41,692.36 0.00 8,892,000.00
CE 0.00 0.00 1,265,852.46 0.00 2,134,184.32
P 0.00 0.00 265,047.54 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 2,140,737.87 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-1 201,112,000.00 1.82500% 851.51535881 1.42451425 0.00000000 0.00000000
A-2A 35,535,000.00 1.73500% 625.34891065 0.99456536 0.00000000 0.00000000
A-2B 20,230,000.00 2.06500% 1000.00000000 1.89291646 0.00000000 0.00000000
A-3 22,346,000.00 2.05500% 1000.00000000 1.88375011 0.00000000 0.00000000
M-1 24,543,000.00 2.11500% 1000.00000000 1.93874995 0.00000000 0.00000000
M-2 20,453,000.00 2.71500% 1000.00000000 2.48874982 0.00000000 0.00000000
M-3 5,335,000.00 2.96500% 1000.00000000 2.71791753 0.00000000 0.00000000
M-4 5,335,000.00 3.41500% 1000.00000000 3.13041612 0.00000000 0.00000000
M-5 5,335,000.00 3.56500% 1000.00000000 3.26791753 0.00000000 0.00000000
M-6 4,446,000.00 4.61500% 1000.00000000 4.23041610 0.00000000 0.00000000
B 8,892,000.00 5.11500% 1000.00000000 4.68874944 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 0.00000000 0.00000000 1.42451425 0.00000000 809.63143169
A-2A 0.00000000 0.00000000 0.99456508 0.00000000 551.56492135
A-2B 0.00000000 0.00000000 1.89291646 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 1.88375011 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.93874995 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.48874982 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.71791565 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.13041612 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.26791565 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.23041610 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.68874944 0.00000000 1000.00000000
CE 0.00000000 0.00000000 592.82548385 0.00000000 999.48366188
P 0.00000000 0.00000000 2650475.40000000 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 13,038,228.77
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 168,924.66
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 265,047.54
Total Deposits 13,472,200.97
Withdrawals
Reimbursement for Servicer Advances 148,846.52
Payment of Service Fee 137,342.17
Payment of Interest and Principal 13,186,012.28
Total Withdrawals (Pool Distribution Amount) 13,472,200.97
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 128,878.06
Credit Risk Manager Fee: The Murrayhill Company 3,906.53
Master Servicing Fee: Wells Fargo 4,557.58
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 137,342.17
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 8 0 0 8
588,147.07 0.00 0.00 588,147.07
30 Days 75 2 1 0 78
6,093,379.02 289,339.75 45,519.54 0.00 6,428,238.31
60 Days 19 3 32 0 54
1,557,907.22 177,136.46 3,018,327.40 0.00 4,753,371.08
90 Days 7 0 35 1 43
488,863.23 0.00 2,350,011.42 46,312.34 2,885,186.99
120 Days 9 5 22 5 41
601,411.91 261,524.54 2,101,117.75 305,732.71 3,269,786.91
150 Days 2 4 18 6 30
76,047.34 264,397.21 2,293,238.81 428,742.45 3,062,425.81
180+ Days 1 3 30 8 42
42,427.60 155,411.64 1,786,549.85 411,286.46 2,395,675.55
Totals 113 25 138 20 296
8,860,036.32 1,735,956.67 11,594,764.77 1,192,073.96 23,382,831.72
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 0.264288% 0.000000% 0.000000% 0.264288%
0.194976% 0.000000% 0.000000% 0.194976%
30 Days 2.477701% 0.066072% 0.033036% 0.000000% 2.576809%
2.020008% 0.095919% 0.015090% 0.000000% 2.131016%
60 Days 0.627684% 0.099108% 1.057152% 0.000000% 1.783944%
0.516460% 0.058722% 1.000601% 0.000000% 1.575783%
90 Days 0.231252% 0.000000% 1.156260% 0.033036% 1.420548%
0.162062% 0.000000% 0.779049% 0.015353% 0.956464%
120 Days 0.297324% 0.165180% 0.726792% 0.165180% 1.354476%
0.199373% 0.086698% 0.696539% 0.101353% 1.083962%
150 Days 0.066072% 0.132144% 0.594648% 0.198216% 0.991080%
0.025210% 0.087650% 0.760228% 0.142132% 1.015220%
180+ Days 0.033036% 0.099108% 0.991080% 0.264288% 1.387512%
0.014065% 0.051520% 0.592257% 0.136345% 0.794187%
Totals 3.733069% 0.825900% 4.558969% 0.660720% 9.778659%
2.937178% 0.575485% 3.843764% 0.395183% 7.751610%
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 5 0 0 5
344,625.64 0.00 0.00 344,625.64
30 Days 57 2 1 0 60
4,598,013.32 289,339.75 45,519.54 0.00 4,932,872.61
60 Days 11 3 18 0 32
864,718.35 177,136.46 1,516,955.82 0.00 2,558,810.63
90 Days 2 0 22 1 25
198,098.39 0.00 1,356,870.01 46,312.34 1,601,280.74
120 Days 4 4 18 5 31
288,113.45 221,640.10 1,448,038.79 305,732.71 2,263,525.05
150 Days 0 2 13 5 20
0.00 177,454.64 1,179,011.60 384,388.25 1,740,854.49
180 Days 1 1 23 5 30
42,427.60 58,278.22 1,438,630.78 264,484.65 1,803,821.25
Totals 75 17 95 16 203
5,991,371.11 1,268,474.81 6,985,026.54 1,000,917.95 15,245,790.41
0-29 Days 0.286205% 0.000000% 0.000000% 0.286205%
0.200864% 0.000000% 0.000000% 0.200864%
30 Days 3.262736% 0.114482% 0.057241% 0.000000% 3.434459%
2.679939% 0.168641% 0.026531% 0.000000% 2.875111%
60 Days 0.629651% 0.171723% 1.030338% 0.000000% 1.831712%
0.503999% 0.103243% 0.884153% 0.000000% 1.491395%
90 Days 0.114482% 0.000000% 1.259302% 0.057241% 1.431025%
0.115461% 0.000000% 0.790848% 0.026993% 0.933302%
120 Days 0.228964% 0.228964% 1.030338% 0.286205% 1.774471%
0.167926% 0.129182% 0.843985% 0.178195% 1.319289%
150 Days 0.000000% 0.114482% 0.744133% 0.286205% 1.144820%
0.000000% 0.103429% 0.687184% 0.224040% 1.014652%
180 Days 0.057241% 0.057241% 1.316543% 0.286205% 1.717230%
0.024729% 0.033967% 0.838502% 0.154154% 1.051352%
Totals 4.293074% 0.973097% 5.437894% 0.915856% 11.619920%
3.492053% 0.739327% 4.071203% 0.583382% 8.885965%
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 2 0 0 2
141,386.35 0.00 0.00 141,386.35
30 Days 15 0 0 0 15
986,382.46 0.00 0.00 0.00 986,382.46
60 Days 6 0 12 0 18
239,197.86 0.00 599,368.17 0.00 838,566.03
90 Days 5 0 12 0 17
290,764.84 0.00 659,654.50 0.00 950,419.34
120 Days 4 1 3 0 8
169,781.79 39,884.44 241,606.21 0.00 451,272.44
150 Days 2 2 3 1 8
76,047.34 86,942.57 152,893.72 44,354.20 360,237.83
180 Days 0 2 7 2 11
0.00 97,133.42 347,919.07 107,355.85 552,408.34
Totals 32 7 37 3 79
1,762,174.29 365,346.78 2,001,441.67 151,710.05 4,280,672.79
0-29 Days 0.180018% 0.000000% 0.000000% 0.180018%
0.188650% 0.000000% 0.000000% 0.188650%
30 Days 1.350135% 0.000000% 0.000000% 0.000000% 1.350135%
1.316119% 0.000000% 0.000000% 0.000000% 1.316119%
60 Days 0.540054% 0.000000% 1.080108% 0.000000% 1.620162%
0.319159% 0.000000% 0.799730% 0.000000% 1.118889%
90 Days 0.450045% 0.000000% 1.080108% 0.000000% 1.530153%
0.387964% 0.000000% 0.880170% 0.000000% 1.268134%
120 Days 0.360036% 0.090009% 0.270027% 0.000000% 0.720072%
0.226538% 0.053217% 0.322373% 0.000000% 0.602128%
150 Days 0.180018% 0.180018% 0.270027% 0.090009% 0.720072%
0.101469% 0.116007% 0.204004% 0.059181% 0.480661%
180 Days 0.000000% 0.180018% 0.630063% 0.180018% 0.990099%
0.000000% 0.129604% 0.464225% 0.143244% 0.737072%
Totals 2.880288% 0.630063% 3.330333% 0.270027% 7.110711%
2.351250% 0.487478% 2.670502% 0.202425% 5.711655%
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
438,545.45 0.00 0.00 0.00 438,545.45
60 Days 1 0 2 0 3
335,244.87 0.00 902,003.41 0.00 1,237,248.28
90 Days 0 0 1 0 1
0.00 0.00 333,486.91 0.00 333,486.91
120 Days 1 0 1 0 2
143,516.67 0.00 411,472.75 0.00 554,989.42
150 Days 0 0 2 0 2
0.00 0.00 961,333.49 0.00 961,333.49
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 4 0 6 0 10
917,306.99 0.00 2,608,296.56 0.00 3,525,603.55
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 1.869159% 0.000000% 0.000000% 0.000000% 1.869159%
1.009509% 0.000000% 0.000000% 0.000000% 1.009509%
60 Days 0.934579% 0.000000% 1.869159% 0.000000% 2.803738%
0.771716% 0.000000% 2.076365% 0.000000% 2.848081%
90 Days 0.000000% 0.000000% 0.934579% 0.000000% 0.934579%
0.000000% 0.000000% 0.767670% 0.000000% 0.767670%
120 Days 0.934579% 0.000000% 0.934579% 0.000000% 1.869159%
0.330368% 0.000000% 0.947189% 0.000000% 1.277557%
150 Days 0.000000% 0.000000% 1.869159% 0.000000% 1.869159%
0.000000% 0.000000% 2.212940% 0.000000% 2.212940%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 3.738318% 0.000000% 5.607477% 0.000000% 9.345794%
2.111593% 0.000000% 6.004163% 0.000000% 8.115757%
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 1 0 0 1
102,135.08 0.00 0.00 102,135.08
30 Days 1 0 0 0 1
70,437.79 0.00 0.00 0.00 70,437.79
60 Days 1 0 0 0 1
118,746.14 0.00 0.00 0.00 118,746.14
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 1 1
0.00 0.00 0.00 39,445.96 39,445.96
Totals 2 1 0 1 4
189,183.93 102,135.08 0.00 39,445.96 330,764.97
0-29 Days 1.612903% 0.000000% 0.000000% 1.612903%
0.873548% 0.000000% 0.000000% 0.873548%
30 Days 1.612903% 0.000000% 0.000000% 0.000000% 1.612903%
0.602445% 0.000000% 0.000000% 0.000000% 0.602445%
60 Days 1.612903% 0.000000% 0.000000% 0.000000% 1.612903%
1.015620% 0.000000% 0.000000% 0.000000% 1.015620%
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% 1.612903% 1.612903%
0.000000% 0.000000% 0.000000% 0.337376% 0.337376%
Totals 3.225806% 1.612903% 0.000000% 1.612903% 6.451613%
1.618065% 0.873548% 0.000000% 0.337376% 2.828989%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 168,924.66
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.729526%
Weighted Average Net Coupon 7.234666%
Weighted Average Pass-Through Rate 7.202163%
Weighted Average Maturity(Stepdown Calculation ) 339
Beginning Scheduled Collateral Loan Count 3,111
Number Of Loans Paid In Full 84
Ending Scheduled Collateral Loan Count 3,027
Beginning Scheduled Collateral Balance 312,521,014.70
Ending Scheduled Collateral Balance 301,475,740.29
Ending Actual Collateral Balance at 31-Aug-2004 301,651,304.88
Monthly P &I Constant 2,271,438.16
Special Servicing Fee 0.00
Prepayment Penalties 265,047.54
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 301,475,740.29
Scheduled Principal 255,190.99
Unscheduled Principal 10,790,083.42
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 7.691085 8.281286 7.018031
Weighted Average Net Rate 7.198652 7.781287 6.523835
Weighted Average Maturity 349 315 351
Beginning Loan Count 1,798 1,134 110
Loans Paid In Full 51 23 3
Ending Loan Count 1,747 1,111 107
Beginning Scheduled Balance 178,097,625.03 76,699,435.26 44,650,293.29
Ending scheduled Balance 171,468,917.79 74,904,782.15 43,412,577.17
Record Date 08/31/2004 08/31/2004 08/31/2004
Principal And Interest Constant 1,273,145.07 608,480.55 294,832.46
Scheduled Principal 131,675.05 79,172.28 33,701.51
Unscheduled Principal 6,497,032.19 1,715,480.83 1,204,014.61
Scheduled Interest 1,141,470.02 529,308.27 261,130.95
Servicing Fees 73,084.38 31,958.02 18,388.31
Master Servicing Fees 2,597.24 1,118.55 651.14
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 2,226.23 958.75 558.13
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 1,063,562.17 495,272.95 241,533.37
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 7.166152 7.748786 6.491335
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.741176 7.729526
Weighted Average Net Rate 7.241177 7.234666
Weighted Average Maturity 318 339
Beginning Loan Count 69 3,111
Loans Paid In Full 7 84
Ending Loan Count 62 3,027
Beginning Scheduled Balance 13,073,661.12 312,521,014.70
Ending scheduled Balance 11,689,463.18 301,475,740.29
Record Date 08/31/2004 08/31/2004
Principal And Interest Constant 94,980.08 2,271,438.16
Scheduled Principal 10,642.15 255,190.99
Unscheduled Principal 1,373,555.79 10,790,083.42
Scheduled Interest 84,337.93 2,016,247.17
Servicing Fees 5,447.35 128,878.06
Master Servicing Fees 190.65 4,557.58
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 163.42 3,906.53
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 78,536.51 1,878,905.00
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 7.208676 7.202163