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): October 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 October 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
October 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: 10/29/04
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 October 25, 2004 distribution.
EX-99.1
ACE Securities Corporation
Asset-Backed Pass-Through Certificates
Record Date: 9/30/04
Distribution Date: 10/25/04
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 2.05000% 937,424,593.50 1,494,671.44 38,397,509.66
A-2A 004421ET6 SEN 1.95000% 80,740,187.55 122,455.95 4,301,856.13
A-2B 004421EU3 SEN 2.06000% 41,704,000.00 66,819.08 0.00
A-2C 004421EV1 SEN 2.29000% 30,083,000.00 53,581.17 0.00
M-1 004421EW9 MEZ 2.36000% 103,682,000.00 190,314.07 0.00
M-2 004421EX7 MEZ 2.89000% 82,791,000.00 186,095.77 0.00
M-3 004421EY5 MEZ 3.09000% 22,439,000.00 53,928.40 0.00
M-4 004421EZ2 MEZ 3.84000% 19,344,000.00 57,774.08 0.00
M-5 004421FA6 MEZ 4.09000% 21,665,000.00 68,918.77 0.00
M-6 004421FB4 MEZ 5.34000% 20,117,000.00 83,552.61 0.00
B 004421FC2 SUB 5.34000% 27,855,000.00 115,691.10 0.00
P ACE04OP1P SEN 0.00000% 100.00 792,059.33 0.00
CE ACE4OP1CE JUN 0.00000% 15,474,950.59 5,598,438.23 0.00
Totals 1,403,319,831.64 8,884,300.00 42,699,365.79
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 899,027,083.84 39,892,181.10 0.00
A-2A 0.00 76,438,331.42 4,424,312.08 0.00
A-2B 0.00 41,704,000.00 66,819.08 0.00
A-2C 0.00 30,083,000.00 53,581.17 0.00
M-1 0.00 103,682,000.00 190,314.07 0.00
M-2 0.00 82,791,000.00 186,095.77 0.00
M-3 0.00 22,439,000.00 53,928.40 0.00
M-4 0.00 19,344,000.00 57,774.08 0.00
M-5 0.00 21,665,000.00 68,918.77 0.00
M-6 0.00 20,117,000.00 83,552.61 0.00
B 0.00 27,855,000.00 115,691.10 0.00
P 0.00 100.00 792,059.33 0.00
CE 0.00 15,474,950.59 5,598,438.23 0.00
Totals 0.00 1,360,620,465.85 51,583,665.79 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 1,057,332,000.00 937,424,593.50 0.00 38,397,509.66 0.00 0.00
A-2A 105,009,000.00 80,740,187.55 0.00 4,301,856.13 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 1,403,319,831.64 0.00 42,699,365.79 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 38,397,509.66 899,027,083.84 0.85027889 38,397,509.66
A-2A 4,301,856.13 76,438,331.42 0.72792172 4,301,856.13
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 42,699,365.79 1,360,620,465.85 0.87924059 42,699,365.79
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 1,057,332,000.00 886.59436535 0.00000000 36.31547107 0.00000000
A-2A 105,009,000.00 768.88826243 0.00000000 40.96654696 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 36.31547107 850.27889427 0.85027889 36.31547107
A-2A 0.00000000 40.96654696 727.92171547 0.72792172 40.96654696
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 2.05000% 937,424,593.50 1,494,671.44 0.00 0.00
A-2A 105,009,000.00 1.95000% 80,740,187.55 122,455.95 0.00 0.00
A-2B 41,704,000.00 2.06000% 41,704,000.00 66,819.08 0.00 0.00
A-2C 30,083,000.00 2.29000% 30,083,000.00 53,581.17 0.00 0.00
M-1 103,682,000.00 2.36000% 103,682,000.00 190,314.07 0.00 0.00
M-2 82,791,000.00 2.89000% 82,791,000.00 186,095.77 0.00 0.00
M-3 22,439,000.00 3.09000% 22,439,000.00 53,928.40 0.00 0.00
M-4 19,344,000.00 3.84000% 19,344,000.00 57,774.08 0.00 0.00
M-5 21,665,000.00 4.09000% 21,665,000.00 68,918.77 0.00 0.00
M-6 20,117,000.00 5.34000% 20,117,000.00 83,552.61 0.00 0.00
B 27,855,000.00 5.34000% 27,855,000.00 115,691.10 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 2,493,802.44 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 1,494,671.44 0.00 899,027,083.84
A-2A 0.00 0.00 122,455.95 0.00 76,438,331.42
A-2B 0.00 0.00 66,819.08 0.00 41,704,000.00
A-2C 0.00 0.00 53,581.17 0.00 30,083,000.00
M-1 0.00 0.00 190,314.07 0.00 103,682,000.00
M-2 0.00 0.00 186,095.77 0.00 82,791,000.00
M-3 0.00 0.00 53,928.40 0.00 22,439,000.00
M-4 0.00 0.00 57,774.08 0.00 19,344,000.00
M-5 0.00 0.00 68,918.77 0.00 21,665,000.00
M-6 0.00 0.00 83,552.61 0.00 20,117,000.00
B 0.00 0.00 115,691.10 0.00 27,855,000.00
P 0.00 0.00 792,059.33 0.00 100.00
CE 0.00 0.00 5,598,438.23 0.00 15,474,950.59
Totals 0.00 0.00 8,884,300.00 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 2.05000% 886.59436535 1.41362546 0.00000000 0.00000000
A-2A 105,009,000.00 1.95000% 768.88826243 1.16614719 0.00000000 0.00000000
A-2B 41,704,000.00 2.06000% 1000.00000000 1.60222233 0.00000000 0.00000000
A-2C 30,083,000.00 2.29000% 1000.00000000 1.78111126 0.00000000 0.00000000
M-1 103,682,000.00 2.36000% 1000.00000000 1.83555554 0.00000000 0.00000000
M-2 82,791,000.00 2.89000% 1000.00000000 2.24777778 0.00000000 0.00000000
M-3 22,439,000.00 3.09000% 1000.00000000 2.40333348 0.00000000 0.00000000
M-4 19,344,000.00 3.84000% 1000.00000000 2.98666667 0.00000000 0.00000000
M-5 21,665,000.00 4.09000% 1000.00000000 3.18111101 0.00000000 0.00000000
M-6 20,117,000.00 5.34000% 1000.00000000 4.15333350 0.00000000 0.00000000
B 27,855,000.00 5.34000% 1000.00000000 4.15333333 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 1.41362546 0.00000000 850.27889427
A-2A 0.00000000 0.00000000 1.16614719 0.00000000 727.92171547
A-2B 0.00000000 0.00000000 1.60222233 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 1.78111126 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 1.83555554 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.24777778 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.40333348 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.98666667 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.18111101 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.15333350 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.15333333 0.00000000 1000.00000000
P 0.00000000 0.00000000 7920593.30000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 361.79739078 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 51,085,126.91
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 333,401.96
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 792,059.33
Total Deposits 52,210,588.20
Withdrawals
Reimbursement for Servicer Advances 258,550.98
Payment of Service Fee 368,371.43
Payment of Interest and Principal 51,583,665.79
Total Withdrawals (Pool Distribution Amount) 52,210,588.20
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 350,830.00
Credit Risk Manager Fee: The Murrayhill Company 14,617.89
Master Servicing Fee: Wells Fargo 2,923.54
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 368,371.43
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 1,000.00 0.90 0.90 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 22 2 0 24
3,381,674.51 438,238.38 0.00 3,819,912.89
30 Days 113 1 2 0 116
18,795,631.79 102,340.36 458,688.89 0.00 19,356,661.04
60 Days 44 5 19 0 68
6,714,343.58 698,392.04 2,427,674.88 0.00 9,840,410.50
90 Days 14 5 17 0 36
1,881,818.59 671,341.18 2,216,437.38 0.00 4,769,597.15
120 Days 12 7 54 6 79
1,813,962.31 1,090,346.61 8,280,262.65 742,709.90 11,927,281.47
150 Days 0 0 3 1 4
0.00 0.00 602,899.83 113,905.00 716,804.83
180+ Days 0 0 1 0 1
0.00 0.00 74,400.00 0.00 74,400.00
Totals 183 40 98 7 328
29,205,756.27 5,944,094.70 14,498,602.01 856,614.90 50,505,067.88
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 0.242504% 0.022046% 0.000000% 0.264550%
0.248444% 0.032196% 0.000000% 0.280641%
30 Days 1.245591% 0.011023% 0.022046% 0.000000% 1.278660%
1.380874% 0.007519% 0.033699% 0.000000% 1.422092%
60 Days 0.485009% 0.055115% 0.209436% 0.000000% 0.749559%
0.493288% 0.051309% 0.178356% 0.000000% 0.722954%
90 Days 0.154321% 0.055115% 0.187390% 0.000000% 0.396825%
0.138253% 0.049322% 0.162837% 0.000000% 0.350412%
120 Days 0.132275% 0.077160% 0.595238% 0.066138% 0.870811%
0.133268% 0.080105% 0.608333% 0.054565% 0.876272%
150 Days 0.000000% 0.000000% 0.033069% 0.011023% 0.044092%
0.000000% 0.000000% 0.044294% 0.008368% 0.052662%
180+ Days 0.000000% 0.000000% 0.011023% 0.000000% 0.011023%
0.000000% 0.000000% 0.005466% 0.000000% 0.005466%
Totals 2.017196% 0.440917% 1.080247% 0.077160% 3.615520%
2.145684% 0.436700% 1.065181% 0.062934% 3.710498%
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 3 0 0 3
470,027.88 0.00 0.00 470,027.88
30 Days 13 0 0 0 13
1,892,858.40 0.00 0.00 0.00 1,892,858.40
60 Days 1 0 2 0 3
199,444.00 0.00 305,886.06 0.00 505,330.06
90 Days 2 1 2 0 5
399,768.98 58,227.79 255,691.89 0.00 713,688.66
120 Days 1 1 6 1 9
89,896.25 253,300.27 1,246,116.82 125,858.94 1,715,172.28
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 17 5 10 1 33
2,581,967.63 781,555.94 1,807,694.77 125,858.94 5,297,077.28
0-29 Days 0.130265% 0.000000% 0.000000% 0.130265%
0.152452% 0.000000% 0.000000% 0.152452%
30 Days 0.564481% 0.000000% 0.000000% 0.000000% 0.564481%
0.613942% 0.000000% 0.000000% 0.000000% 0.613942%
60 Days 0.043422% 0.000000% 0.086843% 0.000000% 0.130265%
0.064689% 0.000000% 0.099213% 0.000000% 0.163902%
90 Days 0.086843% 0.043422% 0.086843% 0.000000% 0.217108%
0.129664% 0.018886% 0.082933% 0.000000% 0.231483%
120 Days 0.043422% 0.043422% 0.260530% 0.043422% 0.390795%
0.029158% 0.082157% 0.404174% 0.040822% 0.556310%
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 0.738168% 0.217108% 0.434216% 0.043422% 1.432914%
0.837453% 0.253495% 0.586320% 0.040822% 1.718089%
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 18 2 0 20
2,777,737.39 438,238.38 0.00 3,215,975.77
30 Days 83 1 2 0 86
12,994,241.04 102,340.36 458,688.89 0.00 13,555,270.29
60 Days 31 3 14 0 48
3,732,517.76 417,348.43 1,945,900.65 0.00 6,095,766.84
90 Days 10 4 14 0 28
1,382,268.00 613,113.39 1,811,378.01 0.00 3,806,759.40
120 Days 9 4 40 5 58
1,514,321.63 342,664.86 5,987,071.87 616,850.96 8,460,909.32
150 Days 0 0 3 1 4
0.00 0.00 602,899.83 113,905.00 716,804.83
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 133 30 75 6 244
19,623,348.43 4,253,204.43 11,244,177.63 730,755.96 35,851,486.45
0-29 Days 0.306487% 0.034054% 0.000000% 0.340541%
0.323133% 0.050980% 0.000000% 0.374114%
30 Days 1.413247% 0.017027% 0.034054% 0.000000% 1.464328%
1.511617% 0.011905% 0.053359% 0.000000% 1.576881%
60 Days 0.527839% 0.051081% 0.238379% 0.000000% 0.817300%
0.434203% 0.048550% 0.226366% 0.000000% 0.709119%
90 Days 0.170271% 0.068108% 0.238379% 0.000000% 0.476758%
0.160799% 0.071323% 0.210717% 0.000000% 0.442839%
120 Days 0.153244% 0.068108% 0.681083% 0.085135% 0.987570%
0.176161% 0.039862% 0.696474% 0.071758% 0.984255%
150 Days 0.000000% 0.000000% 0.051081% 0.017027% 0.068108%
0.000000% 0.000000% 0.070135% 0.013251% 0.083386%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 2.264601% 0.510812% 1.277030% 0.102162% 4.154606%
2.282779% 0.494774% 1.308032% 0.085009% 4.170594%
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 5 0 0 0 5
1,082,162.12 0.00 0.00 0.00 1,082,162.12
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 2 0 2
0.00 0.00 376,104.49 0.00 376,104.49
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 2 0 7
1,082,162.12 0.00 376,104.49 0.00 1,458,266.61
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 2.127660% 0.000000% 0.000000% 0.000000% 2.127660%
2.123779% 0.000000% 0.000000% 0.000000% 2.123779%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.851064% 0.000000% 0.851064%
0.000000% 0.000000% 0.738117% 0.000000% 0.738117%
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 2.127660% 0.000000% 0.851064% 0.000000% 2.978723%
2.123779% 0.000000% 0.738117% 0.000000% 2.861896%
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
133,909.24 0.00 0.00 133,909.24
30 Days 12 0 0 0 12
2,826,370.23 0.00 0.00 0.00 2,826,370.23
60 Days 12 2 3 0 17
2,782,381.82 281,043.61 175,888.17 0.00 3,239,313.60
90 Days 2 0 1 0 3
99,781.61 0.00 149,367.48 0.00 249,149.09
120 Days 2 2 6 0 10
209,744.43 494,381.48 670,969.47 0.00 1,375,095.38
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 1 0 1
0.00 0.00 74,400.00 0.00 74,400.00
Totals 28 5 11 0 44
5,918,278.09 909,334.33 1,070,625.12 0.00 7,898,237.54
0-29 Days 0.151286% 0.000000% 0.000000% 0.151286%
0.094138% 0.000000% 0.000000% 0.094138%
30 Days 1.815431% 0.000000% 0.000000% 0.000000% 1.815431%
1.986936% 0.000000% 0.000000% 0.000000% 1.986936%
60 Days 1.815431% 0.302572% 0.453858% 0.000000% 2.571861%
1.956012% 0.197573% 0.123649% 0.000000% 2.277235%
90 Days 0.302572% 0.000000% 0.151286% 0.000000% 0.453858%
0.070146% 0.000000% 0.105005% 0.000000% 0.175152%
120 Days 0.302572% 0.302572% 0.907716% 0.000000% 1.512859%
0.147450% 0.347550% 0.471691% 0.000000% 0.966691%
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% 0.151286% 0.000000% 0.151286%
0.000000% 0.000000% 0.052303% 0.000000% 0.052303%
Totals 4.236006% 0.756430% 1.664145% 0.000000% 6.656581%
4.160544% 0.639261% 0.752648% 0.000000% 5.552454%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 333,401.96
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.234797%
Weighted Average Net Coupon 6.934796%
Weighted Average Pass-Through Rate 6.919796%
Weighted Average Maturity(Stepdown Calculation ) 349
Beginning Scheduled Collateral Loan Count 9,324
Number Of Loans Paid In Full 252
Ending Scheduled Collateral Loan Count 9,072
Beginning Scheduled Collateral Balance 1,403,319,831.64
Ending Scheduled Collateral Balance 1,360,620,465.85
Ending Actual Collateral Balance at 30-Sep-2004 1,361,139,797.61
Monthly P &I Constant 9,708,552.45
Special Servicing Fee 0.00
Prepayment Penalties 792,059.33
Realized Loss Amount 0.00
Cumulative Realized Loss 12,442.98
Ending Scheduled Balance for Premium Loans 1,360,620,465.85
Scheduled Principal 1,247,623.87
Unscheduled Principal 41,451,741.92
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 5,598,437.33
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 5,598,437.33
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.234797%
Weighted Average Net Rate 6.934796%
Weighted Average Pass Through Rate 6.919796%
Weighted Average Maturity 349
Record Date 09/30/2004
Principal and Interest Constant 9,708,552.45
Beginning Loan Count 9,324
Loans Paid in Full 252
Ending Loan Count 9,072
Beginning Scheduled Balance 1,403,319,831.64
Ending Scheduled Balance 1,360,620,465.85
Ending Actual Balance at 30-Sep-2004 1,361,139,797.61
Scheduled Principal 1,247,623.87
Unscheduled Principal 41,451,741.92
Scheduled Interest 8,460,928.58
Servicing Fee 350,830.00
Master Servicing Fee 2,923.54
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 14,617.89
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 8,092,557.15
Realized Loss Amount 0.00
Cumulative Realized Loss 12,442.98
Percentage of Cumulative Losses 0.0008
Special Servicing Fee 0.00
Prepayment Penalties 792,059.33
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 5,598,437.33
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
Overcollateralization Increase Amount 0.00
Overcollateralization Reduction Amount 0.00
Credit Enhancement Percentage: 23.031261%
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 7.238242 7.268975 6.824110
Weighted Average Net Rate 6.938242 6.968975 6.524110
Weighted Average Maturity 338 352 345
Beginning Loan Count 2,350 6,061 238
Loans Paid In Full 47 188 3
Ending Loan Count 2,303 5,873 235
Beginning Scheduled Balance 315,005,596.35 890,893,621.20 51,272,389.25
Ending scheduled Balance 308,228,963.42 859,272,744.47 50,940,316.17
Record Date 09/30/2004 09/30/2004 09/30/2004
Principal And Interest Constant 2,223,902.96 6,144,666.81 342,550.11
Scheduled Principal 323,830.59 748,097.10 50,976.41
Unscheduled Principal 6,452,802.34 30,872,779.63 281,096.67
Scheduled Interest 1,900,072.37 5,396,569.71 291,573.70
Servicing Fees 78,751.42 222,723.40 12,818.10
Master Servicing Fees 656.24 1,856.03 106.82
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 3,281.30 9,280.13 534.09
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 1,817,383.41 5,162,710.15 278,114.69
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 12,442.98 0.00
Percentage of Cumulative Losses 0.0000 0.0013 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 6.923242 6.953975 6.509110
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.165707 7.234797
Weighted Average Net Rate 6.865707 6.934796
Weighted Average Maturity 353 349
Beginning Loan Count 675 9,324
Loans Paid In Full 14 252
Ending Loan Count 661 9,072
Beginning Scheduled Balance 146,148,224.84 1,403,319,831.64
Ending scheduled Balance 142,178,441.79 1,360,620,465.85
Record Date 09/30/2004 09/30/2004
Principal And Interest Constant 997,432.57 9,708,552.45
Scheduled Principal 124,719.77 1,247,623.87
Unscheduled Principal 3,845,063.28 41,451,741.92
Scheduled Interest 872,712.80 8,460,928.58
Servicing Fees 36,537.08 350,830.00
Master Servicing Fees 304.45 2,923.54
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 1,522.37 14,617.89
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 834,348.90 8,092,557.15
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 12,442.98
Percentage of Cumulative Losses 0.0000 0.0008
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 6.850707 6.919796