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-FM1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-03 54-2142308
Pooling and Servicing Agreement) (Commission 54-2142309
(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-FM1 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-FM1 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-FM1 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-FM1 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-FM1
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 004421DG5 SEN 2.14000% 363,275,335.82 604,651.61 30,866,672.86
A-2A 004421DH3 SEN 2.16000% 23,739,204.71 39,881.86 1,614,377.05
A-2B 004421DR1 SEN 2.03000% 51,658,177.27 81,562.52 4,813,723.43
A-2C 004421DS9 SEN 2.30000% 19,127,000.00 34,216.08 0.00
A-3 004421DJ9 SEN 2.24000% 40,363,996.81 70,323.05 3,429,636.32
M-1 004421DK6 MEZ 2.44000% 69,547,000.00 131,984.75 0.00
M-2 004421DL4 MEZ 3.09000% 57,128,000.00 137,297.63 0.00
M-3 004421DM2 MEZ 3.29000% 17,387,000.00 44,491.40 0.00
M-4 004421DN0 MEZ 3.64000% 17,387,000.00 49,224.53 0.00
M-5 004421DP5 MEZ 3.79000% 14,903,000.00 43,930.73 0.00
M-6 004421DQ3 MEZ 5.34000% 9,935,000.00 41,263.37 0.00
B-1A ACE041B1A JUN 5.34000% 6,955,000.00 28,886.43 0.00
B-1B ACE041B1B JUN 6.00000% 6,955,000.00 34,775.00 0.00
CE 00499ABN4 JUN 0.00000% 8,445,016.93 2,691,508.53 0.00
P ACE04010P SEN 0.00000% 100.00 985,503.37 0.00
R1 ACE0401R1 SEN 0.00000% 0.00 0.00 0.00
Totals 706,805,831.54 5,019,500.86 40,724,409.66
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 332,408,662.97 31,471,324.47 0.00
A-2A 0.00 22,124,827.65 1,654,258.91 0.00
A-2B 0.00 46,844,453.84 4,895,285.95 0.00
A-2C 0.00 19,127,000.00 34,216.08 0.00
A-3 0.00 36,934,360.50 3,499,959.37 0.00
M-1 0.00 69,547,000.00 131,984.75 0.00
M-2 0.00 57,128,000.00 137,297.63 0.00
M-3 0.00 17,387,000.00 44,491.40 0.00
M-4 0.00 17,387,000.00 49,224.53 0.00
M-5 0.00 14,903,000.00 43,930.73 0.00
M-6 0.00 9,935,000.00 41,263.37 0.00
B-1A 0.00 6,955,000.00 28,886.43 0.00
B-1B 0.00 6,955,000.00 34,775.00 0.00
CE 0.00 8,445,016.93 2,691,508.53 0.00
P 0.00 100.00 985,503.37 0.00
R1 0.00 0.00 0.00 0.00
Totals 0.00 666,081,421.89 45,743,910.52 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-1 571,643,000.00 363,275,335.82 0.00 30,866,672.86 0.00 0.00
A-2A 37,604,000.00 23,739,204.71 0.00 1,614,377.05 0.00 0.00
A-2B 93,000,000.00 51,658,177.27 0.00 4,813,723.43 0.00 0.00
A-2C 19,127,000.00 19,127,000.00 0.00 0.00 0.00 0.00
A-3 63,516,000.00 40,363,996.81 0.00 3,429,636.32 0.00 0.00
M-1 69,547,000.00 69,547,000.00 0.00 0.00 0.00 0.00
M-2 57,128,000.00 57,128,000.00 0.00 0.00 0.00 0.00
M-3 17,387,000.00 17,387,000.00 0.00 0.00 0.00 0.00
M-4 17,387,000.00 17,387,000.00 0.00 0.00 0.00 0.00
M-5 14,903,000.00 14,903,000.00 0.00 0.00 0.00 0.00
M-6 9,935,000.00 9,935,000.00 0.00 0.00 0.00 0.00
B-1A 6,955,000.00 6,955,000.00 0.00 0.00 0.00 0.00
B-1B 6,955,000.00 6,955,000.00 0.00 0.00 0.00 0.00
CE 8,444,303.20 8,445,016.93 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00 0.00 0.00
Totals 993,531,403.20 706,805,831.54 0.00 40,724,409.66 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 30,866,672.86 332,408,662.97 0.58149695 30,866,672.86
A-2A 1,614,377.05 22,124,827.65 0.58836368 1,614,377.05
A-2B 4,813,723.43 46,844,453.84 0.50370380 4,813,723.43
A-2C 0.00 19,127,000.00 1.00000000 0.00
A-3 3,429,636.32 36,934,360.50 0.58149695 3,429,636.32
M-1 0.00 69,547,000.00 1.00000000 0.00
M-2 0.00 57,128,000.00 1.00000000 0.00
M-3 0.00 17,387,000.00 1.00000000 0.00
M-4 0.00 17,387,000.00 1.00000000 0.00
M-5 0.00 14,903,000.00 1.00000000 0.00
M-6 0.00 9,935,000.00 1.00000000 0.00
B-1A 0.00 6,955,000.00 1.00000000 0.00
B-1B 0.00 6,955,000.00 1.00000000 0.00
CE 0.00 8,445,016.93 1.00008452 0.00
P 0.00 100.00 1.00000000 0.00
R1 0.00 0.00 0.00000000 0.00
Totals 40,724,409.66 666,081,421.89 0.67041809 40,724,409.66
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-1 571,643,000.00 635.49336880 0.00000000 53.99641535 0.00000000
A-2A 37,604,000.00 631.29466839 0.00000000 42.93099271 0.00000000
A-2B 93,000,000.00 555.46427172 0.00000000 51.76046699 0.00000000
A-2C 19,127,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 63,516,000.00 635.49336876 0.00000000 53.99641539 0.00000000
M-1 69,547,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 57,128,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 17,387,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 17,387,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 14,903,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 9,935,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1A 6,955,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1B 6,955,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 8,444,303.20 1000.08452207 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R1 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 53.99641535 581.49695347 0.58149695 53.99641535
A-2A 0.00000000 42.93099271 588.36367541 0.58836368 42.93099271
A-2B 0.00000000 51.76046699 503.70380473 0.50370380 51.76046699
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 53.99641539 581.49695352 0.58149695 53.99641539
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-1A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 1,000.08452207 1.00008452 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R1 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-1 571,643,000.00 2.14000% 363,275,335.82 604,651.61 0.00 0.00
A-2A 37,604,000.00 2.16000% 23,739,204.71 39,881.86 0.00 0.00
A-2B 93,000,000.00 2.03000% 51,658,177.27 81,562.52 0.00 0.00
A-2C 19,127,000.00 2.30000% 19,127,000.00 34,216.08 0.00 0.00
A-3 63,516,000.00 2.24000% 40,363,996.81 70,323.05 0.00 0.00
M-1 69,547,000.00 2.44000% 69,547,000.00 131,984.75 0.00 0.00
M-2 57,128,000.00 3.09000% 57,128,000.00 137,297.63 0.00 0.00
M-3 17,387,000.00 3.29000% 17,387,000.00 44,491.40 0.00 0.00
M-4 17,387,000.00 3.64000% 17,387,000.00 49,224.53 0.00 0.00
M-5 14,903,000.00 3.79000% 14,903,000.00 43,930.73 0.00 0.00
M-6 9,935,000.00 5.34000% 9,935,000.00 41,263.37 0.00 0.00
B-1A 6,955,000.00 5.34000% 6,955,000.00 28,886.43 0.00 0.00
B-1B 6,955,000.00 6.00000% 6,955,000.00 34,775.00 0.00 0.00
CE 8,444,303.20 0.00000% 8,445,016.93 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R1 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 993,531,403.20 1,342,488.96 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 0.00 604,651.61 0.00 332,408,662.97
A-2A 0.00 0.00 39,881.86 0.00 22,124,827.65
A-2B 0.00 0.00 81,562.52 0.00 46,844,453.84
A-2C 0.00 0.00 34,216.08 0.00 19,127,000.00
A-3 0.00 0.00 70,323.05 0.00 36,934,360.50
M-1 0.00 0.00 131,984.75 0.00 69,547,000.00
M-2 0.00 0.00 137,297.63 0.00 57,128,000.00
M-3 0.00 0.00 44,491.40 0.00 17,387,000.00
M-4 0.00 0.00 49,224.53 0.00 17,387,000.00
M-5 0.00 0.00 43,930.73 0.00 14,903,000.00
M-6 0.00 0.00 41,263.37 0.00 9,935,000.00
B-1A 0.00 0.00 28,886.43 0.00 6,955,000.00
B-1B 0.00 0.00 34,775.00 0.00 6,955,000.00
CE 0.00 0.00 2,691,508.53 0.00 8,445,016.93
P 0.00 0.00 985,503.37 0.00 100.00
R1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 5,019,500.86 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-1 571,643,000.00 2.14000% 635.49336880 1.05774340 0.00000000 0.00000000
A-2A 37,604,000.00 2.16000% 631.29466839 1.06057494 0.00000000 0.00000000
A-2B 93,000,000.00 2.03000% 555.46427172 0.87701634 0.00000000 0.00000000
A-2C 19,127,000.00 2.30000% 1000.00000000 1.78888901 0.00000000 0.00000000
A-3 63,516,000.00 2.24000% 635.49336876 1.10717063 0.00000000 0.00000000
M-1 69,547,000.00 2.44000% 1000.00000000 1.89777776 0.00000000 0.00000000
M-2 57,128,000.00 3.09000% 1000.00000000 2.40333339 0.00000000 0.00000000
M-3 17,387,000.00 3.29000% 1000.00000000 2.55888882 0.00000000 0.00000000
M-4 17,387,000.00 3.64000% 1000.00000000 2.83111118 0.00000000 0.00000000
M-5 14,903,000.00 3.79000% 1000.00000000 2.94777763 0.00000000 0.00000000
M-6 9,935,000.00 5.34000% 1000.00000000 4.15333367 0.00000000 0.00000000
B-1A 6,955,000.00 5.34000% 1000.00000000 4.15333285 0.00000000 0.00000000
B-1B 6,955,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
CE 8,444,303.20 0.00000% 1000.08452207 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R1 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 1.05774340 0.00000000 581.49695347
A-2A 0.00000000 0.00000000 1.06057494 0.00000000 588.36367541
A-2B 0.00000000 0.00000000 0.87701634 0.00000000 503.70380473
A-2C 0.00000000 0.00000000 1.78888901 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 1.10717063 0.00000000 581.49695352
M-1 0.00000000 0.00000000 1.89777776 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.40333339 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.55888882 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.83111118 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.94777763 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.15333367 0.00000000 1000.00000000
B-1A 0.00000000 0.00000000 4.15333285 0.00000000 1000.00000000
B-1B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 318.73660458 0.00000000 1000.08452207
P 0.00000000 0.00000000 9855033.70000000 0.00000000 1000.00000000
R1 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 45,144,494.87
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 299,655.06
Realized Loss (Gains, Subsequent Expenses & Recoveries) (100,985.44)
Prepayment Penalties 985,503.37
Total Deposits 46,328,667.86
Withdrawals
Reimbursement for Servicer Advances 278,474.87
Payment of Service Fee 306,282.47
Payment of Interest and Principal 45,743,910.52
Total Withdrawals (Pool Distribution Amount) 46,328,667.86
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 294,502.40
Credit Risk Manager Fee: The Murrayhill Company 8,835.05
Master Servicing Fee: Wells Fargo 2,945.02
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 306,282.47
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 43 3 0 46
5,394,973.36 573,551.03 0.00 5,968,524.39
30 Days 126 5 7 0 138
16,369,515.98 523,098.41 1,155,524.01 0.00 18,048,138.40
60 Days 43 3 7 0 53
5,900,055.02 464,369.34 1,032,808.20 0.00 7,397,232.56
90 Days 5 2 20 0 27
144,390.55 346,864.14 3,194,061.58 0.00 3,685,316.27
120 Days 1 4 24 0 29
151,524.87 409,875.59 3,828,469.09 0.00 4,389,869.55
150 Days 1 1 14 2 18
24,053.01 178,430.38 2,080,632.75 139,014.26 2,422,130.40
180+ Days 1 10 30 8 49
68,946.95 891,674.35 3,407,826.73 978,772.55 5,347,220.58
Totals 177 68 105 10 360
22,658,486.38 8,209,285.57 15,272,873.39 1,117,786.81 47,258,432.15
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 0.921165% 0.064267% 0.000000% 0.985433%
0.809019% 0.086009% 0.000000% 0.895027%
30 Days 2.699229% 0.107112% 0.149957% 0.000000% 2.956298%
2.454739% 0.078443% 0.173280% 0.000000% 2.706461%
60 Days 0.921165% 0.064267% 0.149957% 0.000000% 1.135390%
0.884760% 0.069636% 0.154878% 0.000000% 1.109274%
90 Days 0.107112% 0.042845% 0.428449% 0.000000% 0.578406%
0.021653% 0.052015% 0.478975% 0.000000% 0.552642%
120 Days 0.021422% 0.085690% 0.514139% 0.000000% 0.621251%
0.022722% 0.061464% 0.574109% 0.000000% 0.658296%
150 Days 0.021422% 0.021422% 0.299914% 0.042845% 0.385604%
0.003607% 0.026757% 0.312007% 0.020846% 0.363218%
180+ Days 0.021422% 0.214225% 0.642674% 0.171380% 1.049700%
0.010339% 0.133714% 0.511031% 0.146775% 0.801858%
Totals 3.791774% 1.456727% 2.249357% 0.214225% 7.712082%
3.397819% 1.231047% 2.290288% 0.167621% 7.086776%
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 25 2 0 27
4,197,280.82 176,950.02 0.00 4,374,230.84
30 Days 72 1 5 0 78
9,961,703.47 53,670.34 784,435.70 0.00 10,799,809.51
60 Days 26 2 5 0 33
3,757,621.77 286,192.44 854,494.21 0.00 4,898,308.42
90 Days 1 1 15 0 17
88,936.96 277,639.07 2,596,173.02 0.00 2,962,749.05
120 Days 0 2 16 0 18
0.00 155,109.94 2,800,477.40 0.00 2,955,587.34
150 Days 0 1 8 2 11
0.00 178,430.38 1,101,841.83 139,014.26 1,419,286.47
180 Days 0 6 14 3 23
0.00 849,632.44 2,438,625.31 265,959.16 3,554,216.91
Totals 99 38 65 5 207
13,808,262.20 5,997,955.43 10,752,997.49 404,973.42 30,964,188.54
0-29 Days 1.086957% 0.086957% 0.000000% 1.173913%
1.126224% 0.047480% 0.000000% 1.173703%
30 Days 3.130435% 0.043478% 0.217391% 0.000000% 3.391304%
2.672946% 0.014401% 0.210482% 0.000000% 2.897829%
60 Days 1.130435% 0.086957% 0.217391% 0.000000% 1.434783%
1.008253% 0.076792% 0.229280% 0.000000% 1.314325%
90 Days 0.043478% 0.043478% 0.652174% 0.000000% 0.739130%
0.023864% 0.074497% 0.696611% 0.000000% 0.794971%
120 Days 0.000000% 0.086957% 0.695652% 0.000000% 0.782609%
0.000000% 0.041619% 0.751430% 0.000000% 0.793050%
150 Days 0.000000% 0.043478% 0.347826% 0.086957% 0.478261%
0.000000% 0.047877% 0.295649% 0.037301% 0.380826%
180 Days 0.000000% 0.260870% 0.608696% 0.130435% 1.000000%
0.000000% 0.227975% 0.654337% 0.071363% 0.953675%
Totals 4.304348% 1.652174% 2.826087% 0.217391% 9.000000%
3.705063% 1.609385% 2.885268% 0.108663% 8.308379%
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 15 0 0 15
803,442.93 0.00 0.00 803,442.93
30 Days 43 3 2 0 48
3,275,999.30 73,115.41 371,088.31 0.00 3,720,203.02
60 Days 12 1 2 0 15
919,706.93 178,176.90 178,313.99 0.00 1,276,197.82
90 Days 3 0 4 0 7
33,887.26 0.00 535,056.82 0.00 568,944.08
120 Days 1 2 5 0 8
151,524.87 254,765.65 247,607.73 0.00 653,898.25
150 Days 0 0 3 0 3
0.00 0.00 206,647.89 0.00 206,647.89
180 Days 0 3 16 4 23
0.00 32,635.33 969,201.42 313,599.70 1,315,436.45
Totals 59 24 32 4 119
4,381,118.36 1,342,136.22 2,507,916.16 313,599.70 8,544,770.44
0-29 Days 0.784519% 0.000000% 0.000000% 0.784519%
0.483541% 0.000000% 0.000000% 0.483541%
30 Days 2.248954% 0.156904% 0.104603% 0.000000% 2.510460%
1.971616% 0.044004% 0.223334% 0.000000% 2.238953%
60 Days 0.627615% 0.052301% 0.104603% 0.000000% 0.784519%
0.553513% 0.107233% 0.107316% 0.000000% 0.768062%
90 Days 0.156904% 0.000000% 0.209205% 0.000000% 0.366109%
0.020395% 0.000000% 0.322017% 0.000000% 0.342411%
120 Days 0.052301% 0.104603% 0.261506% 0.000000% 0.418410%
0.091193% 0.153327% 0.149019% 0.000000% 0.393540%
150 Days 0.000000% 0.000000% 0.156904% 0.000000% 0.156904%
0.000000% 0.000000% 0.124368% 0.000000% 0.124368%
180 Days 0.000000% 0.156904% 0.836820% 0.209205% 1.202929%
0.000000% 0.019641% 0.583301% 0.188736% 0.791677%
Totals 3.085774% 1.255230% 1.673640% 0.209205% 6.223849%
2.636716% 0.807746% 1.509355% 0.188736% 5.142554%
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 1 1 0 2
346,934.62 396,601.01 0.00 743,535.63
30 Days 9 1 0 0 10
3,073,338.88 396,312.66 0.00 0.00 3,469,651.54
60 Days 3 0 0 0 3
1,186,009.02 0.00 0.00 0.00 1,186,009.02
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 0.00 743,159.81 0.00 743,159.81
150 Days 0 0 2 0 2
0.00 0.00 688,928.32 0.00 688,928.32
180 Days 0 0 0 1 1
0.00 0.00 0.00 399,213.69 399,213.69
Totals 12 2 5 1 20
4,259,347.90 743,247.28 1,828,689.14 399,213.69 7,230,498.01
0-29 Days 0.454545% 0.454545% 0.000000% 0.909091%
0.401086% 0.458505% 0.000000% 0.859591%
30 Days 4.090909% 0.454545% 0.000000% 0.000000% 4.545455%
3.553044% 0.458172% 0.000000% 0.000000% 4.011216%
60 Days 1.363636% 0.000000% 0.000000% 0.000000% 1.363636%
1.371129% 0.000000% 0.000000% 0.000000% 1.371129%
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% 0.909091% 0.000000% 0.909091%
0.000000% 0.000000% 0.859157% 0.000000% 0.859157%
150 Days 0.000000% 0.000000% 0.909091% 0.000000% 0.909091%
0.000000% 0.000000% 0.796460% 0.000000% 0.796460%
180 Days 0.000000% 0.000000% 0.000000% 0.454545% 0.454545%
0.000000% 0.000000% 0.000000% 0.461525% 0.461525%
Totals 5.454545% 0.909091% 2.272727% 0.454545% 9.090909%
4.924173% 0.859258% 2.114122% 0.461525% 8.359078%
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
47,314.99 0.00 0.00 47,314.99
30 Days 2 0 0 0 2
58,474.33 0.00 0.00 0.00 58,474.33
60 Days 2 0 0 0 2
36,717.30 0.00 0.00 0.00 36,717.30
90 Days 1 1 1 0 3
21,566.33 69,225.07 62,831.74 0.00 153,623.14
120 Days 0 0 1 0 1
0.00 0.00 37,224.15 0.00 37,224.15
150 Days 1 0 1 0 2
24,053.01 0.00 83,214.71 0.00 107,267.72
180 Days 1 1 0 0 2
68,946.95 9,406.58 0.00 0.00 78,353.53
Totals 7 4 3 0 14
209,757.92 125,946.64 183,270.60 0.00 518,975.16
0-29 Days 0.847458% 0.000000% 0.000000% 0.847458%
0.113983% 0.000000% 0.000000% 0.113983%
30 Days 0.847458% 0.000000% 0.000000% 0.000000% 0.847458%
0.140866% 0.000000% 0.000000% 0.000000% 0.140866%
60 Days 0.847458% 0.000000% 0.000000% 0.000000% 0.847458%
0.088453% 0.000000% 0.000000% 0.000000% 0.088453%
90 Days 0.423729% 0.423729% 0.423729% 0.000000% 1.271186%
0.051954% 0.166765% 0.151363% 0.000000% 0.370082%
120 Days 0.000000% 0.000000% 0.423729% 0.000000% 0.423729%
0.000000% 0.000000% 0.089674% 0.000000% 0.089674%
150 Days 0.423729% 0.000000% 0.423729% 0.000000% 0.847458%
0.057944% 0.000000% 0.200466% 0.000000% 0.258410%
180 Days 0.423729% 0.423729% 0.000000% 0.000000% 0.847458%
0.166095% 0.022661% 0.000000% 0.000000% 0.188755%
Totals 2.966102% 1.694915% 1.271186% 0.000000% 5.932203%
0.505311% 0.303408% 0.441503% 0.000000% 1.250223%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 299,655.06
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.540286%
Weighted Average Net Coupon 7.040286%
Weighted Average Pass-Through Rate 7.020286%
Weighted Average Maturity(Stepdown Calculation ) 335
Beginning Scheduled Collateral Loan Count 4,951
Number Of Loans Paid In Full 283
Ending Scheduled Collateral Loan Count 4,668
Beginning Scheduled Collateral Balance 706,805,831.54
Ending Scheduled Collateral Balance 666,081,421.88
Ending Actual Collateral Balance at 30-Sep-2004 666,853,747.39
Monthly P &I Constant 5,131,834.48
Special Servicing Fee 0.00
Prepayment Penalties 985,503.37
Realized Loss Amount 100,985.44
Cumulative Realized Loss 378,847.69
Ending Scheduled Balance for Premium Loans 666,081,421.88
Scheduled Principal 690,569.67
Unscheduled Principal 40,033,839.99
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 100,985.44
Overcollateralized reduction Amount 0.00
Specified O/C Amount 8,445,016.93
Overcollateralized Amount 8,445,016.93
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 100,985.44
Excess Cash Amount 0.00
Group Level Collateral Statement
Group Grp I, Sub Grp I Grp I, Sub Grp II Grp II, Sub Grp I
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 7.525316 7.884852 6.965158
Weighted Average Net Rate 7.025316 7.384852 6.465158
Weighted Average Maturity 346 304 346
Beginning Loan Count 2,437 2,030 232
Loans Paid In Full 137 118 12
Ending Loan Count 2,300 1,912 220
Beginning Scheduled Balance 397,890,099.36 174,607,184.44 90,921,344.63
Ending scheduled Balance 372,301,993.52 165,916,788.92 86,403,717.50
Record Date 09/30/2004 09/30/2004 09/30/2004
Principal And Interest Constant 2,827,219.19 1,377,855.78 607,523.92
Scheduled Principal 332,012.04 230,562.65 79,789.31
Unscheduled Principal 25,256,093.80 8,459,832.87 4,437,837.82
Scheduled Interest 2,495,207.15 1,147,293.13 527,734.61
Servicing Fees 165,787.52 72,753.00 37,883.89
Master Servicing Fees 1,657.87 727.53 378.83
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 4,973.62 2,182.58 1,136.50
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 2,322,788.14 1,071,630.02 488,335.39
Realized Loss Amount 48,622.57 18,615.12 0.00
Cumulative Realized Loss 95,107.53 182,061.54 0.00
Percentage of Cumulative Losses 0.0167 0.0774 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.005316 7.364852 6.445158
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.496125 7.540286
Weighted Average Net Rate 6.996125 7.040286
Weighted Average Maturity 322 335
Beginning Loan Count 252 4,951
Loans Paid In Full 16 283
Ending Loan Count 236 4,668
Beginning Scheduled Balance 43,387,203.11 706,805,831.54
Ending scheduled Balance 41,458,921.94 666,081,421.88
Record Date 09/30/2004 09/30/2004
Principal And Interest Constant 319,235.59 5,131,834.48
Scheduled Principal 48,205.67 690,569.67
Unscheduled Principal 1,880,075.50 40,033,839.99
Scheduled Interest 271,029.92 4,441,264.81
Servicing Fees 18,077.99 294,502.40
Master Servicing Fees 180.79 2,945.02
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 542.35 8,835.05
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 252,228.79 4,134,982.34
Realized Loss Amount 33,747.75 100,985.44
Cumulative Realized Loss 101,678.62 378,847.69
Percentage of Cumulative Losses 0.1818 0.0381
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 6.976125 7.020286