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): November 26, 2004
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-HE3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-13
Pooling and Servicing Agreement) (Commission pending
(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 November 26, 2004 a distribution was made to holders of ACE SECURITIES CORP
. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2004-HE3 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-HE3 Trust, relating to the
November 26, 2004 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-HE3 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: 11/28/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2004-HE3 Trust,
relating to the November 26, 2004 distribution.
EX-99.1
ACE Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 10/31/04
Distribution Date: 11/26/04
ACE Series: 2004-HE3
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-1A 004421HJ5 SEN 2.31000% 464,234,000.00 834,073.75 5,801,932.13
A-1B 004421HK2 SEN 2.41000% 51,582,000.00 96,687.59 644,664.68
A-2A 004421HL0 SEN 2.33000% 100,000,000.00 181,222.22 1,145,084.28
A-2B 004421HM8 SEN 2.14000% 167,119,000.00 278,160.29 3,171,333.82
A-2C 004421HN6 SEN 2.30000% 59,533,000.00 106,497.92 0.00
A-2D 004421HP1 SEN 2.50000% 50,300,000.00 97,805.56 0.00
M-1 004421HQ9 MEZ 2.58000% 36,485,000.00 73,213.23 0.00
M-2 004421HR7 MEZ 2.63000% 33,721,000.00 68,978.18 0.00
M-3 004421HS5 MEZ 2.68000% 21,006,000.00 43,785.84 0.00
M-4 004421HT3 MEZ 2.96000% 18,795,000.00 43,270.27 0.00
M-5 004421HU0 MEZ 3.06000% 16,584,000.00 39,469.92 0.00
M-6 004421HV8 MEZ 3.26000% 14,926,000.00 37,845.70 0.00
M-7 004421HW6 MEZ 3.81000% 13,267,000.00 39,314.54 0.00
M-8 004421HX4 MEZ 3.96000% 11,056,000.00 34,052.48 0.00
M-9 004421HY2 MEZ 4.31000% 9,398,000.00 31,504.18 0.00
M-10 004421HZ9 MEZ 5.46000% 6,500,000.00 27,603.33 0.00
M-11 004421JA2 MEZ 5.46000% 15,613,000.00 66,303.21 0.00
B 004421JB0 MEZ 5.46000% 9,950,000.00 42,254.33 0.00
P 111300653 SEN 0.00000% 100.00 114,131.89 0.00
CE-1 111300976 SUB 0.00000% 5,527,655.90 3,995,876.51 (327.88)
CE-2 111300984 SUB 0.00000% 0.00 0.00 0.00
R 111300661 SEN 0.00000% 0.00 0.00 0.00
Totals 1,105,596,755.90 6,252,050.94 10,762,687.03
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 0.00 458,432,067.87 6,636,005.88 0.00
A-1B 0.00 50,937,335.32 741,352.27 0.00
A-2A 0.00 98,854,915.72 1,326,306.50 0.00
A-2B 0.00 163,947,666.18 3,449,494.11 0.00
A-2C 0.00 59,533,000.00 106,497.92 0.00
A-2D 0.00 50,300,000.00 97,805.56 0.00
M-1 0.00 36,485,000.00 73,213.23 0.00
M-2 0.00 33,721,000.00 68,978.18 0.00
M-3 0.00 21,006,000.00 43,785.84 0.00
M-4 0.00 18,795,000.00 43,270.27 0.00
M-5 0.00 16,584,000.00 39,469.92 0.00
M-6 0.00 14,926,000.00 37,845.70 0.00
M-7 0.00 13,267,000.00 39,314.54 0.00
M-8 0.00 11,056,000.00 34,052.48 0.00
M-9 0.00 9,398,000.00 31,504.18 0.00
M-10 0.00 6,500,000.00 27,603.33 0.00
M-11 0.00 15,613,000.00 66,303.21 0.00
B 0.00 9,950,000.00 42,254.33 0.00
P 0.00 100.00 114,131.89 0.00
CE-1 0.00 5,527,983.78 3,995,548.63 0.00
CE-2 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,094,834,068.87 17,014,737.97 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-1A 464,234,000.00 464,234,000.00 0.00 5,801,932.13 0.00 0.00
A-1B 51,582,000.00 51,582,000.00 0.00 644,664.68 0.00 0.00
A-2A 100,000,000.00 100,000,000.00 0.00 1,145,084.28 0.00 0.00
A-2B 167,119,000.00 167,119,000.00 0.00 3,171,333.82 0.00 0.00
A-2C 59,533,000.00 59,533,000.00 0.00 0.00 0.00 0.00
A-2D 50,300,000.00 50,300,000.00 0.00 0.00 0.00 0.00
M-1 36,485,000.00 36,485,000.00 0.00 0.00 0.00 0.00
M-2 33,721,000.00 33,721,000.00 0.00 0.00 0.00 0.00
M-3 21,006,000.00 21,006,000.00 0.00 0.00 0.00 0.00
M-4 18,795,000.00 18,795,000.00 0.00 0.00 0.00 0.00
M-5 16,584,000.00 16,584,000.00 0.00 0.00 0.00 0.00
M-6 14,926,000.00 14,926,000.00 0.00 0.00 0.00 0.00
M-7 13,267,000.00 13,267,000.00 0.00 0.00 0.00 0.00
M-8 11,056,000.00 11,056,000.00 0.00 0.00 0.00 0.00
M-9 9,398,000.00 9,398,000.00 0.00 0.00 0.00 0.00
M-10 6,500,000.00 6,500,000.00 0.00 0.00 0.00 0.00
M-11 15,613,000.00 15,613,000.00 0.00 0.00 0.00 0.00
B 9,950,000.00 9,950,000.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
CE-1 5,527,655.90 5,527,655.90 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,105,596,755.90 1,105,596,755.90 0.00 10,763,014.91 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-1A 5,801,932.13 458,432,067.87 0.98750214 5,801,932.13
A-1B 644,664.68 50,937,335.32 0.98750214 644,664.68
A-2A 1,145,084.28 98,854,915.72 0.98854916 1,145,084.28
A-2B 3,171,333.82 163,947,666.18 0.98102350 3,171,333.82
A-2C 0.00 59,533,000.00 1.00000000 0.00
A-2D 0.00 50,300,000.00 1.00000000 0.00
M-1 0.00 36,485,000.00 1.00000000 0.00
M-2 0.00 33,721,000.00 1.00000000 0.00
M-3 0.00 21,006,000.00 1.00000000 0.00
M-4 0.00 18,795,000.00 1.00000000 0.00
M-5 0.00 16,584,000.00 1.00000000 0.00
M-6 0.00 14,926,000.00 1.00000000 0.00
M-7 0.00 13,267,000.00 1.00000000 0.00
M-8 0.00 11,056,000.00 1.00000000 0.00
M-9 0.00 9,398,000.00 1.00000000 0.00
M-10 0.00 6,500,000.00 1.00000000 0.00
M-11 0.00 15,613,000.00 1.00000000 0.00
B 0.00 9,950,000.00 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CE-1 (327.88) 5,527,983.78 1.00005932 (327.88)
CE-2 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 10,762,687.03 1,094,834,068.87 0.99026527 10,762,687.03
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-1A 464,234,000.00 1000.00000000 0.00000000 12.49786127 0.00000000
A-1B 51,582,000.00 1000.00000000 0.00000000 12.49786127 0.00000000
A-2A 100,000,000.00 1000.00000000 0.00000000 11.45084280 0.00000000
A-2B 167,119,000.00 1000.00000000 0.00000000 18.97650070 0.00000000
A-2C 59,533,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2D 50,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 36,485,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 33,721,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 21,006,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 18,795,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 16,584,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 14,926,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 13,267,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 11,056,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 9,398,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-10 6,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-11 15,613,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 9,950,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 5,527,655.90 1000.00000000 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 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-1A 0.00000000 12.49786127 987.50213873 0.98750214 12.49786127
A-1B 0.00000000 12.49786127 987.50213873 0.98750214 12.49786127
A-2A 0.00000000 11.45084280 988.54915720 0.98854916 11.45084280
A-2B 0.00000000 18.97650070 981.02349930 0.98102350 18.97650070
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2D 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
M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-11 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-1 0.00000000 (0.05931628) 1,000.05931628 1.00005932 (0.05931628)
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 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-1A 464,234,000.00 2.31000% 464,234,000.00 834,073.75 0.00 0.00
A-1B 51,582,000.00 2.41000% 51,582,000.00 96,687.59 0.00 0.00
A-2A 100,000,000.00 2.33000% 100,000,000.00 181,222.22 0.00 0.00
A-2B 167,119,000.00 2.14000% 167,119,000.00 278,160.29 0.00 0.00
A-2C 59,533,000.00 2.30000% 59,533,000.00 106,497.92 0.00 0.00
A-2D 50,300,000.00 2.50000% 50,300,000.00 97,805.56 0.00 0.00
M-1 36,485,000.00 2.58000% 36,485,000.00 73,213.23 0.00 0.00
M-2 33,721,000.00 2.63000% 33,721,000.00 68,978.18 0.00 0.00
M-3 21,006,000.00 2.68000% 21,006,000.00 43,785.84 0.00 0.00
M-4 18,795,000.00 2.96000% 18,795,000.00 43,270.27 0.00 0.00
M-5 16,584,000.00 3.06000% 16,584,000.00 39,469.92 0.00 0.00
M-6 14,926,000.00 3.26000% 14,926,000.00 37,845.70 0.00 0.00
M-7 13,267,000.00 3.81000% 13,267,000.00 39,314.54 0.00 0.00
M-8 11,056,000.00 3.96000% 11,056,000.00 34,052.48 0.00 0.00
M-9 9,398,000.00 4.31000% 9,398,000.00 31,504.18 0.00 0.00
M-10 6,500,000.00 5.46000% 6,500,000.00 27,603.33 0.00 0.00
M-11 15,613,000.00 5.46000% 15,613,000.00 66,303.21 0.00 0.00
B 9,950,000.00 5.46000% 9,950,000.00 42,254.33 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CE-1 5,527,655.90 0.00000% 5,527,655.90 0.00 0.00 0.00
CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,105,596,755.90 2,142,042.54 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-1A 0.00 0.00 834,073.75 0.00 458,432,067.87
A-1B 0.00 0.00 96,687.59 0.00 50,937,335.32
A-2A 0.00 0.00 181,222.22 0.00 98,854,915.72
A-2B 0.00 0.00 278,160.29 0.00 163,947,666.18
A-2C 0.00 0.00 106,497.92 0.00 59,533,000.00
A-2D 0.00 0.00 97,805.56 0.00 50,300,000.00
M-1 0.00 0.00 73,213.23 0.00 36,485,000.00
M-2 0.00 0.00 68,978.18 0.00 33,721,000.00
M-3 0.00 0.00 43,785.84 0.00 21,006,000.00
M-4 0.00 0.00 43,270.27 0.00 18,795,000.00
M-5 0.00 0.00 39,469.92 0.00 16,584,000.00
M-6 0.00 0.00 37,845.70 0.00 14,926,000.00
M-7 0.00 0.00 39,314.54 0.00 13,267,000.00
M-8 0.00 0.00 34,052.48 0.00 11,056,000.00
M-9 0.00 0.00 31,504.18 0.00 9,398,000.00
M-10 0.00 0.00 27,603.33 0.00 6,500,000.00
M-11 0.00 0.00 66,303.21 0.00 15,613,000.00
B 0.00 0.00 42,254.33 0.00 9,950,000.00
P 0.00 0.00 114,131.89 0.00 100.00
CE-1 0.00 0.00 3,995,876.51 0.00 5,527,983.78
CE-2 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 6,252,050.94 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-1A 464,234,000.00 2.31000% 1000.00000000 1.79666666 0.00000000 0.00000000
A-1B 51,582,000.00 2.41000% 1000.00000000 1.87444438 0.00000000 0.00000000
A-2A 100,000,000.00 2.33000% 1000.00000000 1.81222220 0.00000000 0.00000000
A-2B 167,119,000.00 2.14000% 1000.00000000 1.66444444 0.00000000 0.00000000
A-2C 59,533,000.00 2.30000% 1000.00000000 1.78888885 0.00000000 0.00000000
A-2D 50,300,000.00 2.50000% 1000.00000000 1.94444453 0.00000000 0.00000000
M-1 36,485,000.00 2.58000% 1000.00000000 2.00666658 0.00000000 0.00000000
M-2 33,721,000.00 2.63000% 1000.00000000 2.04555559 0.00000000 0.00000000
M-3 21,006,000.00 2.68000% 1000.00000000 2.08444444 0.00000000 0.00000000
M-4 18,795,000.00 2.96000% 1000.00000000 2.30222240 0.00000000 0.00000000
M-5 16,584,000.00 3.06000% 1000.00000000 2.38000000 0.00000000 0.00000000
M-6 14,926,000.00 3.26000% 1000.00000000 2.53555541 0.00000000 0.00000000
M-7 13,267,000.00 3.81000% 1000.00000000 2.96333308 0.00000000 0.00000000
M-8 11,056,000.00 3.96000% 1000.00000000 3.08000000 0.00000000 0.00000000
M-9 9,398,000.00 4.31000% 1000.00000000 3.35222175 0.00000000 0.00000000
M-10 6,500,000.00 5.46000% 1000.00000000 4.24666615 0.00000000 0.00000000
M-11 15,613,000.00 5.46000% 1000.00000000 4.24666688 0.00000000 0.00000000
B 9,950,000.00 5.46000% 1000.00000000 4.24666633 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 5,527,655.90 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 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-1A 0.00000000 0.00000000 1.79666666 0.00000000 987.50213873
A-1B 0.00000000 0.00000000 1.87444438 0.00000000 987.50213873
A-2A 0.00000000 0.00000000 1.81222220 0.00000000 988.54915720
A-2B 0.00000000 0.00000000 1.66444444 0.00000000 981.02349930
A-2C 0.00000000 0.00000000 1.78888885 0.00000000 1000.00000000
A-2D 0.00000000 0.00000000 1.94444453 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.00666658 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.04555559 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.08444444 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.30222240 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.38000000 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 2.53555541 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 2.96333308 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 3.08000000 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 3.35222175 0.00000000 1000.00000000
M-10 0.00000000 0.00000000 4.24666615 0.00000000 1000.00000000
M-11 0.00000000 0.00000000 4.24666688 0.00000000 1000.00000000
B 0.00000000 0.00000000 4.24666633 0.00000000 1000.00000000
P 0.00000000 0.00000000 1141318.90000000 0.00000000 1000.00000000
CE-1 0.00000000 0.00000000 722.88807087 0.00000000 1000.05931628
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
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 17,377,434.20
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 8,848.41
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 114,131.89
Total Deposits 17,500,414.50
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 486,001.90
Payment of Interest and Principal 17,014,412.60
Total Withdrawals (Pool Distribution Amount) 17,500,414.50
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 460,665.32
Credit Risk Manager Fee - The Murrayhill Company 13,819.95
Master Servicing Fee - Wells Fargo 11,516.63
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 486,001.90
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 0.00 0.00 0.00 0.00
Reserve Fund 0.00 114,131.89 114,131.89 0.00
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 6 0 0 0 6
972,777.09 0.00 0.00 0.00 972,777.09
60 Days 3 0 0 0 3
358,749.05 0.00 0.00 0.00 358,749.05
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 9 0 0 0 9
1,331,526.14 0.00 0.00 0.00 1,331,526.14
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 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.102442% 0.000000% 0.000000% 0.000000% 0.102442%
0.088834% 0.000000% 0.000000% 0.000000% 0.088834%
60 Days 0.051221% 0.000000% 0.000000% 0.000000% 0.051221%
0.032761% 0.000000% 0.000000% 0.000000% 0.032761%
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 0.153662% 0.000000% 0.000000% 0.000000% 0.153662%
0.121594% 0.000000% 0.000000% 0.000000% 0.121594%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 1 Sub Grp 1 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
151,195.95 0.00 0.00 0.00 151,195.95
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 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 1 0 0 0 1
151,195.95 0.00 0.00 0.00 151,195.95
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.058617% 0.000000% 0.000000% 0.000000% 0.058617%
0.092755% 0.000000% 0.000000% 0.000000% 0.092755%
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% 0.000000% 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 0.058617% 0.000000% 0.000000% 0.000000% 0.058617%
0.092755% 0.000000% 0.000000% 0.000000% 0.092755%
<Caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 1 Sub Grp 2 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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
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 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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
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% 0.000000% 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
<Caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 Sub Grp 3 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
3,568.11 0.00 0.00 0.00 3,568.11
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 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 1 0 0 0 1
3,568.11 0.00 0.00 0.00 3,568.11
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.163666% 0.000000% 0.000000% 0.000000% 0.163666%
0.004126% 0.000000% 0.000000% 0.000000% 0.004126%
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% 0.000000% 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 0.163666% 0.000000% 0.000000% 0.000000% 0.163666%
0.004126% 0.000000% 0.000000% 0.000000% 0.004126%
<Caption>
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 2 Sub Grp 4 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 4 0 0 0 4
818,013.03 0.00 0.00 0.00 818,013.03
60 Days 3 0 0 0 3
358,749.05 0.00 0.00 0.00 358,749.05
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 7 0 0 0 7
1,176,762.08 0.00 0.00 0.00 1,176,762.08
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.417537% 0.000000% 0.000000% 0.000000% 0.417537%
0.217493% 0.000000% 0.000000% 0.000000% 0.217493%
60 Days 0.313152% 0.000000% 0.000000% 0.000000% 0.313152%
0.095384% 0.000000% 0.000000% 0.000000% 0.095384%
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 0.730689% 0.000000% 0.000000% 0.000000% 0.730689%
0.312877% 0.000000% 0.000000% 0.000000% 0.312877%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 8,848.41
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 7.189518%
Weighted Average Net Coupon 6.689517%
Weighted Average Pass-Through Rate 6.662016%
Weighted Average Maturity(Stepdown Calculation ) 344
Beginning Scheduled Collateral Loan Count 5,906
Number Of Loans Paid In Full 49
Ending Scheduled Collateral Loan Count 5,857
Beginning Scheduled Collateral Balance 1,105,596,755.90
Ending Scheduled Collateral Balance 1,094,834,068.87
Ending Actual Collateral Balance at 31-Oct-2004 1,095,056,189.48
Monthly P &I Constant 7,378,629.93
Special Servicing Fee 0.00
Prepayment Penalties 114,131.89
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 754,399.59
Unscheduled Principal 10,008,287.44
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Coupon Rate 7.189518%
Weighted Average Net Rate 6.689517%
Weighted Average Pass Through Rate 6.662016%
Weighted Average Maturity 344
Record Date 10/31/2004
Principal and Interest Constant 7,378,629.93
Beginning Loan Count 5,906
Loans Paid in Full 49
Ending Loan Count 5,857
Beginning Scheduled Balance 1,105,596,755.90
Ending Scheduled Balance 1,094,834,068.87
Ending Actual Balance at 31-Oct-2004 1,095,056,189.48
Scheduled Principal 754,399.59
Unscheduled Principal 10,008,287.44
Scheduled Interest 6,623,923.09
Servicing Fee 460,665.32
Master Servicing Fee 11,516.63
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 13,819.95
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 6,138,228.44
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Percentage of Cumulative Losses 0.0000
Special Servicing Fee 0.00
Prepayment Penalties 114,131.89
Miscellaneous Reporting
Credit Enhancement Percentage 19.439362%
Required Overcollateralization Amount 5,527,983.78
Overcollateralization Reduction Amount 327.88
Overcollateralization Increase Amount 0.00
Group Level Collateral Statement
Group Group 1 Sub Grp 1 Group 1 Sub Grp 2 Group 2 Sub Grp 3
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 8.040760 7.012218 8.566360
Weighted Average Net Rate 7.540760 6.512218 8.066360
Weighted Average Maturity 313 359 265
Beginning Loan Count 1,720 2,605 614
Loans Paid In Full 14 23 3
Ending Loan Count 1,706 2,582 611
Beginning Scheduled Balance 164,596,079.65 474,185,614.70 86,795,558.30
Ending scheduled Balance 162,970,772.18 469,364,514.80 86,459,090.34
Record Date 10/31/2004 10/31/2004 10/31/2004
Principal And Interest Constant 1,241,747.64 3,113,577.22 678,615.41
Scheduled Principal 138,849.67 342,666.59 59,013.73
Unscheduled Principal 1,486,457.80 4,478,433.31 277,454.23
Scheduled Interest 1,102,897.97 2,770,910.63 619,601.68
Servicing Fees 68,581.70 197,577.34 36,164.82
Master Servicing Fees 1,714.54 4,939.43 904.12
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 2,057.45 5,927.32 1,084.94
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 1,030,544.28 2,562,466.54 581,447.80
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 7.513260 6.484718 8.038860
Group Level Collateral Statement
Group Group 2 Sub Grp 4 Total
Collateral Description Fixed 15/30 & ARM Fixed & Mixed ARM
Weighted Average Coupon Rate 6.727590 7.189518
Weighted Average Net Rate 6.227590 6.689517
Weighted Average Maturity 359 344
Beginning Loan Count 967 5,906
Loans Paid In Full 9 49
Ending Loan Count 958 5,857
Beginning Scheduled Balance 380,019,503.25 1,105,596,755.90
Ending scheduled Balance 376,039,691.55 1,094,834,068.87
Record Date 10/31/2004 10/31/2004
Principal And Interest Constant 2,344,689.66 7,378,629.93
Scheduled Principal 213,869.60 754,399.59
Unscheduled Principal 3,765,942.10 10,008,287.44
Scheduled Interest 2,130,512.81 6,623,923.09
Servicing Fees 158,341.46 460,665.32
Master Servicing Fees 3,958.54 11,516.63
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 4,750.24 13,819.95
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 1,963,769.82 6,138,228.44
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 6.200087 6.662016