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-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 November 26, 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
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-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: 11/29/2004
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 November 26, 2004 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 10/31/2004
Distribution Date: 11/26/2004
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 2.23250% 332,408,662.97 659,646.53 27,248,721.72
A-2A 004421DH3 SEN 2.25250% 22,124,827.65 44,298.82 2,382,174.35
A-2B 004421DR1 SEN 2.12250% 46,844,453.84 88,379.87 7,103,129.00
A-2C 004421DS9 SEN 2.39250% 19,127,000.00 40,676.75 0.00
A-3 004421DJ9 SEN 2.33250% 36,934,360.50 76,577.24 3,027,641.04
M-1 004421DK6 MEZ 2.53250% 69,547,000.00 156,558.03 0.00
M-2 004421DL4 MEZ 3.18250% 57,128,000.00 161,608.77 0.00
M-3 004421DM2 MEZ 3.38250% 17,387,000.00 52,276.91 0.00
M-4 004421DN0 MEZ 3.73250% 17,387,000.00 57,686.20 0.00
M-5 004421DP5 MEZ 3.88250% 14,903,000.00 51,431.91 0.00
M-6 004421DQ3 MEZ 5.43250% 9,935,000.00 47,975.01 0.00
B-1A ACE041B1A JUN 5.43250% 6,955,000.00 33,584.92 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 2,340,320.99 0.00
P ACE04010P SEN 0.00000% 100.00 987,196.24 0.00
R1 ACE0401R1 SEN 0.00000% 0.00 0.00 0.00
Totals 666,081,421.89 4,832,993.19 39,761,666.11
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 305,159,941.25 27,908,368.25 0.00
A-2A 0.00 19,742,653.30 2,426,473.17 0.00
A-2B 0.00 39,741,324.83 7,191,508.87 0.00
A-2C 0.00 19,127,000.00 40,676.75 0.00
A-3 0.00 33,906,719.45 3,104,218.28 0.00
M-1 0.00 69,547,000.00 156,558.03 0.00
M-2 0.00 57,128,000.00 161,608.77 0.00
M-3 0.00 17,387,000.00 52,276.91 0.00
M-4 0.00 17,387,000.00 57,686.20 0.00
M-5 0.00 14,903,000.00 51,431.91 0.00
M-6 0.00 9,935,000.00 47,975.01 0.00
B-1A 0.00 6,955,000.00 33,584.92 0.00
B-1B 0.00 6,955,000.00 34,775.00 0.00
CE 0.00 8,445,016.93 2,340,320.99 0.00
P 0.00 100.00 987,196.24 0.00
R1 0.00 0.00 0.00 0.00
Totals 0.00 626,319,755.76 44,594,659.30 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-1 571,643,000.00 332,408,662.97 0.00 27,248,721.72 0.00 0.00
A-2A 37,604,000.00 22,124,827.65 0.00 2,382,174.35 0.00 0.00
A-2B 93,000,000.00 46,844,453.84 0.00 7,103,129.00 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 36,934,360.50 0.00 3,027,641.04 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 993,531,403.20 666,081,421.89 0.00 39,761,666.11 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<s> <c> <c> <c> <c>
A-1 27,248,721.72 305,159,941.25 0.53382958 27,248,721.72
A-2A 2,382,174.35 19,742,653.30 0.52501471 2,382,174.35
A-2B 7,103,129.00 39,741,324.83 0.42732607 7,103,129.00
A-2C 0.00 19,127,000.00 1.00000000 0.00
A-3 3,027,641.04 33,906,719.45 0.53382958 3,027,641.04
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 39,761,666.11 626,319,755.76 0.63039754 39,761,666.11
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-1 571,643,000.00 581.49695347 0.00000000 47.66737583 0.00000000
A-2A 37,604,000.00 588.36367541 0.00000000 63.34896155 0.00000000
A-2B 93,000,000.00 503.70380473 0.00000000 76.37773118 0.00000000
A-2C 19,127,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 63,516,000.00 581.49695352 0.00000000 47.66737578 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 47.66737583 533.82957764 0.53382958 47.66737583
A-2A 0.00000000 63.34896155 525.01471386 0.52501471 63.34896155
A-2B 0.00000000 76.37773118 427.32607344 0.42732607 76.37773118
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 47.66737578 533.82957759 0.53382958 47.66737578
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 2.23250% 332,408,662.97 659,646.52 0.00 0.00
A-2A 37,604,000.00 2.25250% 22,124,827.65 44,298.82 0.00 0.00
A-2B 93,000,000.00 2.12250% 46,844,453.84 88,379.87 0.00 0.00
A-2C 19,127,000.00 2.39250% 19,127,000.00 40,676.75 0.00 0.00
A-3 63,516,000.00 2.33250% 36,934,360.50 76,577.24 0.00 0.00
M-1 69,547,000.00 2.53250% 69,547,000.00 156,558.02 0.00 0.00
M-2 57,128,000.00 3.18250% 57,128,000.00 161,608.76 0.00 0.00
M-3 17,387,000.00 3.38250% 17,387,000.00 52,276.91 0.00 0.00
M-4 17,387,000.00 3.73250% 17,387,000.00 57,686.20 0.00 0.00
M-5 14,903,000.00 3.88250% 14,903,000.00 51,431.91 0.00 0.00
M-6 9,935,000.00 5.43250% 9,935,000.00 47,975.01 0.00 0.00
B-1A 6,955,000.00 5.43250% 6,955,000.00 33,584.92 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 1,505,475.93 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 0.00 659,646.53 0.00 305,159,941.25
A-2A 0.00 0.00 44,298.82 0.00 19,742,653.30
A-2B 0.00 0.00 88,379.87 0.00 39,741,324.83
A-2C 0.00 0.00 40,676.75 0.00 19,127,000.00
A-3 0.00 0.00 76,577.24 0.00 33,906,719.45
M-1 0.00 0.00 156,558.03 0.00 69,547,000.00
M-2 0.00 0.00 161,608.77 0.00 57,128,000.00
M-3 0.00 0.00 52,276.91 0.00 17,387,000.00
M-4 0.00 0.00 57,686.20 0.00 17,387,000.00
M-5 0.00 0.00 51,431.91 0.00 14,903,000.00
M-6 0.00 0.00 47,975.01 0.00 9,935,000.00
B-1A 0.00 0.00 33,584.92 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 2,340,320.99 0.00 8,445,016.93
P 0.00 0.00 987,196.24 0.00 100.00
R1 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 4,832,993.19 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 2.23250% 581.49695347 1.15394839 0.00000000 0.00000000
A-2A 37,604,000.00 2.25250% 588.36367541 1.17803478 0.00000000 0.00000000
A-2B 93,000,000.00 2.12250% 503.70380473 0.95032118 0.00000000 0.00000000
A-2C 19,127,000.00 2.39250% 1000.00000000 2.12666649 0.00000000 0.00000000
A-3 63,516,000.00 2.33250% 581.49695352 1.20563700 0.00000000 0.00000000
M-1 69,547,000.00 2.53250% 1000.00000000 2.25111105 0.00000000 0.00000000
M-2 57,128,000.00 3.18250% 1000.00000000 2.82888881 0.00000000 0.00000000
M-3 17,387,000.00 3.38250% 1000.00000000 3.00666647 0.00000000 0.00000000
M-4 17,387,000.00 3.73250% 1000.00000000 3.31777765 0.00000000 0.00000000
M-5 14,903,000.00 3.88250% 1000.00000000 3.45111119 0.00000000 0.00000000
M-6 9,935,000.00 5.43250% 1000.00000000 4.82888878 0.00000000 0.00000000
B-1A 6,955,000.00 5.43250% 1000.00000000 4.82888857 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 1.15394841 0.00000000 533.82957764
A-2A 0.00000000 0.00000000 1.17803478 0.00000000 525.01471386
A-2B 0.00000000 0.00000000 0.95032118 0.00000000 427.32607344
A-2C 0.00000000 0.00000000 2.12666649 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 1.20563700 0.00000000 533.82957759
M-1 0.00000000 0.00000000 2.25111119 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.82888899 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.00666647 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.31777765 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.45111119 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.82888878 0.00000000 1000.00000000
B-1A 0.00000000 0.00000000 4.82888857 0.00000000 1000.00000000
B-1B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 277.14791080 0.00000000 1000.08452207
P 0.00000000 0.00000000 9871962.40000000 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 43,950,105.29
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 292,672.95
Realized Loss (Gains, Subsequent Expenses & Recoveries) (47,024.83)
Prepayment Penalties 987,196.24
Total Deposits 45,182,949.65
Withdrawals
Reimbursement for Servicer Advances 299,655.06
Payment of Service Fee 288,635.29
Payment of Interest and Principal 44,594,659.30
Total Withdrawals (Pool Distribution Amount) 45,182,949.65
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 277,533.91
Credit Risk Manager Fee: The Murrayhill Company 8,326.02
Master Servicing Fee: Wells Fargo 2,775.36
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 288,635.29
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 50 1 0 51
6,145,746.82 57,618.47 0.00 6,203,365.29
30 Days 127 4 5 0 136
15,159,932.33 369,897.04 1,312,201.27 0.00 16,842,030.64
60 Days 43 4 3 0 50
5,616,675.75 368,669.37 274,741.41 0.00 6,260,086.53
90 Days 7 3 25 0 35
524,641.92 219,473.56 3,677,159.69 0.00 4,421,275.17
120 Days 4 2 18 0 24
587,102.09 133,060.53 2,395,756.55 0.00 3,115,919.17
150 Days 1 3 19 1 24
151,524.87 318,761.41 2,794,225.63 162,020.89 3,426,532.80
180+ Days 1 16 29 10 56
7,665.76 1,135,945.98 3,858,343.96 1,585,530.42 6,587,486.12
Totals 183 82 100 11 376
22,047,542.72 8,691,554.71 14,370,046.98 1,747,551.31 46,856,695.72
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 1.132503% 0.022650% 0.000000% 1.155153%
0.980095% 0.009189% 0.000000% 0.989284%
30 Days 2.876557% 0.090600% 0.113250% 0.000000% 3.080408%
2.417636% 0.058989% 0.209264% 0.000000% 2.685889%
60 Days 0.973952% 0.090600% 0.067950% 0.000000% 1.132503%
0.895721% 0.058794% 0.043814% 0.000000% 0.998329%
90 Days 0.158550% 0.067950% 0.566251% 0.000000% 0.792752%
0.083667% 0.035001% 0.586416% 0.000000% 0.705084%
120 Days 0.090600% 0.045300% 0.407701% 0.000000% 0.543601%
0.093628% 0.021220% 0.382064% 0.000000% 0.496912%
150 Days 0.022650% 0.067950% 0.430351% 0.022650% 0.543601%
0.024164% 0.050835% 0.445610% 0.025838% 0.546448%
180+ Days 0.022650% 0.362401% 0.656852% 0.226501% 1.268403%
0.001222% 0.181155% 0.615311% 0.252853% 1.050542%
Totals 4.144960% 1.857305% 2.265006% 0.249151% 8.516421%
3.516040% 1.386089% 2.291668% 0.278691% 7.472488%
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 27 1 0 28
4,495,826.41 57,618.47 0.00 4,553,444.88
30 Days 73 2 3 0 78
10,457,680.41 306,489.12 579,360.14 0.00 11,343,529.67
60 Days 27 1 2 0 30
3,808,443.10 163,562.89 236,020.39 0.00 4,208,026.38
90 Days 3 2 17 0 22
226,874.09 213,199.65 2,551,698.97 0.00 2,991,772.71
120 Days 2 1 11 0 14
575,774.56 101,465.57 1,930,117.21 0.00 2,607,357.34
150 Days 0 1 13 1 15
0.00 64,364.83 2,168,308.03 162,020.89 2,394,693.75
180 Days 0 8 14 6 28
0.00 956,135.57 2,685,917.07 570,670.97 4,212,723.61
Totals 105 42 61 7 215
15,068,772.16 6,301,044.04 10,209,040.28 732,691.86 32,311,548.34
0-29 Days 1.244240% 0.046083% 0.000000% 1.290323%
1.286021% 0.016482% 0.000000% 1.302503%
30 Days 3.364055% 0.092166% 0.138249% 0.000000% 3.594470%
2.991396% 0.087671% 0.165725% 0.000000% 3.244791%
60 Days 1.244240% 0.046083% 0.092166% 0.000000% 1.382488%
1.089397% 0.046787% 0.067513% 0.000000% 1.203697%
90 Days 0.138249% 0.092166% 0.783410% 0.000000% 1.013825%
0.064897% 0.060985% 0.729908% 0.000000% 0.855790%
120 Days 0.092166% 0.046083% 0.506912% 0.000000% 0.645161%
0.164699% 0.029024% 0.552106% 0.000000% 0.745829%
150 Days 0.000000% 0.046083% 0.599078% 0.046083% 0.691244%
0.000000% 0.018411% 0.620240% 0.046346% 0.684997%
180 Days 0.000000% 0.368664% 0.645161% 0.276498% 1.290323%
0.000000% 0.273500% 0.768301% 0.163239% 1.205040%
Totals 4.838710% 1.935484% 2.811060% 0.322581% 9.907834%
4.310389% 1.802400% 2.920273% 0.209585% 9.242646%
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 19 0 0 19
895,243.02 0.00 0.00 895,243.02
30 Days 43 2 1 0 46
1,977,474.65 63,407.92 336,240.12 0.00 2,377,122.69
60 Days 12 3 1 0 16
590,037.21 205,106.48 38,721.02 0.00 833,864.71
90 Days 3 1 7 0 11
267,824.94 6,273.91 783,910.45 0.00 1,058,009.30
120 Days 2 1 4 0 7
11,327.53 31,594.96 312,016.20 0.00 354,938.69
150 Days 1 2 4 0 7
151,524.87 254,396.58 216,348.67 0.00 622,270.12
180 Days 1 6 13 3 23
7,665.76 101,456.88 755,859.37 615,645.76 1,480,627.77
Totals 62 34 30 3 129
3,005,854.96 1,557,479.75 2,443,095.83 615,645.76 7,622,076.30
0-29 Days 1.043956% 0.000000% 0.000000% 1.043956%
0.563251% 0.000000% 0.000000% 0.563251%
30 Days 2.362637% 0.109890% 0.054945% 0.000000% 2.527473%
1.244147% 0.039894% 0.211549% 0.000000% 1.495589%
60 Days 0.659341% 0.164835% 0.054945% 0.000000% 0.879121%
0.371228% 0.129045% 0.024362% 0.000000% 0.524634%
90 Days 0.164835% 0.054945% 0.384615% 0.000000% 0.604396%
0.168505% 0.003947% 0.493205% 0.000000% 0.665657%
120 Days 0.109890% 0.054945% 0.219780% 0.000000% 0.384615%
0.007127% 0.019878% 0.196308% 0.000000% 0.223313%
150 Days 0.054945% 0.109890% 0.219780% 0.000000% 0.384615%
0.095333% 0.160056% 0.136118% 0.000000% 0.391507%
180 Days 0.054945% 0.329670% 0.714286% 0.164835% 1.263736%
0.004823% 0.063833% 0.475556% 0.387339% 0.931551%
Totals 3.406593% 1.868132% 1.648352% 0.164835% 7.087912%
1.891162% 0.979903% 1.537097% 0.387339% 4.795502%
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 2 0 0 2
707,428.69 0.00 0.00 707,428.69
30 Days 4 0 1 0 5
1,381,404.93 0.00 396,601.01 0.00 1,778,005.94
60 Days 3 0 0 0 3
1,189,021.96 0.00 0.00 0.00 1,189,021.96
90 Days 0 0 1 0 1
0.00 0.00 341,550.27 0.00 341,550.27
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 1 0 1
0.00 0.00 372,344.78 0.00 372,344.78
180 Days 0 0 1 1 2
0.00 0.00 333,352.81 399,213.69 732,566.50
Totals 7 2 4 1 14
2,570,426.89 707,428.69 1,443,848.87 399,213.69 5,120,918.14
0-29 Days 0.985222% 0.000000% 0.000000% 0.985222%
0.886568% 0.000000% 0.000000% 0.886568%
30 Days 1.970443% 0.000000% 0.492611% 0.000000% 2.463054%
1.731212% 0.000000% 0.497030% 0.000000% 2.228242%
60 Days 1.477833% 0.000000% 0.000000% 0.000000% 1.477833%
1.490112% 0.000000% 0.000000% 0.000000% 1.490112%
90 Days 0.000000% 0.000000% 0.492611% 0.000000% 0.492611%
0.000000% 0.000000% 0.428039% 0.000000% 0.428039%
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% 0.492611% 0.000000% 0.492611%
0.000000% 0.000000% 0.466632% 0.000000% 0.466632%
180 Days 0.000000% 0.000000% 0.492611% 0.492611% 0.985222%
0.000000% 0.000000% 0.417766% 0.500305% 0.918071%
Totals 3.448276% 0.985222% 1.970443% 0.492611% 6.896552%
3.221324% 0.886568% 1.809468% 0.500305% 6.417664%
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
47,248.70 0.00 0.00 47,248.70
30 Days 7 0 0 0 7
1,343,372.34 0.00 0.00 0.00 1,343,372.34
60 Days 1 0 0 0 1
29,173.48 0.00 0.00 0.00 29,173.48
90 Days 1 0 0 0 1
29,942.89 0.00 0.00 0.00 29,942.89
120 Days 0 0 3 0 3
0.00 0.00 153,623.14 0.00 153,623.14
150 Days 0 0 1 0 1
0.00 0.00 37,224.15 0.00 37,224.15
180 Days 0 2 1 0 3
0.00 78,353.53 83,214.71 0.00 161,568.24
Totals 9 4 5 0 18
1,402,488.71 125,602.23 274,062.00 0.00 1,802,152.94
0-29 Days 0.900901% 0.000000% 0.000000% 0.900901%
0.122002% 0.000000% 0.000000% 0.122002%
30 Days 3.153153% 0.000000% 0.000000% 0.000000% 3.153153%
3.468747% 0.000000% 0.000000% 0.000000% 3.468747%
60 Days 0.450450% 0.000000% 0.000000% 0.000000% 0.450450%
0.075329% 0.000000% 0.000000% 0.000000% 0.075329%
90 Days 0.450450% 0.000000% 0.000000% 0.000000% 0.450450%
0.077316% 0.000000% 0.000000% 0.000000% 0.077316%
120 Days 0.000000% 0.000000% 1.351351% 0.000000% 1.351351%
0.000000% 0.000000% 0.396673% 0.000000% 0.396673%
150 Days 0.000000% 0.000000% 0.450450% 0.000000% 0.450450%
0.000000% 0.000000% 0.096117% 0.000000% 0.096117%
180 Days 0.000000% 0.900901% 0.450450% 0.000000% 1.351351%
0.000000% 0.202318% 0.214870% 0.000000% 0.417188%
Totals 4.054054% 1.801802% 2.252252% 0.000000% 8.108108%
3.621393% 0.324320% 0.707661% 0.000000% 4.653373%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 292,672.95
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.533236%
Weighted Average Net Coupon 7.033236%
Weighted Average Pass-Through Rate 7.013236%
Weighted Average Maturity(Stepdown Calculation ) 334
Beginning Scheduled Collateral Loan Count 4,668
Number Of Loans Paid In Full 253
Ending Scheduled Collateral Loan Count 4,415
Beginning Scheduled Collateral Balance 666,081,421.88
Ending Scheduled Collateral Balance 626,319,755.77
Ending Actual Collateral Balance at 31-Oct-2004 627,056,157.96
Monthly P &I Constant 4,837,608.52
Special Servicing Fee 0.00
Prepayment Penalties 987,196.24
Realized Loss Amount 47,024.83
Cumulative Realized Loss 425,872.52
Ending Scheduled Balance for Premium Loans 626,319,755.77
Scheduled Principal 656,151.67
Unscheduled Principal 39,105,514.44
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 47,024.83
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 47,024.83
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 7.529861 7.855900 6.977217
Weighted Average Net Rate 7.029861 7.355900 6.477217
Weighted Average Maturity 345 303 345
Beginning Loan Count 2,300 1,912 220
Loans Paid In Full 130 92 17
Ending Loan Count 2,170 1,820 203
Beginning Scheduled Balance 372,301,993.52 165,916,788.92 86,403,717.50
Ending scheduled Balance 349,218,972.51 158,712,229.21 79,710,272.95
Record Date 10/31/2004 10/31/2004 10/31/2004
Principal And Interest Constant 2,648,932.84 1,306,459.18 578,863.06
Scheduled Principal 312,781.05 220,271.15 76,481.83
Unscheduled Principal 22,770,239.96 6,984,288.56 6,616,962.72
Scheduled Interest 2,336,151.79 1,086,188.03 502,381.23
Servicing Fees 155,125.84 69,131.98 36,001.55
Master Servicing Fees 1,551.27 691.33 360.00
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 4,653.77 2,073.96 1,080.05
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 2,174,820.91 1,014,290.76 464,939.63
Realized Loss Amount 0.00 47,024.83 0.00
Cumulative Realized Loss 95,107.53 229,086.37 0.00
Percentage of Cumulative Losses 0.0167 0.0974 0.0000
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.009861 7.335900 6.457217
Group Level Collateral Statement
Group Grp II, Sub Grp II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.431041 7.533236
Weighted Average Net Rate 6.931042 7.033236
Weighted Average Maturity 321 334
Beginning Loan Count 236 4,668
Loans Paid In Full 14 253
Ending Loan Count 222 4,415
Beginning Scheduled Balance 41,458,921.94 666,081,421.88
Ending scheduled Balance 38,678,281.10 626,319,755.77
Record Date 10/31/2004 10/31/2004
Principal And Interest Constant 303,353.44 4,837,608.52
Scheduled Principal 46,617.64 656,151.67
Unscheduled Principal 2,734,023.20 39,105,514.44
Scheduled Interest 256,735.80 4,181,456.85
Servicing Fees 17,274.54 277,533.91
Master Servicing Fees 172.76 2,775.36
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 518.24 8,326.02
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 238,770.26 3,892,821.56
Realized Loss Amount 0.00 47,024.83
Cumulative Realized Loss 101,678.62 425,872.52
Percentage of Cumulative Losses 0.1818 0.0429
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 6.911041 7.013236