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): December 27, 2004
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-RM1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-110039-09 54-2157780
Pooling and Servicing Agreement) (Commission 54-2157781
(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 December 27, 2004 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series
2004-RM1 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-RM1 Trust, relating to the
December 27, 2004 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2004-RM1 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: 12/29/2004
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2004-RM1 Trust,
relating to the December 27, 2004 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 11/30/2004
Distribution Date: 12/27/2004
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series 2004-RM1
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 004421FP3 SEN 2.53000% 112,155,574.83 244,343.38 5,546,355.89
A-1B 004421FQ1 SEN 2.46000% 112,155,574.83 237,582.89 5,546,355.89
A-2 004421FR9 SEN 2.56000% 57,839,718.47 127,504.45 7,053,640.70
M-1 004421FS7 MEZ 2.88000% 23,657,000.00 58,669.36 0.00
M-2 004421FT5 MEZ 3.38000% 18,513,000.00 53,883.12 0.00
M-3 004421FU2 MEZ 3.63000% 5,143,000.00 16,076.16 0.00
M-4 004421FV0 MEZ 4.13000% 5,143,000.00 18,290.51 0.00
M-5 004421FW8 MEZ 4.28000% 4,114,000.00 15,162.38 0.00
M-6 004421FX6 MEZ 5.68000% 4,114,000.00 20,122.03 0.00
B-1 004421FY4 SUB 5.68000% 6,171,000.00 30,183.05 0.00
B-2 004421FZ1 SUB 5.68000% 8,228,000.00 40,244.06 0.00
B-3 004421GA5 SUB 5.68000% 2,057,000.00 10,061.02 0.00
CE ACE0401CE JUN 0.00000% 2,057,037.29 899,151.62 0.00
P ACE04010P SEN 0.00000% 100.00 417,045.75 0.00
R-1 ACE0401R1 SEN 0.00000% 0.00 0.00 0.00
R-2 ACE0401R2 SEN 0.00000% 0.00 0.00 0.00
Totals 361,348,005.42 2,188,319.78 18,146,352.48
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 0.00 106,609,218.94 5,790,699.27 0.00
A-1B 0.00 106,609,218.94 5,783,938.78 0.00
A-2 0.00 50,786,077.77 7,181,145.15 0.00
M-1 0.00 23,657,000.00 58,669.36 0.00
M-2 0.00 18,513,000.00 53,883.12 0.00
M-3 0.00 5,143,000.00 16,076.16 0.00
M-4 0.00 5,143,000.00 18,290.51 0.00
M-5 0.00 4,114,000.00 15,162.38 0.00
M-6 0.00 4,114,000.00 20,122.03 0.00
B-1 0.00 6,171,000.00 30,183.05 0.00
B-2 0.00 8,228,000.00 40,244.06 0.00
B-3 0.00 2,057,000.00 10,061.02 0.00
CE 0.00 2,057,037.29 899,151.62 0.00
P 0.00 100.00 417,045.75 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 0.00 343,201,652.94 20,334,672.26 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 131,108,000.00 112,155,574.83 0.00 5,546,355.89 0.00 0.00
A-1B 131,108,000.00 112,155,574.83 0.00 5,546,355.89 0.00 0.00
A-2 69,994,000.00 57,839,718.47 0.00 7,053,640.70 0.00 0.00
M-1 23,657,000.00 23,657,000.00 0.00 0.00 0.00 0.00
M-2 18,513,000.00 18,513,000.00 0.00 0.00 0.00 0.00
M-3 5,143,000.00 5,143,000.00 0.00 0.00 0.00 0.00
M-4 5,143,000.00 5,143,000.00 0.00 0.00 0.00 0.00
M-5 4,114,000.00 4,114,000.00 0.00 0.00 0.00 0.00
M-6 4,114,000.00 4,114,000.00 0.00 0.00 0.00 0.00
B-1 6,171,000.00 6,171,000.00 0.00 0.00 0.00 0.00
B-2 8,228,000.00 8,228,000.00 0.00 0.00 0.00 0.00
B-3 2,057,000.00 2,057,000.00 0.00 0.00 0.00 0.00
CE 2,057,357.90 2,057,037.29 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
Totals 411,407,457.90 361,348,005.42 0.00 18,146,352.48 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 5,546,355.89 106,609,218.94 0.81314046 5,546,355.89
A-1B 5,546,355.89 106,609,218.94 0.81314046 5,546,355.89
A-2 7,053,640.70 50,786,077.77 0.72557759 7,053,640.70
M-1 0.00 23,657,000.00 1.00000000 0.00
M-2 0.00 18,513,000.00 1.00000000 0.00
M-3 0.00 5,143,000.00 1.00000000 0.00
M-4 0.00 5,143,000.00 1.00000000 0.00
M-5 0.00 4,114,000.00 1.00000000 0.00
M-6 0.00 4,114,000.00 1.00000000 0.00
B-1 0.00 6,171,000.00 1.00000000 0.00
B-2 0.00 8,228,000.00 1.00000000 0.00
B-3 0.00 2,057,000.00 1.00000000 0.00
CE 0.00 2,057,037.29 0.99984416 0.00
P 0.00 100.00 1.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
Totals 18,146,352.48 343,201,652.94 0.83421349 18,146,352.48
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 131,108,000.00 855.44417450 0.00000000 42.30371823 0.00000000
A-1B 131,108,000.00 855.44417450 0.00000000 42.30371823 0.00000000
A-2 69,994,000.00 826.35252264 0.00000000 100.77493357 0.00000000
M-1 23,657,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 18,513,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 5,143,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 5,143,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 4,114,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 4,114,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 6,171,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 8,228,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 2,057,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 2,057,357.90 999.84416421 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 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-1A 0.00000000 42.30371823 813.14045627 0.81314046 42.30371823
A-1B 0.00000000 42.30371823 813.14045627 0.81314046 42.30371823
A-2 0.00000000 100.77493357 725.57758908 0.72557759 100.77493357
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-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 999.84416421 0.99984416 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 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 131,108,000.00 2.53000% 112,155,574.83 244,343.38 0.00 0.00
A-1B 131,108,000.00 2.46000% 112,155,574.83 237,582.89 0.00 0.00
A-2 69,994,000.00 2.56000% 57,839,718.47 127,504.45 0.00 0.00
M-1 23,657,000.00 2.88000% 23,657,000.00 58,669.36 0.00 0.00
M-2 18,513,000.00 3.38000% 18,513,000.00 53,883.12 0.00 0.00
M-3 5,143,000.00 3.63000% 5,143,000.00 16,076.16 0.00 0.00
M-4 5,143,000.00 4.13000% 5,143,000.00 18,290.51 0.00 0.00
M-5 4,114,000.00 4.28000% 4,114,000.00 15,162.38 0.00 0.00
M-6 4,114,000.00 5.68000% 4,114,000.00 20,122.03 0.00 0.00
B-1 6,171,000.00 5.68000% 6,171,000.00 30,183.05 0.00 0.00
B-2 8,228,000.00 5.68000% 8,228,000.00 40,244.06 0.00 0.00
B-3 2,057,000.00 5.68000% 2,057,000.00 10,061.02 0.00 0.00
CE 2,057,357.90 0.00000% 2,057,037.29 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 411,407,457.90 872,122.41 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 0.00 244,343.38 0.00 106,609,218.94
A-1B 0.00 0.00 237,582.89 0.00 106,609,218.94
A-2 0.00 0.00 127,504.45 0.00 50,786,077.77
M-1 0.00 0.00 58,669.36 0.00 23,657,000.00
M-2 0.00 0.00 53,883.12 0.00 18,513,000.00
M-3 0.00 0.00 16,076.16 0.00 5,143,000.00
M-4 0.00 0.00 18,290.51 0.00 5,143,000.00
M-5 0.00 0.00 15,162.38 0.00 4,114,000.00
M-6 0.00 0.00 20,122.03 0.00 4,114,000.00
B-1 0.00 0.00 30,183.05 0.00 6,171,000.00
B-2 0.00 0.00 40,244.06 0.00 8,228,000.00
B-3 0.00 0.00 10,061.02 0.00 2,057,000.00
CE 0.00 0.00 899,151.62 0.00 2,057,037.29
P 0.00 0.00 417,045.75 0.00 100.00
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 2,188,319.78 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 131,108,000.00 2.53000% 855.44417450 1.86368017 0.00000000 0.00000000
A-1B 131,108,000.00 2.46000% 855.44417450 1.81211589 0.00000000 0.00000000
A-2 69,994,000.00 2.56000% 826.35252264 1.82164828 0.00000000 0.00000000
M-1 23,657,000.00 2.88000% 1000.00000000 2.48000000 0.00000000 0.00000000
M-2 18,513,000.00 3.38000% 1000.00000000 2.91055583 0.00000000 0.00000000
M-3 5,143,000.00 3.63000% 1000.00000000 3.12583317 0.00000000 0.00000000
M-4 5,143,000.00 4.13000% 1000.00000000 3.55638927 0.00000000 0.00000000
M-5 4,114,000.00 4.28000% 1000.00000000 3.68555664 0.00000000 0.00000000
M-6 4,114,000.00 5.68000% 1000.00000000 4.89111084 0.00000000 0.00000000
B-1 6,171,000.00 5.68000% 1000.00000000 4.89111165 0.00000000 0.00000000
B-2 8,228,000.00 5.68000% 1000.00000000 4.89111084 0.00000000 0.00000000
B-3 2,057,000.00 5.68000% 1000.00000000 4.89111327 0.00000000 0.00000000
CE 2,057,357.90 0.00000% 999.84416421 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 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-1A 0.00000000 0.00000000 1.86368017 0.00000000 813.14045627
A-1B 0.00000000 0.00000000 1.81211589 0.00000000 813.14045627
A-2 0.00000000 0.00000000 1.82164828 0.00000000 725.57758908
M-1 0.00000000 0.00000000 2.48000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.91055583 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 3.12583317 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 3.55638927 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 3.68555664 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 4.89111084 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 4.89111165 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 4.89111084 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 4.89111327 0.00000000 1000.00000000
CE 0.00000000 0.00000000 437.04190700 0.00000000 999.84416421
P 0.00000000 0.00000000 4170457.50000000 0.00000000 1000.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 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 20,087,505.35
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 61,582.31
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 417,045.75
Total Deposits 20,566,133.41
Withdrawals
Reimbursement for Servicer Advances 64,051.37
Payment of Service Fee 167,409.78
Payment of Interest and Principal 20,334,672.26
Total Withdrawals (Pool Distribution Amount) 20,566,133.41
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 150,561.67
Credit Risk Manger Fee: Murray Hill Company 4,516.85
Master Servicing Fee: Wells Fargo Bank 5,570.77
XL Capital Assurance, Class A-1B 6,760.49
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 167,409.78
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 10 0 0 10
1,106,181.17 0.00 0.00 1,106,181.17
30 Days 27 0 1 0 28
4,743,633.62 0.00 39,875.86 0.00 4,783,509.48
60 Days 10 0 1 0 11
2,419,189.00 0.00 333,237.33 0.00 2,752,426.33
90 Days 2 0 7 0 9
198,919.98 0.00 1,226,184.30 0.00 1,425,104.28
120 Days 1 0 2 0 3
35,918.86 0.00 262,300.11 0.00 298,218.97
150 Days 1 0 1 0 2
142,952.13 0.00 491,008.50 0.00 633,960.63
180+ Days 0 0 0 1 1
0.00 0.00 0.00 122,804.04 122,804.04
Totals 41 10 12 1 64
7,540,613.59 1,106,181.17 2,352,606.10 122,804.04 11,122,204.90
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 0.521376% 0.000000% 0.000000% 0.521376%
0.322312% 0.000000% 0.000000% 0.322312%
30 Days 1.407716% 0.000000% 0.052138% 0.000000% 1.459854%
1.382171% 0.000000% 0.011619% 0.000000% 1.393790%
60 Days 0.521376% 0.000000% 0.052138% 0.000000% 0.573514%
0.704889% 0.000000% 0.097097% 0.000000% 0.801985%
90 Days 0.104275% 0.000000% 0.364964% 0.000000% 0.469239%
0.057960% 0.000000% 0.357278% 0.000000% 0.415238%
120 Days 0.052138% 0.000000% 0.104275% 0.000000% 0.156413%
0.010466% 0.000000% 0.076427% 0.000000% 0.086893%
150 Days 0.052138% 0.000000% 0.052138% 0.000000% 0.104275%
0.041653% 0.000000% 0.143067% 0.000000% 0.184720%
180+ Days 0.000000% 0.000000% 0.000000% 0.052138% 0.052138%
0.000000% 0.000000% 0.000000% 0.035782% 0.035782%
Totals 2.137643% 0.521376% 0.625652% 0.052138% 3.336809%
2.197138% 0.322312% 0.685488% 0.035782% 3.240720%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I SUBGRP I No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 5 0 0 5
885,175.40 0.00 0.00 885,175.40
30 Days 21 0 0 0 21
4,368,705.03 0.00 0.00 0.00 4,368,705.03
60 Days 5 0 0 0 5
1,193,433.20 0.00 0.00 0.00 1,193,433.20
90 Days 1 0 6 0 7
159,047.31 0.00 1,191,270.70 0.00 1,350,318.01
120 Days 0 0 1 0 1
0.00 0.00 83,738.01 0.00 83,738.01
150 Days 1 0 0 0 1
142,952.13 0.00 0.00 0.00 142,952.13
180 Days 0 0 0 1 1
0.00 0.00 0.00 122,804.04 122,804.04
Totals 28 5 7 1 41
5,864,137.67 885,175.40 1,275,008.71 122,804.04 8,147,125.82
0-29 Days 0.448833% 0.000000% 0.000000% 0.448833%
0.397526% 0.000000% 0.000000% 0.397526%
30 Days 1.885099% 0.000000% 0.000000% 0.000000% 1.885099%
1.961952% 0.000000% 0.000000% 0.000000% 1.961952%
60 Days 0.448833% 0.000000% 0.000000% 0.000000% 0.448833%
0.535962% 0.000000% 0.000000% 0.000000% 0.535962%
90 Days 0.089767% 0.000000% 0.538600% 0.000000% 0.628366%
0.071427% 0.000000% 0.534991% 0.000000% 0.606418%
120 Days 0.000000% 0.000000% 0.089767% 0.000000% 0.089767%
0.000000% 0.000000% 0.037606% 0.000000% 0.037606%
150 Days 0.089767% 0.000000% 0.000000% 0.000000% 0.089767%
0.064199% 0.000000% 0.000000% 0.000000% 0.064199%
180 Days 0.000000% 0.000000% 0.000000% 0.089767% 0.089767%
0.000000% 0.000000% 0.000000% 0.055150% 0.055150%
Totals 2.513465% 0.448833% 0.628366% 0.089767% 3.680431%
2.633540% 0.397526% 0.572597% 0.055150% 3.658812%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP I SUBGRP 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 4 0 0 4
141,235.96 0.00 0.00 141,235.96
30 Days 4 0 1 0 5
227,419.67 0.00 39,875.86 0.00 267,295.53
60 Days 2 0 0 0 2
279,046.42 0.00 0.00 0.00 279,046.42
90 Days 1 0 1 0 2
39,872.67 0.00 34,913.60 0.00 74,786.27
120 Days 1 0 1 0 2
35,918.86 0.00 178,562.10 0.00 214,480.96
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 8 4 3 0 15
582,257.62 141,235.96 253,351.56 0.00 976,845.14
0-29 Days 0.702988% 0.000000% 0.000000% 0.702988%
0.266190% 0.000000% 0.000000% 0.266190%
30 Days 0.702988% 0.000000% 0.175747% 0.000000% 0.878735%
0.428623% 0.000000% 0.075155% 0.000000% 0.503777%
60 Days 0.351494% 0.000000% 0.000000% 0.000000% 0.351494%
0.525925% 0.000000% 0.000000% 0.000000% 0.525925%
90 Days 0.175747% 0.000000% 0.175747% 0.000000% 0.351494%
0.075149% 0.000000% 0.065802% 0.000000% 0.140951%
120 Days 0.175747% 0.000000% 0.175747% 0.000000% 0.351494%
0.067697% 0.000000% 0.336540% 0.000000% 0.404237%
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 1.405975% 0.702988% 0.527241% 0.000000% 2.636204%
1.097393% 0.266190% 0.477497% 0.000000% 1.841081%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP II SUBGRP 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 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
60 Days 2 0 1 0 3
856,087.99 0.00 333,237.33 0.00 1,189,325.32
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 1 0 1
0.00 0.00 491,008.50 0.00 491,008.50
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 2 0 2 0 4
856,087.99 0.00 824,245.83 0.00 1,680,333.82
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 1.503759% 0.000000% 0.751880% 0.000000% 2.255639%
1.606843% 0.000000% 0.625473% 0.000000% 2.232316%
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% 0.751880% 0.000000% 0.751880%
0.000000% 0.000000% 0.921603% 0.000000% 0.921603%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 1.503759% 0.000000% 1.503759% 0.000000% 3.007519%
1.606843% 0.000000% 1.547076% 0.000000% 3.153919%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
GRP II SUBGRP 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
79,769.81 0.00 0.00 79,769.81
30 Days 2 0 0 0 2
147,508.92 0.00 0.00 0.00 147,508.92
60 Days 1 0 0 0 1
90,621.39 0.00 0.00 0.00 90,621.39
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 3 1 0 0 4
238,130.31 79,769.81 0.00 0.00 317,900.12
0-29 Days 0.980392% 0.000000% 0.000000% 0.980392%
0.561980% 0.000000% 0.000000% 0.561980%
30 Days 1.960784% 0.000000% 0.000000% 0.000000% 1.960784%
1.039204% 0.000000% 0.000000% 0.000000% 1.039204%
60 Days 0.980392% 0.000000% 0.000000% 0.000000% 0.980392%
0.638430% 0.000000% 0.000000% 0.000000% 0.638430%
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 2.941176% 0.980392% 0.000000% 0.000000% 3.921569%
1.677634% 0.561980% 0.000000% 0.000000% 2.239614%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 61,582.31
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 6.789171%
Weighted Average Net Coupon 5.938173%
Weighted Average Pass-Through Rate 5.904671%
Weighted Average Maturity(Stepdown Calculation ) 340
Beginning Scheduled Collateral Loan Count 2,014
Number Of Loans Paid In Full 96
Ending Scheduled Collateral Loan Count 1,918
Beginning Scheduled Collateral Balance 361,348,005.42
Ending Scheduled Collateral Balance 343,201,652.93
Ending Actual Collateral Balance at 30-Nov-2004 343,201,652.93
Monthly P &I Constant 2,354,190.98
Special Servicing Fee 0.00
Prepayment Penalties 417,045.75
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 309,529.22
Unscheduled Principal 17,836,823.27
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 2,057,037.29
Overcollateralized Amount 2,057,037.29
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Group Level Collateral Statement
Group GRP I SUBGRP I GRP I SUBGRP II GRP II SUBGRP I
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 6.494104 8.018057 6.396778
Weighted Average Net Rate 5.994104 7.518057 5.896778
Weighted Average Maturity 353 287 353
Beginning Loan Count 1,158 601 148
Loans Paid In Full 44 32 15
Ending Loan Count 1,114 569 133
Beginning Scheduled Balance 231,375,610.31 55,446,686.41 59,600,057.99
Ending scheduled Balance 222,671,333.08 53,058,251.85 53,277,652.17
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 1,454,439.77 419,052.22 365,808.78
Scheduled Principal 202,291.96 48,573.32 48,101.85
Unscheduled Principal 8,501,985.27 2,339,861.24 6,274,303.97
Scheduled Interest 1,252,147.81 370,478.90 317,706.93
Servicing Fees 96,406.50 23,102.79 24,833.36
Master Servicing Fees 3,567.04 854.80 918.83
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 77,898.22 13,806.45 15,826.45
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 1,074,276.05 332,714.86 276,128.29
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 5.571595 7.200752 5.559625
Group Level Collateral Statement
Group GRP II SUBGRP II Total
Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 8.387825 6.789171
Weighted Average Net Rate 7.887825 5.938173
Weighted Average Maturity 264 340
Beginning Loan Count 107 2,014
Loans Paid In Full 5 96
Ending Loan Count 102 1,918
Beginning Scheduled Balance 14,925,650.71 361,348,005.42
Ending scheduled Balance 14,194,415.83 343,201,652.93
Record Date 11/30/2004 11/30/2004
Principal And Interest Constant 114,890.21 2,354,190.98
Scheduled Principal 10,562.09 309,529.22
Unscheduled Principal 720,672.79 17,836,823.27
Scheduled Interest 104,328.12 2,044,661.76
Servicing Fees 6,219.02 150,561.67
Master Servicing Fees 230.10 5,570.77
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 2,679.70 110,210.82
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 95,199.30 1,778,318.50
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Percentage of Cumulative Losses 0.0000 0.0000
Prepayment Penalties 0.00 0.00
Special Servicing Fee 0.00 0.00
Pass-Through Rate 7.653881 5.904671