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
FIRST FRANKLIN MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 2004-FFH3 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-111379-25
Pooling and Servicing Agreement) (Commission 54-2161198
(State or other File Number) 54-2161199
jurisdiction 54-2161200
of Incorporation) 54-2161201
54-2161202
IRS EIN
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 FIRST FRANKLIN
MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2004-FFH3 Trust.
ITEM 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Asset Backed Certificates, Series
2004-FFH3 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.
FIRST FRANKLIN MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 2004-FFH3 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Trustee
By: /s/ Beth Belfield as Assistant Vice President
By: Beth Belfield as Assistant Vice President
Date: 12/31/04
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 2004-FFH3 Trust, relating to
the December 27, 2004 distribution.
EX-99.1
First Franklin Mortgage Loan Trust
Asset Backed Certificates
Record Date: 11/30/04
Distribution Date: 12/27/04
First Franklin Mortgage Loan Trust
Asset Backed Certificates
Series 2004-FFH3
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>
R RES 0.00000% 0.00 0.00 0.00
IA1 32027NLL3 SEN 2.53000% 444,130,202.86 967,586.99 4,441,068.78
IA2 32027NMD0 SEN 2.73000% 50,000,000.00 117,541.67 0.00
IIA1 32027NLM1 SEN 2.56000% 343,057,536.05 756,251.28 5,311,649.23
IIA2 32027NLN9 SEN 2.31000% 112,482,536.05 223,746.51 5,311,649.23
IIA3 32027NLP4 SEN 2.54000% 199,800,000.00 437,007.00 0.00
IIA4 32027NLQ2 SEN 2.72000% 30,775,000.00 72,081.89 0.00
M1 32027NLR0 MEZ 2.76000% 71,250,000.00 169,337.50 0.00
M2 32027NLS8 MEZ 2.80000% 45,750,000.00 110,308.33 0.00
M3 32027NLT6 MEZ 2.88000% 26,250,000.00 65,100.00 0.00
M4 32027NLU3 MEZ 3.25000% 22,500,000.00 62,968.75 0.00
M5 32027NLV1 MEZ 3.33000% 22,500,000.00 64,518.75 0.00
M6 32027NLW9 MEZ 3.53000% 18,750,000.00 56,994.79 0.00
M7 32027NLX7 MEZ 3.98000% 18,750,000.00 64,260.42 0.00
M8 32027NLY5 MEZ 4.08000% 15,750,000.00 55,335.00 0.00
M9 32027NLZ2 MEZ 5.68000% 15,000,000.00 73,366.67 0.00
B1 32027NMA6 SUB 5.68000% 18,750,000.00 91,708.33 0.00
B2 32027NMB4 SUB 5.68000% 15,000,000.00 73,366.67 0.00
C FFM04FH3C SEN 0.00000% 15,000,000.00 5,300,597.46 0.00
P FFM04FH3P SEN 0.00000% 100.00 132,782.06 0.00
RX SEN 0.00000% 0.00 0.00 0.00
Totals 1,485,495,374.96 8,894,860.07 15,064,367.24
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
R 0.00 0.00 0.00 0.00
IA1 0.00 439,689,134.08 5,408,655.77 0.00
IA2 0.00 50,000,000.00 117,541.67 0.00
IIA1 0.00 337,745,886.81 6,067,900.51 0.00
IIA2 0.00 107,170,886.81 5,535,395.74 0.00
IIA3 0.00 199,800,000.00 437,007.00 0.00
IIA4 0.00 30,775,000.00 72,081.89 0.00
M1 0.00 71,250,000.00 169,337.50 0.00
M2 0.00 45,750,000.00 110,308.33 0.00
M3 0.00 26,250,000.00 65,100.00 0.00
M4 0.00 22,500,000.00 62,968.75 0.00
M5 0.00 22,500,000.00 64,518.75 0.00
M6 0.00 18,750,000.00 56,994.79 0.00
M7 0.00 18,750,000.00 64,260.42 0.00
M8 0.00 15,750,000.00 55,335.00 0.00
M9 0.00 15,000,000.00 73,366.67 0.00
B1 0.00 18,750,000.00 91,708.33 0.00
B2 0.00 15,000,000.00 73,366.67 0.00
C 0.00 15,000,000.00 5,300,597.46 0.00
P 0.00 100.00 132,782.06 0.00
RX 0.00 0.00 0.00 0.00
Totals 0.00 1,470,431,007.70 23,959,227.31 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>
R 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
IA1 450,000,000.00 444,130,202.86 301,933.48 4,139,135.30 0.00 0.00
IA2 50,000,000.00 50,000,000.00 0.00 0.00 0.00 0.00
IIA1 347,375,000.00 343,057,536.05 176,003.19 5,135,646.04 0.00 0.00
IIA2 116,800,000.00 112,482,536.05 176,003.20 5,135,646.04 0.00 0.00
IIA3 199,800,000.00 199,800,000.00 0.00 0.00 0.00 0.00
IIA4 30,775,000.00 30,775,000.00 0.00 0.00 0.00 0.00
M1 71,250,000.00 71,250,000.00 0.00 0.00 0.00 0.00
M2 45,750,000.00 45,750,000.00 0.00 0.00 0.00 0.00
M3 26,250,000.00 26,250,000.00 0.00 0.00 0.00 0.00
M4 22,500,000.00 22,500,000.00 0.00 0.00 0.00 0.00
M5 22,500,000.00 22,500,000.00 0.00 0.00 0.00 0.00
M6 18,750,000.00 18,750,000.00 0.00 0.00 0.00 0.00
M7 18,750,000.00 18,750,000.00 0.00 0.00 0.00 0.00
M8 15,750,000.00 15,750,000.00 0.00 0.00 0.00 0.00
M9 15,000,000.00 15,000,000.00 0.00 0.00 0.00 0.00
B1 18,750,000.00 18,750,000.00 0.00 0.00 0.00 0.00
B2 15,000,000.00 15,000,000.00 0.00 0.00 0.00 0.00
C 14,999,900.00 15,000,000.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
RX 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,500,000,000.00 1,485,495,374.96 653,939.87 14,410,427.38 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>
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
IA1 4,441,068.78 439,689,134.08 0.97708696 4,441,068.78
IA2 0.00 50,000,000.00 1.00000000 0.00
IIA1 5,311,649.23 337,745,886.81 0.97228035 5,311,649.23
IIA2 5,311,649.23 107,170,886.81 0.91755896 5,311,649.23
IIA3 0.00 199,800,000.00 1.00000000 0.00
IIA4 0.00 30,775,000.00 1.00000000 0.00
M1 0.00 71,250,000.00 1.00000000 0.00
M2 0.00 45,750,000.00 1.00000000 0.00
M3 0.00 26,250,000.00 1.00000000 0.00
M4 0.00 22,500,000.00 1.00000000 0.00
M5 0.00 22,500,000.00 1.00000000 0.00
M6 0.00 18,750,000.00 1.00000000 0.00
M7 0.00 18,750,000.00 1.00000000 0.00
M8 0.00 15,750,000.00 1.00000000 0.00
M9 0.00 15,000,000.00 1.00000000 0.00
B1 0.00 18,750,000.00 1.00000000 0.00
B2 0.00 15,000,000.00 1.00000000 0.00
C 0.00 15,000,000.00 1.00000667 0.00
P 0.00 100.00 1.00000000 0.00
RX 0.00 0.00 0.00000000 0.00
Totals 15,064,367.24 1,470,431,007.70 0.98028734 15,064,367.24
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>
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
IA1 450,000,000.00 986.95600636 0.67096329 9.19807844 0.00000000
IA2 50,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
IIA1 347,375,000.00 987.57117251 0.50666625 14.78415557 0.00000000
IIA2 116,800,000.00 963.03541139 1.50687671 43.96957226 0.00000000
IIA3 199,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
IIA4 30,775,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M1 71,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M2 45,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M3 26,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M4 22,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M5 22,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M6 18,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M7 18,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M8 15,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M9 15,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B1 18,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B2 15,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
C 14,999,900.00 1000.00666671 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
RX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Classes are per $25,000 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>
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA1 0.00000000 9.86904173 977.08696462 0.97708696 9.86904173
IA2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
IIA1 0.00000000 15.29082182 972.28035066 0.97228035 15.29082182
IIA2 0.00000000 45.47644889 917.55896241 0.91755896 45.47644889
IIA3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
IIA4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
C 0.00000000 0.00000000 1,000.00666671 1.00000667 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
RX 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>
R 0.00 0.00000% 0.00 0.00 0.00 0.00
IA1 450,000,000.00 2.53000% 444,130,202.86 967,586.99 0.00 0.00
IA2 50,000,000.00 2.73000% 50,000,000.00 117,541.67 0.00 0.00
IIA1 347,375,000.00 2.56000% 343,057,536.05 756,251.28 0.00 0.00
IIA2 116,800,000.00 2.31000% 112,482,536.05 223,746.51 0.00 0.00
IIA3 199,800,000.00 2.54000% 199,800,000.00 437,007.00 0.00 0.00
IIA4 30,775,000.00 2.72000% 30,775,000.00 72,081.89 0.00 0.00
M1 71,250,000.00 2.76000% 71,250,000.00 169,337.50 0.00 0.00
M2 45,750,000.00 2.80000% 45,750,000.00 110,308.33 0.00 0.00
M3 26,250,000.00 2.88000% 26,250,000.00 65,100.00 0.00 0.00
M4 22,500,000.00 3.25000% 22,500,000.00 62,968.75 0.00 0.00
M5 22,500,000.00 3.33000% 22,500,000.00 64,518.75 0.00 0.00
M6 18,750,000.00 3.53000% 18,750,000.00 56,994.79 0.00 0.00
M7 18,750,000.00 3.98000% 18,750,000.00 64,260.42 0.00 0.00
M8 15,750,000.00 4.08000% 15,750,000.00 55,335.00 0.00 0.00
M9 15,000,000.00 5.68000% 15,000,000.00 73,366.67 0.00 0.00
B1 18,750,000.00 5.68000% 18,750,000.00 91,708.33 0.00 0.00
B2 15,000,000.00 5.68000% 15,000,000.00 73,366.67 0.00 0.00
C 14,999,900.00 0.00000% 15,000,000.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
RX 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,500,000,000.00 3,461,480.55 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>
R 0.00 0.00 0.00 0.00 0.00
IA1 0.00 0.00 967,586.99 0.00 439,689,134.08
IA2 0.00 0.00 117,541.67 0.00 50,000,000.00
IIA1 0.00 0.00 756,251.28 0.00 337,745,886.81
IIA2 0.00 0.00 223,746.51 0.00 107,170,886.81
IIA3 0.00 0.00 437,007.00 0.00 199,800,000.00
IIA4 0.00 0.00 72,081.89 0.00 30,775,000.00
M1 0.00 0.00 169,337.50 0.00 71,250,000.00
M2 0.00 0.00 110,308.33 0.00 45,750,000.00
M3 0.00 0.00 65,100.00 0.00 26,250,000.00
M4 0.00 0.00 62,968.75 0.00 22,500,000.00
M5 0.00 0.00 64,518.75 0.00 22,500,000.00
M6 0.00 0.00 56,994.79 0.00 18,750,000.00
M7 0.00 0.00 64,260.42 0.00 18,750,000.00
M8 0.00 0.00 55,335.00 0.00 15,750,000.00
M9 0.00 0.00 73,366.67 0.00 15,000,000.00
B1 0.00 0.00 91,708.33 0.00 18,750,000.00
B2 0.00 0.00 73,366.67 0.00 15,000,000.00
C 0.00 0.00 5,300,597.46 0.00 15,000,000.00
P 0.00 0.00 132,782.06 0.00 100.00
RX 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 8,894,860.07 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>
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
IA1 450,000,000.00 2.53000% 986.95600636 2.15019331 0.00000000 0.00000000
IA2 50,000,000.00 2.73000% 1000.00000000 2.35083340 0.00000000 0.00000000
IIA1 347,375,000.00 2.56000% 987.57117251 2.17704579 0.00000000 0.00000000
IIA2 116,800,000.00 2.31000% 963.03541139 1.91563793 0.00000000 0.00000000
IIA3 199,800,000.00 2.54000% 1000.00000000 2.18722222 0.00000000 0.00000000
IIA4 30,775,000.00 2.72000% 1000.00000000 2.34222226 0.00000000 0.00000000
M1 71,250,000.00 2.76000% 1000.00000000 2.37666667 0.00000000 0.00000000
M2 45,750,000.00 2.80000% 1000.00000000 2.41111104 0.00000000 0.00000000
M3 26,250,000.00 2.88000% 1000.00000000 2.48000000 0.00000000 0.00000000
M4 22,500,000.00 3.25000% 1000.00000000 2.79861111 0.00000000 0.00000000
M5 22,500,000.00 3.33000% 1000.00000000 2.86750000 0.00000000 0.00000000
M6 18,750,000.00 3.53000% 1000.00000000 3.03972213 0.00000000 0.00000000
M7 18,750,000.00 3.98000% 1000.00000000 3.42722240 0.00000000 0.00000000
M8 15,750,000.00 4.08000% 1000.00000000 3.51333333 0.00000000 0.00000000
M9 15,000,000.00 5.68000% 1000.00000000 4.89111133 0.00000000 0.00000000
B1 18,750,000.00 5.68000% 1000.00000000 4.89111093 0.00000000 0.00000000
B2 15,000,000.00 5.68000% 1000.00000000 4.89111133 0.00000000 0.00000000
C 14,999,900.00 0.00000% 1000.00666671 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
RX 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
Alll Classes are per $25,000 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>
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA1 0.00000000 0.00000000 2.15019331 0.00000000 977.08696462
IA2 0.00000000 0.00000000 2.35083340 0.00000000 1000.00000000
IIA1 0.00000000 0.00000000 2.17704579 0.00000000 972.28035066
IIA2 0.00000000 0.00000000 1.91563793 0.00000000 917.55896241
IIA3 0.00000000 0.00000000 2.18722222 0.00000000 1000.00000000
IIA4 0.00000000 0.00000000 2.34222226 0.00000000 1000.00000000
M1 0.00000000 0.00000000 2.37666667 0.00000000 1000.00000000
M2 0.00000000 0.00000000 2.41111104 0.00000000 1000.00000000
M3 0.00000000 0.00000000 2.48000000 0.00000000 1000.00000000
M4 0.00000000 0.00000000 2.79861111 0.00000000 1000.00000000
M5 0.00000000 0.00000000 2.86750000 0.00000000 1000.00000000
M6 0.00000000 0.00000000 3.03972213 0.00000000 1000.00000000
M7 0.00000000 0.00000000 3.42722240 0.00000000 1000.00000000
M8 0.00000000 0.00000000 3.51333333 0.00000000 1000.00000000
M9 0.00000000 0.00000000 4.89111133 0.00000000 1000.00000000
B1 0.00000000 0.00000000 4.89111093 0.00000000 1000.00000000
B2 0.00000000 0.00000000 4.89111133 0.00000000 1000.00000000
C 0.00000000 0.00000000 353.37551984 0.00000000 1000.00666671
P 0.00000000 0.00000000 1327820.60000000 0.00000000 1000.00000000
RX 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 24,584,373.21
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 24,584,373.21
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 625,145.90
Payment of Interest and Principal 23,959,227.31
Total Withdrawals (Pool Distribution Amount) 24,584,373.21
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 618,956.39
Trustee Fee 6,189.51
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 625,145.90
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<s> <c> <c> <c> <c>
Financial Guaranty 0.00 0.00 0.00 0.00
Reserve Fund 0.00 0.00 0.00 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 68 0 0 0 68
12,360,178.33 0.00 0.00 0.00 12,360,178.33
60 Days 6 0 0 0 6
1,075,445.87 0.00 0.00 0.00 1,075,445.87
90 Days 1 0 0 0 1
183,000.00 0.00 0.00 0.00 183,000.00
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 75 0 0 0 75
13,618,624.20 0.00 0.00 0.00 13,618,624.20
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 0.789229% 0.000000% 0.000000% 0.000000% 0.789229%
0.840501% 0.000000% 0.000000% 0.000000% 0.840501%
60 Days 0.069638% 0.000000% 0.000000% 0.000000% 0.069638%
0.073131% 0.000000% 0.000000% 0.000000% 0.073131%
90 Days 0.011606% 0.000000% 0.000000% 0.000000% 0.011606%
0.012444% 0.000000% 0.000000% 0.000000% 0.012444%
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 0.870474% 0.000000% 0.000000% 0.000000% 0.870474%
0.926077% 0.000000% 0.000000% 0.000000% 0.926077%
OTHER INFORMATION
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Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.583100%
Weighted Average Net Coupon 6.785469%
Weighted Average Pass-Through Rate 7.078100%
Weighted Average Maturity(Stepdown Calculation ) 354
Beginning Scheduled Collateral Loan Count 5,398
Number Of Loans Paid In Full (3,218)
Ending Scheduled Collateral Loan Count 8,616
Beginning Scheduled Collateral Balance 931,191,754.11
Ending Scheduled Collateral Balance 1,470,431,007.70
Ending Actual Collateral Balance at 30-Nov-2004 1,470,572,152.70
Monthly P &I Constant 10,041,156.43
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Ending Scheduled Balance for Premium Loans 1,470,431,007.70
Scheduled Principal 653,939.87
Unscheduled Principal 14,410,426.80
Miscellaneous Reporting
Group I Prefunding Account 0.00
Group II Prefunding Account 0.00
Overcollateralized Deficiency Amount 0.00
Credit Enhancement Percentage 20.5487%
Excess Cash Amount 0.00
Extra Principal Distribution 0.58
Overcollateralized Amount 15,000,000.00
Overcollateralization Target Amount 15,000,000.00
Overcollateralization Deficiency Amount 0.00
Overcollateralization Release Amount 0.00
Overcollateralized Increase Amount 0.58
Overcollateralized Reduction Amount 0.00
Trigger Event Not in Trigger
Stepdown Not in Stepdown
Dividend Account Deposits N/A
Dividend Account Withdrawals N/A
Dividend Account Balance N/A
Solider Sailor Adjustment 7.95
Cap Payment 0.00
Miscellaneous Bond Adjustment 0.00
Next Month A-1 Coupon Rate 2.76750%
Next Month A-2 Coupon Rate 2.96750%
Next Month II-A1 Coupon Rate 2.79750%
Next Month II-A2 Coupon Rate 2.54750%
Next Month II-A3 Coupon Rate 2.77750%
Next Month II-A4 Coupon Rate 2.95750%
Next Month M-1 Coupon Rate 2.99750%
Next Month M-2 Coupon Rate 3.03750%
Next Month M-3 Coupon Rate 3.11750%
Next Month M-4 Coupon Rate 3.48750%
Next Month M-5 Coupon Rate 3.56750%
Next Month M-6 Coupon Rate 3.76750%
Next Month M-7 Coupon Rate 4.21750%
Next Month M-8 Coupon Rate 4.31750%
Next Month M-9 Coupon Rate 5.91750%
Next Month B-1 Coupon Rate 5.91750%
Next Month B-2 Coupon Rate 5.91750%
Group Level Collateral Statement
Group Group 1 Group 2 Total
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm
Weighted Average Coupon Rate 7.701700 7.502541 7.583100
Weighted Average Net Rate 6.904222 6.704800 6.785469
Weighted Average Maturity 354 354 354
Beginning Loan Count 2,634 2,764 5,398
Loans Paid In Full (1,628) (1,590) (3,218)
Ending Loan Count 4,262 4,354 8,616
Beginning Scheduled Balance 389,901,901.11 541,289,853.00 931,191,754.11
Ending scheduled Balance 617,435,563.88 852,995,443.82 1,470,431,007.70
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 4,293,098.47 5,748,057.96 10,041,156.43
Scheduled Principal 301,933.48 352,006.39 653,939.87
Unscheduled Principal 4,139,135.13 10,271,291.67 14,410,426.80
Scheduled Interest 3,991,164.99 5,396,051.57 9,387,216.56
Servicing Fees 259,115.24 359,841.15 618,956.39
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 2,591.15 3,598.36 6,189.51
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00
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 3,729,458.60 5,032,612.06 8,762,070.66
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 7.196700 6.997541 7.078100