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-SD1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-01 54-2161161
Pooling and Servicing Agreement) (Commission 54-2161162
(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-SD1 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-SD1 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-SD1 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-SD1 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-SD1
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 004421HD8 SEN 2.67000% 112,757,333.61 259,247.90 5,584,815.02
M-1 004421HE6 SEN 3.13000% 5,427,000.00 14,627.27 0.00
M-2 004421HF3 SEN 3.93000% 2,713,000.00 9,181.24 0.00
M-3 004421HG1 SEN 4.93000% 2,374,000.00 10,078.29 0.00
M-4 004421HH9 SEN 4.93000% 678,000.00 2,878.30 0.00
CE ACE04SD1C SEN 0.00000% 1,017,538.46 462,549.22 0.00
P ACE04SD1P SEN 0.00000% 100.00 11,656.68 0.00
Totals 124,966,972.07 770,218.90 5,584,815.02
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 0.00 107,172,518.59 5,844,062.92 0.00
M-1 0.00 5,427,000.00 14,627.27 0.00
M-2 0.00 2,713,000.00 9,181.24 0.00
M-3 0.00 2,374,000.00 10,078.29 0.00
M-4 0.00 678,000.00 2,878.30 0.00
CE 0.00 1,017,538.46 462,549.22 0.00
P 0.00 100.00 11,656.68 0.00
Totals 0.00 119,382,157.05 6,355,033.92 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-1 123,461,000.00 112,757,333.61 0.00 5,584,815.02 0.00 0.00
M-1 5,427,000.00 5,427,000.00 0.00 0.00 0.00 0.00
M-2 2,713,000.00 2,713,000.00 0.00 0.00 0.00 0.00
M-3 2,374,000.00 2,374,000.00 0.00 0.00 0.00 0.00
M-4 678,000.00 678,000.00 0.00 0.00 0.00 0.00
CE 1,018,695.29 1,017,538.46 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
Totals 135,671,795.29 124,966,972.07 0.00 5,584,815.02 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 5,584,815.02 107,172,518.59 0.86806780 5,584,815.02
M-1 0.00 5,427,000.00 1.00000000 0.00
M-2 0.00 2,713,000.00 1.00000000 0.00
M-3 0.00 2,374,000.00 1.00000000 0.00
M-4 0.00 678,000.00 1.00000000 0.00
CE 0.00 1,017,538.46 0.99886440 0.00
P 0.00 100.00 1.00000000 0.00
Totals 5,584,815.02 119,382,157.05 0.87993350 5,584,815.02
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-1 123,461,000.00 913.30325860 0.00000000 45.23545913 0.00000000
M-1 5,427,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 2,713,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 2,374,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 678,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 1,018,695.29 998.86440036 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 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 45.23545913 868.06779947 0.86806780 45.23545913
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
CE 0.00000000 0.00000000 998.86440036 0.99886440 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 123,461,000.00 2.67000% 112,757,333.61 259,247.90 0.00 0.00
M-1 5,427,000.00 3.13000% 5,427,000.00 14,627.27 0.00 0.00
M-2 2,713,000.00 3.93000% 2,713,000.00 9,181.24 0.00 0.00
M-3 2,374,000.00 4.93000% 2,374,000.00 10,078.29 0.00 0.00
M-4 678,000.00 4.93000% 678,000.00 2,878.30 0.00 0.00
CE 1,018,695.29 0.00000% 1,017,538.46 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
Totals 135,671,795.29 296,013.00 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 0.00 259,247.90 0.00 107,172,518.59
M-1 0.00 0.00 14,627.27 0.00 5,427,000.00
M-2 0.00 0.00 9,181.24 0.00 2,713,000.00
M-3 0.00 0.00 10,078.29 0.00 2,374,000.00
M-4 0.00 0.00 2,878.30 0.00 678,000.00
CE 0.00 0.00 462,549.22 0.00 1,017,538.46
P 0.00 0.00 11,656.68 0.00 100.00
Totals 0.00 0.00 770,218.90 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-1 123,461,000.00 2.67000% 913.30325860 2.09983639 0.00000000 0.00000000
M-1 5,427,000.00 3.13000% 1000.00000000 2.69527732 0.00000000 0.00000000
M-2 2,713,000.00 3.93000% 1000.00000000 3.38416513 0.00000000 0.00000000
M-3 2,374,000.00 4.93000% 1000.00000000 4.24527801 0.00000000 0.00000000
M-4 678,000.00 4.93000% 1000.00000000 4.24528024 0.00000000 0.00000000
CE 1,018,695.29 0.00000% 998.86440036 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 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 2.09983639 0.00000000 868.06779947
M-1 0.00000000 0.00000000 2.69527732 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 3.38416513 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 4.24527801 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 4.24528024 0.00000000 1000.00000000
CE 0.00000000 0.00000000 454.06042861 0.00000000 998.86440036
P 0.00000000 0.00000000 116566.80000000 0.00000000 1000.00000000
<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 6,374,207.21
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 252,710.10
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 11,656.68
Total Deposits 6,638,573.99
Withdrawals
Reimbursement for Servicer Advances 242,925.81
Payment of Service Fee 40,614.26
Payment of Interest and Principal 6,355,033.92
Total Withdrawals (Pool Distribution Amount) 6,638,573.99
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 32,803.83
Credit Risk Manager - Risk Managment Group LLC 2,082.78
Master Servicing Fee: Wells Fargo Bank 5,727.65
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 40,614.26
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 25 0 0 25
3,754,259.94 0.00 0.00 3,754,259.94
30 Days 72 7 1 0 80
8,536,454.02 854,932.57 153,752.60 0.00 9,545,139.19
60 Days 17 6 7 0 30
1,840,000.00 539,190.10 872,392.95 0.00 3,251,583.05
90 Days 5 11 14 0 30
691,953.72 821,927.71 1,574,352.75 0.00 3,088,234.18
120 Days 3 7 5 0 15
290,821.13 871,507.38 1,270,577.69 0.00 2,432,906.20
150 Days 1 5 8 0 14
196,900.65 906,891.63 1,414,453.08 0.00 2,518,245.36
180+ Days 6 48 16 0 70
573,333.14 6,268,973.53 1,805,091.39 0.00 8,647,398.06
Totals 104 109 51 0 264
12,129,462.66 14,017,682.86 7,090,620.46 0.00 33,237,765.98
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 2.003205% 0.000000% 0.000000% 2.003205%
3.138660% 0.000000% 0.000000% 3.138660%
30 Days 5.769231% 0.560897% 0.080128% 0.000000% 6.410256%
7.136701% 0.714746% 0.128541% 0.000000% 7.979988%
60 Days 1.362179% 0.480769% 0.560897% 0.000000% 2.403846%
1.538289% 0.450777% 0.729344% 0.000000% 2.718409%
90 Days 0.400641% 0.881410% 1.121795% 0.000000% 2.403846%
0.578492% 0.687153% 1.316200% 0.000000% 2.581845%
120 Days 0.240385% 0.560897% 0.400641% 0.000000% 1.201923%
0.243134% 0.728603% 1.062236% 0.000000% 2.033974%
150 Days 0.080128% 0.400641% 0.641026% 0.000000% 1.121795%
0.164614% 0.758185% 1.182520% 0.000000% 2.105320%
180+ Days 0.480769% 3.846154% 1.282051% 0.000000% 5.608974%
0.479322% 5.241027% 1.509104% 0.000000% 7.229453%
Totals 8.333333% 8.733974% 4.086538% 0.000000% 21.153846%
10.140551% 11.719153% 5.927946% 0.000000% 27.787650%
Delinquency Status By Groups
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 16 0 0 16
2,454,042.99 0.00 0.00 2,454,042.99
30 Days 50 6 0 0 56
6,549,828.67 757,870.96 0.00 0.00 7,307,699.63
60 Days 10 4 6 0 20
1,177,098.04 385,678.10 725,064.22 0.00 2,287,840.36
90 Days 4 9 10 0 23
494,746.16 677,910.09 1,044,222.37 0.00 2,216,878.62
120 Days 2 5 3 0 10
179,804.77 658,079.59 675,219.52 0.00 1,513,103.88
150 Days 0 3 1 0 4
0.00 604,066.65 144,849.86 0.00 748,916.51
180 Days 4 33 3 0 40
360,978.11 4,517,280.43 333,415.96 0.00 5,211,674.50
Totals 70 76 23 0 169
8,762,455.75 10,054,928.81 2,922,771.93 0.00 21,740,156.49
0-29 Days 2.435312% 0.000000% 0.000000% 2.435312%
3.562005% 0.000000% 0.000000% 3.562005%
30 Days 7.610350% 0.913242% 0.000000% 0.000000% 8.523592%
9.506973% 1.100038% 0.000000% 0.000000% 10.607011%
60 Days 1.522070% 0.608828% 0.913242% 0.000000% 3.044140%
1.708539% 0.559806% 1.052419% 0.000000% 3.320764%
90 Days 0.608828% 1.369863% 1.522070% 0.000000% 3.500761%
0.718116% 0.983976% 1.515672% 0.000000% 3.217764%
120 Days 0.304414% 0.761035% 0.456621% 0.000000% 1.522070%
0.260984% 0.955192% 0.980070% 0.000000% 2.196246%
150 Days 0.000000% 0.456621% 0.152207% 0.000000% 0.608828%
0.000000% 0.876793% 0.210247% 0.000000% 1.087041%
180 Days 0.608828% 5.022831% 0.456621% 0.000000% 6.088280%
0.523954% 6.556761% 0.483948% 0.000000% 7.564663%
Totals 10.654490% 11.567732% 3.500761% 0.000000% 25.722983%
12.718566% 14.594571% 4.242357% 0.000000% 31.555494%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 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 9 0 0 9
1,300,216.95 0.00 0.00 1,300,216.95
30 Days 22 1 1 0 24
1,986,625.35 97,061.61 153,752.60 0.00 2,237,439.56
60 Days 7 2 1 0 10
662,901.96 153,512.00 147,328.73 0.00 963,742.69
90 Days 1 2 4 0 7
197,207.56 144,017.62 530,130.38 0.00 871,355.56
120 Days 1 2 2 0 5
111,016.36 213,427.79 595,358.17 0.00 919,802.32
150 Days 1 2 7 0 10
196,900.65 302,824.98 1,269,603.22 0.00 1,769,328.85
180 Days 2 15 13 0 30
212,355.03 1,751,693.10 1,471,675.43 0.00 3,435,723.56
Totals 34 33 28 0 95
3,367,006.91 3,962,754.05 4,167,848.53 0.00 11,497,609.49
0-29 Days 1.522843% 0.000000% 0.000000% 1.522843%
2.563597% 0.000000% 0.000000% 2.563597%
30 Days 3.722504% 0.169205% 0.169205% 0.000000% 4.060914%
3.916968% 0.191373% 0.303149% 0.000000% 4.411490%
60 Days 1.184433% 0.338409% 0.169205% 0.000000% 1.692047%
1.307023% 0.302675% 0.290483% 0.000000% 1.900182%
90 Days 0.169205% 0.338409% 0.676819% 0.000000% 1.184433%
0.388828% 0.283955% 1.045242% 0.000000% 1.718025%
120 Days 0.169205% 0.338409% 0.338409% 0.000000% 0.846024%
0.218888% 0.420809% 1.173849% 0.000000% 1.813546%
150 Days 0.169205% 0.338409% 1.184433% 0.000000% 1.692047%
0.388223% 0.597071% 2.503237% 0.000000% 3.488531%
180 Days 0.338409% 2.538071% 2.199662% 0.000000% 5.076142%
0.418694% 3.453759% 2.901657% 0.000000% 6.774110%
Totals 5.752961% 5.583756% 4.737733% 0.000000% 16.074450%
6.638623% 7.813239% 8.217618% 0.000000% 22.669480%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 252,710.10
Class M-1 6,783,795.29 5.00015149% 6,782,638.46 5.68145075% 4.545905% 0.000000%
Class M-2 4,070,795.29 3.00047278% 4,069,638.46 3.40891684% 2.272534% 0.000000%
Class M-3 1,696,795.29 1.25066178% 1,695,638.46 1.42034497% 1.988572% 0.000000%
Class M-4 1,018,795.29 0.75092637% 1,017,638.46 0.85242090% 0.567924% 0.000000%
Class CE 100.00 0.00007371% 100.00 0.00008376% 0.852337% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000084% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.674124%
Weighted Average Net Coupon 7.359126%
Weighted Average Pass-Through Rate 7.284127%
Weighted Average Maturity(Stepdown Calculation ) 242
Beginning Scheduled Collateral Loan Count 1,284
Number Of Loans Paid In Full 36
Ending Scheduled Collateral Loan Count 1,248
Beginning Scheduled Collateral Balance 124,966,972.07
Ending Scheduled Collateral Balance 119,382,157.05
Ending Actual Collateral Balance at 30-Nov-2004 119,613,448.69
Monthly P &I Constant 1,089,317.83
Special Servicing Fee 0.00
Prepayment Penalties 11,656.68
Realized Loss Amount 0.00
Cumulative Realized Loss 5,811.64
Scheduled Principal 335,075.61
Unscheduled Principal 5,249,739.41
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 1,017,538.46
Overcollateralized Amount 1,017,538.46
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.674124%
Weighted Average Net Rate 7.359126%
Weighted Average Pass Through Rate 7.284127%
Weighted Average Maturity 242
Record Date 11/30/2004
Principal and Interest Constant 1,089,317.83
Beginning Loan Count 1,284
Loans Paid in Full 36
Ending Loan Count 1,248
Beginning Scheduled Balance 124,966,972.07
Ending Scheduled Balance 119,382,157.05
Ending Actual Balance at 30-Nov-2004 119,613,448.69
Scheduled Principal 335,075.61
Unscheduled Principal 5,249,739.41
Scheduled Interest 754,242.22
Servicing Fee 32,803.83
Master Servicing Fee 5,727.65
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,082.78
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 713,627.96
Realized Loss Amount 0.00
Cumulative Realized Loss 5,811.64
Percentage of Cumulative Losses 0.0043
Special Servicing Fee 0.00
Prepayment Penalties 11,656.68
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 1,017,538.46
Overcollateralized Amount 1,017,538.46
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Overcollateralization Amount 1,017,538.46
Overcollateralization Increase Amount 0.00
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 1,017,538.46
Specified Overcollateralization Amount 1,017,538.46
Interest Arrearage 44938.35
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 7.862048 6.387341 7.674124
Weighted Average Net Rate 7.547048 6.072341 7.359126
Weighted Average Maturity 244 240 242
Beginning Loan Count 678 606 1,284
Loans Paid In Full 21 15 36
Ending Loan Count 657 591 1,248
Beginning Scheduled Balance 72,478,141.73 52,488,830.34 124,966,972.07
Ending scheduled Balance 68,749,634.76 50,632,522.29 119,382,157.05
Record Date 11/30/2004 11/30/2004 11/30/2004
Principal And Interest Constant 652,886.45 436,431.38 1,089,317.83
Scheduled Principal 178,030.95 157,044.66 335,075.61
Unscheduled Principal 3,550,476.02 1,699,263.39 5,249,739.41
Scheduled Interest 474,855.50 279,386.72 754,242.22
Servicing Fees 19,025.51 13,778.32 32,803.83
Master Servicing Fees 3,321.91 2,405.74 5,727.65
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 1,207.97 874.81 2,082.78
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 451,300.11 262,327.85 713,627.96
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 5,811.64 0.00 5,811.64
Percentage of Cumulative Losses 0.0074 0.0000 0.0043
Prepayment Penalties 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00
Pass-Through Rate 7.472048 5.997341 7.284127