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): February 25, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series ACE 2005-HE1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-05 54-2165618
Pooling and Servicing Agreement) (Commission 54-2165619
(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 February 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series ACE
2005-HE1 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 ACE 2005-HE1 Trust, relating to
the February 25, 2005 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 ACE 2005-HE1 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: 3/3/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series ACE 2005-HE1 Trust,
relating to the February 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 1/31/2005
Distribution Date: 2/25/2005
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Series ACE 2005-HE1
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 004421EG4 SEN 2.81750% 729,291,000.00 1,426,928.74 4,215,677.74
A-1B 004421EG4 SEN 2.86750% 182,323,000.00 363,063.34 1,053,920.88
A-2A 004421EH2 SEN 2.69750% 185,769,000.00 347,994.36 1,628,903.67
A-2B 004421EJ8 SEN 2.80750% 60,016,000.00 117,010.36 0.00
A-2C 004421EJ8 SEN 2.92750% 47,430,000.00 96,424.53 0.00
M-1 004421EL3 SEN 3.05750% 58,509,000.00 124,230.05 0.00
M-2 004421EM1 SEN 3.07750% 49,271,000.00 105,299.65 0.00
M-3 004421EN9 SEN 3.12750% 30,024,000.00 65,208.38 0.00
M-4 004421EP4 SEN 3.29750% 29,255,000.00 66,991.92 0.00
M-5 004421EQ2 SEN 3.35750% 36,953,000.00 86,159.51 0.00
M-6 004421ER0 SEN 3.42750% 20,016,000.00 47,642.25 0.00
M-7 004421EM1 SEN 3.85750% 15,397,000.00 41,245.78 0.00
M-8 004421EN9 SEN 3.95750% 19,246,000.00 52,893.09 0.00
M-9 004421EP4 SEN 4.77750% 18,477,000.00 61,301.30 0.00
B-1 004427BU3 SEN 5.82750% 25,405,000.00 102,810.86 0.00
B-2 004427BU3 SEN 5.82750% 21,556,000.00 87,234.44 0.00
CE ACE5HE1CE SEN 0.00000% 10,778,849.00 5,449,617.76 830.36
CE-1 ACE5HE1C1 SEN 0.00000% 0.00 43,943.85 0.00
P ACE05HE1P SEN 0.00000% 100.00 48,226.19 0.00
R ACE5HE1R1 SEN 0.00000% 0.00 0.00 0.00
Totals 1,539,716,949.00 8,734,226.36 6,899,332.65
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1A 0.00 725,075,322.26 5,642,606.48 0.00
A-1B 0.00 181,269,079.12 1,416,984.22 0.00
A-2A 0.00 184,140,096.33 1,976,898.03 0.00
A-2B 0.00 60,016,000.00 117,010.36 0.00
A-2C 0.00 47,430,000.00 96,424.53 0.00
M-1 0.00 58,509,000.00 124,230.05 0.00
M-2 0.00 49,271,000.00 105,299.65 0.00
M-3 0.00 30,024,000.00 65,208.38 0.00
M-4 0.00 29,255,000.00 66,991.92 0.00
M-5 0.00 36,953,000.00 86,159.51 0.00
M-6 0.00 20,016,000.00 47,642.25 0.00
M-7 0.00 15,397,000.00 41,245.78 0.00
M-8 0.00 19,246,000.00 52,893.09 0.00
M-9 0.00 18,477,000.00 61,301.30 0.00
B-1 0.00 25,405,000.00 102,810.86 0.00
B-2 0.00 21,556,000.00 87,234.44 0.00
CE 0.00 10,778,018.64 5,450,448.12 0.00
CE-1 0.00 0.00 43,943.85 0.00
P 0.00 100.00 48,226.19 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 1,532,817,616.35 15,633,559.01 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 729,291,000.00 729,291,000.00 0.00 4,215,677.74 0.00 0.00
A-1B 182,323,000.00 182,323,000.00 0.00 1,053,920.88 0.00 0.00
A-2A 185,769,000.00 185,769,000.00 0.00 1,628,903.67 0.00 0.00
A-2B 60,016,000.00 60,016,000.00 0.00 0.00 0.00 0.00
A-2C 47,430,000.00 47,430,000.00 0.00 0.00 0.00 0.00
M-1 58,509,000.00 58,509,000.00 0.00 0.00 0.00 0.00
M-2 49,271,000.00 49,271,000.00 0.00 0.00 0.00 0.00
M-3 30,024,000.00 30,024,000.00 0.00 0.00 0.00 0.00
M-4 29,255,000.00 29,255,000.00 0.00 0.00 0.00 0.00
M-5 36,953,000.00 36,953,000.00 0.00 0.00 0.00 0.00
M-6 20,016,000.00 20,016,000.00 0.00 0.00 0.00 0.00
M-7 15,397,000.00 15,397,000.00 0.00 0.00 0.00 0.00
M-8 19,246,000.00 19,246,000.00 0.00 0.00 0.00 0.00
M-9 18,477,000.00 18,477,000.00 0.00 0.00 0.00 0.00
B-1 25,405,000.00 25,405,000.00 0.00 0.00 0.00 0.00
B-2 21,556,000.00 21,556,000.00 0.00 0.00 0.00 0.00
CE 10,778,849.00 10,778,849.00 0.00 830.36 0.00 0.00
CE-1 0.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 1,539,716,949.00 1,539,716,949.00 0.00 6,899,332.65 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 4,215,677.74 725,075,322.26 0.99421948 4,215,677.74
A-1B 1,053,920.88 181,269,079.12 0.99421948 1,053,920.88
A-2A 1,628,903.67 184,140,096.33 0.99123156 1,628,903.67
A-2B 0.00 60,016,000.00 1.00000000 0.00
A-2C 0.00 47,430,000.00 1.00000000 0.00
M-1 0.00 58,509,000.00 1.00000000 0.00
M-2 0.00 49,271,000.00 1.00000000 0.00
M-3 0.00 30,024,000.00 1.00000000 0.00
M-4 0.00 29,255,000.00 1.00000000 0.00
M-5 0.00 36,953,000.00 1.00000000 0.00
M-6 0.00 20,016,000.00 1.00000000 0.00
M-7 0.00 15,397,000.00 1.00000000 0.00
M-8 0.00 19,246,000.00 1.00000000 0.00
M-9 0.00 18,477,000.00 1.00000000 0.00
B-1 0.00 25,405,000.00 1.00000000 0.00
B-2 0.00 21,556,000.00 1.00000000 0.00
CE 830.36 10,778,018.64 0.99992296 830.36
CE-1 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 6,899,332.65 1,532,817,616.35 0.99551909 6,899,332.65
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 729,291,000.00 1000.00000000 0.00000000 5.78051524 0.00000000
A-1B 182,323,000.00 1000.00000000 0.00000000 5.78051524 0.00000000
A-2A 185,769,000.00 1000.00000000 0.00000000 8.76843645 0.00000000
A-2B 60,016,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-2C 47,430,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 58,509,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 49,271,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 30,024,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 29,255,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-5 36,953,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-6 20,016,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-7 15,397,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-8 19,246,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-9 18,477,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 25,405,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 21,556,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 10,778,849.00 1000.00000000 0.00000000 0.07703605 0.00000000
CE-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R 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 5.78051524 994.21948476 0.99421948 5.78051524
A-1B 0.00000000 5.78051524 994.21948476 0.99421948 5.78051524
A-2A 0.00000000 8.76843645 991.23156355 0.99123156 8.76843645
A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
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
CE 0.00000000 0.07703605 999.92296395 0.99992296 0.07703605
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<s> <c> <c> <c> <c> <c> <c>
A-1A 729,291,000.00 2.81750% 729,291,000.00 1,426,928.74 0.00 0.00
A-1B 182,323,000.00 2.86750% 182,323,000.00 363,063.34 0.00 0.00
A-2A 185,769,000.00 2.69750% 185,769,000.00 347,994.36 0.00 0.00
A-2B 60,016,000.00 2.80750% 60,016,000.00 117,010.36 0.00 0.00
A-2C 47,430,000.00 2.92750% 47,430,000.00 96,424.53 0.00 0.00
M-1 58,509,000.00 3.05750% 58,509,000.00 124,230.05 0.00 0.00
M-2 49,271,000.00 3.07750% 49,271,000.00 105,299.65 0.00 0.00
M-3 30,024,000.00 3.12750% 30,024,000.00 65,208.38 0.00 0.00
M-4 29,255,000.00 3.29750% 29,255,000.00 66,991.92 0.00 0.00
M-5 36,953,000.00 3.35750% 36,953,000.00 86,159.51 0.00 0.00
M-6 20,016,000.00 3.42750% 20,016,000.00 47,642.25 0.00 0.00
M-7 15,397,000.00 3.85750% 15,397,000.00 41,245.78 0.00 0.00
M-8 19,246,000.00 3.95750% 19,246,000.00 52,893.09 0.00 0.00
M-9 18,477,000.00 4.77750% 18,477,000.00 61,301.30 0.00 0.00
B-1 25,405,000.00 5.82750% 25,405,000.00 102,810.86 0.00 0.00
B-2 21,556,000.00 5.82750% 21,556,000.00 87,234.44 0.00 0.00
CE 10,778,849.00 0.00000% 1,539,718,109.23 0.00 0.00 0.00
CE-1 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,539,716,949.00 3,192,438.56 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 1,426,928.74 0.00 725,075,322.26
A-1B 0.00 0.00 363,063.34 0.00 181,269,079.12
A-2A 0.00 0.00 347,994.36 0.00 184,140,096.33
A-2B 0.00 0.00 117,010.36 0.00 60,016,000.00
A-2C 0.00 0.00 96,424.53 0.00 47,430,000.00
M-1 0.00 0.00 124,230.05 0.00 58,509,000.00
M-2 0.00 0.00 105,299.65 0.00 49,271,000.00
M-3 0.00 0.00 65,208.38 0.00 30,024,000.00
M-4 0.00 0.00 66,991.92 0.00 29,255,000.00
M-5 0.00 0.00 86,159.51 0.00 36,953,000.00
M-6 0.00 0.00 47,642.25 0.00 20,016,000.00
M-7 0.00 0.00 41,245.78 0.00 15,397,000.00
M-8 0.00 0.00 52,893.09 0.00 19,246,000.00
M-9 0.00 0.00 61,301.30 0.00 18,477,000.00
B-1 0.00 0.00 102,810.86 0.00 25,405,000.00
B-2 0.00 0.00 87,234.44 0.00 21,556,000.00
CE 0.00 0.00 5,449,617.76 0.00 1,532,817,616.35
CE-1 0.00 0.00 43,943.85 0.00 0.00
P 0.00 0.00 48,226.19 0.00 100.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 8,734,226.36 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 729,291,000.00 2.81750% 1000.00000000 1.95659722 0.00000000 0.00000000
A-1B 182,323,000.00 2.86750% 1000.00000000 1.99131947 0.00000000 0.00000000
A-2A 185,769,000.00 2.69750% 1000.00000000 1.87326389 0.00000000 0.00000000
A-2B 60,016,000.00 2.80750% 1000.00000000 1.94965276 0.00000000 0.00000000
A-2C 47,430,000.00 2.92750% 1000.00000000 2.03298608 0.00000000 0.00000000
M-1 58,509,000.00 3.05750% 1000.00000000 2.12326394 0.00000000 0.00000000
M-2 49,271,000.00 3.07750% 1000.00000000 2.13715269 0.00000000 0.00000000
M-3 30,024,000.00 3.12750% 1000.00000000 2.17187517 0.00000000 0.00000000
M-4 29,255,000.00 3.29750% 1000.00000000 2.28993061 0.00000000 0.00000000
M-5 36,953,000.00 3.35750% 1000.00000000 2.33159716 0.00000000 0.00000000
M-6 20,016,000.00 3.42750% 1000.00000000 2.38020833 0.00000000 0.00000000
M-7 15,397,000.00 3.85750% 1000.00000000 2.67881925 0.00000000 0.00000000
M-8 19,246,000.00 3.95750% 1000.00000000 2.74826405 0.00000000 0.00000000
M-9 18,477,000.00 4.77750% 1000.00000000 3.31770850 0.00000000 0.00000000
B-1 25,405,000.00 5.82750% 1000.00000000 4.04687502 0.00000000 0.00000000
B-2 21,556,000.00 5.82750% 1000.00000000 4.04687512 0.00000000 0.00000000
CE 10,778,849.00 0.00000% 142846.24538576 0.00000000 0.00000000 0.00000000
CE-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R 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 1.95659722 0.00000000 994.21948476
A-1B 0.00000000 0.00000000 1.99131947 0.00000000 994.21948476
A-2A 0.00000000 0.00000000 1.87326389 0.00000000 991.23156355
A-2B 0.00000000 0.00000000 1.94965276 0.00000000 1000.00000000
A-2C 0.00000000 0.00000000 2.03298608 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 2.12326394 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 2.13715269 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 2.17187517 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 2.28993061 0.00000000 1000.00000000
M-5 0.00000000 0.00000000 2.33159716 0.00000000 1000.00000000
M-6 0.00000000 0.00000000 2.38020833 0.00000000 1000.00000000
M-7 0.00000000 0.00000000 2.67881925 0.00000000 1000.00000000
M-8 0.00000000 0.00000000 2.74826405 0.00000000 1000.00000000
M-9 0.00000000 0.00000000 3.31770850 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 4.04687502 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 4.04687512 0.00000000 1000.00000000
CE 0.00000000 0.00000000 505.58438661 0.00000000 142206.05709849
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 482261.90000000 0.00000000 1000.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<s> <c>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 16,212,391.68
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 36,736.07
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 48,226.19
Total Deposits 16,297,353.94
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 615,568.74
Payment of Interest and Principal 15,633,559.01
Total Withdrawals (Pool Distribution Amount) 16,249,127.75
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 597,605.36
Credit Risk Manager Fee - The Murrayhill Company 17,963.38
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 615,568.74
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 31 0 0 0 31
5,346,059.47 0.00 0.00 0.00 5,346,059.47
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180+ Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 31 0 0 0 31
5,346,059.47 0.00 0.00 0.00 5,346,059.47
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 0.343148% 0.000000% 0.000000% 0.000000% 0.343148%
0.348573% 0.000000% 0.000000% 0.000000% 0.348573%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.343148% 0.000000% 0.000000% 0.000000% 0.343148%
0.348573% 0.000000% 0.000000% 0.000000% 0.348573%
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 22 0 0 0 22
4,252,153.52 0.00 0.00 0.00 4,252,153.52
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 22 0 0 0 22
4,252,153.52 0.00 0.00 0.00 4,252,153.52
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.419527% 0.000000% 0.000000% 0.000000% 0.419527%
0.438993% 0.000000% 0.000000% 0.000000% 0.438993%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.419527% 0.000000% 0.000000% 0.000000% 0.419527%
0.438993% 0.000000% 0.000000% 0.000000% 0.438993%
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 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 5 0 0 0 5
259,405.95 0.00 0.00 0.00 259,405.95
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 5 0 0 0 5
259,405.95 0.00 0.00 0.00 259,405.95
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.186081% 0.000000% 0.000000% 0.000000% 0.186081%
0.135237% 0.000000% 0.000000% 0.000000% 0.135237%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.186081% 0.000000% 0.000000% 0.000000% 0.186081%
0.135237% 0.000000% 0.000000% 0.000000% 0.135237%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 3 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 2 0 0 0 2
791,000.00 0.00 0.00 0.00 791,000.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 2 0 0 0 2
791,000.00 0.00 0.00 0.00 791,000.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.291545% 0.000000% 0.000000% 0.000000% 0.291545%
0.249633% 0.000000% 0.000000% 0.000000% 0.249633%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.291545% 0.000000% 0.000000% 0.000000% 0.291545%
0.249633% 0.000000% 0.000000% 0.000000% 0.249633%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total
<s>
Group 4 No of Loans No of Loans No of Loans No of Loans No of Loans
Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance
0-29 Days 0 0 0 0
0.00 0.00 0.00 0.00
30 Days 2 0 0 0 2
43,500.00 0.00 0.00 0.00 43,500.00
60 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
90 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
120 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
150 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
180 Days 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00
Totals 2 0 0 0 2
43,500.00 0.00 0.00 0.00 43,500.00
0-29 Days 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000%
30 Days 0.479616% 0.000000% 0.000000% 0.000000% 0.479616%
0.077125% 0.000000% 0.000000% 0.000000% 0.077125%
60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Totals 0.479616% 0.000000% 0.000000% 0.000000% 0.479616%
0.077125% 0.000000% 0.000000% 0.000000% 0.077125%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 36,736.07
Class M-1 276,378,949.00 17.94998419% 276,378,118.64 18.03072431% 3.817088% 0.000000%
Class M-2 227,107,949.00 14.74998045% 227,107,118.64 14.81631710% 3.214407% 0.000000%
Class M-3 197,083,949.00 12.80001166% 197,083,118.64 12.85757135% 1.958746% 0.000000%
Class M-4 167,828,949.00 10.89998711% 167,828,118.64 10.94899464% 1.908577% 0.000000%
Class B-1 32,334,949.00 2.10005800% 32,334,118.64 2.10945636% 1.657405% 0.000000%
Class B-2 10,778,949.00 0.70006042% 10,778,118.64 0.70315728% 1.406299% 0.000000%
Class CE 100.00 0.00000649% 100.00 0.00000652% 0.703151% 0.000000%
Class P 0.00 0.00000000% 0.00 0.00000000% 0.000007% 0.000000%
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 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 7.248398%
Weighted Average Net Coupon 6.782646%
Weighted Average Pass-Through Rate 6.768646%
Weighted Average Maturity (Stepdown Calculation) 352
Beginning Scheduled Collateral Loan Count 9,067
Number Of Loans Paid In Full 33
Ending Scheduled Collateral Loan Count 9,034
Beginning Scheduled Collateral Balance 1,539,716,949.28
Ending Scheduled Collateral Balance 1,532,817,616.35
Ending Actual Collateral Balance at 31-Jan-2005 1,533,697,434.40
Monthly P&I Constant 10,185,457.03
Special Servicing Fee 0.00
Prepayment Penalties 48,226.19
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 932,137.26
Unscheduled Principal 5,968,355.62
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 1,990.59
Specified O/C Amount 10,778,018.65
Overcollateralized Amount 10,778,018.65
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Group Level Collateral Statement
Group Group 1 Group 2 Group 3
Collateral Description Mixed ARM Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 7.149917 8.476190 6.572210
Weighted Average Net Rate 6.686137 8.016040 6.096196
Weighted Average Maturity 358 321 358
Beginning Loan Count 5,262 2,697 689
Loans Paid In Full 18 10 3
Ending Loan Count 5,244 2,687 686
Beginning Scheduled Balance 972,569,951.86 192,432,731.21 318,046,166.49
Ending scheduled Balance 968,053,347.89 191,678,216.00 316,720,164.00
Record Date 01/31/2005 01/31/2005 01/31/2005
Principal And Interest Constant 6,343,396.61 1,522,713.78 1,871,346.74
Scheduled Principal 580,668.77 165,982.87 142,011.02
Unscheduled Principal 3,935,935.20 588,532.34 1,183,991.47
Scheduled Interest 5,762,727.84 1,356,730.91 1,729,335.72
Servicing Fees 375,881.55 73,790.09 126,161.89
Master Servicing Fees 0.00 0.00 0.00
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 11,346.65 2,245.05 3,710.54
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 5,375,499.64 1,280,695.77 1,599,463.29
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 6.672137 8.002041 6.082196
Group Level Collateral Statement
Group Group 4 Total
Collateral Description Mixed Fixed Mixed Fixed & Arm
Weighted Average Coupon Rate 8.564299 7.248398
Weighted Average Net Rate 8.103269 6.782646
Weighted Average Maturity 318 352
Beginning Loan Count 419 9,067
Loans Paid In Full 2 33
Ending Loan Count 417 9,034
Beginning Scheduled Balance 56,669,259.67 1,539,718,109.23
Ending scheduled Balance 56,365,888.46 1,532,817,616.35
Record Date 01/31/2005 01/31/2005
Principal And Interest Constant 447,999.90 10,185,457.03
Scheduled Principal 43,474.60 932,137.26
Unscheduled Principal 259,896.61 5,968,355.62
Scheduled Interest 404,525.30 9,253,319.77
Servicing Fees 21,771.83 597,605.36
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 661.14 17,963.38
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 382,092.33 8,637,751.03
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 8.089268 6.768646