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): April 25, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST SERIES 2005-SN1
Asset Backed Pass-Through Certificates
(Exact name of registrant as specified in its charter)
New York (governing law of 333-119047-08
Pooling and Servicing Agreement) (Commission 54-2169419
(State or other File Number) 54-2169420
jurisdiction IRS EIN
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 April 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST SERIES 2005-SN1 Asset Backed Pass-Through Certificates,
Series 2005-SN1 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-SN1 Trust, relating to
the April 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 SERIES 2005-SN1
Asset Backed Pass-Through Certificates
(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: 4/25/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series ACE 2005-SN1 Trust,
relating to the April 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Mortgage Loan Pass-Through Certificates
Record Date: 3/31/2005
Distribution Date: 4/25/2005
ACE Securities Corporation
Mortgage Loan Pass-Through Certificates
Series ACE 2005-SN1
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 004421MQ3 SEN 4.25000% 97,031,000.00 343,651.46 4,731,137.46
A-2 004421MV2 SEN 5.13000% 58,680,000.00 250,857.00 0.00
M-1 004421MR1 MEZ 5.52000% 4,543,000.00 20,897.80 0.00
M-2 004421MS9 MEZ 5.77000% 2,478,000.00 11,915.05 0.00
M-3 004421MT7 MEZ 6.00000% 1,239,000.00 6,195.00 0.00
M-4 004421MU4 MEZ 6.00000% 1,239,000.00 6,195.00 0.00
CE-1 A05SN1CE1 SEN 0.00000% 69.19 0.00 0.00
CE-2 A05SN1CE2 SEN 0.00000% 0.00 8,889.39 0.00
R ACE05SN1R SEN 0.00000% 0.00 0.00 0.00
Totals 165,210,069.19 648,600.70 4,731,137.46
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 92,299,862.54 5,074,788.92 0.00
A-2 0.00 58,680,000.00 250,857.00 0.00
M-1 0.00 4,543,000.00 20,897.80 0.00
M-2 0.00 2,478,000.00 11,915.05 0.00
M-3 0.00 1,239,000.00 6,195.00 0.00
M-4 0.00 1,239,000.00 6,195.00 0.00
CE-1 0.00 311,990.13 0.00 0.00
CE-2 0.00 0.00 8,889.39 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 160,790,852.67 5,379,738.16 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 97,031,000.00 97,031,000.00 0.00 4,731,137.46 0.00 0.00
A-2 58,680,000.00 58,680,000.00 0.00 0.00 0.00 0.00
M-1 4,543,000.00 4,543,000.00 0.00 0.00 0.00 0.00
M-2 2,478,000.00 2,478,000.00 0.00 0.00 0.00 0.00
M-3 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00
M-4 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00
CE-1 69.19 69.19 0.00 0.00 0.00 0.00
CE-2 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 165,210,069.19 165,210,069.19 0.00 4,731,137.46 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 4,731,137.46 92,299,862.54 0.95124097 4,731,137.46
A-2 0.00 58,680,000.00 1.00000000 0.00
M-1 0.00 4,543,000.00 1.00000000 0.00
M-2 0.00 2,478,000.00 1.00000000 0.00
M-3 0.00 1,239,000.00 1.00000000 0.00
M-4 0.00 1,239,000.00 1.00000000 0.00
CE-1 0.00 311,990.13 4,509.17950571 0.00
CE-2 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 4,731,137.46 160,790,852.67 0.97325093 4,731,137.46
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 97,031,000.00 1000.00000000 0.00000000 48.75903021 0.00000000
A-2 58,680,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 4,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 2,478,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-4 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE-1 69.19 1000.00000000 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000000 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-1 0.00000000 48.75903021 951.24096979 0.95124097 48.75903021
A-2 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
CE-1 0.00000000 0.00000000 4,509,179.50570892 4509.17950571 0.00000000
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 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-1 97,031,000.00 4.25000% 97,031,000.00 343,651.46 0.00 0.00
A-2 58,680,000.00 5.13000% 58,680,000.00 250,857.00 0.00 0.00
M-1 4,543,000.00 5.52000% 4,543,000.00 20,897.80 0.00 0.00
M-2 2,478,000.00 5.77000% 2,478,000.00 11,915.05 0.00 0.00
M-3 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00
M-4 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00
CE-1 69.19 0.00000% 69.19 0.00 0.00 0.00
CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 165,210,069.19 639,711.31 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 0.00 343,651.46 0.00 92,299,862.54
A-2 0.00 0.00 250,857.00 0.00 58,680,000.00
M-1 0.00 0.00 20,897.80 0.00 4,543,000.00
M-2 0.00 0.00 11,915.05 0.00 2,478,000.00
M-3 0.00 0.00 6,195.00 0.00 1,239,000.00
M-4 0.00 0.00 6,195.00 0.00 1,239,000.00
CE-1 0.00 0.00 0.00 0.00 311,990.13
CE-2 0.00 0.00 8,889.39 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 648,600.70 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 97,031,000.00 4.25000% 1000.00000000 3.54166668 0.00000000 0.00000000
A-2 58,680,000.00 5.13000% 1000.00000000 4.27500000 0.00000000 0.00000000
M-1 4,543,000.00 5.52000% 1000.00000000 4.60000000 0.00000000 0.00000000
M-2 2,478,000.00 5.77000% 1000.00000000 4.80833333 0.00000000 0.00000000
M-3 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
M-4 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
CE-1 69.19 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE-2 0.00 0.00000% 0.00000000 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-1 0.00000000 0.00000000 3.54166668 0.00000000 951.24096979
A-2 0.00000000 0.00000000 4.27500000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.60000000 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.80833333 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
M-4 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
CE-1 0.00000000 0.00000000 0.00000000 0.00000000 4509179.50570892
CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
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 5,411,017.97
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 38,936.41
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 5,449,954.38
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 70,216.22
Payment of Interest and Principal 5,379,738.16
Total Withdrawals (Pool Distribution Amount) 5,449,954.38
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 55,760.34
Credit Risk Manager Fee- Risk Management Group, LLC 3,441.88
Master Servicing Fee 11,014.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 70,216.22
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 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 71 0 0 0 71
3,482,561.51 0.00 0.00 0.00 3,482,561.51
60 Days 12 0 0 0 12
839,250.34 0.00 0.00 0.00 839,250.34
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 83 0 0 0 83
4,321,811.85 0.00 0.00 0.00 4,321,811.85
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 3.997748% 0.000000% 0.000000% 0.000000% 3.997748%
2.163179% 0.000000% 0.000000% 0.000000% 2.163179%
60 Days 0.675676% 0.000000% 0.000000% 0.000000% 0.675676%
0.521297% 0.000000% 0.000000% 0.000000% 0.521297%
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 4.673423% 0.000000% 0.000000% 0.000000% 4.673423%
2.684477% 0.000000% 0.000000% 0.000000% 2.684477%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 38,936.41
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.486746%
Weighted Average Net Coupon 7.081732%
Weighted Average Pass-Through Rate 6.976731%
Weighted Average Maturity(Stepdown Calculation ) 226
Beginning Scheduled Collateral Loan Count 1,827
Number Of Loans Paid In Full 51
Ending Scheduled Collateral Loan Count 1,776
Beginning Scheduled Collateral Balance 165,210,069.20
Ending Scheduled Collateral Balance 160,790,852.67
Ending Actual Collateral Balance at 31-Mar-2005 160,992,722.79
Monthly P &I Constant 1,395,017.18
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Scheduled Principal 366,689.72
Unscheduled Principal 4,052,526.62
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 307,031.14
Overcollateralized reduction Amount 0.00
Specified O/C Amount 826,050.35
Overcollateralized Amount 311,990.14
Overcollateralized Deficiency Amount 518,950.20
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 307,031.14
Excess Cash Amount 0.00