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): August 25, 2005
ACE SECURITIES CORP. HOME EQUITY LOAN TRUST
Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust
(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 August 25, 2005 a distribution was made to holders of ACE SECURITIES CORP.
HOME EQUITY LOAN TRUST, 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 2005-SN1 Trust, relating to the
August 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 2005-SN1 Trust
(Registrant)
By: Wells Fargo Bank, N.A. as Securities Administrator
By: /s/ Beth Belfield as Officer
By: Beth Belfield as Officer
Date: 8/25/2005
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Pass-Through Certificates, Series 2005-SN1 Trust,
relating to the August 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 7/29/2005
Distribution Date: 8/25/2005
ACE Securities Corporation
Asset Backed 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
www.ctslink.com
Telephone: (301) 815-6600
Fax: (301) 815-6660
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
<s> <c> <c> <c> <c> <c>
A-1 004421MQ3 SEN 4.25000% 79,027,896.66 279,890.47
A-2 004421MV2 SEN 5.23000% 58,680,000.00 275,307.00
M-1 004421MR1 MEZ 5.52000% 4,543,000.00 20,897.80
M-2 004421MS9 MEZ 5.77000% 2,478,000.00 11,915.05
M-3 004421MT7 MEZ 6.00000% 1,239,000.00 6,195.00
M-4 004421MU4 MEZ 6.00000% 1,239,000.00 6,195.00
CE-1 A05SN1CE1 SEN 0.00000% 826,050.35 262,869.85
CE-2 A05SN1CE2 SEN 0.00000% 0.00 7,926.03
R ACE05SN1R SEN 0.00000% 0.00 0.00
Totals 148,032,947.01 871,196.20
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
<s> <c> <c> <c> <c>
A-1 4,313,693.96 0.00 74,714,202.70 4,593,584.43 0.00
A-2 0.00 0.00 58,680,000.00 275,307.00 0.00
M-1 0.00 0.00 4,543,000.00 20,897.80 0.00
M-2 0.00 0.00 2,478,000.00 11,915.05 0.00
M-3 0.00 0.00 1,239,000.00 6,195.00 0.00
M-4 0.00 0.00 1,239,000.00 6,195.00 0.00
CE-1 0.00 0.00 826,050.35 262,869.85 0.00
CE-2 0.00 0.00 0.00 7,926.03 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 4,313,693.96 0.00 143,719,253.05 5,184,890.16 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 79,027,896.66 0.00 4,313,693.96 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 69.19 826,050.35 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 165,210,069.19 148,032,947.01 0.00 4,313,693.96 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 4,313,693.96 74,714,202.70 0.77000343 4,313,693.96
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 0.00 826,050.35 11,938.86905622 0.00
CE-2 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 4,313,693.96 143,719,253.05 0.86991824 4,313,693.96
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 97,031,000.00 814.46029269 0.00000000 44.45686389 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 11938869.05622200 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 44.45686389 770.00342880 0.77000343 44.45686389
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 11,938,869.05622200 11938.86905622 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% 79,027,896.66 279,890.47 0.00 0.00
A-2 58,680,000.00 5.23000% 58,680,000.00 255,747.00 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% 826,050.35 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 165,210,069.19 580,840.32 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 0.00 279,890.47 0.00 74,714,202.70
A-2 0.00 0.00 275,307.00 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 0.00 262,869.85 0.00 826,050.35
CE-2 0.00 0.00 7,926.03 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 871,196.20 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% 814.46029269 2.88454690 0.00000000 0.00000000
A-2 58,680,000.00 5.23000% 1000.00000000 4.35833333 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% 11938869.05622200 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 2.88454690 0.00000000 770.00342880
A-2 0.00000000 0.00000000 4.69166667 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 3799246.27836393 0.00000000 11938869.05622200
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 5,242,873.94
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 71,545.77
Realized Loss (Gains, Subsequent Expenses & Recoveries) (3,867.40)
Prepayment Penalties 0.00
Total Deposits 5,310,552.31
Withdrawals
Reimbursement for Servicer Advances 62,417.11
Payment of Service Fee 63,245.04
Payment of Interest and Principal 5,184,890.16
Total Withdrawals (Pool Distribution Amount) 5,310,552.31
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 50,292.16
Credit Risk Manager Fee- Risk Management Group, LLC 3,084.02
Master Servicing Fee 9,868.86
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 63,245.04
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
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
509,410.17 0.00 0.00 509,410.17
30 Days 87 3 0 0 90
5,466,302.64 109,344.66 0.00 0.00 5,575,647.30
60 Days 23 0 0 0 23
1,196,008.42 0.00 0.00 0.00 1,196,008.42
90 Days 12 2 1 0 15
792,532.60 49,443.25 42,874.64 0.00 884,850.49
120 Days 3 0 3 0 6
59,685.62 0.00 165,633.67 0.00 225,319.29
150 Days 3 0 1 0 4
64,233.23 0.00 55,047.39 0.00 119,280.62
180+ Days 0 0 2 0 2
0.00 0.00 190,533.68 0.00 190,533.68
Totals 128 15 7 0 150
7,578,762.51 668,198.08 454,089.38 0.00 8,701,049.97
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 0.616523% 0.000000% 0.000000% 0.616523%
0.353960% 0.000000% 0.000000% 0.353960%
30 Days 5.363748% 0.184957% 0.000000% 0.000000% 5.548705%
3.798218% 0.075977% 0.000000% 0.000000% 3.874196%
60 Days 1.418002% 0.000000% 0.000000% 0.000000% 1.418002%
0.831037% 0.000000% 0.000000% 0.000000% 0.831037%
90 Days 0.739827% 0.123305% 0.061652% 0.000000% 0.924784%
0.550685% 0.034355% 0.029791% 0.000000% 0.614832%
120 Days 0.184957% 0.000000% 0.184957% 0.000000% 0.369914%
0.041472% 0.000000% 0.115089% 0.000000% 0.156561%
150 Days 0.184957% 0.000000% 0.061652% 0.000000% 0.246609%
0.044632% 0.000000% 0.038249% 0.000000% 0.082881%
180+ Days 0.000000% 0.000000% 0.123305% 0.000000% 0.123305%
0.000000% 0.000000% 0.132391% 0.000000% 0.132391%
Totals 7.891492% 0.924784% 0.431566% 0.000000% 9.247842%
5.266045% 0.464292% 0.315521% 0.000000% 6.045858%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 71,545.77
REO Detail - All Mortgage Loans in REO during Current Period
Summary 12 Month REO History*
New REO Loans Month REO Percentage
<s> <c> <s> <c>
Loans in REO 0 Sep-04 0.000%
Original Principal Balance 0.00 Oct-04 0.000%
Current Principal Balance 0.00 Nov-04 0.000%
Dec-04 0.000%
Current REO Total Jan-05 0.000%
Loans in REO 0 Feb-05 0.000%
Original Principal Balance 0.00 Mar-05 0.000%
Current Principal Balance 0.00 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.000%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
REO Loan Detail - All Mortgage Loans in REO during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number REO Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
No REO loans this period.
REO Loan Detail - All Mortgage Loans in REO during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
No REO loans this period.
Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period
Summary 12 Month Foreclosure History*
New Foreclosure Loans Month Foreclosure Percentage
<s> <c> <s> <c>
Loans in Foreclosure 5 Sep-04 0.000%
Original Principal Balance 338,838.00 Oct-04 0.000%
Current Principal Balance 304,427.22 Nov-04 0.000%
Dec-04 0.000%
Current Foreclosure Total Jan-05 0.000%
Loans in Foreclosure 7 Feb-05 0.000%
Original Principal Balance 484,883.00 Mar-05 0.000%
Current Principal Balance 454,089.38 Apr-05 0.000%
May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.316%
*The text reported in the above table is presented graphically
on the monthly bond remittance report. The monthly bond
remittance report can be viewed online at www.ctslink.com.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period
Month
Loan First Original
Loan Entered Payment LTV at Principal
Group Number FC Date State Origination Balance
<s> <c> <c> <c> <c> <c> <c>
Summary 0000368035 Jul-2005 13-Jul-2000 IA 88.21 74,093.00
Summary 0000368252 Aug-2005 15-Jun-1998 IN 86.61 118,650.00
Summary 0000368461 Aug-2005 13-May-1999 PA 96.08 61,012.00
Summary 0000369422 Jul-2005 05-Jan-1999 OH 89.94 71,952.00
Summary 0000369663 Aug-2005 20-Jan-2000 PA 46.75 32,492.00
Summary 0000369734 Aug-2005 10-Sep-2000 KS 90.01 72,008.00
Summary 0000369890 Aug-2005 01-Jun-1999 MI 94.27 54,676.00
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued)
Current Paid Current Approximate
Loan Principal To Months Loan Delinquent
Group Number Balance Date Delinquent Rate Interest
<s> <c> <c> <c> <c> <c> <c>
Summary 0000368035 72,906.95 13-Feb-2005 4 9.500% 2,775.62
Summary 0000368252 113,778.47 15-Dec-2004 6 10.000% 5,485.01
Summary 0000368461 55,047.39 13-Jan-2005 5 11.500% 3,066.95
Summary 0000369422 76,755.21 05-Dec-2004 6 7.500% 2,278.24
Summary 0000369663 20,931.02 20-Feb-2005 4 11.750% 1,191.95
Summary 0000369734 71,795.70 10-Feb-2005 4 12.750% 4,449.78
Summary 0000369890 42,874.64 01-Mar-2005 3 10.400% 1,794.92
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.447654%
Weighted Average Net Coupon 7.039970%
Weighted Average Pass-Through Rate 6.934970%
Weighted Average Maturity(Stepdown Calculation) 262
Beginning Scheduled Collateral Loan Count 1,666
Number Of Loans Paid In Full 44
Ending Scheduled Collateral Loan Count 1,622
Beginning Scheduled Collateral Balance 148,032,947.01
Ending Scheduled Collateral Balance 143,719,253.05
Ending Actual Collateral Balance at 29-Jul-2005 143,917,542.83
Monthly P&I Constant 1,246,782.82
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 3,867.40
Cumulative Realized Loss 6,019.30
Scheduled Principal 329,518.58
Unscheduled Principal 3,984,175.38
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 3,867.40
Overcollateralized reduction Amount 0.00
Specified O/C Amount 826,050.35
Overcollateralized Amount 826,050.35
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 3,867.40
Excess Cash Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.447654%
Weighted Average Net Rate 7.039970%
Weighted Average Pass Through Rate 6.934970%
Weighted Average Maturity 262
Record Date 07/29/2005
Principal and Interest Constant 1,246,782.82
Beginning Loan Count 1,666
Loans Paid in Full 44
Ending Loan Count 1,622
Beginning Scheduled Balance 148,032,947.01
Ending Scheduled Balance 143,719,253.05
Ending Actual Balance at 29-Jul-2005 143,917,542.83
Scheduled Principal 329,518.58
Unscheduled Principal 3,984,175.38
Scheduled Interest 917,264.24
Servicing Fee 50,292.16
Master Servicing Fee 9,868.86
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 3,084.02
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 854,019.20
Realized Loss Amount 3,867.40
Cumulative Realized Loss 6,019.30
Percentage of Cumulative Losses 0.0036
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 3,867.40
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 826,050.35
Overcollateralized Amount 826,050.35
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Miscellaneous Reporting
Overcollateralization Amount 826,050.35
Overcollateralization Increase Amount 3,867.40
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 826,050.35
Ocwen 0.00
Ocwen Servicing Fee 0.00
Specified Overcollateralization Amount 826,050.35
Ocwen Service Fee Strip 7926.03
Prepayment Detail - Prepayments during Current Period
Summary Loans Paid In Full Repurchased Loans
Original Current Original Current
Principal Principal Principal Principal
Group Count Balance Balance Count Balance Balance
<s> <c> <c> <c> <c> <c> <c>
Total 42 4,595,832.00 3,885,143.30 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued)
Summary Substitution Loans Liquidated Loans Curtailments
Original Current Original Current
Principal Principal Principal Principal Curtailment
Group Count Balance Balance Count Balance Balance Amount
<s> <c> <c> <c> <c> <c> <c> <c>
Total 0 0.00 0.00 2 88,515.00 80,815.10 28,680.25
Prepayment Loan Detail - Prepayments during Current Period
First Original
Loan LTV at Payment Principal Prepayment
Group Number State Origination Date Balance Amount
<s> <c> <c> <c> <c> <c> <c>
Summary 0000260154 CA 53.68 01-Feb-1999 510,000.00 334,537.19
Summary 0000367753 PA 114.87 05-Jan-2001 41,353.00 30,115.32
Summary 0000367798 PA 100.00 11-Dec-2000 5,596.00 707.00
Summary 0000367843 OH 52.91 05-Dec-2000 11,111.00 7,720.49
Summary 0000367924 OH 94.60 06-Nov-2000 77,574.00 76,878.87
Summary 0000367938 KS 100.00 17-Oct-2000 74,692.00 69,140.75
Summary 0000368013 KY 91.18 10-Jul-2000 32,826.00 26,103.93
Summary 0000368042 OH 100.00 22-Jun-2000 12,617.00 8,427.00
Summary 0000368122 IN 89.45 20-Mar-2000 42,040.00 33,626.40
Summary 0000368220 IN 100.00 03-Oct-1999 10,470.00 6,324.69
Summary 0000368228 IN 100.09 15-Sep-1999 71,564.00 58,256.84
Summary 0000368233 IN 90.72 05-May-1999 58,062.00 50,952.48
Summary 0000368251 IN 100.00 15-Jun-1998 45,151.00 30,360.71
Summary 0000368259 IN 90.71 15-Mar-1998 59,869.00 51,761.64
Summary 0000368388 IN 100.00 05-Aug-1997 45,665.00 30,147.56
Summary 0000368607 KY 90.86 05-Apr-1998 59,061.00 30,765.46
Summary 0000368663 KY 81.59 30-Dec-1999 44,060.00 40,516.60
Summary 0000368674 KY 25.45 02-Feb-1999 19,085.00 11,001.67
Summary 0000368827 MI 95.32 05-Aug-1999 33,362.00 17,657.05
Summary 0000369012 OH 97.55 23-Nov-1998 82,919.00 80,108.10
Summary 0000369045 OH 95.12 15-Dec-1998 65,632.00 63,097.02
Summary 0000369105 OH 94.02 15-Oct-1997 55,474.00 55,036.75
Summary 0000369142 OH 75.78 15-May-1998 71,994.00 50,118.77
Summary 0000369147 OH 100.00 15-Jan-1998 8,713.00 799.11
Summary 0000369323 OH 90.45 11-Sep-1996 80,497.00 1,673.55
Summary 0000369397 OH 94.20 04-Apr-1997 70,652.00 65,347.02
Summary 0000369505 OH 100.00 11-Sep-1998 13,341.00 2,866.64
Summary 0000369752 LA 9.70 21-Aug-2000 19,906.00 13,240.91
Summary 0000369877 IN 96.33 01-Aug-1999 72,248.00 64,212.33
Summary 0000369896 MI 63.23 01-May-1999 55,008.00 46,768.14
Summary 0000416965 WA 87.27 01-Aug-2004 144,000.00 139,579.92
Summary 0000417036 WA 89.90 01-Aug-2003 105,632.00 102,736.43
Summary 0000417097 NY 89.88 01-Aug-2003 260,200.00 253,000.28
Summary 0000417147 MD 99.21 01-Nov-2002 77,883.00 73,900.04
Summary 0000417153 FL 90.76 01-Jul-2003 215,095.00 208,752.42
Summary 0000417210 KY 89.89 01-Feb-2003 169,000.00 156,928.94
Summary 0000417324 FL 90.64 01-Oct-2001 59,370.00 52,558.10
Summary 0000417335 CA 89.96 01-Sep-2003 311,600.00 300,128.23
Summary 0000417336 CA 90.00 01-Sep-2003 237,825.00 230,627.83
Summary 0000417357 PA 79.96 01-Jun-2004 409,000.00 402,674.00
Summary 0000417384 FL 80.00 01-Jul-2003 147,200.00 143,049.41
Summary 0000417473 VA 80.00 01-Jan-1999 172,000.00 159,598.22
Summary 0000417507 CA 70.00 01-Feb-1998 245,000.00 153,613.24
Summary 0000417515 NY 82.35 01-Jan-1998 280,000.00 220,078.08
Prepayment Loan Detail - Prepayments during Current Period (continued)
Current
Loan PIF Months Loan Original
Group Number Type Delinquent Rate Term Seasoning
<s> <c> <c> <c> <c> <c> <c>
Summary 0000260154 Loan Paid in Full 0 7.000% 180 78
Summary 0000367753 Loan Paid in Full 1 13.500% 120 55
Summary 0000367798 Liquidation 0 15.740% 60 56
Summary 0000367843 Loan Paid in Full 0 13.250% 120 56
Summary 0000367924 Loan Paid in Full 0 6.875% 360 57
Summary 0000367938 Loan Paid in Full 0 11.750% 240 57
Summary 0000368013 Loan Paid in Full 0 10.000% 180 61
Summary 0000368042 Loan Paid in Full 0 14.250% 120 61
Summary 0000368122 Loan Paid in Full 0 10.250% 180 64
Summary 0000368220 Loan Paid in Full 0 13.500% 120 70
Summary 0000368228 Loan Paid in Full (1) 10.000% 360 71
Summary 0000368233 Loan Paid in Full 0 10.500% 240 75
Summary 0000368251 Loan Paid in Full 0 10.250% 180 86
Summary 0000368259 Loan Paid in Full 0 10.990% 240 89
Summary 0000368388 Loan Paid in Full 0 10.250% 180 96
Summary 0000368607 Loan Paid in Full 0 8.500% 144 88
Summary 0000368663 Loan Paid in Full 0 13.000% 240 67
Summary 0000368674 Loan Paid in Full 0 12.000% 123 78
Summary 0000368827 Loan Paid in Full 0 10.750% 120 72
Summary 0000369012 Liquidation 3 9.490% 360 80
Summary 0000369045 Loan Paid in Full 0 6.875% 360 80
Summary 0000369105 Loan Paid in Full 0 10.250% 365 94
Summary 0000369142 Loan Paid in Full 0 9.250% 180 87
Summary 0000369147 Loan Paid in Full 0 12.750% 96 91
Summary 0000369323 Loan Paid in Full 0 10.240% 120 107
Summary 0000369397 Loan Paid in Full 0 12.490% 244 100
Summary 0000369505 Loan Paid in Full 2 15.250% 120 83
Summary 0000369752 Loan Paid in Full 0 11.990% 120 59
Summary 0000369877 Loan Paid in Full 0 6.500% 240 72
Summary 0000369896 Loan Paid in Full 0 6.750% 240 75
Summary 0000416965 Loan Paid in Full 0 5.925% 240 12
Summary 0000417036 Loan Paid in Full 0 5.800% 360 24
Summary 0000417097 Loan Paid in Full (1) 5.800% 360 24
Summary 0000417147 Loan Paid in Full 1 6.750% 360 33
Summary 0000417153 Loan Paid in Full (1) 5.625% 360 25
Summary 0000417210 Loan Paid in Full 0 6.125% 240 30
Summary 0000417324 Loan Paid in Full 0 7.500% 240 46
Summary 0000417335 Loan Paid in Full 0 5.000% 360 23
Summary 0000417336 Loan Paid in Full 0 5.000% 360 23
Summary 0000417357 Loan Paid in Full 0 6.000% 360 14
Summary 0000417384 Loan Paid in Full 0 5.875% 360 25
Summary 0000417473 Loan Paid in Full 0 7.875% 360 79
Summary 0000417507 Loan Paid in Full 0 7.250% 180 90
Summary 0000417515 Loan Paid in Full 0 7.625% 360 91
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.697% Current Month 27.973% Current Month 466.224%
3 Month Average 2.597% 3 Month Average 27.071% 3 Month Average 451.180%
12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000%
CPR: Current vs 12mo Average* PSA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 25.822% N/A Apr-2005 430.359% N/A
May-2005 25.376% N/A May-2005 422.931% N/A
Jun-2005 27.724% N/A Jun-2005 462.065% N/A
Jul-2005 25.515% N/A Jul-2005 425.250% N/A
Aug-2005 27.973% N/A Aug-2005 466.224% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled
Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal
Balance))
</FN>
Realized Loss Detail Report - Loans with Losses during Current Period
Summary
# Loans Prior Realized Current
with Principal Loss/(Gain) Loss
Group Losses Balance Amount Percentage
<s> <c> <c> <c> <c>
Total 2 80,815.10 3,867.40 0.003%
Realized Loss Loan Detail Report - Loans With Losses during Current Period
Original Current
Loan Principal Note LTV at Original
Group Number Balance Rate State Origination Term
<s> <c> <c> <c> <c> <c> <c>
Summary 0000367798 5,596.00 15.7400% PA 100.00 60
Summary 0000369012 82,919.00 9.4900% OH 97.55 360
Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued)
Prior Cumulative
Loan Principal Realized Realized
Group Number Balance Loss/(Gain) Loss/(Gain)
<s> <c> <c> <c> <c>
Summary 0000367798 707.00 9.27 9.27
Summary 0000369012 80,108.10 3,858.13 3,858.13
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.055% Current Month 1.089%
3 Month Average 0.018% 3 Month Average 0.363%
12 Month Average 0.000% 12 Month Average 0.000%
MDR: Current vs 12mo Average* SDA: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.029% N/A May-2005 0.585% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
Aug-2005 0.055% N/A Aug-2005 1.089% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
CDR Loss Severity Approximation
<s> <c> <s> <c>
Current Month 0.653% Current Month 4.785%
3 Month Average 0.218% 3 Month Average 1.595%
12 Month Average 0.000% 12 Month Average 0.000%
CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average*
Month Current 12mo Avg. Month Current 12mo Avg.
<s> <c> <c> <s> <c> <c>
Sep-2004 N/A N/A Sep-2004 N/A N/A
Oct-2004 N/A N/A Oct-2004 N/A N/A
Nov-2004 N/A N/A Nov-2004 N/A N/A
Dec-2004 N/A N/A Dec-2004 N/A N/A
Jan-2005 N/A N/A Jan-2005 N/A N/A
Feb-2005 N/A N/A Feb-2005 N/A N/A
Mar-2005 N/A N/A Mar-2005 N/A N/A
Apr-2005 0.000% N/A Apr-2005 0.000% N/A
May-2005 0.351% N/A May-2005 4.571% N/A
Jun-2005 0.000% N/A Jun-2005 0.000% N/A
Jul-2005 0.000% N/A Jul-2005 0.000% N/A
Aug-2005 0.653% N/A Aug-2005 4.785% N/A
*The text reported in the above table is presented *The text reported in the above table is presented
graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The
monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at
www.ctslink.com. www.ctslink.com.
<FN>
</FN>
<FN>
Calculation Methodology:
Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance).
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and
less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 -
((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
</FN>