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): September 26, 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 September 26, 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
September 26, 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: 10/4/2005
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 September 26, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 8/31/2005
Distribution Date: 9/26/2005
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% 74,714,202.70 264,612.80
A-2 004421MV2 SEN 5.23000% 58,680,000.00 255,747.00
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% 826,050.35 259,584.18
CE-2 A05SN1CE2 SEN 0.00000% 0.00 7,737.50
R ACE05SN1R SEN 0.00000% 0.00 0.00
Totals 143,719,253.05 832,884.33
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 3,096,549.66 0.00 71,617,653.04 3,361,162.46 0.00
A-2 0.00 0.00 58,680,000.00 255,747.00 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 0.00 826,050.35 259,584.18 0.00
CE-2 0.00 0.00 0.00 7,737.50 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 3,096,549.66 0.00 140,622,703.39 3,929,433.99 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 74,714,202.70 0.00 3,096,549.66 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 165,210,069.19 143,719,253.05 0.00 3,096,549.66 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 3,096,549.66 71,617,653.04 0.73809044 3,096,549.66
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 3,096,549.66 140,622,703.39 0.85117514 3,096,549.66
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 97,031,000.00 770.00342880 0.00000000 31.91299337 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 31.91299337 738.09043543 0.73809044 31.91299337
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% 74,714,202.70 264,612.80 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 165,210,069.19 565,562.65 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 0.00 264,612.80 0.00 71,617,653.04
A-2 0.00 0.00 255,747.00 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 0.00 259,584.18 0.00 826,050.35
CE-2 0.00 0.00 7,737.50 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 832,884.33 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% 770.00342880 2.72709546 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 2.72709546 0.00000000 738.09043543
A-2 0.00000000 0.00000000 4.35833333 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 3751758.63564099 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 3,988,519.29
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 73,546.91
Realized Loss (Gains, Subsequent Expenses & Recoveries) 311.94
Prepayment Penalties 0.00
Total Deposits 4,062,378.14
Withdrawals
Reimbursement for Servicer Advances 71,545.77
Payment of Service Fee 61,398.38
Payment of Interest and Principal 3,929,433.99
Total Withdrawals (Pool Distribution Amount) 4,062,378.14
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 48,822.95
Credit Risk Manager Fee- Risk Management Group, LLC 2,994.15
Master Servicing Fee 9,581.28
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 61,398.38
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 8 0 0 8
417,482.90 0.00 0.00 417,482.90
30 Days 77 5 0 0 82
5,065,569.91 222,440.37 0.00 0.00 5,288,010.28
60 Days 27 1 0 0 28
1,638,052.41 45,232.15 0.00 0.00 1,683,284.56
90 Days 6 1 2 0 9
246,925.34 35,659.78 192,903.05 0.00 475,488.17
120 Days 8 3 1 0 12
519,325.95 92,317.89 75,933.07 0.00 687,576.91
150 Days 3 0 1 0 4
98,420.68 0.00 33,060.64 0.00 131,481.32
180+ Days 3 0 3 0 6
64,233.23 0.00 245,581.07 0.00 309,814.30
Totals 124 18 7 0 149
7,632,527.52 813,133.09 547,477.83 0.00 8,993,138.44
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 0.505051% 0.000000% 0.000000% 0.505051%
0.296475% 0.000000% 0.000000% 0.296475%
30 Days 4.861111% 0.315657% 0.000000% 0.000000% 5.176768%
3.597305% 0.157966% 0.000000% 0.000000% 3.755271%
60 Days 1.704545% 0.063131% 0.000000% 0.000000% 1.767677%
1.163260% 0.032122% 0.000000% 0.000000% 1.195382%
90 Days 0.378788% 0.063131% 0.126263% 0.000000% 0.568182%
0.175354% 0.025324% 0.136990% 0.000000% 0.337667%
120 Days 0.505051% 0.189394% 0.063131% 0.000000% 0.757576%
0.368798% 0.065559% 0.053924% 0.000000% 0.488282%
150 Days 0.189394% 0.000000% 0.063131% 0.000000% 0.252525%
0.069893% 0.000000% 0.023478% 0.000000% 0.093371%
180+ Days 0.189394% 0.000000% 0.189394% 0.000000% 0.378788%
0.045615% 0.000000% 0.174399% 0.000000% 0.220014%
Totals 7.828283% 1.136364% 0.441919% 0.000000% 9.406566%
5.420226% 0.577445% 0.388790% 0.000000% 6.386461%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 73,546.91
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 Oct-04 0.000%
Original Principal Balance 0.00 Nov-04 0.000%
Current Principal Balance 0.00 Dec-04 0.000%
Jan-05 0.000%
Current REO Total Feb-05 0.000%
Loans in REO 0 Mar-05 0.000%
Original Principal Balance 0.00 Apr-05 0.000%
Current Principal Balance 0.00 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.000%
Sep-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 4 Oct-04 0.000%
Original Principal Balance 318,051.00 Nov-04 0.000%
Current Principal Balance 301,896.76 Dec-04 0.000%
Jan-05 0.000%
Current Foreclosure Total Feb-05 0.000%
Loans in Foreclosure 7 Mar-05 0.000%
Original Principal Balance 569,665.00 Apr-05 0.000%
Current Principal Balance 547,477.83 May-05 0.000%
Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.316%
Sep-05 0.389%
*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 0000367881 Sep-2005 18-Nov-2000 OH 90.68 129,678.00
Summary 0000367997 Sep-2005 01-Jul-2000 IN 79.82 66,248.00
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 0000368666 Sep-2005 01-Nov-1999 KY 90.90 78,171.00
Summary 0000369035 Sep-2005 05-Aug-1999 OH 95.55 43,954.00
Summary 0000369422 Jul-2005 05-Jan-1999 OH 89.94 71,952.00
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 0000367881 127,916.28 18-Apr-2005 3 10.610% 5,466.80
Summary 0000367997 64,986.77 01-Apr-2005 3 12.250% 3,221.45
Summary 0000368252 113,778.47 15-Dec-2004 7 10.000% 6,399.69
Summary 0000368461 55,047.39 13-Jan-2005 6 11.500% 3,578.30
Summary 0000368666 75,933.07 01-Mar-2005 4 11.000% 4,042.93
Summary 0000369035 33,060.64 05-Feb-2005 5 12.000% 2,246.16
Summary 0000369422 76,755.21 05-Dec-2004 7 7.500% 2,732.75
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.442787%
Weighted Average Net Coupon 7.035134%
Weighted Average Pass-Through Rate 6.930134%
Weighted Average Maturity(Stepdown Calculation) 261
Beginning Scheduled Collateral Loan Count 1,622
Number Of Loans Paid In Full 38
Ending Scheduled Collateral Loan Count 1,584
Beginning Scheduled Collateral Balance 143,719,253.05
Ending Scheduled Collateral Balance 140,622,703.39
Ending Actual Collateral Balance at 31-Aug-2005 140,815,673.39
Monthly P&I Constant 1,218,727.66
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount (311.94)
Cumulative Realized Loss 5,707.36
Scheduled Principal 327,334.49
Unscheduled Principal 2,769,215.17
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 311.94
Specified O/C Amount 826,050.35
Overcollateralized Amount 826,050.35
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.442787%
Weighted Average Net Rate 7.035134%
Weighted Average Pass Through Rate 6.930134%
Weighted Average Maturity 261
Record Date 08/31/2005
Principal and Interest Constant 1,218,727.66
Beginning Loan Count 1,622
Loans Paid in Full 38
Ending Loan Count 1,584
Beginning Scheduled Balance 143,719,253.05
Ending Scheduled Balance 140,622,703.39
Ending Actual Balance at 31-Aug-2005 140,815,673.39
Scheduled Principal 327,334.49
Unscheduled Principal 2,769,215.17
Scheduled Interest 891,393.17
Servicing Fee 48,822.95
Master Servicing Fee 9,581.28
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,994.15
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 829,994.79
Realized Loss Amount (311.94)
Cumulative Realized Loss 5,707.36
Percentage of Cumulative Losses 0.0035
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 311.94
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 0.00
Overcollateralization Reduction Amount 311.94
Overcollateralization Target Amount 826,050.35
Ocwen 0.00
Ocwen Servicing Fee 0.00
Specified Overcollateralization Amount 826,050.35
Ocwen Service Fee Strip 7737.50
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 38 3,293,398.00 2,727,404.18 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 0 0.00 0.00 49,319.17
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 0000260723 NJ 80.00 01-Jul-1990 168,000.00 124,912.88
Summary 0000260736 NJ 75.00 01-Jul-1989 131,250.00 94,070.84
Summary 0000367725 OH 45.27 04-Feb-2001 41,651.00 4,168.69
Summary 0000367814 FL 91.76 30-Nov-2000 78,000.00 75,559.26
Summary 0000367893 IN 95.77 15-Nov-2000 59,377.00 49,192.38
Summary 0000367900 FL 72.03 06-Nov-2000 46,817.00 43,804.47
Summary 0000367978 OH 85.68 05-Oct-2000 124,235.00 119,445.36
Summary 0000367981 OH 95.63 05-Oct-2000 65,987.00 65,033.73
Summary 0000368036 OH 100.00 06-Jul-2000 20,618.00 17,578.19
Summary 0000368057 PA 61.08 05-Jun-2000 36,039.00 31,193.36
Summary 0000368177 MI 95.70 05-Oct-1999 57,418.00 44,432.43
Summary 0000368296 IN 85.95 08-Sep-1997 103,138.00 69,466.44
Summary 0000368448 PA 67.40 02-Nov-1999 21,569.00 12,966.58
Summary 0000368527 KY 100.00 10-Feb-2000 6,814.00 4,221.12
Summary 0000368588 KY 85.14 05-Apr-1999 46,826.00 33,544.35
Summary 0000368604 KY 42.61 05-Mar-1998 21,303.00 5,917.64
Summary 0000368733 KS 100.00 05-May-1999 32,860.00 25,304.46
Summary 0000368763 VA 100.00 06-May-1999 38,667.00 28,403.44
Summary 0000368837 MI 70.33 15-Jun-1998 73,842.00 70,426.21
Summary 0000368944 OH 32.10 10-Sep-1998 29,209.00 19,948.40
Summary 0000369007 OH 100.00 05-Feb-1999 19,284.00 14,921.16
Summary 0000369033 OH 100.00 15-Sep-1999 35,942.00 28,342.24
Summary 0000369311 OH 100.00 20-Aug-1998 22,954.00 14,459.08
Summary 0000369320 OH 88.08 08-Feb-1997 63,419.00 52,472.99
Summary 0000369331 OH 54.12 03-Oct-1999 40,587.00 32,882.52
Summary 0000369334 OH 100.00 09-Sep-1999 21,553.00 17,699.63
Summary 0000369451 OH 100.00 20-May-2000 29,572.00 17,769.27
Summary 0000369620 NC 100.00 10-Apr-2000 15,396.00 12,539.43
Summary 0000369675 KY 93.15 01-Jan-2001 76,845.00 74,184.45
Summary 0000369918 OH 90.40 01-Oct-1998 91,302.00 77,124.89
Summary 0000416948 NJ 95.00 01-Aug-2003 294,500.00 283,596.31
Summary 0000416954 CT 89.80 01-Oct-2004 229,000.00 226,464.64
Summary 0000416990 CA 93.55 01-Mar-2004 147,816.00 145,108.32
Summary 0000417002 NJ 89.90 01-Nov-2003 165,416.00 111,270.37
Summary 0000417282 TX 98.42 01-Jun-2002 94,192.00 89,078.21
Summary 0000417457 OR 72.16 01-Dec-1998 350,000.00 321,121.12
Summary 0000417469 FL 61.54 01-Jan-1999 336,000.00 223,822.19
Summary 0000417504 MD 70.00 01-Aug-1998 56,000.00 37,448.95
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 0000260723 Loan Paid in Full 1 10.375% 360 182
Summary 0000260736 Loan Paid in Full 0 5.625% 360 194
Summary 0000367725 Loan Paid in Full 0 10.250% 60 55
Summary 0000367814 Loan Paid in Full 3 10.750% 360 57
Summary 0000367893 Loan Paid in Full 0 10.250% 180 58
Summary 0000367900 Loan Paid in Full 0 12.750% 240 58
Summary 0000367978 Loan Paid in Full 0 12.990% 360 59
Summary 0000367981 Loan Paid in Full 0 10.500% 360 59
Summary 0000368036 Loan Paid in Full 0 13.740% 180 62
Summary 0000368057 Loan Paid in Full 1 12.000% 180 63
Summary 0000368177 Loan Paid in Full 0 7.375% 180 71
Summary 0000368296 Loan Paid in Full 0 10.990% 180 96
Summary 0000368448 Loan Paid in Full 0 12.250% 120 70
Summary 0000368527 Loan Paid in Full 0 15.500% 120 67
Summary 0000368588 Loan Paid in Full (1) 8.500% 180 77
Summary 0000368604 Loan Paid in Full (3) 8.500% 120 90
Summary 0000368733 Loan Paid in Full 0 11.500% 180 76
Summary 0000368763 Loan Paid in Full 0 7.625% 180 76
Summary 0000368837 Loan Paid in Full 0 8.000% 360 87
Summary 0000368944 Loan Paid in Full 0 10.000% 180 84
Summary 0000369007 Loan Paid in Full 0 12.750% 180 79
Summary 0000369033 Loan Paid in Full 0 6.000% 182 72
Summary 0000369311 Loan Paid in Full (1) 12.750% 180 84
Summary 0000369320 Loan Paid in Full 1 10.990% 240 103
Summary 0000369331 Loan Paid in Full 0 12.740% 180 71
Summary 0000369334 Loan Paid in Full 0 11.740% 180 72
Summary 0000369451 Loan Paid in Full 0 12.000% 120 63
Summary 0000369620 Loan Paid in Full 0 11.990% 180 65
Summary 0000369675 Loan Paid in Full (1) 7.875% 360 56
Summary 0000369918 Loan Paid in Full 0 9.150% 240 83
Summary 0000416948 Loan Paid in Full (1) 4.875% 360 25
Summary 0000416954 Loan Paid in Full 0 6.550% 360 11
Summary 0000416990 Loan Paid in Full 0 6.425% 360 18
Summary 0000417002 Loan Paid in Full (1) 7.125% 360 22
Summary 0000417282 Loan Paid in Full 0 7.500% 360 39
Summary 0000417457 Loan Paid in Full 0 7.250% 360 81
Summary 0000417469 Loan Paid in Full 0 6.500% 180 80
Summary 0000417504 Loan Paid in Full 0 8.625% 180 85
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 1.931% Current Month 20.865% Current Month 347.748%
3 Month Average 2.351% 3 Month Average 24.784% 3 Month Average 413.074%
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>
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
Sep-2005 20.865% N/A Sep-2005 347.748% 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 0.00 (311.94) 0.000%
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 0000260629 261,000.00 7.2500% FL 90.00 360
Summary 0000260652 293,700.00 7.0000% MD 89.00 360
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 0000260629 0.00 (135.72) (135.72)
Summary 0000260652 0.00 (176.22) (176.22)
Realized Loss Report - Collateral
Summary
MDR SDA
<s> <c> <s> <c>
Current Month 0.000% Current Month 0.000%
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>
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
Sep-2005 0.000% N/A Sep-2005 0.000% 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 0.000% Current Month 0.000%
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>
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
Sep-2005 0.000% N/A Sep-2005 0.000% 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>