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): October 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 October 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
October 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: 10/28/2005
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 October 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 9/30/2005
Distribution Date: 10/25/2005
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% 71,617,653.04 253,645.85
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% 826,050.35 246,150.01
CE-2 A05SN1CE2 SEN 0.00000% 0.00 7,558.54
R ACE05SN1R SEN 0.00000% 0.00 0.00
Totals 140,622,703.39 808,304.25
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 3,279,782.36 0.00 68,337,870.68 3,533,428.21 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 0.00 826,050.35 246,150.01 0.00
CE-2 0.00 0.00 0.00 7,558.54 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 3,279,782.36 0.00 137,342,921.03 4,088,086.61 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 71,617,653.04 0.00 3,279,782.36 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 165,210,069.19 140,622,703.39 0.00 3,279,782.36 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 3,279,782.36 68,337,870.68 0.70428905 3,279,782.36
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 3,279,782.36 137,342,921.03 0.83132294 3,279,782.36
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 97,031,000.00 738.09043543 0.00000000 33.80138677 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 33.80138677 704.28904865 0.70428905 33.80138677
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% 71,617,653.04 253,645.85 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 165,210,069.19 554,595.70 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 0.00 253,645.85 0.00 68,337,870.68
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 0.00 246,150.01 0.00 826,050.35
CE-2 0.00 0.00 7,558.54 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 808,304.25 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% 738.09043543 2.61407025 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 2.61407025 0.00000000 704.28904865
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 3557595.17271282 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 4,143,259.42
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 78,471.45
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 4,221,730.87
Withdrawals
Reimbursement for Servicer Advances 73,546.91
Payment of Service Fee 60,097.35
Payment of Interest and Principal 4,088,086.61
Total Withdrawals (Pool Distribution Amount) 4,221,730.87
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 47,792.86
Credit Risk Manager Fee- Risk Management Group, LLC 2,929.64
Master Servicing Fee 9,374.85
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 60,097.35
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
481,938.88 0.00 0.00 481,938.88
30 Days 80 4 0 0 84
5,111,139.10 228,538.43 0.00 0.00 5,339,677.53
60 Days 23 2 0 0 25
1,029,639.37 34,996.66 0.00 0.00 1,064,636.03
90 Days 13 2 1 0 16
1,022,278.17 60,728.05 62,785.41 0.00 1,145,791.63
120 Days 5 1 1 0 7
203,708.35 35,659.78 64,986.77 0.00 304,354.90
150 Days 7 3 1 0 11
470,403.34 92,317.89 75,933.07 0.00 638,654.30
180+ Days 2 1 4 0 7
21,231.76 55,047.39 266,595.79 0.00 342,874.94
Totals 130 23 7 0 160
7,858,400.09 989,227.08 470,301.04 0.00 9,317,928.21
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 0.643501% 0.000000% 0.000000% 0.643501%
0.350401% 0.000000% 0.000000% 0.350401%
30 Days 5.148005% 0.257400% 0.000000% 0.000000% 5.405405%
3.716137% 0.166163% 0.000000% 0.000000% 3.882299%
60 Days 1.480051% 0.128700% 0.000000% 0.000000% 1.608752%
0.748616% 0.025445% 0.000000% 0.000000% 0.774061%
90 Days 0.836551% 0.128700% 0.064350% 0.000000% 1.029601%
0.743264% 0.044153% 0.045649% 0.000000% 0.833066%
120 Days 0.321750% 0.064350% 0.064350% 0.000000% 0.450450%
0.148109% 0.025927% 0.047250% 0.000000% 0.221286%
150 Days 0.450450% 0.193050% 0.064350% 0.000000% 0.707851%
0.342014% 0.067121% 0.055208% 0.000000% 0.464344%
180+ Days 0.128700% 0.064350% 0.257400% 0.000000% 0.450450%
0.015437% 0.040023% 0.193833% 0.000000% 0.249293%
Totals 8.365508% 1.480051% 0.450450% 0.000000% 10.296010%
5.713578% 0.719234% 0.341940% 0.000000% 6.774751%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 78,471.45
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 Nov-04 0.000%
Original Principal Balance 0.00 Dec-04 0.000%
Current Principal Balance 0.00 Jan-05 0.000%
Feb-05 0.000%
Current REO Total Mar-05 0.000%
Loans in REO 0 Apr-05 0.000%
Original Principal Balance 0.00 May-05 0.000%
Current Principal Balance 0.00 Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-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 2 Nov-04 0.000%
Original Principal Balance 118,063.00 Dec-04 0.000%
Current Principal Balance 105,786.88 Jan-05 0.000%
Feb-05 0.000%
Current Foreclosure Total Mar-05 0.000%
Loans in Foreclosure 7 Apr-05 0.000%
Original Principal Balance 497,038.00 May-05 0.000%
Current Principal Balance 470,301.04 Jun-05 0.000%
Jul-05 0.000%
Aug-05 0.316%
Sep-05 0.389%
Oct-05 0.342%
*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 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 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
Summary 0000369730 Oct-2005 01-Sep-2000 OH 84.32 72,516.00
Summary 0000369929 Oct-2005 23-Sep-2000 PA 87.59 45,547.00
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 0000367997 64,986.77 01-Apr-2005 4 12.250% 3,865.74
Summary 0000368252 113,778.47 15-Dec-2004 8 10.000% 7,314.37
Summary 0000368666 75,933.07 01-Mar-2005 5 11.000% 4,716.64
Summary 0000369035 33,060.64 05-Feb-2005 6 12.000% 2,567.04
Summary 0000369422 76,755.21 05-Dec-2004 8 7.500% 3,186.87
Summary 0000369730 62,785.41 01-May-2005 3 10.750% 2,724.73
Summary 0000369929 43,001.47 23-Jan-2005 7 11.500% 3,195.06
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.418139%
Weighted Average Net Coupon 7.010300%
Weighted Average Pass-Through Rate 6.905300%
Weighted Average Maturity(Stepdown Calculation) 260
Beginning Scheduled Collateral Loan Count 1,584
Number Of Loans Paid In Full 30
Ending Scheduled Collateral Loan Count 1,554
Beginning Scheduled Collateral Balance 140,622,703.39
Ending Scheduled Collateral Balance 137,342,921.03
Ending Actual Collateral Balance at 30-Sep-2005 137,539,046.93
Monthly P&I Constant 1,180,208.84
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 5,707.36
Scheduled Principal 310,909.87
Unscheduled Principal 2,968,872.49
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
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
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Coupon Rate 7.418139%
Weighted Average Net Rate 7.010300%
Weighted Average Pass Through Rate 6.905300%
Weighted Average Maturity 260
Record Date 09/30/2005
Principal and Interest Constant 1,180,208.84
Beginning Loan Count 1,584
Loans Paid in Full 30
Ending Loan Count 1,554
Beginning Scheduled Balance 140,622,703.39
Ending Scheduled Balance 137,342,921.03
Ending Actual Balance at 30-Sep-2005 137,539,046.93
Scheduled Principal 310,909.87
Unscheduled Principal 2,968,872.49
Scheduled Interest 869,298.97
Servicing Fee 47,792.86
Master Servicing Fee 9,374.85
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,929.64
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 809,201.62
Realized Loss Amount 0.00
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 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 0.00
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 7558.54
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 30 3,419,165.53 2,959,891.95 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 14,449.41
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 0000260426 NJ 65.70 02-Sep-1994 72,270.00 54,816.84
Summary 0000260531 NY 75.00 01-Feb-1996 240,000.00 209,335.37
Summary 0000260572 MD 87.14 01-Feb-1994 210,000.00 174,005.73
Summary 0000367721 KY 100.00 28-Jan-2001 11,339.00 8,068.94
Summary 0000367910 PA 89.44 11-Dec-2000 47,401.00 39,932.39
Summary 0000367970 IA 100.00 07-Oct-2000 18,728.00 16,225.77
Summary 0000368219 IN 84.81 15-Dec-1999 34,771.00 4,357.38
Summary 0000368253 IN 90.62 10-Jun-1998 125,964.00 123,001.74
Summary 0000368262 IN 100.00 10-Jan-1998 18,714.00 13,966.59
Summary 0000368283 IN 95.64 05-Jun-1999 66,467.00 51,051.78
Summary 0000368335 IN 87.44 10-Mar-2000 113,673.00 103,838.96
Summary 0000368411 PA 100.00 15-Nov-1999 24,414.00 20,184.48
Summary 0000368546 KY 79.36 03-Jul-1998 58,730.00 40,268.33
Summary 0000368667 KY 95.89 03-Oct-1999 52,738.00 47,273.26
Summary 0000368979 OH 87.35 12-Dec-1999 60,269.00 47,781.92
Summary 0000369195 OH 100.00 25-Oct-1997 15,790.00 5,389.67
Summary 0000369321 OH 81.16 14-Feb-1997 45,449.00 29,017.98
Summary 0000369411 OH 90.65 24-Aug-1999 113,315.00 99,934.77
Summary 0000369502 OH 100.00 04-Jan-1999 19,102.00 7,779.88
Summary 0000369593 SC 78.72 22-Aug-1997 44,084.00 40,388.48
Summary 0000369670 IN 63.67 18-Nov-1999 47,113.00 40,095.11
Summary 0000369727 NC 100.00 31-Aug-2000 16,500.00 14,824.05
Summary 0000416994 AZ 66.42 01-Apr-2004 176,000.00 172,436.12
Summary 0000416998 WA 89.88 01-Feb-2004 151,900.00 148,882.83
Summary 0000417204 NV 89.44 01-May-2003 161,000.00 155,467.12
Summary 0000417310 NJ 49.68 01-Jul-2002 154,500.00 60,192.40
Summary 0000417349 WA 49.90 01-Dec-2001 498,984.53 469,250.69
Summary 0000417371 HI 70.00 01-Jul-2004 99,750.00 99,521.93
Summary 0000417449 OH 67.31 01-Aug-1998 370,200.00 339,201.87
Summary 0000417476 CA 70.71 01-Dec-1998 350,000.00 317,930.70
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 0000260426 Loan Paid in Full 0 10.090% 240 133
Summary 0000260531 Loan Paid in Full 0 7.500% 360 116
Summary 0000260572 Loan Paid in Full 0 7.375% 360 140
Summary 0000367721 Loan Paid in Full 0 13.990% 120 56
Summary 0000367910 Loan Paid in Full 0 7.500% 180 58
Summary 0000367970 Loan Paid in Full 1 12.990% 180 60
Summary 0000368219 Loan Paid in Full (6) 9.000% 180 70
Summary 0000368253 Loan Paid in Full 1 9.250% 389 88
Summary 0000368262 Loan Paid in Full 0 13.490% 180 93
Summary 0000368283 Loan Paid in Full 1 9.750% 180 76
Summary 0000368335 Loan Paid in Full 0 9.750% 242 67
Summary 0000368411 Loan Paid in Full 0 11.240% 182 71
Summary 0000368546 Loan Paid in Full 0 9.500% 180 87
Summary 0000368667 Loan Paid in Full 0 10.750% 242 72
Summary 0000368979 Loan Paid in Full 0 7.000% 180 70
Summary 0000369195 Loan Paid in Full 5 15.500% 122 95
Summary 0000369321 Loan Paid in Full 0 11.990% 180 104
Summary 0000369411 Loan Paid in Full 0 7.625% 240 73
Summary 0000369502 Loan Paid in Full 0 9.500% 120 81
Summary 0000369593 Loan Paid in Full 2 9.700% 265 97
Summary 0000369670 Loan Paid in Full 0 12.250% 182 70
Summary 0000369727 Loan Paid in Full 0 15.250% 180 61
Summary 0000416994 Loan Paid in Full 0 5.875% 360 18
Summary 0000416998 Loan Paid in Full (1) 6.550% 360 20
Summary 0000417204 Loan Paid in Full 0 5.625% 360 29
Summary 0000417310 Loan Paid in Full 0 6.375% 180 39
Summary 0000417349 Loan Paid in Full 0 6.500% 337 46
Summary 0000417371 Loan Paid in Full 0 6.375% 360 15
Summary 0000417449 Loan Paid in Full 0 7.625% 360 86
Summary 0000417476 Loan Paid in Full 0 7.250% 360 82
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.116% Current Month 22.635% Current Month 377.248%
3 Month Average 2.248% 3 Month Average 23.824% 3 Month Average 397.074%
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>
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
Oct-2005 22.635% N/A Oct-2005 377.248% 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 0 0.00 0.00 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>
No losses this period.
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>
No losses this period.
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>
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
Oct-2005 0.000% N/A Oct-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>
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
Oct-2005 0.000% N/A Oct-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>