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): November 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 November 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
November 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: 11/25/2005
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 November 25, 2005 distribution.
EX-99.1
ACE Securities Corporation
Asset Backed Pass-Through Certificates
Record Date: 10/31/2005
Distribution Date: 11/25/2005
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% 68,337,870.68 242,029.96
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% 826,050.35 233,519.98
CE-2 A05SN1CE2 SEN 0.00000% 0.00 12,850.21
R ACE05SN1R SEN 0.00000% 0.00 0.00
Totals 137,342,921.03 789,350.00
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 3,139,302.87 0.00 65,198,567.81 3,381,332.83 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 0.00 826,050.35 233,519.98 0.00
CE-2 0.00 0.00 0.00 12,850.21 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 3,139,302.87 0.00 134,203,618.16 3,928,652.87 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 68,337,870.68 0.00 3,139,302.87 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 165,210,069.19 137,342,921.03 0.00 3,139,302.87 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 3,139,302.87 65,198,567.81 0.67193544 3,139,302.87
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 3,139,302.87 134,203,618.16 0.81232106 3,139,302.87
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 97,031,000.00 704.28904865 0.00000000 32.35360730 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 32.35360730 671.93544135 0.67193544 32.35360730
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% 68,337,870.68 242,029.96 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 165,210,069.19 542,979.81 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 0.00 242,029.96 0.00 65,198,567.81
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 0.00 233,519.98 0.00 826,050.35
CE-2 0.00 0.00 12,850.21 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 789,350.00 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% 704.28904865 2.49435706 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 2.49435706 0.00000000 671.93544135
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 3375053.90952450 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 3,979,294.41
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 86,569.11
Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
Total Deposits 4,065,863.52
Withdrawals
Reimbursement for Servicer Advances 78,471.45
Payment of Service Fee 58,739.20
Payment of Interest and Principal 3,928,652.87
Total Withdrawals (Pool Distribution Amount) 4,065,863.52
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 46,721.70
Credit Risk Manager Fee- Risk Management Group, LLC 2,861.31
Master Servicing Fee 9,156.19
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 58,739.20
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 13 0 0 13
615,005.17 0.00 0.00 615,005.17
30 Days 89 1 0 0 90
6,021,441.96 17,723.33 0.00 0.00 6,039,165.29
60 Days 28 1 0 0 29
1,319,261.46 43,187.89 0.00 0.00 1,362,449.35
90 Days 17 2 0 0 19
760,913.75 29,753.07 0.00 0.00 790,666.82
120 Days 6 2 1 0 9
681,713.64 60,728.05 62,785.41 0.00 805,227.10
150 Days 3 2 1 0 6
120,009.77 40,707.10 64,986.77 0.00 225,703.64
180+ Days 9 2 6 0 17
491,635.10 79,605.67 397,576.25 0.00 968,817.02
Totals 152 23 8 0 183
9,394,975.68 886,710.28 525,348.43 0.00 10,807,034.39
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 0.853578% 0.000000% 0.000000% 0.853578%
0.457600% 0.000000% 0.000000% 0.457600%
30 Days 5.843729% 0.065660% 0.000000% 0.000000% 5.909389%
4.480302% 0.013187% 0.000000% 0.000000% 4.493489%
60 Days 1.838477% 0.065660% 0.000000% 0.000000% 1.904137%
0.981607% 0.032134% 0.000000% 0.000000% 1.013741%
90 Days 1.116218% 0.131320% 0.000000% 0.000000% 1.247538%
0.566164% 0.022138% 0.000000% 0.000000% 0.588302%
120 Days 0.393959% 0.131320% 0.065660% 0.000000% 0.590939%
0.507234% 0.045185% 0.046716% 0.000000% 0.599136%
150 Days 0.196980% 0.131320% 0.065660% 0.000000% 0.393959%
0.089294% 0.030288% 0.048354% 0.000000% 0.167937%
180+ Days 0.590939% 0.131320% 0.393959% 0.000000% 1.116218%
0.365805% 0.059231% 0.295820% 0.000000% 0.720856%
Totals 9.980302% 1.510177% 0.525279% 0.000000% 12.015758%
6.990407% 0.659764% 0.390890% 0.000000% 8.041060%
OTHER INFORMATION
<s> <c>
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 86,569.11
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 Dec-04 0.000%
Original Principal Balance 0.00 Jan-05 0.000%
Current Principal Balance 0.00 Feb-05 0.000%
Mar-05 0.000%
Current REO Total Apr-05 0.000%
Loans in REO 0 May-05 0.000%
Original Principal Balance 0.00 Jun-05 0.000%
Current Principal Balance 0.00 Jul-05 0.000%
Aug-05 0.000%
Sep-05 0.000%
Oct-05 0.000%
Nov-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 1 Dec-04 0.000%
Original Principal Balance 61,012.00 Jan-05 0.000%
Current Principal Balance 55,047.39 Feb-05 0.000%
Mar-05 0.000%
Current Foreclosure Total Apr-05 0.000%
Loans in Foreclosure 8 May-05 0.000%
Original Principal Balance 558,050.00 Jun-05 0.000%
Current Principal Balance 525,348.43 Jul-05 0.000%
Aug-05 0.316%
Sep-05 0.389%
Oct-05 0.342%
Nov-05 0.391%
*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 0000368461 Nov-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
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 5 12.250% 4,510.03
Summary 0000368252 113,778.47 15-Dec-2004 9 10.000% 8,229.05
Summary 0000368461 55,047.39 13-Jan-2005 8 11.500% 4,601.00
Summary 0000368666 75,933.07 01-Mar-2005 6 11.000% 5,390.35
Summary 0000369035 33,060.64 05-Feb-2005 7 12.000% 2,887.92
Summary 0000369422 76,755.21 05-Dec-2004 9 7.500% 3,640.61
Summary 0000369730 62,785.41 01-May-2005 4 10.750% 3,268.71
Summary 0000369929 43,001.47 23-Jan-2005 8 11.500% 3,594.51
COLLATERAL STATEMENT
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 7.407481%
Weighted Average Net Coupon 6.999261%
Weighted Average Pass-Through Rate 6.894261%
Weighted Average Maturity(Stepdown Calculation) 259
Beginning Scheduled Collateral Loan Count 1,554
Number Of Loans Paid In Full 31
Ending Scheduled Collateral Loan Count 1,523
Beginning Scheduled Collateral Balance 137,342,921.03
Ending Scheduled Collateral Balance 134,203,618.16
Ending Actual Collateral Balance at 31-Oct-2005 134,398,126.13
Monthly P&I Constant 1,161,169.74
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 5,707.36
Scheduled Principal 313,365.54
Unscheduled Principal 2,825,937.33
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 7.407481%
Weighted Average Net Rate 6.999261%
Weighted Average Pass Through Rate 6.894261%
Weighted Average Maturity 259
Record Date 10/31/2005
Principal and Interest Constant 1,161,169.74
Beginning Loan Count 1,554
Loans Paid in Full 31
Ending Loan Count 1,523
Beginning Scheduled Balance 137,342,921.03
Ending Scheduled Balance 134,203,618.16
Ending Actual Balance at 31-Oct-2005 134,398,126.13
Scheduled Principal 313,365.54
Unscheduled Principal 2,825,937.33
Scheduled Interest 847,804.20
Servicing Fee 46,721.70
Master Servicing Fee 9,156.19
Trustee Fee 0.00
FRY Amount 0.00
Special Hazard Fee 0.00
Other Fee 2,861.31
Pool Insurance Fee 0.00
Spread 1 0.00
Spread 2 0.00
Spread 3 0.00
Net Interest 789,065.00
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 12850.21
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 31 3,156,601.00 2,792,593.45 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 38,842.94
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 0000260237 MD 73.47 01-May-1998 250,000.00 227,799.96
Summary 0000260265 MD 90.00 01-Sep-1997 315,900.00 283,130.63
Summary 0000260368 FL 74.22 01-Apr-1996 47,500.00 41,423.29
Summary 0000260727 MD 80.00 01-Dec-1989 224,000.00 177,990.25
Summary 0000368028 NJ 100.00 12-Jul-2000 22,297.00 19,966.63
Summary 0000368274 IN 95.72 10-Sep-1999 61,260.00 59,584.82
Summary 0000368396 PA 100.00 15-Jun-1999 36,448.00 31,379.43
Summary 0000368465 PA 87.79 01-Feb-1999 56,185.00 39,393.31
Summary 0000368501 PA 82.91 02-May-1999 46,432.00 46,249.73
Summary 0000368517 PA 94.91 05-Sep-1998 49,353.00 43,938.55
Summary 0000368587 KY 91.28 06-May-1999 57,504.00 44,170.83
Summary 0000368767 VA 79.35 10-Jan-1999 54,749.00 49,426.71
Summary 0000368807 PA 95.96 05-May-1999 33,587.00 27,716.53
Summary 0000368860 OH 92.84 14-Jan-2000 150,403.00 145,052.05
Summary 0000368911 OH 48.13 07-Nov-1997 16,604.00 4,754.62
Summary 0000369052 OH 89.81 07-May-1998 55,683.00 54,744.63
Summary 0000369076 OH 100.00 20-Jun-1998 17,150.00 12,610.25
Summary 0000369117 OH 76.44 10-Feb-2000 40,515.00 31,709.53
Summary 0000369198 OH 100.00 15-Jan-1997 10,429.00 3,941.53
Summary 0000369324 OH 100.00 15-Jun-1996 26,009.00 18,528.62
Summary 0000369351 OH 93.91 15-Feb-1998 81,700.00 80,692.78
Summary 0000369562 PA 65.63 24-Jul-1996 21,000.00 12,549.06
Summary 0000369665 NC 87.59 03-Jan-2000 94,600.00 91,896.04
Summary 0000369898 VA 86.81 01-Apr-1999 59,034.00 53,847.55
Summary 0000417056 WY 97.00 01-May-2004 208,550.00 204,326.87
Summary 0000417061 CA 58.21 01-May-2004 195,000.00 190,848.80
Summary 0000417119 IL 89.09 01-Jun-2003 171,500.00 165,608.97
Summary 0000417154 CA 89.90 01-Jul-2003 81,809.00 79,158.29
Summary 0000417168 NY 89.89 01-Dec-2003 285,400.00 279,117.29
Summary 0000417406 CA 56.15 01-Oct-1999 306,000.00 192,033.94
Summary 0000417421 WA 80.00 01-Mar-1999 80,000.00 73,502.90
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 0000260237 Loan Paid in Full 1 7.625% 360 90
Summary 0000260265 Loan Paid in Full 0 7.375% 360 98
Summary 0000260368 Loan Paid in Full (1) 7.500% 180 115
Summary 0000260727 Loan Paid in Full 0 10.375% 360 191
Summary 0000368028 Loan Paid in Full 0 9.500% 225 64
Summary 0000368274 Loan Paid in Full 0 8.500% 360 74
Summary 0000368396 Loan Paid in Full 0 9.500% 240 77
Summary 0000368465 Loan Paid in Full (1) 8.500% 180 81
Summary 0000368501 Loan Paid in Full 0 11.500% 363 78
Summary 0000368517 Loan Paid in Full 0 12.740% 240 86
Summary 0000368587 Loan Paid in Full 1 10.750% 180 78
Summary 0000368767 Loan Paid in Full 0 10.000% 270 82
Summary 0000368807 Loan Paid in Full 0 12.000% 183 78
Summary 0000368860 Loan Paid in Full 0 9.990% 360 70
Summary 0000368911 Loan Paid in Full 0 8.750% 120 96
Summary 0000369052 Loan Paid in Full 0 11.500% 363 90
Summary 0000369076 Loan Paid in Full 0 13.490% 180 88
Summary 0000369117 Loan Paid in Full 0 10.990% 180 69
Summary 0000369198 Loan Paid in Full 0 15.990% 125 106
Summary 0000369324 Loan Paid in Full 0 10.700% 234 113
Summary 0000369351 Loan Paid in Full 0 10.500% 364 93
Summary 0000369562 Loan Paid in Full 1 11.800% 180 111
Summary 0000369665 Loan Paid in Full 0 8.500% 360 70
Summary 0000369898 Loan Paid in Full 0 7.375% 244 79
Summary 0000417056 Loan Paid in Full 0 5.875% 360 18
Summary 0000417061 Loan Paid in Full (1) 5.750% 360 18
Summary 0000417119 Loan Paid in Full 0 5.625% 360 29
Summary 0000417154 Loan Paid in Full 0 5.750% 360 28
Summary 0000417168 Loan Paid in Full 0 6.800% 360 23
Summary 0000417406 Loan Paid in Full 0 6.875% 180 73
Summary 0000417421 Loan Paid in Full 0 7.250% 360 80
Prepayment - Voluntary Prepayments
Summary
SMM CPR PSA
<s> <c> <s> <c> <s> <c>
Current Month 2.062% Current Month 22.125% Current Month 368.745%
3 Month Average 2.036% 3 Month Average 21.875% 3 Month Average 364.580%
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>
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
Nov-2005 22.125% N/A Nov-2005 368.745% 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 0.000% 3 Month Average 0.000%
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>
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
Nov-2005 0.000% N/A Nov-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 0.000% 3 Month Average 0.000%
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>
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
Nov-2005 0.000% N/A Nov-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>