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 - February 25, 2004
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(Date of Earliest Event Reported)
EQUITY ONE ABS, INC.
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(as depositor under a certain Pooling and Servicing Agreement dated as
of December 31, 2003, providing for the issuance of Mortgage
Pass-Through Certificates, Series 2004-1)
(Exact Name of Registrant as specified in its charter)
Delaware 333-104580-03 52-2029487
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(State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803
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(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 478-6160
Item 5. Other Events.
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Attached hereto as Annex A is a copy of the Statement to Certificateholders
sent to Class AF-1, AF-2, AF-3, AF-4, AF-5, AF-6, AV-1, AV-2, M-1, M-2, M-3,
M-4, B-1 and B-2 Certificateholders with respect to the February 25, 2004
Distribution Date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
EQUITY ONE ABS, INC.
By: /s/ James H. Jenkins
--------------------------------
James H. Jenkins,
Executive Vice President and CFO
Dated: February 27, 2004
Page 1 of 7
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
Statement to Certificateholders
February 25, 2004
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DISTRIBUTION IN DOLLARS
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ORIGINAL BEGINNING ENDING
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSES INTEREST BALANCE
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AF1 205,000,000.00 205,000,000.00 3,262,331.95 185,069.44 3,447,401.39 0.00 0.00 201,737,668.05
AF2 91,000,000.00 91,000,000.00 0.00 188,142.50 188,142.50 0.00 0.00 91,000,000.00
AF3 82,000,000.00 82,000,000.00 0.00 208,690.00 208,690.00 0.00 0.00 82,000,000.00
AF4 55,500,000.00 55,500,000.00 0.00 191,706.25 191,706.25 0.00 0.00 55,500,000.00
AF5 30,350,000.00 30,350,000.00 0.00 129,240.42 129,240.42 0.00 0.00 30,350,000.00
AF6 30,000,000.00 30,000,000.00 0.00 105,125.00 105,125.00 0.00 0.00 30,000,000.00
AV1 124,300,000.00 124,300,000.00 968,085.60 125,681.11 1,093,766.71 0.00 0.00 123,331,914.40
AV2 124,350,000.00 124,350,000.00 2,230,506.00 125,731.67 2,356,237.67 0.00 0.00 122,119,494.00
M1 58,500,000.00 58,500,000.00 0.00 230,100.00 230,100.00 0.00 0.00 58,500,000.00
M2 49,500,000.00 49,500,000.00 0.00 210,993.75 210,993.75 0.00 0.00 49,500,000.00
M3 13,500,000.00 13,500,000.00 0.00 59,175.00 59,175.00 0.00 0.00 13,500,000.00
M4 13,500,000.00 13,500,000.00 0.00 60,862.50 60,862.50 0.00 0.00 13,500,000.00
B1 11,250,000.00 11,250,000.00 0.00 21,531.25 21,531.25 0.00 0.00 11,250,000.00
B2 11,250,000.00 11,250,000.00 0.00 27,218.75 27,218.75 0.00 0.00 11,250,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 900,000,000.00 900,000,000.00 6,460,923.55 1,869,267.64 8,330,191.19 0.00 0.00 893,539,076.45
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X 900,000,000.00 900,000,000.00 0.00 0.38 0.38 0.00 0.00 895,547,880.42
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
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CURRENT
BEGINNING ENDING RATE
CLASS CUSIP PRINCIPAL PRINCIPAL INTEREST TOTAL PRINCIPAL CLASS PASS-THRU
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AF1 294751DM1 1,000.00000000 15.91381439 0.90277776 16.81659215 984.08618561 AF1 1.250000 %
AF2 294751DN9 1,000.00000000 0.00000000 2.06750000 2.06750000 1,000.00000000 AF2 2.481000 %
AF3 294751DP4 1,000.00000000 0.00000000 2.54500000 2.54500000 1,000.00000000 AF3 3.054000 %
AF4 294751DQ2 1,000.00000000 0.00000000 3.45416667 3.45416667 1,000.00000000 AF4 4.145000 %
AF5 294751DR0 1,000.00000000 0.00000000 4.25833344 4.25833344 1,000.00000000 AF5 5.110000 %
AF6 294751DS8 1,000.00000000 0.00000000 3.50416667 3.50416667 1,000.00000000 AF6 4.205000 %
AV1 294751DT6 1,000.00000000 7.78829928 1.01111110 8.79941038 992.21170072 AV1 1.400000 %
AV2 294751DU3 1,000.00000000 17.93732207 1.01111114 18.94843321 982.06267793 AV2 1.400000 %
M1 294751DV1 1,000.00000000 0.00000000 3.93333333 3.93333333 1,000.00000000 M1 4.720000 %
M2 294751DW9 1,000.00000000 0.00000000 4.26250000 4.26250000 1,000.00000000 M2 5.115000 %
M3 294751DX7 1,000.00000000 0.00000000 4.38333333 4.38333333 1,000.00000000 M3 5.260000 %
M4 294751DY5 1,000.00000000 0.00000000 4.50833333 4.50833333 1,000.00000000 M4 5.410000 %
B1 294751DZ2 1,000.00000000 0.00000000 1.91388889 1.91388889 1,000.00000000 B1 2.650000 %
B2 294751EA6 1,000.00000000 0.00000000 2.41944444 2.41944444 1,000.00000000 B2 3.350000 %
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TOTALS 1,000.00000000 7.17880394 2.07696404 9.25576799 992.82119606
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X N/A 1,000.00000000 0.00000000 0.00000042 0.00000042 995.05320047 X 0.000001 %
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
RYAN VAUGHN
JPMorgan Chase Bank - Structured Finance Services NY
4 NEW YORK PLAZA FLR 6,
New York, New York 10004
Tel: (212) 623-4484 / Fax: (212) 623-5930
Email: /JPMCHASE@CHASE
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JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 2 of 7
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
February 25, 2004
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal
Group I Scheduled Principal 491,978.38
Group I Curtailments 22,354.21
Group I Prepayments 1,733,688.43
Group I Repurchases 0.00
Group I Liquidation Proceeds 0.00
Group II-A Scheduled Principal 75,681.28
Group II-A Curtailments 2,415.02
Group II-A Prepayments 588,996.08
Group II-A Repurchases 0.00
Group II-A Liquidation Proceeds 0.00
Group II-B Scheduled Principal 77,516.42
Group II-B Curtailments 4,621.97
Group II-B Prepayments 1,454,867.79
Group II-B Repurchases 0.00
Group II-B Liquidation Proceeds 0.00
Extra Principal Distribution Amount 2,008,803.97
Sec. 4.03 (a)(ii) Interest Distribution Amounts
Interest Distribution - AF-1 185,069.44
Unpaid Interest - AF-1 0.00
Remaining Unpaid Interest - AF-1 0.00
Interest Distribution - AF-2 188,142.50
Unpaid Interest - AF-2 0.00
Remaining Unpaid Interest - AF-2 0.00
Interest Distribution - AF-3 208,690.00
Unpaid Interest - AF-3 0.00
Remaining Unpaid Interest - AF-3 0.00
Interest Distribution - AF-4 191,706.25
Unpaid Interest - AF-4 0.00
Remaining Unpaid Interest - AF-4 0.00
Interest Distribution - AF-5 129,240.42
Unpaid Interest - AF-5 0.00
Remaining Unpaid Interest - AF-5 0.00
Interest Distribution - AF-6 105,125.00
Unpaid Interest - AF-6 0.00
Remaining Unpaid Interest - AF-6 0.00
Interest Distribution - AV-1 125,681.11
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 3 of 7
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
February 25, 2004
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Unpaid Interest - AV-1 0.00
Remaining Unpaid Interest - AV-1 0.00
Interest Distribution - AV-2 125,731.67
Unpaid Interest - AV-2 0.00
Remaining Unpaid Interest - AV-2 0.00
Interest Distribution - M-1 230,100.00
Unpaid Interest - M-1 0.00
Remaining Unpaid Interest - M-1 0.00
Interest Distribution - M-2 210,993.75
Unpaid Interest - M-2 0.00
Remaining Unpaid Interest - M-2 0.00
Interest Distribution - M-3 59,175.00
Unpaid Interest - M-3 0.00
Remainingb Unpaid Interest - M-3 0.00
Interest Distribution - M-4 60,862.50
Unpaid Interest - M-4 0.00
Remaining Unpaid Interest - M-4 0.00
Interest Distribution - B-1 21,531.25
Unpaid Interest - B-1 0.00
Remaining Unpaid Interest - B-1 0.00
Interest Distribution - B-2 27,218.75
Unpaid Interest - B-2 0.00
Remaining Unpaid Interest - B-2 0.00
Sec. 4.03(a)(iii) Available Funds Shortfall
Class AF-1 Available Funds Shortfall 0.00
Class AF-2 Available Funds Shortfall 0.00
Class AF-3 Available Funds Shortfall 0.00
Class AF-4 Available Funds Shortfall 0.00
Class AF-5 Available Funds Shortfall 0.00
Class AF-6 Available Funds Shortfall 0.00
Class AV-1 Available Funds Shortfall 0.00
Class AV-2 Available Funds Shortfall 0.00
Class M-1 Available Funds Shortfall 0.00
Class M-2 Available Funds Shortfall 0.00
Class M-3 Available Funds Shortfall 0.00
Class M-4 Available Funds Shortfall 0.00
Class B-1 Available Funds Shortfall 0.00
Class B-2 Available Funds Shortfall 0.00
Sec. 4.03(a)(v) Pool Principal Balances Copyright
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 4 of 7
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
February 25, 2004
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Group I Beginning Pool Balance 494,744,760.01
Group I Ending Pool Balance 648,685,711.74
Group II-A Beginning Pool Balance 94,697,706.41
Group II-A Ending Pool Balance 123,614,648.06
Group II-B Beginning Pool Balance 94,262,363.31
Group II-B Ending Pool Balance 122,729,622.81
Total Beginning Pool Balance 683,704,829.73
Total Ending Pool Balance 895,029,982.61
Sec. 4.03(a)(vi) Servicing Fee
Group I Servicing Fee 206,143.65
Group II-A Servicing Fee 39,457.38
Group II-B Servicing Fee 39,275.98
Sec. 4.03(a)(viii) Delinquency Advances
Group I Delinquency Advances Included
in Current Distribution 83,917.91
Group I Recouped Advances Included in
Current Distribution 0.00
Group I Recouped Advances From Liquidations 0.00
Group I Aggregate Amount of Advances
Outstanding 83,917.91
Group II-A Delinquency Advances Included
in Current Distribution 31,716.43
Group II-A Recouped Advances Included
in Current Distribution 0.00
Group II-A Recouped Advances From
Liquidations 0.00
Group II-A Aggregate Amount of Advances
Outstanding 31,716.43
Group II-B Delinquency Advances Included
in Current Distribution 27,790.39
Group II-B Recouped Advances Included
in Current Distribution 0.00
Group II-B Recouped Advances From
Liquidations 0.00
Group II-B Aggregate Amount of Advances
Outstanding 27,790.39
Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B
Loans Delinquent
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Group 1
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Period Number Principal Balance Percentage
0-30 days 284 36,367,411.14 7.38 %
31-60 days 18 2,509,518.36 0.51 %
61-90 days 2 540,000.00 0.11 %
91+days 0 0.00 0.00 %
Total 304 39,416,929.50 8.00 %
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Group 2
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Period Number Principal Balance Percentage
0-30 days 55 8,261,741.90 8.79 %
31-60 days 9 973,909.02 1.04 %
61-90 days 0 0.00 0.00 %
91+days 0 0.00 0.00 %
Total 64 9,235,650.92 9.83 %
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JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 5 of 7
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
February 25, 2004
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Group 3
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Period Number Principal Balance Percentage
0-30 days 43 5,166,428.56 5.57 %
31-60 days 3 364,020.91 0.39 %
61-90 days 0 0.00 0.00 %
91+days 0 0.00 0.00 %
Total 46 5,530,449.47 5.96 %
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Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure
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Group 1
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Number Principal Balance Percentage
0 0.00 0.00 %
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Group 2
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Number Principal Balance Percentage
0 0.00 0.00 %
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Group 3
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Number Principal Balance Percentage
0 0.00 0.00 %
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Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO
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Group 1
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Number Principal Balance Percentage
0 0.00 0.00 %
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Group 2
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Number Principal Balance Percentage
0 0.00 0.00 %
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Group 3
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Number Principal Balance Percentage
0 0.00 0.00 %
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Market Value of Group I REO Loans 0.00
Market Value of Group II-A REO Loans 0.00
Market Value of Group II-B REO Loans 0.00
Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the
Three Largest Loans
Group I Three Largest Loans 1,470,236.81
Group II-A Three Largest Loans 978,340.96
Group II-B Three Largest Loans 1,408,096.60
Sec. 4.03(a)(xiii) Net WAC Cap Carryover
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 6 of 7
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
February 25, 2004
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Class AV-1 Net WAC Cap Carryover Amounts
Due 0.00
Class AV-1 Net WAC Cap Carryover Amounts
Paid 0.00
Class AV-1 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class AV-2 Net WAC Cap Carryover Amounts
Due 0.00
Class AV-2 Net WAC Cap Carryover Amounts
Paid 0.00
Class AV-2 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class B-1 Net WAC Cap Carryover Amounts Due 0.00
Class B-1 Net WAC Cap Carryover Amounts
Paid 0.00
Class B-1 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Class B-2 Net WAC Cap Carryover Amounts Due 0.00
Class B-2 Net WAC Cap Carryover Amounts
Paid 0.00
Class B-2 Net WAC Cap Carryover Remaining
Amounts Due 0.00
Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans
with Original Terms <= 36 Months and 60+
Contractually Past Due
Group I Aggregate Principal Balance of
Balloon Loans 0.00
Group II-A Aggregate Principal Balance of
Balloon Loans 0.00
Group II-B Aggregate Principal Balance of
Balloon Loans 0.00
Sec. 4.03 (a)(xv),(xxii) Realized Losses
Group I Current Period Realized Losses 0.00
Group I Cumulative Realized Losses 0.00
Group II-A Current Period Realized Losses 0.00
Group II-A Cumulative Realized Losses 0.00
Group II-B Current Period Realized Losses 0.00
Group II-B Cumulative Realized Losses 0.00
Sec. 4.03 (a)(xvi) Reserve Fund
Beginning Balance of Reserve Fund 0.00
Funds Withdrawn From Reserve Fund
For Distribution 0.00
Funds Deposited to Reserve Fund 0.00
Ending Balance of Reserve Fund 0.00
Excess Reserve Fund
Beginning Balance of Excess Reserve Fund 0.00
Funds Withdrawn From Excess Reserve Fund
For Distribution 0.00
Funds Deposited to Excess Reserve Fund 0.00
Ending Balance of Excess Reserve Fund 0.00
Sec. 4.03 (a)(xvii) Number of Loans Repurchased
Group I Number of Loans Repurchased 0.00
Group II-A Number of Loans Repurchased 0.00
Group II-B Number of Loans Repurchased 0.00
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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Page 7 of 7
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Equity One Mortgage Pass-Through Certificates, Series 2004-1
February 25, 2004
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Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding
Loans (as of first day of related Due Period)
Group I Weighted Average Mortgage Rate 7.38 %
Group II-A Weighted Average Mortgage Rate 7.28 %
Group II-B Weighted Average Mortgage Rate 7.12 %
Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans
Group I Weighted Average Remaining Term 332.00
Group II-A Weighted Average Remaining
Term 358.00
Group II-B Weighted Average Remaining
Term 358.00
Sec. 4.03 (a)(xxi), Overcollateralization Amounts
(xxii),(xxiii)
Overcollateralization Amount 2,008,803.97
Overcollateralization Target
Amount 39,150,000.00
Overcollateralization Release Amount 0.00
Overcollateralization Deficiency
Amount 37,141,196.03
Sec. 4.03 (a)(xxiv) Trigger Events
Has a Trigger Event Occurred and is
continuing? NO
Cumulative Realized Losses as a percentage
of the Original Pool Balance 0.00 %
Senior Enhancement Percentage 17.59 %
Senior Specified Enhancement Percentage 43.70 %
Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans
60+ Day Delinquent Loans as a percentage
of the current Pool Balance 0.06 %
Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield
Maintenance Agreement 0.00
Sec. 4.03 (a)(xxvii) Pre-Funded Amount 517,897.81
JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved.
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