8-K 1 ace04fm1_sep.txt SEPTEMBER 8-K 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 27, 2004 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset-Backed Pass-Through Certificates, Series 2004-FM1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-110039-03 54-2142308 Pooling and Servicing Agreement) (Commission 54-2142309 (State or other File Number) IRS EIN jurisdiction 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 27, 2004 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset-Backed Pass-Through Certificates, Series 2004-FM1 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 2004-FM1 Trust, relating to the September 27, 2004 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 2004-FM1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 9/28/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset-Backed Pass-Through Certificates, Series 2004-FM1 Trust, relating to the September 27, 2004 distribution. EX-99.1
ACE Securities Corporation Home Equity Loan Trust Asset-Backed Pass-Through Certificates Record Date: 8/31/2004 Distribution Date: 9/27/2004 ACE Series: 2004-FM1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 004421DG5 SEN 1.91500% 402,147,774.50 705,936.91 38,872,438.67 A-2A 004421DH3 SEN 1.93500% 26,657,573.19 47,283.87 2,918,368.48 A-2B 004421DR1 SEN 1.80500% 60,360,121.29 99,870.85 8,701,944.02 A-2C 004421DS9 SEN 2.07500% 19,127,000.00 36,381.15 0.00 A-3 004421DJ9 SEN 2.01500% 44,683,164.22 82,533.53 4,319,167.41 M-1 004421DK6 MEZ 2.21500% 69,547,000.00 141,209.39 0.00 M-2 004421DL4 MEZ 2.86500% 57,128,000.00 150,032.41 0.00 M-3 004421DM2 MEZ 3.06500% 17,387,000.00 48,850.23 0.00 M-4 004421DN0 MEZ 3.41500% 17,387,000.00 54,428.55 0.00 M-5 004421DP5 MEZ 3.56500% 14,903,000.00 48,701.76 0.00 M-6 004421DQ3 MEZ 5.11500% 9,935,000.00 46,582.73 0.00 B-1A ACE041B1A JUN 5.11500% 6,955,000.00 32,610.26 0.00 B-1B ACE041B1B JUN 6.00000% 6,955,000.00 34,775.00 0.00 CE 00499ABN4 JUN 0.00000% 8,445,016.93 2,821,932.38 0.00 P ACE04010P SEN 0.00000% 100.00 1,241,815.47 0.00 R1 ACE0401R1 SEN 0.00000% 0.00 0.00 0.00 Totals 761,617,750.13 5,592,944.49 54,811,918.58
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 363,275,335.82 39,578,375.58 0.00 A-2A 0.00 23,739,204.71 2,965,652.35 0.00 A-2B 0.00 51,658,177.27 8,801,814.87 0.00 A-2C 0.00 19,127,000.00 36,381.15 0.00 A-3 0.00 40,363,996.81 4,401,700.94 0.00 M-1 0.00 69,547,000.00 141,209.39 0.00 M-2 0.00 57,128,000.00 150,032.41 0.00 M-3 0.00 17,387,000.00 48,850.23 0.00 M-4 0.00 17,387,000.00 54,428.55 0.00 M-5 0.00 14,903,000.00 48,701.76 0.00 M-6 0.00 9,935,000.00 46,582.73 0.00 B-1A 0.00 6,955,000.00 32,610.26 0.00 B-1B 0.00 6,955,000.00 34,775.00 0.00 CE 0.00 8,445,016.93 2,821,932.38 0.00 P 0.00 100.00 1,241,815.47 0.00 R1 0.00 0.00 0.00 0.00 Totals 0.00 706,805,831.54 60,404,863.07 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 571,643,000.00 402,147,774.50 0.00 38,872,438.67 0.00 0.00 A-2A 37,604,000.00 26,657,573.19 0.00 2,918,368.48 0.00 0.00 A-2B 93,000,000.00 60,360,121.29 0.00 8,701,944.02 0.00 0.00 A-2C 19,127,000.00 19,127,000.00 0.00 0.00 0.00 0.00 A-3 63,516,000.00 44,683,164.22 0.00 4,319,167.41 0.00 0.00 M-1 69,547,000.00 69,547,000.00 0.00 0.00 0.00 0.00 M-2 57,128,000.00 57,128,000.00 0.00 0.00 0.00 0.00 M-3 17,387,000.00 17,387,000.00 0.00 0.00 0.00 0.00 M-4 17,387,000.00 17,387,000.00 0.00 0.00 0.00 0.00 M-5 14,903,000.00 14,903,000.00 0.00 0.00 0.00 0.00 M-6 9,935,000.00 9,935,000.00 0.00 0.00 0.00 0.00 B-1A 6,955,000.00 6,955,000.00 0.00 0.00 0.00 0.00 B-1B 6,955,000.00 6,955,000.00 0.00 0.00 0.00 0.00 CE 8,444,303.20 8,445,016.93 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 Totals 993,531,403.20 761,617,750.13 0.00 54,811,918.58 0.00 0.00 (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.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 38,872,438.67 363,275,335.82 0.63549337 38,872,438.67 A-2A 2,918,368.48 23,739,204.71 0.63129467 2,918,368.48 A-2B 8,701,944.02 51,658,177.27 0.55546427 8,701,944.02 A-2C 0.00 19,127,000.00 1.00000000 0.00 A-3 4,319,167.41 40,363,996.81 0.63549337 4,319,167.41 M-1 0.00 69,547,000.00 1.00000000 0.00 M-2 0.00 57,128,000.00 1.00000000 0.00 M-3 0.00 17,387,000.00 1.00000000 0.00 M-4 0.00 17,387,000.00 1.00000000 0.00 M-5 0.00 14,903,000.00 1.00000000 0.00 M-6 0.00 9,935,000.00 1.00000000 0.00 B-1A 0.00 6,955,000.00 1.00000000 0.00 B-1B 0.00 6,955,000.00 1.00000000 0.00 CE 0.00 8,445,016.93 1.00008452 0.00 P 0.00 100.00 1.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 Totals 54,811,918.58 706,805,831.54 0.71140764 54,811,918.58
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 571,643,000.00 703.49461902 0.00000000 68.00125020 0.00000000 A-2A 37,604,000.00 708.90259520 0.00000000 77.60792682 0.00000000 A-2B 93,000,000.00 649.03356226 0.00000000 93.56929054 0.00000000 A-2C 19,127,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 63,516,000.00 703.49461899 0.00000000 68.00125024 0.00000000 M-1 69,547,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 57,128,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 17,387,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 17,387,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 14,903,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 9,935,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1A 6,955,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1B 6,955,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 8,444,303.20 1000.08452207 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 68.00125020 635.49336880 0.63549337 68.00125020 A-2A 0.00000000 77.60792682 631.29466839 0.63129467 77.60792682 A-2B 0.00000000 93.56929054 555.46427172 0.55546427 93.56929054 A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 68.00125024 635.49336876 0.63549337 68.00125024 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 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.08452207 1.00008452 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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.
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 A-1 571,643,000.00 1.91500% 402,147,774.50 705,936.91 0.00 0.00 A-2A 37,604,000.00 1.93500% 26,657,573.19 47,283.87 0.00 0.00 A-2B 93,000,000.00 1.80500% 60,360,121.29 99,870.85 0.00 0.00 A-2C 19,127,000.00 2.07500% 19,127,000.00 36,381.15 0.00 0.00 A-3 63,516,000.00 2.01500% 44,683,164.22 82,533.53 0.00 0.00 M-1 69,547,000.00 2.21500% 69,547,000.00 141,209.39 0.00 0.00 M-2 57,128,000.00 2.86500% 57,128,000.00 150,032.41 0.00 0.00 M-3 17,387,000.00 3.06500% 17,387,000.00 48,850.23 0.00 0.00 M-4 17,387,000.00 3.41500% 17,387,000.00 54,428.55 0.00 0.00 M-5 14,903,000.00 3.56500% 14,903,000.00 48,701.76 0.00 0.00 M-6 9,935,000.00 5.11500% 9,935,000.00 46,582.73 0.00 0.00 B-1A 6,955,000.00 5.11500% 6,955,000.00 32,610.26 0.00 0.00 B-1B 6,955,000.00 6.00000% 6,955,000.00 34,775.00 0.00 0.00 CE 8,444,303.20 0.00000% 8,445,016.93 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 993,531,403.20 1,529,196.64 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 A-1 0.00 0.00 705,936.91 0.00 363,275,335.82 A-2A 0.00 0.00 47,283.87 0.00 23,739,204.71 A-2B 0.00 0.00 99,870.85 0.00 51,658,177.27 A-2C 0.00 0.00 36,381.15 0.00 19,127,000.00 A-3 0.00 0.00 82,533.53 0.00 40,363,996.81 M-1 0.00 0.00 141,209.39 0.00 69,547,000.00 M-2 0.00 0.00 150,032.41 0.00 57,128,000.00 M-3 0.00 0.00 48,850.23 0.00 17,387,000.00 M-4 0.00 0.00 54,428.55 0.00 17,387,000.00 M-5 0.00 0.00 48,701.76 0.00 14,903,000.00 M-6 0.00 0.00 46,582.73 0.00 9,935,000.00 B-1A 0.00 0.00 32,610.26 0.00 6,955,000.00 B-1B 0.00 0.00 34,775.00 0.00 6,955,000.00 CE 0.00 0.00 2,821,932.38 0.00 8,445,016.93 P 0.00 0.00 1,241,815.47 0.00 100.00 R1 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 5,592,944.49 0.00 (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.
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 A-1 571,643,000.00 1.91500% 703.49461902 1.23492619 0.00000000 0.00000000 A-2A 37,604,000.00 1.93500% 708.90259520 1.25741597 0.00000000 0.00000000 A-2B 93,000,000.00 1.80500% 649.03356226 1.07388011 0.00000000 0.00000000 A-2C 19,127,000.00 2.07500% 1000.00000000 1.90208344 0.00000000 0.00000000 A-3 63,516,000.00 2.01500% 703.49461899 1.29941322 0.00000000 0.00000000 M-1 69,547,000.00 2.21500% 1000.00000000 2.03041670 0.00000000 0.00000000 M-2 57,128,000.00 2.86500% 1000.00000000 2.62625000 0.00000000 0.00000000 M-3 17,387,000.00 3.06500% 1000.00000000 2.80958360 0.00000000 0.00000000 M-4 17,387,000.00 3.41500% 1000.00000000 3.13041640 0.00000000 0.00000000 M-5 14,903,000.00 3.56500% 1000.00000000 3.26791653 0.00000000 0.00000000 M-6 9,935,000.00 5.11500% 1000.00000000 4.68874987 0.00000000 0.00000000 B-1A 6,955,000.00 5.11500% 1000.00000000 4.68875054 0.00000000 0.00000000 B-1B 6,955,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 CE 8,444,303.20 0.00000% 1000.08452207 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 1.23492619 0.00000000 635.49336880 A-2A 0.00000000 0.00000000 1.25741597 0.00000000 631.29466839 A-2B 0.00000000 0.00000000 1.07388011 0.00000000 555.46427172 A-2C 0.00000000 0.00000000 1.90208344 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 1.29941322 0.00000000 635.49336876 M-1 0.00000000 0.00000000 2.03041670 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.62625000 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.80958360 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.13041640 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.26791653 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.68874987 0.00000000 1000.00000000 B-1A 0.00000000 0.00000000 4.68875054 0.00000000 1000.00000000 B-1B 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 334.18179252 0.00000000 1000.08452207 P 0.00000000 0.00000000 12418154.70000000 0.00000000 1000.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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.
CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 59,600,584.51 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 278,474.87 Realized Loss (Gains, Subsequent Expenses & Recoveries) (112,779.42) Prepayment Penalties 1,241,815.47 Total Deposits 61,008,095.43 Withdrawals Reimbursement for Servicer Advances 273,198.01 Payment of Service Fee 330,034.35 Payment of Interest and Principal 60,404,863.07 Total Withdrawals (Pool Distribution Amount) 61,008,095.43 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 317,340.73 Credit Risk Manager Fee: The Murrayhill Company 9,520.22 Master Servicing Fee: Wells Fargo 3,173.40 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 330,034.35
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total 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 46 3 0 49 5,876,264.74 459,366.01 0.00 6,335,630.75 30 Days 128 4 14 0 146 16,334,957.11 488,853.53 2,516,638.24 0.00 19,340,448.88 60 Days 31 4 3 0 38 4,116,799.07 517,307.61 553,015.82 0.00 5,187,122.50 90 Days 1 2 28 0 31 151,524.87 287,502.35 4,383,906.28 0.00 4,822,933.50 120 Days 1 3 17 0 21 5,244.70 448,228.47 1,958,372.46 0.00 2,411,845.63 150 Days 0 3 6 0 9 0.00 315,892.76 988,658.88 0.00 1,304,551.64 180+ Days 0 13 29 7 49 0.00 1,330,204.79 2,686,353.91 919,926.39 4,936,485.09 Totals 161 75 100 7 343 20,608,525.75 9,264,254.25 13,546,311.60 919,926.39 44,339,017.99 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 0.929105% 0.060594% 0.000000% 0.989699% 0.830470% 0.064920% 0.000000% 0.895391% 30 Days 2.585336% 0.080792% 0.282771% 0.000000% 2.948899% 2.308558% 0.069088% 0.355667% 0.000000% 2.733313% 60 Days 0.626136% 0.080792% 0.060594% 0.000000% 0.767522% 0.581812% 0.073109% 0.078156% 0.000000% 0.733076% 90 Days 0.020198% 0.040396% 0.565542% 0.000000% 0.626136% 0.021414% 0.040632% 0.619561% 0.000000% 0.681607% 120 Days 0.020198% 0.060594% 0.343365% 0.000000% 0.424157% 0.000741% 0.063346% 0.276769% 0.000000% 0.340857% 150 Days 0.000000% 0.060594% 0.121188% 0.000000% 0.181781% 0.000000% 0.044644% 0.139723% 0.000000% 0.184367% 180+ Days 0.000000% 0.262573% 0.585740% 0.141386% 0.989699% 0.000000% 0.187993% 0.379652% 0.130010% 0.697655% Totals 3.251868% 1.514845% 2.019794% 0.141386% 6.927893% 2.912525% 1.309282% 1.914449% 0.130010% 6.266266%
Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp I, Sub Grp I 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 26 1 0 27 4,271,636.84 119,331.55 0.00 4,390,968.39 30 Days 76 2 11 0 89 11,332,423.70 253,637.60 1,842,966.45 0.00 13,429,027.75 60 Days 19 2 3 0 24 2,995,721.07 441,432.42 553,015.82 0.00 3,990,169.31 90 Days 0 1 18 0 19 0.00 64,364.83 3,296,809.35 0.00 3,361,174.18 120 Days 0 0 11 0 11 0.00 0.00 1,322,525.38 0.00 1,322,525.38 150 Days 0 2 4 0 6 0.00 309,756.44 623,955.67 0.00 933,712.11 180 Days 0 8 14 1 23 0.00 1,191,675.29 2,072,449.12 127,438.69 3,391,563.10 Totals 95 41 62 1 199 14,328,144.77 6,532,503.42 9,831,053.34 127,438.69 30,819,140.22 0-29 Days 1.066886% 0.041034% 0.000000% 1.107920% 1.072527% 0.029962% 0.000000% 1.102489% 30 Days 3.118588% 0.082068% 0.451375% 0.000000% 3.652031% 2.845357% 0.063684% 0.462734% 0.000000% 3.371774% 60 Days 0.779647% 0.082068% 0.123102% 0.000000% 0.984817% 0.752169% 0.110835% 0.138852% 0.000000% 1.001856% 90 Days 0.000000% 0.041034% 0.738613% 0.000000% 0.779647% 0.000000% 0.016161% 0.827766% 0.000000% 0.843927% 120 Days 0.000000% 0.000000% 0.451375% 0.000000% 0.451375% 0.000000% 0.000000% 0.332061% 0.000000% 0.332061% 150 Days 0.000000% 0.082068% 0.164136% 0.000000% 0.246204% 0.000000% 0.077774% 0.156663% 0.000000% 0.234437% 180 Days 0.000000% 0.328272% 0.574477% 0.041034% 0.943783% 0.000000% 0.299207% 0.520353% 0.031997% 0.851557% Totals 3.898236% 1.682396% 2.544112% 0.041034% 8.165778% 3.597526% 1.640188% 2.468391% 0.031997% 7.738102%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp I, Sub Grp II 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 16 2 0 18 814,000.07 340,034.46 0.00 1,154,034.53 30 Days 42 2 2 0 46 3,198,918.15 235,215.93 178,313.99 0.00 3,612,448.07 60 Days 9 1 0 0 10 639,103.25 6,650.12 0.00 0.00 645,753.37 90 Days 1 1 6 0 8 151,524.87 223,137.52 301,487.81 0.00 676,150.20 120 Days 1 1 4 0 6 5,244.70 31,660.95 256,218.56 0.00 293,124.21 150 Days 0 1 2 0 3 0.00 6,136.32 364,703.21 0.00 370,839.53 180 Days 0 3 14 4 21 0.00 34,669.14 604,498.21 313,599.70 952,767.05 Totals 53 25 30 4 112 3,994,790.97 1,351,470.05 2,045,256.24 313,599.70 7,705,116.96 0-29 Days 0.788177% 0.098522% 0.000000% 0.886700% 0.465547% 0.194474% 0.000000% 0.660021% 30 Days 2.068966% 0.098522% 0.098522% 0.000000% 2.266010% 1.829540% 0.134526% 0.101982% 0.000000% 2.066048% 60 Days 0.443350% 0.049261% 0.000000% 0.000000% 0.492611% 0.365519% 0.003803% 0.000000% 0.000000% 0.369322% 90 Days 0.049261% 0.049261% 0.295567% 0.000000% 0.394089% 0.086661% 0.127618% 0.172428% 0.000000% 0.386707% 120 Days 0.049261% 0.049261% 0.197044% 0.000000% 0.295567% 0.003000% 0.018108% 0.146538% 0.000000% 0.167645% 150 Days 0.000000% 0.049261% 0.098522% 0.000000% 0.147783% 0.000000% 0.003510% 0.208583% 0.000000% 0.212092% 180 Days 0.000000% 0.147783% 0.689655% 0.197044% 1.034483% 0.000000% 0.019828% 0.345727% 0.179355% 0.544911% Totals 2.610837% 1.231527% 1.477833% 0.197044% 5.517241% 2.284720% 0.772939% 1.169733% 0.179355% 4.406747%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp II, Sub Grp I 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 2 0 0 2 743,247.28 0.00 0.00 743,247.28 30 Days 5 0 1 0 6 1,618,480.10 0.00 495,357.80 0.00 2,113,837.90 60 Days 1 0 0 0 1 397,576.68 0.00 0.00 0.00 397,576.68 90 Days 0 0 2 0 2 0.00 0.00 743,159.81 0.00 743,159.81 120 Days 0 1 1 0 2 0.00 333,352.81 355,575.51 0.00 688,928.32 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 1 1 0.00 0.00 0.00 399,213.69 399,213.69 Totals 6 3 4 1 14 2,016,056.78 1,076,600.09 1,594,093.12 399,213.69 5,085,963.68 0-29 Days 0.862069% 0.000000% 0.000000% 0.862069% 0.816613% 0.000000% 0.000000% 0.816613% 30 Days 2.155172% 0.000000% 0.431034% 0.000000% 2.586207% 1.778239% 0.000000% 0.544254% 0.000000% 2.322493% 60 Days 0.431034% 0.000000% 0.000000% 0.000000% 0.431034% 0.436821% 0.000000% 0.000000% 0.000000% 0.436821% 90 Days 0.000000% 0.000000% 0.862069% 0.000000% 0.862069% 0.000000% 0.000000% 0.816517% 0.000000% 0.816517% 120 Days 0.000000% 0.431034% 0.431034% 0.000000% 0.862069% 0.000000% 0.366258% 0.390674% 0.000000% 0.756932% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.431034% 0.431034% 0.000000% 0.000000% 0.000000% 0.438620% 0.438620% Totals 2.586207% 1.293103% 1.724138% 0.431034% 6.034483% 2.215060% 1.182871% 1.751445% 0.438620% 5.587996%
DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp II, Sub Grp II 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 2 0 0 2 47,380.55 0.00 0.00 47,380.55 30 Days 5 0 0 0 5 185,135.16 0.00 0.00 0.00 185,135.16 60 Days 2 1 0 0 3 84,398.07 69,225.07 0.00 0.00 153,623.14 90 Days 0 0 2 0 2 0.00 0.00 42,449.31 0.00 42,449.31 120 Days 0 1 1 0 2 0.00 83,214.71 24,053.01 0.00 107,267.72 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 2 1 1 4 0.00 103,860.36 9,406.58 79,674.31 192,941.25 Totals 7 6 4 1 18 269,533.23 303,680.69 75,908.90 79,674.31 728,797.13 0-29 Days 0.793651% 0.000000% 0.000000% 0.793651% 0.109069% 0.000000% 0.000000% 0.109069% 30 Days 1.984127% 0.000000% 0.000000% 0.000000% 1.984127% 0.426177% 0.000000% 0.000000% 0.000000% 0.426177% 60 Days 0.793651% 0.396825% 0.000000% 0.000000% 1.190476% 0.194283% 0.159355% 0.000000% 0.000000% 0.353637% 90 Days 0.000000% 0.000000% 0.793651% 0.000000% 0.793651% 0.000000% 0.000000% 0.097717% 0.000000% 0.097717% 120 Days 0.000000% 0.396825% 0.396825% 0.000000% 0.793651% 0.000000% 0.191558% 0.055370% 0.000000% 0.246928% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.793651% 0.396825% 0.396825% 1.587302% 0.000000% 0.239084% 0.021654% 0.183409% 0.444147% Totals 2.777778% 2.380952% 1.587302% 0.396825% 7.142857% 0.620460% 0.699066% 0.174741% 0.183409% 1.677675%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 278,474.87
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.553305% Weighted Average Net Coupon 7.053305% Weighted Average Pass-Through Rate 7.033305% Weighted Average Maturity(Stepdown Calculation ) 336 Beginning Scheduled Collateral Loan Count 5,318 Number Of Loans Paid In Full 367 Ending Scheduled Collateral Loan Count 4,951 Beginning Scheduled Collateral Balance 761,617,750.12 Ending Scheduled Collateral Balance 706,805,831.54 Ending Actual Collateral Balance at 31-Aug-2004 707,582,737.68 Monthly P &I Constant 5,526,722.78 Special Servicing Fee 0.00 Prepayment Penalties 1,241,815.47 Realized Loss Amount 112,779.42 Cumulative Realized Loss 277,862.25 Ending Scheduled Balance for Premium Loans 706,805,831.54 Scheduled Principal 732,716.03 Unscheduled Principal 54,079,202.55 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 112,779.42 Overcollateralized reduction Amount 0.00 Specified O/C Amount 8,445,016.93 Overcollateralized Amount 8,445,016.93 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 112,779.42 Excess Cash Amount 0.00
Group Level Collateral Statement Group Grp I, Sub Grp I Grp I, Sub Grp II Grp II, Sub Grp I Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.531002 7.920700 6.974916 Weighted Average Net Rate 7.031002 7.420700 6.474916 Weighted Average Maturity 347 305 347 Beginning Loan Count 2,625 2,167 254 Loans Paid In Full 188 137 22 Ending Loan Count 2,437 2,030 232 Beginning Scheduled Balance 430,314,293.74 185,366,370.09 99,543,539.19 Ending scheduled Balance 397,890,099.36 174,607,184.44 90,921,344.63 Record Date 08/31/2004 08/31/2004 08/31/2004 Principal And Interest Constant 3,054,693.40 1,465,171.09 664,615.24 Scheduled Principal 354,111.81 241,644.96 86,025.42 Unscheduled Principal 32,070,082.57 10,517,540.69 8,536,169.14 Scheduled Interest 2,700,581.59 1,223,526.13 578,589.82 Servicing Fees 179,297.61 77,236.00 41,476.48 Master Servicing Fees 1,792.98 772.36 414.75 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 5,378.93 2,317.07 1,244.29 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 2,514,112.07 1,143,200.70 535,454.30 Realized Loss Amount 0.00 80,643.75 0.00 Cumulative Realized Loss 46,484.96 163,446.42 0.00 Percentage of Cumulative Losses 0.0082 0.0695 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.011002 7.400700 6.454916
Group Level Collateral Statement Group Grp II, Sub Grp II Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.534907 7.553305 Weighted Average Net Rate 7.034907 7.053305 Weighted Average Maturity 323 336 Beginning Loan Count 272 5,318 Loans Paid In Full 20 367 Ending Loan Count 252 4,951 Beginning Scheduled Balance 46,393,547.10 761,617,750.12 Ending scheduled Balance 43,387,203.11 706,805,831.54 Record Date 08/31/2004 08/31/2004 Principal And Interest Constant 342,243.05 5,526,722.78 Scheduled Principal 50,933.84 732,716.03 Unscheduled Principal 2,955,410.15 54,079,202.55 Scheduled Interest 291,309.21 4,794,006.75 Servicing Fees 19,330.64 317,340.73 Master Servicing Fees 193.31 3,173.40 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 579.93 9,520.22 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 271,205.33 4,463,972.40 Realized Loss Amount 32,135.67 112,779.42 Cumulative Realized Loss 67,930.87 277,862.25 Percentage of Cumulative Losses 0.1214 0.0280 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 7.014907 7.033305