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):  August 25, 2004
                          (Date of earliest event reported)

                      Accredited Home Capital,Inc.(as Seller, under the
           Indenture dated as February 1,2004 providing for the issuance of
                               Mortgage Loan Trust 2004-1
                (Exact name of Registrant as specified in its Charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-109964-02                             33-0426859
          (Commission File Number)        (I.R.S. Employer Identification No.)


          15030 Avenue of Science
          San Diego, Californis                         92128
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (858) 676-2100

            (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(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] 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

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     August 25, 2004.

                                    Signatures

               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.


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Indenture Agreement on behalf of
                                  Accredited Home Capital Inc.,Registrant


          Date:  Aug 26, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of August 25, 2004.


			

	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	August 25, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				20
			11.	Realized Loss Detail Report				23
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24
				Total Number of Pages				24
			CONTACTS
				Administrator: Eiko Akiyama
				Direct Phone Number: (714)247-6328
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:		Accredited Home Capital Inc.					Cut-Off Date: January 31, 2004
	Certificate Insurer(s):							Closing Date: February 19, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Accredited Home Lenders Master Servicer
			Countrywide Home Loans, Inc. Back-Up Servicer
								Distribution Date: August 25, 2004
	Underwriter(s):		Morgan Stanley Lead Underwriter					Record Date: August 24, 2004
			CS First Boston Underwriter
			Goldman, Sachs & Co. Underwriter
			Lehman Brothers Underwriter
						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Trust Fund Series 2004-1
	Certificate Payment Report for August 25, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1	STEP, FLT	250,121,000.00			233,829,424.09	341,001.24	6,015,141.23	6,356,142.47	-	-	227,814,282.86
A-2	STEP, FLT	254,879,000.00			235,181,693.48	342,973.30	7,063,196.70	7,406,170.00	-	-	228,118,496.78
TRUST		-			-	-	-	-	-	-	-
Total		505,000,000.00			469,011,117.58	683,974.54	13,078,337.93	13,762,312.47	-	-	455,932,779.65
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1	07/26/04	08/24/04		A-Act/360	004375AU5	250,121,000.00	934.865222	1.363345	24.048925	25.412270	910.816296
A-2	07/26/04	08/24/04		A-Act/360	004375AV3	254,879,000.00	922.718990	1.345632	27.711960	29.057592	895.007030
TRUST				F-30/360		-	-	-	-	-	-
							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Trust Fund Series 2004-1
	Certificate Payment Report for August 25, 2004 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	250,121,000.00		1,883,735.85		21,136,636.06	1,170,081.08	22,306,717.14	24,190,452.99	-	-	227,814,282.86
A-2	254,879,000.00		1,909,848.08		25,564,350.80	1,196,152.42	26,760,503.22	28,670,351.30	-	-	228,118,496.78
TRUST	-		-		-	-	-	-	-	-	-
Total	505,000,000.00		3,793,583.93		46,700,986.85	2,366,233.50	49,067,220.36	52,860,804.29	-	-	455,932,779.65
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	1.75000%	233,829,424.09			341,001.24	-	-	-	341,001.24	341,001.24	-
A-2	1.75000%	235,181,693.48			342,973.30	-	-	-	342,973.30	342,973.30	-
TRUST		-			-	-	-	-	-	-	-
Total		469,011,117.58			683,974.54	-	-	-	683,974.54	683,974.54	-
							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for August 25, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP 2	GROUP 1	TOTAL
	Principal Collections					6,038,800.12	5,024,988.18	11,063,788.30
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL PRINCIPAL					6,038,800.12	5,024,988.18	11,063,788.30
	Interest Collections					1,434,328.57	1,398,485.88	2,832,814.45
	Interest Withdrawals					(66,958.69)	(67,331.59)	(134,290.28)
	Interest Other Accounts					0.00	0.00	0.00
	TOTAL INTEREST					1,367,369.88	1,331,154.29	2,698,524.17
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					7,406,170.00	6,356,142.47	13,762,312.47
	Interest Payable to Bondholders					1,367,369.88	1,331,154.29	2,698,524.17
	Principal Payment Amount Payable to Bondholders					6,038,800.12	5,024,988.18	11,063,788.30
PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Principal					193,971.63	191,363.83	385,335.46
	Curtailments					20,881.22	14,054.04	34,935.26
	Prepayments in Full					5,823,947.27	4,819,570.31	10,643,517.58
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(152,028.55)	(151,182.43)	(303,210.98)
	Realized Losses					0.00	0.00	0.00
	Principal Recovered					0.00	0.00	0.00
	Substitution Shortfall Principal					0.00	0.00	0.00
	Proceeds due to calling the Notes					0.00	0.00	0.00
	Proceeds due to the termination of the trust					0.00	0.00	0.00
	Principal Advanced					152,028.55	151,182.43	303,210.98
	TOTAL PRINCIPAL					6,038,800.12	5,024,988.18	11,063,788.30
				Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for August 25, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Pre-funding Release Amount					0.00	0.00	0.00
	Insured Principal Payment					0.00	0.00	0.00
	TOTAL PRINCIPAL OTHER ACCOUNTS					0.00	0.00	0.00
INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL
	Scheduled Interest					1,380,900.72	1,367,263.30	2,748,164.02
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Prepayment Interest Shortfalls					(3,465.64)	(4,164.21)	(7,629.85)
	Delinquent Interest					(1,052,673.43)	(1,038,554.33)	(2,091,227.76)
	Realized Losses					0.00	0.00	0.00
	Compensating Interest					3,465.64	4,164.21	7,629.85
	Civil Relief Act Shortfalls					0.00	0.00	0.00
	Substitution Shortfall Interest					0.00	0.00	0.00
	Prepayment Premiums					129,366.33	106,148.03	235,514.36
	Loan Adjustments					0.00	0.00	0.00
	Interest Advanced					976,734.95	963,628.88	1,940,363.83
	TOTAL INTEREST					1,434,328.57	1,398,485.88	2,832,814.45
				Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for August 25, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Capitalized Interest					0.00	0.00	0.00
	Insured Interest Payment					0.00	0.00	0.00
	TOTAL INTEREST OTHER ACCOUNT					0.00	0.00	0.00
INTEREST - FEES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					24,155.38	24,590.38	48,745.76
	Indenture Trustee Fees					981.59	975.26	1,956.84
	Indenture Trustee Indemnification Amounts Due					0.00	0.00	0.00
	Insurance Premiums					41,821.72	41,765.95	83,587.68
	Amounts due and owing to the Owner Trustee					0.00	0.00	0.00
	Amounts due to the Master Servicer					0.00	0.00	0.00
	TOTAL INTEREST FEES					66,958.69	67,331.59	134,290.28
				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Credit Enhancement Report for August 25, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS						GROUP 2	GROUP 1	TOTAL
	Beginning Reserve Account Balance					0.00	0.00	0.00
	PLUS: Deposits to the Reserve Account					0.00	0.00	0.00
	LESS: Withdrawls to pay Class Shortfalls					0.00	0.00	0.00
	LESS: Withdrawls to pay Net WAC Carryover					0.00	0.00	0.00
	LESS: Reserve Account Release Amount					0.00	0.00	0.00
	Ending Reserve Account Balance					0.00	0.00	0.00
INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL
	Specified Over-collateralization Amount					6,881,786.26	6,753,272.47	13,635,058.73
	Over-collateralization Amount					6,231,144.52	5,998,749.75	12,229,894.26
	Over-collateralization Increase Amount					1,024,396.58	990,153.05	2,014,549.63
				Page 7 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for August 25, 2004 Distribution
	Collateral Report
COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	Original					1606	1674	3280
	Prior					1,532	1,616	3,148
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(34)	(26)	(60)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,498	1,590	3,088
	Principal Balance:
	Original					254,880,972.53	250,121,202.65	505,002,175.18
	Prior					240,388,441.41	238,838,020.80	479,226,462.21
	Prefunding					-	-	-
	Scheduled Principal					(193,971.63)	(191,363.83)	(385,335.46)
	Partial and Full Voluntary Prepayments					(5,844,828.49)	(4,833,624.35)	(10,678,452.84)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					234,349,641.30	233,813,032.61	468,162,673.91
PREFUNDING						GROUP 2	GROUP 1	TOTAL
	Pre-Funding Amount Beginning Balance					0.00	0.00	0.00
	Pre-Funding Loans Purchased					0.00	0.00	0.00
	Pre-Funding Release Amounts					0.00	0.00	0.00
	Pre-Funding Amount Ending Balance					0.00	0.00	0.00
	Capitalized Interest Account Beginning Balance							0.00
	Interest Earnings							0.00
	Amounts withdrawn to support certificates							0.00
	Amounts Released to Sponsor							0.00
	Capitalized Interest Account Ending Balance							0.00
	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for August 25, 2004 Distribution
	Collateral Report
CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Coupon Original					6.792163%	6.870778%	6.831100%
	Weighted Average Coupon Prior					6.901065%	6.865605%	6.883376%
	Weighted Average Coupon Current					6.893347%	6.869576%	6.881500%
	Weighted Average Months to Maturity Original					352	353	352
	Weighted Average Months to Maturity Prior					348	349	348
	Weighted Average Months to Maturity Current					347	348	347
	Weighted Avg Remaining Amortization Term Original					353	354	353
	Weighted Avg Remaining Amortization Term Prior					348	350	349
	Weighted Avg Remaining Amortization Term Current					347	348	348
	Weighted Average Seasoning Original					1.95	2.04	1.99
	Weighted Average Seasoning Prior					5.94	6.03	5.99
	Weighted Average Seasoning Current					6.93	7.03	6.98
Note: Original information refers to deal issue.
	Group 1
	Group 2
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for August 25, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL
	Weighted Average Margin Original					3.684%	4.186%
	Weighted Average Margin Prior					3.645%	4.185%
	Weighted Average Margin Current					3.636%	4.180%
	Weighted Average Max Rate Original					9.175%	10.562%
	Weighted Average Max Rate Prior					9.096%	10.565%
	Weighted Average Max Rate Current					9.080%	10.552%
	Weighted Average Min Rate Original					4.559%	5.206%
	Weighted Average Min Rate Prior					4.512%	5.205%
	Weighted Average Min Rate Current					4.503%	5.199%
	Weighted Average Cap Up Original					0.988%	1.147%
	Weighted Average Cap Up Prior					0.982%	1.148%
	Weighted Average Cap Up Current					0.980%	1.146%
	Weighted Average Cap Down Original					0.988%	1.147%
	Weighted Average Cap Down Prior					0.982%	1.148%
	Weighted Average Cap Down Current					0.980%	1.146%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL
	Current Servicing Fees					24,155.38	24,590.38	48,745.76
	Delinquent Servicing Fees					75,938.49	74,925.46	150,863.95
	TOTAL SERVICING FEES					100,093.87	99,515.84	199,609.71
	Total Servicing Fees					100,093.87	99,515.84	199,609.71
	Compensating Interest					(3,465.64)	(4,164.21)	(7,629.85)
	Delinquent Servicing Fees					(75,938.49)	(74,925.46)	(150,863.95)
	COLLECTED SERVICING FEES					20,689.74	20,426.17	41,115.91
	Current PPIS					(3,465.64)	(4,164.21)	(7,629.85)
	Compensating Interesst					3,465.64	4,164.21	7,629.85
	CURRENT NET PPIS					0.00	0.00	0.00
	Total Advanced Principal For Current Payment Date					152,028.55	151,182.43	303,210.98
	Total Advanced Interest For Current Payment Date					976,734.95	963,628.88	1,940,363.83
	TOTAL ADVANCES FOR CURRENT PERIOD					1,128,763.50	1,114,811.31	2,243,574.81
ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL
	Current Month's LIBOR							1.450000%
				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Delinquency Report for August 25, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,223,048.54	-	-	1,223,048.54
		% Balance			0.26%	0.00%	0.00%	0.26%
		# Loans			11	-	-	11
		% # Loans			0.36%	0.00%	0.00%	0.36%
FORECLOSURE		Balance		-	-	-	729,312.03	729,312.03
		% Balance		0.00%	0.00%	0.00%	0.16%	0.16%
		# Loans		-	-	-	4	4
		% # Loans		0.00%	0.00%	0.00%	0.13%	0.13%
BANKRUPTCY		Balance		-	-	-	91,288.79	91,288.79
		% Balance		0.00%	0.00%	0.00%	0.02%	0.02%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.03%	0.03%
REO		Balance		-	-	-	163,173.86	163,173.86
		% Balance		0.00%	0.00%	0.00%	0.03%	0.03%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.03%	0.03%
TOTAL		Balance		-	1,223,048.54	-	983,774.68	2,206,823.22
		% Balance		0.00%	0.26%	0.00%	0.21%	0.47%
		# Loans		-	11	-	6	17
		% # Loans		0.00%	0.36%	0.00%	0.19%	0.55%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Delinquency Report for August 25, 2004 Distribution
	Delinquency Report - Group 1 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			537,454.44	-	-	537,454.44
		% Balance			0.23%	0.00%	0.00%	0.23%
		# Loans			5	-	-	5
		% # Loans			0.31%	0.00%	0.00%	0.31%
FORECLOSURE		Balance		-	-	-	498,541.89	498,541.89
		% Balance		0.00%	0.00%	0.00%	0.21%	0.21%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.19%	0.19%
BANKRUPTCY		Balance		-	-	-	91,288.79	91,288.79
		% Balance		0.00%	0.00%	0.00%	0.04%	0.04%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.06%	0.06%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-	537,454.44	-	589,830.68	1,127,285.12
		% Balance		0.00%	0.23%	0.00%	0.25%	0.48%
		# Loans		-	5	-	4	9
		% # Loans		0.00%	0.31%	0.00%	0.25%	0.57%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Delinquency Report for August 25, 2004 Distribution
	Delinquency Report - Group 2 Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			685,594.10	-	-	685,594.10
		% Balance			0.29%	0.00%	0.00%	0.29%
		# Loans			6	-	-	6
		% # Loans			0.40%	0.00%	0.00%	0.40%
FORECLOSURE		Balance		-	-	-	230,770.14	230,770.14
		% Balance		0.00%	0.00%	0.00%	0.10%	0.10%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.07%	0.07%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	163,173.86	163,173.86
		% Balance		0.00%	0.00%	0.00%	0.07%	0.07%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.07%	0.07%
TOTAL		Balance		-	685,594.10	-	393,944.00	1,079,538.10
		% Balance		0.00%	0.29%	0.00%	0.17%	0.46%
		# Loans		-	6	-	2	8
		% # Loans		0.00%	0.40%	0.00%	0.13%	0.53%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	REO Report for August 25, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 1				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 164,000.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 163,173.86
REO Book Value = Not Available
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
310235057 2		164,000.00	163,173.86	Jan-01-04	0.000%	TX - 80.00%	360	Nov-14-03
				Page 14 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for August 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Paid in Full Loans					34	26	60
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					34	26	60
	Paid in Full Balance					5,823,947.27	4,819,570.31	10,643,517.58
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					20,881.22	14,054.04	34,935.26
	Total Prepayment Amount					5,844,828.49	4,833,624.35	10,678,452.84
	Cumulative
	Number of Paid in Full Loans					108	84	192
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					108	84	192
	Paid in Full Balance					19,218,257.77	15,054,739.78	34,272,997.55
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					116,921.06	83,349.18	200,270.24
	Total Prepayment Amount					19,335,178.83	15,138,088.96	34,473,267.79
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 15 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for August 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL
	SMM					2.43%	2.03%	2.23%
	3 Months Avg SMM					1.91%	1.55%	1.73%
	12 Months Avg SMM
	Avg SMM Since Cut-off					1.31%	1.04%	1.18%
	CPR					25.59%	21.77%	23.71%
	3 Months Avg CPR					20.66%	17.12%	18.92%
	12 Months Avg CPR
	Avg CPR Since Cut-off					14.65%	11.78%	13.23%
	PSA					1846.37%	1549.31%	1698.84%
	3 Months Avg PSA Approximation					1739.72%	1419.83%	1580.75%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1648.59%	1299.47%	1474.53%
	Group 1
	Group 2
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for August 25, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
	Group 1
	Group 2
CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
				Page 17 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Detail Report for August 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 60						Loan Group 1 = Group 1
Total Original Principal Balance = 10,694,891.80						Loan Group 2 = Group 2
Total Prepayment Amount = 10,643,517.58
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
308016045 1			113,600.00	112,968.05	Jul-28-04	7.250%	NV - 80.00%	Paid Off - 360	Nov-21-03
309237300 1			210,000.00	208,991.64	Aug-11-04	7.990%	NJ - 65.63%	Paid Off - 360	Nov-24-03
310167561 1			226,800.00	224,915.52	Aug-03-04	6.500%	CA - 90.00%	Paid Off - 360	Nov-19-03
310167712 1			133,200.00	132,349.54	Jul-26-04	6.600%	MD - 90.00%	Paid Off - 360	Nov-21-03
310211256 1			256,800.00	255,300.16	Jul-22-04	6.999%	MD - 80.00%	Paid Off - 360	Nov-26-03
310223133 1			94,000.00	93,472.99	Jul-26-04	7.250%	CA - 55.95%	Paid Off - 360	Nov-17-03
310299666 1			259,168.00	257,675.69	Aug-13-04	6.625%	CA - 80.00%	Paid Off - 360	Dec-12-03
310301555 1			111,200.00	110,575.50	Jul-28-04	7.200%	MA - 80.00%	Paid Off - 360	Nov-25-03
311044507 1			157,520.00	157,433.13	Aug-13-04	6.625%	CA - 80.00%	Paid Off - 360	Nov-21-03
311067264 1			148,500.00	147,713.71	Jul-28-04	7.499%	CA - 90.00%	Paid Off - 360	Dec-01-03
311078886 1			101,250.00	100,605.04	Jul-20-04	7.250%	VA - 75.00%	Paid Off - 360	Nov-26-03
311112054 1			158,400.00	157,521.49	Jul-16-04	7.500%	CA - 80.00%	Paid Off - 360	Nov-21-03
311145663 1			252,800.00	252,789.71	Aug-06-04	5.990%	CA - 80.00%	Paid Off - 360	Dec-05-03
311146043 1			232,000.00	230,677.93	Aug-03-04	7.125%	NV - 80.00%	Paid Off - 360	Nov-26-03
311212563 1			185,600.00	184,549.33	Jul-30-04	7.159%	CO - 80.00%	Paid Off - 360	Nov-26-03
311213485 1			193,200.00	192,216.10	Aug-05-04	7.250%	WA - 80.00%	Paid Off - 360	Dec-05-03
311286940 1			174,600.00	173,810.27	Jul-20-04	7.500%	CT - 72.75%	Paid Off - 360	Dec-23-03
312017894 1			190,000.00	188,928.53	Jul-27-04	6.670%	CA - 88.37%	Paid Off - 360	Dec-31-03
312028590 1			202,400.00	201,232.57	Jul-16-04	6.250%	CA - 80.00%	Paid Off - 360	Dec-19-03
312039705 1			208,000.00	207,011.60	Jul-20-04	7.250%	CA - 80.00%	Paid Off - 360	Dec-31-03
312095193 1			103,000.00	102,577.51	Jul-22-04	7.990%	AZ - 65.61%	Paid Off - 360	Jan-05-04
401059610 1			295,800.00	294,448.39	Jul-16-04	6.500%	OH - 85.00%	Paid Off - 360	Jan-16-04
401094777 1			165,750.00	164,886.28	Aug-12-04	7.600%	NJ - 65.00%	Paid Off - 360	Jan-30-04
401094853 1			140,000.00	140,000.01	Aug-10-04	5.990%	NV - 80.00%	Paid Off - 360	Jan-23-04
401225707 1			300,000.00	298,418.82	Aug-04-04	5.750%	NJ - 75.00%	Paid Off - 360	Jan-30-04
401267509 1			229,500.00	228,500.81	Aug-05-04	6.750%	MI - 85.00%	Paid Off - 360	Jan-30-04
309303228 2			118,800.00	118,373.70	Aug-02-04	8.650%	OR - 90.00%	Paid Off - 360	Dec-22-03
310089883 2			80,000.00	79,576.47	Aug-09-04	7.500%	NJ - 40.00%	Paid Off - 360	Nov-10-03
310090695 2			104,000.00	103,319.29	Aug-11-04	7.250%	CA - 80.00%	Paid Off - 360	Nov-10-03
310145532 2			162,000.00	160,922.82	Aug-13-04	6.875%	CA - 73.64%	Paid Off - 360	Nov-26-03
310168080 2			283,896.00	282,120.43	Aug-10-04	6.990%	CA - 80.00%	Paid Off - 360	Nov-21-03
310179759 2			137,592.00	136,772.91	Aug-06-04	6.990%	NV - 80.00%	Paid Off - 360	Nov-19-03
310289127 2			315,000.00	313,490.26	Aug-13-04	7.999%	CA - 90.00%	Paid Off - 360	Nov-24-03
310289334 2			94,250.00	93,751.09	Jul-20-04	7.500%	AZ - 62.83%	Paid Off - 360	Nov-10-03
311044950 2			233,750.00	232,572.01	Aug-05-04	6.950%	CA - 85.00%	Paid Off - 360	Dec-17-03
311066929 2			142,500.00	142,046.56	Aug-03-04	9.990%	NJ - 75.00%	Paid Off - 360	Nov-24-03
311068050 2			96,500.00	96,083.48	Aug-02-04	9.259%	OR - 56.10%	Paid Off - 360	Dec-31-03
311078673 2			324,000.00	322,286.63	Jul-19-04	7.599%	IL - 87.57%	Paid Off - 360	Nov-21-03
311111086 2			200,000.00	198,829.82	Aug-09-04	6.990%	MO - 80.00%	Paid Off - 360	Nov-25-03
311111824 2			344,000.00	344,000.00	Jul-21-04	6.375%	CA - 80.00%	Paid Off - 360	Dec-02-03
311122542 2			178,000.00	177,269.82	Jul-30-04	7.990%	CT - 77.06%	Paid Off - 360	Dec-15-03
311134258 2			350,400.00	348,199.77	Jul-29-04	6.625%	MD - 80.00%	Paid Off - 360	Nov-26-03
311134288 2			166,500.00	165,155.81	Aug-04-04	6.750%	NM - 88.56%	Paid Off - 360	Dec-02-03
311145876 2			102,500.00	101,927.41	Jul-28-04	7.750%	FL - 74.82%	Paid Off - 360	Nov-26-03
					Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Detail Report for August 25, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date
311177004 2			126,750.00	126,101.85	Jul-29-04	6.875%	CT - 65.00%	Paid Off - 360	Dec-05-03
311188782 2			166,400.00	165,567.95	Jul-16-04	6.990%	AZ - 80.00%	Paid Off - 360	Dec-18-03
311243916 2			113,600.00	112,880.52	Jul-28-04	6.990%	ME - 80.00%	Paid Off - 360	Dec-18-03
311255060 2			53,550.00	53,400.18	Aug-05-04	9.850%	OH - 85.00%	Paid Off - 360	Dec-12-03
312018333 2			63,000.00	62,728.28	Jul-19-04	6.799%	FL - 61.17%	Paid Off - 360	Jan-20-04
312018357 2			92,000.00	91,456.99	Aug-03-04	6.750%	CA - 80.00%	Paid Off - 360	Jan-22-04
312029069 2			50,000.00	49,846.37	Jul-29-04	8.500%	IA - 66.67%	Paid Off - 360	Jan-09-04
312039758 2			100,000.00	99,736.01	Jul-30-04	10.125%	CA - 48.78%	Paid Off - 360	Dec-17-03
312116461 2			96,000.80	95,521.56	Jul-29-04	6.999%	MO - 80.00%	Paid Off - 360	Dec-29-03
312127794 2			364,000.00	362,179.91	Aug-10-04	6.990%	CA - 80.00%	Paid Off - 360	Dec-24-03
312171525 2			185,500.00	184,930.07	Jul-21-04	8.500%	MA - 70.00%	Paid Off - 360	Jan-09-04
312181937 2			433,000.00	430,535.57	Jul-29-04	6.750%	MD - 72.77%	Paid Off - 360	Jan-05-04
312193290 2			90,400.00	90,024.30	Jul-26-04	6.999%	CA - 89.50%	Paid Off - 360	Jan-28-04
401071924 2			169,500.00	169,017.79	Jul-30-04	8.875%	CA - 75.00%	Paid Off - 360	Jan-16-04
401094796 2			170,000.00	169,422.01	Jul-30-04	8.000%	NJ - 74.89%	Paid Off - 360	Jan-26-04
402023649 2			144,415.00	143,899.65	Aug-02-04	7.759%	WI - 85.00%	Paid Off - 360	Feb-09-04
					Page 19 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for August 25, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL
	Current
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Cumulative
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
	Group 1						3 Months Moving Average
	Group 2
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 20 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for August 25, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL
	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%
	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.00%	0.00%	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%
	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
	Group 1
	Group 2
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 21 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for August 25, 2004 Distribution
	Realized Loss Report - Collateral
	Group 1
	Group 2
CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.
				Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Detail Report for August 25, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Triggers, Adj. Rate Cert. and Miscellaneous Report for August 25, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL
	Has the Step Down Requirement been satisfied							No
	Has the Step Up Test Event occured?							No
	Has the Clean Up Call Date been reached?					No	No	No
ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank