-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H3XDhzbk8PwjAPJeM5b+7WDIDzM+tXgtEwtDLZ77kPaOUZVVP0djUkQN7xF7uDUi v1WBhJMdaogpWXNJTcIgog== 0001056404-04-003496.txt : 20041021 0001056404-04-003496.hdr.sgml : 20041021 20041021104707 ACCESSION NUMBER: 0001056404-04-003496 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040525 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041021 DATE AS OF CHANGE: 20041021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRUCTURED ASSET SEC CORP MORT PASS THR CERTS SER 2004-FFA CENTRAL INDEX KEY: 0001282480 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-106925-27 FILM NUMBER: 041088910 BUSINESS ADDRESS: STREET 1: 101 HUDSON ST STREET 2: 33RD FLOOR CITY: JERSEY CITY STATE: NJ ZIP: 07032 BUSINESS PHONE: 2015242320 8-K/A 1 ffm04ffa_may.txt MAY 8-K/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 25, 2004 FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FFA Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-106925-27 54-2147308 Pooling and Servicing Agreement) (Commission 54-2147309 (State or other File Number) 54-2147310 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 Subsequent to filing the 8-K relating to the payment date on May 25, 2004, a revision was made to the FIRST FRANKLIN MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2004-FFA which was not included in the original 8-K filed. The 8-K is being amended because the Murray Hill Reports (not originally attached) needed to be attached. This revision was not previously disclosed in a 1934 Act filing. The revised data has been and will continue to be available on the Wells Fargo Bank, N.A. as Securities Administrator, website at www.ctslink.com. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FFA Trust, relating to the May 25, 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. FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FFA 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: 9/9/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FFA Trust, relating to the May 25, 2004 distribution. EX-99.1
First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 4/30/2004 Distribution Date: 5/25/2004 FFM Series: 2004-FFA 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-SIO 32027NFP1 SEN 0.45000% 0.00 160,180.05 0.00 A-1 32027NFM8 SEN 1.30000% 389,603,198.57 408,001.13 10,629,320.50 A-2 32027NFN6 SEN 4.60000% 47,032,000.00 180,289.33 0.00 M1A 32027NFQ9 SEN 1.64000% 17,984,000.00 23,758.86 0.00 M1-F 32027NFR7 SEN 4.43800% 17,984,000.00 66,510.83 0.00 M2-A 32027NFS5 SEN 2.20000% 16,158,000.00 28,635.57 0.00 M2-F 32027NFT3 SEN 4.61700% 16,158,000.00 62,167.91 0.00 M3-A 32027NFU0 SEN 2.65000% 9,835,000.00 20,994.99 0.00 M3-F 32027NFV8 SEN 4.88800% 9,835,000.00 40,061.23 0.00 M4 32027NFW6 SEN 2.80000% 7,025,000.00 15,845.28 0.00 M5 32027NFX4 SEN 5.00000% 8,430,000.00 35,125.00 0.00 M6 32027NFY2 SEN 5.00000% 10,397,000.00 43,320.83 0.00 R1 FFM4FFAR1 SEN 0.00000% 0.00 0.00 0.00 R2 FFM4FFAR2 SEN 0.00000% 0.00 0.00 0.00 X FFM04FFAX SEN 0.00000% 2,251,111.09 2,071,077.48 0.00 P FFM04FFAP SEN 0.00000% 100.00 268,463.69 0.00 Totals 552,692,409.66 3,424,432.18 10,629,320.50
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-SIO 0.00 0.00 160,180.05 0.00 A-1 0.00 378,973,878.07 11,037,321.63 0.00 A-2 0.00 47,032,000.00 180,289.33 0.00 M1A 0.00 17,984,000.00 23,758.86 0.00 M1-F 0.00 17,984,000.00 66,510.83 0.00 M2-A 0.00 16,158,000.00 28,635.57 0.00 M2-F 0.00 16,158,000.00 62,167.91 0.00 M3-A 0.00 9,835,000.00 20,994.99 0.00 M3-F 0.00 9,835,000.00 40,061.23 0.00 M4 0.00 7,025,000.00 15,845.28 0.00 M5 0.00 8,430,000.00 35,125.00 0.00 M6 0.00 10,397,000.00 43,320.83 0.00 R1 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 X 0.00 2,251,111.09 2,071,077.48 0.00 P 0.00 100.00 268,463.69 0.00 Totals 0.00 542,063,089.16 14,053,752.68 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-SIO 0.00 0.00 0.00 0.00 0.00 0.00 A-1 398,929,000.00 389,603,198.57 0.00 10,629,320.50 0.00 0.00 A-2 47,032,000.00 47,032,000.00 0.00 0.00 0.00 0.00 M1A 17,984,000.00 17,984,000.00 0.00 0.00 0.00 0.00 M1-F 17,984,000.00 17,984,000.00 0.00 0.00 0.00 0.00 M2-A 16,158,000.00 16,158,000.00 0.00 0.00 0.00 0.00 M2-F 16,158,000.00 16,158,000.00 0.00 0.00 0.00 0.00 M3-A 9,835,000.00 9,835,000.00 0.00 0.00 0.00 0.00 M3-F 9,835,000.00 9,835,000.00 0.00 0.00 0.00 0.00 M4 7,025,000.00 7,025,000.00 0.00 0.00 0.00 0.00 M5 8,430,000.00 8,430,000.00 0.00 0.00 0.00 0.00 M6 10,397,000.00 10,397,000.00 0.00 0.00 0.00 0.00 R1 0.00 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 0.00 X 2,251,111.09 2,251,111.09 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 562,018,211.09 552,692,409.66 0.00 10,629,320.50 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-SIO 0.00 0.00 0.00000000 0.00 A-1 10,629,320.50 378,973,878.07 0.94997826 10,629,320.50 A-2 0.00 47,032,000.00 1.00000000 0.00 M1A 0.00 17,984,000.00 1.00000000 0.00 M1-F 0.00 17,984,000.00 1.00000000 0.00 M2-A 0.00 16,158,000.00 1.00000000 0.00 M2-F 0.00 16,158,000.00 1.00000000 0.00 M3-A 0.00 9,835,000.00 1.00000000 0.00 M3-F 0.00 9,835,000.00 1.00000000 0.00 M4 0.00 7,025,000.00 1.00000000 0.00 M5 0.00 8,430,000.00 1.00000000 0.00 M6 0.00 10,397,000.00 1.00000000 0.00 R1 0.00 0.00 0.00000000 0.00 R2 0.00 0.00 0.00000000 0.00 X 0.00 2,251,111.09 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 10,629,320.50 542,063,089.16 0.96449382 10,629,320.50
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-SIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 A-1 398,929,000.00 976.62290425 0.00000000 26.64464228 0.00000000 A-2 47,032,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1A 17,984,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1-F 17,984,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2-A 16,158,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2-F 16,158,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3-A 9,835,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3-F 9,835,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 7,025,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 8,430,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 10,397,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 R1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 X 2,251,111.09 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 100.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination except Class P which is per $100.00 denomination
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-SIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 26.64464228 949.97826197 0.94997826 26.64464228 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M1-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2-A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3-A 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3-F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 100.00000000 1.00000000 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-SIO 0.00 0.45000% 441,876,000.00 160,180.05 0.00 0.00 A-1 398,929,000.00 1.30000% 389,603,198.57 408,001.13 0.00 0.00 A-2 47,032,000.00 4.60000% 47,032,000.00 180,289.33 0.00 0.00 M1A 17,984,000.00 1.64000% 17,984,000.00 23,758.86 0.00 0.00 M1-F 17,984,000.00 4.43800% 17,984,000.00 66,510.83 0.00 0.00 M2-A 16,158,000.00 2.20000% 16,158,000.00 28,635.57 0.00 0.00 M2-F 16,158,000.00 4.61700% 16,158,000.00 62,167.91 0.00 0.00 M3-A 9,835,000.00 2.65000% 9,835,000.00 20,994.99 0.00 0.00 M3-F 9,835,000.00 4.88800% 9,835,000.00 40,061.23 0.00 0.00 M4 7,025,000.00 2.80000% 7,025,000.00 15,845.28 0.00 0.00 M5 8,430,000.00 5.00000% 8,430,000.00 35,125.00 0.00 0.00 M6 10,397,000.00 5.00000% 10,397,000.00 43,320.83 0.00 0.00 R1 0.00 0.00000% 0.00 0.00 0.00 0.00 R2 0.00 0.00000% 0.00 0.00 0.00 0.00 X 2,251,111.09 0.00000% 2,251,111.09 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 562,018,211.09 1,084,891.01 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-SIO 0.00 0.00 160,180.05 0.00 441,876,000.00 A-1 0.00 0.00 408,001.13 0.00 378,973,878.07 A-2 0.00 0.00 180,289.33 0.00 47,032,000.00 M1A 0.00 0.00 23,758.86 0.00 17,984,000.00 M1-F 0.00 0.00 66,510.83 0.00 17,984,000.00 M2-A 0.00 0.00 28,635.57 0.00 16,158,000.00 M2-F 0.00 0.00 62,167.91 0.00 16,158,000.00 M3-A 0.00 0.00 20,994.99 0.00 9,835,000.00 M3-F 0.00 0.00 40,061.23 0.00 9,835,000.00 M4 0.00 0.00 15,845.28 0.00 7,025,000.00 M5 0.00 0.00 35,125.00 0.00 8,430,000.00 M6 0.00 0.00 43,320.83 0.00 10,397,000.00 R1 0.00 0.00 0.00 0.00 0.00 R2 0.00 0.00 0.00 0.00 0.00 X 0.00 0.00 2,071,077.48 0.00 2,251,111.09 P 0.00 0.00 268,463.69 0.00 100.00 Totals 0.00 0.00 3,424,432.18 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-SIO 0.00 0.45000% 990.75336323 0.35914809 0.00000000 0.00000000 A-1 398,929,000.00 1.30000% 976.62290425 1.02274121 0.00000000 0.00000000 A-2 47,032,000.00 4.60000% 1000.00000000 3.83333326 0.00000000 0.00000000 M1A 17,984,000.00 1.64000% 1000.00000000 1.32111099 0.00000000 0.00000000 M1-F 17,984,000.00 4.43800% 1000.00000000 3.69833352 0.00000000 0.00000000 M2-A 16,158,000.00 2.20000% 1000.00000000 1.77222243 0.00000000 0.00000000 M2-F 16,158,000.00 4.61700% 1000.00000000 3.84750031 0.00000000 0.00000000 M3-A 9,835,000.00 2.65000% 1000.00000000 2.13472191 0.00000000 0.00000000 M3-F 9,835,000.00 4.88800% 1000.00000000 4.07333299 0.00000000 0.00000000 M4 7,025,000.00 2.80000% 1000.00000000 2.25555587 0.00000000 0.00000000 M5 8,430,000.00 5.00000% 1000.00000000 4.16666667 0.00000000 0.00000000 M6 10,397,000.00 5.00000% 1000.00000000 4.16666635 0.00000000 0.00000000 R1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 X 2,251,111.09 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 100.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination except Class P which is per $100.00 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-SIO 0.00000000 0.00000000 0.35914809 0.00000000 990.75336323 A-1 0.00000000 0.00000000 1.02274121 0.00000000 949.97826197 A-2 0.00000000 0.00000000 3.83333326 0.00000000 1000.00000000 M1A 0.00000000 0.00000000 1.32111099 0.00000000 1000.00000000 M1-F 0.00000000 0.00000000 3.69833352 0.00000000 1000.00000000 M2-A 0.00000000 0.00000000 1.77222243 0.00000000 1000.00000000 M2-F 0.00000000 0.00000000 3.84750031 0.00000000 1000.00000000 M3-A 0.00000000 0.00000000 2.13472191 0.00000000 1000.00000000 M3-F 0.00000000 0.00000000 4.07333299 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.25555587 0.00000000 1000.00000000 M5 0.00000000 0.00000000 4.16666667 0.00000000 1000.00000000 M6 0.00000000 0.00000000 4.16666635 0.00000000 1000.00000000 R1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X 0.00000000 0.00000000 920.02455552 0.00000000 1000.00000000 P 0.00000000 0.00000000 268463.69000000 0.00000000 100.00000000 (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 15,322,306.07 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 15,322,306.07 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,268,553.39 Payment of Interest and Principal 14,053,752.68 Total Withdrawals (Pool Distribution Amount) 15,322,306.07 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 230,288.46 Credit Risk Manager's Fee 6,908.66 Pool Insurance Fee 1,027,902.03 Securities Administrator Fee 3,454.24 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,268,553.39
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 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 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 97 0 0 2 99 4,946,813.56 0.00 0.00 115,794.21 5,062,607.77 60 Days 11 0 0 0 11 275,896.85 0.00 0.00 0.00 275,896.85 90 Days 5 0 0 0 5 278,689.00 0.00 0.00 0.00 278,689.00 120 Days 1 0 0 0 1 40,254.26 0.00 0.00 0.00 40,254.26 150 Days 2 0 0 0 2 22,444.20 0.00 0.00 0.00 22,444.20 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 116 0 0 2 118 5,564,097.87 0.00 0.00 115,794.21 5,679,892.08 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.876005% 0.000000% 0.000000% 0.018062% 0.894067% 0.912241% 0.000000% 0.000000% 0.021354% 0.933594% 60 Days 0.099341% 0.000000% 0.000000% 0.000000% 0.099341% 0.050878% 0.000000% 0.000000% 0.000000% 0.050878% 90 Days 0.045155% 0.000000% 0.000000% 0.000000% 0.045155% 0.051393% 0.000000% 0.000000% 0.000000% 0.051393% 120 Days 0.009031% 0.000000% 0.000000% 0.000000% 0.009031% 0.007423% 0.000000% 0.000000% 0.000000% 0.007423% 150 Days 0.018062% 0.000000% 0.000000% 0.000000% 0.018062% 0.004139% 0.000000% 0.000000% 0.000000% 0.004139% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.047593% 0.000000% 0.000000% 0.018062% 1.065655% 1.026074% 0.000000% 0.000000% 0.021354% 1.047428%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00 Class M-1A 98,073,211.09 17.45018385% 98,073,211.09 18.09258240% 3.317695% 0.000000% Class M-1F 80,089,211.09 14.25028754% 80,089,211.09 14.77488741% 3.317695% 0.000000% Class M-2A 63,931,211.09 11.37529173% 63,931,211.09 11.79405356% 2.980834% 0.000000% Class M-2F 47,773,211.09 8.50029592% 47,773,211.09 8.81321972% 2.980834% 0.000000% Class M-4 21,078,211.09 3.75044984% 21,078,211.09 3.88851621% 1.295975% 0.000000% Class R-I 2,251,211.09 0.40055839% 2,251,211.09 0.41530426% 0.000000% 0.000000% Class R-II 2,251,211.09 0.40055839% 2,251,211.09 0.41530426% 0.000000% 0.000000% Class X 100.00 0.00001779% 100.00 0.00001845% 0.415286% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000018% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 9.607776% Weighted Average Net Coupon 9.107776% Weighted Average Pass-Through Rate 6.868505% Weighted Average Maturity(Stepdown Calculation ) 224 Beginning Scheduled Collateral Loan Count 11,252 Number Of Loans Paid In Full 179 Ending Scheduled Collateral Loan Count 11,073 Beginning Scheduled Collateral Balance 552,692,409.66 Ending Scheduled Collateral Balance 542,063,089.16 Ending Actual Collateral Balance at 30-Apr-2004 542,270,635.03 Monthly P &I Constant 4,732,660.80 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 542,063,089.16 Scheduled Principal 307,540.02 Unscheduled Principal 10,321,780.48
Pool Insurance claim payment received $ 0.00
Miscellaneous Reporting Targeted Overcollateralization Amount 2,251,111.09 Overcollateralization Deficiency Amount 0.00 Overcollateralization Amount 2,251,111.09 Payments made by the Cap Provider 0
theMurrayhillcompany FFMLT 2004-FFA Credit Risk Manager Report April 2004 The information contained in this Report is based upon a specific point in time and reflects performance solely through that point in time. It does not forecast the performance of the portfolio in the future. The information in this Report is not investment advice concerning a particular portfolio or security, and no mention of a particular security in this Report constitutes a recommendation to buy, sell, or hold that or any other security. The Report is based upon information provided to The Murrayhill Company by third parties and therefore The Murrayhill Company cannot, and does not, warrant that the information contained in this Report is accurate or complete. Table of Contents Section One Executive Summary Section Two Prepayment Premium Analysis Section Three Loan-Level Report Section Four Analytics Section One Executive Summary theMurrayhillcompany FFMLT 2004-FFA Executive Summary April 2004 Transaction Summary Closing Date: 02/27/2004 Depositor: Structured Asset Securities Corporation Master Servicer: Aurora Loan Services Master Servicing Servicer(s): Chase Home Finance, Wells Fargo Mortgage Insurer(s): Radian Guaranty Delinquency Reporting Method: OTS1 Collateral Summary 2 3/31/2004 as a Percentage of Closing Date 3/31/2004 Closing Date Collateral Balance $562,018,211 $552,912,921 98.37% Loan Count 11,412 11,253 98.61% 1 OTS Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the corresponding day of the following month. Similarly for 60 days delinquent and the second immediately succeeding month and 90 days delinquent and the third immediately succeeding month. 2 These figures are based upon information provided to Murrayhill by the servicers on a monthly basis. Prepayment Premium Analysis Current Prepayment Premium Issues During the 4/25/04 distribution cycle, 73 loans paid off with active prepayment penalty flags, and the servicers remitted prepayment penalties for 68 of these loans. Murrayhill notified the corresponding servicer concerning the collection of prepayment penalties for the remaining five loans (numbers 1100018934, 1100012560, 1100011785, 1100009086, and 1100007522). Outstanding Prepayment Premium Issues During the 3/25/04 distribution cycle, one of the servicers did not collect prepayment penalty for loan number 1100008071, which paid off with an active prepayment penalty flag. Murrayhill asked the servicer to explain why it did not collect and remit a penalty for this loan, and we will ensure we receive acceptable response. Pool Insurance Watchlist Under the pool insurance policy for this security, the servicer must file an insurance claim when a loan becomes six months delinquent, but no earlier than when the loan becomes five months delinquent. Currently no pool insurance claims have been filed; six loans became 120-days delinquent as of mortgage data through 3/31/04. All six of the loans originated as purchases, and all six of the loans list REO start dates. As these loans should not proceed through foreclosure or REO, Murrayhill asked the servicer when it plans to file mortgage insurance claims and why the loans are showing REO start dates. Murrayhill also notified the master servicer; we have requested a copy of the delinquency file it sends to the trust since the 4/25/04 remittance again shows five loans as REO. (C) 2004 The Murrayhill Company. All Rights Reserved. Section Two Prepayment Premium Analysis Reconciliation of Prepayment Premiums for FFMLT 2004-FFA Mortgage Data Through: March 31, 2004 Section 1: Prepayment premiums collected by the servicers and remitted to the trustee. This information is reported to Murrayhill by the servicers each month. Distribution Date Servicer 25-Apr-04 25-Mar-04 Total $153,580 $50,667 Section 2: Prepayment premiums remitted with interest by the trustee. This information is taken from the statement to certificateholders prepared by the trustee. Distribution Date Class 25-Apr-04 25-Mar-04 P Class $153,580 $50,667 Section 3: Reconciliation of the amounts remitted by the servicers to the trustee, and the amount remitted with interest by the trustee. Amount remitted by servicers: $153,580 Amount distributed: $153,580 Difference: $0 Aggregate Paid-Off Loans Report for FFMLT 2004-FFA Mortgage Data Through: March 31, 2004 Distribution Date Apr-04 Mar-04 Loans with Active Prepayment Flags that Remitted Premiums ( A ) 68 28 Loans without Prepayment Flags that Remitted Premiums 1 0 Total Loans that Remitted Premiums ( B ) 69 28 Loans with Active Prepayment Flags ( C ) 142 72 Loans without Prepayment Flags that Remitted Premiums 73 29 Subtotal ( D ) 74 29 Premiums Remitted with Active Prepayment Flags (A/C) 93.2% 96.6% Total Loans that Remitted Premiums to the Subtotal (B/D ) 93.2% 96.6% Total Paid-Off Loans ( E ) 116 43 Total Loans that Remitted Premiums to the Total Paid-Off Loans ( B/E ) 59.5% 65.1% Paid-Off Loans Report By Servicer for FFMLT 2004-FFA Mortgage Data Through: March 31, 2004 Servicer: Servicer 1 Servicer 2 Total Loans with Active Prepayment Flags that Remitted Premiums ( A ) 57 11 68 Loans without Prepayment Flags that Remitted Premiums 1 0 1 Total Loans that Remitted Premiums ( B ) 58 11 69 Loans with Active Prepayment Flags ( C ) 62 11 73 Loans without Prepayment Flags that Remitted Premiums 1 0 1 Subtotal ( D ) 63 11 74 Premiums Remitted with Active Prepayment Flags ( A/C ) 91.9% 100.0% 93.2% Total Loans that Remitted Premiums to the Subtotal ( B/D ) 92.1% 100.0% 93.2% Total Paid-Off Loans ( E ) 99 17 116 Total Loans that Remitted Premiums to the Total Paid-Off Loans ( B/E ) 58.6% 64.7% 59.5% Paid-Off Loans Exception Report for FFMLT 2004-FFA Mortgage Data Through: March 31, 2004 Servicer: Servicer 1 Servicer 2 Total Total Paid-Off Loans with Flags 62 11 73 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the Note)* 0 0 0 Loans that Liquidated from REO* 0 0 0 Loans with Discrepancies between the Data File and the Note 0 0 0 Defaulted Liquidated Loans that Could Not Have Collected 0 0 0 Premiums because of the Acceleration of the Debt* Loans that Liquidated Through Loss Mitigation Efforts* 0 0 0 Total Paid-Off Loans with Active Prepayment Flags (C) 62 11 73 Other Exceptions: Paid-Off Loans that Did Not Collect Premiums because of State 0 0 0 Statutes Paid-Off Loans with Active Prepayment Flags that Have Not 5 0 5 Remitted Premiums * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for FFMLT 2004-FFA Mortgage Data Through: April 30, 2004 Loan number Delinquency Origination PPP Exp. Date Payoff String Date Flag Balance Servicer 1 1100018934 CO 10/3/03 2 10/3/05 $75,884 1100012560 CO 9/19/03 2 9/19/05 $24,901 1100011785 CO 9/12/03 2 9/12/05 $89,797 1100009086 CO 8/6/03 2 8/6/05 $57,873 1100007522 30 7/28/03 2 7/28/05 $76,821 1100009356 CO 8/25/03 0 8/25/03 $23,886 1100022255 CO 10/31/03 2 10/31/05 $25,938 1100021892 CO 10/24/03 2 10/24/05 $73,283 1100022232 CO 10/22/03 2 10/22/05 $115,709 1100019336 CO 10/14/03 2 10/14/05 $28,029 1100020368 CO 10/13/03 2 10/13/05 $34,383 1100020389 CO 10/10/03 1 10/10/05 $19,958 1100020270 CO 10/10/03 1 10/10/05 $64,820 1100020159 CO 10/10/03 2 10/10/05 $69,319 1100019215 CO 10/3/03 2 10/3/05 $89,616 1100018459 CO 9/26/03 2 9/26/05 $21,502 1100018413 CO 9/26/03 2 9/26/05 $125,573 1100013782 CO 9/25/03 2 9/25/05 $31,745 1100018542 CO 9/25/03 2 9/25/05 $71,031 1100014067 CO 9/25/03 2 9/25/05 $72,867 1100018528 CO 9/24/03 2 9/24/05 $41,751 1100012968 CO 9/24/03 2 9/24/05 $66,247 1100013502 CO 9/24/03 2 9/24/05 $199,389 1100012737 CO 9/18/03 2 9/18/05 $52,522 1100013395 CO 9/16/03 2 9/16/05 $66,799 1100011381 CO 9/9/03 2 9/9/05 $53,032 1100011536 CO 9/8/03 2 9/8/05 $61,805 1100011047 CO 9/8/03 2 9/8/05 $71,138 1100010993 CO 9/5/03 2 9/5/05 $26,924 1100011262 CO 9/5/03 2 9/5/05 $26,305 1100013575 CO 9/5/03 2 9/5/05 $57,152 1100010491 CO 9/4/03 2 9/4/05 $64,977 1100010191 CO 8/30/03 2 8/30/05 $90,740 1100010306 CO 8/28/03 2 8/28/05 $47,495 1100010193 CO 8/28/03 2 8/28/05 $91,658 1100010021 CO 8/28/03 2 8/28/05 $65,851 1100018192 CO 8/27/03 2 8/27/05 $35,465 1100010586 CO 8/26/03 2 8/26/05 $33,889 1100010610 CO 8/25/03 2 8/25/05 $71,716 1100010706 CO 8/25/03 2 8/25/05 $76,662 1100010039 CO 8/21/03 2 8/21/05 $20,832 1100009873 CO 8/21/03 2 8/21/05 $49,902 1100009445 CO 8/20/03 2 8/20/05 $47,042 1100010255 CO 8/20/03 2 8/20/05 $45,550 1100010182 CO 8/20/03 2 8/20/05 $50,705 1100009601 CO 8/19/03 2 8/19/05 $21,928 1100009212 CO 8/18/03 2 8/18/05 $84,278 1100009275 CO 8/14/03 2 8/14/05 $59,772 1100008982 CO 8/12/03 2 8/12/05 $73,463 1100008205 CO 8/11/03 2 8/11/05 $35,472 1100010309 CO 8/8/03 2 8/8/05 $28,905 1100008049 CO 8/8/03 2 8/8/05 $38,461 1100008514 CO 8/8/03 2 8/8/05 $86,770 1100008151 CO 8/8/03 2 8/8/05 $119,451 1100008477 CO 8/7/03 2 8/7/05 $27,883 1100007925 CO 8/5/03 2 8/5/05 $52,890 1100007443 CO 8/4/03 2 8/4/05 $45,712 1100009005 CO 8/4/03 2 8/4/05 $79,815 1100007802 CO 8/1/03 2 8/1/05 $41,682 1100008001 CO 7/31/03 2 7/31/05 $39,854 1100007409 CO 7/29/03 2 7/29/05 $34,867 1100007504 CO 7/25/03 2 7/25/05 $70,686 1100007337 CO 7/24/03 2 7/24/05 $69,661 Servicer 2 15568637 CO 12/23/02 3 12/23/05 $26,471 15593114 CO 1/29/03 2 1/29/05 $51,760 15591852 CO 1/27/03 2 1/27/05 $51,797 15588148 CO 1/22/03 2 1/22/05 $99,310 15590169 CO 1/21/03 2 1/21/05 $41,014 15579816 CO 1/15/03 2 1/15/05 $79,676 15576663 CO 1/15/03 2 1/15/05 $61,842 15568611 CO 12/17/02 2 12/17/04 $99,459 15498900 CO 12/12/02 2 12/12/04 $26,982 15490931 CO 12/9/02 2 12/9/04 $34,241 15476369 CO 11/20/02 2 11/20/04 $42,687 Paid-Off Loans With Prepayment Flags for FFMLT 2004-FFA Mortgage Data Through: April 30, 2004 (Cont.) Loan Number PPP Remitted % of PPP PPP Comments Premium to Collected, Collected, Payoff w/Flag No Flag Balance Servicer 1 1100018934 $0 0% 1100018934 Awaiting the servicer' s response. 1100012560 $0 0% 1100012560 Awaiting the servicer' s response. 1100011785 $0 0% 1100011785 Awaiting the servicer' s response. 1100009086 $0 0% 1100009086 Awaiting the servicer' s response. 1100007522 $0 0% 1100007522 110009356 Awaiting the servicer' s response. 1100009356 $478 2% 1100022255 $260 1% 1100021892 $2,600 4% 1100022232 $3,877 3% 1100019336 $281 1% 1100020368 $1,324 4% 1100020389 $739 4% 1100020270 $2,236 3% 1100020159 $2,702 4% 1100019215 $3,361 4% 1100018459 $881 4% 1100018413 $4,334 3% 1100013782 $1,429 5% 1100018542 $2,770 4% 1100014067 $3,203 4% 1100018528 $1,628 4% 1100012968 $2,912 4% 1100013502 $6,879 3% 1100012737 $1,760 3% 1100013395 $2,305 3% 1100011381 $1,775 3% 1100011536 $2,069 3% 1100011047 $2,398 3% 1100010993 $1,051 4% 1100011262 $1,184 5% 1100013575 $2,572 5% 1100010491 $650 1% 1100010191 $3,536 4% 1100010306 $1,733 4% 1100010193 $3,301 4% 1100010021 $3,788 6% 1100018192 $1,187 3% 1100010586 $1,237 4% 1100010610 $2,617 4% 1100010706 $2,994 4% 1100010039 $760 4% 1100009873 $2,295 5% 1100009445 $1,716 4% 1100010255 $2,002 4% 1100010182 $2,383 5% 1100009601 $800 4% 1100009212 $2,823 3% 1100009275 $2,002 3% 1100008982 $3,453 5% 1100008205 $1,224 3% 1100010309 $1,054 4% 1100008049 $1,327 3% 1100008514 $3,514 4% 1100008151 $4,004 3% 1100008477 $934 3% 1100007925 $2,379 4% 1100007443 $1,537 3% 1100009005 $3,432 4% 1100007802 $1,750 4% 1100008001 $1,635 4% 1100007409 $1,271 4% 1100007504 $2,508 4% 1100007337 $2,334 3% Servicer 2 15568637 $1,245 5% 15593114 $2,484 5% 15591852 $2,385 5% 15588148 $3,925 4% 15590169 $1,929 5% 15579816 $3,907 5% 15576663 $2,982 5% 15568611 $4,479 5% 15498900 $1,323 5% 15490931 $1,643 5% 15476369 $2,093 5% (c) 2004 The Murrayhill Company. All Rights Reserved. Section Three Loan-Level Report Loan-Level Report Definitions R FICO : Represents the borrower's credit score at the time of securitization/ origination. Last Paid Date: Either the interest paid-through date or the last contractually due payment made by the borrower. Murrayhill uses this date to calculate delinquencies. Valuation: Represents what is believed to be the most accurate known value of a property based on Murrayhill's internal formulas. Several value appraisals may exist for a property, yet only what is believed to be the most accurate value according to these formulas is shown on the report. When no value is available, a valuation known as an "internal estimate" is calculated according to an internal formula that adjusts the original value of the property by the Housing Price Index (HPI) and a discount based on credit class. Liquidation Date: Murrayhill's internal estimate of the date on which the loan will liquidate if it proceeds through foreclosure and REO. This date takes into consideration servicing and state foreclosure timelines, as well as an estimated REO marketing period. Estimated Loss/(Gain): Murrayhill's internal estimate of the loss (or gain) that the loan will experience if it liquidates on the Liquidation Date. Delinquency Status: Indicates the monthly payment and delinquency history for an individual loan. The right-most character specifies the last known delinquency status, according to the following: C The contractually due payment arrived on time. 3 The contractually due payment had not arrived within thirty days. 6 The contractually due payment had not arrived within sixty days. 9 The contractually due payment had not arrived within ninety days. F The property is in the process of foreclosure. R The property is real estate owned (REO). 0 The mortgage has either liquidated or been paid off. Delinquency Method: The delinquencies for this security are calculated according to the OTS method: a current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the corresponding day of the following month. (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Loan Level Report.txt FFMLT 2004-FFA Loan-Level Report Mortgage Data Through: March 31, 2004 Watchlist State First Pmt. Valuation Method Orig. Orig Amount OLTV 1st Lien Est. (Gain)/Loss Est. Liq. Date Delinquency Loan Number FICO (R) Last Paid Dt. Current Value Current Bal CLTV Comb. LTV MI Cert # Est. Severity Status 15481567 AL 2/1/2003 Int. Est. $88,500 $17,700 %20.00 $70,800 $0 5/1/2005 C9 605 11/1/2003 12/31/2003 $69,846 $17,588 25.18% 126.54% 0.00% Monitor Default Reason:(Unknown) 4/30/2004 This loan was placed on the Watchlist because the status of the loan moved from current directly to 90-days delinquent. According to the servicer's system, the servicer received three payments as a result of non sufficient funds causing the delinquency to move from a current status to 90-days past due. As of 4/30/04, the senior lien balance was $70,293, and due for the 10/1/03 payment. The estimated payoff balance is $73,701. The senior lienholder would not release the status of the loan. A note entered in the servicer's system on 4/19/04 stated that the servicer stopped advancing on the loan; however, a note entered 4/20/04 stated that the loan was referred to foreclosure. Murrayhill asked the servicer to verify whether it is proceeding to foreclosure or whether it will charge off the loan. Murrayhill also asked for equity analysis performed on the loan. 15513393 IN 2/1/2003 BPO $45,000 $10,000 22.22% $35,000 $0 10/1/2004 99 604 10/1/2003 2/13/2004 $42,900 $9,974 23.24% 104.83% 0.00% Monitor Default Reason:(Unknown) 4/9/2004 This loan was placed on the watchlist because it is 90-days delinquent. According to the servicer's system, the loan is 157-days delinquent and interest advances stopped on the loan on 2/19/04. The senior lien, pay off balance is $36,131 and it is due for the 10/1/03 contractual payment. (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Loan-Level Report Mortgage Data Through: March 31,2004 Watchlist State First Pmt. Valuation Method Orig. Orig Amount OLTV 1st Lien Est. (Gain)/Loss Est. Liq. Date Delinquency Loan Number FICO (C) Last Paid Dt. Current Value Current Bal CLTV Comb. LTV MI Cert # Est. Severity Status 1100007385 CA 9/1/2003 Int. Est. $405,000 $80,000 19.75% $324,000 0% 0$ 9/1/2004 69 615 11/1/2003 12/31/2003 $325,643 $79,918 24.54% 124.03% 0.00% Monitor Default Reason:(Unknown) 4/30/2004 This loan was placed on the Watchlist because it is covered by the pool insurance policy, it is 90-days delinquent, and unpaid principal balance of the loan is greater than $50,000. 1100008909 CA 10/1/2003 BPO $172,250 $34,450 20.00% $137,800 0% 0$ 8/1/2004 99 691 10/1/2003 3/5/2004 $185,000 $34,430 18.61% 93.09% 0.00% Active Default Reason:(Unknown) 4/30/2004 This loan has a REO start date of 2/27/04. The loan is a second lien and has no foreclosure start or sale date. Murrayhill asked the servicer the status and balance of the senior lien, and why the loan is showing and REO start date. 1100009788 TX 10/1/2003 Int. Est. $91,000 $18,200 20.00% $72,800 $0 6/1/2004 69 601 11/1/2003 12/31/2003 70,677 $18,189 25.73% 0.00% Monitor Default Reason:Servicing Problems 4/30/2004 Murrayhill will ask the servicer what loss mitigation techniques it is using to resolve the delinquency of this loan. Also, Murrayhill requested an updated senior lien balance and status. 1100010253 NJ 10/1/2003 BPO $360,000 $72,000 20.00% $288,000 0% $0 11/1/2004 99 607 10/1/2003 2/3/2004 $368,000 $71,978 19.55% 97.82% 0.00% Active Default Reason:(Unknown) 4/30/2004 This loan was placed on the watchlist because it is covered by the pool insurance policy, it is 90-days delinquent, and unpaid principal balance of the loan is greater than $50,000. Murrayhill asked the servicer when it plans to file a pool insurance claim and if it has already filed a notice of default with the mortgage insurance company. Also, Murrayhill will ask the servicer for an updated mortgage senior lien balance and status. 1100010324 PA 10/1/2003 BPO Int. Est. $153,500 $30,700 20.00% $122,800 0$ 10/1/2004 99 612 10/1/2003 12/31/2003 $121,225 $30,668 25.29% 126.59% 0.00% Active Default Reason:Excessive use of Credit 4/30/2004 Murrayhill will ask the servicer for an update concerning the senior lien balance and status. 1100011666 AZ 11/1/2003 BPO $552,900 $110,550 19.99% $442,300 0% $0 10/1/2004 99 672 10/1/2003 1/30/2004 $525,000 $110,550 21.05% 105.30% 0.00% Active Default Reason:(Unknown) 4/30/2004 This loan has an REO start date of 2/27/04; Murrayhill will ask the servicer why the loan is showing an REO start date, but does not have an REO flag or foreclosure sale date. (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Loan-Level Report Mortgage Data Through: March 31, 2004 Watchlist State First Pmt. Valuation Method Orig. Orig Amount OLTV 1st Lien Est. (Gain)/Loss Est. Liq. Date Delinquency Loan Number FICO (R) Last Paid Dt. Current Value Current Bal CLTV Comb. LTV MI Cert # Est. Severity Status 1100012677 FL 11/1/2003 Int.Est $850,000 $170,000 20.00% $680,000 0% $0 11/1/2004 36 696 12/1/2003 12/31/2003 $609,123 $169,464 27.82% 139.45% 0.00% Monitor Default Reason:(Unknown) 4/5/2004 This loan was placed on the watchlist because the balance of the loan exceeds $100,000. 1100013170 CA 11/1/2003 Int.Est. $850,000 $170,000 20.00% $680,000 0% $0 11/1/2004 36 733 12/1/2003 12/31/2003 $617,624 $169,788 27.49% 137.58% 0.00% Monitor Default Reason:(Unknown) 4/5/2004 This loan was placed on the the watchlist because the balance of the loan exceeds $100,000. 1100013314 CA 11/1/2003 Int.Est. $228,000 $45,600 20.00% $182,400 0% $0 9/1/2004 69 644 11/1/2003 12/31/2003 $187,923 $45,580 24.25% 121.31% 0.00% Monitor Default Reason:Servicing Problems 4/30/2004 This loan was added to the watchlist because it is 90-days delinquent, and it is covered under the pool insurance policy. 1100013467 FL 11//1/2003 BPO $220,000 $44,000 20.00% $176,000 0% $0 8/1/2004 99 661 10/1/2003 1/26/2004 $220,000 $44,000 20.00% 100.00% 0.00% Active Default Reason: (Unknown) 4/30/2004 Murrayhill asked the servicer for an updated senior lien balance and status as well as when it plans to file a mortgage insurance claim. Also, this loan shows a REO start date, but no foreclosure start or sale date. Murrayhill asked the servicer to explain this discrepancy. 1100013547 CA 11/1/2003 BPO $650,000 $33,000 20.00% $132,000 0% 0$ 8/1/2004 99 633 10/1/2003 1/28/2004 $149,000 $33,000 22.14% 110.73% 0.00% Active Default Reason:(Unknown) 4/30/2004 Murrayhill asked the servicer to explain why this loan has a REO start date. Murrayhille also asked for an updated senior lien balance and status. 1100013573 NV 11/1/2003 Int.Est. $480,000 $96,000 20.00% $384,000 0% $0 6/1/2004 69 622 11/1/2003 12/31/2003 $389,734 $95,966 24.62% 123.15% 0.00% Monitor Default Reason: (Unknown) 4/5/2004 This loan was added to the watchlist because it is a second payment default and the property type is a planned unit development. (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Loan-Level Report Mortgage Data Through: March 31, 2004 Watchlist State First Pmt. Valuation Method Orig. Orig Amount OLTV 1st Lien Est.(Gain)/Loss Est. Liq. Date Delinquency Loan Number FICO R Last Paid Dt. Current Value Current Bal CLTV Comb. LTV MI Cert# Est. Severity Status 1100018476 CA 12/1/2003 Int. Est. $405,000 $81,000 20.00% $324,000 0% $0 9/1/2004 69 679 11/1/2003 12/31/2003 $334,219 $81,000 24.23% 121.17% 0.00% Monitor Default Reason: Servicing Problems 4/30/2004 This loan was added to the watchlist because if it is a first- payment default. 1100020598 OR 12/1/2003 BPO $1,200,000 $200,000 16.66% $840,000 0% $0 11/1/2004 36 652 12/1/2003 3/11/2004 $950,000 $199,891 21.04% 109.46% 0.00% Monitor Default Reason: Business Failure 4/5/2004 This loan was placed on the watchlist because it is a second payment default and the value of the property at origination exceeded $1,000,000. 1100021363 MI 12/1/2003 Int.Est. $127,000 $25,400 20.00% $101,600 $0 11/1/2004 69 613 11/1/2003 12/31/2003 $96,520 $25,400 26.31% 131.57% 0.00% Monitor Default Reason: Excessive use of Credit 4/5/2004 This loan was placed on the watchlist because it is a first payment default. (c) 2004 The Murrayhill Company. All Rights Reserved. Section Four Analytics FFMLT 2004-FFA FICO Distribution by Status FICO is a registered trademark of Fair Isaac Corporation Mortgage Data Through: March 31, 2004 FICOGroup Delinquency Percentage 600 Current .054 600 Delinquent .162 600 Paid Off .101 610 Current .081 610 Delinquent .223 610 Paid Off .063 620 Current .081 620 Delinquent .177 620 Paid Off .057 630 Current .081 630 Delinquent .054 630 Paid Off .075 640 Current .089 640 Delinquent .069 640 Paid Off .082 650 Current .095 650 Delinquent .038 650 Paid Off .082 660 Current .082 660 Delinquent .062 660 Paid Off .044 670 Current .074 670 Delinquent .077 670 Paid Off .088 680 Current .061 680 Delinquent .031 680 Paid Off .075 690 Current .052 690 Delinquent .054 690 Paid Off .050 700 Current .046 700 Delinquent .015 700 Paid Off .050 710 Current .041 710 Delinquent .008 710 Paid Off .075 720 Current .035 720 Paid Off .038 730 Current .026 730 Delinquent .015 730 Paid Off .038 740 Current .026 740 Delinquent .008 740 Paid Off .019 750 Current .021 750 Delinquent .008 750 Paid Off .025 760 Current .018 760 Paid Off .006 770 Current .015 770 Paid Off .019 780 Current .010 780 Paid Off .013 790 Current .007 800 Current .003 810 Current .001 820 Current .000 Status # of Loans Average Std. Deviation Current 11,123 665 46.281 Delinquent 130 634 34.489 Paid Off 159 665 46.095 Total: 11,412 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Balance Distribution by Delinquency Mortgage Data Through: March 31, 2004 BalanceGroup Delinquency Percentage ..0000 Current.000 10000.0000 Current.025 10000.0000 Delinquent .100 20000.0000 Current.148 20000.0000 Delinquent .162 30000.0000 Current.220 30000.0000 Delinquent .269 40000.0000 Current.156 40000.0000 Delinquent .146 50000.0000 Current.123 50000.0000 Delinquent .100 60000.0000 Current.101 60000.0000 Delinquent .054 70000.0000 Current.075 70000.0000 Delinquent .015 80000.0000 Current.050 80000.0000 Delinquent .038 90000.0000 Current.031 90000.0000 Delinquent .015 100000.0000 Current.020 100000.0000 Delinquent .023 110000.0000 Current.014 110000.0000 Delinquent .031 120000.0000 Current.012 130000.0000 Current.007 130000.0000 Delinquent .008 140000.0000 Current.005 150000.0000 Current.004 150000.0000 Delinquent .015 160000.0000 Current.001 170000.0000 Current.003 170000.0000 Delinquent .015 180000.0000 Current.000 190000.0000 Current.001 200000.0000 Current.001 200000.0000 Delinquent .008 210000.0000 Current.000 220000.0000 Current.000 230000.0000 Current.000 250000.0000 Current.001 270000.0000 Current.000 300000.0000 Current.000 Status # of Loans Average Std. Deviation Current 11,123 $49,181.35 $29,111.93 Delinquent 130 $45,144.16 $34,888.58 Total: 11,253 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Loan-to-Level Distribution by status Mortgage Data Through: March 31, 2004 LTVGroup Delinquency Percentage 0.0 Current .001 0.10000000000000001 Current .029 0.10000000000000001 Delinquent .008 0.10000000000000001 Paid Off .075 0.20000000000000001 Current .955 0.20000000000000001 Delinquent .992 0.20000000000000001 Paid Off .906 0.29999999999999999 Current .015 0.29999999999999999 Paid Off .019 Status # of Loans Average Std. Deviation Current 11,123 126.82% 5.41% Delinquent 130 125.32% 9.69% Paid Off 159 99.50% 5.16% Total: 11,412 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Mortgage Purpose Distribution Mortgage Data through: March 31, 2004 Origination Statistics Current Loans Delinquent Loans Paid Off Loans Number of Loans: 11,412 Number of Loans:11,123 Number of Loans: 130 Number of Loans: 159 Category CashOutRefinance Purchase RateTermfinance HomeImprovement Other Current 937 9922 263 0 1 Delinquent 16 110 4 0 0 Origination 975 10164 272 0 1 Paid Off 22 132 5 0 0 Purpose Number Percentage Purpose Number Percentage Purpose Number Percentage Purpose Number Percentage Cash-out refinance 975 8.5% Cash-out refinance 937 8.4% Cash-out refinance 16 12.3% Cash-out refinance 22 13.8% Purchase 10,164 89.1% Purchase 9,922 89.2% Purchase 110 84.6% Purchase 132 83.0% Rate/term 272 2.4% Rate/term 263 2.4% Rate/term 4 3.1% Rate/term 5 3.1% Home 0 0.0% Home 0 0.0% Home 0 0.0% Home 0 0.0% other 1 0.0% Other 1 0.0% Other 0 0.0% Other0 0.0% Total 11,412 100% Total 11,123 100% Total 130 100% Total 159 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Mortgage Term Distribution By Status Mortgage Data Through: March 31, 2004 MortgageTerm Delinquency Percentage 120 Current 1.7081722556864156E-3 120 Delinquent 7.6923076923076927E-3 180 Delinquent 0.23076923076923078 180 Current 0.16047828823159219 180 Paid Off 0.18238993710691823 240 Paid Off 0.8176100628930818 240 Current 0.83781353951272142 240 Delinquent 0.7615384615384615 # of Loans Other 120 180 240 360 11,412 0 20 1,844 9,548 0 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Ownership Distribution by Status Mortgage Data Through: March 31, 2004 OwnershipType Delinquency Percentage Investment HomeCurrent .001 Primary Home Current .997 Primary Home Delinquent 1.000 Primary Home Paid Off 1.000 Second Home Current .002 Title # of Loans Investment Home 10 Primary Home 11,384 Second Home 18 Total: 11,412 (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Conditional Prepayment Rates Mortgage Data Through: March 31, 2004 Date Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 31-Mar-04 25-Apr-04 13.18% 4.60% (c) 2004 The Murrayhill Company. All Rights Reserved. FFMLT 2004-FFA Historical SDA Performance Mortgage Data Through: March 31, 2004 Weighted Monthly Date Average Age Default Amt Default Rate CDR (F-R) SDA Curve SDA % 29-Feb-04 5.23 $0 0.00% 0.00% 0.10% 0% 31-Mar-04 6.22 $0 0.00% 0.00% 0.12% 0% Averages: 5.72 $0 0.00% 0.00% 0.11% 0% (c) 2004 The Murrayhill Company. All Rights Reserved.
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