8-K 1 fld04002_oct.txt OCTOBER 8K 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): October 25, 2004 FIELDSTONE MORTGAGE INVESTMENT TRUST Mortgage Backed Notes, Series 2004-2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-109307-06 N/A Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) 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 October 25, 2004 a distribution was made to holders of FIELDSTONE MORTGAGE INVESTMENT TRUST, Mortgage Backed Notes, Series 2004-2 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Backed Notes, Series 2004-2 Trust, relating to the October 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. FIELDSTONE MORTGAGE INVESTMENT TRUST Mortgage Backed Notes, Series 2004-2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trust Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 10/29/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Backed Notes, Series 2004-2 Trust, relating to the October 25, 2004 distribution. EX-99.1
Fieldstone Mortgage Company Mortgage Pass-Through Certificates Record Date: 9/30/2004 Distribution Date: 10/25/2004 FLD Series: 2004-2 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 1-A 31659TAW5 SEN 2.08000% 326,354,357.87 527,968.83 10,904,225.79 2-A 31659TAX3 SEN 2.10000% 220,149,279.45 359,577.16 7,472,699.32 2-A1 31659TBF1 SEN 2.00000% 75,495,533.34 117,437.50 3,180,380.83 2-A2 31659TBG9 SEN 2.26000% 18,200,000.00 31,991.56 0.00 A-IO 31659TAY1 SEN 4.00000% 0.00 867,753.34 0.00 M1 31659TAZ8 MEZ 2.39000% 54,120,000.00 100,603.07 0.00 M2 31659TBA2 MEZ 2.99000% 41,800,000.00 97,208.22 0.00 M3 31659TBB0 MEZ 3.24000% 13,200,000.00 33,264.00 0.00 M4 31659TBC8 MEZ 3.84000% 11,000,000.00 32,853.33 0.00 M5 31659TBD6 MEZ 3.99000% 11,000,000.00 34,136.67 0.00 M6 31659TBE4 MEZ 5.09000% 13,200,000.00 52,257.33 0.00 Owner Cert IELDS042OTC SEN 0.00000% 0.01 2,173,992.51 0.00 Totals 784,519,170.67 4,429,043.52 21,557,305.94
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 1-A 0.00 315,450,132.08 11,432,194.62 0.00 2-A 0.00 212,676,580.13 7,832,276.48 0.00 2-A1 0.00 72,315,152.51 3,297,818.33 0.00 2-A2 0.00 18,200,000.00 31,991.56 0.00 A-IO 0.00 0.00 867,753.34 0.00 M1 0.00 54,120,000.00 100,603.07 0.00 M2 0.00 41,800,000.00 97,208.22 0.00 M3 0.00 13,200,000.00 33,264.00 0.00 M4 0.00 11,000,000.00 32,853.33 0.00 M5 0.00 11,000,000.00 34,136.67 0.00 M6 0.00 13,200,000.00 52,257.33 0.00 Owner Cert 0.00 0.01 2,173,992.51 0.00 Totals 0.00 762,961,864.73 25,986,349.46 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) 1-A 356,400,000.00 326,354,357.87 0.00 10,904,225.79 0.00 0.00 2-A 250,000,000.00 220,149,279.45 0.00 7,472,699.32 0.00 0.00 2-A1 88,200,000.00 75,495,533.34 0.00 3,180,380.83 0.00 0.00 2-A2 18,200,000.00 18,200,000.00 0.00 0.00 0.00 0.00 A-IO 0.00 0.00 0.00 0.00 0.00 0.00 M1 54,120,000.00 54,120,000.00 0.00 0.00 0.00 0.00 M2 41,800,000.00 41,800,000.00 0.00 0.00 0.00 0.00 M3 13,200,000.00 13,200,000.00 0.00 0.00 0.00 0.00 M4 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M5 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M6 13,200,000.00 13,200,000.00 0.00 0.00 0.00 0.00 Owner Cert 0.01 0.01 0.00 0.00 0.00 0.00 Totals 857,120,000.01 784,519,170.67 0.00 21,557,305.94 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 1-A 10,904,225.79 315,450,132.08 0.88510138 10,904,225.79 2-A 7,472,699.32 212,676,580.13 0.85070632 7,472,699.32 2-A1 3,180,380.83 72,315,152.51 0.81989969 3,180,380.83 2-A2 0.00 18,200,000.00 1.00000000 0.00 A-IO 0.00 0.00 0.00000000 0.00 M1 0.00 54,120,000.00 1.00000000 0.00 M2 0.00 41,800,000.00 1.00000000 0.00 M3 0.00 13,200,000.00 1.00000000 0.00 M4 0.00 11,000,000.00 1.00000000 0.00 M5 0.00 11,000,000.00 1.00000000 0.00 M6 0.00 13,200,000.00 1.00000000 0.00 Owner Cert 0.00 0.01 1.00000000 0.00 Totals 21,557,305.94 762,961,864.73 0.89014591 21,557,305.94
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 1-A 356,400,000.00 915.69685149 0.00000000 30.59547079 0.00000000 2-A 250,000,000.00 880.59711780 0.00000000 29.89079728 0.00000000 2-A1 88,200,000.00 855.95842789 0.00000000 36.05873957 0.00000000 2-A2 18,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 54,120,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 41,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 13,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 13,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 Owner Cert 0.01 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 1-A 0.00000000 30.59547079 885.10138070 0.88510138 30.59547079 2-A 0.00000000 29.89079728 850.70632052 0.85070632 29.89079728 2-A1 0.00000000 36.05873957 819.89968832 0.81989969 36.05873957 2-A2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M3 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 Owner Cert 0.00000000 0.00000000 0.00000000 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 1-A 356,400,000.00 2.08000% 326,354,357.87 527,968.83 0.00 0.00 2-A 250,000,000.00 2.10000% 220,149,279.45 359,577.16 0.00 0.00 2-A1 88,200,000.00 2.00000% 75,495,533.34 117,437.50 0.00 0.00 2-A2 18,200,000.00 2.26000% 18,200,000.00 31,991.56 0.00 0.00 A-IO 0.00 4.00000% 260,326,000.00 867,753.33 0.00 0.00 M1 54,120,000.00 2.39000% 54,120,000.00 100,603.07 0.00 0.00 M2 41,800,000.00 2.99000% 41,800,000.00 97,208.22 0.00 0.00 M3 13,200,000.00 3.24000% 13,200,000.00 33,264.00 0.00 0.00 M4 11,000,000.00 3.84000% 11,000,000.00 32,853.33 0.00 0.00 M5 11,000,000.00 3.99000% 11,000,000.00 34,136.67 0.00 0.00 M6 13,200,000.00 5.09000% 13,200,000.00 52,257.33 0.00 0.00 Owner Cert 0.01 0.00000% 0.01 0.00 0.00 0.00 Totals 857,120,000.01 2,255,051.00 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 1-A 0.00 0.00 527,968.83 0.00 315,450,132.08 2-A 0.00 0.00 359,577.16 0.00 212,676,580.13 2-A1 0.00 0.00 117,437.50 0.00 72,315,152.51 2-A2 0.00 0.00 31,991.56 0.00 18,200,000.00 A-IO 0.00 0.00 867,753.34 0.00 260,326,000.00 M1 0.00 0.00 100,603.07 0.00 54,120,000.00 M2 0.00 0.00 97,208.22 0.00 41,800,000.00 M3 0.00 0.00 33,264.00 0.00 13,200,000.00 M4 0.00 0.00 32,853.33 0.00 11,000,000.00 M5 0.00 0.00 34,136.67 0.00 11,000,000.00 M6 0.00 0.00 52,257.33 0.00 13,200,000.00 Owner Cert 0.00 0.00 2,173,992.51 0.00 0.01 Totals 0.00 0.00 4,429,043.52 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 1-A 356,400,000.00 2.08000% 915.69685149 1.48139402 0.00000000 0.00000000 2-A 250,000,000.00 2.10000% 880.59711780 1.43830864 0.00000000 0.00000000 2-A1 88,200,000.00 2.00000% 855.95842789 1.33149093 0.00000000 0.00000000 2-A2 18,200,000.00 2.26000% 1000.00000000 1.75777802 0.00000000 0.00000000 A-IO 0.00 4.00000% 1000.00000000 3.33333332 0.00000000 0.00000000 M1 54,120,000.00 2.39000% 1000.00000000 1.85888895 0.00000000 0.00000000 M2 41,800,000.00 2.99000% 1000.00000000 2.32555550 0.00000000 0.00000000 M3 13,200,000.00 3.24000% 1000.00000000 2.52000000 0.00000000 0.00000000 M4 11,000,000.00 3.84000% 1000.00000000 2.98666636 0.00000000 0.00000000 M5 11,000,000.00 3.99000% 1000.00000000 3.10333364 0.00000000 0.00000000 M6 13,200,000.00 5.09000% 1000.00000000 3.95888864 0.00000000 0.00000000 Owner Cert 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes per $1000.00 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 1-A 0.00000000 0.00000000 1.48139402 0.00000000 885.10138070 2-A 0.00000000 0.00000000 1.43830864 0.00000000 850.70632052 2-A1 0.00000000 0.00000000 1.33149093 0.00000000 819.89968832 2-A2 0.00000000 0.00000000 1.75777802 0.00000000 1000.00000000 A-IO 0.00000000 0.00000000 3.33333336 0.00000000 1000.00000000 M1 0.00000000 0.00000000 1.85888895 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.32555550 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.52000000 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.98666636 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.10333364 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.95888864 0.00000000 1000.00000000 Owner Cert 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 25,925,608.22 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 397,157.55 Total Deposits 26,322,765.77 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 336,416.31 Payment of Interest and Principal 25,986,349.46 Total Withdrawals (Pool Distribution Amount) 26,322,765.77 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 336,416.31 Indenture Trustee Fee - HSBC Bank USA 0.00 Owner Trustee Fee - US Bank Trust NA 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 336,416.31
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 0.00 0.00 0.00 SWAP Counterparty Account 0.00 0.00 218,001.50 0.00
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 13 0 0 13 2,147,784.96 0.00 0.00 2,147,784.96 30 Days 26 4 0 0 30 4,187,245.44 259,118.79 0.00 0.00 4,446,364.23 60 Days 23 2 0 0 25 3,085,042.99 260,374.72 0.00 0.00 3,345,417.71 90 Days 3 0 9 0 12 787,509.51 0.00 1,731,401.32 0.00 2,518,910.83 120 Days 2 0 8 2 12 379,573.86 0.00 2,086,238.82 386,736.03 2,852,548.71 150 Days 0 1 9 0 10 0.00 112,703.30 1,352,836.21 0.00 1,465,539.51 180+ Days 0 0 1 1 2 0.00 0.00 85,500.00 230,400.00 315,900.00 Totals 54 20 27 3 104 8,439,371.80 2,779,981.77 5,255,976.35 617,136.03 17,092,465.95 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 0.303526% 0.000000% 0.000000% 0.303526% 0.273262% 0.000000% 0.000000% 0.273262% 30 Days 0.607051% 0.093392% 0.000000% 0.000000% 0.700444% 0.532741% 0.032968% 0.000000% 0.000000% 0.565709% 60 Days 0.537007% 0.046696% 0.000000% 0.000000% 0.583703% 0.392508% 0.033127% 0.000000% 0.000000% 0.425636% 90 Days 0.070044% 0.000000% 0.210133% 0.000000% 0.280177% 0.100194% 0.000000% 0.220285% 0.000000% 0.320480% 120 Days 0.046696% 0.000000% 0.186785% 0.046696% 0.280177% 0.048293% 0.000000% 0.265431% 0.049204% 0.362928% 150 Days 0.000000% 0.023348% 0.210133% 0.000000% 0.233481% 0.000000% 0.014339% 0.172121% 0.000000% 0.186460% 180+ Days 0.000000% 0.000000% 0.023348% 0.023348% 0.046696% 0.000000% 0.000000% 0.010878% 0.029314% 0.040192% Totals 1.260799% 0.466962% 0.630399% 0.070044% 2.428205% 1.073737% 0.353696% 0.668715% 0.078518% 2.174666%
Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1 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 8 0 0 8 1,391,884.64 0.00 0.00 1,391,884.64 30 Days 14 2 0 0 16 1,920,813.63 130,897.56 0.00 0.00 2,051,711.19 60 Days 12 2 0 0 14 1,369,751.71 260,374.72 0.00 0.00 1,630,126.43 90 Days 2 0 5 0 7 610,709.51 0.00 370,300.02 0.00 981,009.53 120 Days 0 0 2 1 3 0.00 0.00 194,866.08 72,312.66 267,178.74 150 Days 0 1 4 0 5 0.00 112,703.30 586,814.78 0.00 699,518.08 180 Days 0 0 0 1 1 0.00 0.00 0.00 230,400.00 230,400.00 Totals 28 13 11 2 54 3,901,274.85 1,895,860.22 1,151,980.88 302,712.66 7,251,828.61 0-29 Days 0.334588% 0.000000% 0.000000% 0.334588% 0.348749% 0.000000% 0.000000% 0.348749% 30 Days 0.585529% 0.083647% 0.000000% 0.000000% 0.669176% 0.481276% 0.032798% 0.000000% 0.000000% 0.514074% 60 Days 0.501882% 0.083647% 0.000000% 0.000000% 0.585529% 0.343203% 0.065239% 0.000000% 0.000000% 0.408442% 90 Days 0.083647% 0.000000% 0.209118% 0.000000% 0.292765% 0.153019% 0.000000% 0.092782% 0.000000% 0.245800% 120 Days 0.000000% 0.000000% 0.083647% 0.041824% 0.125471% 0.000000% 0.000000% 0.048825% 0.018119% 0.066944% 150 Days 0.000000% 0.041824% 0.167294% 0.000000% 0.209118% 0.000000% 0.028239% 0.147032% 0.000000% 0.175270% 180 Days 0.000000% 0.000000% 0.000000% 0.041824% 0.041824% 0.000000% 0.000000% 0.000000% 0.057729% 0.057729% Totals 1.171058% 0.543706% 0.460059% 0.083647% 2.258469% 0.977498% 0.475024% 0.288639% 0.075847% 1.817008% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2 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 5 0 0 5 755,900.32 0.00 0.00 755,900.32 30 Days 12 2 0 0 14 2,266,431.81 128,221.23 0.00 0.00 2,394,653.04 60 Days 11 0 0 0 11 1,715,291.28 0.00 0.00 0.00 1,715,291.28 90 Days 1 0 4 0 5 176,800.00 0.00 1,361,101.30 0.00 1,537,901.30 120 Days 2 0 6 1 9 379,573.86 0.00 1,891,372.74 314,423.37 2,585,369.97 150 Days 0 0 5 0 5 0.00 0.00 766,021.43 0.00 766,021.43 180 Days 0 0 1 0 1 0.00 0.00 85,500.00 0.00 85,500.00 Totals 26 7 16 1 50 4,538,096.95 884,121.55 4,103,995.47 314,423.37 9,840,637.34 0-29 Days 0.264271% 0.000000% 0.000000% 0.264271% 0.195387% 0.000000% 0.000000% 0.195387% 30 Days 0.634249% 0.105708% 0.000000% 0.000000% 0.739958% 0.585833% 0.033143% 0.000000% 0.000000% 0.618976% 60 Days 0.581395% 0.000000% 0.000000% 0.000000% 0.581395% 0.443373% 0.000000% 0.000000% 0.000000% 0.443373% 90 Days 0.052854% 0.000000% 0.211416% 0.000000% 0.264271% 0.045700% 0.000000% 0.351821% 0.000000% 0.397521% 120 Days 0.105708% 0.000000% 0.317125% 0.052854% 0.475687% 0.098113% 0.000000% 0.488887% 0.081273% 0.668273% 150 Days 0.000000% 0.000000% 0.264271% 0.000000% 0.264271% 0.000000% 0.000000% 0.198003% 0.000000% 0.198003% 180 Days 0.000000% 0.000000% 0.052854% 0.000000% 0.052854% 0.000000% 0.000000% 0.022100% 0.000000% 0.022100% Totals 1.374207% 0.369979% 0.845666% 0.052854% 2.642706% 1.173019% 0.228530% 1.060812% 0.081273% 2.543634%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00
COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 6.816411% Weighted Average Net Coupon 6.316411% Weighted Average Pass-Through Rate 6.316411% Weighted Average Maturity(Stepdown Calculation ) 1 Beginning Scheduled Collateral Loan Count 4,384 Number Of Loans Paid In Full 101 Ending Scheduled Collateral Loan Count 4,283 Beginning Scheduled Collateral Balance 807,399,170.66 Ending Scheduled Collateral Balance 785,841,864.72 Ending Actual Collateral Balance at 30-Sep-2004 785,981,312.47 Monthly P &I Constant 4,907,342.07 Special Servicing Fee 0.00 Prepayment Penalties 397,157.55 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 785,841,864.72 Scheduled Principal 321,038.30 Unscheduled Principal 21,236,267.64
Miscellaneous Reporting LIBOR Rate 1.840000% Overcollateralization Amount 22,880,000.00 Overcollateralization Deficiency 0.00 Prepayment Premiums 397,157.55 Stepdown Date NO Required Overcollateralization Amount 22,880,000.00 Trigger Event NO Net Swap Payment 218,001.50 Net Swap Receipt 0.00
Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 6.834862 6.797380 6.816411 Weighted Average Net Rate 6.334862 6.297380 6.316411 Weighted Average Maturity 352 352 1 Beginning Loan Count 2,448 1,936 4,384 Loans Paid In Full 57 44 101 Ending Loan Count 2,391 1,892 4,283 Beginning Scheduled Balance 409,943,266.56 397,455,904.10 807,399,170.66 Ending scheduled Balance 399,039,040.77 386,802,823.95 785,841,864.72 Record Date 09/30/2004 09/30/2004 09/30/2004 Principal And Interest Constant 2,515,168.03 2,392,174.04 4,907,342.07 Scheduled Principal 180,246.55 140,791.75 321,038.30 Unscheduled Principal 10,723,979.24 10,512,288.40 21,236,267.64 Scheduled Interest 2,334,921.48 2,251,382.29 4,586,303.77 Servicing Fees 170,809.69 165,606.62 336,416.31 Master Servicing Fees 0.00 0.00 0.00 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 0.00 0.00 0.00 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 2,164,111.79 2,085,775.67 4,249,887.46 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.334862 6.297380 6.316411