8-K 1 ac040309.htm 8K Accredited Mortgage Loan Trust 2004-3 


                                     UNITED STATES
                           SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C.  20549


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  September 27, 2004
                          (Date of earliest event reported)

                      Accredited Home Capital,Inc.(as Seller, under the
           Indenture dated as August 1,2004 providing for the issuance of
                               Mortgage Loan Trust 2004-3
                (Exact name of Registrant as specified in its Charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-109964-04                             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
     September 27, 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:  Sep 27, 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 September 27, 2004.
                       
 Accredited Mortgage Loan Trust 2004-3
 Asset Backed Notes
  
  
 September 27, 2004 Distribution
  
  
 Contents
            
            
            
   TABLE OF CONTENTS        
            
        Page   
            
    1. Contents    1    
    2. Certificate Payment Report    2    
    3. Collection Account Report    6    
    4. Credit Enhancement Report    9    
    5. Collateral Report    10    
    6. Delinquency Report    13    
    7. REO Report    17    
    8. Prepayment Report    18    
    9. Prepayment Detail Report    21    
    10. Realized Loss Report    22    
    11. Realized Loss Detail Report    25    
    12. Triggers, Adj. Rate Cert. and Miscellaneous Report    26    
            
            
            
            
            
    Total Number of Pages    26    
            
            
            
   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 Mortgage Loan     Cut-Off Date: August 1, 2004    
 Certificate Insurer(s):       Closing Date: August 26, 2004    
         First Payment Date: September 27, 2004    
 Servicer(s): Accredited Home Lenders Master Servicer        
   Countrywide Home Loans, Inc. Back-Up Servicer        
            
         Distribution Date: September 27, 2004    
 Underwriter(s): Lehman Brothers Lead Underwriter     Record Date: September 24, 2004    
    Underwriter        
    Underwriter        
    Underwriter        
            
            
            
            
      Page 1 of 26    © COPYRIGHT 2004 Deutsche Bank
 Accredited Mortgage Loan Trust 2004-3
 Asset Backed Notes
 Trust Fund Series 2004-3
 Certificate Payment Report for September 27, 2004 Distribution
            
            
 Distribution in Dollars - Current Period          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
     (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
            
1A1FIXED 69,191,000.00 69,191,000.00 167,211.58 1,321,607.22 1,488,818.80 - - 67,869,392.78
1A2FIXED 18,358,000.00 18,358,000.00 52,626.27 - 52,626.27 - - 18,358,000.00
1A3FIXED 48,158,000.00 48,158,000.00 157,316.13 - 157,316.13 - - 48,158,000.00
1A4FIXED 24,083,000.00 24,083,000.00 99,141.68 - 99,141.68 - - 24,083,000.00
1A5FIXED 31,020,000.00 31,020,000.00 135,712.50 - 135,712.50 - - 31,020,000.00
1A6FIXED 21,201,000.00 21,201,000.00 83,920.63 - 83,920.63 - - 21,201,000.00
1M1FLT 9,832,000.00 9,832,000.00 43,015.00 - 43,015.00 - - 9,832,000.00
1M2FLT 7,989,000.00 7,989,000.00 34,951.88 - 34,951.88 - - 7,989,000.00
1M3FLT 6,514,000.00 6,514,000.00 28,498.75 - 28,498.75 - - 6,514,000.00
1M4FLT 2,458,000.00 2,458,000.00 10,753.75 - 10,753.75 - - 2,458,000.00
1BFLT 1,844,000.00 1,844,000.00 8,067.50 - 8,067.50 - - 1,844,000.00
2A1FLT 310,058,000.00 310,058,000.00 530,543.69 1,930,391.63 2,460,935.32 - - 308,127,608.37
2A2FLT 42,914,000.00 42,914,000.00 84,874.36 - 84,874.36 - - 42,914,000.00
2A3FLT 120,165,000.00 120,165,000.00 191,729.93 1,556,285.08 1,748,015.01 - - 118,608,714.92
2A4FLT 108,390,000.00 108,390,000.00 190,284.67 - 190,284.67 - - 108,390,000.00
2A5FLT 48,867,000.00 48,867,000.00 94,041.83 - 94,041.83 - - 48,867,000.00
2A6FLT 22,993,000.00 22,993,000.00 45,066.28 - 45,066.28 - - 22,993,000.00
2M1FLT 21,077,000.00 21,077,000.00 41,685.62 - 41,685.62 - - 21,077,000.00
2M2FLT 12,263,000.00 12,263,000.00 24,798.51 - 24,798.51 - - 12,263,000.00
2M3FLT 19,161,000.00 19,161,000.00 46,752.84 - 46,752.84 - - 19,161,000.00
2M4FLT 9,964,000.00 9,964,000.00 26,349.24 - 26,349.24 - - 9,964,000.00
2M5FLT 7,664,000.00 7,664,000.00 23,332.62 - 23,332.62 - - 7,664,000.00
Total  964,164,000.00 964,164,000.00 2,120,675.26 4,808,283.93 6,928,959.19 - - 959,355,716.07
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
      Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
1A108/26/0409/26/04 F-30/360 004375AY7 69,191,000.00 1,000.000000 2.416667 19.100854 21.517521 980.899146
1A208/26/0409/26/04 F-30/360 004375AZ4 18,358,000.00 1,000.000000 2.866667 - 2.866667 1,000.000000
1A308/26/0409/26/04 F-30/360 004375BA8 48,158,000.00 1,000.000000 3.266667 - 3.266667 1,000.000000
1A408/26/0409/26/04 F-30/360 004375BB6 24,083,000.00 1,000.000000 4.116667 - 4.116667 1,000.000000
1A508/26/0409/26/04 F-30/360 004375BC4 31,020,000.00 1,000.000000 4.375000 - 4.375000 1,000.000000
1A608/26/0409/26/04 F-30/360 004375BD2 21,201,000.00 1,000.000000 3.958334 - 3.958334 1,000.000000
1M108/26/0409/26/04 A-30/360 004375BE0 9,832,000.00 1,000.000000 4.375000 - 4.375000 1,000.000000
1M208/26/0409/26/04 A-30/360 004375BF7 7,989,000.00 1,000.000000 4.375001 - 4.375001 1,000.000000
1M308/26/0409/26/04 A-30/360 004375BG5 6,514,000.00 1,000.000000 4.375000 - 4.375000 1,000.000000
1M408/26/0409/26/04 A-30/360 004375BH3 2,458,000.00 1,000.000000 4.375000 - 4.375000 1,000.000000
1B08/26/0409/26/04 A-30/360 004375BJ9 1,844,000.00 1,000.000000 4.375000 - 4.375000 1,000.000000
2A108/26/0409/26/04 A-Act/360 004375BK6 310,058,000.00 1,000.000000 1.711111 6.225905 7.937016 993.774095
2A208/26/0409/26/04 A-Act/360 004375BL4 42,914,000.00 1,000.000000 1.977778 - 1.977778 1,000.000000
2A308/26/0409/26/04 A-Act/360 004375BM2 120,165,000.00 1,000.000000 1.595556 12.951234 14.546790 987.048766
2A408/26/0409/26/04 A-Act/360 004375BN0 108,390,000.00 1,000.000000 1.755556 - 1.755556 1,000.000000
2A508/26/0409/26/04 A-Act/360 004375BP5 48,867,000.00 1,000.000000 1.924445 - 1.924445 1,000.000000
2A608/26/0409/26/04 A-Act/360 004375BQ3 22,993,000.00 1,000.000000 1.960000 - 1.960000 1,000.000000
2M108/26/0409/26/04 A-Act/360 004375BR1 21,077,000.00 1,000.000000 1.977778 - 1.977778 1,000.000000
2M208/26/0409/26/04 A-Act/360 004375BS9 12,263,000.00 1,000.000000 2.022222 - 2.022222 1,000.000000
2M308/26/0409/26/04 A-Act/360 004375BT7 19,161,000.00 1,000.000000 2.440000 - 2.440000 1,000.000000
2M408/26/0409/26/04 A-Act/360 004375BU4 9,964,000.00 1,000.000000 2.644444 - 2.644444 1,000.000000
2M508/26/0409/26/04 A-Act/360 004375BV2 7,664,000.00 1,000.000000 3.044444 - 3.044444 1,000.000000
           
            
            
       Page 2 of 26   © COPYRIGHT 2004 Deutsche Bank
 Accredited Mortgage Loan Trust 2004-3
 Asset Backed Notes
 Trust Fund Series 2004-3
 Certificate Payment Report for September 27, 2004 Distribution
            
            
 Distribution in Dollars - to Date          
          Current
 Original Unscheduled Scheduled TotalTotalRealizedDeferredPrincipal
ClassFace ValueInterestPrincipalPrincipalPrincipalDistributionLossesInterestBalance
 (1)(2)(3)(4)(5)=(3)+(4)(6)=(2)+(5)(7)(8)(9)=(1)-(5)-(7)+(8)
         
1A1 69,191,000.00 167,211.58 1,076,972.25 244,634.97 1,321,607.22 1,488,818.80 - - 67,869,392.78
1A2 18,358,000.00 52,626.27 - - - 52,626.27 - - 18,358,000.00
1A3 48,158,000.00 157,316.13 - - - 157,316.13 - - 48,158,000.00
1A4 24,083,000.00 99,141.68 - - - 99,141.68 - - 24,083,000.00
1A5 31,020,000.00 135,712.50 - - - 135,712.50 - - 31,020,000.00
1A6 21,201,000.00 83,920.63 - - - 83,920.63 - - 21,201,000.00
1M1 9,832,000.00 43,015.00 - - - 43,015.00 - - 9,832,000.00
1M2 7,989,000.00 34,951.88 - - - 34,951.88 - - 7,989,000.00
1M3 6,514,000.00 28,498.75 - - - 28,498.75 - - 6,514,000.00
1M4 2,458,000.00 10,753.75 - - - 10,753.75 - - 2,458,000.00
1B 1,844,000.00 8,067.50 - - - 8,067.50 - - 1,844,000.00
2A1 310,058,000.00 530,543.69 1,617,785.62 312,606.01 1,930,391.63 2,460,935.32 - - 308,127,608.37
2A2 42,914,000.00 84,874.36 - - - 84,874.36 - - 42,914,000.00
2A3 120,165,000.00 191,729.93 1,343,927.99 212,357.09 1,556,285.08 1,748,015.01 - - 118,608,714.92
2A4 108,390,000.00 190,284.67 - - - 190,284.67 - - 108,390,000.00
2A5 48,867,000.00 94,041.83 - - - 94,041.83 - - 48,867,000.00
2A6 22,993,000.00 45,066.28 - - - 45,066.28 - - 22,993,000.00
2M1 21,077,000.00 41,685.62 - - - 41,685.62 - - 21,077,000.00
2M2 12,263,000.00 24,798.51 - - - 24,798.51 - - 12,263,000.00
2M3 19,161,000.00 46,752.84 - - - 46,752.84 - - 19,161,000.00
2M4 9,964,000.00 26,349.24 - - - 26,349.24 - - 9,964,000.00
2M5 7,664,000.00 23,332.62 - - - 23,332.62 - - 7,664,000.00
Total 964,164,000.00 2,120,675.26 4,038,685.86 769,598.07 4,808,283.93 6,928,959.19 - - 959,355,716.07
            
            
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCurrent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
          
1A12.90000% 69,191,000.00 167,211.58 - - - 167,211.58 167,211.58 -
1A23.44000% 18,358,000.00 52,626.27 - - - 52,626.27 52,626.27 -
1A33.92000% 48,158,000.00 157,316.13 - - - 157,316.13 157,316.13 -
1A44.94000% 24,083,000.00 99,141.68 - - - 99,141.68 99,141.68 -
1A55.25000% 31,020,000.00 135,712.50 - - - 135,712.50 135,712.50 -
1A64.75000% 21,201,000.00 83,920.63 - - - 83,920.63 83,920.63 -
1M15.25000% 9,832,000.00 43,015.00 - - - 43,015.00 43,015.00 -
1M25.25000% 7,989,000.00 34,951.88 - - - 34,951.88 34,951.88 -
1M35.25000% 6,514,000.00 28,498.75 - - - 28,498.75 28,498.75 -
1M45.25000% 2,458,000.00 10,753.75 - - - 10,753.75 10,753.75 -
1B5.25000% 1,844,000.00 8,067.50 - - - 8,067.50 8,067.50 -
2A11.92500% 310,058,000.00 530,543.69 - - - 530,543.69 530,543.69 -
2A22.22500% 42,914,000.00 84,874.36 - - - 84,874.36 84,874.36 -
2A31.79500% 120,165,000.00 191,729.93 - - - 191,729.93 191,729.93 -
2A41.97500% 108,390,000.00 190,284.67 - - - 190,284.67 190,284.67 -
2A52.16500% 48,867,000.00 94,041.83 - - - 94,041.83 94,041.83 -
2A62.20500% 22,993,000.00 45,066.28 - - - 45,066.28 45,066.28 -
2M12.22500% 21,077,000.00 41,685.62 - - - 41,685.62 41,685.62 -
2M22.27500% 12,263,000.00 24,798.51 - - - 24,798.51 24,798.51 -
2M32.74500% 19,161,000.00 46,752.84 - - - 46,752.84 46,752.84 -
2M42.97500% 9,964,000.00 26,349.24 - - - 26,349.24 26,349.24 -
2M53.42500% 7,664,000.00 23,332.62 - - - 23,332.62 23,332.62 -
Total  964,164,000.00 2,120,675.26 - - - 2,120,675.26 2,120,675.26 -
            
            
       Page 3 of 26   © COPYRIGHT 2004 Deutsche Bank
 Accredited Mortgage Loan Trust 2004-3
 Asset Backed Notes
 Trust Fund Series 2004-3
 Certificate Payment Report for September 27, 2004 Distribution
            
            
 Distribution in Dollars - Current Period          
     Prior     Current
 ClassOriginalPrincipal  TotalRealizedDeferredPrincipal
ClassTypeFace ValueBalanceInterestPrincipalDistributionLossesInterestBalance
   (1)(2)(3)(4)=(2)+(3)(5)(6)(7)=(1)-(3)-(5)+(6)
          
2M6FLT 7,664,000.00 7,664,000.00 24,013.87 - 24,013.87 - - 7,664,000.00
2M7FLT 7,665,000.00 7,665,000.00 28,105.00 - 28,105.00 - - 7,665,000.00
2BFLT 15,328,000.00 15,328,000.00 56,202.67 - 56,202.67 - - 15,328,000.00
Trust  - - 3,145,663.71 - 3,145,663.71 - - -
  
  
Total  30,657,000.00 30,657,000.00 3,253,985.25 - 3,253,985.25 - - 30,657,000.00
            
            
 Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face      
     Orig. PrincipalPrior   Current
 PeriodPeriod  (with Notional)Principal  TotalPrincipal
ClassStartingEndingMethodCusipBalanceBalanceInterestPrincipalDistributionBalance
      (1)(2)(3)(4)=(2)+(3)(5)
           
2M608/26/0409/26/04 A-Act/360 004375BW0 7,664,000.00 1,000.000000 3.133334 - 3.133334 1,000.000000
2M708/26/0409/26/04 A-Act/360 004375BX8 7,665,000.00 1,000.000000 3.666667 - 3.666667 1,000.000000
2B08/26/0409/26/04 A-Act/360 004375BY6 15,328,000.00 1,000.000000 3.666667 - 3.666667 1,000.000000
Trust08/26/0409/26/04 - - - - - - -
            
            
       Page 4 of 26   © COPYRIGHT 2004 Deutsche Bank
 Accredited Mortgage Loan Trust 2004-3
 Asset Backed Notes
 Trust Fund Series 2004-3
 Certificate Payment Report for September 27, 2004 Distribution
            
            
 Distribution in Dollars - to Date          
           Current
 Original  Unscheduled Scheduled TotalTotalRealizedDeferredPrincipal
ClassFace ValueInterestPrincipalPrincipalPrincipalDistributionLossesInterestBalance
 (1)(2)(3)(4)(5)=(3)+(4)(6)=(2)+(5)(7)(8)(9)=(1)-(5)-(7)+(8)
         
2M6 7,664,000.00 24,013.87 - - - 24,013.87 - - 7,664,000.00
2M7 7,665,000.00 28,105.00 - - - 28,105.00 - - 7,665,000.00
2B 15,328,000.00 56,202.67 - - - 56,202.67 - - 15,328,000.00
Trust - 3,145,663.71 - - - 3,145,663.71 - - -
 
 
Total 30,657,000.00 3,253,985.25 - - - 3,253,985.25 - - 30,657,000.00
            
            
 Interest Detail          
 Pass-Prior Principal Non-PriorUnscheduled Paid orCurrent
 Through(with Notional)AccruedSupportedUnpaidInterestOptimalDeferredUnpaid
ClassRateBalanceInterestInterest SFInterestAdjustmentsInterestInterestInterest
   (1)(2)(3)(4)(5)=(1)-(2)+(3)+(4)(6)(7)=(5)-(6)
          
2M63.52500% 7,664,000.00 24,013.87 - - - 24,013.87 24,013.87 -
2M74.12500% 7,665,000.00 28,105.00 - - - 28,105.00 28,105.00 -
2B4.12500% 15,328,000.00 56,202.67 - - - 56,202.67 56,202.67 -
Trust  - - - - - - 3,145,663.71 -
  
  
Total  30,657,000.00 108,321.54 - - - 108,321.54 3,253,985.25 -
            
            
       Page 5 of 26   © COPYRIGHT 2004 Deutsche Bank
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Collection Account Report for September 27, 2004 Distribution   
            
            
 Collection Account Report   
            
            
SUMMARY    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Principal Collections   1,556,285.08 1,930,391.63 1,321,607.22 4,808,283.93    
 Principal Withdrawals   0.00 0.00 0.00 0.00    
 Principal Other Accounts   0.00 0.00 0.00 0.00    
 TOTAL PRINCIPAL   1,556,285.08 1,930,391.63 1,321,607.22 4,808,283.93    
            
 Interest Collections   1,824,549.36 2,366,588.90 1,318,719.35 5,509,857.61    
 Interest Withdrawals   (41,831.53)(56,886.39)(36,479.17)(135,197.10)   
 Interest Other Accounts   0.00 0.00 0.00 0.00    
 TOTAL INTEREST   1,782,717.83 2,309,702.51 1,282,240.18 5,374,660.51    
            
 TOTAL AVAILABLE FUNDS TO BONDHOLDERS   3,339,002.91 4,240,094.14 2,603,847.40 10,182,944.44    
            
 Interest Payable to Bondholders   1,782,717.83 2,309,702.51 1,282,240.18 5,374,660.51    
            
 Principal Payment Amount Payable to Bondholders   1,556,285.08 1,930,391.63 1,321,607.22 4,808,283.93    
            
            
PRINCIPAL - COLLECTIONS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Scheduled Principal   212,357.09 312,606.01 244,634.97 769,598.07    
 Curtailments   13,451.03 15,013.99 29,423.65 57,888.67    
 Prepayments in Full   1,030,826.96 836,456.76 741,448.60 2,608,732.32    
 Repurchases/Substitutions   299,650.00 766,314.87 306,100.00 1,372,064.87    
 Liquidations   0.00 0.00 0.00 0.00    
 Insurance Principal   0.00 0.00 0.00 0.00    
 Other Additional Principal   0.00 0.00 0.00 0.00    
 Delinquent Principal   (153,993.55)(217,207.60)(157,488.78)(528,689.93)   
 Realized Losses   0.00 0.00 0.00 0.00    
 Principal Recovered   0.00 0.00 0.00 0.00    
 Substitution Shortfall Principal   0.00 0.00 0.00 0.00    
 Proceeds due to calling the Notes   0.00 0.00 0.00 0.00    
 Proceeds due to the termination of the trust   0.00 0.00 0.00 0.00    
 Principal Advanced   153,993.55 217,207.60 157,488.78 528,689.93    
            
 TOTAL PRINCIPAL   1,556,285.08 1,930,391.63 1,321,607.22 4,808,283.93    
            
            
    Page 6 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Collection Account Report for September 27, 2004 Distribution   
     
     
 Collection Account Report   
            
            
PRINCIPAL - WITHDRAWALS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
PRINCIPAL - OTHER ACCOUNTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Pre-funding Release Amount   0.00 0.00 0.00 0.00    
 Insured Principal Payment   0.00 0.00 0.00 0.00    
            
 TOTAL PRINCIPAL OTHER ACCOUNTS   0.00 0.00 0.00 0.00    
            
            
INTEREST - COLLECTIONS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Scheduled Interest   1,917,385.67 2,456,388.50 1,376,312.97 5,750,087.14    
 Repurchases/Substitutions   1,935.24 5,177.46 1,981.69 9,094.39    
 Liquidations   0.00 0.00 0.00 0.00    
 Insurance Interest   0.00 0.00 0.00 0.00    
 Other Additional Interest   0.00 0.00 0.00 0.00    
 Prepayment Interest Shortfalls   (843.37)(1,371.96)(1,566.05)(3,781.38)   
 Delinquent Interest   (1,366,668.22)(1,688,020.54)(897,911.50)(3,952,600.26)   
 Realized Losses   0.00 0.00 0.00 0.00    
 Compensating Interest   843.37 1,371.96 1,566.05 3,781.38    
 Civil Relief Act Shortfalls   0.00 0.00 0.00 0.00    
 Substitution Shortfall Interest   0.00 0.00 0.00 0.00    
 Prepayment Premiums   4,496.95 27,662.67 6,776.13 38,935.75    
 Loan Adjustments   0.00 0.00 0.00 0.00    
 Interest Advanced   1,267,399.72 1,565,380.81 831,560.06 3,664,340.59    
            
 TOTAL INTEREST   1,824,549.36 2,366,588.90 1,318,719.35 5,509,857.61    
            
            
    Page 7 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Collection Account Report for September 27, 2004 Distribution   
     
     
 Collection Account Report   
            
            
INTEREST - WITHDRAWALS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
INTEREST - OTHER ACCOUNTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Capitalized Interest   0.00 0.00 0.00 0.00    
 Insured Interest Payment   0.00 0.00 0.00 0.00    
            
 TOTAL INTEREST OTHER ACCOUNT   0.00 0.00 0.00 0.00    
            
            
INTEREST - FEES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Current Servicing Fees   41,269.38 56,171.15 36,069.49 133,510.02    
 Indenture Trustee Fees   562.15 715.24 409.68 1,687.08    
 Indenture Trustee Indemnification Amounts Due   0.00 0.00 0.00 0.00    
 Insurance Premiums   0.00 0.00 0.00 0.00    
 Amounts due and owing to the Owner Trustee   0.00 0.00 0.00 0.00    
 Amounts due to the Master Servicer   0.00 0.00 0.00 0.00    
            
 TOTAL INTEREST FEES   41,831.53 56,886.39 36,479.17 135,197.10    
            
            
    Page 8 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Credit Enhancement Report for September 27, 2004 Distribution   
     
     
 Credit Enhancement Report   
            
            
ACCOUNTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
INSURANCE    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
STRUCTURAL FEATURES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Beginning Over-collateralization Amount    12,263,984.47 5,162,232.51 17,426,216.98    
            
 Over-collateralization Increase Amount    0.00 0.00 0.00    
            
 Over-collateralization Release Amount    0.00 0.00 0.00    
            
 Over-collateralization Amount    12,263,984.47 5,162,232.51 17,426,216.98    
            
 Target Over-collateralization Amount    12,263,984.47 5,162,232.51 17,426,216.98    
            
            
    Page 9 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Collateral Report for September 27, 2004 Distribution   
     
     
 Collateral Report   
            
            
COLLATERAL    GROUP 3 GROUP 2 GROUP 1 TOTAL   
 Loan Count:          
 Original   1625277816976100   
 Prior   - - - -    
 Prefunding   - - - -    
 Scheduled Paid Offs   - - - -    
 Full Voluntary Prepayments   (4) (6) (4) (14)   
 Repurchases   (1) (5) (4) (10)   
 Liquidations   - - - -    
 Current   1,620 2,767 1,689 6,076    
            
 Principal Balance:          
 Original   337,290,892.67 429,146,091.80 245,810,232.51 1,012,247,216.98    
 Prior   - - - -    
 Prefunding   - - - -    
 Scheduled Principal   (212,357.09) (312,606.01) (244,634.97) (769,598.07)   
 Partial and Full Voluntary Prepayments   (1,044,277.99) (851,470.75) (770,872.25) (2,666,620.99)   
 Repurchases   (299,650.00) (766,314.87) (306,100.00) (1,372,064.87)   
 Liquidations   - - - -    
 Current   335,734,607.59 427,215,700.17 244,488,625.29 1,007,438,933.05    
            
PREFUNDING    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
  Group 1 Group 3        
  Group 2          
Current Prin Balance by Groups (in millions of dollars)Total Current Principal Balance (in millions of dollars)   
            
            
    Page 10 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Collateral Report for September 27, 2004 Distribution   
     
     
 Collateral Report   
            
            
CHARACTERISTICS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 Weighted Average Coupon Original   6.828483%6.883155%6.728579%6.827401%   
 Weighted Average Coupon Prior          
 Weighted Average Coupon Current   6.828483%6.883155%6.728579%6.827401%   
 Weighted Average Months to Maturity Original   355 356 343 353    
 Weighted Average Months to Maturity Prior   - - - -    
 Weighted Average Months to Maturity Current   355 356 343 353    
 Weighted Avg Remaining Amortization Term Original   356 356 343 353    
 Weighted Avg Remaining Amortization Term Prior   - - - -    
 Weighted Avg Remaining Amortization Term Current   356 356 343 353    
 Weighted Average Seasoning Original   1.04 1.01 1.09 1.04    
 Weighted Average Seasoning Prior   - - - -    
 Weighted Average Seasoning Current   1.04 1.01 1.09 1.04    
            
Note: Original information refers to deal issue.           
            
            
  Group 1 Group 3        
  Group 2          
WAC by GroupsTotal WAC   
            
            
WARAT by GroupsTotal WARAT   
            
            
Note: Dates correspond to distribution dates.           
    Page 11 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Collateral Report for September 27, 2004 Distribution   
     
     
 Collateral Report   
            
            
ARM CHARACTERISTICS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 Weighted Average Margin Original   4.454%4.703%     
 Weighted Average Margin Prior          
 Weighted Average Margin Current   4.454%4.703%     
 Weighted Average Max Rate Original   11.185%11.763%     
 Weighted Average Max Rate Prior          
 Weighted Average Max Rate Current   11.185%11.763%     
 Weighted Average Min Rate Original   5.542%5.842%     
 Weighted Average Min Rate Prior          
 Weighted Average Min Rate Current   5.542%5.842%     
 Weighted Average Cap Up Original   1.208%1.267%     
 Weighted Average Cap Up Prior          
 Weighted Average Cap Up Current   1.208%1.267%     
 Weighted Average Cap Down Original   1.208%1.267%     
 Weighted Average Cap Down Prior          
 Weighted Average Cap Down Current   1.208%1.267%     
            
Note: Original information refers to deal issue.           
            
SERVICING FEES / ADVANCES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Current Servicing Fees   41,269.38 56,171.15 36,069.49 133,510.02    
 Delinquent Servicing Fees   99,268.50 122,639.73 66,351.44 288,259.67    
 TOTAL SERVICING FEES   140,537.88 178,810.88 102,420.93 421,769.69    
            
 Total Servicing Fees   140,537.88 178,810.88 102,420.93 421,769.69    
 Compensating Interest   (843.37)(1,371.96)(1,566.05)(3,781.38)   
 Delinquent Servicing Fees   (99,268.50)(122,639.73)(66,351.44)(288,259.67)   
 COLLECTED SERVICING FEES   40,426.01 54,799.19 34,503.44 129,728.64    
            
 Current PPIS   (843.37)(1,371.96)(1,566.05)(3,781.38)   
 Compensating Interesst   843.37 1,371.96 1,566.05 3,781.38    
 CURRENT NET PPIS   0.00 0.00 0.00 0.00    
            
 Total Advanced Principal For Current Payment Date   153,993.55 217,207.60 157,488.78 528,689.93    
 Total Advanced Interest For Current Payment Date   1,267,399.72 1,565,380.81 831,560.06 3,664,340.59    
 TOTAL ADVANCES FOR CURRENT PERIOD   1,421,393.27 1,782,588.41 989,048.84 4,193,030.52    
            
            
ADDITIONAL COLLATERAL INFORMATION    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
    Page 12 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Delinquency Report for September 27, 2004 Distribution   
     
     
 Delinquency Report - Total   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   905,307.34 - - 905,307.34    
   % Balance   0.09%0.00%0.00%0.09%   
   # Loans   5 - - 5    
   % # Loans   0.08%0.00%0.00%0.08%   
FORECLOSURE  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
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   - - - - -    
   % 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   - 905,307.34 - - 905,307.34    
   % Balance  0.00%0.09%0.00%0.00%0.09%   
   # Loans   - 5 - - 5    
   % # Loans  0.00%0.08%0.00%0.00%0.08%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 13 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Delinquency Report for September 27, 2004 Distribution   
     
     
 Delinquency Report - Group 1 Group   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   - - - -    
   % Balance   0.00%0.00%0.00%0.00%   
   # Loans   - - - -    
   % # Loans   0.00%0.00%0.00%0.00%   
FORECLOSURE  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
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   - - - - -    
   % 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   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 14 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Delinquency Report for September 27, 2004 Distribution   
     
     
 Delinquency Report - Group 2 Group   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   220,517.31 - - 220,517.31    
   % Balance   0.05%0.00%0.00%0.05%   
   # Loans   2 - - 2    
   % # Loans   0.07%0.00%0.00%0.07%   
FORECLOSURE  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
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   - - - - -    
   % 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   - 220,517.31 - - 220,517.31    
   % Balance  0.00%0.05%0.00%0.00%0.05%   
   # Loans   - 2 - - 2    
   % # Loans  0.00%0.07%0.00%0.00%0.07%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+           
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 15 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Delinquency Report for September 27, 2004 Distribution   
     
     
 Delinquency Report - Group 3 Group   
            
            
     <1 PAYMENT 1 PAYMENT 2 PAYMENTS 3+ PAYMENTS TOTAL   
DELINQUENT  Balance   684,790.03 - - 684,790.03    
   % Balance   0.20%0.00%0.00%0.20%   
   # Loans   3 - - 3    
   % # Loans   0.19%0.00%0.00%0.19%   
FORECLOSURE  Balance   - - - - -    
   % Balance  0.00%0.00%0.00%0.00%0.00%   
   # Loans   - - - - -    
   % # Loans  0.00%0.00%0.00%0.00%0.00%   
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   - - - - -    
   % 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   - 684,790.03 - - 684,790.03    
   % Balance  0.00%0.20%0.00%0.00%0.20%   
   # Loans   - 3 - - 3    
   % # Loans  0.00%0.19%0.00%0.00%0.19%   
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+   
        6 Months Moving Average    
1 or 2 Payments Delinquent3 or More Payments Delinquent   
            
            
Total ForeclosureTotal Bankruptcy and REO   
            
            
Note: Dates correspond to distribution dates.           
    Page 16 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 REO Report for September 27, 2004 Distribution   
     
     
 REO Report - Mortgage Loans that Become REO During Current Distribution   
            
            
SUMMARY    LOAN GROUP       
            
Total Loan Count = 0 Loan Group 1 = Group 1; REO Book Value = 000.00   
Total Original Principal Balance = 000.00 Loan Group 2 = Group 2; REO Book Value = 000.00       
Total Current Balance = 000.00 Loan Group 3 = Group 3; REO Book Value = 000.00       
REO Book Value = 000.00        
            
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 BalanceDateRateOriginationTermDate   
SPACE INTENTIONALLY LEFT BLANK   
          
            
    Page 17 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Prepayment Report for September 27, 2004 Distribution   
     
     
 Prepayment Report - Voluntary Prepayments   
            
            
VOLUNTARY PREPAYMENTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 Current          
 Number of Paid in Full Loans   4 6 4 14    
 Number of Repurchased Loans   1 5 4 10    
 Total Number of Loans Prepaid in Full   5 11 8 24    
            
 Paid in Full Balance   1,030,826.96 836,456.76 741,448.60 2,608,732.32    
 Repurchased Loans Balance   299,650.00 766,314.87 306,100.00 1,372,064.87    
 Curtailments Amount   13,451.03 15,013.99 29,423.65 57,888.67    
 Total Prepayment Amount   1,343,927.99 1,617,785.62 1,076,972.25 4,038,685.86    
            
 Cumulative          
 Number of Paid in Full Loans   4 6 4 14    
 Number of Repurchased Loans   1 5 4 10    
 Total Number of Loans Prepaid in Full   5 11 8 24    
            
 Paid in Full Balance   1,030,826.96 836,456.76 741,448.60 2,608,732.32    
 Repurchased Loans Balance   299,650.00 766,314.87 306,100.00 1,372,064.87    
 Curtailments Amount   13,451.03 15,013.99 29,423.65 57,888.67    
 Total Prepayment Amount   1,343,927.99 1,617,785.62 1,076,972.25 4,038,685.86    
            
SPACE INTENTIONALLY LEFT BLANK   
            
            
Total Prepayments by Groups (in thousands of dollars)Total Prepayments (in thousands of dollars)   
            
            
    Page 18 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Prepayment Report for September 27, 2004 Distribution   
     
     
 Prepayment Report - Voluntary Prepayments   
            
            
VOLUNTARY PREPAYMENT RATES    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 SMM   0.40%0.38%0.44%0.40%   
 3 Months Avg SMM          
 12 Months Avg SMM          
 Avg SMM Since Cut-off   0.40%0.38%0.44%0.40%   
            
 CPR   4.68%4.43%5.14%4.69%   
 3 Months Avg CPR          
 12 Months Avg CPR          
 Avg CPR Since Cut-off   4.68%4.43%5.14%4.69%   
            
 PSA   2240.09%2195.65%2364.26%2253.48%   
 3 Months Avg PSA Approximation          
 12 Months Avg PSA Approximation          
 Avg PSA Since Cut-off Approximation   2240.09%2195.65%2364.26%2253.48%   
            
            
            
  Group 1 Group 3        
  Group 2          
            
            
CPR by GroupsTotal CPR   
            
            
PSA by GroupsTotal PSA   
            
            
    Page 19 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Prepayment Report for September 27, 2004 Distribution   
     
     
 Prepayment Report - Voluntary Prepayments   
            
  Group 1 Group 3        
  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 20 of 26   © COPYRIGHT 2004 Deutsche Bank   
            
            
 Accredited Mortgage Loan Trust 2004-3  
 Asset Backed Notes  
 Series 2004-3  
 Prepayment Detail Report for September 27, 2004 Distribution  
    
    
 Prepayment Detail Report - Loans Prepaid in Full During Current Distribution  
            
            
SUMMARY     LOAN GROUP     
            
Total Loan Count = 24     Loan Group 1 = Group 1  
Total Original Principal Balance = 3,985,240.00 Loan Group 2 = Group 2  
Total Prepayment Amount = 3,980,797.19 Loan Group 3 = Group 3  
            
            
Loan Number  Original    Current State & Type Prepayment    
&Loan Principal Prepayment Prepayment Note LTV at & Origination   
Loan GroupStatus Balance AmountDateRateOriginationOriginal TermDate  
   
405175147 1  130,000.00 129,094.19 Aug-26-045.875%CA - 54.24% Paid Off - 180 May-28-04  
405185583 1  479,200.00 477,580.14 Aug-16-046.200%TX - 79.73% Paid Off - 180 Jun-09-04  
405253500 1  75,000.00 74,774.27 Sep-01-047.800%OH - 56.65% Paid Off - 360 Jun-01-04  
407123239 1  60,000.00 60,000.00 Sep-08-044.800%AZ - 63.16% Paid Off - 360 Jul-21-04  
403185900 2  90,400.00 90,251.07 Sep-10-046.990%FL - 79.87% Paid Off - 360 May-14-04  
404263029 2  120,000.00 119,748.82 Sep-01-045.750%NV - 72.58% Paid Off - 360 May-14-04  
404264093 2  95,000.00 94,798.78 Aug-26-046.750%CA - 82.43% Paid Off - 360 May-28-04  
405185735 2  232,000.00 231,790.22 Aug-27-046.499%CA - 79.93% Paid Off - 360 Jun-09-04  
405200284 2  238,170.00 237,671.47 Aug-16-045.750%CA - 79.83% Paid Off - 360 May-28-04  
406178644 2  62,250.00 62,196.40 Sep-01-046.750%FL - 74.94% Paid Off - 360 Jun-30-04  
405131322 3  90,000.00 89,938.99 Sep-10-047.950%FL - 63.79% Paid Off - 360 Jun-09-04  
405209109 3  68,000.00 67,887.97 Aug-31-046.990%ME - 79.87% Paid Off - 360 May-26-04  
406211419 3  373,000.00 373,000.00 Sep-01-046.990%NJ - 64.31% Paid Off - 360 Jul-21-04  
407160530 3  500,000.00 500,000.00 Aug-25-047.500%CA - 75.19% Paid Off - 360 Jul-30-04  
402178133 1  93,000.00 93,000.00 Aug-25-048.399%NM - 83.04% Repur/Subs - 360 Jul-19-04  
405253915 1  95,000.00 95,000.00 Aug-25-047.399%FL - 60.13% Repur/Subs - 360 Jul-30-04  
405265969 1  62,600.00 62,600.00 Aug-25-047.499%NM - 78.25% Repur/Subs - 360 Jul-08-04  
406301985 1  55,500.00 55,500.00 Aug-25-047.650%TX - 75.00% Repur/Subs - 240 Jul-26-04  
406180841 2  230,720.00 230,564.87 Aug-25-047.990%NV - 79.95% Repur/Subs - 360 Jul-07-04  
406212452 2  85,000.00 85,000.00 Aug-25-047.750%NM - 85.00% Repur/Subs - 180 Jul-30-04  
406291220 2  141,000.00 141,000.00 Aug-25-049.490%MD - 75.00% Repur/Subs - 360 Jul-12-04  
406302354 2  106,250.00 106,250.00 Aug-25-047.499%IL - 85.00% Repur/Subs - 360 Jul-14-04  
407066643 2  203,500.00 203,500.00 Sep-01-047.750%IL - 78.27% Repur/Subs - 360 Jul-28-04  
406290621 3  299,650.00 299,650.00 Aug-25-047.750%CA - 65.00% Repur/Subs - 360 Jul-22-04  
          
            
     Page 21 of 26   © COPYRIGHT 2004 Deutsche Bank  
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Realized Loss Report for September 27, 2004 Distribution   
     
     
 Realized Loss Report - Collateral   
            
            
COLLATERAL REALIZED LOSSES    GROUP 3 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 Group 3    3 Months Moving Average     
  Group 2          
            
Collateral Loss Severity Approximation by GroupsCollateral Loss Severity Approximation   
            
            
    Page 22 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Realized Loss Report for September 27, 2004 Distribution   
     
     
 Realized Loss Report - Collateral   
            
            
DEFAULT SPEEDS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
            
 MDR   0.00%0.00%0.00%0.00%   
 3 Months Avg MDR          
 12 Months Avg MDR          
 Avg MDR Since Cut-off   0.00%0.00%0.00%0.00%   
            
 CDR   0.00%0.00%0.00%0.00%   
 3 Months Avg CDR          
 12 Months Avg CDR          
 Avg CDR Since Cut-off   0.00%0.00%0.00%0.00%   
            
 SDA   0.00%0.00%0.00%0.00%   
 3 Months Avg SDA Approximation          
 12 Months Avg SDA Approximation          
 Avg SDA Since Cut-off Approximation   0.00%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 3        
  Group 2          
CDR by GroupsTotal CDR   
            
            
SDA by GroupsTotal SDA   
            
            
    Page 23 of 26   © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Realized Loss Report for September 27, 2004 Distribution   
     
     
 Realized Loss Report - Collateral   
            
  Group 1 Group 3        
  Group 2          
            
CDR Avg since Cut-Off by GroupsTotal 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 24 of 26   © COPYRIGHT 2004 Deutsche Bank   
            
            
 Accredited Mortgage Loan Trust 2004-3  
 Asset Backed Notes  
 Series 2004-3  
 Realized Loss Detail Report for September 27, 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 Loan Group 3 = Group 3  
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 OriginalPrincipal Loss/(Gain) Realized Realized   
Loan GroupStatusRateOriginationTermBalanceRevisionsLoss/(Gain)Loss/(Gain)  
SPACE INTENTIONALLY LEFT BLANK  
          
            
     Page 25 of 26    © COPYRIGHT 2004 Deutsche Bank   
 Accredited Mortgage Loan Trust 2004-3   
 Asset Backed Notes   
 Series 2004-3   
 Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution   
     
     
 Triggers, Adj. Rate Cert. and Miscellaneous Report   
            
            
TRIGGER EVENTS    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Has the Step Down Requirement been satisfied    NoNoNo   
            
 Trigger Event          
  Rolling 3 Month 60 + Delinquency Ratio    NoNoNo   
  Cumulative Losses    NoNoNo   
            
 Has the Group Clean Up Call Date Occurred?    NoNoNo   
            
 Has the Trust Clean Up Call Date Occurred?      No   
            
            
ADJUSTABLE RATE CERTIFICATE INFORMATION    GROUP 3 GROUP 2 GROUP 1 TOTAL   
    
 Current Month's LIBOR      1.625000%   
            
 Current Month's LIBOR Determination Date      Aug-24-04   
            
 Next Month's LIBOR      1.840000%   
            
 Next Month's LIBOR Determination Date      Sep-23-04   
            
            
ADDITIONAL INFORMATION    GROUP 3 GROUP 2 GROUP 1 TOTAL   
SPACE INTENTIONALLY LEFT BLANK   
            
            
    Page 26 of 26   © COPYRIGHT 2004 Deutsche Bank