-----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, QPUj1UdJQYC8+uI1tm8mdb1N9YKCUA+lwp2YDm/lYw6lllCjiLxNsrXEmDZGE3Sf ELysLH22Kb+GsR8z1Pqq+A== 0001056404-04-004568.txt : 20041230 0001056404-04-004568.hdr.sgml : 20041230 20041230093223 ACCESSION NUMBER: 0001056404-04-004568 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041227 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041230 DATE AS OF CHANGE: 20041230 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First Franklin Mortgage Loan Trust 2004-FF7 CENTRAL INDEX KEY: 0001301923 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-115858-11 FILM NUMBER: 041232512 BUSINESS ADDRESS: STREET 1: 3 WORLD FINANCIAL CENTER CITY: NEW YORK STATE: NY ZIP: 10285 BUSINESS PHONE: 2125267000 MAIL ADDRESS: STREET 1: 3 WORLD FINANCIAL CENTER CITY: NEW YORK STATE: NY ZIP: 10285 8-K 1 ffm04ff7_dec.txt DECEMBER 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 27, 2004 FIRST FRANKLIN MORTGAGE LOAN TRUST Mortgage Pass-Through Certificates, Series 2004-FF7 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115858-11 54-6636533 Pooling and Servicing Agreement) (Commission 54-6636534 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Mortgage Pass-Through Certificates, Series 2004-FF7 Trust. 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-FF7 Trust, relating to the December 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report 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-FF7 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/27/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-FF7 Trust, relating to the December 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1
First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Record Date: 11/30/2004 Distribution Date: 12/27/2004 First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2004-FF7 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 A1 32027NKV2 SEN 2.50000% 785,895,122.21 1,691,857.55 10,386,264.26 A2 32027NKW0 SEN 2.41000% 179,426,109.55 372,359.02 4,903,677.51 A3 32027NKX8 SEN 2.33000% 181,988,775.25 365,140.26 7,236,566.39 A4 32027NKY6 SEN 2.48000% 82,798,000.00 176,819.73 0.00 A5 32027NKZ3 SEN 2.68000% 102,642,000.00 236,874.93 0.00 M1 32027NLA7 MEZ 2.76000% 74,249,000.00 176,465.12 0.00 M2 32027NLB5 MEZ 2.97000% 35,170,000.00 89,947.27 0.00 M3 32027NLC3 MEZ 3.23000% 15,631,000.00 43,475.89 0.00 M4 32027NLD1 MEZ 3.38000% 15,631,000.00 45,494.89 0.00 M5 32027NLE9 MEZ 3.63000% 11,723,000.00 36,644.14 0.00 M6 32027NLF6 MEZ 3.78000% 7,816,000.00 25,441.08 0.00 M7 32027NLG4 MEZ 4.18000% 6,253,000.00 22,507.33 0.00 M8 32027NLH2 MEZ 4.68000% 9,379,000.00 37,797.37 0.00 M9 32027NLJ8 MEZ 4.68000% 7,816,000.00 31,498.48 0.00 B 32027NLK5 SUB 5.00000% 11,723,000.00 48,845.83 0.00 X FFM04FF7C SEN 0.00000% 3,908,227.06 4,487,908.28 0.00 P FFM04FF7P SEN 0.00000% 100.00 305,464.29 0.00 R FFM4FF7R2 RES 0.00000% 0.00 0.00 0.00 Totals 1,532,049,334.07 8,194,541.46 22,526,508.16
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 775,508,857.95 12,078,121.81 0.00 A2 0.00 174,522,432.04 5,276,036.53 0.00 A3 0.00 174,752,208.86 7,601,706.65 0.00 A4 0.00 82,798,000.00 176,819.73 0.00 A5 0.00 102,642,000.00 236,874.93 0.00 M1 0.00 74,249,000.00 176,465.12 0.00 M2 0.00 35,170,000.00 89,947.27 0.00 M3 0.00 15,631,000.00 43,475.89 0.00 M4 0.00 15,631,000.00 45,494.89 0.00 M5 0.00 11,723,000.00 36,644.14 0.00 M6 0.00 7,816,000.00 25,441.08 0.00 M7 0.00 6,253,000.00 22,507.33 0.00 M8 0.00 9,379,000.00 37,797.37 0.00 M9 0.00 7,816,000.00 31,498.48 0.00 B 0.00 11,723,000.00 48,845.83 0.00 X 0.00 3,908,227.06 4,487,908.28 0.00 P 0.00 100.00 305,464.29 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,509,522,825.91 30,721,049.62 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) A1 804,107,000.00 785,895,122.21 274,952.56 10,111,311.70 0.00 0.00 A2 184,625,000.00 179,426,109.55 129,813.63 4,773,863.88 0.00 0.00 A3 189,661,000.00 181,988,775.25 191,571.52 7,044,994.87 0.00 0.00 A4 82,798,000.00 82,798,000.00 0.00 0.00 0.00 0.00 A5 102,642,000.00 102,642,000.00 0.00 0.00 0.00 0.00 M1 74,249,000.00 74,249,000.00 0.00 0.00 0.00 0.00 M2 35,170,000.00 35,170,000.00 0.00 0.00 0.00 0.00 M3 15,631,000.00 15,631,000.00 0.00 0.00 0.00 0.00 M4 15,631,000.00 15,631,000.00 0.00 0.00 0.00 0.00 M5 11,723,000.00 11,723,000.00 0.00 0.00 0.00 0.00 M6 7,816,000.00 7,816,000.00 0.00 0.00 0.00 0.00 M7 6,253,000.00 6,253,000.00 0.00 0.00 0.00 0.00 M8 9,379,000.00 9,379,000.00 0.00 0.00 0.00 0.00 M9 7,816,000.00 7,816,000.00 0.00 0.00 0.00 0.00 B 11,723,000.00 11,723,000.00 0.00 0.00 0.00 0.00 X 3,908,227.06 3,908,227.06 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,563,132,327.06 1,532,049,334.07 596,337.71 21,930,170.45 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 A1 10,386,264.26 775,508,857.95 0.96443490 10,386,264.26 A2 4,903,677.51 174,522,432.04 0.94528061 4,903,677.51 A3 7,236,566.39 174,752,208.86 0.92139243 7,236,566.39 A4 0.00 82,798,000.00 1.00000000 0.00 A5 0.00 102,642,000.00 1.00000000 0.00 M1 0.00 74,249,000.00 1.00000000 0.00 M2 0.00 35,170,000.00 1.00000000 0.00 M3 0.00 15,631,000.00 1.00000000 0.00 M4 0.00 15,631,000.00 1.00000000 0.00 M5 0.00 11,723,000.00 1.00000000 0.00 M6 0.00 7,816,000.00 1.00000000 0.00 M7 0.00 6,253,000.00 1.00000000 0.00 M8 0.00 9,379,000.00 1.00000000 0.00 M9 0.00 7,816,000.00 1.00000000 0.00 B 0.00 11,723,000.00 1.00000000 0.00 X 0.00 3,908,227.06 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 22,526,508.16 1,509,522,825.91 0.96570380 22,526,508.16
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A1 804,107,000.00 977.35142488 0.34193529 12.57458485 0.00000000 A2 184,625,000.00 971.84081002 0.70312054 25.85708263 0.00000000 A3 189,661,000.00 959.54769431 1.01007334 37.14519522 0.00000000 A4 82,798,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A5 102,642,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 74,249,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 35,170,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 15,631,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 15,631,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 11,723,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 7,816,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 6,253,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 9,379,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 7,816,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 11,723,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 3,908,227.06 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination.
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 12.91652014 964.43490475 0.96443490 12.91652014 A2 0.00000000 26.56020317 945.28060685 0.94528061 26.56020317 A3 0.00000000 38.15526856 921.39242575 0.92139243 38.15526856 A4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A5 0.00000000 0.00000000 1,000.00000000 1.00000000 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 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 804,107,000.00 2.50000% 785,895,122.21 1,691,857.55 0.00 0.00 A2 184,625,000.00 2.41000% 179,426,109.55 372,359.02 0.00 0.00 A3 189,661,000.00 2.33000% 181,988,775.25 365,140.26 0.00 0.00 A4 82,798,000.00 2.48000% 82,798,000.00 176,819.73 0.00 0.00 A5 102,642,000.00 2.68000% 102,642,000.00 236,874.93 0.00 0.00 M1 74,249,000.00 2.76000% 74,249,000.00 176,465.12 0.00 0.00 M2 35,170,000.00 2.97000% 35,170,000.00 89,947.27 0.00 0.00 M3 15,631,000.00 3.23000% 15,631,000.00 43,475.89 0.00 0.00 M4 15,631,000.00 3.38000% 15,631,000.00 45,494.89 0.00 0.00 M5 11,723,000.00 3.63000% 11,723,000.00 36,644.14 0.00 0.00 M6 7,816,000.00 3.78000% 7,816,000.00 25,441.08 0.00 0.00 M7 6,253,000.00 4.18000% 6,253,000.00 22,507.33 0.00 0.00 M8 9,379,000.00 4.68000% 9,379,000.00 37,797.37 0.00 0.00 M9 7,816,000.00 4.68000% 7,816,000.00 31,498.48 0.00 0.00 B 11,723,000.00 5.00000% 11,723,000.00 48,845.83 0.00 0.00 X 3,908,227.06 0.00000% 3,908,227.06 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,563,132,327.06 3,401,168.89 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 A1 0.00 0.00 1,691,857.55 0.00 775,508,857.95 A2 0.00 0.00 372,359.02 0.00 174,522,432.04 A3 0.00 0.00 365,140.26 0.00 174,752,208.86 A4 0.00 0.00 176,819.73 0.00 82,798,000.00 A5 0.00 0.00 236,874.93 0.00 102,642,000.00 M1 0.00 0.00 176,465.12 0.00 74,249,000.00 M2 0.00 0.00 89,947.27 0.00 35,170,000.00 M3 0.00 0.00 43,475.89 0.00 15,631,000.00 M4 0.00 0.00 45,494.89 0.00 15,631,000.00 M5 0.00 0.00 36,644.14 0.00 11,723,000.00 M6 0.00 0.00 25,441.08 0.00 7,816,000.00 M7 0.00 0.00 22,507.33 0.00 6,253,000.00 M8 0.00 0.00 37,797.37 0.00 9,379,000.00 M9 0.00 0.00 31,498.48 0.00 7,816,000.00 B 0.00 0.00 48,845.83 0.00 11,723,000.00 X 0.00 0.00 4,487,908.28 0.00 3,908,227.06 P 0.00 0.00 305,464.29 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 8,194,541.46 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 A1 804,107,000.00 2.50000% 977.35142488 2.10402042 0.00000000 0.00000000 A2 184,625,000.00 2.41000% 971.84081002 2.01683965 0.00000000 0.00000000 A3 189,661,000.00 2.33000% 959.54769431 1.92522585 0.00000000 0.00000000 A4 82,798,000.00 2.48000% 1000.00000000 2.13555557 0.00000000 0.00000000 A5 102,642,000.00 2.68000% 1000.00000000 2.30777781 0.00000000 0.00000000 M1 74,249,000.00 2.76000% 1000.00000000 2.37666662 0.00000000 0.00000000 M2 35,170,000.00 2.97000% 1000.00000000 2.55749986 0.00000000 0.00000000 M3 15,631,000.00 3.23000% 1000.00000000 2.78138891 0.00000000 0.00000000 M4 15,631,000.00 3.38000% 1000.00000000 2.91055531 0.00000000 0.00000000 M5 11,723,000.00 3.63000% 1000.00000000 3.12583298 0.00000000 0.00000000 M6 7,816,000.00 3.78000% 1000.00000000 3.25500000 0.00000000 0.00000000 M7 6,253,000.00 4.18000% 1000.00000000 3.59944507 0.00000000 0.00000000 M8 9,379,000.00 4.68000% 1000.00000000 4.03000000 0.00000000 0.00000000 M9 7,816,000.00 4.68000% 1000.00000000 4.03000000 0.00000000 0.00000000 B 11,723,000.00 5.00000% 1000.00000000 4.16666638 0.00000000 0.00000000 X 3,908,227.06 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 denomination.
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 2.10402042 0.00000000 964.43490475 A2 0.00000000 0.00000000 2.01683965 0.00000000 945.28060685 A3 0.00000000 0.00000000 1.92522585 0.00000000 921.39242575 A4 0.00000000 0.00000000 2.13555557 0.00000000 1000.00000000 A5 0.00000000 0.00000000 2.30777781 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.37666662 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.55749986 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.78138891 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.91055531 0.00000000 1000.00000000 M5 0.00000000 0.00000000 3.12583298 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.25500000 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.59944507 0.00000000 1000.00000000 M8 0.00000000 0.00000000 4.03000000 0.00000000 1000.00000000 M9 0.00000000 0.00000000 4.03000000 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.16666638 0.00000000 1000.00000000 X 0.00000000 0.00000000 1148.32332183 0.00000000 1000.00000000 P 0.00000000 0.00000000 3054642.90000000 0.00000000 1000.00000000 R 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 31,825,923.25 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 31,825,923.25 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 1,104,873.63 Payment of Interest and Principal 30,721,049.62 Total Withdrawals (Pool Distribution Amount) 31,825,923.25 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 638,353.89 Credit Risk Manager's Fee 19,150.62 PMI Insurance Premium Fee 446,092.42 Wells Fargo Bank, NA 1,276.70 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 1,104,873.63
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Basis Risk Reserve Fund 1,000.00 839,291.53 839,291.53 1,000.00 Cap Agreement 0.00 0.00 0.00 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 46 0 0 0 46 6,413,171.92 0.00 0.00 0.00 6,413,171.92 60 Days 19 0 0 0 19 2,603,827.44 0.00 0.00 0.00 2,603,827.44 90 Days 11 0 0 0 11 2,507,830.45 0.00 0.00 0.00 2,507,830.45 120 Days 8 0 0 0 8 1,216,234.31 0.00 0.00 0.00 1,216,234.31 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 84 0 0 0 84 12,741,064.12 0.00 0.00 0.00 12,741,064.12 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 0.656112% 0.000000% 0.000000% 0.000000% 0.656112% 0.424700% 0.000000% 0.000000% 0.000000% 0.424700% 60 Days 0.271003% 0.000000% 0.000000% 0.000000% 0.271003% 0.172434% 0.000000% 0.000000% 0.000000% 0.172434% 90 Days 0.156896% 0.000000% 0.000000% 0.000000% 0.156896% 0.166076% 0.000000% 0.000000% 0.000000% 0.166076% 120 Days 0.114106% 0.000000% 0.000000% 0.000000% 0.114106% 0.080543% 0.000000% 0.000000% 0.000000% 0.080543% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.198117% 0.000000% 0.000000% 0.000000% 1.198117% 0.843753% 0.000000% 0.000000% 0.000000% 0.843753%
Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1(A) 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1(B) 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 37 0 0 0 37 5,106,251.24 0.00 0.00 0.00 5,106,251.24 60 Days 14 0 0 0 14 1,751,287.20 0.00 0.00 0.00 1,751,287.20 90 Days 9 0 0 0 9 1,267,830.45 0.00 0.00 0.00 1,267,830.45 120 Days 4 0 0 0 4 426,450.00 0.00 0.00 0.00 426,450.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 64 0 0 0 64 8,551,818.89 0.00 0.00 0.00 8,551,818.89 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.811404% 0.000000% 0.000000% 0.000000% 0.811404% 0.636194% 0.000000% 0.000000% 0.000000% 0.636194% 60 Days 0.307018% 0.000000% 0.000000% 0.000000% 0.307018% 0.218195% 0.000000% 0.000000% 0.000000% 0.218195% 90 Days 0.197368% 0.000000% 0.000000% 0.000000% 0.197368% 0.157961% 0.000000% 0.000000% 0.000000% 0.157961% 120 Days 0.087719% 0.000000% 0.000000% 0.000000% 0.087719% 0.053132% 0.000000% 0.000000% 0.000000% 0.053132% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.403509% 0.000000% 0.000000% 0.000000% 1.403509% 1.065482% 0.000000% 0.000000% 0.000000% 1.065482% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2(A) 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 3 0 0 0 3 186,450.48 0.00 0.00 0.00 186,450.48 60 Days 1 0 0 0 1 161,422.62 0.00 0.00 0.00 161,422.62 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4 0 0 0 4 347,873.10 0.00 0.00 0.00 347,873.10 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.840336% 0.000000% 0.000000% 0.000000% 0.840336% 0.233997% 0.000000% 0.000000% 0.000000% 0.233997% 60 Days 0.280112% 0.000000% 0.000000% 0.000000% 0.280112% 0.202587% 0.000000% 0.000000% 0.000000% 0.202587% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.120448% 0.000000% 0.000000% 0.000000% 1.120448% 0.436584% 0.000000% 0.000000% 0.000000% 0.436584% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2(B) 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 6 0 0 0 6 1,120,470.20 0.00 0.00 0.00 1,120,470.20 60 Days 4 0 0 0 4 691,117.62 0.00 0.00 0.00 691,117.62 90 Days 2 0 0 0 2 1,240,000.00 0.00 0.00 0.00 1,240,000.00 120 Days 4 0 0 0 4 789,784.31 0.00 0.00 0.00 789,784.31 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 16 0 0 0 16 3,841,372.13 0.00 0.00 0.00 3,841,372.13 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.421053% 0.000000% 0.000000% 0.000000% 0.421053% 0.208652% 0.000000% 0.000000% 0.000000% 0.208652% 60 Days 0.280702% 0.000000% 0.000000% 0.000000% 0.280702% 0.128698% 0.000000% 0.000000% 0.000000% 0.128698% 90 Days 0.140351% 0.000000% 0.000000% 0.000000% 0.140351% 0.230910% 0.000000% 0.000000% 0.000000% 0.230910% 120 Days 0.280702% 0.000000% 0.000000% 0.000000% 0.280702% 0.147072% 0.000000% 0.000000% 0.000000% 0.147072% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.122807% 0.000000% 0.000000% 0.000000% 1.122807% 0.715332% 0.000000% 0.000000% 0.000000% 0.715332%
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 Fixed & Mixed ARM Weighted Average Gross Coupon 6.387528% Weighted Average Net Coupon 5.887528% Weighted Average Pass-Through Rate 5.537120% Weighted Average Maturity(Stepdown Calculation ) 354 Beginning Scheduled Collateral Loan Count 7,092 Number Of Loans Paid In Full 81 Ending Scheduled Collateral Loan Count 7,011 Beginning Scheduled Collateral Balance 1,532,049,334.07 Ending Scheduled Collateral Balance 1,509,522,825.91 Ending Actual Collateral Balance at 30-Nov-2004 1,510,047,027.57 Monthly P &I Constant 8,751,344.68 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 596,337.71 Unscheduled Principal 21,930,170.45
Miscellaneous Reporting Monthly Excess Cashflow 3,648,964.50 Overcollateralization Amount 3,908,327.06 Overcollateralization Deficiency 0.00 Overcollateralization Increase 0.00 Overcollateralization Reduction 0.00 Targeted Overcollateralization Amount 3,908,327.06 Stepdown Date NO Trigger Event NO Cap Payment 839,291.53
Group Level Collateral Statement Group 1(A) 1(B) 2(A) Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.014402 6.418455 7.011976 Weighted Average Net Rate 6.514402 5.918455 6.511976 Weighted Average Maturity 353 353 354 Beginning Loan Count 674 4,608 362 Loans Paid In Full 5 48 5 Ending Loan Count 669 4,560 357 Beginning Scheduled Balance 91,538,507.28 811,861,937.48 81,028,239.59 Ending scheduled Balance 90,662,029.36 802,352,151.14 79,620,174.36 Record Date 11/30/2004 11/30/2004 11/30/2004 Principal And Interest Constant 623,593.38 4,644,016.09 543,741.82 Scheduled Principal 88,520.15 301,600.15 70,268.44 Unscheduled Principal 787,957.77 9,208,186.19 1,337,796.79 Scheduled Interest 535,073.23 4,342,415.94 473,473.38 Servicing Fees 38,141.04 338,275.81 33,761.77 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee 76.28 676.55 67.52 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 37,504.58 258,488.96 17,714.02 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 459,351.33 3,744,974.62 421,930.07 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 6.021745 5.535386 6.248637
Group Level Collateral Statement Group 2(B) Total Collateral Description Mixed ARM Fixed & Mixed ARM Weighted Average Coupon Rate 6.144497 6.387528 Weighted Average Net Rate 5.644497 5.887528 Weighted Average Maturity 354 354 Beginning Loan Count 1,448 7,092 Loans Paid In Full 23 81 Ending Loan Count 1,425 7,011 Beginning Scheduled Balance 547,620,649.72 1,532,049,334.07 Ending scheduled Balance 536,888,471.05 1,509,522,825.91 Record Date 11/30/2004 11/30/2004 Principal And Interest Constant 2,939,993.39 8,751,344.68 Scheduled Principal 135,948.97 596,337.71 Unscheduled Principal 10,596,229.70 21,930,170.45 Scheduled Interest 2,804,044.42 8,155,006.97 Servicing Fees 228,175.27 638,353.89 Master Servicing Fees 0.00 0.00 Trustee Fee 456.35 1,276.70 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 132,384.86 446,092.42 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest 2,443,027.94 7,069,283.96 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 5.353402 5.537120
Ex 99.2
theMurrayhillcompany FFMLT 2004-FF7 Credit Risk Manager Report November 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 Transaction Summary Section Two Prepayment Premium Analysis Section Three Analytics Section One Transaction Summary FFMLT 2004-FF7 Executive Summary November 2004 Transaction Summary Closing Date: 08/27/2004 Depositor: Structured Asset Securities Corporation Trustee(s): Wells Fargo Bank, N.A. Master Servicer: Aurora Loan Services Master Servicing Servicer(s): Chase Home Finance Mortgage Insurer(s): Mortgage Guaranty Insurance Corporation Delinquency Reporting Method: OTS1 Collateral Summary 10/31/2004 Balance as a 2 Percentage of Closing Date Closing Date As of 10/31/2004 Balance Collateral Balance $1,559,224,000 $1,532,533,147 98.28% Loan Count 7,205 7,092 98.43% 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. c 2004 The Murrayhill Company. All Rights Reserved. Section Two Prepayment Premium Analysis Reconciliation of Prepayment Premiums for FFMLT 2004-FF7 Mortgage Data Through: October 31, 2004 Section 1: Prepayment premiums remitted to the P Class by the trustee. This information is taken from the statement to Certificateholders prepared by the trustee. Trustee Remittance Date Class 25-Nov-04 25-Oct-04 25-Sep-04 P Class $201,834 $104,199 $59,611 Section 2: Prepayment premiums collected by the servicer and remitted to the trustee. This information is reported to Murrayhill by the servicer each month. Trustee Remittance Date Servicer 25-Nov-04 25-Oct-04 25-Sep-04 Total $198,920 $104,199 $59,611 Section 3: Reconciliation of the amount remitted to the P Class by the trustee, and the amounts remitted by the servicer to the trustee. Amount remitted to the P Class: $201,834 Amount remitted by servicer: $198,920 Difference: -$2,914 Amount Recovered by Murrayhill: $2,914 MH loan number 5494446 was paid off in the 9/25/2004 distribution with an active PPP flag but a PPP was not collected. Murrayhill posed a question with the servicer and a PPP was remitted to the P class in the 11/25/2004 distribution. PPP Reversal: MH loan number 5400883 was paid off in the 9/25/2004 distribution and remitted a PPP of $3,663; however, the PPP was reversed in the 11/25/2004 distribution because of a sales clause in the rider. Aggregate Paid-Off Loans Report for FFMLT 2004-FF7 Mortgage Data Through: October 31, 2004 Trustee Remittance Date 25-Nov-04 25-Oct-04 25-Sep-04 Loans with Active Prepayment Flags that Remitted Premiums (A) 35 15 9 Loans without Prepayment Flags that Remitted Premiums 0 0 0 Total Loans that Remitted Premiums (B) 35 15 9 Loans with Active Prepayment Flags (C) 35 15 10 Loans without Prepayment Flags that Remitted Premiums 0 0 0 Subtotal (D) 35 15 10 Premiums Remitted with Active Prepayment Flags (A/C) 100.0% 100.0% 90.0% Total Loans that Remitted Premiums to the Subtotal (B/D) 100.0% 100.0% 90.0% Total Paid-Off Loans (E) 58 32 14 Total Loans that Remitted Premiums to the Total Paid-Off Loans (B/E) 60.3% 46.9% 64.3% Paid-Off Loans Exception Report for FFMLT 2004-FF7 Mortgage Data Through: October 31, 2004 TOTAL Total Paid-Off Loans with Flags 36 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the Note)* 0 Loans that Liquidated from REO* 0 Loans that Contained a Clause Allowing Prepayment Premiums to be 1 Waived at the Time of Liquidation* Loans with Discrepancies between the Data File and the Note* 0 Defaulted Liquidated Loans that Could Not Have Collected Premiums 0 because of the Acceleration of the Debt* Loans that were Liquidated Through Loss Mitigation Efforts* 0 Total Paid-Off Loans with Active Prepayment Flags (C) 35 Other Exceptions: 0 Paid-Off Loans that Did Not Collect Premiums because of State Statutes Paid-Off Loans with Active Prepayment Flags that Have Not Remitted 0 Premiums * These categories are mutually exclusive. Paid-Off Loans With Prepayment Flags for FFMLT 2004-FF7 Mortgage Data Through: October 31, 2004 Murrayhill Delinquency Origination PPP Expiration ID Number String Date Flag Date 5495479 C0 5/27/2004 3 5/27/2007 5496113 CC0 4/27/2004 1 4/27/2005 5499797 CC0 5/12/2004 1 5/12/2005 5496806 C0 6/10/2004 1 6/10/2005 5499792 C0 6/11/2004 1 6/11/2005 5494526 C0 6/16/2004 1 6/16/2005 5496016 CC0 5/7/2004 2 5/7/2006 5496702 CC0 5/7/2004 2 5/7/2006 5495876 CC0 5/7/2004 2 5/7/2006 5494749 CC0 5/3/2004 2 5/3/2006 5493911 CC0 5/6/2004 2 5/6/2006 5494098 CC0 5/13/2004 2 5/13/2006 5495593 CC0 5/21/2004 2 5/21/2006 5495751 CC0 5/13/2004 2 5/13/2006 5494676 CC0 5/21/2004 2 5/21/2006 5498060 CC0 5/28/2004 2 5/28/2006 5497129 C0 5/27/2004 2 5/27/2006 5499730 C0 5/27/2004 2 5/27/2006 5496902 C0 6/1/2004 2 6/1/2006 5499027 C0 6/11/2004 2 6/11/2006 5498633 C0 6/4/2004 2 6/4/2006 5498052 C0 6/16/2004 2 6/16/2006 5497170 C0 6/24/2004 2 6/24/2006 5499732 C0 6/30/2004 2 6/30/2006 5495677 C0 6/25/2004 2 6/25/2006 5495912 CC0 5/7/2004 3 5/7/2007 5495089 CC0 5/10/2004 3 5/10/2007 5495393 CC0 5/14/2004 3 5/14/2007 5497428 CC0 5/21/2004 3 5/21/2007 5500193 C0 5/24/2004 3 5/24/2007 5496871 C0 5/26/2004 3 5/26/2007 5497555 C0 5/27/2004 3 5/27/2007 5500001 C0 6/3/2004 3 6/3/2007 5497491 C0 6/2/2004 3 6/2/2007 5499564 C0 6/22/2004 3 6/22/2007 5499588 C0 6/25/2004 3 6/25/2007 Paid-Off Loans With Prepayment Flags for FFMLT 2004-FF7 Mortgage Data Through: October 31, 2004 (CONT.) % of PPP No PPP PPP Murrayhill Payoff PPP to Payoff Collected, Collected, ID Number Balance Remitted Balance w/ Flag No Flag Comments 5495479 $142,460 $0 0% No PPP per note - Sales Clause 5496113 $519,321 $10,386 2% 5499797 $299,922 $7,498 3% 5496806 $352,349 $11,628 3% 5499792 $231,950 $6,843 3% 5494526 $233,900 $5,848 3% 5496016 $99,685 $2,891 3% 5496702 $355,182 $10,655 3% 5495876 $211,999 $4,876 2% 5494749 $111,199 $2,724 2% 5493911 $200,000 $5,000 3% 5494098 $175,211 $4,293 2% 5495593 $428,000 $12,840 3% 5495751 $272,000 $5,712 2% 5494676 $110,700 $3,875 4% 5498060 $59,353 $554 1% 5497129 $118,800 $3,920 3% 5499730 $378,713 $9,847 3% 5496902 $336,000 $10,416 3% 5499027 $223,802 $6,714 3% 5498633 $398,894 $10,172 3% 5498052 $103,829 $3,115 3% 5497170 $139,867 $3,497 3% 5499732 $205,700 $4,937 2% 5495677 $195,050 $5,656 3% 5495912 $135,000 $1,575 1% 5495089 $203,531 $6,106 3% 5495393 $49,867 $551 1% 5497428 $98,572 $2,756 3% 5500193 $279,160 $6,700 2% 5496871 $229,802 $6,205 3% 5497555 $229,310 $5,503 2% 5500001 $104,095 $3,123 3% 5497491 $261,472 $5,360 2% 5499564 $179,376 $6,009 3% 5499588 $192,000 $4,800 3% c 2004 The Murrayhill Company. All Rights Reserved. Section Three Analytics FFMLT 2004-FF7 FICO Distribution by Status Mortgage Data Through: October 31, 2004 FICO Delinquency Percentage 520 Current 0 540 Current 0.014 540 Delinquent 0.053 540 Paid Off 0.027 550 Current 0.029 550 Delinquent 0.193 550 Paid Off 0.036 560 Current 0.042 560 Delinquent 0.088 560 Paid Off 0.045 570 Current 0.055 570 Delinquent 0.088 570 Paid Off 0.08 580 Current 0.039 580 Delinquent 0.07 580 Paid Off 0.098 590 Current 0.022 590 Paid Off 0.036 600 Current 0.035 600 Delinquent 0.018 600 Paid Off 0.009 610 Current 0.054 610 Delinquent 0.018 610 Paid Off 0.018 620 Current 0.064 620 Delinquent 0.053 620 Paid Off 0.063 630 Current 0.072 630 Delinquent 0.123 630 Paid Off 0.071 640 Current 0.073 640 Delinquent 0.088 640 Paid Off 0.027 650 Current 0.069 650 Delinquent 0.018 650 Paid Off 0.071 660 Current 0.066 660 Delinquent 0.035 660 Paid Off 0.063 670 Current 0.057 670 Paid Off 0.071 680 Current 0.05 680 Delinquent 0.018 680 Paid Off 0.045 690 Current 0.045 690 Delinquent 0.053 690 Paid Off 0.063 700 Current 0.042 700 Delinquent 0.018 700 Paid Off 0.018 710 Current 0.036 710 Paid Off 0.018 720 Current 0.028 720 Delinquent 0.053 720 Paid Off 0.018 730 Current 0.025 730 Paid Off 0.027 740 Current 0.022 740 Paid Off 0.018 750 Current 0.017 750 Paid Off 0.027 760 Current 0.012 760 Paid Off 0.018 770 Current 0.011 770 Paid Off 0.027 780 Current 0.008 780 Paid Off 0.009 790 Current 0.006 790 Delinquent 0.018 800 Current 0.004 810 Current 0.001 820 Current 0.001 Status # of Loans Average Std. Deviation Current 7,036 647 58.395 Delinquent 57 608 58.502 Paid Off 112 640 63.262 Total: 7,205 FFMLT 2004-FF7 Loan-to-Value Distribution by Status Mortgage Data Through: October 31, 2004 LTV Delinquency Percentage 0.1 Current 0 0.2 Current 0.001 0.3 Delinquent 0.018 0.3 Current 0.002 0.3 Paid Off 0.009 0.4 Paid Off 0.018 0.4 Current 0.006 0.5 Delinquent 0.018 0.5 Current 0.014 0.5 Paid Off 0.036 0.6 Current 0.033 0.6 Paid Off 0.027 0.7 Current 0.073 0.7 Delinquent 0.088 0.7 Paid Off 0.116 0.8 Current 0.481 0.8 Paid Off 0.402 0.8 Delinquent 0.456 0.9 Paid Off 0.295 0.9 Delinquent 0.228 0.9 Current 0.264 1 Delinquent 0.193 1 Paid Off 0.098 1 Current 0.127 Status # of Loans Average Std. Deviation Current 7,036 0.825 0.105 Delinquent 57 0.835 0.12 Paid Off 112 0.807 0.124 Total: 7,205 310000 Current 0.013 320000 Current 0.013 330000 Current 0.009 330000 Delinquent 0.035 340000 Current 0.011 340000 Delinquent 0.018 350000 Current 0.01 360000 Current 0.011 370000 Current 0.009 370000 Delinquent 0.018 380000 Current 0.008 390000 Current 0.006 400000 Current 0.009 410000 Current 0.007 420000 Current 0.007 430000 Current 0.005 440000 Current 0.006 440000 Delinquent 0.018 450000 Current 0.004 460000 Current 0.004 460000 Delinquent 0.035 470000 Current 0.004 480000 Current 0.004 490000 Current 0.002 500000 Current 0.006 510000 Current 0.002 520000 Current 0.005 530000 Current 0.003 540000 Current 0.004 540000 Delinquent 0.018 550000 Current 0.004 560000 Current 0.004 570000 Current 0.001 580000 Current 0.003 590000 Current 0.003 600000 Current 0.003 610000 Current 0.001 620000 Current 0.003 630000 Current 0.002 640000 Current 0.002 650000 Current 0.003 660000 Current 0.001 670000 Current 0.001 680000 Current 0.001 690000 Current 0.001 700000 Current 0.001 700000 Delinquent 0.018 710000 Current 0.001 720000 Current 0.001 730000 Current 0 740000 Current 0 750000 Current 0.001 760000 Current 0 800000 Current 0 820000 Current 0 830000 Current 0 860000 Current 0 870000 Current 0 880000 Current 0 890000 Current 0 900000 Current 0 920000 Current 0 1000000 Current 0 Status # of Loans Average Std. Deviation Current 7,036 216,422.80 138,409.12 Delinquent 57 176,886.68 134,090.27 Total: 7,093 FFMLT 2004-FF7 Balance Distribution by Mortgage Data Through: October 31, 2004 Balance Delinquency Percentage 20000 Current 0 30000 Current 0.003 40000 Current 0.009 40000 Delinquent 0.018 50000 Current 0.017 50000 Delinquent 0.035 60000 Current 0.019 60000 Delinquent 0.035 70000 Current 0.033 70000 Delinquent 0.018 80000 Current 0.037 80000 Delinquent 0.105 90000 Current 0.038 90000 Delinquent 0.053 100000 Current 0.041 100000 Delinquent 0.123 110000 Current 0.041 110000 Delinquent 0.035 120000 Current 0.044 120000 Delinquent 0.035 130000 Current 0.043 130000 Delinquent 0.053 140000 Current 0.046 140000 Delinquent 0.035 150000 Current 0.038 150000 Delinquent 0.053 160000 Current 0.042 160000 Delinquent 0.105 170000 Current 0.037 180000 Current 0.034 180000 Delinquent 0.018 190000 Current 0.029 200000 Current 0.031 200000 Delinquent 0.018 210000 Current 0.03 210000 Delinquent 0.018 220000 Current 0.027 220000 Delinquent 0.018 230000 Current 0.022 230000 Delinquent 0.035 240000 Current 0.024 250000 Current 0.022 260000 Current 0.021 260000 Delinquent 0.018 270000 Current 0.019 280000 Current 0.023 290000 Current 0.014 300000 Current 0.016 300000 Delinquent 0.018 FFMLT 2004-FF7 Mortgage Type Distribution by Status Mortgage Data Through: October 31, 2004 Mortgage Type Delinquency Percentage Investment Home Current 0.034 Investment Home Paid Off 0.125 Primary Home Current 0.958 Primary Home Delinquent 1 Primary Home Paid Off 0.866 Second Home Current 0.009 Second Home Paid Off 0.009 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation ARM 6,162 1,360,143,527.00 220,730.85 140,361.98 Fixed 1,043 172,689,822.00 165,570.30 127,427.08 Total: 7,205 1,532,833,349.00 FFMLT 2004-FF7 Mortgage Term Distribution by Status Mortgage Data Through: October 31, 2004 Mortgage Term Delinquency Percentage 180 Current 0.014 240 Current 0 360 Current 0.986 360 Delinquent 1 360 Paid Off 1 # of Loans Other 120 180 240 360 7,205 0 0 99 1 7105 6 Mortgage Purpose FFMLT 2004-FF7 Mortgage Purpose Distribution Mortgage Data Through: October 31, 2004 Origination Statistics Current Loans Number of Loans: 7,205 Number of Loans: 7,036 Purpose Number Percentage Purpose Number Percentage Cash-out refinance2,711 37.6% Cash-out refinance2,637 37.5% Purchase 3,969 55.1% Purchase 3,886 55.2% Rate/term 524 7.3% Rate/term 512 7.3% Home 0 0.0% Home 0 0.0% Other 1 0.0% Other 1 0.0% Total 7,205 100% Total 7,036 100% 6 Mortgage Purpose FFMLT 2004-FF7 Mortgage Purpose Distribution Mortgage Data Through: October 31, 2004 (CONT.) Delinquent Loans Paid Off Loans Number of Loans: 57 Number of Loans: 112 Purpose Number Percentage Purpose Number Percentage Cash-out refinance25 43.9% Cash-out refinance49 43.8% Purchase 27 47.4% Purchase 56 50.0% Rate/term 5 8.8% Rate/term 7 6.3% Home 0 0.0% Home 0 0.0% Other 0 0.0% Other 0 0.0% Total 57 100% Total 112 100% FFMLT 2004-FF7 Ownership Distribution by Status Mortgage Data Through: October 31, 2004 Ownership Type Delinquency Percentage Investment Home Current 0.034 Investment Home Paid Off 0.125 Primary Home Current 0.958 Primary Home Delinquent 1 Primary Home Paid Off 0.866 Second Home Current 0.009 Second Home Paid Off 0.009 Title # of Loans Investment Home 251 Primary Home 6,893 Second Home 61 Total: 7,205 8 Deliquent Balance FFMLT 2004-FF7 Delinquent Balance Over Time Mortgage Data Through: October 31, 2004 Total Balance in Status AsOfDate 30 Days 60 Days 90 DaysForeclosure REO 31-Oct-04 $6,428,336 $1,794,455 $84,000$1,775,750 - 30-Sep-04 $4,194,820 $383,700 $0 $653,750 - 31-Aug-04 $1,311,900 $0 $0 - - 9 Deliquent Count FFMLT 2004-FF7 Delinquent Count Over Time Mortgage Data Through: October 31, 2004 Total Count in Status AsOfDate 30 Days60 Days90 DaysForeclosure REO 31-Oct-04 38 8 1 10 0 30-Sep-04 25 4 0 4 0 31-Aug-04 10 0 0 0 0 10 CPR FFMLT 2004-FF7 Conditional Prepayment Rates Mortgage Data Through: October 31, 2004 Date * Distribution Date CPR 3-Month MA 6-Month MA 12-Month MA 31-Oct-04 25-Nov-04 10.06% 30-Sep-04 25-Oct-04 6.85% 31-Aug-04 25-Sep-04 5.04% * Data in table is displayed for only the most recent 18 months. 11 SDA FFMLT 2004-FF7 Historical SDA Performance Mortgage Data Through: October 31, 2004 Weighted Monthly Date Average Default Amt Default Rate CDR (F-R)SDA Curve SDA% Age 31-Oct-04 4.55 $0 0.00% 0.00% 0.09% 0% 30-Sep-04 3.55 $0 0.00% 0.00% 0.07% 0% 31-Aug-04 1.28 $0 0.00% 0.00% 0.03% 0% Averages: 3.13 $0 0.00% 0.00% 0.06% 0% c 2004 The Murrayhill Company. 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