8-K 1 act04sd1_oct.txt OCT 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): October 25, 2004 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-SD1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-119047-01 Pending Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On October 25, 2004 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2004-SD1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-SD1 Trust, relating to the October 25, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-SD1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 10/26/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-SD1 Trust, relating to the October 25, 2004 distribution. EX-99.1
ACE Securities Corporation Mortgage Pass-Through Certificates Record Date: 9/30/04 Distribution Date: 10/25/04 ACE Series: 2004-SD1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 004421HD8 SEN 2.33000% 123,461,000.00 199,766.76 5,954,458.52 M-1 004421HE6 SEN 2.79000% 5,427,000.00 10,514.81 0.00 M-2 004421HF3 SEN 3.59000% 2,713,000.00 6,763.66 0.00 M-3 004421HG1 SEN 4.59000% 2,374,000.00 7,567.13 0.00 M-4 004421HH9 SEN 4.59000% 678,000.00 2,161.13 0.00 CE ACE04SD1C SEN 0.00000% 1,018,695.29 1,370,089.43 1,156.83 P ACE04SD1P SEN 0.00000% 100.00 14,295.49 0.00 Totals 135,671,795.29 1,611,158.41 5,955,615.35
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 117,506,541.48 6,154,225.28 0.00 M-1 0.00 5,427,000.00 10,514.81 0.00 M-2 0.00 2,713,000.00 6,763.66 0.00 M-3 0.00 2,374,000.00 7,567.13 0.00 M-4 0.00 678,000.00 2,161.13 0.00 CE 0.00 1,017,538.46 1,371,246.26 0.00 P 0.00 100.00 14,295.49 0.00 Totals 0.00 129,716,179.94 7,566,773.76 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 123,461,000.00 123,461,000.00 0.00 5,954,458.52 0.00 0.00 M-1 5,427,000.00 5,427,000.00 0.00 0.00 0.00 0.00 M-2 2,713,000.00 2,713,000.00 0.00 0.00 0.00 0.00 M-3 2,374,000.00 2,374,000.00 0.00 0.00 0.00 0.00 M-4 678,000.00 678,000.00 0.00 0.00 0.00 0.00 CE 1,018,695.29 1,018,695.29 0.00 1,156.83 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 135,671,795.29 135,671,795.29 0.00 5,955,615.35 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 5,954,458.52 117,506,541.48 0.95177053 5,954,458.52 M-1 0.00 5,427,000.00 1.00000000 0.00 M-2 0.00 2,713,000.00 1.00000000 0.00 M-3 0.00 2,374,000.00 1.00000000 0.00 M-4 0.00 678,000.00 1.00000000 0.00 CE 1,156.83 1,017,538.46 0.99886440 1,156.83 P 0.00 100.00 1.00000000 0.00 Totals 5,955,615.35 129,716,179.94 0.95610277 5,955,615.35
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 123,461,000.00 1000.00000000 0.00000000 48.22946939 0.00000000 M-1 5,427,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 2,713,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 2,374,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 678,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 1,018,695.29 1000.00000000 0.00000000 1.13559964 0.00000000 P 100.00 1000.00000000 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 A-1 0.00000000 48.22946939 951.77053061 0.95177053 48.22946939 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 1.13559964 998.86440036 0.99886440 1.13559964 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 123,461,000.00 2.33000% 123,461,000.00 199,766.76 0.00 0.00 M-1 5,427,000.00 2.79000% 5,427,000.00 10,514.81 0.00 0.00 M-2 2,713,000.00 3.59000% 2,713,000.00 6,763.66 0.00 0.00 M-3 2,374,000.00 4.59000% 2,374,000.00 7,567.13 0.00 0.00 M-4 678,000.00 4.59000% 678,000.00 2,161.13 0.00 0.00 CE 1,018,695.29 0.00000% 1,018,695.29 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 135,671,795.29 226,773.49 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 199,766.76 0.00 117,506,541.48 M-1 0.00 0.00 10,514.81 0.00 5,427,000.00 M-2 0.00 0.00 6,763.66 0.00 2,713,000.00 M-3 0.00 0.00 7,567.13 0.00 2,374,000.00 M-4 0.00 0.00 2,161.13 0.00 678,000.00 CE 0.00 0.00 1,370,089.43 0.00 1,017,538.46 P 0.00 0.00 14,295.49 0.00 100.00 Totals 0.00 0.00 1,611,158.41 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 123,461,000.00 2.33000% 1000.00000000 1.61805558 0.00000000 0.00000000 M-1 5,427,000.00 2.79000% 1000.00000000 1.93749954 0.00000000 0.00000000 M-2 2,713,000.00 3.59000% 1000.00000000 2.49305566 0.00000000 0.00000000 M-3 2,374,000.00 4.59000% 1000.00000000 3.18750211 0.00000000 0.00000000 M-4 678,000.00 4.59000% 1000.00000000 3.18750737 0.00000000 0.00000000 CE 1,018,695.29 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 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 A-1 0.00000000 0.00000000 1.61805558 0.00000000 951.77053061 M-1 0.00000000 0.00000000 1.93749954 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.49305566 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.18750211 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 3.18750737 0.00000000 1000.00000000 CE 0.00000000 0.00000000 1344.94528781 0.00000000 998.86440036 P 0.00000000 0.00000000 142954.90000000 0.00000000 1000.00000000 (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 7,398,531.42 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 205,210.59 Realized Loss (Gains, Subsequent Expenses & Recoveries) (7,170.41) Prepayment Penalties 14,295.49 Total Deposits 7,610,867.09 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 44,093.33 Payment of Interest and Principal 7,566,773.76 Total Withdrawals (Pool Distribution Amount) 7,610,867.09 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall (79.43) Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall (79.43)
SERVICING FEES Gross Servicing Fee 35,613.84 Credit Risk Manager - Risk Managment Group 2,261.19 Master Servicing Fee: Wells Fargo Bank 6,218.30 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 44,093.33
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 48 0 0 0 48 6,104,467.59 0.00 0.00 0.00 6,104,467.59 60 Days 31 0 0 0 31 3,933,481.47 0.00 0.00 0.00 3,933,481.47 90 Days 13 0 0 0 13 2,041,620.45 0.00 0.00 0.00 2,041,620.45 120 Days 14 0 0 0 14 1,850,549.79 0.00 0.00 0.00 1,850,549.79 150 Days 13 0 0 0 13 1,883,463.40 0.00 0.00 0.00 1,883,463.40 180+ Days 61 0 0 0 61 7,986,915.10 0.00 0.00 0.00 7,986,915.10 Totals 180 0 0 0 180 23,800,497.80 0.00 0.00 0.00 23,800,497.80 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 3.628118% 0.000000% 0.000000% 0.000000% 3.628118% 4.702220% 0.000000% 0.000000% 0.000000% 4.702220% 60 Days 2.343159% 0.000000% 0.000000% 0.000000% 2.343159% 3.029927% 0.000000% 0.000000% 0.000000% 3.029927% 90 Days 0.982615% 0.000000% 0.000000% 0.000000% 0.982615% 1.572643% 0.000000% 0.000000% 0.000000% 1.572643% 120 Days 1.058201% 0.000000% 0.000000% 0.000000% 1.058201% 1.425463% 0.000000% 0.000000% 0.000000% 1.425463% 150 Days 0.982615% 0.000000% 0.000000% 0.000000% 0.982615% 1.450816% 0.000000% 0.000000% 0.000000% 1.450816% 180+ Days 4.610733% 0.000000% 0.000000% 0.000000% 4.610733% 6.152253% 0.000000% 0.000000% 0.000000% 6.152253% Totals 13.605442% 0.000000% 0.000000% 0.000000% 13.605442% 18.333321% 0.000000% 0.000000% 0.000000% 18.333321%
Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 32 0 0 0 32 4,382,672.54 0.00 0.00 0.00 4,382,672.54 60 Days 22 0 0 0 22 2,432,371.04 0.00 0.00 0.00 2,432,371.04 90 Days 6 0 0 0 6 551,097.22 0.00 0.00 0.00 551,097.22 120 Days 10 0 0 0 10 1,478,212.05 0.00 0.00 0.00 1,478,212.05 150 Days 5 0 0 0 5 699,755.66 0.00 0.00 0.00 699,755.66 180 Days 35 0 0 0 35 4,713,934.41 0.00 0.00 0.00 4,713,934.41 Totals 110 0 0 0 110 14,258,042.92 0.00 0.00 0.00 14,258,042.92 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 4.571429% 0.000000% 0.000000% 0.000000% 4.571429% 5.837449% 0.000000% 0.000000% 0.000000% 5.837449% 60 Days 3.142857% 0.000000% 0.000000% 0.000000% 3.142857% 3.239768% 0.000000% 0.000000% 0.000000% 3.239768% 90 Days 0.857143% 0.000000% 0.000000% 0.000000% 0.857143% 0.734027% 0.000000% 0.000000% 0.000000% 0.734027% 120 Days 1.428571% 0.000000% 0.000000% 0.000000% 1.428571% 1.968887% 0.000000% 0.000000% 0.000000% 1.968887% 150 Days 0.714286% 0.000000% 0.000000% 0.000000% 0.714286% 0.932031% 0.000000% 0.000000% 0.000000% 0.932031% 180 Days 5.000000% 0.000000% 0.000000% 0.000000% 5.000000% 6.278669% 0.000000% 0.000000% 0.000000% 6.278669% Totals 15.714286% 0.000000% 0.000000% 0.000000% 15.714286% 18.990832% 0.000000% 0.000000% 0.000000% 18.990832% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 16 0 0 0 16 1,721,795.05 0.00 0.00 0.00 1,721,795.05 60 Days 9 0 0 0 9 1,501,110.43 0.00 0.00 0.00 1,501,110.43 90 Days 7 0 0 0 7 1,490,523.23 0.00 0.00 0.00 1,490,523.23 120 Days 4 0 0 0 4 372,337.74 0.00 0.00 0.00 372,337.74 150 Days 8 0 0 0 8 1,183,707.74 0.00 0.00 0.00 1,183,707.74 180 Days 26 0 0 0 26 3,272,980.69 0.00 0.00 0.00 3,272,980.69 Totals 70 0 0 0 70 9,542,454.88 0.00 0.00 0.00 9,542,454.88 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 2.568218% 0.000000% 0.000000% 0.000000% 2.568218% 3.145266% 0.000000% 0.000000% 0.000000% 3.145266% 60 Days 1.444623% 0.000000% 0.000000% 0.000000% 1.444623% 2.742134% 0.000000% 0.000000% 0.000000% 2.742134% 90 Days 1.123596% 0.000000% 0.000000% 0.000000% 1.123596% 2.722794% 0.000000% 0.000000% 0.000000% 2.722794% 120 Days 0.642055% 0.000000% 0.000000% 0.000000% 0.642055% 0.680163% 0.000000% 0.000000% 0.000000% 0.680163% 150 Days 1.284109% 0.000000% 0.000000% 0.000000% 1.284109% 2.162323% 0.000000% 0.000000% 0.000000% 2.162323% 180 Days 4.173355% 0.000000% 0.000000% 0.000000% 4.173355% 5.978874% 0.000000% 0.000000% 0.000000% 5.978874% Totals 11.235955% 0.000000% 0.000000% 0.000000% 11.235955% 17.431554% 0.000000% 0.000000% 0.000000% 17.431554%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 205,210.59 Class M-1 6,783,795.29 5.00015149% 6,782,638.46 5.22882994% 4.183749% 0.000000% Class M-2 4,070,795.29 3.00047278% 4,069,638.46 3.13734066% 2.091489% 0.000000% Class M-3 1,696,795.29 1.25066178% 1,695,638.46 1.30719118% 1.830149% 0.000000% Class M-4 1,018,795.29 0.75092637% 1,017,638.46 0.78451159% 0.522680% 0.000000% Class CE 100.00 0.00007371% 100.00 0.00007709% 0.784434% 0.000000% Class P 0.00 0.00000000% 0.00 0.00000000% 0.000077% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.218019% Weighted Average Net Coupon 6.903019% Weighted Average Pass-Through Rate 6.828019% Weighted Average Maturity(Stepdown Calculation ) 244 Beginning Scheduled Collateral Loan Count 1,376 Number Of Loans Paid In Full 53 Ending Scheduled Collateral Loan Count 1,323 Beginning Scheduled Collateral Balance 135,671,795.29 Ending Scheduled Collateral Balance 129,716,179.94 Ending Actual Collateral Balance at 30-Sep-2004 129,820,981.93 Monthly P &I Constant 1,178,238.05 Special Servicing Fee 0.00 Prepayment Penalties 14,295.49 Realized Loss Amount 7,170.41 Cumulative Realized Loss 7,170.41 Scheduled Principal 362,170.04 Unscheduled Principal 5,593,445.31 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 6,013.58 Overcollateralized reduction Amount 0.00 Specified O/C Amount 1,017,538.46 Overcollateralized Amount 1,017,538.46 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 6,013.58 Excess Cash Amount 0.00
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.218019% Weighted Average Net Rate 6.903019% Weighted Average Pass Through Rate 6.828019% Weighted Average Maturity 244 Record Date 09/30/2004 Principal and Interest Constant 1,178,238.05 Beginning Loan Count 1,376 Loans Paid in Full 53 Ending Loan Count 1,323 Beginning Scheduled Balance 135,671,795.29 Ending Scheduled Balance 129,716,179.94 Ending Actual Balance at 30-Sep-2004 129,820,981.93 Scheduled Principal 362,170.04 Unscheduled Principal 5,593,445.31 Scheduled Interest 816,068.01 Servicing Fee 35,613.84 Master Servicing Fee 6,218.30 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 2,261.19 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 771,974.68 Realized Loss Amount 7,170.41 Cumulative Realized Loss 7,170.41 Percentage of Cumulative Losses 0.0053 Special Servicing Fee 0.00 Prepayment Penalties 14,295.49 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 6,013.58 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 1,017,538.46 Overcollateralized Amount 1,017,538.46 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00
Miscellaneous Reporting Overcollateralization Amount 1,017,538.46 Overcollateralization Increase Amount 6,013.58 Overcollateralization Reduction Amount 0.00 Overcollateralization Target Amount 1,017,538.46 Specified Overcollateralization Amount 1,017,538.46 Interest Arrearage 832138.62
Group Level Collateral Statement Group Group 1 Group 2 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.860782 6.330461 7.218019 Weighted Average Net Rate 7.545782 6.015461 6.903019 Weighted Average Maturity 246 242 244 Beginning Loan Count 728 648 1,376 Loans Paid In Full 28 25 53 Ending Loan Count 700 623 1,323 Beginning Scheduled Balance 78,687,176.88 56,984,618.41 135,671,795.29 Ending scheduled Balance 75,015,978.86 54,700,201.08 129,716,179.94 Record Date 09/30/2004 09/30/2004 09/30/2004 Principal And Interest Constant 709,014.70 469,223.35 1,178,238.05 Scheduled Principal 193,562.43 168,607.61 362,170.04 Unscheduled Principal 3,477,635.59 2,115,809.72 5,593,445.31 Scheduled Interest 515,452.27 300,615.74 816,068.01 Servicing Fees 20,655.38 14,958.46 35,613.84 Master Servicing Fees 3,606.50 2,611.80 6,218.30 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 1,311.45 949.74 2,261.19 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 489,878.94 282,095.74 771,974.68 Realized Loss Amount 7,170.41 0.00 7,170.41 Cumulative Realized Loss 7,170.41 0.00 7,170.41 Percentage of Cumulative Losses 0.0091 0.0000 0.0053 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.470782 5.940461 6.828019