8-K 1 d308588.txt ACE SECURITIES CORP. ================================================================================ 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): January 14, 2005 ACE SECURITIES CORP. (as depositor under the Pooling and Servicing Agreement, dated as of January 1, 2005, providing for the issuance of ACE Securities Corp. Home Equity Loan Trust, Series 2005-SD1, Asset-Backed Pass-Through Certificates) ACE Securities Corp. -------------------- (Exact name of registrant as specified in its charter) -------------------------------------------------------------------------------- Delaware 333-119047 56-2088493 ---------------------------- ---------------- ---------------- (State or Other Jurisdiction (Commission File (I.R.S. Employer of Incorporation) Number) Identification Number) 6525 Morrison Blvd., Suite 318, Charlotte, North Carolina 28211 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: 704-365-0569 ================================================================================ 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 2.01 Completion of Acquisition or Disposition of Assets -------------------------------------------------- Description of the Certificates and the Mortgage Pool On January 14, 2005, a series of certificates, entitled ACE Securities Corp. Home Equity Loan Trust, Series 2005-SD1, Asset-Backed Pass-Through Certificates (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of January 1, 2005 (the "Agreement"), attached hereto as Exhibit 4.1, among ACE Securities Corp. as depositor (the "Depositor"), Ocwen Federal Bank FSB as a servicer, Option One Mortgage Corporation as a servicer, Select Portfolio Servicing, Inc. as a servicer, Wells Fargo Bank, N.A. as master servicer and securities administrator (the "Master Servicer and Securities Administrator") and HSBC Bank USA, National Association as trustee (the "Trustee"). The Certificates consist of eight classes of certificates (collectively, the "Certificates"), designated as the "Class A-1 Certificates", "Class M-1 Certificates", "Class M-2 Certificates", "Class M-3 Certificates", "Class M-4 Certificates", "Class CE Certificates", "Class P Certificates" and "Class R Certificates". The Certificates evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting of a pool of mortgage loans (the "Mortgage Pool") of conventional, one- to four- family, adjustable rate and fixed rate, first lien and junior lien mortgage loans having original terms to maturity up to 50 years (the "Mortgage Loans"). The Mortgage Pool consists of Mortgage Loans having an aggregate principal balance of approximately $149,041,679.29 as of November 30, 2004 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan Purchase Agreement, dated January 14, 2005, between DB Structured Products, Inc. as seller and the Depositor (the "Mortgage Loan Purchase Agreement"). The Class A-1 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates and the Class M-4 Certificates were sold by Depositor pursuant to the Amended and Restated Underwriting Agreement, dated June 24, 1999, as amended and restated to and including July 8, 2002, between the Depositor and Deutsche Bank Securities Inc., and the Terms Agreement, dated January 12, 2005 (collectively, the "Underwriting Agreement"). The Certificates have the following initial Certificate Balances and Pass-Through Rates: ================================================================================ Initial Certificate Pass-Through Class Principal Balance(1) Rate -------------------------------------------------------------------------------- A-1 $112,394,000 One-Month LIBOR + 0.40%(2)(3) M-1 $15,279,000 One-Month LIBOR + 0.75%(2)(3) M-2 $7,826,000 One-Month LIBOR + 1.25%(2)(3) M-3 $7,081,000 One-Month LIBOR + 3.50%(2)(3) M-4 $1,863,000 One-Month LIBOR + 3.00%(2)(3) ================================================================================ (1) Approximate. (2) The pass-through rate for each class of Offered Certificates will be subject to the Net WAC Pass-Through Rate as described in this prospectus supplement under "Description of the Certificates-Pass-Through Rates." (3) After the optional termination date, the margin applicable to the Class A-1 Certificates will increase by 100% and the margins applicable to the Class M-1, Class M-2, Class M-3 and Class M-4 Certificates will increase by 50%. The Certificates, other than the Class CE, Class P and Class R Certificates, and the Mortgage Loans are more particularly described in the Prospectus Supplement, dated January 12, 2005 (the "Prospectus Supplement"), and the Prospectus, dated September 23, 2004, as previously filed with the Securities and Exchange Commission pursuant to Rule 424(b). The Class CE, Class P and the Class R Certificates have not been and will not be publicly offered by the Depositor. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Prospectus Supplement. Item 9.01 Financial Statements and Exhibits --------------------------------- (a) Not applicable (b) Not applicable (c) Exhibits -------------------- ----------------------------------------------------------- EXHIBIT NO. DESCRIPTION -------------------- ----------------------------------------------------------- 4.1 Pooling and Servicing Agreement, dated as of January 1, 2005, by and among ACE Securities Corp., as Depositor, Ocwen Federal Bank FSB as a servicer, Option One Mortgage Corporation as a servicer, Select Portfolio Servicing, Inc. as a servicer, Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator and HSBC Bank USA, National Association as Trustee relating to the Series 2005-SD1 Certificates. -------------------- ----------------------------------------------------------- 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 thereunto duly authorized. Dated: February 16, 2005 ACE SECURITIES CORP. By: /s/ ----------------------- Name: Douglas K. Johnson Title: President By: /s/ ----------------------- Name: Evelyn Echevarria Title: Vice President Index to Exhibits ----------------- Sequentially Exhibit No. Description Numbered Page ----------- ----------- ------------- 4.1 Pooling and Servicing Agreement, dated 7 as of January 1, 2005, by and among ACE Securities Corp., as Depositor, Ocwen Federal Bank FSB as a servicer, Option One Mortgage Corporation as a servicer, Select Portfolio Servicing, Inc. as a servicer, Wells Fargo Bank, N.A. as Master Servicer and Securities Administrator and HSBC Bank USA, National Association as Trustee relating to the Series 2005-SD1 Certificates.

ACE Securities Corporation Mortgage Pass-Through Certificates Record Date: 12/31/2004 Distribution Date: 1/25/2005 ACE Securities Corporation Mortgage Pass-Through Certificates Series ACE 2005-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 004421KJ1 SEN 2.85000% 112,394,000.00 97,876.44 9,417,771.14 M-1 004421KK8 SEN 3.20000% 15,279,000.00 14,939.47 0.00 M-2 004421KL6 SEN 3.70000% 7,826,000.00 8,847.73 0.00 M-3 004421KM4 SEN 5.95000% 7,081,000.00 12,873.65 0.00 M-4 004421KN2 SEN 5.45000% 1,863,000.00 3,102.41 0.00 CE ACE05SD1C SEN 0.00000% 4,598,579.00 0.00 0.00 P ACE05SD1P SEN 0.00000% 100.00 68,603.94 0.00 R-1 ACE5SD1R1 SEN 0.00000% 0.00 0.00 0.00 Totals 149,041,679.00 206,243.64 9,417,771.14

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 102,976,228.86 9,515,647.58 0.00 M-1 0.00 15,279,000.00 14,939.47 0.00 M-2 0.00 7,826,000.00 8,847.73 0.00 M-3 0.00 7,081,000.00 12,873.65 0.00 M-4 0.00 1,863,000.00 3,102.41 0.00 CE 0.00 6,310,476.69 0.00 0.00 P 0.00 100.00 68,603.94 0.00 R-1 0.00 0.00 0.00 0.00 Totals 0.00 141,335,805.55 9,624,014.78 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-1 112,394,000.00 112,394,000.00 0.00 9,417,771.14 0.00 0.00 M-1 15,279,000.00 15,279,000.00 0.00 0.00 0.00 0.00 M-2 7,826,000.00 7,826,000.00 0.00 0.00 0.00 0.00 M-3 7,081,000.00 7,081,000.00 0.00 0.00 0.00 0.00 M-4 1,863,000.00 1,863,000.00 0.00 0.00 0.00 0.00 CE 4,598,579.00 4,598,579.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 Totals 149,041,679.00 149,041,679.00 0.00 9,417,771.14 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 9,417,771.14 102,976,228.86 0.91620753 9,417,771.14 M-1 0.00 15,279,000.00 1.00000000 0.00 M-2 0.00 7,826,000.00 1.00000000 0.00 M-3 0.00 7,081,000.00 1.00000000 0.00 M-4 0.00 1,863,000.00 1.00000000 0.00 CE 0.00 6,310,476.69 1.37226667 0.00 P 0.00 100.00 1.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 Totals 9,417,771.14 141,335,805.55 0.94829719 9,417,771.14

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 112,394,000.00 1000.00000000 0.00000000 83.79247237 0.00000000 M-1 15,279,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 7,826,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 7,081,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 1,863,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 4,598,579.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 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 A-1 0.00000000 83.79247237 916.20752763 0.91620753 83.79247237 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 0.00000000 1,372.26666977 1.37226667 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 R-1 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 A-1 112,394,000.00 2.85000% 112,394,000.00 97,876.44 0.00 0.00 M-1 15,279,000.00 3.20000% 15,279,000.00 14,939.47 0.00 0.00 M-2 7,826,000.00 3.70000% 7,826,000.00 8,847.73 0.00 0.00 M-3 7,081,000.00 5.95000% 7,081,000.00 12,873.65 0.00 0.00 M-4 1,863,000.00 5.45000% 1,863,000.00 3,102.41 0.00 0.00 CE 4,598,579.00 0.00000% 4,598,579.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 149,041,679.00 137,639.70 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 97,876.44 0.00 102,976,228.86 M-1 0.00 0.00 14,939.47 0.00 15,279,000.00 M-2 0.00 0.00 8,847.73 0.00 7,826,000.00 M-3 0.00 0.00 12,873.65 0.00 7,081,000.00 M-4 0.00 0.00 3,102.41 0.00 1,863,000.00 CE 0.00 0.00 0.00 0.00 6,310,476.69 P 0.00 0.00 68,603.94 0.00 100.00 R-1 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 206,243.64 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-1 112,394,000.00 2.85000% 1000.00000000 0.87083332 0.00000000 0.00000000 M-1 15,279,000.00 3.20000% 1000.00000000 0.97777800 0.00000000 0.00000000 M-2 7,826,000.00 3.70000% 1000.00000000 1.13055584 0.00000000 0.00000000 M-3 7,081,000.00 5.95000% 1000.00000000 1.81805536 0.00000000 0.00000000 M-4 1,863,000.00 5.45000% 1000.00000000 1.66527644 0.00000000 0.00000000 CE 4,598,579.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R-1 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 A-1 0.00000000 0.00000000 0.87083332 0.00000000 916.20752763 M-1 0.00000000 0.00000000 0.97777800 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 1.13055584 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 1.81805536 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 1.66527644 0.00000000 1000.00000000 CE 0.00000000 0.00000000 0.00000000 0.00000000 1372.26666977 P 0.00000000 0.00000000 686039.40000000 0.00000000 1000.00000000 R-1 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 9,409,516.12 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 217,000.02 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 68,603.94 Total Deposits 9,695,120.08 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 71,105.30 Payment of Interest and Principal 9,624,014.78 Total Withdrawals (Pool Distribution Amount) 9,695,120.08 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 62,100.70 Credit Risk Manager Fee- Risk Management Group, LLC 2,484.03 Master Servicing Fee 6,520.57 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 71,105.30

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 32 0 0 32 3,829,297.40 0.00 0.00 3,829,297.40 30 Days 147 15 0 0 162 12,893,309.47 1,683,981.63 0.00 0.00 14,577,291.10 60 Days 61 9 2 0 72 5,572,411.08 479,249.18 45,017.49 0.00 6,096,677.75 90 Days 10 7 0 0 17 745,944.78 382,767.43 0.00 0.00 1,128,712.21 120 Days 2 3 0 0 5 136,899.17 206,057.92 0.00 0.00 342,957.09 150 Days 0 5 0 0 5 0.00 318,430.08 0.00 0.00 318,430.08 180+ Days 3 37 0 0 40 228,252.62 2,417,398.26 0.00 0.00 2,645,650.88 Totals 223 108 2 0 333 19,576,817.12 9,317,181.90 45,017.49 0.00 28,939,016.51 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 2.433460% 0.000000% 0.000000% 2.433460% 2.703758% 0.000000% 0.000000% 2.703758% 30 Days 11.178707% 1.140684% 0.000000% 0.000000% 12.319392% 9.103600% 1.189012% 0.000000% 0.000000% 10.292612% 60 Days 4.638783% 0.684411% 0.152091% 0.000000% 5.475285% 3.934522% 0.338384% 0.031786% 0.000000% 4.304691% 90 Days 0.760456% 0.532319% 0.000000% 0.000000% 1.292776% 0.526690% 0.270261% 0.000000% 0.000000% 0.796952% 120 Days 0.152091% 0.228137% 0.000000% 0.000000% 0.380228% 0.096661% 0.145492% 0.000000% 0.000000% 0.242152% 150 Days 0.000000% 0.380228% 0.000000% 0.000000% 0.380228% 0.000000% 0.224834% 0.000000% 0.000000% 0.224834% 180+ Days 0.228137% 2.813688% 0.000000% 0.000000% 3.041825% 0.161163% 1.706856% 0.000000% 0.000000% 1.868019% Totals 16.958175% 8.212928% 0.152091% 0.000000% 25.323194% 13.822636% 6.578598% 0.031786% 0.000000% 20.433019%

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 3 0 0 3 673,419.62 0.00 0.00 673,419.62 30 Days 20 2 0 0 22 4,107,671.07 141,798.75 0.00 0.00 4,249,469.82 60 Days 15 0 1 0 16 2,577,319.42 0.00 35,597.14 0.00 2,612,916.56 90 Days 1 0 0 0 1 100,522.11 0.00 0.00 0.00 100,522.11 120 Days 1 0 0 0 1 69,965.37 0.00 0.00 0.00 69,965.37 150 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 37 5 1 0 43 6,855,477.97 815,218.37 35,597.14 0.00 7,706,293.48 0-29 Days 1.083032% 0.000000% 0.000000% 1.083032% 1.448728% 0.000000% 0.000000% 1.448728% 30 Days 7.220217% 0.722022% 0.000000% 0.000000% 7.942238% 8.836836% 0.305052% 0.000000% 0.000000% 9.141887% 60 Days 5.415162% 0.000000% 0.361011% 0.000000% 5.776173% 5.544589% 0.000000% 0.076580% 0.000000% 5.621169% 90 Days 0.361011% 0.000000% 0.000000% 0.000000% 0.361011% 0.216253% 0.000000% 0.000000% 0.000000% 0.216253% 120 Days 0.361011% 0.000000% 0.000000% 0.000000% 0.361011% 0.150517% 0.000000% 0.000000% 0.000000% 0.150517% 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 13.357401% 1.805054% 0.361011% 0.000000% 15.523466% 14.748195% 1.753780% 0.076580% 0.000000% 16.578555% 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 29 0 0 29 3,155,877.78 0.00 0.00 3,155,877.78 30 Days 127 13 0 0 140 8,785,638.40 1,542,182.88 0.00 0.00 10,327,821.28 60 Days 46 9 1 0 56 2,995,091.66 479,249.18 9,420.35 0.00 3,483,761.19 90 Days 9 7 0 0 16 645,422.67 382,767.43 0.00 0.00 1,028,190.10 120 Days 1 3 0 0 4 66,933.80 206,057.92 0.00 0.00 272,991.72 150 Days 0 5 0 0 5 0.00 318,430.08 0.00 0.00 318,430.08 180 Days 3 37 0 0 40 228,252.62 2,417,398.26 0.00 0.00 2,645,650.88 Totals 186 103 1 0 290 12,721,339.15 8,501,963.53 9,420.35 0.00 21,232,723.03 0-29 Days 2.793834% 0.000000% 0.000000% 2.793834% 3.316908% 0.000000% 0.000000% 3.316908% 30 Days 12.235067% 1.252408% 0.000000% 0.000000% 13.487476% 9.233929% 1.620873% 0.000000% 0.000000% 10.854803% 60 Days 4.431599% 0.867052% 0.096339% 0.000000% 5.394990% 3.147917% 0.503703% 0.009901% 0.000000% 3.661522% 90 Days 0.867052% 0.674374% 0.000000% 0.000000% 1.541426% 0.678356% 0.402298% 0.000000% 0.000000% 1.080654% 120 Days 0.096339% 0.289017% 0.000000% 0.000000% 0.385356% 0.070349% 0.216572% 0.000000% 0.000000% 0.286921% 150 Days 0.000000% 0.481696% 0.000000% 0.000000% 0.481696% 0.000000% 0.334678% 0.000000% 0.000000% 0.334678% 180 Days 0.289017% 3.564547% 0.000000% 0.000000% 3.853565% 0.239899% 2.540747% 0.000000% 0.000000% 2.780646% Totals 17.919075% 9.922929% 0.096339% 0.000000% 27.938343% 13.370451% 8.935780% 0.009901% 0.000000% 22.316132%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 217,000.02

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 8.023240% Weighted Average Net Coupon 7.523240% Weighted Average Pass-Through Rate 7.450740% Weighted Average Maturity(Stepdown Calculation ) 281 Beginning Scheduled Collateral Loan Count 1,375 Number Of Loans Paid In Full 60 Ending Scheduled Collateral Loan Count 1,315 Beginning Scheduled Collateral Balance 149,041,679.00 Ending Scheduled Collateral Balance 141,335,805.55 Ending Actual Collateral Balance at 31-Dec-2004 141,628,683.97 Monthly P &I Constant 1,263,459.40 Special Servicing Fee 0.00 Prepayment Penalties 68,603.94 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal 266,961.77 Unscheduled Principal 7,438,911.44 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 1,711,897.93 Overcollateralized reduction Amount 0.00 Specified O/C Amount 8,569,896.53 Overcollateralized Amount 6,310,476.69 Overcollateralized Deficiency Amount 2,259,419.84 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 1,711,897.93 Excess Cash Amount 0.00

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 8.023240% Weighted Average Net Rate 7.523240% Weighted Average Pass Through Rate 7.450740% Weighted Average Maturity 281 Record Date 12/31/2004 Principal and Interest Constant 1,263,459.40 Beginning Loan Count 1,375 Loans Paid in Full 60 Ending Loan Count 1,315 Beginning Scheduled Balance 149,041,679.00 Ending Scheduled Balance 141,335,805.55 Ending Actual Balance at 31-Dec-2004 141,628,683.97 Scheduled Principal 266,961.77 Unscheduled Principal 7,438,911.44 Scheduled Interest 996,497.63 Servicing Fee 62,100.70 Master Servicing Fee 6,520.57 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 2,484.03 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 925,392.33 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Special Servicing Fee 0.00 Prepayment Penalties 68,603.94 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 1,711,897.93 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 8,569,896.53 Overcollateralized Amount 6,310,476.69 Overcollateralized Deficiency Amount 2,259,419.84 Base Overcollateralization Amount 0.00

Miscellaneous Reporting Interest Arrearage Amount 934306.25

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 7.210621 8.426164 8.023240 Weighted Average Net Rate 6.710622 7.926164 7.523240 Weighted Average Maturity 342 250 281 Beginning Loan Count 292 1,083 1,375 Loans Paid In Full 15 45 60 Ending Loan Count 277 1,038 1,315 Beginning Scheduled Balance 49,403,863.98 99,637,814.78 149,041,678.76 Ending scheduled Balance 46,452,089.90 94,883,715.65 141,335,805.55 Record Date 12/31/2004 12/31/2004 12/31/2004 Principal And Interest Constant 331,080.85 932,378.55 1,263,459.40 Scheduled Principal 34,220.38 232,741.39 266,961.77 Unscheduled Principal 2,917,553.70 4,521,357.74 7,438,911.44 Scheduled Interest 296,860.47 699,637.16 996,497.63 Servicing Fees 20,584.94 41,515.76 62,100.70 Master Servicing Fees 2,161.42 4,359.15 6,520.57 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 823.40 1,660.63 2,484.03 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 273,290.71 652,101.62 925,392.33 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 6.638121 7.853664 7.450740

Filing Compare · ACE Securities Corp Series 2005 SD1