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): ~~March~~April 2526, 2004 SAXON ASSET SECURITIES COMPANY, (as Depositor, Saxon Mortgage Inc., as Master Servicer, Saxon Mortgage Services Inc., as Servicer and Deutsche Bank National Trust Company, as Trustee). SAXON ASSET SECURITIES CO TRUST 2004-1 (Exact name of Registrant as specified in its Charter) VIRGINIA (State or Other Jurisdiction of Incorporation) 333-111832-01 52-1865887 (Commission File Number) (I.R.S. Employer Identification No.) 4880 Cox Road Suite 100 Glen Allen, Virginia 23060 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (804) 967-7400 Item 5. 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 7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of ~~March~~April 2526, 2004. SIGNATURE 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, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Sale and Servicing Agreement, dated as of February 1,2004. Date: Apr 1326, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of ~~March~~April 2526, 2004.

	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	March 25, 2004 Distribution
	April 26, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				12
			8.	Foreclosure Report				13
			9.	Prepayment Report				14
			10.	Prepayment Detail Report				17
			11.	Realized Loss Report				18
			12.	Realized Loss Detail Report				21
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				22
			14.	Additional Certificate Report				23
				Total Number of Pages				23
			CONTACTS
				Administrator: Brent Hoyler
				Direct Phone Number: (714)247-6322
				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:		Saxon Mortgage, Inc.					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 19, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Saxon Mortgage, Inc. Master Servicer
			Saxon Mortgage Services, Inc.
								Distribution Date: March 25, 2004
								Distribution Date: April 26, 2004
	Underwriter(s):		Merrill Lynch & Co. Lead Underwriter					Record Date: ~~March~~April 2423, 2004
			CS First Boston Underwriter					~~February~~March 2731, 2004
			J. P. Morgan Underwriter
			RBS Greenwich Capital Underwriter
						Page 1 of 23					© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for March 25, 2004 Distribution
	Certificate Payment Report for April 26, 2004 Distribution
	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A	STEP	913,000,000.00			~~913~~903,~~000~~552,~~000~~302.0077	1,~~208~~092,~~298~~294.4434	97,~~447~~046,~~697~~102.2339	108,~~655~~138,~~995~~396.6773	-	-	~~903~~896,~~552~~506,~~302~~200.7738
A-IO	IO	-			-	1,~~833~~756,~~333~~111.3376	-	1,~~833~~756,~~333~~111.3376	-	-	-
S	IO	-			-	-	-	-	-	-	-
M-1	MEZ	68,750,000.00			68,750,000.00	~~108~~99,~~364~~000.8000	-	~~108~~99,~~364~~000.8000	-	-	68,750,000.00
M-2	MEZ	57,750,000.00			57,750,000.00	~~124~~113,~~713~~960.9300	-	~~124~~113,~~713~~960.9300	-	-	57,750,000.00
M-3	MEZ	19,250,000.00			19,250,000.00	4541,~~688~~751.6711	-	4541,~~688~~751.6711	-	-	19,250,000.00
M-4	MEZ	11,000,000.00			11,000,000.00	2926,~~316~~791.1511	-	2926,~~316~~791.1511	-	-	11,000,000.00
B-1	SUB	15,950,000.00			15,950,000.00	4440,~~059~~264.1189	-	4440,~~059~~264.1189	-	-	15,950,000.00
B-2	SUB	14,300,000.00			14,300,000.00	5550,~~489~~717.4633	-	5550,~~489~~717.4633	-	-	14,300,000.00
TRUST		-			-	~~475~~656,~~100~~606.1140	-	~~475~~656,~~100~~606.1140	-	-	-
Total		1,100,000,000.00			1,~~100~~090,~~000~~552,~~000~~302.0077	3,~~924~~877,~~364~~496.0094	97,~~447~~046,~~697~~102.2339	1310,~~372~~923,~~061~~599.2333	-	-	1,~~090~~083,~~552~~506,~~302~~200.7738
Variable Rate Securities Record Date: 3/24/04
Variable Rate Securities Record Date: 4/23/04
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A	0203/1925/04	0304/2425/04		A-Act/360	805564PL9	913,000,000.00	~~1,000~~989.~~000000~~652029	1.~~323438~~196379	107.~~347971~~717527	118.~~671408~~913907	~~989~~981.~~652029~~934502
A-IO				F-30/360	805564PM7	1,100,000,000.00	~~1,000~~957.~~000000~~879144	1.~~666667~~596465	-	1.~~666667~~596465	~~957~~886.~~879144~~828148
S	0203/1925/04	0304/2425/04		A-Act/360	805564PU9	1,100,000,000.00	~~1,000~~991.~~000000~~411184	-	-	-	~~991~~985.~~411184~~005637
M-1	0203/1925/04	0304/2425/04		A-Act/360	805564PN5	68,750,000.00	1,000.000000	1.~~576215~~440000	-	1.~~576215~~440000	1,000.000000
M-2	0203/1925/04	0304/2425/04		A-Act/360	805564PP0	57,750,000.00	1,000.000000	21.~~159549~~973333	-	21.~~159549~~973333	1,000.000000
M-3	0203/1925/04	0304/2425/04		A-Act/360	805564PQ8	19,250,000.00	1,000.000000	2.~~373437~~168889	-	2.~~373437~~168889	1,000.000000
M-4	0203/1925/04	0304/2425/04		A-Act/360	805564PR6	11,000,000.00	1,000.000000	2.~~665105~~435555	-	2.~~665105~~435555	1,000.000000
B-1	0203/1925/04	0304/2425/04		A-Act/360	805564PS4	15,950,000.00	1,000.000000	2.~~762327~~524445	-	2.~~762327~~524445	1,000.000000
B-2	0203/1925/04	0304/2425/04		A-Act/360	805564PT2	14,300,000.00	1,000.000000	3.~~880382~~546666	-	3.~~880382~~546666	1,000.000000
TRUST				-		-	-	-	-	-	-
							Page 2 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for March 25, 2004 Distribution
	Certificate Payment Report for April 26, 2004 Distribution
	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A	913,000,000.00		12,~~208~~300,~~298~~592.4478		915,~~034~~674,~~482~~522.9391	~~413~~819,~~214~~276.3071	916,~~447~~493,~~697~~799.2362	1018,~~655~~794,~~995~~392.6740	-	-	~~903~~896,~~552~~506,~~302~~200.7738
A-IO	-		13,~~833~~589,~~333~~445.3309		-	-	-	13,~~833~~589,~~333~~445.3309	-	-	-
S	-		-		-	-	-	-	-	-	-
M-1	68,750,000.00		~~108~~207,364.80		-	-	-	~~108~~207,364.80	-	-	68,750,000.00
M-2	57,750,000.00		~~124~~238,~~713~~673.93		-	-	-	~~124~~238,~~713~~673.93	-	-	57,750,000.00
M-3	19,250,000.00		4587,~~688~~439.6778		-	-	-	4587,~~688~~439.6778	-	-	19,250,000.00
M-4	11,000,000.00		2956,~~316~~107.1526		-	-	-	2956,~~316~~107.1526	-	-	11,000,000.00
B-1	15,950,000.00		4484,~~059~~324.1100		-	-	-	4484,~~059~~324.1100	-	-	15,950,000.00
B-2	14,300,000.00		55106,~~489~~206.4679		-	-	-	55106,~~489~~206.4679	-	-	14,300,000.00
TRUST	-		~~475~~1,~~100~~131,706.1151		-	-	-	~~475~~1,~~100~~131,706.1151	-	-	-
Total	1,100,000,000.00		37,~~924~~801,~~364~~860.0094		915,~~034~~674,~~482~~522.9391	~~413~~819,~~214~~276.3071	916,~~447~~493,~~697~~799.2362	1324,~~372~~295,~~061~~660.2356	-	-	1,~~090~~083,~~552~~506,~~302~~200.7738
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A	1.~~36125~~36000%	~~913~~903,~~000~~552,~~000~~302.0077			1,~~208~~092,~~298~~294.4434	-	-	-	1,~~208~~092,~~298~~294.4434	1,~~208~~092,~~298~~294.4434	-
A-IO	2.00000%	1,~~100~~053,~~000~~667,~~000~~058.00			1,~~833~~756,~~333~~111.3376	-	-	-	1,~~833~~756,~~333~~111.3376	1,~~833~~756,~~333~~111.3376	-
S		1,~~100~~090,~~000~~552,~~000~~302.0077			-	-	-	-	-	-	-
M-1	1.~~62125~~62000%	68,750,000.00			~~108~~99,~~364~~000.8000	-	-	-	~~108~~99,~~364~~000.8000	~~108~~99,~~364~~000.8000	-
M-2	12.~~95525~~18839%	57,750,000.00			~~124~~113,~~713~~960.9300	-	-	-	~~124~~113,~~713~~960.9300	~~124~~113,~~713~~960.9300	-
M-3	12.~~95525~~18839%	19,250,000.00			4541,~~688~~751.6711	-	-	-	4541,~~688~~751.6711	4541,~~688~~751.6711	-
M-4	12.~~95525~~18839%	11,000,000.00			2926,~~316~~791.1511	-	-	-	4440,~~059~~264.1189	2926,~~316~~791.1511	-
B-1	12.~~95525~~18839%	15,950,000.00			4440,~~059~~264.1189	-	-	-	4440,~~059~~264.1189	4440,~~059~~264.1189	-
B-2	12.~~95525~~18839%	14,300,000.00			5550,~~489~~717.4633	-	-	-	5550,~~489~~717.4633	5550,~~489~~717.4633	-
TRUST		-			~~475~~656,~~100~~606.1140	-	-	-	~~475~~656,~~100~~606.1140	~~475~~656,~~100~~606.1140	-
Total		3,~~300~~234,~~000~~771,~~000~~663.0054			3,~~924~~877,~~364~~496.0094	-	-	-	3,~~939~~890,~~106~~970.9672	3,~~924~~877,~~364~~496.0094	-
See page 26 for Optimal Pass-Through Rate
See page 23 for Optimal Pass-Through Rate
							Page 3 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							97,~~447~~046,~~697~~102.2339
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							97,~~447~~046,~~697~~102.2339
	Interest Collections							4,~~105~~049,~~150~~232.4571
	Interest Withdrawals							0.00
	Interest Other Accounts							0.00
	Interest Fees							(~~180~~171,~~786~~735.4577)
	TOTAL NET INTEREST							3,~~924~~877,~~364~~496.0094
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							1310,~~372~~923,~~061~~599.2333
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							~~413~~406,~~214~~062.3041
	Curtailments							4234,~~432,806~~868.7553
	Prepayments in Full							46,~~601~~405,~~676~~171.1845
	Repurchases/Substitutions Shortfalls							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							(4754,~~355~~392.7685)
	Advanced Principal							4754,~~355~~392.7685
	Realized Losses							0.00
	TOTAL PRINCIPAL COLLECTED							97,~~447~~046,~~697~~102.2339
				Page 4 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
	Prefunded Release Amount							0.00
	TOTAL OTHER ACCOUNTS PRINCIPAL							0.00
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							43,~~052~~991,~~539~~913.3550
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Interest							0.00
	Other Additional Interest							0.00
	Month End Interest (PPIS)							0.00
	Delinquent Interest							(~~490~~655,~~808~~659.9966)
	Realized Losses							0.00
	Compensating Month End Interest							0.00
	Other Interest Shortfall (Relief Act)							0.00
	Non Recoverable Advance							0.00
	Interest Advanced							~~472~~630,~~044~~783.7932
	Prepayment Penalties							7182,~~375~~195.3055
	TOTAL INTEREST COLLECTED							4,~~105~~049,~~150~~232.4571
				Page 5 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for March 25, 2004 Distribution
	Collection Account Report for April 26, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS								TOTAL
	TOTAL OTHER ACCOUNT INTEREST							0.00
INTEREST - FEES								TOTAL
	Current Servicing Fees							~~143~~134,~~164~~690.4032
	Master Servicing Fee							26,~~988~~594.1044
	PMI Insurance Premium							10,~~633~~451.9601
	TOTAL INTEREST OTHER FEES							~~180~~171,~~786~~735.4577
				Page 6 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for March 25, 2004 Distribution
	Credit Enhancement Report for April 26, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES								TOTAL
	Extra Principal Distribution Amt							0.00
	Overcollateralization Amount							0.00
	Overcollateralization Requirement							17,600,000.00
	Overcollateralization Release Amount							0.00
				Page 7 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for March 25, 2004 Distribution
	Collateral Report for April 26, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							4078
	Prior							-4,032
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(2532)
	Repurchases							-
	Liquidations							-
	Current							4,~~032~~000
	Principal Balance:
	Original							647,714,353.37
	Prior							-638,266,656.14
	Prefunding							-
	Scheduled Principal							(~~413~~406,~~214~~062.3041)
	Partial and Full Voluntary Prepayments							(96,~~034~~640,~~482~~039.9398)
	Repurchases							-
	Liquidations							-
	Current							~~638~~631,~~266~~220,~~656~~553.1475
PREFUNDING								TOTAL
	Prefunding Beginning Balance							452,285,646.63
	Balance of Subsequent Loans Transfered							0.00
	Prefunded Amount Dispursed To Offered Certificates							0.00
	Prefunding Ending Balance							452,285,646.63
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for March 25, 2004 Distribution
	Collateral Report for April 26, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							7.508012%
	Weighted Average Coupon Prior							7.508012%
	Weighted Average Coupon Current							7.~~508012~~505164%
	Weighted Average Months to Maturity Original							352
	Weighted Average Months to Maturity Prior							-352
	Weighted Average Months to Maturity Current							~~352~~350
	Weighted Avg Remaining Amortization Term Original							351
	Weighted Avg Remaining Amortization Term Prior							-351
	Weighted Avg Remaining Amortization Term Current							~~351~~350
	Weighted Average Seasoning Original							2.78
	Weighted Average Seasoning Prior							-2.78
	Weighted Average Seasoning Current							23.7877
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Collateral Report for March 25, 2004 Distribution
	Collateral Report for April 26, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Weighted Average Margin Original							4.064%
	Weighted Average Margin Prior							04.~~000~~064%
	Weighted Average Margin Current							4.~~064~~051%
	Weighted Average Max Rate Original							12.384%
	Weighted Average Max Rate Prior							012.~~000~~384%
	Weighted Average Max Rate Current							12.~~384~~371%
	Weighted Average Min Rate Original							6.638%
	Weighted Average Min Rate Prior							06.~~000~~638%
	Weighted Average Min Rate Current							6.~~638~~633%
	Weighted Average Cap Up Original							0.808%
	Weighted Average Cap Up Prior							0.~~000~~808%
	Weighted Average Cap Up Current							0.~~808~~807%
	Weighted Average Cap Down Original							0.808%
	Weighted Average Cap Down Prior							0.~~000~~808%
	Weighted Average Cap Down Current							0.~~808~~807%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							~~143~~134,~~164~~690.4032
	Delinquent Servicing Fees							1824,~~764~~876.1935
	Master Servicing Fees							26,~~988~~594.1044
	TOTAL SERVICING FEES							~~188~~186,~~916~~161.6911
	Total Servicing Fees							~~188~~186,~~916~~161.6911
	Compensating Month End Interest							0.00
	Delinquent Servicing Fees							(1824,~~764~~876.1935)
	COLLECTED SERVICING FEES							~~170~~161,~~152~~284.5076
	Prepayment Interest Shortfall							0.00
	Total Advanced Interest							~~472~~630,~~044~~783.7932
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Weighted Average Net Rate							4.~~281124~~266642%
	Largest Loan Balance							1,000,000.00
	Next One-Month LIBOR							1.~~090000~~100000%
	Current One-Month LIBOR							1.~~091250~~090000%
				Page 10 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Delinquency Report for March 25, 2004 Distribution
	Delinquency Report for April 26, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			212,~~550~~368,~~802~~174.4251	672,~~500~~250,820.0002	-67,500.00	214,~~618~~686,~~302~~494.4253
		% Balance			01.4096%	0.0136%	0.0001%	02.4133%
		# Loans			976	16	-1	1083
		% # Loans			01.2290%	0.0215%	0.0003%	02.2508%
FORECLOSURE		Balance		-108,106.05	-1,120,217.21	-	-	-1,228,323.26
		% Balance		0.0002%	0.0018%	0.00%	0.00%	0.0019%
		# Loans		-1	-9	-	-	-10
		% # Loans		0.0003%	0.0023%	0.00%	0.00%	0.0025%
BANKRUPTCY		Balance		~~134~~442,~~000~~418.0087	-	-	-	~~134~~442,~~000~~418.0087
		% Balance		0.0207%	0.00%	0.00%	0.00%	0.0207%
		# Loans		13	-	-	-	13
		% # Loans		0.0208%	0.00%	0.00%	0.00%	0.0208%
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		~~134~~550,~~000~~524.0092	213,~~550~~488,~~802~~391.4272	672,~~500~~250,820.0002	-67,500.00	216,~~752~~357,~~302~~236.4266
		% Balance		0.0209%	02.4014%	0.0136%	0.0001%	02.4359%
		# Loans		14	985	16	-1	1196
		% # Loans		0.0210%	02.2213%	0.0215%	0.0003%	02.2740%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 11 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	REO Report for March 25, 2004 Distribution
	REO Report for April 26, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Fixed & Adj; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 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	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 12 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Foreclosure Report for March 25, 2004 Distribution
	Foreclosure Report for April 26, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Fixed & Adj
Total Loan Count = 10				Loan Group 1 = Fixed & Adj
Total Original Principal Balance = 000.00
Total Original Principal Balance = 1,234,050.00
Total Current Balance = 000.00
Total Current Balance = 1,228,323.26
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
11609124 1		236,000.00	234,197.28	Feb-01-04	6.375%	MA - 76.62%	360	Jul-02-03
11635243 1		154,800.00	154,254.13	Feb-01-04	9.500%	NJ - 90.00%	360	Aug-19-03
11637696 1		65,000.00	64,680.60	Feb-01-04	7.875%	IN - 80.25%	360	Aug-27-03
11640059 1		89,550.00	89,210.17	Feb-01-04	8.375%	SD - 90.00%	360	Sep-25-03
11642311 1		360,000.00	358,067.79	Feb-01-04	6.625%	CA - 80.00%	360	Sep-23-03
11649241 1		108,450.00	108,106.05	Apr-01-04	9.250%	FL - 90.00%	360	Sep-24-03
11654455 1		51,000.00	50,877.18	Feb-01-04	9.675%	LA - 62.20%	360	Oct-01-03
11660600 1		56,250.00	56,101.94	Feb-01-04	9.250%	MI - 75.00%	360	Oct-24-03
11661380 1		63,000.00	62,892.98	Jan-07-04	10.250%	FL - 90.00%	360	Nov-07-03
11669554 1		50,000.00	49,935.14	Jan-10-04	11.500%	IA - 84.75%	360	Nov-05-03
				Page 13 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							2532
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							2532
	Paid in Full Balance							46,~~601~~405,~~676~~171.1845
	Repurchased Loans Balance							-
	Curtailments Amount							4234,~~432,806~~868.7553
	Total Prepayment Amount							96,~~034~~640,~~482~~039.9398
	Cumulative
	Number of Paid in Full Loans							2557
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							2557
	Paid in Full Balance							411,~~601~~006,~~676~~847.1863
	Repurchased Loans Balance							-
	Curtailments Amount							4,~~432~~667,~~806~~675.7528
	Total Prepayment Amount							915,~~034~~674,~~482~~522.9391
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 14 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							1.4004%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off							1.4022%
	CPR							1511.5280%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off							1513.5268%
	PSA							~~2795~~1566.3702%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							~~2795~~2090.3762%
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 15 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for March 25, 2004 Distribution
	Prepayment Report for April 26, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
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/(0.02*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 16 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for March 25, 2004 Distribution
	Prepayment Detail Report for April 26, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 25						Loan Group 1 = Fixed & Adj
Total Loan Count = 32						Loan Group 1 = Fixed & Adj
Total Original Principal Balance = 4,607,073.00
Total Original Principal Balance = 6,420,972.00
Total Prepayment Amount = 4,601,676.18
Total Prepayment Amount = 6,405,171.45
Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
11635595 1			100,000.00	99,828.00	Mar-01-04	11.250%	MO - 20.00%	Paid Off - 180	Aug-08-03
11638026 1			197,600.00	196,875.76	Apr-01-04	7.625%	MD - 89.82%	Paid Off - 360	Oct-03-03
11640882 1			152,000.00	151,345.41	Mar-01-04	5.625%	FL - 80.00%	Paid Off - 360	Sep-10-03
11643844 1			280,000.00	279,221.62	Apr-01-04	7.875%	MD - 100.00%	Paid Off - 360	Oct-31-03
11646416 1			69,000.00	68,866.15	Mar-01-04	9.625%	GA - 75.00%	Paid Off - 360	Aug-29-03
11646802 1			66,000.00	65,358.76	Apr-01-04	6.800%	VA - 55.46%	Paid Off - 180	Nov-21-03
11648457 1			78,000.00	77,754.38	Mar-01-04	7.250%	UT - 78.79%	Paid Off - 360	Sep-19-03
11648751 1			115,000.00	114,637.55	Apr-01-04	8.375%	DE - 89.84%	Paid Off - 360	Sep-11-03
11649075 1			115,000.00	114,678.70	Mar-01-04	9.250%	NJ - 74.19%	Paid Off - 360	Sep-23-03
11651467 1			560,000.00	557,947.55	Apr-01-04	7.625%	CA - 80.00%	Paid Off - 360	Sep-24-03
11649237 1			55,000.00	54,881.58	Mar-01-04	9.125%	TN - 63.58%	Paid Off - 360	Sep-16-03
11652356 1			504,050.00	502,474.41	Apr-01-04	7.287%	MD - 85.00%	Paid Off - 360	Oct-23-03
11653026 1			84,150.00	83,965.53	Mar-01-04	9.038%	OH - 85.00%	Paid Off - 360	Sep-26-03
11653052 1			80,000.00	79,731.88	Apr-01-04	8.125%	OH - 77.67%	Paid Off - 360	Sep-26-03
11655453 1			471,410.00	471,077.28	Mar-01-04	7.750%	GA - 79.90%	Paid Off - 360	Dec-09-03
11654391 1			98,800.00	98,483.84	Apr-01-04	8.300%	OH - 95.00%	Paid Off - 360	Oct-03-03
11657817 1			31,900.00	31,872.87	Mar-01-04	10.250%	MO - 100.00%	Paid Off - 360	Nov-04-03
11654629 1			342,700.00	341,563.85	Apr-01-04	8.125%	FL - 98.71%	Paid Off - 360	Oct-01-03
11658896 1			84,600.00	84,426.83	Mar-01-04	7.950%	GA - 90.00%	Paid Off - 360	Oct-08-03
11658335 1			55,000.00	54,821.62	Apr-01-04	7.100%	NV - 30.90%	Paid Off - 360	Oct-15-03
11661113 1			243,364.00	243,364.00	Mar-01-04	6.875%	VA - 80.00%	Paid Off - 360	Nov-25-03
11659059 1			126,000.00	125,749.12	Apr-01-04	9.500%	KS - 90.00%	Paid Off - 360	Oct-23-03
11662301 1			100,000.00	99,773.27	Mar-01-04	7.440%	FL - 80.00%	Paid Off - 360	Oct-30-03
11659282 1			288,000.00	286,950.07	Apr-01-04	6.500%	CA - 80.00%	Paid Off - 360	Oct-24-03
11663058 1			143,000.00	142,778.21	Mar-01-04	9.300%	RI - 59.58%	Paid Off - 360	Oct-27-03
11659401 1			101,650.00	101,321.96	Apr-01-04	7.125%	IL - 95.00%	Paid Off - 360	Oct-21-03
11663530 1			403,000.00	401,874.25	Mar-01-04	6.375%	IL - 84.31%	Paid Off - 360	Oct-17-03
11660565 1			86,100.00	85,878.12	Apr-01-04	8.250%	GA - 70.00%	Paid Off - 360	Oct-31-03
11663768 1			427,000.00	426,660.22	Mar-01-04	7.150%	CA - 81.33%	Paid Off - 360	Dec-09-03
11661598 1			148,500.00	148,171.17	Apr-01-04	8.990%	FL - 90.00%	Paid Off - 360	Oct-20-03
11664082 1			314,500.00	314,500.00	Mar-01-04	7.250%	CT - 85.00%	Paid Off - 360	Nov-12-03
11663519 1			194,000.00	193,373.92	Apr-01-04	7.125%	IL - 80.00%	Paid Off - 360	Oct-02-03
11664205 1			189,000.00	189,000.00	Mar-01-04	6.875%	CA - 90.00%	Paid Off - 360	Oct-29-03
11663832 1			288,000.00	287,414.94	Apr-01-04	7.988%	CA - 90.00%	Paid Off - 360	Oct-28-03
11665596 1			562,000.00	561,440.91	Mar-01-04	11.375%	MI - 72.05%	Paid Off - 360	Oct-27-03
11664728 1			110,000.00	109,816.05	Apr-01-04	8.938%	FL - 78.57%	Paid Off - 360	Nov-21-03
11669145 1			78,200.00	78,164.84	Mar-01-04	10.000%	IA - 85.00%	Paid Off - 360	Nov-29-03
11665005 1			184,000.00	183,475.47	Apr-01-04	7.750%	CA - 80.00%	Paid Off - 360	Oct-23-03
11674706 1			185,500.00	185,301.81	Mar-01-04	9.125%	NJ - 70.00%	Paid Off - 360	Nov-14-03
11665875 1			188,000.00	187,490.34	Apr-01-04	8.000%	NJ - 89.52%	Paid Off - 360	Oct-30-03
11675049 1			322,699.00	322,699.00	Mar-01-04	6.250%	GA - 78.90%	Paid Off - 360	Nov-21-03
11665908 1			136,500.00	136,204.41	Apr-01-04	8.000%	CA - 42.00%	Paid Off - 360	Oct-31-03
11678920 1			96,500.00	96,438.47	Mar-01-04	8.250%	FL - 58.48%	Paid Off - 360	Dec-31-03
11666751 1			195,200.00	194,814.32	Apr-01-04	8.125%	CA - 80.00%	Paid Off - 360	Nov-04-03
11681214 1			142,500.00	142,391.57	Mar-01-04	7.375%	CA - 75.00%	Paid Off - 360	Dec-16-03
11667463 1			283,000.00	281,968.33	Apr-01-04	6.500%	CA - 87.08%	Paid Off - 360	Oct-24-03
11684121 1			93,750.00	93,687.10	Mar-01-04	8.000%	NV - 75.00%	Paid Off - 360	Dec-22-03
11668853 1			189,000.00	189,000.00	Apr-01-04	8.375%	CO - 90.00%	Paid Off - 360	Nov-18-03
11685017 1			65,000.00	64,905.80	Mar-01-04	10.990%	CA - 50.00%	Paid Off - 360	Aug-28-03
11669917 1			179,100.00	178,788.62	Apr-01-04	8.750%	MD - 90.00%	Paid Off - 360	Nov-13-03
11671730 1			149,600.00	149,600.00	Apr-01-04	9.400%	VA - 85.00%	Paid Off - 360	Nov-19-03
11675794 1			345,000.00	344,891.05	Apr-01-04	6.250%	CA - 74.43%	Paid Off - 360	Nov-20-03
11679404 1			126,100.00	125,865.80	Apr-01-04	6.375%	MD - 74.62%	Paid Off - 360	Dec-12-03
11683703 1			274,480.00	274,480.00	Apr-01-04	7.000%	GA - 80.00%	Paid Off - 360	Dec-22-03
11685875 1			300,000.00	299,506.75	Apr-01-04	7.000%	GA - 80.00%	Paid Off - 360	Dec-31-03
11688699 1			145,092.00	144,978.82	Apr-01-04	7.250%	NV - 80.00%	Paid Off - 360	Jan-28-04
11695491 1			84,500.00	84,315.35	Apr-01-04	7.625%	NC - 65.00%	Paid Off - 360	Dec-03-03
					Page 17 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for March 25, 2004 Distribution
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								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.
	Current Principal Loss							0.00
	Current Interest Loss/Expenses							0.00
	Additional Losses from Prior Periods							0.00
	TOTAL REALIZED LOSSES							0.00
							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 18 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for March 25, 2004 Distribution
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	SDA							0.00%
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							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
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 19 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for March 25, 2004 Distribution
	Realized Loss Report for April 26, 2004 Distribution
	Realized Loss Report - Collateral
CDR Avg since Cut-Off by Groups					Total 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 20 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for March 25, 2004 Distribution
	Realized Loss Detail Report for April 26, 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 = Fixed & Adj
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
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	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 21 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Triggers, Adj. Rate Cert. and Miscellaneous Report for March 25, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report for April 26, 2004 Distribution
	Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS								TOTAL
	Trigger Event Occuring							No
	Balance of Loans 60+ Delinquent							672,~~500~~318,320.0002
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
	Available Funds Rate							12.~~955249~~188394%
				Page 22 of 23				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Additional Certificate Report for March 25, 2004 Distribution
	Additional Certificate Report for April 26, 2004 Distribution
	Additional Certificate Report
	CLASS						Available Funds Shortfall	Optimal Pass-Through Rate
	A						0.00	1.~~361250~~360000%
	A-IO						0.00	2.000000%
	S						0.00	0.000000%
	M-1						0.00	1.~~621250~~620000%
	M-2						141,~~934~~622.8243	2.~~221250~~220000%
	M-3						94,~~095~~305.6325	2.~~441250~~440000%
	M-4						85,~~405~~393.8448	2.~~741250~~740000%
	B-1						139,~~739~~238.1732	2.~~841250~~840000%
	B-2						2822,~~306~~900.0641	3.~~991250~~990000%
				Page 23 of 23				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · SAXON ASSET SECURITIES CO TRUST 2004-1