

                           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):
                         (Date of earliest event reported)

          Ameriquest Mortgage Securities Inc (as Depositor under the Pooling
          and Servicing Agreement, dated as June 1, 2004, providing for the
          issuance of Asset-Backed Pass-Through Certificates, Series 2004-R5)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-112203-01                          33-0885129
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1100 TOWN & COUNTRY ROAD, SUITE 1100
          ORANGE, CALIFORNIA                              92868
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (714) 541-9960


(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     .

                                    Signatures

               Pursuant to the requirements of the Securities Exchange Act of
          1934, the Registrant has duly caused this report to be signed on its
          behalf by the undersigned, hereunto duly authorized.


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Ameriquest Mortgage
                                  Securities Inc.,Registrant


          Date:  Aug 31, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of .



Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Ameriquest Mortgage Corp					1. Certificate Payment Report					2
				Ameriquest Mortgage Corp					2. Collection Account Report					4
									2. Collection Account Report					4
									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10
				Certificate Insurer(s)					5. Delinquency Report					10
									6. REO Report					13

									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18
									9. Prepayment Detail Report					18
									10. Realized Loss Report					20
									11. Realized Loss Detail Report					23
				Servicer(s)					11. Realized Loss Detail Report					23
				Servicer(s)					12. Triggers and Adj. Cert. Report					24
				Ameriquest Mortgage Corp					12. Triggers and Adj. Cert. Report					24
				Ameriquest Mortgage Corp					13. Additional Certificate Report					25
									13. Additional Certificate Report					25
									14. Other Related Information					26


				Underwriter(s)
				CS First Boston


									Total Number of Pages					26
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		June 01, 2004			Valerie Delgado
				Close Date:		June 04, 2004			Administrator
				First Distribution Date:		July 26, 2004			(714) 247-6273
									valerie.m.delgado@db.com
									valerie.m.delgado@db.com
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		August 25, 2004
									Factor Information:			(800) 735-7777
				Record Date:		July 30, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						August 24, 2004
						August 24, 2004

									https://www.corporatetrust.db.com/invr



Page 1 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Certificate Payment Report
Current Period Distribution - MASTER REMIC
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal
	Class		Original		Principal					Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance


					(1)	(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1A	SNR	$	619,000,000.00		610,933,450.94	875,671.28		8,644,383.84		9,520,055.12		0.00		0.00		602,289,067.10
A-1A	SNR	$	619,000,000.00		610,933,450.94	875,671.28		8,644,383.84		9,520,055.12		0.00		0.00		602,289,067.10
A-1B	SNR	$	68,770,000.00		67,873,818.13	102,941.96		960,378.48		1,063,320.44		0.00		0.00		66,913,439.65
A-2	SNR	$	76,200,000.00		71,275,937.87	92,658.72		3,359,030.01		3,451,688.73		0.00		0.00		67,916,907.86
A-3	SNR	$	37,800,000.00		37,800,000.00	54,180.00		0.00		54,180.00		0.00		0.00		37,800,000.00
A-4	SNR	$	29,230,000.00		29,230,000.00	47,742.33		0.00		47,742.33		0.00		0.00		29,230,000.00
M-1	SUB,MEZ	$	57,500,000.00		57,500,000.00	97,270.83		0.00		97,270.83		0.00		0.00		57,500,000.00
M-2	SUB,MEZ	$	47,500,000.00		47,500,000.00	106,875.00		0.00		106,875.00		0.00		0.00		47,500,000.00
M-3	SUB,MEZ	$	10,000,000.00		10,000,000.00	25,000.00		0.00		25,000.00		0.00		0.00		10,000,000.00
M-4	SUB,MEZ	$	12,500,000.00		12,500,000.00	38,750.00		0.00		38,750.00		0.00		0.00		12,500,000.00
M-5	SUB,MEZ	$	9,000,000.00		9,000,000.00	29,250.00		0.00		29,250.00		0.00		0.00		9,000,000.00
M-6	SUB,MEZ	$	7,500,000.00		7,500,000.00	38,750.00		0.00		38,750.00		0.00		0.00		7,500,000.00
M-7	SUB,MEZ	$	10,000,000.00		10,000,000.00	20,416.67		0.00		20,416.67		0.00		0.00		10,000,000.00
CE	OC	$	15,000,472.05		15,000,008.58	4,107,375.48		0.00		4,107,375.48		0.00		0.00		15,000,008.58
P	P	$	100.00		100.00	144,690.14		0.00		144,690.14		0.00		0.00		100.00
R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			1,000,000,572.05		986,113,315.52	5,781,572.41		12,963,792.33		18,745,364.74		0.00		0.00		973,149,523.19
Total




Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
								Orig. Principal		Prior							Current
								Orig. Principal		Prior							Current
	Period		Period					(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method	Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

								(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1A	07/26/04		08/24/04		A-Act/360	03072SRS6		619,000,000.00		986.968418		1.414655		13.965079		15.379734	973.003339
A-1B	07/26/04		08/24/04		A-Act/360	03072SRT4		68,770,000.00		986.968418		1.496902		13.965079		15.461981	973.003339
A-2	07/26/04		08/24/04		A-Act/360	03072SRU1		76,200,000.00		935.379762		1.215994		44.081759		45.297752	891.298003
A-3	07/26/04		08/24/04		A-Act/360	03072SRV9		37,800,000.00		1,000.000000		1.433333		0.000000		1.433333	1,000.000000
A-4	07/26/04		08/24/04		A-Act/360	03072SRW7		29,230,000.00		1,000.000000		1.633333		0.000000		1.633333	1,000.000000
M-1	07/26/04		08/24/04		A-Act/360	03072SRX5		57,500,000.00		1,000.000000		1.691667		0.000000		1.691667	1,000.000000
M-2	07/26/04		08/24/04		A-Act/360	03072SRY3		47,500,000.00		1,000.000000		2.250000		0.000000		2.250000	1,000.000000
M-3	07/26/04		08/24/04		A-Act/360	03072SRZ0		10,000,000.00		1,000.000000		2.500000		0.000000		2.500000	1,000.000000
M-4	07/26/04		08/24/04		A-Act/360	03072SSA4		12,500,000.00		1,000.000000		3.100000		0.000000		3.100000	1,000.000000
M-5	07/26/04		08/24/04		A-Act/360	03072SSB2		9,000,000.00		1,000.000000		3.250000		0.000000		3.250000	1,000.000000
M-6	07/26/04		08/24/04		A-Act/360	03072SSC0		7,500,000.00		1,000.000000		5.166667		0.000000		5.166667	1,000.000000
M-7	07/26/04		08/24/04		A-Act/360	03072SSG1		10,000,000.00		1,000.000000		2.041667		0.000000		2.041667	1,000.000000
CE	07/01/04		07/30/04		F-30/360			1,015,000,881.05		14.778321		4.046672		0.000000		4.046672	14.778321
P	07/01/04		07/30/04		F-30/360			100.00		1,000.000000		1,446,901.400000		0.000000		1,446,901.400000	1,000.000000
R	07/01/04		07/30/04		F-30/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

Distribution to Date - MASTER REMIC
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1A	619,000,000.00		2,128,544.47		15,426,431.46	1,284,501.45		16,710,932.90		18,839,477.37		0.00		0.00		602,289,067.10
A-1B	68,770,000.00		252,067.79		1,713,854.11	142,706.24		1,856,560.35		2,108,628.13		0.00		0.00		66,913,439.65
A-2	76,200,000.00		229,278.97		7,994,617.67	288,474.47		8,283,092.14		8,512,371.11		0.00		0.00		67,916,907.86
A-3	37,800,000.00		130,688.25		0.00	0.00		0.00		130,688.25		0.00		0.00		37,800,000.00
A-4	29,230,000.00		117,037.73		0.00	0.00		0.00		117,037.73		0.00		0.00		29,230,000.00
M-1	57,500,000.00		239,399.65		0.00	0.00		0.00		239,399.65		0.00		0.00		57,500,000.00
M-2	47,500,000.00		270,255.21		0.00	0.00		0.00		270,255.21		0.00		0.00		47,500,000.00
M-3	10,000,000.00		63,729.17		0.00	0.00		0.00		63,729.17		0.00		0.00		10,000,000.00
M-4	12,500,000.00		100,161.46		0.00	0.00		0.00		100,161.46		0.00		0.00		12,500,000.00
M-5	9,000,000.00		75,806.25		0.00	0.00		0.00		75,806.25		0.00		0.00		9,000,000.00
M-6	7,500,000.00		102,463.54		0.00	0.00		0.00		102,463.54		0.00		0.00		7,500,000.00
M-7	10,000,000.00		51,201.39		0.00	0.00		0.00		51,201.39		0.00		0.00		10,000,000.00
CE	15,000,472.05		7,599,158.50		0.00	0.00		463.47		7,599,621.97		0.00		0.00		15,000,008.58
P	100.00		281,623.25		0.00	0.00		0.00		281,623.25		0.00		0.00		100.00
R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total	1,000,000,572.05		11,641,415.63		25,134,903.24	1,715,682.16		26,851,048.86		38,492,464.48		0.00		0.00		973,149,523.19


Interest Detail - MASTER REMIC
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued	Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest	Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1A	1.72000%		610,933,450.94		875,671.28	0.00		0.00		0.00		875,671.28		875,671.28		0.00
A-1B	1.82000%		67,873,818.13		102,941.96	0.00		0.00		0.00		102,941.96		102,941.96		0.00
A-2	1.56000%		71,275,937.87		92,658.72	0.00		0.00		0.00		92,658.72		92,658.72		0.00
A-3	1.72000%		37,800,000.00		54,180.00	0.00		0.00		0.00		54,180.00		54,180.00		0.00
A-4	1.96000%		29,230,000.00		47,742.33	0.00		0.00		0.00		47,742.33		47,742.33		0.00
M-1	2.03000%		57,500,000.00		97,270.83	0.00		0.00		0.00		97,270.83		97,270.83		0.00
M-2	2.70000%		47,500,000.00		106,875.00	0.00		0.00		0.00		106,875.00		106,875.00		0.00
M-3	3.00000%		10,000,000.00		25,000.00	0.00		0.00		0.00		25,000.00		25,000.00		0.00
M-4	3.72000%		12,500,000.00		38,750.00	0.00		0.00		0.00		38,750.00		38,750.00		0.00
M-5	3.90000%		9,000,000.00		29,250.00	0.00		0.00		0.00		29,250.00		29,250.00		0.00
M-6	6.20000%		7,500,000.00		38,750.00	0.00		0.00		0.00		38,750.00		38,750.00		0.00
M-7	2.45000%		10,000,000.00		20,416.67	0.00		0.00		0.00		20,416.67		20,416.67		0.00
CE	328.58985%		15,000,008.58		0.00	0.00		0.00		0.00		0.00		4,107,375.48		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		144,690.14		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			986,113,315.52		1,529,506.79	0.00		0.00		0.00		1,529,506.79		5,781,572.41		0.00



Page 3 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
									Group 2		Group 1		Total
Principal Collections									3,359,030.01		9,604,762.32		12,963,792.33
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									3,359,030.01		9,604,762.32		12,963,792.33
Interest Collections									934,646.29		4,791,145.82		5,725,792.11
Interest Withdrawals													-0.00
Interest Other Accounts									0.00		0.00		144,690.14
Interest Fees									-12,294.71		-76,615.13		-88,909.84
TOTAL NET INTEREST									922,351.58		4,714,530.69		5,781,572.41
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									4,281,381.59		14,319,293.01		18,745,364.74



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										143,793.37		712,242.87		856,036.24
Curtailments										461,277.46		62,278.37		523,555.83
Prepayments In Full										2,753,959.18		7,987,118.64		10,741,077.82
Repurchased/Substitutions										0.00		843,122.44		843,122.44
Liquidations										0.00		0.00		0.00
Insurance Principal										0.00		0.00		0.00
Other Additional Principal										0.00		0.00		0.00
Delinquent Principal										-119,310.92		-541,979.97		-661,290.89
Realized Losses										-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal										119,310.92		541,979.97		661,290.89
TOTAL PRINCIPAL COLLECTED										3,359,030.01		9,604,762.32		12,963,792.33


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
									Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS									0.00		0.00		0.00





Page 4 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									992,421.87		5,051,575.71		6,043,997.58
Repurchased/Substitution Interest									0.00		5,573.12		5,573.12
Liquidation Interest									0.00		0.00		0.00
Insurance Interest									0.00		0.00		0.00
Other Additional Interest									0.00		0.00		0.00
Prepayment Interest Shortfalls									-3,819.30		-7,292.24		-11,111.54
Delinquent Interest									-822,789.80		-3,969,264.58		-4,792,054.38
Compensating Interest									3,819.30		7,292.24		11,111.54
Civil Relief Act Shortfalls									-0.00		-0.00		-0.00
Interest Advanced									765,014.22		3,703,261.58		4,468,275.80
TOTAL INTEREST COLLECTED									934,646.29		4,791,145.82		5,725,792.11


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
									Group 2		Group 1		Total
Trust Fund Expenses									0.00		0.00		0.00
Non-Recoverable Advances									0.00		0.00		0.00
Reimbursements to Master Servicer									0.00		0.00		0.00

TOTAL INTEREST WITHDRAWALS													0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
									Group 2		Group 1		Total
Prepayment Charges									0.00		0.00		144,690.14
Net Wac Investment Income									0.00		0.00		0.00

TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		144,690.14



INTEREST - FEES
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									11,987.75		75,114.21		87,101.97
Trustee Fees									306.96		1,500.92		1,807.87

TOTAL INTEREST FEES									12,294.71		76,615.13		88,909.84




Page 5 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralized Amount													15,000,008.58
Overcollateralization Release Amount													0.00
Overcollateralization Deficiency Amount													0.00
Overcollateralization Target Amount													15,000,008.58



Page 6 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Collateral Report

COLLATERAL
COLLATERAL
										Group 2		Group 1		Total



*Loan Count:*

Original									623		5,658		6,281
Prior									609		5,602		6,211
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-8		-45		-53
Repurchases									-0		-6		-6
Liquidations									-0		-0		-0
Current									601		5,551		6,152

*Principal Balance:*

Original									172,356,218.93		827,644,353.12		1,000,000,572.05
Prior									167,431,992.46		818,681,323.06		986,113,315.52
Prefunding									0.00		0.00		0.00
Scheduled Principal									-143,793.37		-712,242.87		-856,036.24
Partial Prepayments									-461,277.46		-62,278.37		-523,555.83
Full Voluntary Prepayments									-2,753,959.18		-7,987,118.64		-10,741,077.82
Repurchases									-0.00		-843,122.44		-843,122.44
Liquidations									-0.00		-0.00		-0.00
Current									164,072,962.45		809,076,560.74		973,149,523.19




PREFUNDING

SPACE INTENTIONALLY LEFT BLANK







Page 7 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									7.13315%		7.41895%		7.36969%
Weighted Average Coupon Prior									7.13315%		7.41895%		7.36969%
Weighted Average Coupon Current									7.11278%		7.41263%		7.36171%
Weighted Average Months to Maturity Original									355		350		351
Weighted Average Months to Maturity Prior									355		350		351
Weighted Average Months to Maturity Current									353		349		350
Weighted Avg Remaining Amortization Term Original									355		350		351
Weighted Avg Remaining Amortization Term Prior									355		350		351
Weighted Avg Remaining Amortization Term Current									353		349		350
Weighted Average Seasoning Original									2.10		2.11		2.11
Weighted Average Seasoning Prior									2.10		2.11		2.11
Weighted Average Seasoning Current									3.10		3.10		3.10









Page 8 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.92535%		6.04064%		6.02050%
Weighted Average Margin Prior									5.92535%		6.04064%		6.02050%
Weighted Average Margin Current									5.92208%		6.04072%		6.02022%
Weighted Average Max Rate Original									13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Prior									13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Current									13.19374%		13.50732%		13.45313%
Weighted Average Min Rate Original									7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Prior									7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Current									7.19374%		7.50732%		7.45313%
Weighted Average Cap Up Original									1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Prior									1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Current									1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Original									1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Prior									1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Current									1.00000%		1.00000%		1.00000%




SERVICING FEES & ADVANCES
SERVICING FEES & ADVANCES
										Group 2		Group 1		Total




Current Servicing Fees									11,987.75		75,114.21		87,101.97
Delinquent Servicing Fees									57,775.58		266,003.00		323,778.58
TOTAL SERVICING FEES									69,763.33		341,117.23		410,880.56


Total Servicing Fees									69,763.33		341,117.23		410,880.56
Compensating Interest									-3,819.30		-7,292.24		-11,111.54
Delinquent Servicing Fees									-57,775.58		-266,003.00		-323,778.58
COLLECTED SERVICING FEES									11,987.75		75,114.21		75,990.44


Total Advaced Interest									765,014.22		3,703,261.58		4,468,275.80
Total Advaced Principal									119,310.92		541,979.97		661,290.89
Aggregate Advances with respect to this Distribution									884,325.14		4,245,241.55		5,129,566.69





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)									3,819.30		7,292.24		11,111.54
Compensating Interest									-3,819.30		-7,292.24		-11,111.54
Net Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00




Page 9 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			4,364,368.81		102,596.29		0.00		4,466,965.10
			% Balance			0.45%		0.01%		0.00%		0.46%
			# Loans			28		1		0		29
			% # Loans			0.46%		0.02%		0.00%		0.47%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		504,484.49	0.00		0.00		0.00		504,484.49
			% Balance		0.05%	0.00%		0.00%		0.00%		0.05%
			# Loans		5	0		0		0		5
			% # Loans		0.08%	0.00%		0.00%		0.00%		0.08%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		504,484.49	4,364,368.81		102,596.29		0.00		4,971,449.59
			% Balance		0.05%	0.45%		0.01%		0.00%		0.51%
			# Loans		5	28		1		0		34
			% # Loans		0.08%	0.46%		0.02%		0.00%		0.55%









Page 10 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			3,029,584.30		102,596.29		0.00		3,132,180.59
			% Balance			0.37%		0.01%		0.00%		0.39%
			# Loans			24		1		0		25
			% # Loans			0.43%		0.02%		0.00%		0.45%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		504,484.49	0.00		0.00		0.00		504,484.49
			% Balance		0.06%	0.00%		0.00%		0.00%		0.06%
			# Loans		5	0		0		0		5
			% # Loans		0.09%	0.00%		0.00%		0.00%		0.09%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		504,484.49	3,029,584.30		102,596.29		0.00		3,636,665.08
			% Balance		0.06%	0.37%		0.01%		0.00%		0.45%
			# Loans		5	24		1		0		30
			% # Loans		0.09%	0.43%		0.02%		0.00%		0.54%










Page 11 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			1,334,784.51		0.00		0.00		1,334,784.51
			% Balance			0.81%		0.00%		0.00%		0.81%
			# Loans			4		0		0		4
			% # Loans			0.67%		0.00%		0.00%		0.67%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00	1,334,784.51		0.00		0.00		1,334,784.51
			% Balance		0.00%	0.81%		0.00%		0.00%		0.81%
			# Loans		0	4		0		0		4
			% # Loans		0.00%	0.67%		0.00%		0.00%		0.67%









Page 12 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
REO Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 13 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date




TOTAL



Page 14 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

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Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS
										Group 2		Group 1		Total



*Current*

Number of Paid in Full Loans									8		45		53
Number of Repurchased Loans									0		6		6
Total Number of Loans Prepaid in Full									8		51		59
Curtailments Amount									461,277.46		62,278.37		523,555.83
Paid in Full Balance									2,753,959.18		7,987,118.64		10,741,077.82
Repurchased Loans Balance									0.00		843,122.44		843,122.44
Total Prepayment Amount									3,215,236.64		8,892,519.45		12,107,756.09



*Cumulative*

Number of Paid in Full Loans									16		77		93
Number of Repurchased Loans									6		30		36
Total Number of Loans Prepaid in Full									22		107		129
Paid in Full Balance									5,657,309.68		13,131,190.68		18,788,500.36
Repurchased Loans Balance									1,863,972.37		3,869,276.58		5,733,248.95
Curtailments Amount									473,499.96		140,117.43		613,617.39
Total Prepayment Amount									7,994,782.01		17,140,584.69		25,135,366.70










Page 15 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES
										Group 2		Group 1		Total



SMM									1.92%		1.09%		1.23%
3 Months Avg SMM									2.35%		1.04%		1.27%
12 Months Avg SMM									2.35%		1.04%		1.27%
Avg SMM Since Cut-off									2.35%		1.04%		1.27%


CPR									20.78%		12.29%		13.79%
3 Months Avg CPR									24.82%		11.81%		14.18%
12 Months Avg CPR									24.82%		11.81%		14.18%
Avg CPR Since Cut-off									24.82%		11.81%		14.18%


PSA									3,347.19%		1,980.75%		2,221.84%
3 Months Avg PSA Approximation									4,769.16%		2,265.58%		2,720.32%
12 Months Avg PSA Approximation									4,769.16%		2,265.58%		2,720.32%
Avg PSA Since Cut-off Approximation									4,769.16%		2,265.58%		2,720.32%











Page 16 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)

	Weighted Average Seasoning (WAS)

	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 17 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

57431983 1			322,000.00		321,128.27		30-Jul-2004		10.750%		NY - 84.74%		Paid Off - 360		01-Jan-2004
57431983 1			322,000.00		321,128.27		30-Jul-2004		10.750%		NY - 84.74%		Paid Off - 360		01-Jan-2004
61987681 1			208,250.00		207,655.23		16-Jul-2004		10.500%		RI - 85.00%		Paid Off - 360		01-Jan-2004
62140140 1			186,000.00		185,408.15		31-Jul-2004		9.990%		SC - 71.54%		Paid Off - 360		01-Jan-2004
62200282 1			60,000.00		59,755.49		09-Aug-2004		8.800%		CA - 14.56%		Paid Off - 360		01-Jan-2004
62301387 1			95,250.00		94,876.72		02-Aug-2004		8.990%		FL - 75.00%		Paid Off - 360		01-Jan-2004
62547781 1			70,000.00		69,695.97		15-Jul-2004		8.500%		IL - 78.65%		Paid Off - 360		01-Jan-2004
63050306 1			120,000.00		119,505.95		19-Jul-2004		8.750%		NY - 52.17%		Paid Off - 360		01-Jan-2004
64093701 1			211,500.00		211,011.38		10-Aug-2004		10.750%		NY - 75.00%		Paid Off - 360		01-Feb-2004
65709784 1			255,000.00		254,378.51		26-Jul-2004		10.500%		NY - 85.00%		Paid Off - 360		01-Feb-2004
65740060 1			227,500.00		226,249.16		31-Jul-2004		6.500%		CA - 70.00%		Paid Off - 360		01-Feb-2004
74034505 1			67,830.00		67,478.15		30-Jul-2004		9.250%		ID - 52.18%		Paid Off - 180		01-Jun-2004
74074501 1			153,000.00		152,449.05		29-Jul-2004		7.550%		WI - 72.86%		Paid Off - 240		01-Jun-2004
74672106 1			157,000.00		156,754.30		#######		7.250%		MD - 52.33%		Paid Off - 360		01-Jun-2004
74939844 1			195,000.00		194,673.00		10-Aug-2004		6.900%		CA - 43.82%		Paid Off - 360		01-Jun-2004
75004283 1			140,300.00		140,145.83		31-Jul-2004		8.990%		WA - 86.93%		Paid Off - 360		01-Jun-2004
75007203 1			249,300.00		248,905.98		03-Aug-2004		7.200%		CA - 90.00%		Paid Off - 360		01-Jun-2004
75216721 1			196,000.00		195,784.61		28-Jul-2004		8.990%		CA - 89.91%		Paid Off - 360		01-Jun-2004
75283226 2			391,500.00		390,934.33		28-Jul-2004		7.650%		MA - 88.98%		Paid Off - 360		01-Jun-2004
75460006 1			112,500.00		112,323.95		29-Jul-2004		7.250%		MD - 90.73%		Paid Off - 360		01-Jun-2004
75543181 1			130,000.00		129,771.08		23-Jul-2004		6.650%		CA - 87.84%		Paid Off - 360		01-Jun-2004
75565408 1			198,000.00		197,808.52		23-Jul-2004		9.600%		CA - 89.59%		Paid Off - 360		01-Jun-2004
75816249 1			165,500.00		165,296.68		03-Aug-2004		8.450%		IL - 72.27%		Paid Off - 360		01-Jun-2004
75891226 1			172,500.00		172,248.25		09-Aug-2004		7.600%		MD - 75.00%		Paid Off - 360		01-Jun-2004
75956946 1			176,250.00		176,037.87		03-Aug-2004		8.550%		RI - 75.00%		Paid Off - 360		01-Jun-2004
76042225 1			87,300.00		87,147.76		06-Aug-2004		6.700%		MD - 90.00%		Paid Off - 360		01-Jun-2004
76138940 1			326,000.00		324,298.95		23-Jul-2004		5.500%		CA - 71.65%		Paid Off - 240		01-Jun-2004
76191402 1			180,000.00		179,335.60		29-Jul-2004		7.600%		CT - 72.00%		Paid Off - 360		01-Jun-2004
76195247 1			87,750.00		87,308.10		20-Jul-2004		7.950%		OH - 75.00%		Paid Off - 360		01-Jun-2004
76282284 1			108,000.00		107,776.46		06-Aug-2004		5.850%		TX - 80.00%		Paid Off - 360		01-Jun-2004
76362649 1			265,919.00		265,502.85		03-Aug-2004		7.250%		IL - 69.43%		Paid Off - 360		01-Jun-2004
76371020 2			378,000.00		377,583.38		06-Aug-2004		8.990%		CA - 90.00%		Paid Off - 360		01-Jun-2004
76440080 1			207,000.00		206,613.68		27-Jul-2004		6.350%		CA - 67.87%		Paid Off - 360		01-Jun-2004
76470285 2			375,000.00		374,804.89		21-Jul-2004		12.450%		CA - 70.09%		Paid Off - 360		01-Jun-2004
76485085 1			390,000.00		389,264.84		06-Aug-2004		6.700%		IL - 82.11%		Paid Off - 360		01-Jun-2004
76519743 2			428,000.00		427,446.67		15-Jul-2004		8.200%		CA - 85.60%		Paid Off - 360		01-Jun-2004
76578608 1			119,850.00		119,738.88		10-Aug-2004		9.800%		GA - 85.00%		Paid Off - 360		01-Jun-2004
76595982 1			139,500.00		138,558.44		28-Jul-2004		6.250%		MD - 90.00%		Paid Off - 180		01-Jun-2004
76595982 1			139,500.00		138,558.44		28-Jul-2004		6.250%		MD - 90.00%		Paid Off - 180		01-Jun-2004



Page 18 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

76670629 1			87,000.00		86,913.15		10-Aug-2004		9.450%		IL - 66.92%		Paid Off - 360		01-Jun-2004
76670629 1			87,000.00		86,913.15		10-Aug-2004		9.450%		IL - 66.92%		Paid Off - 360		01-Jun-2004
76698588 1			324,900.00		324,364.75		04-Aug-2004		6.990%		CA - 75.56%		Paid Off - 360		01-Jun-2004
76928647 1			70,000.00		69,879.12		10-Aug-2004		6.750%		IL - 58.33%		Paid Off - 360		01-Jun-2004
76967280 1			202,500.00		202,248.66		29-Jul-2004		8.400%		GA - 90.00%		Paid Off - 360		01-Jun-2004
77119345 1			170,000.00		169,616.36		02-Aug-2004		5.350%		CA - 59.01%		Paid Off - 360		01-Jun-2004
77224202 2			89,250.00		89,135.77		03-Aug-2004		8.250%		FL - 85.00%		Paid Off - 360		01-Jun-2004
77382422 1			129,996.00		129,820.61		02-Aug-2004		7.990%		WI - 66.32%		Paid Off - 360		01-Jun-2004
77386068 1			310,000.00		309,392.94		03-Aug-2004		6.100%		CA - 77.50%		Paid Off - 360		01-Jun-2004
77510345 2			343,000.00		342,463.23		21-Jul-2004		7.250%		MO - 45.73%		Paid Off - 360		01-Jun-2004
77623965 1			243,023.00		242,431.00		28-Jul-2004		6.500%		CA - 60.01%		Paid Off - 360		01-Jun-2004
77809804 1			81,125.00		81,048.72		04-Aug-2004		9.990%		IL - 55.00%		Paid Off - 360		01-Jun-2004
77816726 1			218,500.00		218,220.38		16-Jul-2004		8.250%		CA - 74.57%		Paid Off - 360		01-Jun-2004
78035144 2			400,000.00		399,178.46		27-Jul-2004		5.850%		CA - 72.73%		Paid Off - 360		01-Jun-2004
78064201 1			148,750.00		148,663.49		15-Jul-2004		11.950%		FL - 85.00%		Paid Off - 360		01-Jun-2004
78231180 2			352,750.00		352,412.45		09-Aug-2004		9.650%		CA - 85.00%		Paid Off - 360		01-Jun-2004
78493087 1			240,000.00		239,631.80		03-Aug-2004		7.350%		MA - 80.00%		Paid Off - 360		01-Jun-2004
74001504 1			85,500.00		85,379.35		09-Jul-2004		9.750%		LA - 77.73%		Repur/Subs - 360		01-Jun-2004
74671769 1			89,250.00		89,072.76		09-Jul-2004		8.100%		FL - 85.00%		Repur/Subs - 360		01-Jun-2004
75422428 1			214,000.00		213,416.47		06-Aug-2004		6.500%		MA - 47.35%		Repur/Subs - 360		01-Jun-2004
76545102 1			207,500.00		206,960.99		28-Jul-2004		6.750%		WA - 74.11%		Repur/Subs - 360		01-Jun-2004
77931186 1			136,000.00		135,821.83		09-Jul-2004		10.100%		SC - 85.00%		Repur/Subs - 360		01-Jun-2004
79461166 1			112,000.00		111,869.31		26-Jul-2004		8.700%		FL - 80.00%		Repur/Subs - 360		01-Jul-2004


TOTAL			11,607,543.00		11,583,598.53
TOTAL


Page 19 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES
COLLATERAL REALIZED LOSSES
										Group 2		Group 1		Total



*Current*

Number of Loans Liquidated									0		0		0
Collateral Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00



*Cumulative*

Number of Loans Liquidated									0		0		0
Collateral Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00









Page 20 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution

DEFAULT SPEEDS
DEFAULT SPEEDS
										Group 2		Group 1		Total



MDR									0.00%		0.00%		0.00%
3 Months Avg MDR									0.00%		0.00%		0.00%
12 Months Avg MDR									0.00%		0.00%		0.00%
Avg MDR Since Cut-off									0.00%		0.00%		0.00%


CDR									0.00%		0.00%		0.00%
3 Months Avg CDR									0.00%		0.00%		0.00%
12 Months Avg CDR									0.00%		0.00%		0.00%
Avg CDR Since Cut-off									0.00%		0.00%		0.00%


SDA									0.00%		0.00%		0.00%
3 Months Avg SDA Approximation									0.00%		0.00%		0.00%
12 Months Avg SDA Approximation									0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation									0.00%		0.00%		0.00%


Loss Severity Approximation for Current Period									0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off									0.00%		0.00%		0.00%











Page 21 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution





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 22 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Realized Loss Detail Report
Loan Number			Original		Prior			Current		State &

													First
&			Principal		Principal	Realized		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Loss/(Gain)		Rate		Origination		Term		Date

SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 23 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
									Group 2		Group 1		Total
Is there a TRIGGER in effect (0=No,1=Yes)													0
Has Stepdown Condition Occurred (0=No,1=Yes)													0


60 + Day Delinquent Balance
Ending Principal Balance									164,072,962.45		809,076,560.74		973,149,523.19
Delinquency Percentage													0.060000%


Certificate Balances OF MEZZANINE and C Certs													169,000,008.58
Credit Enhancement Percentage													0.170000%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current LIBOR													1.450000%




Page 24 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

									NEXT PTR			CarryOver		CarryOver Paid
CLASS

			A-1A						0.02%			0.00		0.00
									0.02%			0.00		0.00
			A-1B						0.02%			0.00		0.00
									0.02%			0.00		0.00
			A-2						0.04%			0.00		0.00
									0.04%			0.00		0.00
			A-4						0.02%			0.00		0.00
									0.02%			0.00		0.00
			M-1						0.02%			0.00		0.00
									0.02%			0.00		0.00
			M-2						0.03%			0.00		0.00
									0.03%			0.00		0.00
			M-3						0.03%			0.00		0.00
									0.03%			0.00		0.00
			M-4						0.04%			0.00		0.00
									0.04%			0.00		0.00
			M-5						0.04%			0.00		0.00
									0.04%			0.00		0.00
			M-6						0.06%			0.00		0.00
									0.06%			0.00		0.00
			M-7						0.06%			0.00		0.00
									0.06%			0.00		0.00
			CE						0.00%			0.00		0.00
									0.00%			0.00		0.00
			P						0.00%			0.00		0.00
									0.00%			0.00		0.00
			R						0.00%			0.00		0.00
									0.00%			0.00		0.00




Page 25 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates
Asset Backed Pass-Through Certificates
REMIC 2004-R5

August 25, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 26 of 26

ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2004-R5 8-K