
                                      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):  September 27, 2004
                        (Date of earliest event reported)

           Ameriquest Mortgage Securities Inc (as Depositor under the Pooling
        and Servicing Agreement, dated as February 1, 2004, providing for the
          issuance of Asset-Backed Pass-Through Certificates, Series 2004-R1)
                 (Exact name of registrant as specified in charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-105982-08                          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
     September 27, 2004.

                                    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:  Sep 27, 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 September 27, 2004.


	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates


	September 27, 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				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				25
			12.	Realized Loss Detail Report				28
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				29
			14.	Other Related Information				30



				Total Number of Pages				30



			CONTACTS

				Administrator: Ronaldo Reyes
				Direct Phone Number: (714)247-6320
				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:		Ameriquest Mtg Sec Inc					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 6, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Ameriquest Mtg Sec Inc Master Servicer


								Distribution Date: September 27, 2004
	Underwriter(s):		Citigroup Lead Underwriter					Record Date: September 24, 2004
			Citigroup Lead Underwriter					August 31, 2004
			CS First Boston Underwriter
			Banc of America Securities LLC Underwriter
			Greenwich Capital Markets, Inc. Underwriter
			Merrill Lynch & Co. Underwriter


						Page 1 of 30					© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for September 27, 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-1A	FLT	782,599,000.00			651,552,306.73	1,155,690.90	36,048,551.46	37,204,242.36	-	-	615,503,755.27
A-1B	FLT	86,957,000.00			72,395,995.82	133,721.44	4,005,466.26	4,139,187.70	-	-	68,390,529.56
A-2	MEZ, FLT	251,694,000.00			188,572,994.27	331,024.18	15,710,855.22	16,041,879.40	-	-	172,862,139.04
M-1	MEZ, FLT	35,750,000.00			35,750,000.00	70,293.44	-	70,293.44	-	-	35,750,000.00
M-2	MEZ, FLT	32,500,000.00			32,500,000.00	65,392.71	-	65,392.71	-	-	32,500,000.00
M-3	MEZ, FLT	13,000,000.00			13,000,000.00	27,348.75	-	27,348.75	-	-	13,000,000.00
M-4	MEZ, FLT	13,000,000.00			13,000,000.00	32,353.75	-	32,353.75	-	-	13,000,000.00
M-5	MEZ, FLT	13,000,000.00			13,000,000.00	33,545.42	-	33,545.42	-	-	13,000,000.00
M-6	MEZ, FLT	13,000,000.00			13,000,000.00	35,690.42	-	35,690.42	-	-	13,000,000.00
M-7	MEZ, FLT	13,000,000.00			13,000,000.00	38,907.92	-	38,907.92	-	-	13,000,000.00
M-8	MEZ, FLT	13,000,000.00			13,000,000.00	40,099.58	-	40,099.58	-	-	13,000,000.00
M-9	MEZ, FLT	13,000,000.00			13,000,000.00	57,974.58	-	57,974.58	-	-	13,000,000.00
M-10	MEZ, FLT	13,000,000.00			13,000,000.00	57,974.58	-	57,974.58	-	-	13,000,000.00
CE	EXE	6,499,975.38			6,500,001.51	3,709,423.93	-	3,709,423.93	-	-	6,500,001.51
R	R	-			-	-	-	-	-	-	-
P	SUB	100.00			100.00	1,127,359.14	-	1,127,359.14	-	-	100.00


Total		1,300,000,075.38			1,091,271,398.33	6,916,800.74	55,764,872.94	62,681,673.68	-	-	1,035,506,525.39


	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-1A	08/25/04	09/26/04		A-Act/360	03072SNP6	782,599,000.00	832.549373	1.476734	46.062609	47.539343	786.486764
A-1B	08/25/04	09/26/04		A-Act/360	03072SNQ4	86,957,000.00	832.549373	1.537788	46.062609	47.600397	786.486764
A-2	08/25/04	09/26/04		A-Act/360	03072SNR2	251,694,000.00	749.215294	1.315185	62.420460	63.735645	686.794834
M-1	08/25/04	09/26/04		A-Act/360	03072SNS0	35,750,000.00	1,000.000000	1.966250	-	1.966250	1,000.000000
M-2	08/25/04	09/26/04		A-Act/360	03072SNT8	32,500,000.00	1,000.000000	2.012083	-	2.012083	1,000.000000
M-3	08/25/04	09/26/04		A-Act/360	03072SNU5	13,000,000.00	1,000.000000	2.103750	-	2.103750	1,000.000000
M-4	08/25/04	09/26/04		A-Act/360	03072SNV3	13,000,000.00	1,000.000000	2.488750	-	2.488750	1,000.000000
M-5	08/25/04	09/26/04		A-Act/360	03072SNW1	13,000,000.00	1,000.000000	2.580417	-	2.580417	1,000.000000
M-6	08/25/04	09/26/04		A-Act/360	03072SNX9	13,000,000.00	1,000.000000	2.745417	-	2.745417	1,000.000000
M-7	08/25/04	09/26/04		A-Act/360	03072SNY7	13,000,000.00	1,000.000000	2.992917	-	2.992917	1,000.000000
M-8	08/25/04	09/26/04		A-Act/360	03072SNZ4	13,000,000.00	1,000.000000	3.084583	-	3.084583	1,000.000000
M-9	08/25/04	09/26/04		A-Act/360	03072SPA7	13,000,000.00	1,000.000000	4.459583	-	4.459583	1,000.000000
M-10	08/25/04	09/26/04		A-Act/360	03072SPB5	13,000,000.00	1,000.000000	4.459583	-	4.459583	1,000.000000
CE	08/25/04	09/26/04		A-Act/360		6,499,975.38	1,000.004020	570.682766	-	570.682766	1,000.004020
R	08/25/04	09/26/04		-		-	-	-	-	-	-
P	08/25/04	09/26/04		-		100.00	1,000.000000	11,273,591.400000	-	################	1,000.000000


							Page 2 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for September 27, 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-1A	782,599,000.00		7,383,507.29		162,297,153.27	4,798,091.46	167,095,244.73	174,478,752.02	-	-	615,503,755.27
A-1B	86,957,000.00		862,728.00		18,033,339.62	533,130.81	18,566,470.43	19,429,198.43	-	-	68,390,529.56
A-2	251,694,000.00		2,228,722.96		76,403,243.19	2,428,617.77	78,831,860.96	81,060,583.92	-	-	172,862,139.04
M-1	35,750,000.00		411,854.90		-	-	-	411,854.90	-	-	35,750,000.00
M-2	32,500,000.00		384,976.04		-	-	-	384,976.04	-	-	32,500,000.00
M-3	13,000,000.00		162,440.42		-	-	-	162,440.42	-	-	13,000,000.00
M-4	13,000,000.00		197,930.43		-	-	-	197,930.43	-	-	13,000,000.00
M-5	13,000,000.00		206,380.41		-	-	-	206,380.41	-	-	13,000,000.00
M-6	13,000,000.00		221,590.41		-	-	-	221,590.41	-	-	13,000,000.00
M-7	13,000,000.00		244,405.41		-	-	-	244,405.41	-	-	13,000,000.00
M-8	13,000,000.00		252,855.42		-	-	-	252,855.42	-	-	13,000,000.00
M-9	13,000,000.00		376,449.30		-	-	-	376,449.30	-	-	13,000,000.00
M-10	13,000,000.00		376,449.30		-	-	-	376,449.30	-	-	13,000,000.00
CE	6,499,975.38		32,069,853.26		-	-	-	32,069,853.26	242.92	269.05	6,500,001.51
R	-		-		-	-	-	-	-	-	-
P	100.00		4,969,018.46		-	-	-	4,969,018.46	-	-	100.00


Total	1,300,000,075.38		50,349,162.01		256,733,736.08	7,759,840.04	264,493,576.12	314,842,738.13	242.92	269.05	1,035,506,525.39


	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-1A	1.93500%	651,552,306.73			1,155,690.90	-	-	-	1,155,690.90	1,155,690.90	-
A-1B	2.01500%	72,395,995.82			133,721.44	-	-	-	133,721.44	133,721.44	-
A-2	1.91500%	188,572,994.27			331,024.18	-	-	-	331,024.18	331,024.18	-
M-1	2.14500%	35,750,000.00			70,293.44	-	-	-	70,293.44	70,293.44	-
M-2	2.19500%	32,500,000.00			65,392.71	-	-	-	65,392.71	65,392.71	-
M-3	2.29500%	13,000,000.00			27,348.75	-	-	-	27,348.75	27,348.75	-
M-4	2.71500%	13,000,000.00			32,353.75	-	-	-	32,353.75	32,353.75	-
M-5	2.81500%	13,000,000.00			33,545.42	-	-	-	33,545.42	33,545.42	-
M-6	2.99500%	13,000,000.00			35,690.42	-	-	-	35,690.42	35,690.42	-
M-7	3.26500%	13,000,000.00			38,907.92	-	-	-	38,907.92	38,907.92	-
M-8	3.36500%	13,000,000.00			40,099.58	-	-	-	40,099.58	40,099.58	-
M-9	4.86500%	13,000,000.00			57,974.58	-	-	-	57,974.58	57,974.58	-
M-10	4.86500%	13,000,000.00			57,974.58	-	-	-	57,974.58	57,974.58	-
CE	4.18974%	6,500,001.51			3,709,423.93	-	-	-	3,709,423.93	3,709,423.93	-
R		-			-	-	-	-	-	-	-
P		100.00			1,127,359.14	-	-	-	1,127,359.14	1,127,359.14	-


Total		1,091,271,398.33			6,916,800.74	-	-	-	6,916,800.74	6,916,800.74	-


							Page 3 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					15,710,815.64	40,053,916.80	55,764,732.44
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					15,710,815.64	40,053,916.80	55,764,732.44

	Interest Collections					1,379,674.36	5,189,274.88	6,568,949.24
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(148,219.46)	(632,773.38)	(780,992.84)
	TOTAL NET INTEREST					1,231,454.90	4,556,501.50	5,787,956.40

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					16,942,270.54	44,610,418.30	61,552,688.84

	Prepayment Penalties Collected							1,127,359.14

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							62,680,047.98


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					196,366.83	824,324.25	1,020,691.08
	Prepayments In Full					15,517,222.42	39,272,756.79	54,789,979.21
	Curtailments					(2,773.61)	(178,347.98)	(181,121.59)
	Liquidations					0.00	135,324.24	135,324.24
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Prefunding Release					0.00	0.00	0.00
	Total Realized Loss Of Principal					0.00	(140.50)	(140.50)
	Delinquent Principal					(43,135.57)	(212,431.09)	(255,566.66)
	Advanced Principal					43,135.57	212,431.09	255,566.66

	TOTAL PRINCIPAL COLLECTED					15,710,815.64	40,053,916.80	55,764,732.44


				Page 4 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					1,401,171.16	5,281,821.68	6,682,992.84
	Liquidation Interest					0.00	958.55	958.55
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(343,251.26)	(1,428,000.92)	(1,771,252.18)
	Interest Advanced					321,754.46	1,334,495.57	1,656,250.03
	Interest Earnings					0.00	0.00	0.00

	TOTAL INTEREST COLLECTED					1,379,674.36	5,189,274.88	6,568,949.24


				Page 5 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL

	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					73,796.42	265,897.83	339,694.25
	Trustee Fees					324.00	1,221.97	1,545.97
	PMI Insurance Fees					74,099.04	365,653.58	439,752.62

	TOTAL INTEREST OTHER FEES					148,219.46	632,773.38	780,992.84


				Page 6 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for September 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Net WAC Rate Carryover Reserve Balance (Ending)							1,000.00


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL


	Overcollateralized Amount							6,500,001.51
	Overcollateralization Target Amount							6,500,001.51
	Overcollateralization Increase Amount							140.50
	Overcollateralization Reduction Amount							0.00


				Page 7 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					957	6357	7314
	Prior					768	5,570	6,338
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(48)	(207)	(255)
	Repurchases					-	-	-
	Liquidations					-	(1)	(1)
	Current					720	5,364	6,084

	*Principal Balance:*
	Original					291,820,103.44	1,008,180,199.25	1,300,000,302.69
	Prior					228,703,740.61	862,567,657.72	1,091,271,398.33
	Prefunding					-	-	-
	Scheduled Principal					(196,366.83)	(824,324.25)	(1,020,691.08)
	Partial and Full Voluntary Prepayments					(15,514,448.81)	(39,094,408.81)	(54,608,857.62)
	Repurchases					-	-	-
	Liquidations					-	(135,324.24)	(135,324.24)
	Current					212,992,924.97	822,513,600.42	1,035,506,525.39

PREFUNDING						GROUP 2	GROUP 1	TOTAL

	Original Pre-Funding Amount					0.00	0.00	0.00

	Pre-Funding Amount Beginning Balance					0.00	0.00	0.00
	Withdrawal for Subsequent Transfers					0.00	0.00	0.00
	Pre-Funding Amount Released as Principal					0.00	0.00	0.00
	Pre-Funding Amount Ending Balance					0.00	0.00	0.00


	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.525337%	7.408498%	7.434726%
	Weighted Average Coupon Prior					7.369045%	7.361837%	7.363358%
	Weighted Average Coupon Current					7.351893%	7.349379%	7.349906%
	Weighted Average Months to Maturity Original					353	346	348
	Weighted Average Months to Maturity Prior					347	340	341
	Weighted Average Months to Maturity Current					346	338	340
	Weighted Avg Remaining Amortization Term Original					353	346	347
	Weighted Avg Remaining Amortization Term Prior					347	340	341
	Weighted Avg Remaining Amortization Term Current					346	338	340
	Weighted Average Seasoning Original					1.77	1.87	1.85
	Weighted Average Seasoning Prior					6.72	6.83	6.81
	Weighted Average Seasoning Current					7.72	7.83	7.81

Note: Original information refers to deal issue.


	Group 1
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.857%	3.848%
	Weighted Average Margin Prior					3.643%	3.730%
	Weighted Average Margin Current					3.575%	3.682%
	Weighted Average Max Rate Original					9.931%	9.508%
	Weighted Average Max Rate Prior					9.444%	9.262%
	Weighted Average Max Rate Current					9.298%	9.168%
	Weighted Average Min Rate Original					6.029%	5.608%
	Weighted Average Min Rate Prior					5.740%	5.473%
	Weighted Average Min Rate Current					5.659%	5.425%
	Weighted Average Cap Up Original					0.650%	0.650%
	Weighted Average Cap Up Prior					0.617%	0.632%
	Weighted Average Cap Up Current					0.607%	0.624%
	Weighted Average Cap Down Original					0.650%	0.650%
	Weighted Average Cap Down Prior					0.617%	0.632%
	Weighted Average Cap Down Current					0.607%	0.624%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					73,796.42	265,897.83	339,694.25
	Delinquent Servicing Fees					21,496.80	93,505.36	115,002.16
	TOTAL SERVICING FEES					95,293.22	359,403.19	454,696.41

	Prepayment Interest Shortfall					10,355.25	30,923.65	41,278.90
	Compensating Interest					(10,355.25)	(30,923.65)	(41,278.90)
	Delinquent Servicing Fees					(21,496.80)	(93,505.36)	(115,002.16)

	COLLECTED SERVICING FEES					73,796.42	265,897.83	339,694.25


	Aggregate Advances with respect to this Distribution					364,890.03	1,546,926.66	1,911,816.69
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall							0.00


				Page 10 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			11,250,254.59	7,390,051.65	9,259,743.66	27,900,049.90
		% Balance			1.09%	0.71%	0.89%	2.69%
		# Loans			73	50	49	172
		% # Loans			1.20%	0.82%	0.81%	2.83%
FORECLOSURE		Balance		-	-	-	10,920,021.20	10,920,021.20
		% Balance		0.00%	0.00%	0.00%	1.05%	1.05%
		# Loans		-	-	-	60	60
		% # Loans		0.00%	0.00%	0.00%	0.99%	0.99%
BANKRUPTCY		Balance		3,402,232.73	286,167.06	321,458.65	226,144.04	4,236,002.48
		% Balance		0.33%	0.03%	0.03%	0.02%	0.41%
		# Loans		23	2	3	2	30
		% # Loans		0.38%	0.03%	0.05%	0.03%	0.49%
REO		Balance		-	-	-	583,655.89	583,655.89
		% Balance		0.00%	0.00%	0.00%	0.06%	0.06%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.05%	0.05%

TOTAL		Balance		3,402,232.73	11,536,421.65	7,711,510.30	20,989,564.79	43,639,729.47
		% Balance		0.33%	1.11%	0.74%	2.03%	4.21%
		# Loans		23	75	53	114	265
		% # Loans		0.38%	1.23%	0.87%	1.87%	4.36%
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 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,384,775.75	5,158,416.07	5,785,741.58	18,328,933.40
		% Balance			0.90%	0.63%	0.70%	2.23%
		# Loans			55	41	39	135
		% # Loans			1.03%	0.76%	0.73%	2.52%
FORECLOSURE		Balance		-	-	-	7,155,837.79	7,155,837.79
		% Balance		0.00%	0.00%	0.00%	0.87%	0.87%
		# Loans		-	-	-	47	47
		% # Loans		0.00%	0.00%	0.00%	0.88%	0.88%
BANKRUPTCY		Balance		2,997,400.47	286,167.06	197,856.50	226,144.04	3,707,568.07
		% Balance		0.36%	0.03%	0.02%	0.03%	0.45%
		# Loans		21	2	1	2	26
		% # Loans		0.39%	0.04%	0.02%	0.04%	0.48%
REO		Balance		-	-	-	511,953.62	511,953.62
		% Balance		0.00%	0.00%	0.00%	0.06%	0.06%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	0.04%	0.04%

TOTAL		Balance		2,997,400.47	7,670,942.81	5,356,272.57	13,679,677.03	29,704,292.88
		% Balance		0.36%	0.93%	0.65%	1.66%	3.61%
		# Loans		21	57	42	90	210
		% # Loans		0.39%	1.06%	0.78%	1.68%	3.91%
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 12 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,865,478.84	2,231,635.58	3,474,002.08	9,571,116.50
		% Balance			1.81%	1.05%	1.63%	4.49%
		# Loans			18	9	10	37
		% # Loans			2.50%	1.25%	1.39%	5.14%
FORECLOSURE		Balance		-	-	-	3,764,183.41	3,764,183.41
		% Balance		0.00%	0.00%	0.00%	1.77%	1.77%
		# Loans		-	-	-	13	13
		% # Loans		0.00%	0.00%	0.00%	1.81%	1.81%
BANKRUPTCY		Balance		404,832.26	-	123,602.15	-	528,434.41
		% Balance		0.19%	0.00%	0.06%	0.00%	0.25%
		# Loans		2	-	2	-	4
		% # Loans		0.28%	0.00%	0.28%	0.00%	0.56%
REO		Balance		-	-	-	71,702.27	71,702.27
		% Balance		0.00%	0.00%	0.00%	0.03%	0.03%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.14%	0.14%

TOTAL		Balance		404,832.26	3,865,478.84	2,355,237.73	7,309,887.76	13,935,436.59
		% Balance		0.19%	1.81%	1.11%	3.43%	6.54%
		# Loans		2	18	11	24	55
		% # Loans		0.28%	2.50%	1.53%	3.33%	7.64%
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 13 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	REO Report for September 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 3				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 586,500.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 583,655.89
REO Book Value = Not Available

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

62552500 1		283,500.00	282,225.49	Jan-01-04	8.990%	TX - 90.00%	360	Dec-31-03
65621963 1		231,000.00	229,728.13	Jan-01-04	7.990%	MN - 89.19%	360	Dec-29-03
61133963 2		72,000.00	71,702.27	Feb-01-04	10.500%	TN - 80.00%	360	Oct-30-03


				Page 14 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Foreclosure Report for September 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 27				Loan Group 1 = Group 1
Total Original Principal Balance = 4,190,580.00				Loan Group 2 = Group 2
Total Current Balance = 4,166,282.18


Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date

51169415 1		101,250.00	100,625.45	Apr-01-04	9.500%	IL - 75.00%	360	Aug-14-03
61199329 1		65,000.00	63,539.26	Mar-01-04	9.990%	MS - 73.86%	180	Nov-26-03
61614061 1		72,250.00	71,936.57	Apr-01-04	9.750%	MN - 85.00%	360	Nov-28-03
62049762 1		207,000.00	205,611.84	Apr-01-04	6.990%	CA - 84.84%	360	Dec-16-03
62223821 1		272,000.00	269,864.91	Jan-01-04	6.800%	MA - 89.77%	360	Nov-26-03
62695705 1		155,550.00	154,952.60	Mar-01-04	9.750%	WI - 85.00%	360	Dec-02-03
63052286 1		63,250.00	62,946.28	Mar-01-04	8.750%	MI - 52.71%	360	Dec-11-03
63190367 1		75,000.00	74,662.82	Mar-01-04	8.990%	OK - 81.52%	360	Dec-19-03
63449540 1		192,330.00	189,265.39	Mar-01-04	6.990%	NJ - 90.00%	360	Nov-26-03
63579585 1		170,500.00	169,661.82	Mar-01-04	8.990%	CO - 79.67%	360	Dec-31-03
63891246 1		189,000.00	188,070.47	Feb-01-04	8.550%	MN - 78.75%	360	Dec-15-03
63985865 1		136,000.00	135,503.31	Mar-01-04	9.990%	IL - 85.00%	360	Dec-22-03
63989941 1		240,500.00	239,364.36	Mar-01-04	8.750%	MA - 61.67%	360	Dec-31-03
64416506 1		200,000.00	198,798.13	Apr-01-04	7.550%	MN - 78.43%	360	Dec-31-03
64633563 1		60,000.00	59,701.88	Apr-01-04	8.500%	MI - 64.80%	360	Dec-23-03
65097925 1		225,000.00	224,162.68	Mar-01-04	9.900%	GA - 88.93%	360	Dec-19-03
65100026 1		210,000.00	208,725.51	Feb-01-04	7.500%	MA - 75.00%	360	Dec-22-03
65361586 1		124,000.00	123,086.00	Mar-01-04	6.500%	FL - 88.57%	360	Dec-31-03
65524647 1		90,750.00	90,321.41	Apr-01-04	8.750%	IA - 75.00%	360	Dec-29-03
65557308 1		90,000.00	89,632.04	Apr-01-04	9.450%	MI - 84.91%	360	Dec-31-03
65581886 1		87,000.00	86,636.81	Mar-01-04	9.350%	WI - 60.00%	360	Dec-31-03
65662249 1		300,000.00	298,597.76	Apr-01-04	8.800%	NY - 45.11%	360	Dec-31-03
65735680 1		159,500.00	158,621.77	Mar-01-04	7.990%	IN - 92.20%	360	Dec-31-03
62939707 2		116,000.00	115,661.96	Mar-01-04	11.050%	TX - 80.00%	360	Dec-30-03
63072284 2		97,500.00	97,212.16	Mar-01-04	10.990%	FL - 73.86%	360	Dec-11-03
63701460 2		82,450.00	82,206.57	Feb-01-04	10.990%	MS - 85.00%	360	Dec-17-03
65074684 2		408,750.00	406,912.42	Apr-01-04	8.990%	CA - 75.00%	360	Dec-31-03


				Page 15 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					48	207	255
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					48	207	255

	Paid in Full Balance					15,517,222.42	39,272,756.79	54,789,979.21
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					(2,773.61)	(178,347.98)	(181,121.59)
	Total Prepayment Amount					15,514,448.81	39,094,408.81	54,608,857.62

	*Cumulative*
	Number of Paid in Full Loans					232	962	1,194
	Number of Repurchased Loans					4	28	32
	Total Number of Loans Prepaid in Full					236	990	1,226

	Paid in Full Balance					75,770,236.07	174,422,287.14	250,192,523.21
	Repurchased Loans Balance					1,315,042.65	3,697,540.72	5,012,583.37
	Curtailments Amount					188,218.27	567,994.50	756,212.77
	Total Prepayment Amount					77,273,496.99	178,687,822.36	255,961,319.35

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 16 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					6.79%	4.54%	5.01%
	3 Months Avg SMM					5.83%	3.96%	4.35%
	12 Months Avg SMM
	Avg SMM Since Cut-off					4.32%	2.76%	3.10%

	CPR					56.99%	42.72%	46.02%
	3 Months Avg CPR					51.36%	38.40%	41.39%
	12 Months Avg CPR
	Avg CPR Since Cut-off					41.12%	28.55%	31.46%

	PSA					3691.17%	2727.14%	2947.06%
	3 Months Avg PSA Approximation					3823.82%	2810.28%	3039.71%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					4345.47%	2947.73%	3264.31%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

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/(0.002*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 and repurchases.
Dates correspond to distribution dates.

				Page 18 of 30				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 255						Loan Group 1 = Group 1
Total Original Principal Balance = 55,190,280.45						Loan Group 2 = Group 2
Total Prepayment Amount = 54,789,979.21


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

48314041 1			232,000.00	230,411.71	Aug-12-04	8.990%	CT - 80.00%	Paid Off - 360	Jul-16-03
48971675 1			254,000.00	252,261.08	Sep-01-04	8.990%	CA - 72.57%	Paid Off - 360	Jul-28-03
49661127 1			180,000.00	178,493.24	Aug-31-04	7.990%	NJ - 72.00%	Paid Off - 360	Jul-09-03
50153899 1			99,000.00	98,147.98	Aug-24-04	7.850%	NH - 79.20%	Paid Off - 360	Jul-30-03
50325513 1			240,000.00	237,822.11	Aug-13-04	7.250%	MN - 72.73%	Paid Off - 360	Aug-13-03
50840560 1			62,050.00	61,779.39	Aug-26-04	11.150%	LA - 81.65%	Paid Off - 360	Jul-23-03
51286482 1			293,000.00	290,785.00	Aug-31-04	8.500%	CA - 79.19%	Paid Off - 360	Jul-31-03
52754124 1			248,000.00	246,468.36	Aug-30-04	9.050%	TX - 80.00%	Paid Off - 360	Aug-18-03
53622163 1			310,000.00	306,528.80	Aug-25-04	9.250%	MD - 71.26%	Paid Off - 360	Aug-28-03
54567904 1			188,500.00	183,130.43	Aug-13-04	7.750%	MI - 68.55%	Paid Off - 240	Aug-26-03
56474067 1			189,000.00	187,626.61	Aug-12-04	7.750%	DE - 78.75%	Paid Off - 360	Sep-24-03
57980161 1			152,000.00	150,718.36	Aug-17-04	6.990%	CT - 89.41%	Paid Off - 360	Sep-30-03
58731845 1			64,800.00	64,004.83	Aug-17-04	9.990%	NY - 78.74%	Paid Off - 240	Oct-24-03
59555847 1			110,000.00	109,364.55	Sep-01-04	7.750%	CA - 75.34%	Paid Off - 360	Nov-29-03
60093580 1			224,000.00	222,485.69	Aug-12-04	7.050%	NJ - 80.00%	Paid Off - 360	Nov-21-03
60172327 1			322,600.00	321,051.02	Aug-26-04	7.990%	NY - 89.61%	Paid Off - 360	Dec-09-03
60565744 1			316,000.00	314,397.87	Aug-23-04	8.400%	MD - 80.00%	Paid Off - 360	Nov-29-03
60593720 1			145,000.00	144,142.33	Aug-16-04	7.750%	RI - 85.29%	Paid Off - 360	Nov-28-03
60937687 1			280,000.00	278,902.75	Aug-23-04	8.990%	CA - 80.00%	Paid Off - 360	Dec-03-03
60946209 1			325,000.00	322,201.91	Aug-31-04	5.990%	CA - 86.21%	Paid Off - 360	Nov-25-03
60975760 1			274,500.00	272,211.62	Aug-30-04	5.850%	CA - 90.00%	Paid Off - 360	Nov-12-03
60991262 1			196,000.00	194,408.45	Sep-03-04	5.990%	CA - 93.78%	Paid Off - 360	Nov-18-03
61148466 1			322,700.00	320,522.88	Aug-19-04	6.250%	CA - 89.64%	Paid Off - 360	Dec-31-03
61161949 1			152,250.00	151,538.32	Sep-02-04	8.800%	AL - 75.00%	Paid Off - 360	Nov-20-03
61179867 1			87,000.00	86,676.21	Aug-31-04	9.900%	FL - 75.00%	Paid Off - 360	Nov-17-03
61474243 1			160,500.00	159,545.03	Sep-01-04	7.600%	IL - 79.06%	Paid Off - 360	Nov-12-03
61527586 1			242,250.00	241,319.22	Aug-23-04	9.750%	NY - 85.00%	Paid Off - 360	Nov-14-03
61563466 1			324,000.00	321,495.19	Sep-03-04	6.250%	CA - 90.00%	Paid Off - 360	Nov-12-03
61618427 1			225,000.00	222,936.85	Sep-03-04	7.990%	CA - 59.21%	Paid Off - 360	Nov-20-03
61662581 1			142,200.00	141,456.82	Sep-03-04	8.250%	ME - 90.00%	Paid Off - 360	Nov-12-03
61776589 1			227,750.00	225,972.41	Aug-25-04	6.250%	CA - 89.28%	Paid Off - 360	Nov-20-03
61791349 1			129,000.00	128,128.13	Aug-24-04	6.950%	MA - 82.48%	Paid Off - 360	Nov-14-03
61854907 1			155,000.00	153,828.57	Sep-09-04	6.375%	NY - 33.99%	Paid Off - 360	Nov-18-03
61880589 1			223,380.00	219,313.33	Aug-16-04	6.450%	IL - 90.00%	Paid Off - 360	Nov-18-03
61924148 1			98,000.00	97,537.22	Aug-18-04	8.750%	CA - 61.25%	Paid Off - 360	Nov-18-03
62011820 1			135,000.00	134,161.16	Aug-17-04	7.500%	OK - 81.82%	Paid Off - 360	Nov-24-03
62025226 1			242,000.00	240,129.18	Aug-18-04	6.250%	HI - 73.53%	Paid Off - 360	Nov-25-03
62072566 1			173,600.00	172,819.54	Aug-31-04	8.990%	MA - 80.00%	Paid Off - 360	Nov-26-03
62072780 1			243,000.00	241,370.38	Aug-23-04	6.990%	NV - 90.00%	Paid Off - 360	Nov-28-03
62076724 1			288,000.00	286,068.64	Sep-02-04	6.990%	CA - 90.00%	Paid Off - 360	Nov-19-03
62102066 1			244,000.00	242,943.03	Aug-25-04	8.500%	MA - 87.14%	Paid Off - 360	Dec-30-03
62118880 1			143,220.00	141,945.57	Sep-01-04	5.500%	CA - 82.50%	Paid Off - 360	Nov-14-03
62158381 1			166,500.00	165,751.49	Aug-20-04	8.990%	MD - 75.00%	Paid Off - 360	Nov-18-03
62184023 1			233,370.00	231,953.72	Aug-17-04	7.500%	NJ - 90.00%	Paid Off - 360	Nov-26-03

					Page 19 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

62219209 1			85,000.00	84,537.05	Aug-25-04	8.250%	HI - 85.00%	Paid Off - 360	Dec-10-03
62239587 1			139,081.00	138,236.91	Aug-23-04	7.500%	KS - 89.73%	Paid Off - 360	Nov-24-03
62265269 1			174,800.00	173,798.96	Aug-25-04	7.100%	CA - 83.24%	Paid Off - 360	Dec-15-03
62280425 1			161,500.00	160,986.09	Aug-11-04	9.990%	MN - 85.00%	Paid Off - 360	Dec-08-03
62287487 1			85,000.00	78,251.17	Aug-31-04	7.250%	FL - 18.00%	Paid Off - 180	Nov-14-03
62319108 1			165,000.00	164,100.30	Aug-31-04	7.350%	MN - 75.86%	Paid Off - 360	Dec-18-03
62334982 1			173,200.00	171,629.53	Sep-03-04	5.990%	CA - 62.51%	Paid Off - 360	Dec-09-03
62366489 1			247,320.00	245,418.73	Aug-23-04	7.750%	FL - 90.00%	Paid Off - 360	Nov-19-03
62400023 1			92,100.00	89,626.17	Aug-17-04	6.500%	OH - 71.95%	Paid Off - 180	Nov-29-03
62426887 1			225,000.00	224,088.93	Sep-10-04	9.500%	NJ - 69.23%	Paid Off - 360	Nov-24-03
62470380 1			101,000.00	100,255.54	Aug-31-04	6.500%	MN - 61.30%	Paid Off - 360	Nov-19-03
62477526 1			328,000.00	326,649.76	Aug-27-04	8.750%	CA - 56.75%	Paid Off - 360	Dec-17-03
62531686 1			173,500.00	172,336.46	Aug-24-04	6.990%	CO - 77.11%	Paid Off - 360	Nov-28-03
62592480 1			87,750.00	87,345.05	Sep-08-04	9.400%	FL - 75.00%	Paid Off - 360	Dec-04-03
62629308 1			119,000.00	118,533.62	Sep-02-04	8.990%	MN - 64.32%	Paid Off - 360	Dec-19-03
62630181 1			320,000.00	318,238.13	Aug-16-04	7.990%	NY - 80.00%	Paid Off - 360	Nov-21-03
62673462 1			160,000.00	159,252.15	Sep-02-04	8.800%	FL - 74.77%	Paid Off - 360	Nov-26-03
62704465 1			177,000.00	176,271.37	Aug-20-04	8.750%	MD - 73.75%	Paid Off - 360	Dec-09-03
62711007 1			210,000.00	209,055.93	Aug-12-04	8.990%	WA - 71.19%	Paid Off - 360	Nov-28-03
62840707 1			124,000.00	123,247.45	Sep-10-04	7.500%	MI - 88.57%	Paid Off - 360	Nov-28-03
62856349 1			110,500.00	109,791.81	Aug-27-04	8.750%	FL - 65.00%	Paid Off - 360	Nov-29-03
62912647 1			120,048.00	119,343.39	Sep-02-04	6.990%	CA - 82.00%	Paid Off - 360	Dec-24-03
62930847 1			131,250.00	130,659.90	Aug-31-04	8.990%	IL - 75.00%	Paid Off - 360	Nov-28-03
62951702 1			263,500.00	259,931.47	Sep-10-04	6.200%	NJ - 77.50%	Paid Off - 360	Nov-21-03
62981261 1			162,000.00	160,926.20	Sep-10-04	7.050%	CA - 89.41%	Paid Off - 360	Nov-30-03
63012066 1			132,000.00	130,979.53	Sep-02-04	6.250%	OH - 80.00%	Paid Off - 360	Nov-29-03
63018006 1			213,000.00	212,009.63	Sep-02-04	8.150%	CA - 66.15%	Paid Off - 360	Dec-24-03
63036529 1			210,000.00	209,055.93	Sep-01-04	8.990%	NJ - 67.74%	Paid Off - 360	Nov-26-03
63083604 1			306,000.00	303,947.88	Sep-07-04	6.990%	NY - 90.00%	Paid Off - 360	Nov-28-03
63141188 1			228,710.00	226,852.79	Aug-20-04	5.990%	MA - 75.00%	Paid Off - 360	Nov-29-03
63201966 1			120,000.00	119,369.07	Sep-09-04	8.750%	FL - 66.67%	Paid Off - 360	Nov-26-03
63210462 1			188,000.00	186,546.64	Aug-26-04	6.250%	FL - 90.39%	Paid Off - 360	Nov-26-03
63253009 1			185,000.00	184,198.62	Sep-01-04	8.500%	CA - 69.29%	Paid Off - 360	Dec-31-03
63280440 1			101,700.00	100,910.69	Sep-01-04	6.250%	FL - 90.00%	Paid Off - 360	Nov-28-03
63286082 1			276,000.00	273,965.66	Aug-31-04	6.500%	NY - 84.92%	Paid Off - 360	Nov-26-03
63312862 1			177,250.00	126,882.18	Aug-26-04	7.250%	MA - 69.35%	Paid Off - 360	Dec-12-03
63317846 1			265,000.00	263,748.67	Aug-17-04	8.750%	CA - 60.23%	Paid Off - 360	Nov-25-03
63321723 1			94,250.00	93,484.59	Sep-09-04	5.990%	MI - 53.86%	Paid Off - 360	Nov-29-03
63335442 1			316,000.00	314,072.10	Aug-19-04	7.050%	CO - 87.78%	Paid Off - 360	Dec-18-03
63348148 1			117,900.00	117,275.87	Aug-16-04	7.500%	PA - 90.00%	Paid Off - 360	Dec-29-03
63511901 1			294,000.00	291,612.70	Aug-24-04	5.990%	CA - 89.91%	Paid Off - 360	Nov-29-03
63532329 1			222,000.00	220,701.10	Aug-24-04	6.990%	CA - 83.77%	Paid Off - 360	Dec-30-03
63539209 1			230,000.00	228,966.02	Sep-01-04	8.990%	MN - 69.70%	Paid Off - 360	Nov-29-03
63544068 1			63,000.00	62,752.96	Aug-18-04	8.990%	MI - 75.00%	Paid Off - 360	Dec-08-03
63571863 1			157,250.00	156,417.57	Aug-20-04	7.500%	MA - 82.76%	Paid Off - 360	Dec-30-03
63574164 1			270,000.00	267,807.50	Sep-02-04	5.990%	CA - 90.00%	Paid Off - 360	Nov-30-03
63575807 1			109,000.00	108,551.24	Aug-27-04	8.750%	IL - 83.85%	Paid Off - 360	Dec-19-03
63592323 1			168,030.00	167,302.10	Aug-26-04	8.500%	MD - 90.00%	Paid Off - 360	Dec-29-03
63632145 1			83,325.00	82,866.12	Aug-31-04	7.300%	TX - 75.75%	Paid Off - 360	Dec-16-03
63654248 1			92,700.00	92,233.00	Sep-03-04	7.750%	SC - 90.00%	Paid Off - 360	Dec-31-03
63719421 1			98,000.00	97,503.79	Aug-24-04	8.990%	MN - 67.59%	Paid Off - 360	Dec-22-03
63738066 1			110,600.00	110,120.89	Aug-30-04	8.500%	IL - 88.13%	Paid Off - 360	Dec-22-03

					Page 20 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

63749188 1			180,000.00	179,135.67	Aug-31-04	7.990%	MI - 79.30%	Paid Off - 360	Dec-02-03
63757983 1			158,500.00	157,269.59	Sep-08-04	7.150%	WI - 86.14%	Paid Off - 360	Dec-12-03
63766364 1			67,500.00	67,222.08	Sep-07-04	8.750%	CO - 64.90%	Paid Off - 360	Dec-19-03
63773089 1			175,000.00	173,826.42	Sep-02-04	6.990%	CA - 67.20%	Paid Off - 360	Nov-29-03
63783005 1			260,100.00	258,851.14	Aug-27-04	7.990%	CA - 90.00%	Paid Off - 360	Dec-31-03
63793582 1			178,000.00	177,267.24	Sep-09-04	8.750%	CA - 43.42%	Paid Off - 360	Dec-04-03
63793848 1			265,000.00	263,727.62	Aug-30-04	7.990%	MA - 69.74%	Paid Off - 360	Dec-31-03
63805469 1			204,000.00	202,920.11	Aug-17-04	7.500%	CA - 88.70%	Paid Off - 360	Dec-24-03
63807705 1			204,800.00	203,391.79	Sep-01-04	6.150%	CA - 80.00%	Paid Off - 360	Dec-23-03
63818447 1			247,500.00	246,481.11	Aug-23-04	8.750%	CA - 88.08%	Paid Off - 360	Dec-31-03
63861108 1			187,900.00	186,515.02	Sep-02-04	6.500%	CA - 87.66%	Paid Off - 360	Nov-29-03
63868566 1			117,300.00	116,791.59	Aug-26-04	8.500%	MS - 85.00%	Paid Off - 360	Dec-02-03
63894703 1			268,500.00	267,502.75	Aug-20-04	9.250%	CA - 72.57%	Paid Off - 360	Dec-09-03
63911929 1			199,691.00	198,943.89	Aug-31-04	9.500%	FL - 83.21%	Paid Off - 360	Dec-29-03
63915623 1			122,000.00	120,287.96	Aug-18-04	6.250%	IL - 44.25%	Paid Off - 300	Dec-31-03
63938203 1			343,000.00	340,569.01	Aug-31-04	5.990%	CA - 72.21%	Paid Off - 360	Dec-31-03
63960744 1			322,000.00	320,119.45	Aug-20-04	7.000%	NY - 84.74%	Paid Off - 360	Dec-15-03
63988448 1			104,400.00	103,789.15	Aug-24-04	6.990%	CA - 87.00%	Paid Off - 360	Dec-29-03
64006802 1			165,000.00	163,358.42	Aug-17-04	6.200%	MA - 45.80%	Paid Off - 300	Dec-08-03
64019664 1			176,900.00	175,815.62	Aug-30-04	6.750%	CA - 79.99%	Paid Off - 360	Dec-31-03
64072069 1			172,000.00	171,174.12	Aug-31-04	7.990%	MN - 80.00%	Paid Off - 360	Dec-30-03
64091309 1			234,000.00	232,695.02	Aug-18-04	7.250%	MA - 90.00%	Paid Off - 360	Dec-16-03
64098429 1			72,200.00	71,887.21	Aug-23-04	8.500%	PA - 95.00%	Paid Off - 360	Dec-15-03
64131949 1			125,000.00	124,485.40	Aug-25-04	8.750%	CA - 71.43%	Paid Off - 360	Dec-18-03
64136807 1			264,000.00	262,219.89	Aug-19-04	7.990%	CA - 66.00%	Paid Off - 360	Dec-23-03
64143142 1			220,000.00	219,047.01	Aug-17-04	8.500%	CA - 72.13%	Paid Off - 360	Dec-15-03
64160203 1			144,000.00	142,981.08	Aug-16-04	5.999%	NV - 90.00%	Paid Off - 360	Dec-31-03
64222649 1			240,300.00	239,101.52	Aug-17-04	7.800%	NV - 90.00%	Paid Off - 360	Dec-15-03
64226160 1			292,950.00	290,873.70	Sep-07-04	5.990%	CA - 83.70%	Paid Off - 360	Dec-26-03
64241466 1			105,000.00	104,381.23	Aug-17-04	6.990%	MI - 87.50%	Paid Off - 360	Dec-12-03
64242761 1			242,460.00	236,563.84	Aug-27-04	8.900%	FL - 72.59%	Paid Off - 180	Dec-12-03
64256282 1			183,600.00	182,496.17	Sep-08-04	6.850%	MI - 90.00%	Paid Off - 360	Dec-18-03
64292543 1			251,000.00	249,966.74	Aug-12-04	8.750%	MA - 61.67%	Paid Off - 360	Dec-18-03
64315849 1			262,000.00	260,806.11	Sep-02-04	8.250%	MA - 74.86%	Paid Off - 360	Dec-17-03
64380702 1			109,208.00	108,471.17	Aug-20-04	6.250%	CA - 75.09%	Paid Off - 360	Dec-15-03
64399009 1			227,600.00	226,453.47	Aug-31-04	7.750%	GA - 87.54%	Paid Off - 360	Dec-29-03
64443906 1			62,250.00	61,982.95	Aug-17-04	8.750%	TN - 75.00%	Paid Off - 360	Dec-12-03
64485741 1			164,000.00	163,212.50	Aug-27-04	7.990%	CA - 76.28%	Paid Off - 360	Dec-16-03
64541402 1			147,250.00	146,431.15	Aug-17-04	7.250%	IL - 95.00%	Paid Off - 360	Dec-16-03
64557762 1			105,000.00	104,347.59	Sep-01-04	6.700%	TN - 56.76%	Paid Off - 360	Dec-22-03
64559602 1			97,500.00	97,097.59	Aug-23-04	8.750%	CO - 72.22%	Paid Off - 360	Dec-17-03
64580244 1			122,000.00	121,574.26	Aug-31-04	9.550%	RI - 58.10%	Paid Off - 360	Dec-19-03
64605207 1			179,000.00	177,733.73	Aug-27-04	6.000%	CA - 72.15%	Paid Off - 360	Dec-30-03
64645641 1			156,750.00	156,028.44	Sep-01-04	8.200%	MN - 95.00%	Paid Off - 360	Dec-23-03
64650948 1			290,700.00	288,628.71	Aug-26-04	5.990%	CA - 74.54%	Paid Off - 360	Dec-31-03
64673486 1			75,000.00	74,691.22	Sep-02-04	8.750%	FL - 56.82%	Paid Off - 360	Dec-31-03
64707987 1			275,000.00	273,230.47	Aug-17-04	6.500%	MI - 85.94%	Paid Off - 360	Dec-18-03
64755242 1			250,200.00	248,923.11	Aug-11-04	7.990%	CT - 90.00%	Paid Off - 360	Dec-22-03
64767106 1			107,250.00	106,821.82	Sep-02-04	8.900%	KY - 75.00%	Paid Off - 360	Dec-31-03
64813462 1			212,850.00	211,666.37	Sep-02-04	7.250%	MN - 88.32%	Paid Off - 360	Dec-17-03
64818305 1			190,000.00	189,217.80	Aug-20-04	8.750%	IL - 84.44%	Paid Off - 360	Dec-22-03
64823982 1			277,000.00	275,129.66	Aug-24-04	6.250%	CA - 85.23%	Paid Off - 360	Dec-18-03

					Page 21 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

64836562 1			187,000.00	185,980.39	Sep-07-04	7.350%	CA - 74.80%	Paid Off - 360	Dec-29-03
64869340 1			162,000.00	160,851.79	Aug-17-04	5.990%	CA - 89.50%	Paid Off - 360	Dec-26-03
64870702 1			175,500.00	174,587.42	Sep-10-04	7.600%	MN - 90.00%	Paid Off - 360	Dec-17-03
64899982 1			155,125.00	154,453.02	Aug-20-04	8.500%	CA - 85.00%	Paid Off - 360	Dec-24-03
64909005 1			314,500.00	312,989.93	Aug-11-04	7.990%	CA - 85.00%	Paid Off - 360	Dec-30-03
64915705 1			96,000.00	95,623.78	Sep-01-04	8.990%	FL - 60.00%	Paid Off - 360	Dec-31-03
64922487 1			313,000.00	311,711.47	Aug-27-04	8.750%	MA - 66.60%	Paid Off - 360	Dec-19-03
65001661 1			270,000.00	268,086.36	Aug-18-04	5.990%	MA - 62.79%	Paid Off - 360	Dec-31-03
65048100 1			212,000.00	210,877.76	Sep-02-04	7.500%	MA - 73.10%	Paid Off - 360	Dec-18-03
65066128 1			300,000.00	298,411.92	Aug-17-04	7.500%	GA - 80.00%	Paid Off - 360	Dec-22-03
65076549 1			142,250.00	141,649.24	Aug-27-04	9.250%	CA - 72.95%	Paid Off - 360	Dec-18-03
65099103 1			168,750.00	168,213.02	Aug-30-04	9.990%	CT - 75.00%	Paid Off - 360	Dec-31-03
65107468 1			314,500.00	311,965.47	Sep-02-04	5.990%	CA - 85.00%	Paid Off - 360	Dec-31-03
65110561 1			159,000.00	157,274.22	Sep-01-04	8.900%	GA - 88.33%	Paid Off - 240	Dec-24-03
65114845 1			373,500.00	371,580.77	Sep-01-04	7.650%	NY - 85.86%	Paid Off - 360	Dec-31-03
65122889 1			151,000.00	147,705.43	Sep-02-04	7.350%	CA - 87.28%	Paid Off - 180	Dec-26-03
65147902 1			116,100.00	115,388.30	Aug-27-04	6.750%	MO - 90.00%	Paid Off - 360	Dec-24-03
65162661 1			168,000.00	167,272.22	Sep-07-04	8.500%	CA - 80.00%	Paid Off - 360	Dec-24-03
65165805 1			158,500.00	157,560.83	Aug-13-04	8.500%	CA - 57.64%	Paid Off - 360	Dec-23-03
65172306 1			225,000.00	223,092.40	Sep-01-04	7.500%	CA - 88.24%	Paid Off - 360	Dec-23-03
65182107 1			199,750.00	198,594.90	Sep-10-04	7.050%	TN - 85.00%	Paid Off - 360	Dec-24-03
65221962 1			288,000.00	285,674.99	Aug-31-04	5.990%	CA - 76.80%	Paid Off - 360	Dec-30-03
65227407 1			257,500.00	256,490.84	Aug-18-04	8.990%	MD - 62.81%	Paid Off - 360	Dec-26-03
65245482 1			100,000.00	99,519.82	Aug-24-04	7.990%	FL - 60.98%	Paid Off - 360	Dec-29-03
65277105 1			109,000.00	108,538.79	Aug-12-04	9.900%	CT - 68.13%	Paid Off - 360	Dec-26-03
65282246 1			205,000.00	203,547.04	Aug-18-04	5.990%	CA - 81.85%	Paid Off - 360	Dec-19-03
65290603 1			302,200.00	300,677.71	Sep-01-04	7.750%	MN - 87.59%	Paid Off - 360	Dec-30-03
65291122 1			184,000.00	183,161.48	Aug-12-04	8.250%	CA - 52.57%	Paid Off - 360	Dec-29-03
65296220 1			176,000.00	175,379.38	Aug-13-04	9.500%	MI - 74.89%	Paid Off - 360	Dec-31-03
65300600 1			189,500.00	186,500.15	Sep-01-04	5.750%	WI - 92.44%	Paid Off - 240	Dec-30-03
65307449 1			177,000.00	176,306.38	Aug-24-04	8.990%	IL - 73.14%	Paid Off - 360	Dec-31-03
65313140 1			82,500.00	82,223.52	Aug-13-04	9.990%	FL - 75.00%	Paid Off - 360	Dec-29-03
65315624 1			179,000.00	178,328.02	Aug-11-04	9.200%	NV - 64.16%	Paid Off - 360	Dec-29-03
65317422 1			117,300.00	116,749.07	Aug-20-04	8.100%	CT - 76.17%	Paid Off - 360	Dec-24-03
65337925 1			97,500.00	97,096.59	Aug-11-04	8.750%	FL - 67.71%	Paid Off - 360	Dec-23-03
65338287 1			100,000.00	99,608.09	Aug-30-04	8.990%	CA - 50.00%	Paid Off - 360	Dec-19-03
65345480 1			97,000.00	96,405.38	Aug-18-04	6.750%	NH - 51.84%	Paid Off - 360	Dec-23-03
65374589 1			238,000.00	236,378.96	Sep-02-04	6.200%	NY - 89.81%	Paid Off - 360	Dec-29-03
65380081 1			331,500.00	330,200.94	Aug-25-04	8.990%	CA - 85.00%	Paid Off - 360	Dec-30-03
65402182 1			275,000.00	273,144.64	Sep-01-04	6.250%	MA - 75.34%	Paid Off - 360	Dec-31-03
65424103 1			71,185.00	70,954.13	Aug-26-04	9.900%	OR - 67.80%	Paid Off - 360	Dec-30-03
65429227 1			157,500.00	156,636.89	Aug-16-04	7.750%	CA - 65.63%	Paid Off - 360	Dec-22-03
65442089 1			64,000.00	63,744.46	Aug-16-04	8.900%	CO - 35.56%	Paid Off - 360	Dec-30-03
65442469 1			162,000.00	161,007.02	Aug-25-04	6.750%	FL - 90.00%	Paid Off - 360	Dec-31-03
65504508 1			221,000.00	220,220.74	Aug-18-04	9.500%	MD - 85.00%	Paid Off - 360	Dec-23-03
65526964 1			182,700.00	181,875.79	Aug-26-04	8.300%	MN - 90.00%	Paid Off - 360	Dec-31-03
65550402 1			307,900.00	306,187.82	Aug-24-04	7.250%	CA - 69.98%	Paid Off - 360	Dec-31-03
65551244 1			225,000.00	223,683.62	Aug-24-04	6.990%	CA - 78.95%	Paid Off - 360	Dec-24-03
65559908 1			212,500.00	211,667.23	Sep-09-04	8.990%	CA - 85.00%	Paid Off - 360	Dec-29-03
65610800 1			255,000.00	253,774.18	Aug-19-04	7.990%	FL - 86.74%	Paid Off - 360	Dec-30-03
65613085 1			118,500.00	118,082.12	Aug-13-04	9.500%	CA - 74.06%	Paid Off - 360	Dec-31-03
65619405 1			169,125.00	168,108.20	Sep-01-04	6.850%	CA - 82.50%	Paid Off - 360	Dec-31-03

					Page 22 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

65621229 1			315,000.00	313,413.24	Aug-11-04	7.750%	CA - 74.82%	Paid Off - 360	Dec-31-03
65704389 1			204,000.00	202,892.54	Aug-12-04	8.990%	CA - 68.00%	Paid Off - 360	Dec-26-03
65715666 1			213,300.00	211,935.14	Aug-23-04	7.250%	MI - 90.00%	Paid Off - 360	Dec-29-03
65745341 1			315,000.00	313,332.54	Aug-20-04	7.500%	CA - 90.00%	Paid Off - 360	Dec-30-03
65757866 1			135,000.00	134,562.22	Aug-11-04	9.900%	RI - 60.00%	Paid Off - 360	Dec-29-03
66030446 1			230,000.00	228,213.30	Sep-07-04	5.500%	CA - 68.05%	Paid Off - 360	Dec-30-03
66094624 1			322,699.00	321,152.61	Sep-03-04	8.000%	CA - 78.71%	Paid Off - 360	Dec-31-03
49686009 2			87,500.00	87,105.20	Sep-09-04	10.990%	TX - 64.82%	Paid Off - 360	Jul-30-03
50814177 2			136,000.00	135,319.25	Sep-08-04	10.500%	MA - 85.00%	Paid Off - 360	Jul-31-03
51109361 2			175,000.00	174,025.15	Aug-12-04	9.990%	NJ - 66.04%	Paid Off - 360	Jul-31-03
55875280 2			127,500.00	126,876.53	Aug-24-04	10.500%	WI - 72.86%	Paid Off - 360	Sep-24-03
58747866 2			346,500.00	343,842.43	Sep-07-04	6.920%	CA - 90.00%	Paid Off - 360	Oct-20-03
59922203 2			388,000.00	385,250.07	Aug-12-04	5.990%	CA - 80.00%	Paid Off - 360	Dec-30-03
60440567 2			360,000.00	357,266.24	Aug-13-04	6.350%	NY - 73.47%	Paid Off - 360	Nov-28-03
60511508 2			352,500.00	351,281.46	Aug-25-04	10.250%	CA - 75.00%	Paid Off - 360	Nov-28-03
61059382 2			572,000.00	567,125.77	Sep-01-04	5.990%	CA - 76.27%	Paid Off - 360	Nov-25-03
61734703 2			427,500.00	425,938.90	Aug-11-04	9.990%	NY - 75.00%	Paid Off - 360	Nov-12-03
62321542 2			432,000.00	429,378.31	Sep-10-04	7.500%	CA - 90.00%	Paid Off - 360	Nov-18-03
62376942 2			435,350.00	431,881.54	Aug-16-04	6.250%	CA - 88.85%	Paid Off - 360	Nov-13-03
62548748 2			540,000.00	533,308.82	Aug-27-04	6.500%	NY - 90.00%	Paid Off - 360	Nov-28-03
62729769 2			599,999.00	597,991.08	Sep-07-04	9.750%	CT - 78.95%	Paid Off - 360	Dec-29-03
62826383 2			342,000.00	339,479.16	Aug-16-04	6.500%	CA - 90.00%	Paid Off - 360	Nov-21-03
63315329 2			365,000.00	362,356.03	Aug-27-04	5.990%	CA - 67.84%	Paid Off - 360	Dec-30-03
63462204 2			367,500.00	365,269.32	Aug-18-04	7.500%	CA - 75.00%	Paid Off - 360	Nov-28-03
63501803 2			516,000.00	512,539.66	Sep-07-04	6.990%	NJ - 73.71%	Paid Off - 360	Nov-26-03
63642565 2			145,000.00	144,488.89	Sep-02-04	10.500%	CA - 69.05%	Paid Off - 360	Dec-19-03
63949101 2			414,000.00	411,206.91	Aug-31-04	6.250%	CA - 90.00%	Paid Off - 360	Dec-10-03
63974745 2			273,354.45	271,954.10	Aug-13-04	9.100%	TX - 79.82%	Paid Off - 360	Dec-31-03
64018203 2			517,500.00	514,310.09	Aug-18-04	7.500%	CA - 90.00%	Paid Off - 360	Dec-31-03
64162662 2			351,000.00	348,889.78	Sep-02-04	6.850%	CA - 87.75%	Paid Off - 360	Dec-22-03
64307283 2			112,500.00	112,164.73	Aug-31-04	10.300%	NY - 75.00%	Paid Off - 360	Dec-23-03
64444300 2			369,000.00	366,384.79	Aug-27-04	5.990%	CA - 90.00%	Paid Off - 360	Dec-15-03
64616303 2			360,000.00	357,684.49	Aug-23-04	6.500%	CA - 90.00%	Paid Off - 360	Dec-18-03
64623622 2			60,000.00	59,845.66	Aug-20-04	10.990%	FL - 68.18%	Paid Off - 360	Dec-23-03
64631989 2			510,000.00	508,377.23	Sep-01-04	9.990%	CA - 78.46%	Paid Off - 360	Dec-23-03
64743321 2			466,500.00	463,352.65	Aug-12-04	6.250%	CA - 88.02%	Paid Off - 360	Dec-23-03
64814445 2			371,000.00	368,197.35	Aug-27-04	5.650%	NY - 88.33%	Paid Off - 360	Dec-29-03
64843865 2			60,000.00	59,046.14	Sep-08-04	10.950%	MO - 57.14%	Paid Off - 180	Dec-18-03
64849888 2			401,000.00	399,262.91	Aug-25-04	8.500%	MA - 56.56%	Paid Off - 360	Dec-30-03
64993728 2			355,000.00	352,367.88	Aug-23-04	5.750%	CA - 82.18%	Paid Off - 360	Dec-23-03
65152480 2			60,000.00	59,897.34	Aug-20-04	12.850%	CA - 30.77%	Paid Off - 360	Dec-24-03
65256489 2			63,750.00	63,587.18	Sep-01-04	11.990%	MO - 65.72%	Paid Off - 360	Dec-22-03
65279408 2			457,500.00	455,616.66	Aug-17-04	8.750%	CA - 75.00%	Paid Off - 360	Dec-31-03
65314163 2			60,600.00	60,449.46	Aug-31-04	11.150%	MO - 44.89%	Paid Off - 360	Dec-31-03
65314304 2			217,000.00	216,330.23	Aug-30-04	10.150%	NY - 74.83%	Paid Off - 360	Dec-29-03
65445520 2			414,000.00	412,012.19	Sep-02-04	7.990%	FL - 90.00%	Paid Off - 360	Dec-23-03
65540122 2			595,000.00	592,767.18	Sep-02-04	9.200%	ME - 85.00%	Paid Off - 360	Dec-23-03
65561144 2			415,000.00	411,540.56	Aug-25-04	5.500%	CA - 62.41%	Paid Off - 360	Dec-29-03
65591661 2			187,500.00	186,935.30	Aug-19-04	10.250%	WI - 74.70%	Paid Off - 360	Dec-29-03
65623100 2			435,000.00	432,454.96	Aug-25-04	6.990%	CA - 88.78%	Paid Off - 360	Dec-31-03
65691081 2			378,000.00	376,787.03	Aug-31-04	9.950%	ME - 84.94%	Paid Off - 360	Dec-22-03
65819369 2			520,000.00	516,655.40	Aug-25-04	6.500%	CA - 80.00%	Paid Off - 360	Dec-30-03

					Page 23 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

65976086 2			180,000.00	179,365.30	Aug-26-04	9.500%	CO - 90.00%	Paid Off - 360	Dec-31-03
65982407 2			159,000.00	158,345.44	Sep-02-04	8.750%	CA - 60.00%	Paid Off - 360	Dec-31-03
66055146 2			131,250.00	130,709.67	Aug-20-04	8.750%	CA - 72.92%	Paid Off - 360	Dec-31-03


					Page 24 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	1	1
	Collateral Realized Loss/(Gain) Amount					-	(1,485.20)	(1,485.20)
	Net Liquidation Proceeds					-	136,809.44	136,809.44

	*Cumulative*
	Number of Loans Liquidated					1	5	6
	Collateral Realized Loss/(Gain) Amount					242.92	17,363.52	17,606.44
	Net Liquidation Proceeds					618.75	754,392.72	755,011.47

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.


	Cumulative Loss Percentage							0.0015%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 25 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL

	MDR					0.00%	0.02%	0.01%
	3 Months Avg MDR					0.00%	0.02%	0.02%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.01%	0.01%

	CDR					0.00%	0.19%	0.15%
	3 Months Avg CDR					0.00%	0.29%	0.23%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.14%	0.11%

	SDA					0.00%	1.20%	0.95%
	3 Months Avg SDA Approximation					0.00%	2.10%	1.66%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.01%	1.49%	1.18%

	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

	Group 1
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 26 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1
	Group 2

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 27 of 30				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for September 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 1
Total Loan Count Revisions = 1						Loan Group 1 = Group 1
Total Prior Principal Balance = 135,324.24						Loan Group 2 = Group 2
Total Current Realized Loss Amount = -1,625.70
Total Revisions Amount = 140.50
Total Realized Loss Amount = -1,485.20
Total Net Liquidation Proceeds = 136,809.44
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)

61962502 1			8.500%	CO - 85.00%	360	135,324.24		(1,625.70)
65747222 1				WA - 90.00%	360		Revision	140.50


					Page 28 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	1. Does (A) exceed (B)?							No
	(A) Delinquency Percentage (quotient of (x) over (y))							3.13%
	(x) 60+ Day Delinq. Loans (incl. FCLs, REOs & BKs)							32,389,474.88
	(y) Stated Principal Balance of the Mortgage Loans							1,035,506,525.39
	(B) 16.50%							16.5000%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.0015%
	(x) Aggregate Realized Losses to date							19,232.14
	(y) Cut-off Date Principal Bal. of the Mortgage Loans							1,300,000,302.69
	(B) Applicable Percentage							100.0000%


	Credit Enhancement Percentage							17.2621%



ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL


				Page 29 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R1
	Mortgage Pass-Through Certificates

	Other Related Information for September 27, 2004 Distribution


	Other Related Information


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL


	Net WAC Rate Carryover Amt: Class A-1							0.00
	Net WAC Rate Carryover Amt: Class A-2							0.00
	Net WAC Rate Carryover Amt: Class M-1							0.00
	Net WAC Rate Carryover Amt: Class M-2							0.00
	Net WAC Rate Carryover Amt: Class M-3							0.00
	Net WAC Rate Carryover Amt: Class M-4							0.00
	Net WAC Rate Carryover Amt: Class M-5							0.00
	Net WAC Rate Carryover Amt: Class M-6							0.00
	Net WAC Rate Carryover Amt: Class M-7							0.00
	Net WAC Rate Carryover Amt: Class M-8							0.00
	Net WAC Rate Carryover Amt: Class M-9							0.00
	Net WAC Rate Carryover Amt: Class M-10							0.00


	Net WAC Rate Carryover Amt: Class A-1 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-2 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-1 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-2 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-3 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-4 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-5 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-6 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-7 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-8 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-9 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-10 Unpaid							0.00


				Page 30 of 30				© COPYRIGHT 2004 Deutsche Bank

AMERIQUEST MORTGAGE SECURITIES INC ASSET BACK SER 2004-R1 8-K