

                           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:  Sep 29, 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

September 27, 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					21
										11. Realized Loss Detail Report					24
				Servicer(s)						11. Realized Loss Detail Report					24
				Servicer(s)						12. Triggers and Adj. Cert. Report					25
				Ameriquest Mortgage Corp						12. Triggers and Adj. Cert. Report					25
				Ameriquest Mortgage Corp						13. Additional Certificate Report					26
										13. Additional Certificate Report					26
										14. Other Related Information					27


				Underwriter(s)
				CS First Boston


										Total Number of Pages					27
										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:			September 27, 2004
										Factor Information:			(800) 735-7777
				Record Date:			August 31, 2004			Factor Information:			(800) 735-7777
										Main Phone Number:			(714) 247-6000

							September 24, 2004
							September 24, 2004

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






Page 1 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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		602,289,067.10		1,040,705.32		12,510,567.88		13,551,273.20		0.00		0.00		589,778,499.22
A-1A	SNR	$	619,000,000.00		602,289,067.10		1,040,705.32		12,510,567.88		13,551,273.20		0.00		0.00		589,778,499.22
A-1B	SNR	$	68,770,000.00		66,913,439.65		121,754.58		1,389,905.90		1,511,660.48		0.00		0.00		65,523,533.75
A-2	SNR	$	76,200,000.00		67,916,907.86		107,393.61		3,552,910.52		3,660,304.13		0.00		0.00		64,363,997.34
A-3	SNR	$	37,800,000.00		37,800,000.00		65,315.25		0.00		65,315.25		0.00		0.00		37,800,000.00
A-4	SNR	$	29,230,000.00		29,230,000.00		56,937.60		0.00		56,937.60		0.00		0.00		29,230,000.00
M-1	SUB,MEZ	$	57,500,000.00		57,500,000.00		115,694.79		0.00		115,694.79		0.00		0.00		57,500,000.00
M-2	SUB,MEZ	$	47,500,000.00		47,500,000.00		124,746.88		0.00		124,746.88		0.00		0.00		47,500,000.00
M-3	SUB,MEZ	$	10,000,000.00		10,000,000.00		29,012.50		0.00		29,012.50		0.00		0.00		10,000,000.00
M-4	SUB,MEZ	$	12,500,000.00		12,500,000.00		44,515.63		0.00		44,515.63		0.00		0.00		12,500,000.00
M-5	SUB,MEZ	$	9,000,000.00		9,000,000.00		33,536.25		0.00		33,536.25		0.00		0.00		9,000,000.00
M-6	SUB,MEZ	$	7,500,000.00		7,500,000.00		43,759.38		0.00		43,759.38		0.00		0.00		7,500,000.00
M-7	SUB,MEZ	$	10,000,000.00		10,000,000.00		23,970.83		0.00		23,970.83		0.00		0.00		10,000,000.00
CE	OC	$	15,000,472.05		15,000,008.58		3,748,589.82		0.00		3,748,589.82		0.00		0.00		15,000,008.58
P	P	$	100.00		100.00		229,104.00		0.00		229,104.00		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		973,149,523.19		5,785,036.44		17,453,384.30		23,238,420.74		0.00		0.00		955,696,138.89
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	08/25/04		09/26/04		A-Act/360		03072SRS6		619,000,000.00		973.003339		1.681269		20.210934		21.892202	952.792406
A-1B	08/25/04		09/26/04		A-Act/360		03072SRT4		68,770,000.00		973.003339		1.770461		20.210934		21.981394	952.792406
A-2	08/25/04		09/26/04		A-Act/360		03072SRU1		76,200,000.00		891.298003		1.409365		46.626122		48.035487	844.671881
A-3	08/25/04		09/26/04		A-Act/360		03072SRV9		37,800,000.00		1,000.000000		1.727917		0.000000		1.727917	1,000.000000
A-4	08/25/04		09/26/04		A-Act/360		03072SRW7		29,230,000.00		1,000.000000		1.947917		0.000000		1.947917	1,000.000000
M-1	08/25/04		09/26/04		A-Act/360		03072SRX5		57,500,000.00		1,000.000000		2.012083		0.000000		2.012083	1,000.000000
M-2	08/25/04		09/26/04		A-Act/360		03072SRY3		47,500,000.00		1,000.000000		2.626250		0.000000		2.626250	1,000.000000
M-3	08/25/04		09/26/04		A-Act/360		03072SRZ0		10,000,000.00		1,000.000000		2.901250		0.000000		2.901250	1,000.000000
M-4	08/25/04		09/26/04		A-Act/360		03072SSA4		12,500,000.00		1,000.000000		3.561250		0.000000		3.561250	1,000.000000
M-5	08/25/04		09/26/04		A-Act/360		03072SSB2		9,000,000.00		1,000.000000		3.726250		0.000000		3.726250	1,000.000000
M-6	08/25/04		09/26/04		A-Act/360		03072SSC0		7,500,000.00		1,000.000000		5.834584		0.000000		5.834584	1,000.000000
M-7	08/25/04		09/26/04		A-Act/360		03072SSG1		10,000,000.00		1,000.000000		2.397083		0.000000		2.397083	1,000.000000
CE	08/01/04		08/30/04		F-30/360				1,015,000,881.05		14.778321		3.693189		0.000000		3.693189	14.778321
P	08/01/04		08/30/04		F-30/360				100.00		1,000.000000		2,291,040.000000		0.000000		2,291,040.000000	1,000.000000
R	08/01/04		08/30/04		F-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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		3,169,249.79		27,301,619.96		1,919,880.82		29,221,500.78		32,390,750.57		0.00		0.00		589,778,499.22
A-1B	68,770,000.00		373,822.37		3,033,170.28		213,295.97		3,246,466.25		3,620,288.61		0.00		0.00		65,523,533.75
A-2	76,200,000.00		336,672.58		11,402,904.69		433,097.97		11,836,002.66		12,172,675.24		0.00		0.00		64,363,997.34
A-3	37,800,000.00		196,003.50		0.00		0.00		0.00		196,003.50		0.00		0.00		37,800,000.00
A-4	29,230,000.00		173,975.33		0.00		0.00		0.00		173,975.33		0.00		0.00		29,230,000.00
M-1	57,500,000.00		355,094.44		0.00		0.00		0.00		355,094.44		0.00		0.00		57,500,000.00
M-2	47,500,000.00		395,002.09		0.00		0.00		0.00		395,002.09		0.00		0.00		47,500,000.00
M-3	10,000,000.00		92,741.67		0.00		0.00		0.00		92,741.67		0.00		0.00		10,000,000.00
M-4	12,500,000.00		144,677.09		0.00		0.00		0.00		144,677.09		0.00		0.00		12,500,000.00
M-5	9,000,000.00		109,342.50		0.00		0.00		0.00		109,342.50		0.00		0.00		9,000,000.00
M-6	7,500,000.00		146,222.92		0.00		0.00		0.00		146,222.92		0.00		0.00		7,500,000.00
M-7	10,000,000.00		75,172.22		0.00		0.00		0.00		75,172.22		0.00		0.00		10,000,000.00
CE	15,000,472.05		11,347,748.32		0.00		0.00		463.47		11,348,211.79		0.00		0.00		15,000,008.58
P	100.00		510,727.25		0.00		0.00		0.00		510,727.25		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		17,426,452.07		41,737,694.93		2,566,274.76		44,304,433.16		61,730,885.22		0.00		0.00		955,696,138.89


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	1.88500%		602,289,067.10		1,040,705.32		0.00		0.00		0.00		1,040,705.32		1,040,705.32		0.00
A-1B	1.98500%		66,913,439.65		121,754.58		0.00		0.00		0.00		121,754.58		121,754.58		0.00
A-2	1.72500%		67,916,907.86		107,393.61		0.00		0.00		0.00		107,393.61		107,393.61		0.00
A-3	1.88500%		37,800,000.00		65,315.25		0.00		0.00		0.00		65,315.25		65,315.25		0.00
A-4	2.12500%		29,230,000.00		56,937.60		0.00		0.00		0.00		56,937.60		56,937.60		0.00
M-1	2.19500%		57,500,000.00		115,694.79		0.00		0.00		0.00		115,694.79		115,694.79		0.00
M-2	2.86500%		47,500,000.00		124,746.88		0.00		0.00		0.00		124,746.88		124,746.88		0.00
M-3	3.16500%		10,000,000.00		29,012.50		0.00		0.00		0.00		29,012.50		29,012.50		0.00
M-4	3.88500%		12,500,000.00		44,515.63		0.00		0.00		0.00		44,515.63		44,515.63		0.00
M-5	4.06500%		9,000,000.00		33,536.25		0.00		0.00		0.00		33,536.25		33,536.25		0.00
M-6	6.22631%		7,500,000.00		42,805.91		0.00		0.00		0.00		42,805.91		43,759.38		0.00
M-7	2.61500%		10,000,000.00		23,970.83		0.00		0.00		0.00		23,970.83		23,970.83		0.00
CE	299.88701%		15,000,008.58		0.00		0.00		0.00		0.00		0.00		3,748,589.82		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		229,104.00		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			973,149,523.19		1,806,389.15		0.00		0.00		0.00		1,806,389.15		5,785,036.44		0.00



Page 3 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
										Group 2		Group 1		Total
Principal Collections										3,552,910.52		13,900,473.78		17,453,384.30
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										3,552,910.52		13,900,473.78		17,453,384.30
Interest Collections										932,012.42		4,819,902.78		5,751,915.21
Interest Withdrawals														-0.00
Interest Other Accounts										0.00		0.00		229,104.00
Interest Fees										-31,543.33		-164,440.58		-195,983.91
TOTAL NET INTEREST										900,469.10		4,655,462.20		5,785,035.30
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										4,453,379.62		18,555,935.98		23,238,419.60



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											144,623.50		705,969.10		850,592.60
Curtailments											-94,973.91		93,800.76		-1,173.15
Prepayments In Full											3,503,260.93		12,759,336.58		16,262,597.51
Repurchased/Substitutions											0.00		341,367.34		341,367.34
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											-76,224.53		-341,508.15		-417,732.68
Realized Losses											-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal											76,224.53		341,508.15		417,732.68
TOTAL PRINCIPAL COLLECTED											3,552,910.52		13,900,473.78		17,453,384.30


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 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										969,133.63		4,991,782.08		5,960,915.72
Repurchased/Substitution Interest										0.00		2,278.66		2,278.66
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										-4,833.00		-19,134.68		-23,967.68
Delinquent Interest										-542,015.76		-2,654,394.39		-3,196,410.15
Compensating Interest										4,833.00		19,134.68		23,967.68
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										504,894.56		2,480,236.43		2,985,130.98
TOTAL INTEREST COLLECTED										932,012.42		4,819,902.78		5,751,915.21


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		229,104.00
Net Wac Investment Income										0.00		0.00		0.00

TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		229,104.00



INTEREST - FEES
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										31,242.52		162,957.27		194,199.80
Trustee Fees										300.80		1,483.31		1,784.11

TOTAL INTEREST FEES										31,543.33		164,440.58		195,983.91




Page 5 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 2004 Distribution
Credit Enhancement Report

ACCOUNTS


RESERVE

Beginning Reserve Balance						1,000.00
Reserve Funds Deposited						1.13
Amount withdrawn						0.00
Reserve Funds Distributed						1.13
Ending Balance						1,000.00



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 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 2004 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



*Loan Count:*


Original										623		5,658		6,281
Prior										601		5,551		6,152
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-11		-72		-83
Repurchases										-0		-2		-2
Liquidations										-0		-0		-0
Current										590		5,477		6,067
*Principal Balance:*


Original										172,356,218.93		827,644,353.12		1,000,000,572.05
Prior										164,072,962.45		809,076,560.74		973,149,523.19
Prefunding										0.00		0.00		0.00
Scheduled Principal										-144,623.50		-705,969.10		-850,592.60
Partial Prepayments										(94,973.91)		-93,800.76		(1,173.15)
Full Voluntary Prepayments										-3,503,260.93		-12,759,336.58		-16,262,597.51
Repurchases										-0.00		-341,367.34		-341,367.34
Liquidations										-0.00		-0.00		-0.00
Current										160,520,051.93		795,176,086.96		955,696,138.89





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										7.13315%		7.41895%		7.36969%
Weighted Average Coupon Prior										7.11278%		7.41263%		7.36171%
Weighted Average Coupon Current										7.08807%		7.40705%		7.35327%
Weighted Average Months to Maturity Original										355		350		351
Weighted Average Months to Maturity Prior										353		349		350
Weighted Average Months to Maturity Current										352		348		349
Weighted Avg Remaining Amortization Term Original										355		350		351
Weighted Avg Remaining Amortization Term Prior										353		349		350
Weighted Avg Remaining Amortization Term Current										352		348		349
Weighted Average Seasoning Original										2.10		2.11		2.11
Weighted Average Seasoning Prior										3.10		3.10		3.10
Weighted Average Seasoning Current										4.10		4.10		4.10









Page 8 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 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										5.92208%		6.04072%		6.02022%
Weighted Average Margin Current										5.92119%		6.04005%		6.01970%
Weighted Average Max Rate Original										13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Prior										13.19374%		13.50732%		13.45313%
Weighted Average Max Rate Current										13.16515%		13.50117%		13.44362%
Weighted Average Min Rate Original										7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Prior										7.19374%		7.50732%		7.45313%
Weighted Average Min Rate Current										7.16515%		7.50117%		7.44362%
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

											Group 2		Group 1		Total




Current Servicing Fees										31,242.52		162,957.27		194,199.80
Delinquent Servicing Fees										37,121.21		174,157.96		211,279.17
TOTAL SERVICING FEES										68,363.74		337,115.25		405,478.98


Total Servicing Fees										68,363.74		337,115.25		405,478.98
Compensating Interest										-4,833.00		-19,134.68		-23,967.68
Delinquent Servicing Fees										-37,121.21		-174,157.96		-211,279.17
COLLECTED SERVICING FEES										31,242.52		162,957.27		170,232.13


Total Advaced Interest										504,894.56		2,480,236.43		2,985,130.98
Total Advaced Principal										76,224.53		341,508.15		417,732.68
Aggregate Advances with respect to this Distribution										581,119.09		2,821,744.58		3,402,863.66





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										4,833.00		19,134.68		23,967.68
Compensating Interest										-4,833.00		-19,134.68		-23,967.68
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00




Page 9 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				9,305,023.63		2,123,541.43		410,797.38		11,839,362.44
			% Balance				0.97%		0.22%		0.04%		1.24%
			# Loans				64		18		1		83
			% # Loans				1.05%		0.30%		0.02%		1.37%
	FORECLOSURE		Balance		0.00		0.00		0.00		102,536.88		102,536.88
			% Balance		0.00%		0.00%		0.00%		0.01%		0.01%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.02%		0.02%
	BANKRUPTCY		Balance		883,132.77		103,801.44		91,674.27		0.00		1,078,608.48
			% Balance		0.09%		0.01%		0.01%		0.00%		0.11%
			# Loans		8		1		1		0		10
			% # Loans		0.13%		0.02%		0.02%		0.00%		0.16%
	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		883,132.77		9,408,825.07		2,215,215.70		513,334.26		13,020,507.80
			% Balance		0.09%		0.98%		0.23%		0.05%		1.36%
			# Loans		8		65		19		2		94
			% # Loans		0.13%		1.07%		0.31%		0.03%		1.55%









Page 10 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				7,618,971.88		2,123,541.43		0.00		9,742,513.31
			% Balance				0.96%		0.27%		0.00%		1.23%
			# Loans				55		18		0		73
			% # Loans				1.00%		0.33%		0.00%		1.33%
	FORECLOSURE		Balance		0.00		0.00		0.00		102,536.88		102,536.88
			% Balance		0.00%		0.00%		0.00%		0.01%		0.01%
			# Loans		0		0		0		1		1
			% # Loans		0.00%		0.00%		0.00%		0.02%		0.02%
	BANKRUPTCY		Balance		883,132.77		103,801.44		91,674.27		0.00		1,078,608.48
			% Balance		0.11%		0.01%		0.01%		0.00%		0.14%
			# Loans		8		1		1		0		10
			% # Loans		0.15%		0.02%		0.02%		0.00%		0.18%
	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		883,132.77		7,722,773.32		2,215,215.70		102,536.88		10,923,658.67
			% Balance		0.11%		0.97%		0.28%		0.01%		1.37%
			# Loans		8		56		19		1		84
			% # Loans		0.15%		1.02%		0.35%		0.02%		1.53%










Page 11 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				1,686,051.75		0.00		410,797.38		2,096,849.13
			% Balance				1.05%		0.00%		0.26%		1.31%
			# Loans				9		0		1		10
			% # Loans				1.53%		0.00%		0.17%		1.69%
	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		1,686,051.75		0.00		410,797.38		2,096,849.13
			% Balance		0.00%		1.05%		0.00%		0.26%		1.31%
			# Loans		0		9		0		1		10
			% # Loans		0.00%		1.53%		0.00%		0.17%		1.69%









Page 12 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 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 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 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
64407745 1
64407745 1			103,000.00		102,536.88		01-Apr-2004		8.990%		ID - 79.23%		360		01-Feb-2004



TOTAL			103,000.00		102,536.88



Page 14 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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September 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

											Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans										11		72		83
Number of Repurchased Loans										0		2		2
Total Number of Loans Prepaid in Full										11		74		85
Curtailments Amount										-94,973.91		93,800.76		-1,173.15
Paid in Full Balance										3,503,260.93		12,759,336.58		16,262,597.51
Repurchased Loans Balance										0.00		341,367.34		341,367.34
Total Prepayment Amount										3,408,287.02		13,194,504.68		16,602,791.70

*Cumulative*


Number of Paid in Full Loans										27		149		176
Number of Repurchased Loans										6		32		38
Total Number of Loans Prepaid in Full										33		181		214
Paid in Full Balance										9,160,570.61		25,890,527.26		35,051,097.87
Repurchased Loans Balance										1,863,972.37		4,210,643.92		6,074,616.29
Curtailments Amount										378,526.05		233,918.19		612,444.24
Total Prepayment Amount										11,403,069.03		30,335,089.37		41,738,158.40










Page 15 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

											Group 2		Group 1		Total



SMM										2.08%		1.63%		1.71%
3 Months Avg SMM										2.26%		1.24%		1.41%
12 Months Avg SMM										2.26%		1.24%		1.41%
Avg SMM Since Cut-off										2.26%		1.24%		1.41%


CPR										22.29%		17.92%		18.67%
3 Months Avg CPR										23.99%		13.90%		15.71%
12 Months Avg CPR										23.99%		13.90%		15.71%
Avg CPR Since Cut-off										23.99%		13.90%		15.71%


PSA										2,717.99%		2,185.51%		2,277.16%
3 Months Avg PSA Approximation										3,866.91%		2,238.20%		2,529.56%
12 Months Avg PSA Approximation										3,866.91%		2,238.20%		2,529.56%
Avg PSA Since Cut-off Approximation										3,866.90%		2,238.20%		2,529.56%










Page 16 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 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 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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REMIC 2004-R5

September 27, 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

60237021 1			120,000.00		119,440.08			16-Aug-2004		9.400%		WI - 73.62%		Paid Off - 360		01-Dec-2003
60237021 1			120,000.00		119,440.08			16-Aug-2004		9.400%		WI - 73.62%		Paid Off - 360		01-Dec-2003
62018981 1			60,000.00		59,803.25			03-Sep-2004		10.500%		FL - 52.17%		Paid Off - 360		01-Jan-2004
62165824 1			91,725.00		91,427.46			18-Aug-2004		10.550%		WI - 87.36%		Paid Off - 360		01-Jan-2004
62605860 1			275,000.00		268,208.51			27-Aug-2004		7.500%		NY - 79.71%		Paid Off - 180		01-Jan-2004
63224422 2			198,000.00		197,276.95			26-Aug-2004		9.990%		NY - 59.64%		Paid Off - 360		01-Jan-2004
63449342 1			166,500.00		165,631.78			18-Aug-2004		8.500%		MN - 90.00%		Paid Off - 360		01-Jan-2004
70691365 2			114,000.00		113,017.23			13-Aug-2004		7.990%		OH - 75.00%		Paid Off - 240		01-Apr-2004
72162241 1			94,875.00		94,666.64			23-Aug-2004		7.600%		FL - 82.50%		Paid Off - 360		01-Jun-2004
73702805 1			217,000.00		215,278.72			31-Aug-2004		6.990%		NY - 71.15%		Paid Off - 240		01-May-2004
73833964 2			507,000.00		505,549.27			11-Aug-2004		6.250%		NY - 75.11%		Paid Off - 360		01-Jun-2004
73972986 1			#######		202,133.12			24-Aug-2004		8.550%		IL - 75.00%		Paid Off - 360		01-Jun-2004
74315623 1			119,000.00		118,856.89			07-Sep-2004		10.500%		FL - 85.00%		Paid Off - 360		01-Jun-2004
74393547 2			567,000.00		565,453.91			11-Aug-2004		6.500%		MD - 90.00%		Paid Off - 360		01-Jun-2004
74666405 1			312,574.00		311,355.27			03-Sep-2004		6.150%		MA - 80.15%		Paid Off - 360		01-May-2004
74726845 1			95,000.00		94,778.51			11-Aug-2004		7.300%		CA - 71.43%		Paid Off - 360		01-Jun-2004
74867680 2			143,150.00		142,859.32			10-Sep-2004		7.990%		MN - 74.95%		Paid Off - 360		01-Jun-2004
75005868 1			60,000.00		59,857.19			12-Aug-2004		8.250%		CO - 61.86%		Paid Off - 360		01-Jun-2004
75036681 1			255,000.00		254,304.66			02-Sep-2004		6.500%		CA - 85.00%		Paid Off - 360		01-Jun-2004
75039305 1			273,000.00		272,273.37			27-Aug-2004		7.050%		CA - 69.11%		Paid Off - 360		01-Jun-2004
75110544 1			300,000.00		299,090.94			17-Aug-2004		5.950%		CA - 50.00%		Paid Off - 360		01-Jun-2004
75146324 1			104,350.00		104,048.52			11-Aug-2004		6.200%		CA - 89.96%		Paid Off - 360		01-Jun-2004
75158287 1			198,000.00		197,734.46			09-Sep-2004		9.990%		RI - 76.15%		Paid Off - 360		01-Jun-2004
75232462 1			230,000.00		229,308.34			10-Sep-2004		5.990%		CA - 67.65%		Paid Off - 360		01-Jun-2004
75236026 1			193,500.00		193,145.82			25-Aug-2004		8.500%		IL - 90.00%		Paid Off - 360		01-Jun-2004
75243568 1			138,750.00		138,520.44			01-Sep-2004		8.990%		CA - 75.00%		Paid Off - 360		01-Jun-2004
75245928 1			258,000.00		257,303.27			24-Aug-2004		6.550%		MA - 48.31%		Paid Off - 360		01-Jun-2004
75286948 1			242,000.00		241,570.49			02-Sep-2004		8.650%		CA - 84.91%		Paid Off - 360		01-Jun-2004
75307744 1			93,000.00		92,785.32			31-Aug-2004		7.350%		MI - 83.04%		Paid Off - 360		01-Jun-2004
75317164 1			135,000.00		134,665.41			02-Sep-2004		6.990%		MA - 90.00%		Paid Off - 360		01-Jun-2004
75338707 1			281,000.00		280,303.58			12-Aug-2004		6.990%		NY - 70.25%		Paid Off - 360		01-Jun-2004
75377648 1			152,999.00		152,601.58			20-Aug-2004		6.750%		NV - 90.00%		Paid Off - 360		01-Jun-2004
75456822 1			257,550.00		257,043.70			17-Aug-2004		8.150%		IL - 83.08%		Paid Off - 360		01-Jun-2004
75480806 1			225,000.00		224,442.39			30-Aug-2004		6.990%		PA - 90.00%		Paid Off - 360		01-Jun-2004
75556340 1			320,000.00		319,460.59			31-Aug-2004		8.900%		CA - 87.67%		Paid Off - 360		01-Jun-2004
75569863 1			240,000.00		239,528.21			24-Aug-2004		8.150%		RI - 82.76%		Paid Off - 360		01-Jun-2004
75583104 1			112,500.00		112,271.54			23-Aug-2004		7.990%		FL - 72.58%		Paid Off - 360		01-Jun-2004
75608406 1			255,000.00		254,482.19			13-Aug-2004		7.990%		CA - 55.43%		Paid Off - 360		01-Jun-2004
75608406 1			255,000.00		254,482.19			13-Aug-2004		7.990%		CA - 55.43%		Paid Off - 360		01-Jun-2004



Page 18 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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

75652206 1			67,929.00		67,831.08			13-Aug-2004		9.650%		FL - 79.92%		Paid Off - 360		01-Jun-2004
75652206 1			67,929.00		67,831.08			13-Aug-2004		9.650%		FL - 79.92%		Paid Off - 360		01-Jun-2004
75687681 1			238,400.00		237,749.91			26-Aug-2004		6.500%		AZ - 79.20%		Paid Off - 360		01-Jun-2004
75733642 2			342,000.00		341,233.77			31-Aug-2004		7.500%		CA - 90.00%		Paid Off - 360		01-Jun-2004
75764886 1			181,050.00		180,592.24			18-Aug-2004		7.850%		CA - 84.21%		Paid Off - 360		01-Jun-2004
75772947 1			138,750.00		138,432.90			11-Aug-2004		7.400%		FL - 75.00%		Paid Off - 360		01-Jun-2004
75790808 1			189,500.00		188,998.08			17-Aug-2004		6.650%		ME - 84.98%		Paid Off - 360		01-Jun-2004
75843003 1			64,800.00		64,729.88			26-Aug-2004		10.990%		KS - 90.00%		Paid Off - 360		01-Jun-2004
75945402 1			100,000.00		99,812.86			10-Sep-2004		8.400%		CA - 82.64%		Paid Off - 360		01-Jun-2004
75960526 1			302,500.00		301,855.35			24-Aug-2004		7.750%		FL - 55.00%		Paid Off - 360		01-Jun-2004
75998880 1			272,000.00		271,359.58			13-Aug-2004		7.250%		NY - 38.86%		Paid Off - 360		01-Jun-2004
76017946 2			497,700.00		496,760.65			25-Aug-2004		8.350%		CA - 90.00%		Paid Off - 360		01-Jun-2004
76097906 1			112,000.00		111,736.30			16-Aug-2004		7.250%		CA - 70.00%		Paid Off - 360		01-Jun-2004
76157668 2			356,150.00		355,570.45			10-Sep-2004		10.200%		MD - 85.00%		Paid Off - 360		01-Jun-2004
76164482 1			108,750.00		108,566.67			26-Aug-2004		8.900%		IL - 75.00%		Paid Off - 360		01-Jun-2004
76227784 1			175,000.00		174,316.22			12-Aug-2004		10.150%		ME - 57.76%		Paid Off - 240		01-Jun-2004
76235209 1			301,500.00		300,716.84			12-Aug-2004		6.750%		FL - 90.00%		Paid Off - 360		01-Jun-2004
76259647 1			146,250.00		146,006.00			31-Aug-2004		8.950%		MD - 75.00%		Paid Off - 360		01-Jun-2004
76295989 1			168,456.00		167,949.41			07-Sep-2004		5.990%		NV - 90.00%		Paid Off - 360		01-Jun-2004
76348507 1			125,702.00		125,419.88			09-Sep-2004		7.500%		MD - 90.00%		Paid Off - 360		01-Jun-2004
76381441 1			346,000.00		345,516.91			19-Aug-2004		9.800%		CT - 74.41%		Paid Off - 360		01-Jun-2004
76384346 1			215,000.00		214,360.79			17-Aug-2004		6.050%		CA - 47.78%		Paid Off - 360		01-Jun-2004
76402528 1			107,200.00		107,038.87			18-Aug-2004		9.450%		WI - 58.90%		Paid Off - 360		01-Jun-2004
76419647 1			227,500.00		227,015.18			31-Aug-2004		7.750%		HI - 65.00%		Paid Off - 360		01-Jun-2004
76616168 1			143,000.00		142,724.54			16-Aug-2004		8.250%		MD - 88.27%		Paid Off - 360		01-Jun-2004
76761600 1			63,750.00		63,664.48			31-Aug-2004		9.990%		IN - 75.00%		Paid Off - 360		01-Jun-2004
76794528 1			153,000.00		152,620.81			12-Aug-2004		6.990%		FL - 72.86%		Paid Off - 360		01-Jun-2004
76936806 1			100,000.00		99,705.79			31-Aug-2004		6.990%		MA - 62.50%		Paid Off - 360		01-Jun-2004
76979707 1			191,250.00		191,002.08			03-Sep-2004		10.150%		ME - 85.00%		Paid Off - 360		01-Jun-2004
76998384 1			108,000.00		107,243.79			31-Aug-2004		7.300%		WI - 84.59%		Paid Off - 360		01-Jun-2004
77102242 1			103,000.00		102,413.04			08-Sep-2004		7.950%		WI - 73.57%		Paid Off - 360		01-Jun-2004
77124725 1			315,000.00		314,132.73			31-Aug-2004		6.450%		WA - 89.24%		Paid Off - 360		01-Jun-2004
77130128 2			200,000.00		199,529.08			31-Aug-2004		7.250%		IL - 81.63%		Paid Off - 360		01-Jun-2004
77168086 1			285,000.00		284,416.61			23-Aug-2004		7.950%		CA - 75.00%		Paid Off - 360		01-Jun-2004
77201408 1			262,000.00		261,278.62			12-Aug-2004		6.450%		MD - 80.62%		Paid Off - 360		01-Jun-2004
77203388 1			87,805.00		87,649.14			16-Aug-2004		8.650%		MI - 85.00%		Paid Off - 360		01-Jun-2004
77332880 1			162,000.00		161,583.29			01-Sep-2004		6.800%		NC - 87.57%		Paid Off - 360		01-Jun-2004
77333821 1			144,000.00		143,591.88			07-Sep-2004		6.300%		MD - 85.25%		Paid Off - 360		01-Jun-2004
77350189 1			212,500.00		211,931.68			27-Aug-2004		6.600%		CA - 83.99%		Paid Off - 360		01-Jun-2004
77350189 1			212,500.00		211,931.68			27-Aug-2004		6.600%		CA - 83.99%		Paid Off - 360		01-Jun-2004



Page 19 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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

77521789 1			84,000.00		83,858.40			24-Aug-2004		8.900%		FL - 75.00%		Paid Off - 360		01-Jun-2004
77521789 1			84,000.00		83,858.40			24-Aug-2004		8.900%		FL - 75.00%		Paid Off - 360		01-Jun-2004
77527927 1			240,000.00		239,602.93			31-Aug-2004		8.990%		NY - 80.00%		Paid Off - 360		01-Jun-2004
77561686 2			337,500.00		336,437.81			03-Sep-2004		5.750%		CA - 90.00%		Paid Off - 360		01-Jun-2004
77583326 1			107,950.00		107,737.78			25-Aug-2004		8.150%		IL - 85.00%		Paid Off - 360		01-Jun-2004
77719425 1			128,500.00		128,121.58			01-Sep-2004		6.100%		CA - 79.57%		Paid Off - 360		01-Jun-2004
77926541 1			160,200.00		159,900.71			17-Aug-2004		8.400%		MD - 90.00%		Paid Off - 360		01-Jun-2004
77942563 1			80,000.00		79,829.51			16-Aug-2004		7.750%		IL - 40.00%		Paid Off - 360		01-Jun-2004
78972346 2			250,000.00		249,572.49			07-Sep-2004		6.800%		MD - 86.21%		Paid Off - 360		01-Jul-2004
73552762 1			225,000.00		224,325.76			08-Sep-2004		7.500%		LA - 90.00%		Repur/Subs - 360		01-Jun-2004
74695263 1			117,000.00		116,806.43			09-Sep-2004		8.990%		TN - 90.00%		Repur/Subs - 360		01-Jul-2004


TOTAL			16,652,565.00		16,603,729.70
TOTAL


Page 20 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


*Current*
*Current*



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

*Cumulative*
*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 21 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 2004 Distribution


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 22 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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 23 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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 24 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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										160,520,051.93		795,176,086.96		955,696,138.89
Delinquency Percentage														0.430000%


Certificate Balances OF MEZZANINE and C Certs														169,000,008.58
Credit Enhancement Percentage														0.180000%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Current LIBOR														1.620000%
NEXT LIBOR




Page 25 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 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		953.46
										0.06%			0.00		953.46
			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 26 of 27
Ameriquest Mortgage Securities, Inc. 2004-R5

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

September 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 27 of 27

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