

                                       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): November 26, 2004
                           (Date of earliest event reported)

         Ameriquest Mortgage Securities Inc (as Depositor under the Trust
         Agreement, dated as July 1, 2004, providing for the issuance of
          Asset-Backed Pass-Through Certificates, Series 2004-R7)
                 (Exact name of registrant as specified in charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-112203-03                          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) 564-0660

            (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
     November 26, 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:  Dec 06, 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 November 26, 2004.



Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller
									1. Certificate Payment Report					2
				Ameriquest Mortgage Corp
									2. Collection Account Report					6

									3. Credit Enhancement Report					8
									4. Collateral Report					9
				Certificate Insurer(s)					5. Delinquency Report					12

									6. REO Report					15

				Financial Security Assurance					7. Foreclosure Report					16
									8. Prepayment Report					17
									9. Prepayment Detail Report					20

									10. Realized Loss Report					29
									11. Realized Loss Detail Report					32
				Servicer(s)
									12. Triggers and Adj. Cert. Report					33
				Ameriquest Mortgage Corp
									13. Additional Certificate Report					34



				Underwriter(s)
				Citigroup


									Total Number of Pages					34


				Dates					Contacts

				Cut-Off Date:		July 01, 2004			Valerie Delgado
				Close Date:		July 07, 2004			Administrator
				First Distribution Date:		August 25, 2004			(714) 247-6273
									valerie.m.delgado@db.com

									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		November 26, 2004
									Factor Information:			(800) 735-7777
				Record Date:		October 29, 2004
									Main Phone Number:			(714) 247-6000

						November 24, 2004


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






Page 1 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC I
					Prior											Current
	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-1		$	1,588,146,000.00		1,519,516,609.64	2,907,341.78		43,621,716.55		46,529,058.33		0.00		0.00		1,475,894,893.09

A-2		$	99,339,000.00		80,393,606.84	147,388.28		15,674,045.56		15,821,433.84		0.00		0.00		64,719,561.28
A-3		$	141,544,000.00		141,544,000.00	277,111.70		0.00		277,111.70		0.00		0.00		141,544,000.00
A-4		$	81,370,000.00		81,370,000.00	177,386.60		0.00		177,386.60		0.00		0.00		81,370,000.00
A-5		$	41,800,000.00		31,993,755.90	58,370.83		8,112,975.82		8,171,346.65		0.00		0.00		23,880,780.08
A-6		$	125,000,000.00		125,000,000.00	255,833.33		0.00		255,833.33		0.00		0.00		125,000,000.00
M-1		$	45,600,000.00		45,600,000.00	99,408.00		0.00		99,408.00		0.00		0.00		45,600,000.00
M-2		$	18,000,000.00		18,000,000.00	41,000.00		0.00		41,000.00		0.00		0.00		18,000,000.00
M-3		$	57,600,000.00		57,600,000.00	133,760.00		0.00		133,760.00		0.00		0.00		57,600,000.00
M-4		$	28,800,000.00		28,800,000.00	68,672.00		0.00		68,672.00		0.00		0.00		28,800,000.00
M-5		$	26,400,000.00		26,400,000.00	72,336.00		0.00		72,336.00		0.00		0.00		26,400,000.00
M-6		$	30,000,000.00		30,000,000.00	87,533.33		0.00		87,533.33		0.00		0.00		30,000,000.00
M-7		$	22,800,000.00		22,800,000.00	73,618.67		0.00		73,618.67		0.00		0.00		22,800,000.00
M-8		$	20,400,000.00		20,400,000.00	71,309.33		0.00		71,309.33		0.00		0.00		20,400,000.00
M-9		$	20,400,000.00		20,400,000.00	74,029.33		0.00		74,029.33		0.00		0.00		20,400,000.00
M-10		$	16,800,000.00		16,800,000.00	77,392.00		0.00		77,392.00		0.00		0.00		16,800,000.00
M-11		$	12,000,000.00		12,000,000.00	47,280.00		0.00		47,280.00		0.00		0.00		12,000,000.00
CE		$	23,998,448.29		23,999,975.48	7,294,178.97		0.00		7,294,178.97		0.00		0.00		23,999,975.48
P		$	100.00		100.00	1,129,212.81		0.00		1,129,212.81		0.00		0.00		100.00
R		$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			2,399,997,548.29		2,302,618,047.86	13,093,162.96		67,408,737.93		80,501,900.89		0.00		0.00		2,235,209,309.93






Page 2 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

Interest Accrual Detail Current Period Factor Information per $1,0000 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)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	10/25/04		11/25/04		A-Act/360	03072STB1		1,588,146,000.00		956.786473		1.830651		27.467069		29.297721	929.319403
A-2	10/25/04		11/25/04		A-Act/360	03072STC9		99,339,000.00		809.285445		1.483690		157.783404		159.267094	651.502041
A-3	10/25/04		11/25/04		A-Act/360	03072STD7		141,544,000.00		1,000.000000		1.957778		0.000000		1.957778	1,000.000000
A-4	10/25/04		11/25/04		A-Act/360	03072STE5		81,370,000.00		1,000.000000		2.180000		0.000000		2.180000	1,000.000000
A-5	10/25/04		11/25/04		A-Act/360	03072STF2		41,800,000.00		765.400859		1.396431		194.090331		195.486762	571.310528
A-6	10/25/04		11/25/04		A-Act/360	03072STT2		125,000,000.00		1,000.000000		2.046667		0.000000		2.046667	1,000.000000
M-1	10/25/04		11/25/04		A-Act/360	03072STG0		45,600,000.00		1,000.000000		2.180000		0.000000		2.180000	1,000.000000
M-2	10/25/04		11/25/04		A-Act/360	03072STH8		18,000,000.00		1,000.000000		2.277778		0.000000		2.277778	1,000.000000
M-3	10/25/04		11/25/04		A-Act/360	03072STJ4		57,600,000.00		1,000.000000		2.322222		0.000000		2.322222	1,000.000000
M-4	10/25/04		11/25/04		A-Act/360	03072STK1		28,800,000.00		1,000.000000		2.384444		0.000000		2.384444	1,000.000000
M-5	10/25/04		11/25/04		A-Act/360	03072STL9		26,400,000.00		1,000.000000		2.740000		0.000000		2.740000	1,000.000000
M-6	10/25/04		11/25/04		A-Act/360	03072STM7		30,000,000.00		1,000.000000		2.917778		0.000000		2.917778	1,000.000000
M-7	10/25/04		11/25/04		A-Act/360	03072STN5		22,800,000.00		1,000.000000		3.228889		0.000000		3.228889	1,000.000000
M-8	10/25/04		11/25/04		A-Act/360	03072STP0		20,400,000.00		1,000.000000		3.495555		0.000000		3.495555	1,000.000000
M-9	10/25/04		11/25/04		A-Act/360	03072STQ8		20,400,000.00		1,000.000000		3.628889		0.000000		3.628889	1,000.000000
M-10	10/25/04		11/25/04		A-Act/360	03072STR6		16,800,000.00		1,000.000000		4.606667		0.000000		4.606667	1,000.000000
M-11	10/25/04		11/25/04		A-Act/360	03072STS4		12,000,000.00		1,000.000000		3.940000		0.000000		3.940000	1,000.000000
CE	10/01/04		10/30/04		F-30/360	AQ04R7201		23,998,448.29		1,000.063637		303.943775		0.000000		303.943775	1,000.063637
P	10/01/04		10/30/04		A-30/360	AQ04R7202		100.00		1,000.000000		###############		0.000000		###############	1,000.000000
R	10/01/04		10/30/04		A-30/360	AQ04R7203		0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

Distribution to Date - REMIC I
																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-1	1,588,146,000.00		11,436,446.28		105,664,010.07	6,587,096.84		112,251,106.91		123,687,553.19		0.00		0.00		1,475,894,893.09
A-2	99,339,000.00		636,533.25		33,355,258.23	1,264,180.49		34,619,438.72		35,255,971.97		0.00		0.00		64,719,561.28
A-3	141,544,000.00		1,068,008.46		0.00	0.00		0.00		1,068,008.46		0.00		0.00		141,544,000.00
A-4	81,370,000.00		694,210.42		0.00	0.00		0.00		694,210.42		0.00		0.00		81,370,000.00
A-5	41,800,000.00		260,712.39		17,264,872.85	654,347.07		17,919,219.92		18,179,932.31		0.00		0.00		23,880,780.08
A-6	125,000,000.00		992,482.64		0.00	0.00		0.00		992,482.64		0.00		0.00		125,000,000.00
M-1	45,600,000.00		389,037.66		0.00	0.00		0.00		389,037.66		0.00		0.00		45,600,000.00
M-2	18,000,000.00		161,377.50		0.00	0.00		0.00		161,377.50		0.00		0.00		18,000,000.00
M-3	57,600,000.00		527,768.00		0.00	0.00		0.00		527,768.00		0.00		0.00		57,600,000.00
M-4	28,800,000.00		271,836.00		0.00	0.00		0.00		271,836.00		0.00		0.00		28,800,000.00
M-5	26,400,000.00		290,836.34		0.00	0.00		0.00		290,836.34		0.00		0.00		26,400,000.00
M-6	30,000,000.00		354,162.49		0.00	0.00		0.00		354,162.49		0.00		0.00		30,000,000.00
M-7	22,800,000.00		300,640.17		0.00	0.00		0.00		300,640.17		0.00		0.00		22,800,000.00
M-8	20,400,000.00		293,133.83		0.00	0.00		0.00		293,133.83		0.00		0.00		20,400,000.00
M-9	20,400,000.00		305,203.83		0.00	0.00		0.00		305,203.83		0.00		0.00		20,400,000.00
M-10	16,800,000.00		324,237.67		0.00	0.00		0.00		324,237.67		0.00		0.00		16,800,000.00
M-11	12,000,000.00		196,098.33		0.00	0.00		0.00		196,098.33		0.00		0.00		12,000,000.00
CE	23,998,448.29		30,482,390.07		0.00	0.00		0.00		30,482,390.07		0.00		1,527.19		23,999,975.48
P	100.00		2,091,562.96		0.00	0.00		0.00		2,091,562.96		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	2,399,997,548.29		51,076,678.29		156,284,141.15	8,505,624.40		164,789,765.55		215,866,443.84		0.00		1,527.19		2,235,209,309.93



Page 4 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

Interest Detail - REMIC I
	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		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	2.15250%		1,519,516,609.64		2,907,341.78	0.00		0.00		0.00		2,907,341.78		2,907,341.78		0.00
A-2	2.06250%		80,393,606.84		147,388.28	0.00		0.00		0.00		147,388.28		147,388.28		0.00
A-3	2.20250%		141,544,000.00		277,111.70	0.00		0.00		0.00		277,111.70		277,111.70		0.00
A-4	2.45250%		81,370,000.00		177,386.60	0.00		0.00		0.00		177,386.60		177,386.60		0.00
A-5	2.05250%		31,993,755.90		58,370.83	0.00		0.00		0.00		58,370.83		58,370.83		0.00
A-6	2.30250%		125,000,000.00		255,833.33	0.00		0.00		0.00		255,833.33		255,833.33		0.00
M-1	2.45250%		45,600,000.00		99,408.00	0.00		0.00		0.00		99,408.00		99,408.00		0.00
M-2	2.56250%		18,000,000.00		41,000.00	0.00		0.00		0.00		41,000.00		41,000.00		0.00
M-3	2.61250%		57,600,000.00		133,760.00	0.00		0.00		0.00		133,760.00		133,760.00		0.00
M-4	2.68250%		28,800,000.00		68,672.00	0.00		0.00		0.00		68,672.00		68,672.00		0.00
M-5	3.08250%		26,400,000.00		72,336.00	0.00		0.00		0.00		72,336.00		72,336.00		0.00
M-6	3.28250%		30,000,000.00		87,533.33	0.00		0.00		0.00		87,533.33		87,533.33		0.00
M-7	3.63250%		22,800,000.00		73,618.67	0.00		0.00		0.00		73,618.67		73,618.67		0.00
M-8	3.93250%		20,400,000.00		71,309.33	0.00		0.00		0.00		71,309.33		71,309.33		0.00
M-9	4.08250%		20,400,000.00		74,029.33	0.00		0.00		0.00		74,029.33		74,029.33		0.00
M-10	5.18250%		16,800,000.00		77,392.00	0.00		0.00		0.00		77,392.00		77,392.00		0.00
M-11	4.43250%		12,000,000.00		47,280.00	0.00		0.00		0.00		47,280.00		47,280.00		0.00
CE	364.70932%		23,999,975.48		0.00	0.00		0.00		0.00		0.00		7,294,178.97		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		1,129,212.81		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			2,302,618,047.86		4,669,771.18	0.00		0.00		0.00		4,669,771.18		13,093,162.96		0.00



Page 5 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Collection Account Report
SUMMARY

									Group 2		Group 1		Total
Principal Collections									23,787,021.38		43,621,716.55		67,408,737.93
Principal Withdrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									23,787,021.38		43,621,716.55		67,408,737.93
Interest Collections									2,946,894.47		10,221,756.43		#######
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Fees									-283,666.57		-921,035.50		-1,204,702.07
Interest Other Accounts													1,129,214.13
TOTAL NET INTEREST									2,663,227.90		9,300,720.93		13,093,162.97
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION													80,501,900.90



PRINCIPAL - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Principal Received										463,276.89		1,623,447.54		2,086,724.43
Curtailments										533,856.65		202,925.97		736,782.62
Prepayments In Full										22,672,847.57		41,475,715.78		64,148,563.35
Repurchased/Substitutions										117,040.27		319,627.26		436,667.53
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										-388,496.13		-1,328,684.22		-1,717,180.35
Realized Losses										-0.00		-0.00		-0.00
Advanced Principal										388,496.13		1,328,684.22		1,717,180.35
TOTAL PRINCIPAL COLLECTED										23,787,021.38		43,621,716.55		67,408,737.93


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS

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





Page 6 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

INTEREST - COLLECTIONS

									Group 2		Group 1		Total
Scheduled Interest									3,129,385.59		10,824,080.30		13,953,465.89
Repurchased/Substitution Interest									876.83		1,887.22		2,764.05
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									-20,054.79		-41,374.97		-61,429.77
Delinquent Interest									-2,579,607.02		-8,939,223.74		-11,518,830.76
Compensating Interest									20,054.79		41,374.97		61,429.77
Civil Relief Act Shortfalls									-0.00		-0.00		-0.00
Interest Advanced									2,396,239.07		8,335,012.66		10,731,251.73
TOTAL INTEREST COLLECTED									2,946,894.47		10,221,756.43		13,168,650.91


INTEREST - WITHDRAWALS

									Group 2		Group 1		Total
Non-Recoverable Advances									0.00		0.00		0.00
Reimbursements to Master Servicer									0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS									0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS

									Group 2		Group 1		Total
Prepayment Charges													1,129,212.81
Net WAC Investment Income													1.32
TOTAL INTEREST OTHER ACCOUNTS													1,129,214.13



INTEREST - FEES

									Group 2		Group 1		Total
Current Servicing Fees									40,090.09		131,755.06		171,845.15
Trustee Fees									402.22		1,324.74		1,726.96
TOTAL INTEREST FEES									283,666.57		921,035.50		1,204,702.07




Page 7 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

									Group 2		Group 1		Total
PMI									243,174.26		711,979.87		955,154.13
Certificate Insurance Policy Payment ( Class A-1)											75,975.83		75,975.83



STRUCTURAL FEATURES

									Group 2		Group 1		Total
Overcollateralized Amount													23,999,975.48
Overcollateralization Reduction Amount													0.00
Overcollateralization Deficiency Amount													0.00
Overcollateralization Target Amount													23,999,975.48

Class A Certificate Defiency Amount													0.00



Page 8 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									2,298		12,946		15,244
Prior									2,203		12,559		14,762
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-74		-243		-317
Repurchases									-1		-2		-3
Liquidations									-0		-0		-0
Current									2,128		12,314		14,442
*Principal Balance:*


Original									565,050,513.03		1,834,947,035.26		2,399,997,548.29
Prior									536,299,284.97		1,766,318,762.89		2,302,618,047.86
Prefunding									0.00		0.00		0.00
Scheduled Principal									-463,276.89		-1,623,447.54		-2,086,724.43
Partial Prepayments									-533,856.65		-202,925.97		-736,782.62
Full Voluntary Prepayments									-22,672,847.57		-41,475,715.78		-64,148,563.35
Repurchases									-117,040.27		-319,627.26		-436,667.53
Liquidations									-0.00		-0.00		-0.00
Current									512,512,263.59		1,722,697,046.34		2,235,209,309.93





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 9 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

CHARACTERISTICS

									Group 2		Group 1		Total
Weighted Average Coupon Original									7.03206%		7.37214%		7.29207%
Weighted Average Coupon Prior									7.01984%		7.36074%		7.28074%
Weighted Average Coupon Current									7.00414%		7.35494%		7.27323%
Weighted Average Months to Maturity Original									355		347		349
Weighted Average Months to Maturity Prior									352		345		346
Weighted Average Months to Maturity Current									351		343		345
Weighted Avg Remaining Amortization Term Original									355		347		349
Weighted Avg Remaining Amortization Term Prior									352		345		346
Weighted Avg Remaining Amortization Term Current									351		343		345
Weighted Average Seasoning Original									2.08		2.13		2.12
Weighted Average Seasoning Prior									4.07		4.12		4.11
Weighted Average Seasoning Current									5.08		5.12		5.11









Page 10 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

ARM CHARACTERISTICS

									Group 2		Group 1		Total
Weighted Average Margin Original									5.88406%		6.00664%		5.97403%
Weighted Average Margin Prior									5.88765%		6.00667%		5.97505%
Weighted Average Margin Current									5.88436%		6.00451%		5.97278%
Weighted Average Max Rate Original									13.10038%		13.38875%		13.31203%
Weighted Average Max Rate Prior									13.08734%		13.37514%		13.29866%
Weighted Average Max Rate Current									13.07303%		13.36814%		13.29019%
Weighted Average Min Rate Original									7.10038%		7.38875%		7.31203%
Weighted Average Min Rate Prior									7.08734%		7.37514%		7.29866%
Weighted Average Min Rate Current									7.07303%		7.36814%		7.29019%
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									40,090.09		131,755.06		171,845.15
Delinquent Servicing Fees									183,367.95		604,211.09		787,579.03
TOTAL SERVICING FEES									223,458.04		735,966.18		959,424.21


Total Servicing Fees									223,458.04		735,966.18		959,424.21
Compensating Interest									-20,054.79		-41,374.97		-61,429.77
Delinquent Servicing Fees									-183,367.95		-604,211.09		-787,579.03
COLLECTED SERVICING FEES									40,090.09		131,755.06		110,415.42


Total Advanced Interest									2,396,239.07		8,335,012.66		10,731,251.73
Total Advanced Principal									388,496.13		1,328,684.22		1,717,180.35
Aggregate Advances with respect to this Distribution									2,784,735.20		9,663,696.88		12,448,432.08





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)									20,054.79		41,374.97		61,429.77
Compensating Interest									-20,054.79		-41,374.97		-61,429.77
Net Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00


Ending Pool Stated Principal Balance									512,512,263.59		1,722,697,046.34		2,235,209,309.93
Weighted Average Net Mortgage Rate									5.959123%		6.370332%		6.274558%




Page 11 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			31,571,482.08		17,602,392.12		4,455,621.80		53,629,496.00
			% Balance			1.41%		0.79%		0.20%		2.40%
			# Loans			237		123		31		391
			% # Loans			1.64%		0.85%		0.21%		2.71%
	FORECLOSURE		Balance		0.00	0.00		461,356.22		4,117,519.13		4,578,875.35
			% Balance		0.00%	0.00%		0.02%		0.18%		0.20%
			# Loans		0	0		3		26		29
			% # Loans		0.00%	0.00%		0.02%		0.18%		0.20%
	BANKRUPTCY		Balance		3,624,420.28	485,909.43		299,982.91		592,523.43		5,002,836.05
			% Balance		0.16%	0.02%		0.01%		0.03%		0.22%
			# Loans		25	3		2		5		35
			% # Loans		0.17%	0.02%		0.01%		0.03%		0.24%
	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		3,624,420.28	32,057,391.51		18,363,731.25		9,165,664.36		63,211,207.40
			% Balance		0.16%	1.43%		0.82%		0.41%		2.83%
			# Loans		25	240		128		62		455
			% # Loans		0.17%	1.66%		0.89%		0.43%		3.15%









Page 12 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			24,701,638.35		13,669,618.59		2,867,346.52		41,238,603.46
			% Balance			1.43%		0.79%		0.17%		2.39%
			# Loans			204		103		23		330
			% # Loans			1.66%		0.84%		0.19%		2.68%
	FORECLOSURE		Balance		0.00	0.00		461,356.22		2,738,329.19		3,199,685.41
			% Balance		0.00%	0.00%		0.03%		0.16%		0.19%
			# Loans		0	0		3		22		25
			% # Loans		0.00%	0.00%		0.02%		0.18%		0.20%
	BANKRUPTCY		Balance		3,151,982.01	485,909.43		299,982.91		592,523.43		4,530,397.78
			% Balance		0.18%	0.03%		0.02%		0.03%		0.26%
			# Loans		22	3		2		5		32
			% # Loans		0.18%	0.02%		0.02%		0.04%		0.26%
	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		3,151,982.01	25,187,547.78		14,430,957.72		6,198,199.14		48,968,686.65
			% Balance		0.18%	1.46%		0.84%		0.36%		2.84%
			# Loans		22	207		108		50		387
			% # Loans		0.18%	1.68%		0.88%		0.41%		3.14%










Page 13 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			6,869,843.73		3,932,773.53		1,588,275.28		12,390,892.54
			% Balance			1.34%		0.77%		0.31%		2.42%
			# Loans			33		20		8		61
			% # Loans			1.55%		0.94%		0.38%		2.87%
	FORECLOSURE		Balance		0.00	0.00		0.00		1,379,189.94		1,379,189.94
			% Balance		0.00%	0.00%		0.00%		0.27%		0.27%
			# Loans		0	0		0		4		4
			% # Loans		0.00%	0.00%		0.00%		0.19%		0.19%
	BANKRUPTCY		Balance		472,438.27	0.00		0.00		0.00		472,438.27
			% Balance		0.09%	0.00%		0.00%		0.00%		0.09%
			# Loans		3	0		0		0		3
			% # Loans		0.14%	0.00%		0.00%		0.00%		0.14%
	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		472,438.27	6,869,843.73		3,932,773.53		2,967,465.22		14,242,520.75
			% Balance		0.09%	1.34%		0.77%		0.58%		2.78%
			# Loans		3	33		20		12		68
			% # Loans		0.14%	1.55%		0.94%		0.56%		3.20%









Page 14 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 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




TOTAL



Page 15 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 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
72436884 1
			117,000.00		116,520.07	01-Jun-2004		7.990%		OH - 84.78%		360		01-Jun-2004

72538283 1			238,000.00		237,246.10	01-Jun-2004		8.350%		AL - 89.81%		360		01-Jul-2004
75753483 1			60,000.00		59,673.26	01-May-2004		6.550%		OH - 75.00%		360		01-Jun-2004
76237007 1			73,000.00		72,797.19	01-Jun-2004		8.990%		HI - 58.40%		360		01-Jul-2004
76583269 1			300,000.00		298,977.92	01-Jun-2004		7.990%		IN - 59.41%		360		01-Jul-2004
77152320 1			111,750.00		111,559.87	01-Jul-2004		11.300%		AZ - 75.00%		360		01-Jul-2004
77249803 1			78,500.00		78,339.54	01-Jun-2004		10.450%		MI - 74.76%		360		01-Jul-2004
77471605 1			276,000.00		275,019.69	01-Jul-2004		8.700%		NY - 74.59%		360		01-Jun-2004
77923720 1			179,100.00		178,566.37	01-Jun-2004		8.650%		GA - 90.00%		360		01-Jul-2004
77931624 1			123,000.00		122,692.62	01-Jun-2004		9.500%		CO - 75.00%		360		#######
78042884 1			70,000.00		69,809.89	01-Jun-2004		9.100%		CA - 69.31%		360		01-Jul-2004
78095387 1			132,000.00		131,782.59	01-Jun-2004		11.450%		GA - 80.00%		360		01-Jul-2004
78360740 1			96,300.00		95,908.43	01-Jun-2004		7.100%		MO - 90.00%		360		01-Jul-2004
78621224 1			74,970.00		74,776.66	01-Jul-2004		9.350%		GA - 85.00%		360		01-Jul-2004
78640661 1			78,800.00		78,493.27	01-Jun-2004		8.250%		GA - 84.91%		360		01-Jun-2004
78646783 1			103,500.00		103,168.78	01-Jun-2004		8.300%		GA - 90.00%		360		01-Jul-2004
78662301 1			121,500.00		121,111.18	01-Jun-2004		8.300%		GA - 90.00%		360		01-Jul-2004
78777422 1			215,000.00		214,325.83	01-Jun-2004		8.400%		MN - 89.58%		360		01-Jul-2004
79672242 1			133,600.00		133,233.39	01-Jun-2004		9.050%		GA - 80.00%		360		01-Jul-2004
79681102 1			60,000.00		59,795.54	01-Jun-2004		7.990%		FL - 56.03%		360		01-Jul-2004
80129422 1			86,400.00		86,184.10	01-Jun-2004		9.500%		FL - 80.00%		360		01-Jul-2004
80130685 1			62,475.00		62,334.14	01-Jun-2004		9.990%		IN - 85.58%		360		01-Jul-2004
80784143 1			210,000.00		209,475.26	01-Jun-2004		9.500%		LA - 70.00%		360		01-Jul-2004
80933344 1			148,500.00		148,015.08	01-Jun-2004		8.200%		FL - 90.00%		360		01-Jul-2004
81061624 1			60,000.00		59,878.64	01-Jun-2004		10.500%		FL - 75.00%		360		01-Jul-2004
78282027 2			66,300.00		66,110.39	01-Jun-2004		8.850%		FL - 85.00%		360		01-Jul-2004
80020209 2			436,000.00		434,852.25	01-Jun-2004		9.250%		NY - 80.00%		360		01-Jul-2004
80133424 2			549,000.00		547,474.80	01-Jun-2004		8.990%		NY - 90.00%		360		01-Jul-2004
80914666 2			332,000.00		330,752.50	01-Jun-2004		7.500%		NY - 74.61%		360		01-Jul-2004


TOTAL			4,592,695.00		4,578,875.35



Page 16 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									74		243		317
Number of Repurchased Loans									1		2		3
Total Number of Loans Prepaid in Full									75		245		320
Curtailments Amount									533,856.65		202,925.97		736,782.62
Paid in Full Balance									22,672,847.57		41,475,715.78		64,148,563.35
Repurchased Loans Balance									117,040.27		319,627.26		436,667.53
Total Prepayment Amount									23,323,744.49		41,998,269.01		65,322,013.50

*Cumulative*


Number of Paid in Full Loans									160		540		700
Number of Repurchased Loans									10		92		102
Total Number of Loans Prepaid in Full									170		632		802
Paid in Full Balance									47,050,056.00		91,733,899.86		138,783,955.86
Repurchased Loans Balance									2,940,714.66		13,131,597.40		16,072,312.06
Curtailments Amount									628,951.22		797,394.82		1,426,346.04
Total Prepayment Amount									50,619,721.88		105,662,892.08		156,282,613.96










Page 17 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES


										Group 2		Group 1		Total



SMM									4.35%		2.38%		2.84%
3 Months Avg SMM									2.67%		1.61%		1.86%
12 Months Avg SMM									2.33%		1.48%		1.67%
Avg SMM Since Cut-off									2.33%		1.48%		1.67%


CPR									41.38%		25.10%		29.22%
3 Months Avg CPR									27.73%		17.73%		20.17%
12 Months Avg CPR									24.60%		16.34%		18.34%
Avg CPR Since Cut-off									24.60%		16.34%		18.34%


PSA									4,075.33%		2,451.70%		2,859.86%
3 Months Avg PSA Approximation									3,402.48%		2,150.87%		2,453.17%
12 Months Avg PSA Approximation									3,437.80%		2,255.29%		2,538.17%
Avg PSA Since Cut-off Approximation									3,437.80%		2,255.30%		2,538.17%










Page 18 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 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))

	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 19 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 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	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

62053723 1			110,000.00		109,564.11		08-Nov-2004		10.700%		IL - 73.33%		Paid Off - 360		01/01/2004

62990643 1			90,750.00		90,375.57		25-Oct-2004		9.990%		AZ - 78.23%		Paid Off - 360		02/01/2004
63032924 1			297,000.00		295,492.21		18-Oct-2004		8.990%		CA - 90.00%		Paid Off - 360		02/01/2004
64480924 1			159,000.00		158,304.24		10-Nov-2004		9.900%		MA - 60.00%		Paid Off - 360		02/01/2004
64919863 1			225,000.00		221,317.16		29-Oct-2004		7.750%		FL - 88.24%		Paid Off - 240		02/01/2004
64998586 1			136,000.00		135,274.82		28-Oct-2004		8.750%		CA - 85.00%		Paid Off - 360		02/01/2004
65360208 1			230,000.00		228,656.66		03-Nov-2004		8.300%		NY - 83.94%		Paid Off - 360		02/01/2004
65545964 1			259,250.00		257,311.04		30-Oct-2004		7.050%		CA - 75.14%		Paid Off - 360		02/01/2004
65590887 1			60,000.00		59,555.61		01-Nov-2004		7.100%		FL - 41.10%		Paid Off - 360		02/01/2004
65701542 1			128,250.00		127,693.60		28-Oct-2004		9.750%		FL - 75.00%		Paid Off - 360		02/01/2004
67102145 2			344,250.00		342,354.60		13-Oct-2004		7.990%		CO - 85.00%		Paid Off - 360		03/01/2004
67547067 2			60,300.00		59,961.92		03-Nov-2004		7.900%		MD - 90.00%		Paid Off - 360		03/01/2004
70777446 1			74,792.00		74,429.37		18-Oct-2004		7.990%		FL - 78.73%		Paid Off - 360		04/01/2004
70844089 1			139,500.00		139,253.29		28-Oct-2004		10.850%		WI - 75.00%		Paid Off - 360		07/01/2004
71160501 1			235,800.00		234,875.91		30-Oct-2004		8.990%		FL - 90.00%		Paid Off - 360		04/01/2004
73248544 1			178,000.00		177,541.25		27-Oct-2004		8.250%		RI - 89.00%		Paid Off - 360		07/01/2004
73991325 1			97,750.00		97,487.80		03-Nov-2004		10.050%		IL - 85.00%		Paid Off - 360		05/01/2004
74553280 1			262,000.00		261,419.87		29-Oct-2004		8.990%		NY - 74.86%		Paid Off - 360		07/01/2004
74705682 1			276,500.00		275,272.62		20-Oct-2004		6.650%		MA - 72.76%		Paid Off - 360		06/01/2004
75660829 1			186,000.00		185,307.99		19-Oct-2004		7.550%		CA - 54.93%		Paid Off - 360		06/01/2004
75661728 1			150,000.00		149,701.32		25-Oct-2004		9.500%		CA - 75.00%		Paid Off - 360		07/01/2004
75663823 2			428,500.00		427,123.86		10-Nov-2004		7.150%		AL - 89.27%		Paid Off - 360		07/01/2004
75874644 1			100,000.00		99,564.64		22-Oct-2004		6.750%		CA - 29.85%		Paid Off - 360		06/01/2004
76127349 1			95,200.00		95,056.23		21-Oct-2004		10.800%		CA - 85.00%		Paid Off - 360		07/01/2004
76131648 1			144,375.00		143,746.42		08-Nov-2004		6.750%		CT - 87.50%		Paid Off - 360		06/01/2004
76198084 1			189,500.00		188,970.55		28-Oct-2004		7.850%		MN - 84.60%		Paid Off - 360		07/01/2004
76288109 1			320,000.00		319,114.85		08-Nov-2004		7.900%		NY - 76.19%		Paid Off - 360		07/01/2004
76367689 1			108,000.00		107,565.84		27-Oct-2004		5.990%		MN - 58.70%		Paid Off - 360		07/01/2004
76405802 1			225,000.00		223,998.79		02-Nov-2004		5.450%		CA - 90.00%		Paid Off - 360		07/01/2004
76420108 1			104,000.00		103,800.64		01-Nov-2004		10.750%		NY - 77.04%		Paid Off - 360		06/01/2004
76637164 1			120,000.00		119,690.74		10-Nov-2004		8.250%		AZ - 82.76%		Paid Off - 360		07/01/2004
76639707 2			428,975.00		427,689.54		08-Nov-2004		7.500%		CA - 87.55%		Paid Off - 360		07/01/2004
76747401 1			116,500.00		116,115.71		09-Nov-2004		8.150%		OH - 93.20%		Paid Off - 360		06/01/2004
76949601 1			200,800.00		198,556.35		09-Nov-2004		5.990%		MA - 80.00%		Paid Off - 240		07/01/2004
77048486 1			200,000.00		199,468.65		29-Oct-2004		8.100%		CA - 80.00%		Paid Off - 360		07/01/2004
77054443 1			178,489.00		177,737.70		22-Oct-2004		7.050%		IL - 89.24%		Paid Off - 360		06/01/2004
77274561 1			90,000.00		89,835.25		04-Nov-2004		9.900%		SC - 90.00%		Paid Off - 360		07/01/2004




Page 20 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

77390326 1			85,000.00		84,665.39		25-Oct-2004		6.100%		MN - 73.91%		Paid Off - 360		07/01/2004

77391324 2			87,472.00		87,217.59		22-Oct-2004		7.650%		KY - 72.89%		Paid Off - 360		07/01/2004
77394906 2			225,000.00		224,179.73		20-Oct-2004		6.500%		AZ - 88.58%		Paid Off - 360		07/01/2004
77449486 2			289,000.00		288,292.21		26-Oct-2004		8.500%		CT - 85.00%		Paid Off - 360		07/01/2004
77478642 1			205,000.00		204,348.09		10-Nov-2004		7.200%		MD - 89.13%		Paid Off - 360		07/01/2004
77549020 1			183,000.00		182,393.51		14-Oct-2004		6.990%		MD - 62.03%		Paid Off - 360		07/01/2004
77606283 1			150,000.00		149,725.47		05-Nov-2004		9.900%		MD - 75.00%		Paid Off - 360		07/01/2004
77617124 1			296,000.00		295,290.89		29-Oct-2004		8.750%		NY - 74.47%		Paid Off - 360		07/01/2004
77636124 1			195,000.00		194,522.39		26-Oct-2004		8.500%		NY - 70.91%		Paid Off - 360		07/01/2004
77694420 1			94,000.00		93,698.09		12-Oct-2004		7.150%		IL - 54.65%		Paid Off - 360		07/01/2004
77699825 1			145,000.00		144,476.45		30-Oct-2004		6.550%		MA - 50.00%		Paid Off - 360		07/01/2004
77767101 2			354,000.00		352,671.62		28-Oct-2004		6.350%		CA - 71.52%		Paid Off - 360		07/01/2004
77782365 1			94,000.00		93,744.63		20-Oct-2004		7.990%		CA - 89.52%		Paid Off - 360		07/01/2004
77800985 1			131,000.00		130,397.12		15-Oct-2004		6.500%		WA - 72.38%		Paid Off - 360		06/01/2004
77807923 1			265,000.00		264,259.58		28-Oct-2004		7.850%		CA - 84.13%		Paid Off - 360		07/01/2004
77823383 1			97,500.00		97,219.26		03-Nov-2004		7.700%		GA - 77.38%		Paid Off - 360		07/01/2004
77854305 1			112,500.00		112,182.85		26-Oct-2004		7.990%		MD - 75.00%		Paid Off - 360		07/01/2004
77856706 2			438,000.00		436,713.40		30-Oct-2004		7.600%		NY - 36.50%		Paid Off - 360		07/01/2004
77865129 1			121,410.00		120,008.12		19-Oct-2004		8.990%		NY - 90.00%		Paid Off - 240		07/01/2004
77868321 1			161,000.00		72,129.57		29-Oct-2004		5.950%		MD - 52.70%		Paid Off - 360		07/01/2004
77896322 1			210,250.00		209,760.81		29-Oct-2004		8.750%		WA - 72.50%		Paid Off - 360		07/01/2004
77907624 1			382,500.00		381,610.05		02-Nov-2004		8.750%		NY - 85.00%		Paid Off - 360		07/01/2004
77912905 1			211,500.00		210,859.88		13-Oct-2004		7.450%		MD - 90.00%		Paid Off - 360		07/01/2004
77931384 2			165,600.00		164,757.45		08-Nov-2004		5.990%		CA - 90.00%		Paid Off - 360		06/01/2004
77939700 1			135,000.00		134,662.52		22-Oct-2004		8.400%		IL - 90.00%		Paid Off - 360		07/01/2004
77962181 1			171,003.00		170,529.15		10-Nov-2004		8.450%		GA - 83.83%		Paid Off - 360		07/01/2004
77982668 1			240,000.00		239,381.50		21-Oct-2004		8.250%		MD - 87.27%		Paid Off - 360		07/01/2004
77982742 1			120,650.00		120,273.80		14-Oct-2004		7.300%		MD - 95.00%		Paid Off - 360		07/01/2004
77991404 1			213,000.00		212,294.09		02-Nov-2004		6.990%		GA - 58.36%		Paid Off - 360		07/01/2004
78000205 1			193,500.00		192,884.66		25-Oct-2004		7.200%		HI - 54.20%		Paid Off - 360		07/01/2004
78016607 1			240,000.00		238,922.04		26-Oct-2004		5.400%		MA - 80.00%		Paid Off - 360		07/01/2004
78017100 1			230,500.00		229,521.24		20-Oct-2004		5.700%		CA - 86.98%		Paid Off - 360		07/01/2004
78025103 1			113,500.00		113,347.78		29-Oct-2004		9.990%		CO - 50.00%		Paid Off - 360		08/01/2004
78040946 1			196,000.00		195,319.25		28-Oct-2004		6.750%		CA - 81.67%		Paid Off - 360		07/01/2004
78056066 1			101,000.00		100,717.80		02-Nov-2004		7.850%		MA - 28.45%		Paid Off - 360		07/01/2004
78056686 1			165,000.00		164,437.99		04-Nov-2004		6.850%		NY - 61.11%		Paid Off - 360		07/01/2004
78082880 1			294,000.00		293,161.88		04-Nov-2004		7.750%		MD - 84.73%		Paid Off - 360		07/01/2004
78129343 1			323,000.00		321,740.62		03-Nov-2004		6.150%		NY - 70.99%		Paid Off - 360		07/01/2004




Page 21 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

78169125 1			245,000.00		244,106.82		15-Oct-2004		6.500%		CA - 81.67%		Paid Off - 360		07/01/2004

78169786 1			200,000.00		199,369.17		05-Nov-2004		7.450%		CA - 58.82%		Paid Off - 360		07/01/2004
78175742 1			203,000.00		202,215.70		13-Oct-2004		8.650%		WI - 84.34%		Paid Off - 360		07/01/2004
78205648 2			368,100.00		367,023.42		#######		7.700%		IL - 86.61%		Paid Off - 360		07/01/2004
78216603 2			315,000.00		314,267.09		02-Nov-2004		8.750%		NY - 54.31%		Paid Off - 360		07/01/2004
78227949 1			242,000.00		241,267.57		02-Nov-2004		7.450%		MA - 69.14%		Paid Off - 360		07/01/2004
78267408 1			205,000.00		204,271.49		29-Oct-2004		7.550%		NV - 82.00%		Paid Off - 360		07/01/2004
78268562 2			64,400.00		64,205.84		28-Oct-2004		8.750%		AZ - 68.51%		Paid Off - 360		07/01/2004
78291549 1			150,000.00		149,572.41		10-Nov-2004		7.750%		ME - 75.00%		Paid Off - 360		07/01/2004
78308269 1			215,000.00		214,323.02		05-Nov-2004		7.250%		NY - 49.43%		Paid Off - 360		07/01/2004
78325743 2			237,017.00		236,184.59		27-Oct-2004		6.700%		CA - 90.00%		Paid Off - 360		07/01/2004
78340064 1			60,000.00		59,473.82		05-Nov-2004		9.400%		WI - 63.16%		Paid Off - 360		07/01/2004
78375920 1			238,000.00		237,374.40		29-Oct-2004		8.250%		CA - 89.81%		Paid Off - 360		07/01/2004
78383742 1			79,000.00		78,785.38		09-Nov-2004		7.990%		WI - 75.24%		Paid Off - 360		07/01/2004
78391547 1			65,000.00		64,823.41		09-Nov-2004		7.990%		WI - 72.22%		Paid Off - 360		07/01/2004
78397700 1			145,800.00		145,509.69		04-Nov-2004		9.500%		IL - 90.00%		Paid Off - 360		07/01/2004
78400983 2			264,500.00		263,535.75		02-Nov-2004		6.500%		NV - 79.67%		Paid Off - 360		07/01/2004
78403920 1			288,800.00		287,639.12		09-Nov-2004		5.990%		ME - 69.59%		Paid Off - 360		07/01/2004
78412905 2			599,999.00		597,733.55		15-Oct-2004		6.500%		CA - 75.95%		Paid Off - 360		07/01/2004
78412988 2			187,000.00		186,560.41		18-Oct-2004		8.700%		NY - 70.83%		Paid Off - 360		07/01/2004
78480100 2			192,000.00		191,121.45		12-Oct-2004		5.300%		MA - 74.13%		Paid Off - 360		07/01/2004
78484805 1			328,500.00		327,381.09		01-Nov-2004		6.850%		NY - 87.60%		Paid Off - 360		07/01/2004
78497286 2			77,650.00		77,540.09		14-Oct-2004		11.100%		PA - 74.66%		Paid Off - 360		07/01/2004
78511185 1			261,000.00		260,093.49		04-Nov-2004		6.750%		CT - 90.00%		Paid Off - 360		07/01/2004
78523024 1			192,000.00		191,286.40		29-Oct-2004		6.400%		CA - 80.00%		Paid Off - 360		07/01/2004
78532629 2			167,000.00		166,304.12		26-Oct-2004		5.800%		IL - 86.53%		Paid Off - 360		07/01/2004
78535226 1			75,000.00		74,829.06		03-Nov-2004		8.850%		MO - 75.00%		Paid Off - 360		07/01/2004
78538907 1			191,000.00		190,310.39		30-Oct-2004		6.550%		CA - 65.86%		Paid Off - 360		07/01/2004
78539426 1			96,000.00		95,269.67		15-Oct-2004		7.150%		FL - 60.00%		Paid Off - 240		07/01/2004
78540242 1			276,250.00		275,499.60		15-Oct-2004		7.990%		CA - 84.48%		Paid Off - 360		07/01/2004
78543527 1			255,000.00		254,189.09		28-Oct-2004		7.200%		CA - 73.28%		Paid Off - 360		07/01/2004
78550902 1			78,000.00		77,827.27		29-Oct-2004		8.990%		FL - 60.00%		Paid Off - 360		07/01/2004
78577004 2			205,000.00		204,373.39		29-Oct-2004		7.400%		CA - 82.00%		Paid Off - 360		07/01/2004
78582269 1			249,300.00		248,297.43		29-Oct-2004		5.990%		CA - 90.65%		Paid Off - 360		07/01/2004
78582764 1			111,500.00		111,051.79		15-Oct-2004		5.990%		CA - 76.90%		Paid Off - 360		07/01/2004
78588324 2			812,500.00		809,022.01		28-Oct-2004		5.700%		MD - 65.00%		Paid Off - 360		07/01/2004
78612900 1			144,000.00		143,681.12		26-Oct-2004		8.990%		RI - 60.00%		Paid Off - 360		07/01/2004
78622545 1			255,000.00		254,154.92		22-Oct-2004		6.990%		CA - 75.00%		Paid Off - 360		07/01/2004




Page 22 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

78642469 1			206,000.00		205,589.09		30-Oct-2004		9.550%		NY - 77.74%		Paid Off - 360		07/01/2004

78661964 1			238,000.00		236,714.16		26-Oct-2004		9.900%		NY - 83.51%		Paid Off - 240		07/01/2004
78689569 1			126,000.00		125,685.03		02-Nov-2004		8.400%		IL - 89.36%		Paid Off - 360		07/01/2004
78704707 2			244,700.00		243,736.78		01-Nov-2004		6.100%		IL - 73.37%		Paid Off - 360		07/01/2004
78734704 1			75,000.00		74,853.78		02-Nov-2004		9.600%		IL - 75.00%		Paid Off - 360		07/01/2004
78787801 1			61,500.00		61,368.26		10-Nov-2004		9.150%		MA - 16.33%		Paid Off - 360		07/01/2004
78790201 2			296,250.00		295,660.13		19-Oct-2004		9.500%		CA - 75.00%		Paid Off - 360		07/01/2004
78797966 1			195,300.00		193,832.08		05-Nov-2004		7.250%		CA - 39.86%		Paid Off - 240		07/01/2004
78800489 2			345,000.00		343,934.93		05-Nov-2004		7.350%		NV - 89.84%		Paid Off - 360		07/01/2004
78801982 1			200,000.00		199,406.60		29-Oct-2004		7.550%		MA - 70.67%		Paid Off - 360		07/01/2004
78829546 1			97,500.00		97,324.90		02-Nov-2004		9.990%		TN - 75.00%		Paid Off - 360		07/01/2004
78829744 1			273,750.00		272,842.76		21-Oct-2004		6.990%		CA - 75.00%		Paid Off - 360		07/01/2004
78843125 1			65,000.00		64,767.56		26-Oct-2004		6.600%		CO - 77.84%		Paid Off - 360		07/01/2004
78891702 1			172,000.00		171,458.38		09-Nov-2004		7.250%		RI - 68.80%		Paid Off - 360		07/01/2004
78897428 1			94,900.00		94,689.85		20-Oct-2004		8.990%		FL - 47.45%		Paid Off - 360		07/01/2004
78901147 2			346,000.00		344,750.74		20-Oct-2004		6.550%		CA - 89.18%		Paid Off - 360		07/01/2004
78916889 1			284,000.00		282,805.37		20-Oct-2004		5.750%		CA - 86.06%		Paid Off - 360		07/01/2004
78935087 1			330,000.00		328,611.86		01-Nov-2004		5.750%		CA - 50.77%		Paid Off - 360		07/01/2004
78964426 2			242,250.00		241,847.09		10-Nov-2004		10.350%		WI - 85.00%		Paid Off - 360		07/01/2004
78997020 1			101,700.00		101,066.28		21-Oct-2004		6.500%		MN - 69.94%		Paid Off - 360		07/01/2004
79016341 2			307,500.00		306,480.90		02-Nov-2004		6.990%		MA - 71.51%		Paid Off - 360		07/01/2004
79027280 1			127,800.00		127,397.56		03-Nov-2004		7.250%		CA - 90.00%		Paid Off - 360		07/01/2004
79030664 1			208,250.00		207,997.15		26-Oct-2004		11.800%		MO - 85.00%		Paid Off - 360		07/01/2004
79051108 1			119,000.00		118,716.74		13-Oct-2004		8.650%		UT - 85.00%		Paid Off - 360		07/01/2004
79053047 1			97,500.00		97,259.91		27-Oct-2004		8.550%		NV - 75.00%		Paid Off - 360		07/01/2004
79057741 1			162,342.00		161,906.29		04-Nov-2004		8.050%		MD - 81.17%		Paid Off - 360		07/01/2004
79062907 1			143,912.00		143,458.83		14-Oct-2004		7.250%		AZ - 84.65%		Paid Off - 360		07/01/2004
79068680 1			185,000.00		184,428.89		02-Nov-2004		7.350%		MD - 69.81%		Paid Off - 360		07/01/2004
79074126 1			100,000.00		99,672.44		26-Oct-2004		7.050%		CA - 30.53%		Paid Off - 360		07/01/2004
79098141 2			311,500.00		310,247.87		10-Nov-2004		5.990%		CA - 75.42%		Paid Off - 360		07/01/2004
79101028 2			496,000.00		494,586.07		10-Nov-2004		7.750%		WA - 80.00%		Paid Off - 360		07/01/2004
79101309 1			153,000.00		152,508.61		03-Nov-2004		7.150%		CA - 89.63%		Paid Off - 360		07/01/2004
79113106 1			208,000.00		207,298.41		22-Oct-2004		6.900%		FL - 62.09%		Paid Off - 360		07/01/2004
79126983 1			75,600.00		74,725.00		12-Oct-2004		8.100%		MI - 90.00%		Paid Off - 180		07/01/2004
79167409 2			298,500.00		297,358.19		03-Nov-2004		6.250%		FL - 89.10%		Paid Off - 360		07/01/2004
79190484 1			279,000.00		277,992.64		25-Oct-2004		6.550%		CA - 78.59%		Paid Off - 360		07/01/2004
79193983 1			102,000.00		101,605.09		02-Nov-2004		6.200%		MD - 89.22%		Paid Off - 360		07/01/2004
79197661 1			238,000.00		237,098.30		21-Oct-2004		6.300%		CA - 89.81%		Paid Off - 360		07/01/2004




Page 23 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

79211207 1			331,000.00		329,957.72		02-Nov-2004		7.250%		CA - 89.46%		Paid Off - 360		07/01/2004

79211660 2			540,000.00		537,934.41		03-Nov-2004		6.250%		CA - 77.14%		Paid Off - 360		07/01/2004
79212684 2			95,000.00		94,785.68		20-Oct-2004		8.900%		IL - 62.50%		Paid Off - 360		07/01/2004
79217287 1			268,800.00		268,114.25		25-Oct-2004		8.300%		NV - 84.00%		Paid Off - 360		07/01/2004
79227583 1			64,172.00		63,647.85		18-Oct-2004		5.750%		FL - 74.43%		Paid Off - 360		07/01/2004
79241402 1			90,000.00		89,719.37		02-Nov-2004		7.300%		CA - 52.85%		Paid Off - 360		07/01/2004
79258364 1			107,000.00		106,682.19		26-Oct-2004		7.550%		WI - 84.25%		Paid Off - 360		07/01/2004
79303905 1			164,000.00		163,413.55		01-Nov-2004		6.600%		CA - 68.33%		Paid Off - 360		07/01/2004
79338646 1			141,950.00		141,619.70		03-Nov-2004		8.750%		MD - 85.00%		Paid Off - 360		07/01/2004
79408225 1			61,000.00		60,859.51		21-Oct-2004		8.800%		PA - 45.52%		Paid Off - 360		07/01/2004
79413928 1			185,000.00		184,428.89		15-Oct-2004		7.350%		MA - 60.66%		Paid Off - 360		07/01/2004
79443180 1			285,000.00		283,950.93		04-Nov-2004		6.450%		NY - 83.82%		Paid Off - 360		07/01/2004
79444345 2			373,500.00		372,070.71		25-Oct-2004		6.250%		CA - 90.00%		Paid Off - 360		07/01/2004
79445086 1			92,700.00		92,499.35		12-Oct-2004		9.100%		CA - 61.80%		Paid Off - 360		07/01/2004
79466322 1			233,650.00		232,983.93		30-Oct-2004		7.750%		NY - 84.96%		Paid Off - 360		07/01/2004
79485066 1			140,250.00		139,877.41		22-Oct-2004		8.100%		CA - 87.66%		Paid Off - 360		07/01/2004
79485421 1			101,250.00		100,978.99		10-Nov-2004		8.100%		FL - 75.00%		Paid Off - 360		07/01/2004
79509246 1			138,500.00		138,018.97		20-Oct-2004		6.750%		CA - 55.11%		Paid Off - 360		07/01/2004
79515920 1			293,250.00		292,312.90		30-Oct-2004		7.600%		MA - 85.00%		Paid Off - 360		07/01/2004
79517140 1			270,000.00		269,105.18		21-Oct-2004		6.990%		CA - 80.60%		Paid Off - 360		07/01/2004
79517827 1			136,216.00		135,827.69		18-Oct-2004		7.750%		MA - 59.22%		Paid Off - 360		07/01/2004
79527701 1			78,000.00		77,882.22		15-Oct-2004		10.800%		WI - 73.58%		Paid Off - 360		07/01/2004
79533683 1			257,448.00		256,842.81		26-Oct-2004		8.700%		WI - 88.93%		Paid Off - 360		07/01/2004
79541504 1			106,000.00		105,682.36		08-Nov-2004		7.500%		CA - 78.52%		Paid Off - 360		07/01/2004
79556387 2			227,375.00		226,620.62		28-Oct-2004		6.990%		MD - 85.00%		Paid Off - 360		07/01/2004
79558524 1			198,000.00		197,332.15		29-Oct-2004		6.900%		PA - 51.43%		Paid Off - 360		07/01/2004
79563441 1			182,750.00		182,143.94		13-Oct-2004		6.990%		CA - 82.51%		Paid Off - 360		07/01/2004
79566584 2			103,500.00		103,122.66		10-Nov-2004		6.500%		FL - 83.47%		Paid Off - 360		07/01/2004
79567202 1			156,001.00		155,615.02		02-Nov-2004		8.450%		IL - 75.00%		Paid Off - 360		07/01/2004
79577862 1			155,000.00		154,418.37		10-Nov-2004		6.350%		CA - 81.58%		Paid Off - 360		07/01/2004
79588448 1			161,652.00		161,062.66		15-Oct-2004		6.500%		CA - 76.04%		Paid Off - 360		07/01/2004
79599684 1			111,000.00		110,716.81		05-Nov-2004		8.300%		MN - 74.00%		Paid Off - 360		07/01/2004
79600102 1			222,150.00		221,355.62		04-Nov-2004		6.600%		FL - 63.47%		Paid Off - 360		07/01/2004
79609640 1			260,000.00		259,309.24		02-Nov-2004		8.100%		NY - 65.82%		Paid Off - 360		07/01/2004
79621769 2			160,000.00		159,240.36		19-Oct-2004		7.100%		CA - 39.51%		Paid Off - 360		07/01/2004
79636387 1			131,000.00		130,498.90		21-Oct-2004		6.250%		NV - 81.37%		Paid Off - 360		07/01/2004
79642906 1			158,000.00		157,492.56		18-Oct-2004		7.150%		CA - 69.30%		Paid Off - 360		07/01/2004
79666509 2			350,000.00		349,116.18		25-Oct-2004		8.350%		NY - 74.47%		Paid Off - 360		07/01/2004




Page 24 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

79669909 1			375,000.00		373,783.78		03-Nov-2004		7.100%		CA - 39.47%		Paid Off - 360		07/01/2004

79677944 1			240,000.00		239,280.82		22-Oct-2004		7.500%		MD - 93.02%		Paid Off - 360		07/01/2004
79691887 1			60,000.00		59,206.26		18-Oct-2004		6.550%		WI - 60.00%		Paid Off - 180		07/01/2004
79694824 1			323,000.00		322,284.80		02-Nov-2004		8.990%		NY - 85.00%		Paid Off - 360		07/01/2004
79711420 2			408,000.00		406,891.70		27-Oct-2004		7.990%		CA - 85.00%		Paid Off - 360		07/01/2004
79741401 1			60,000.00		59,816.59		29-Oct-2004		7.400%		TN - 60.00%		Paid Off - 360		07/01/2004
79773149 2			600,000.00		598,603.98		21-Oct-2004		8.750%		IL - 79.47%		Paid Off - 360		07/01/2004
79773545 1			60,160.00		60,020.87		12-Oct-2004		8.800%		FL - 63.33%		Paid Off - 360		07/01/2004
79775045 1			171,000.00		170,602.15		21-Oct-2004		8.750%		CA - 60.00%		Paid Off - 360		07/01/2004
79794269 1			115,500.00		115,153.88		29-Oct-2004		7.500%		DE - 75.00%		Paid Off - 360		07/01/2004
79803904 2			270,000.00		269,679.32		30-Oct-2004		11.900%		CA - 87.10%		Paid Off - 360		07/01/2004
79816922 1			224,000.00		223,422.72		27-Oct-2004		8.250%		WA - 80.00%		Paid Off - 360		07/01/2004
79825162 1			268,000.00		266,818.52		20-Oct-2004		5.500%		CA - 70.53%		Paid Off - 360		07/01/2004
79830188 1			140,249.00		139,761.87		29-Oct-2004		6.750%		WI - 82.50%		Paid Off - 360		07/01/2004
79840708 2			105,000.00		104,652.00		04-Nov-2004		6.990%		FL - 86.07%		Paid Off - 360		07/01/2004
79873824 1			169,000.00		168,377.91		22-Oct-2004		6.450%		FL - 68.98%		Paid Off - 360		07/01/2004
79877684 1			150,000.00		148,831.67		18-Oct-2004		7.150%		CA - 50.00%		Paid Off - 240		07/01/2004
79893608 1			135,000.00		134,698.59		12-Oct-2004		8.950%		CT - 79.41%		Paid Off - 360		07/01/2004
79894267 2			337,500.00		336,281.46		09-Nov-2004		6.550%		CA - 90.00%		Paid Off - 360		07/01/2004
79903225 1			88,400.00		88,179.01		30-Oct-2004		8.400%		IL - 85.00%		Paid Off - 360		07/01/2004
79904280 2			265,000.00		264,024.55		04-Nov-2004		6.450%		MA - 84.13%		Paid Off - 360		07/01/2004
79905881 2			580,000.00		577,695.07		26-Oct-2004		6.050%		NV - 83.82%		Paid Off - 360		07/01/2004
79931325 1			73,600.00		71,902.52		29-Oct-2004		7.200%		TX - 70.10%		Paid Off - 120		07/01/2004
79978847 1			160,000.00		159,660.83		29-Oct-2004		9.200%		NY - 22.22%		Paid Off - 360		07/01/2004
79992806 1			190,000.00		189,280.15		27-Oct-2004		6.300%		CT - 48.10%		Paid Off - 360		07/01/2004
80000508 1			133,500.00		132,927.78		04-Nov-2004		5.650%		CA - 41.97%		Paid Off - 360		07/01/2004
80013220 1			153,000.00		152,442.21		14-Oct-2004		6.500%		CA - 87.43%		Paid Off - 360		07/01/2004
80027360 2			376,029.00		374,590.63		18-Oct-2004		6.250%		CA - 72.04%		Paid Off - 360		07/01/2004
80031529 2			122,300.00		121,914.88		19-Oct-2004		7.250%		FL - 78.90%		Paid Off - 360		07/01/2004
80034002 1			217,000.00		216,356.16		19-Oct-2004		7.550%		CA - 62.90%		Paid Off - 360		07/01/2004
80046063 1			122,000.00		121,634.38		20-Oct-2004		7.500%		IL - 54.22%		Paid Off - 360		07/01/2004
80057623 2			135,000.00		134,483.60		01-Nov-2004		6.250%		AZ - 93.10%		Paid Off - 360		07/01/2004
80065865 1			64,000.00		63,862.88		25-Oct-2004		9.150%		WI - 49.23%		Paid Off - 360		07/01/2004
80077662 2			416,500.00		415,188.51		02-Nov-2004		7.250%		CA - 85.00%		Paid Off - 360		07/01/2004
80078660 1			83,790.00		83,475.55		08-Nov-2004		6.350%		MI - 90.00%		Paid Off - 360		07/01/2004
80091366 1			232,500.00		231,803.29		21-Oct-2004		7.500%		IL - 75.00%		Paid Off - 360		07/01/2004
80118326 1			132,000.00		131,559.07		10-Nov-2004		6.950%		CA - 86.40%		Paid Off - 360		07/01/2004
80120421 1			225,000.00		224,513.02		28-Oct-2004		9.100%		NY - 75.00%		Paid Off - 360		07/01/2004




Page 25 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

80136245 1			90,100.00		89,766.74		21-Oct-2004		6.500%		CO - 62.14%		Paid Off - 360		07/01/2004

80139108 1			180,000.00		179,589.73		08-Nov-2004		8.850%		MN - 90.00%		Paid Off - 360		07/01/2004
80147846 1			100,000.00		99,597.49		09-Nov-2004		5.990%		MD - 54.86%		Paid Off - 360		07/01/2004
80149180 1			81,000.00		80,846.98		26-Oct-2004		9.750%		MI - 60.00%		Paid Off - 360		07/01/2004
80151343 1			156,500.00		156,108.79		03-Nov-2004		8.400%		CA - 48.91%		Paid Off - 360		07/01/2004
80160385 1			212,000.00		211,099.81		30-Oct-2004		5.700%		MD - 83.35%		Paid Off - 360		07/01/2004
80166887 1			108,000.00		107,740.83		03-Nov-2004		8.600%		MN - 65.45%		Paid Off - 360		07/01/2004
80172364 1			155,000.00		154,472.02		30-Oct-2004		6.850%		CA - 79.49%		Paid Off - 360		07/01/2004
80175664 1			280,000.00		278,998.77		04-Nov-2004		6.600%		NY - 74.67%		Paid Off - 360		07/01/2004
80189624 1			138,000.00		137,542.63		08-Nov-2004		6.990%		PA - 74.59%		Paid Off - 360		07/01/2004
80189848 1			276,000.00		275,130.92		01-Nov-2004		7.250%		CA - 73.60%		Paid Off - 360		07/01/2004
80193949 1			60,000.00		59,891.34		22-Oct-2004		9.950%		MN - 60.00%		Paid Off - 360		07/01/2004
80213820 1			60,000.00		59,636.14		30-Oct-2004		8.990%		PA - 60.00%		Paid Off - 240		07/01/2004
80214182 1			312,000.00		311,101.64		29-Oct-2004		7.700%		MD - 82.11%		Paid Off - 360		07/01/2004
80219348 1			247,500.00		246,743.43		19-Oct-2004		7.400%		CA - 75.00%		Paid Off - 360		07/01/2004
80232762 2			188,000.00		187,376.95		02-Nov-2004		6.990%		CA - 78.33%		Paid Off - 360		07/01/2004
80247620 1			255,000.00		253,955.31		08-Nov-2004		5.900%		CA - 71.23%		Paid Off - 360		07/01/2004
80250608 1			180,000.00		179,593.96		22-Oct-2004		8.900%		CA - 78.26%		Paid Off - 360		07/01/2004
80306525 1			249,999.00		249,170.46		05-Nov-2004		6.990%		NY - 58.82%		Paid Off - 360		07/01/2004
80319841 2			321,000.00		319,806.98		03-Nov-2004		6.400%		MA - 87.23%		Paid Off - 360		07/01/2004
80320807 1			289,000.00		288,465.45		28-Oct-2004		9.850%		WA - 80.28%		Paid Off - 360		07/01/2004
80329626 2			232,500.00		231,827.78		14-Oct-2004		7.750%		CA - 73.81%		Paid Off - 360		07/01/2004
80337108 2			352,000.00		350,716.77		28-Oct-2004		6.500%		MD - 82.82%		Paid Off - 360		07/01/2004
80339724 1			106,250.00		105,972.55		20-Oct-2004		8.250%		OK - 85.00%		Paid Off - 360		07/01/2004
80344401 2			342,000.00		340,866.58		26-Oct-2004		6.990%		CA - 87.69%		Paid Off - 360		07/01/2004
80354723 1			145,758.00		145,342.49		10-Nov-2004		7.750%		NV - 69.41%		Paid Off - 360		07/01/2004
80370208 1			153,000.00		152,601.39		14-Oct-2004		8.500%		FL - 76.50%		Paid Off - 360		07/01/2004
80374226 1			79,734.00		79,563.19		01-Nov-2004		9.150%		WI - 65.36%		Paid Off - 360		07/01/2004
80378540 1			324,000.00		322,926.22		02-Nov-2004		6.990%		CA - 81.00%		Paid Off - 360		07/01/2004
80384829 1			174,900.00		174,320.37		11-Oct-2004		6.990%		CA - 60.31%		Paid Off - 360		07/01/2004
80385529 1			263,700.00		263,054.15		19-Oct-2004		8.500%		IL - 90.00%		Paid Off - 360		07/01/2004
80402365 1			66,777.00		66,402.13		18-Oct-2004		9.600%		LA - 64.21%		Paid Off - 240		07/01/2004
80411226 1			121,600.00		121,286.59		12-Oct-2004		8.250%		IA - 95.00%		Paid Off - 360		07/01/2004
80412968 1			112,000.00		110,691.17		18-Oct-2004		7.990%		GA - 89.60%		Paid Off - 180		07/01/2004
80416944 1			97,500.00		97,261.18		30-Oct-2004		8.500%		NY - 60.94%		Paid Off - 360		07/01/2004
80420409 1			126,000.00		125,741.11		26-Oct-2004		9.350%		MD - 68.11%		Paid Off - 360		07/01/2004
80422181 2			362,690.00		361,547.94		08-Nov-2004		7.250%		CA - 90.00%		Paid Off - 360		07/01/2004
80428121 2			495,000.00		493,051.48		05-Nov-2004		6.100%		CA - 89.67%		Paid Off - 360		07/01/2004




Page 26 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

80429848 1			103,000.00		102,752.83		26-Oct-2004		8.600%		CT - 62.42%		Paid Off - 360		07/01/2004

80442429 1			192,000.00		191,313.44		20-Oct-2004		6.600%		CA - 58.18%		Paid Off - 360		07/01/2004
80453749 2			350,250.00		348,935.68		04-Nov-2004		6.350%		CA - 72.97%		Paid Off - 360		07/01/2004
80512163 2			161,250.00		160,785.48		02-Nov-2004		7.750%		CA - 75.00%		Paid Off - 360		07/01/2004
80546641 1			270,000.00		269,062.24		02-Nov-2004		6.750%		CA - 75.00%		Paid Off - 360		07/01/2004
80555667 2			343,000.00		341,784.84		02-Nov-2004		6.650%		MD - 93.97%		Paid Off - 360		07/01/2004
80557341 1			131,000.00		130,558.13		25-Oct-2004		6.900%		MD - 86.18%		Paid Off - 360		07/01/2004
80569882 1			86,700.00		86,516.18		27-Oct-2004		9.200%		KS - 85.00%		Paid Off - 360		07/01/2004
80587686 2			475,000.00		473,234.63		13-Oct-2004		6.400%		CA - 62.50%		Paid Off - 360		07/01/2004
80604283 1			249,900.00		248,988.97		14-Oct-2004		6.500%		GA - 87.16%		Paid Off - 360		07/01/2004
80605421 1			231,000.00		230,181.97		20-Oct-2004		6.650%		CA - 53.72%		Paid Off - 360		07/01/2004
80620164 1			72,000.00		71,853.61		02-Nov-2004		9.400%		AL - 90.00%		Paid Off - 360		07/01/2004
80630502 1			192,600.00		191,373.99		08-Nov-2004		6.350%		GA - 64.20%		Paid Off - 360		07/01/2004
80633688 1			180,000.00		179,410.43		22-Oct-2004		7.050%		CA - 90.00%		Paid Off - 360		07/01/2004
80710346 1			103,000.00		102,720.22		12-Oct-2004		7.990%		NY - 58.86%		Paid Off - 360		07/01/2004
80734981 1			122,500.00		122,044.71		03-Nov-2004		6.400%		CA - 71.85%		Paid Off - 360		07/01/2004
80762743 1			130,000.00		129,727.27		13-Oct-2004		9.250%		CA - 26.00%		Paid Off - 360		07/01/2004
80771884 1			116,480.00		116,063.50		26-Oct-2004		6.600%		CA - 80.00%		Paid Off - 360		07/01/2004
80774847 1			101,766.00		101,519.27		01-Nov-2004		8.550%		WI - 63.60%		Paid Off - 360		07/01/2004
80776008 1			243,000.00		242,193.88		29-Oct-2004		6.990%		MN - 90.00%		Paid Off - 360		07/01/2004
80778723 1			152,000.00		151,557.91		08-Nov-2004		7.650%		NY - 73.08%		Paid Off - 360		07/01/2004
80784085 1			135,000.00		134,493.42		25-Oct-2004		6.350%		MD - 90.00%		Paid Off - 360		07/01/2004
80789340 2			350,000.00		348,648.30		05-Nov-2004		6.200%		CA - 83.33%		Paid Off - 360		07/01/2004
80885700 2			70,000.00		69,788.13		01-Nov-2004		7.450%		FL - 33.98%		Paid Off - 360		07/01/2004
80896483 1			180,000.00		179,311.45		09-Nov-2004		6.250%		RI - 88.64%		Paid Off - 360		07/01/2004
80900368 1			127,000.00		126,477.84		29-Oct-2004		6.250%		TN - 81.94%		Paid Off - 360		07/01/2004
80907645 2			265,798.00		264,961.02		14-Oct-2004		7.250%		MA - 29.83%		Paid Off - 360		07/01/2004
80907769 1			170,000.00		169,475.16		11-Oct-2004		7.350%		CA - 67.73%		Paid Off - 360		07/01/2004
80914468 1			246,000.00		245,111.76		02-Nov-2004		6.550%		CA - 72.35%		Paid Off - 360		07/01/2004
80932528 1			75,000.00		74,876.60		30-Oct-2004		9.050%		CA - 57.69%		Paid Off - 360		08/01/2004
80967029 1			145,000.00		144,640.63		09-Nov-2004		6.990%		WA - 84.28%		Paid Off - 360		08/01/2004
80981681 1			157,000.00		156,438.58		02-Nov-2004		6.600%		CA - 87.22%		Paid Off - 360		07/01/2004
80990823 2			378,750.00		377,408.73		10-Nov-2004		6.650%		CA - 72.14%		Paid Off - 360		07/01/2004
80995186 1			265,050.00		264,255.76		18-Oct-2004		7.500%		GA - 93.99%		Paid Off - 360		07/01/2004
81007403 1			108,750.00		108,544.53		30-Oct-2004		9.750%		IL - 74.49%		Paid Off - 360		07/01/2004
81021404 1			328,000.00		326,553.86		13-Oct-2004		5.500%		CA - 86.32%		Paid Off - 360		07/01/2004
81081663 2			599,999.00		598,010.56		29-Oct-2004		6.990%		CA - 76.43%		Paid Off - 360		07/01/2004
81083586 2			599,999.00		597,507.60		02-Nov-2004		6.700%		CA - 80.00%		Paid Off - 360		07/01/2004




Page 27 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution

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


&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

81097768 1			315,000.00		314,204.53		13-Oct-2004		8.350%		CA - 60.00%		Paid Off - 360		07/01/2004

81109803 2			344,000.00		342,769.94		18-Oct-2004		6.600%		CA - 68.80%		Paid Off - 360		07/01/2004
81119265 2			500,000.00		498,441.08		18-Oct-2004		7.300%		CA - 79.37%		Paid Off - 360		07/01/2004
81128241 2			62,000.00		61,537.08		18-Oct-2004		9.750%		WI - 68.89%		Paid Off - 180		08/01/2004
81198947 2			110,000.00		109,776.63		01-Nov-2004		7.990%		RI - 59.46%		Paid Off - 360		08/01/2004
81500100 1			200,000.00		199,475.41		10-Nov-2004		6.700%		CA - 75.64%		Paid Off - 360		08/01/2004
81559627 2			348,500.00		348,085.34		28-Oct-2004		10.550%		FL - 85.00%		Paid Off - 360		08/01/2004
81682288 2			360,000.00		359,009.49		22-Oct-2004		6.500%		MD - 90.00%		Paid Off - 360		08/01/2004
81774085 1			260,000.00		259,644.58		27-Oct-2004		9.900%		MA - 64.04%		Paid Off - 360		08/01/2004
82834888 1			80,250.00		80,103.10		27-Oct-2004		8.500%		PA - 75.00%		Paid Off - 360		08/01/2004
82982067 1			263,725.00		262,925.78		10-Nov-2004		5.950%		MD - 90.00%		Paid Off - 360		08/01/2004
83087049 2			107,300.00		107,131.42		01-Nov-2004		9.990%		IL - 75.56%		Paid Off - 360		08/01/2004
83319004 2			366,287.00		365,504.49		21-Oct-2004		7.950%		MA - 61.05%		Paid Off - 360		08/01/2004
83759241 1			197,000.00		196,492.53		08-Nov-2004		6.800%		CA - 89.26%		Paid Off - 360		08/01/2004
78530144 2			117,300.00		116,974.12		01-Nov-2004		8.990%		GA - 85.00%		Repur/Subs - 360		07/01/2004
80046444 1			234,000.00		232,981.11		28-Oct-2004		6.750%		NY - 90.00%		Repur/Subs - 360		07/01/2004
82328949 1			86,616.00		86,380.70		25-Oct-2004		7.990%		CA - 90.00%		Repur/Subs - 360		08/01/2004


TOTAL			64,896,856.00		64,584,899.28



Page 28 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



										Group 2		Group 1		Total


*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*




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 29 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 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 30 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 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 31 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &			Prior		Realized				Cumulative

&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized

Loan Group		Status	Rate		Origination	Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)





TOTAL



Page 32 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

									Group 2		Group 1		Total
Does a Trigger Event Exist? (0=No,1=Yes)													0
Has a Stepdown Date Occurred? (0=No,1=Yes)													0
Balances 60+ days includes REO, Bankruptcy and Foreclosure													31,639,725.32
Delinquency Percentage													1.4200%
Balance of Mezzanine and C Class													322,799,975.48
Ending Balance													2,235,209,309.93
Credit Enhancement Percentage													14.4400%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

									Group 2		Group 1		Total
Current LIBOR Rate													1.932500%
Next LIBOR Rate													0.000000%




Page 33 of 34
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates

2004-R7

November 26, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

									Next Pass Through Rate			NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			A-1						0.21%			$0.00		$0.00

			A-2						0.14%			$0.00		$0.00

			A-3						0.27%			$0.00		$0.00

			A-4						0.45%			$0.00		$0.00

			A-5						0.45%			$0.00		$0.00

			A-6						0.45%			$0.00		$0.00

			M-1						1.40%			$0.00		$0.00

			M-2						1.90%			$0.00		$0.00

			M-3						2.15%			$0.00		$0.00

			M-4						3.50%			$0.00		$0.00

			M-5						2.50%			$0.00		$0.00

			M-6						2.50%			$0.00		$0.00

			M-7						2.50%			$0.00		$0.00

			M-8						2.50%			$0.00		$0.00

			M-9						2.50%			$0.00		$0.00

			M-10						2.50%			$0.00		$0.00

			M-11						2.50%			$0.00		$0.00







Page 34 of 34

AMERIQUEST MORTGAGE SECURITIES INC ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 2004-R7 8-K