
                                    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):  December 20, 2004
                            (Date of earliest event reported)

            Greenwich Capital Acceptance, Inc (as Depositor under the
              Pooling and Servicing Agreement, dated as September 1, 2004,
          providing for the issuance of FNBA Mortgage Loan Trust 2004-AR1
              Mortgage Pass-Through Certificates, Series 2004-AR1)
                 (Exact name of registrant as specified in charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-111379-26                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


               600 Steamboat Road
               Greenwich, Connecticut                    06830
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (203) 625-2700


         (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
     December 20, 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 Financial Asset Securities
                                  Corporation, Registrant


          Date:  Dec 21, 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 December 20, 2004.



FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Greenwich Capital Markets					1. Certificate Payment Report					2
				Greenwich Capital Markets					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					11

									7. Foreclosure Report					12
									8. Prepayment Report					13
									9. Prepayment Detail Report					16
									9. Prepayment Detail Report					16
									10. Realized Loss Report					17
									11. Realized Loss Detail Report					20
				Servicer(s)					11. Realized Loss Detail Report					20
				Servicer(s)					12. Triggers and Adj. Cert. Report					21
				GMAC					12. Triggers and Adj. Cert. Report					21
				GMAC					13. Additional Certificate Report					22
									13. Additional Certificate Report					22


				Underwriter(s)
				Greenwich Capital Markets


									Total Number of Pages					22
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		September 01, 2004			Jennifer Hermansader
				Close Date:		September 30, 2004			Administrator
				First Distribution Date:		October 19, 2004			(714) 247-6258
									Jennifer.Vandyne@db.com
									Jennifer.Vandyne@db.com
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		December 20, 2004
									Factor Information:			(800) 735-7777
				Record Date:		November 30, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						December 17, 2004
						December 17, 2004

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






Page 1 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC I
					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-1	STEP, FLT	$	40,000,000.00		37,835,976.09	81,032.05		788,729.39		869,761.44		0.00		0.00		37,047,246.70
A-1	STEP, FLT	$	40,000,000.00		37,835,976.09	81,032.05		788,729.39		869,761.44		0.00		0.00		37,047,246.70
A-2	STEP, FLT	$	144,292,000.00		136,485,716.53	297,349.30		2,845,183.54		3,142,532.84		0.00		0.00		133,640,532.99
A-3	STEP, FLT	$	25,465,000.00		24,087,328.28	54,136.27		502,124.85		556,261.12		0.00		0.00		23,585,203.43
M-1	MEZ, STEP,	$	5,007,000.00		5,007,000.00	11,986.20		0.00		11,986.20		0.00		0.00		5,007,000.00
M-2	MEZ, STEP,	$	3,895,000.00		3,895,000.00	10,833.51		0.00		10,833.51		0.00		0.00		3,895,000.00
M-3	MEZ, STEP,	$	3,116,000.00		3,116,000.00	10,947.55		0.00		10,947.55		0.00		0.00		3,116,000.00
C	EXE	$	778,752.11		1,335,323.11	410,193.76		0.00		410,193.76		0.00		0.00		1,335,323.11
P	SUB	$	100.00		100.00	0.00		0.00		0.00		0.00		0.00		100.00
R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-X	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Y		$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00



Total			222,553,852.11		211,762,444.01	876,478.64		4,136,037.78		5,012,516.42		0.00		0.00		207,626,406.23
Total




Interest Accrual Detail Current Period Factor Information per $1,000 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-1	11/19/04		12/18/04		F-30/360	30251YAA6		40,000,000.00		945.899402		2.025801		19.718235		21.744036	926.181168
A-2	11/19/04		12/19/04		A-Act/360	30251YAB4		144,292,000.00		945.899402		2.060747		19.718235		21.778982	926.181167
A-3	11/19/04		12/19/04		A-Act/360	30251YAC2		25,465,000.00		945.899402		2.125909		19.718235		21.844144	926.181167
M-1	11/19/04		12/19/04		A-Act/360	30251YAD0		5,007,000.00		1,000.000000		2.393889		0.000000		2.393889	1,000.000000
M-2	11/19/04		12/19/04		A-Act/360	30251YAE8		3,895,000.00		1,000.000000		2.781389		0.000000		2.781389	1,000.000000
M-3	11/19/04		12/19/04		A-Act/360	30251YAF5		3,116,000.00		1,000.000000		3.513334		0.000000		3.513334	1,000.000000
C	11/19/04		12/19/04		F-Act/360	30251YAJ7		778,752.11		1,714.695977		526.732133		0.000000		526.732133	1,714.695977
P	11/19/04		12/19/04		A-Act/360	30251YAK4		100.00		1,000.000000		0.000000		0.000000		0.000000	1,000.000000
R	11/19/04		12/19/04		A-Act/360	30251YAG3		0.00		0.000000		0.000000		0.000000		0.000000	0.000000
R-X	11/19/04		12/19/04		A-Act/360	30251YAH1		0.00		0.000000		0.000000		0.000000		0.000000	0.000000
Y	11/19/04		12/19/04		A-Act/360	30251YAL2		0.00		0.000000		0.000000		0.000000		0.000000	0.000000





Page 2 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 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	40,000,000.00		204,766.06		2,926,822.64	25,930.66		2,952,753.30		3,157,519.36		0.00		0.00		37,047,246.70
A-2	144,292,000.00		744,901.45		10,557,927.34	93,539.67		10,651,467.01		11,396,368.46		0.00		0.00		133,640,532.99
A-3	25,465,000.00		135,904.14		1,863,288.46	101,570.68		1,879,796.57		2,015,700.71		0.00		0.00		23,585,203.43
M-1	5,007,000.00		29,517.65		0.00	0.00		0.00		29,517.65		0.00		0.00		5,007,000.00
M-2	3,895,000.00		26,905.79		0.00	0.00		0.00		26,905.79		0.00		0.00		3,895,000.00
M-3	3,116,000.00		27,483.99		0.00	0.00		0.00		27,483.99		0.00		0.00		3,116,000.00
C	778,752.11		971,186.72		0.00	0.00		0.00		971,186.72		0.00		556,571.00		1,335,323.11
P	100.00		0.00		0.00	0.00		0.00		0.00		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
R-X	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Y	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00



Total	222,553,852.11		2,140,665.80		15,348,038.44	221,041.01		15,484,016.88		17,624,682.68		0.00		556,571.00		207,626,406.23


Interest Detail - REMIC I
	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-1	2.57000%		37,835,976.09		81,032.05	0.00		0.00		0.00		81,032.05		81,032.05		0.00
A-2	2.53000%		136,485,716.53		297,349.30	0.00		0.00		0.00		297,349.30		297,349.30		0.00
A-3	2.61000%		24,087,328.28		54,136.27	0.00		0.00		0.00		54,136.27		54,136.27		0.00
M-1	2.78000%		5,007,000.00		11,986.20	0.00		0.00		0.00		11,986.20		11,986.20		0.00
M-2	3.23000%		3,895,000.00		10,833.51	0.00		0.00		0.00		10,833.51		10,833.51		0.00
M-3	4.08000%		3,116,000.00		10,947.55	0.00		0.00		0.00		10,947.55		10,947.55		0.00
C	356.73317%		1,335,323.11		0.00	0.00		0.00		0.00		0.00		410,193.76		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Y	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00



Total			211,762,444.01		466,284.88	0.00		0.00		0.00		466,284.88		876,478.64		0.00



Page 3 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
													Total
Principal Collections													4,136,037.78
Principal Withrawals													0.00
Principal Other Accounts													0.00
TOTAL NET PRINCIPAL													4,136,037.78
Interest Collections													895,240.58
Interest Withdrawals													-0.00
Interest Other Accounts													0.00
Interest Fees													-18,761.94
TOTAL NET INTEREST													876,478.64
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION													5,012,516.42



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
														Total
Scheduled Principal Received														66,152.01
Curtailments														15,625.91
Prepayments In Full														4,054,259.86
Repurchased/Substitutions														0.00
Liquidations														0.00
Insurance Principal														0.00
Other Additional Principal														0.00
Delinquent Principal														-47,956.41
Realized Losses														-0.00
Principal Recoveries
Advanced Principal														47,956.41
TOTAL PRINCIPAL COLLECTED														4,136,037.78


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
													Total
TOTAL PRINCIPAL OTHER ACCOUNTS													0.00





Page 4 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
													Total
Scheduled Interest													945,978.99
Repurchased/Substitution Interest													0.00
Liquidation Interest													0.00
Insurance Interest													0.00
Other Additional Interest													0.00
Prepayment Interest Shortfalls													-8,403.59
Delinquent Interest													-730,725.10
Compensating Interest													8,403.59
Civil Relief Act Shortfalls													-0.00
Interest Advanced													679,986.69
TOTAL INTEREST COLLECTED													895,240.58


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

TOTAL INTEREST WITHDRAWALS													0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
													Total
Prepayment Charges													0.00
Yield Maintenance Payment													0.00
TOTAL INTEREST OTHER ACCOUNTS													0.00



INTEREST - FEES
INTEREST - FEES
													Total
Current Servicing Fees													15,437.36
Trustee Fees													1,764.69

TOTAL INTEREST FEES													18,761.94




Page 5 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
													Total
Overcollateralized Amount													1,335,323.11
Overcollateralization Release Amount													0.00
Overcollateralization Deficiency Amount													0.00
Overcollateralization Target Amount													1,335,323.11



Page 6 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Collateral Report


COLLATERAL



														Total



*Loan Count:*


Original													837
Prior													806
Prefunding													0
Scheduled Paid Offs													-0
Full Voluntary Prepayments													-13
Repurchases													-0
Liquidations													-0
Current													793
*Principal Balance:*


Original													222,553,852.11
Prior													211,762,444.01
Prefunding													0.00
Scheduled Principal													-66,152.01
Partial Prepayments													-15,625.91
Full Voluntary Prepayments													-4,054,259.86
Repurchases													-0.00
Liquidations													-0.00
Current													207,626,406.23





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
													Total
Weighted Average Coupon Original													5.35674%
Weighted Average Coupon Prior													5.35981%
Weighted Average Coupon Current													5.36060%
Weighted Average Months to Maturity Original													355
Weighted Average Months to Maturity Prior													354
Weighted Average Months to Maturity Current													353
Weighted Avg Remaining Amortization Term Original													355
Weighted Avg Remaining Amortization Term Prior													354
Weighted Avg Remaining Amortization Term Current													353
Weighted Average Seasoning Original													4.86
Weighted Average Seasoning Prior													5.85
Weighted Average Seasoning Current													6.84









Page 8 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
													Total
Weighted Average Margin Original													2.54220%
Weighted Average Margin Prior													2.54428%
Weighted Average Margin Current													2.54080%
Weighted Average Max Rate Original													11.28295%
Weighted Average Max Rate Prior													11.28436%
Weighted Average Max Rate Current													11.28401%
Weighted Average Min Rate Original													2.62183%
Weighted Average Min Rate Prior													2.62569%
Weighted Average Min Rate Current													2.62438%
Weighted Average Cap Up Original													2.67637%
Weighted Average Cap Up Prior													2.67866%
Weighted Average Cap Up Current													2.67318%
Weighted Average Cap Down Original													2.67637%
Weighted Average Cap Down Prior													2.67866%
Weighted Average Cap Down Current													2.67318%




SERVICING FEES & ADVANCES

														Total




Current Servicing Fees													15,437.36
Delinquent Servicing Fees													50,738.41
TOTAL SERVICING FEES													66,175.77


Total Servicing Fees													66,175.77
Compensating Interest													-8,403.59
Delinquent Servicing Fees													-50,738.41
COLLECTED SERVICING FEES													15,437.36


Total Advanced Interest													679,986.69
Total Advanced Principal													47,956.41
Aggregate Advances with respect to this Distribution													727,943.10





ADDITIONAL COLLATERAL INFORMATION
													Total
Prepayment Interest Shortfall (PPIS)													8,403.59
Compensating Interest													-8,403.59
Net Prepayment Interest Shortfall (PPIS)													0.00




Page 9 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			5,733,879.46		567,000.00		0.00		6,300,879.46
			% Balance			2.76%		0.27%		0.00%		3.03%
			# Loans			23		2		0		25
			% # Loans			2.90%		0.25%		0.00%		3.15%
	FORECLOSURE		Balance		0.00	0.00		0.00		169,950.00		169,950.00
			% Balance		0.00%	0.00%		0.00%		0.08%		0.08%
			# Loans		0	0		0		1		1
			% # Loans		0.00%	0.00%		0.00%		0.13%		0.13%
	BANKRUPTCY		Balance		336,000.00	0.00		0.00		0.00		336,000.00
			% Balance		0.16%	0.00%		0.00%		0.00%		0.16%
			# Loans		2	0		0		0		2
			% # Loans		0.25%	0.00%		0.00%		0.00%		0.25%
	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		336,000.00	5,733,879.46		567,000.00		169,950.00		6,806,829.46
			% Balance		0.16%	2.76%		0.27%		0.08%		3.28%
			# Loans		2	23		2		1		28
			% # Loans		0.25%	2.90%		0.25%		0.13%		3.53%









Page 10 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 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 11 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 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
359042349 1
359042349 1			169,950.00		169,950.00	01-Jun-2004		7.000%		WA - 89.47%		360		01-Jun-2004



TOTAL			169,950.00		169,950.00



Page 12 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

														Total




*Current*


Number of Paid in Full Loans													13
Number of Repurchased Loans													0
Total Number of Loans Prepaid in Full													13
Curtailments Amount													15,625.91
Paid in Full Balance													4,054,259.86
Repurchased Loans Balance													0.00
Total Prepayment Amount													4,069,885.77

*Cumulative*


Number of Paid in Full Loans													44
Number of Repurchased Loans													0
Total Number of Loans Prepaid in Full													44
Paid in Full Balance													14,252,486.81
Repurchased Loans Balance													0.00
Curtailments Amount													538,980.64
Total Prepayment Amount													14,791,467.45










Page 13 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

														Total



SMM													1.92%
3 Months Avg SMM													2.27%
12 Months Avg SMM													2.27%
Avg SMM Since Cut-off													2.27%


CPR													20.78%
3 Months Avg CPR													24.06%
12 Months Avg CPR													24.06%
Avg CPR Since Cut-off													24.06%


PSA													1,518.27%
3 Months Avg PSA Approximation													2,056.63%
12 Months Avg PSA Approximation													2,056.63%
Avg PSA Since Cut-off Approximation													2,056.63%










Page 14 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 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 15 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 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

359042348 1			260,000.00		260,000.00		01-Nov-2004		6.125%		AZ - 80.00%		Paid Off - 360		6/1/2004
359042348 1			260,000.00		260,000.00		01-Nov-2004		6.125%		AZ - 80.00%		Paid Off - 360		6/1/2004
359042372 1			225,384.00		225,383.98		30-Nov-2004		4.750%		NV - 95.00%		Paid Off - 360		5/1/2004
359042411 1			95,200.00		94,256.10		30-Nov-2004		5.875%		AZ - 80.00%		Paid Off - 360		5/1/2004
359042423 1			255,000.00		254,999.98		22-Nov-2004		4.125%		FL - 61.45%		Paid Off - 360		6/1/2004
359042560 1			810,000.00		810,000.00		30-Nov-2004		5.375%		CA - 43.20%		Paid Off - 360		6/1/2004
359042573 1			333,700.00		333,700.00		04-Nov-2004		5.250%		CA - 76.71%		Paid Off - 360		5/1/2004
359042579 1			300,000.00		297,683.68		18-Nov-2004		4.875%		CA - 60.00%		Paid Off - 360		6/1/2004
359042608 1			280,500.00		279,473.61		30-Nov-2004		4.375%		CA - 74.97%		Paid Off - 360		6/1/2004
359044257 1			76,000.00		76,000.00		24-Nov-2004		5.125%		AZ - 62.55%		Paid Off - 360		6/1/2004
359044281 1			519,350.00		519,350.00		01-Nov-2004		5.500%		CA - 85.00%		Paid Off - 360		6/1/2004
359044463 1			521,250.00		521,249.99		12-Nov-2004		5.500%		CA - 75.00%		Paid Off - 360		6/1/2004
359047602 1			117,400.00		117,400.00		12-Nov-2004		7.500%		FL - 89.98%		Paid Off - 360		7/1/2004
359047753 1			266,250.00		264,762.52		09-Nov-2004		5.875%		CA - 75.00%		Paid Off - 360		7/1/2004


TOTAL			4,060,034.00		4,054,259.86
TOTAL


Page 16 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



														Total


*Current*
*Current*



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

*Cumulative*
*Cumulative*



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










Page 17 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution


DEFAULT SPEEDS



														Total



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


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


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


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












Page 18 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 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 19 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &			Prior		Realized				Cumulative
														Cumulative
&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized

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




TOTAL



Page 20 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
													Total
Is there a TRIGGER in effect (0=No,1=Yes)													0
Has Stepdown Condition Occurred (0=No,1=Yes)													0




Credit Enhancement Percentage													0.060000%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
													Total
Current LIBOR													2.130000%
NEXT LIBOR													2.410000%




Page 21 of 22
FNBA Mortgage Loan Trust 2004-AR1

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-AR1

December 20, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

CLASS





Page 22 of 22

FNBA Mortgage Loan Trust 2004 AR1 8-K