
                                     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 27, 2004
                          (Date of earliest event reported)

                      Accredited Home Capital,Inc.(as Seller, under the
           Indenture dated as February 1,2004 providing for the issuance of
                               Mortgage Loan Trust 2004-1
                (Exact name of Registrant as specified in its Charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-109964-02                             33-0426859
          (Commission File Number)        (I.R.S. Employer Identification No.)


          15030 Avenue of Science
          San Diego, California                         92128
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (858) 676-2100

            (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 27, 2004.

                                    Signatures

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


                                  Deutsche Bank National Trust Company,
                                  in its capacity as Trustee under the
                                  Indenture Agreement on behalf of
                                  Accredited Home Capital Inc.,Registrant


          Date:  Dec 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President


                                   EXHIBIT INDEX

          DOCUMENT

          99.1 Monthly Remittance Statement to the Certificateholders
          dated as of December 27, 2004.


	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Prepayment Report				15
			9.	Prepayment Detail Report				18
			10.	Realized Loss Report				20
			11.	Realized Loss Detail Report				23
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24





				Total Number of Pages				24



			CONTACTS

				Administrator: Eiko Akiyama
				Direct Phone Number: (714)247-6328
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: https://www.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		Accredited Home Capital Inc.					Cut-Off Date: January 31, 2004
	Certificate Insurer(s):							Closing Date: February 19, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Accredited Home Lenders Master Servicer
			Countrywide Home Loans, Inc. Back-Up Servicer

								Distribution Date: December 27, 2004
	Underwriter(s):		Morgan Stanley Lead Underwriter					Record Date: December 24, 2004
			CS First Boston Underwriter
			Goldman, Sachs & Co. Underwriter
			Lehman Brothers Underwriter




						Page 1 of 24					© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Trust Fund Series 2004-1
	Certificate Payment Report for December 27, 2004 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

A-1	STEP, FLT	250,121,000.00			204,951,116.08	437,795.68	8,507,734.92	8,945,530.60	-	-	196,443,381.16
A-2	STEP, FLT	254,879,000.00			204,643,519.09	437,138.62	5,857,924.87	6,295,063.49	-	-	198,785,594.22
TRUST		-			-	1,656,292.16	-	1,656,292.16	-	-	-


Total		505,000,000.00			409,594,635.17	2,531,226.46	14,365,659.79	16,896,886.25	-	-	395,228,975.38


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

A-1	11/26/04	12/26/04		A-Act/360	004375AU5	250,121,000.00	819.407871	1.750336	34.014477	35.764812	785.393394
A-2	11/26/04	12/26/04		A-Act/360	004375AV3	254,879,000.00	802.904590	1.715083	22.983160	24.698243	779.921430
TRUST				F-30/360		-	-	-	-	-	-


							Page 2 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Trust Fund Series 2004-1
	Certificate Payment Report for December 27, 2004 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

A-1	250,121,000.00		3,508,315.68		51,787,177.56	1,890,441.28	53,677,618.84	57,185,934.52	-	-	196,443,381.16
A-2	254,879,000.00		3,535,990.99		54,166,779.36	1,926,626.42	56,093,405.78	59,629,396.77	-	-	198,785,594.22
TRUST	-		5,938,538.64		-	-	-	5,938,538.64	-	-	-


Total	505,000,000.00		12,982,845.31		105,953,956.92	3,817,067.70	109,771,024.62	122,753,869.93	-	-	395,228,975.38


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

A-1	2.48063%	204,951,116.08			437,795.68	-	-	-	437,795.68	437,795.68	-
A-2	2.48063%	204,643,519.09			437,138.62	-	-	-	437,138.62	437,138.62	-
TRUST		-			-	-	-	-	-	1,656,292.16	-


Total		409,594,635.17			874,934.30	-	-	-	874,934.30	2,531,226.46	-


							Page 3 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					5,857,924.87	8,507,734.92	14,365,659.79
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL PRINCIPAL					5,857,924.87	8,507,734.92	14,365,659.79

	Interest Collections					1,270,381.77	1,365,491.87	2,635,873.64
	Interest Withdrawals					(51,922.31)	(52,724.87)	(104,647.18)
	Interest Other Accounts					0.00	0.00	0.00
	TOTAL INTEREST					1,218,459.46	1,312,767.00	2,531,226.46

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					7,076,384.33	9,820,501.92	16,896,886.25

	Interest Payable to Bondholders					1,218,459.46	1,312,767.00	2,531,226.46

	Principal Payment Amount Payable to Bondholders					5,857,924.87	8,507,734.92	14,365,659.79


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal					176,088.67	172,865.45	348,954.12
	Curtailments					18,759.14	1,977.55	20,736.69
	Prepayments in Full					5,663,077.06	8,332,891.92	13,995,968.98
	Repurchases/Substitutions					0.00	0.00	0.00
	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					(151,533.70)	(148,146.09)	(299,679.79)
	Realized Losses					0.00	0.00	0.00
	Principal Recovered					0.00	0.00	0.00
	Substitution Shortfall Principal					0.00	0.00	0.00
	Proceeds due to calling the Notes					0.00	0.00	0.00
	Proceeds due to the termination of the trust					0.00	0.00	0.00
	Principal Advanced					151,533.70	148,146.09	299,679.79

	TOTAL PRINCIPAL					5,857,924.87	8,507,734.92	14,365,659.79


				Page 4 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


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


PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Pre-funding Release Amount					0.00	0.00	0.00
	Insured Principal Payment					0.00	0.00	0.00

	TOTAL PRINCIPAL OTHER ACCOUNTS					0.00	0.00	0.00


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					1,206,330.19	1,208,365.70	2,414,695.89
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					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					0.00	0.00	0.00
	Delinquent Interest					(1,008,943.13)	(996,352.39)	(2,005,295.52)
	Realized Losses					0.00	0.00	0.00
	Compensating Interest					0.00	0.00	0.00
	Civil Relief Act Shortfalls					0.00	0.00	0.00
	Substitution Shortfall Interest					0.00	0.00	0.00
	Prepayment Premiums					137,292.07	229,247.11	366,539.18
	Loan Adjustments					0.00	0.00	0.00
	Interest Advanced					935,702.64	924,231.45	1,859,934.09

	TOTAL INTEREST					1,270,381.77	1,365,491.87	2,635,873.64


				Page 5 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


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


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Capitalized Interest					0.00	0.00	0.00
	Insured Interest Payment					0.00	0.00	0.00

	TOTAL INTEREST OTHER ACCOUNT					0.00	0.00	0.00


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					14,614.56	15,845.79	30,460.35
	Indenture Trustee Fees					863.73	864.46	1,728.19
	Indenture Trustee Indemnification Amounts Due					0.00	0.00	0.00
	Insurance Premiums					36,444.03	36,014.62	72,458.65
	Amounts due and owing to the Owner Trustee					0.00	0.00	0.00
	Amounts due to the Master Servicer					0.00	0.00	0.00

	TOTAL INTEREST FEES					51,922.31	52,724.87	104,647.18


				Page 6 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Beginning Reserve Account Balance					0.00	0.00	0.00
	PLUS: Deposits to the Reserve Account					0.00	0.00	0.00
	LESS: Withdrawls to pay Class Shortfalls					0.00	0.00	0.00
	LESS: Withdrawls to pay Net WAC Carryover					0.00	0.00	0.00
	LESS: Reserve Account Release Amount					0.00	0.00	0.00
	Ending Reserve Account Balance					0.00	0.00	0.00


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL

	Specified Over-collateralization Amount					6,881,786.26	6,753,272.47	13,635,058.73

	Over-collateralization Amount					6,881,786.26	6,753,272.47	13,635,058.73

	Over-collateralization Increase Amount					0.00	0.00	0.00


				Page 7 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					1606	1674	3280
	Prior					1,380	1,462	2,842
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(30)	(53)	(83)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,350	1,409	2,759

	*Principal Balance:*
	Original					254,880,972.53	250,121,202.65	505,002,175.18
	Prior					211,525,305.35	211,704,388.55	423,229,693.90
	Prefunding					-	-	-
	Scheduled Principal					(176,088.67)	(172,865.45)	(348,954.12)
	Partial and Full Voluntary Prepayments					(5,681,836.20)	(8,334,869.47)	(14,016,705.67)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					205,667,380.48	203,196,653.63	408,864,034.11

PREFUNDING						GROUP 2	GROUP 1	TOTAL

	Pre-Funding Amount Beginning Balance					0.00	0.00	0.00
	Pre-Funding Loans Purchased					0.00	0.00	0.00
	Pre-Funding Release Amounts					0.00	0.00	0.00
	Pre-Funding Amount Ending Balance					0.00	0.00	0.00

	Capitalized Interest Account Beginning Balance							0.00
	Interest Earnings							0.00
	Amounts withdrawn to support certificates							0.00
	Amounts Released to Sponsor							0.00
	Capitalized Interest Account Ending Balance							0.00


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


				Page 8 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					6.792163%	6.870778%	6.831100%
	Weighted Average Coupon Prior					6.850514%	6.856383%	6.853449%
	Weighted Average Coupon Current					6.843608%	6.849357%	6.846483%
	Weighted Average Months to Maturity Original					352	353	352
	Weighted Average Months to Maturity Prior					344	344	344
	Weighted Average Months to Maturity Current					343	343	343
	Weighted Avg Remaining Amortization Term Original					353	354	353
	Weighted Avg Remaining Amortization Term Prior					344	345	344
	Weighted Avg Remaining Amortization Term Current					343	344	343
	Weighted Average Seasoning Original					1.95	2.04	1.99
	Weighted Average Seasoning Prior					9.93	10.03	9.98
	Weighted Average Seasoning Current					10.92	11.02	10.97

Note: Original information refers to deal issue.


	Group 1
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.684%	4.186%
	Weighted Average Margin Prior					3.581%	4.129%
	Weighted Average Margin Current					3.557%	4.117%
	Weighted Average Max Rate Original					9.175%	10.562%
	Weighted Average Max Rate Prior					8.974%	10.429%
	Weighted Average Max Rate Current					8.917%	10.403%
	Weighted Average Min Rate Original					4.559%	5.206%
	Weighted Average Min Rate Prior					4.438%	5.139%
	Weighted Average Min Rate Current					4.409%	5.125%
	Weighted Average Cap Up Original					0.988%	1.147%
	Weighted Average Cap Up Prior					0.971%	1.133%
	Weighted Average Cap Up Current					0.966%	1.130%
	Weighted Average Cap Down Original					0.988%	1.147%
	Weighted Average Cap Down Prior					0.971%	1.133%
	Weighted Average Cap Down Current					0.966%	1.130%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					14,614.56	15,845.79	30,460.35
	Delinquent Servicing Fees					73,240.49	72,120.93	145,361.42
	TOTAL SERVICING FEES					87,855.05	87,966.72	175,821.77

	Total Servicing Fees					87,855.05	87,966.72	175,821.77
	Compensating Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(73,240.49)	(72,120.93)	(145,361.42)
	COLLECTED SERVICING FEES					14,614.56	15,845.79	30,460.35

	Current PPIS					0.00	0.00	0.00
	Compensating Interesst					0.00	0.00	0.00
	CURRENT NET PPIS					0.00	0.00	0.00

	Total Advanced Principal For Current Payment Date					151,533.70	148,146.09	299,679.79
	Total Advanced Interest For Current Payment Date					935,702.64	924,231.45	1,859,934.09
	TOTAL ADVANCES FOR CURRENT PERIOD					1,087,236.34	1,072,377.54	2,159,613.88


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Current Month's LIBOR							2.180630%


				Page 10 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,203,298.81	750,618.85	374,366.21	2,328,283.87
		% Balance			0.29%	0.18%	0.09%	0.57%
		# Loans			7	6	3	16
		% # Loans			0.25%	0.22%	0.11%	0.58%
FORECLOSURE		Balance		-	-	269,697.73	1,063,013.86	1,332,711.59
		% Balance		0.00%	0.00%	0.07%	0.26%	0.33%
		# Loans		-	-	2	8	10
		% # Loans		0.00%	0.00%	0.07%	0.29%	0.36%
BANKRUPTCY		Balance		-	-	111,619.78	-	111,619.78
		% Balance		0.00%	0.00%	0.03%	0.00%	0.03%
		# Loans		-	-	1	-	1
		% # Loans		0.00%	0.00%	0.04%	0.00%	0.04%
REO		Balance		-	-	-	419,140.33	419,140.33
		% Balance		0.00%	0.00%	0.00%	0.10%	0.10%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.11%	0.11%

TOTAL		Balance		-	1,203,298.81	1,131,936.36	1,856,520.40	4,191,755.57
		% Balance		0.00%	0.29%	0.28%	0.45%	1.03%
		# Loans		-	7	9	14	30
		% # Loans		0.00%	0.25%	0.33%	0.51%	1.09%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			276,032.00	327,799.19	133,228.19	737,059.38
		% Balance			0.14%	0.16%	0.07%	0.36%
		# Loans			2	2	1	5
		% # Loans			0.14%	0.14%	0.07%	0.35%
FORECLOSURE		Balance		-	-	135,726.77	285,777.07	421,503.84
		% Balance		0.00%	0.00%	0.07%	0.14%	0.21%
		# Loans		-	-	1	3	4
		% # Loans		0.00%	0.00%	0.07%	0.21%	0.28%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	174,627.41	174,627.41
		% Balance		0.00%	0.00%	0.00%	0.09%	0.09%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.07%	0.07%

TOTAL		Balance		-	276,032.00	463,525.96	593,632.67	1,333,190.63
		% Balance		0.00%	0.14%	0.23%	0.29%	0.66%
		# Loans		-	2	3	5	10
		% # Loans		0.00%	0.14%	0.21%	0.35%	0.71%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			927,266.81	422,819.66	241,138.02	1,591,224.49
		% Balance			0.45%	0.21%	0.12%	0.77%
		# Loans			5	4	2	11
		% # Loans			0.37%	0.30%	0.15%	0.81%
FORECLOSURE		Balance		-	-	133,970.96	777,236.79	911,207.75
		% Balance		0.00%	0.00%	0.07%	0.38%	0.44%
		# Loans		-	-	1	5	6
		% # Loans		0.00%	0.00%	0.07%	0.37%	0.44%
BANKRUPTCY		Balance		-	-	111,619.78	-	111,619.78
		% Balance		0.00%	0.00%	0.05%	0.00%	0.05%
		# Loans		-	-	1	-	1
		% # Loans		0.00%	0.00%	0.07%	0.00%	0.07%
REO		Balance		-	-	-	244,512.92	244,512.92
		% Balance		0.00%	0.00%	0.00%	0.12%	0.12%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	0.15%	0.15%

TOTAL		Balance		-	927,266.81	668,410.40	1,262,887.73	2,858,564.94
		% Balance		0.00%	0.45%	0.32%	0.61%	1.39%
		# Loans		-	5	6	9	20
		% # Loans		0.00%	0.37%	0.44%	0.67%	1.48%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 2				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 257,900.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 255,966.47
REO Book Value = Not Available

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

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

310289197 1		176,000.00	174,627.41	Mar-01-04	0.000%	UT - 80.00%	360	Nov-12-03
311190880 2		81,900.00	81,339.06	Jun-01-04	0.000%	MO - 90.00%	360	Dec-17-03


				Page 14 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					30	53	83
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					30	53	83

	Paid in Full Balance					5,663,077.06	8,332,891.92	13,995,968.98
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					18,759.14	1,977.55	20,736.69
	Total Prepayment Amount					5,681,836.20	8,334,869.47	14,016,705.67

	*Cumulative*
	Number of Paid in Full Loans					256	265	521
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					256	265	521

	Paid in Full Balance					47,104,267.21	44,906,452.11	92,010,719.32
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					182,698.44	127,655.63	310,354.07
	Total Prepayment Amount					47,286,965.65	45,034,107.74	92,321,073.39

SPACE INTENTIONALLY LEFT BLANK


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


				Page 15 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					2.69%	3.94%	3.31%
	3 Months Avg SMM					3.16%	3.33%	3.24%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.04%	1.98%	2.01%

	CPR					27.89%	38.27%	33.27%
	3 Months Avg CPR					31.94%	33.43%	32.69%
	12 Months Avg CPR
	Avg CPR Since Cut-off					21.94%	21.32%	21.63%

	PSA					1276.85%	1736.28%	1516.15%
	3 Months Avg PSA Approximation					1608.70%	1667.36%	1638.23%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1704.79%	1632.23%	1668.54%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 16 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

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

				Page 17 of 24				© COPYRIGHT 2004 Deutsche Bank


	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 83						Loan Group 1 = Group 1
Total Original Principal Balance = 14,109,822.00						Loan Group 2 = Group 2
Total Prepayment Amount = 13,995,968.98


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

310014525 1			100,000.00	99,321.83	Dec-01-04	8.590%	TX - 57.14%	Paid Off - 360	Nov-13-03
310089489 1			225,000.00	222,540.63	Dec-01-04	6.150%	CA - 88.24%	Paid Off - 360	Nov-14-03
310101626 1			292,000.00	289,770.97	Dec-01-04	7.999%	FL - 80.00%	Paid Off - 360	Nov-26-03
310133077 1			260,000.00	257,465.90	Dec-01-04	6.750%	CA - 80.00%	Paid Off - 360	Nov-24-03
310145431 1			200,000.00	198,004.43	Dec-01-04	6.625%	CA - 80.00%	Paid Off - 360	Nov-18-03
310224292 1			198,900.00	197,066.44	Dec-01-04	7.500%	NV - 85.00%	Paid Off - 360	Nov-06-03
310245703 1			168,000.00	168,000.00	Dec-01-04	5.625%	CA - 80.00%	Paid Off - 360	Nov-18-03
310245754 1			228,000.00	225,499.12	Dec-01-04	6.125%	CA - 67.06%	Paid Off - 360	Nov-19-03
310246641 1			187,000.00	185,178.29	Dec-01-04	6.750%	CO - 82.74%	Paid Off - 360	Nov-14-03
310290410 1			214,500.00	214,499.99	Dec-01-04	6.625%	CA - 76.61%	Paid Off - 360	Nov-13-03
310312709 1			149,200.00	147,541.32	Dec-01-04	6.250%	CA - 80.00%	Paid Off - 360	Nov-13-03
311033017 1			113,600.00	112,595.11	Dec-01-04	7.250%	FL - 80.00%	Paid Off - 360	Nov-14-03
311045231 1			194,320.00	192,149.63	Dec-01-04	6.250%	AZ - 80.00%	Paid Off - 360	Nov-17-03
311045350 1			102,320.00	101,168.31	Dec-01-04	5.990%	WA - 80.00%	Paid Off - 360	Nov-17-03
311067029 1			140,000.00	138,569.44	Dec-01-04	6.500%	LA - 80.00%	Paid Off - 360	Nov-19-03
311078915 1			104,000.00	102,937.22	Dec-01-04	6.500%	NV - 80.00%	Paid Off - 360	Nov-24-03
311100780 1			152,000.00	150,592.19	Dec-01-04	7.250%	CA - 57.36%	Paid Off - 360	Nov-26-03
311109999 1			84,600.00	83,871.81	Dec-01-04	7.390%	WV - 90.00%	Paid Off - 360	Dec-03-03
311110910 1			90,100.00	89,507.27	Dec-01-04	8.250%	MO - 85.00%	Paid Off - 360	Dec-15-03
311111346 1			256,000.00	253,833.03	Dec-01-04	7.500%	NV - 80.00%	Paid Off - 360	Nov-26-03
311111876 1			150,500.00	146,823.97	Dec-01-04	8.990%	NJ - 70.00%	Paid Off - 360	Jan-16-04
311122466 1			174,000.00	172,669.40	Dec-01-04	7.990%	MA - 68.24%	Paid Off - 360	Nov-25-03
311178223 1			184,000.00	181,929.99	Dec-01-04	5.990%	OR - 80.00%	Paid Off - 360	Nov-24-03
311188637 1			120,000.00	119,169.69	Dec-01-04	7.999%	CA - 86.96%	Paid Off - 360	Dec-22-03
311202188 1			134,400.00	133,050.00	Dec-01-04	6.500%	CA - 80.00%	Paid Off - 360	Dec-22-03
311213139 1			89,000.00	88,383.26	Dec-01-04	7.990%	NJ - 55.63%	Paid Off - 360	Dec-19-03
311244089 1			185,934.00	184,056.97	Dec-01-04	6.250%	CA - 80.00%	Paid Off - 360	Dec-19-03
311244524 1			135,000.00	133,969.45	Dec-01-04	7.500%	KS - 52.94%	Paid Off - 360	Dec-30-03
311266676 1			187,600.00	185,904.67	Dec-01-04	8.375%	CA - 70.00%	Paid Off - 360	Dec-10-03
312017480 1			97,600.00	96,738.01	Dec-01-04	6.750%	CT - 80.00%	Paid Off - 360	Dec-22-03
312028662 1			136,800.00	136,552.46	Dec-01-04	6.375%	CA - 80.00%	Paid Off - 360	Dec-24-03
312028860 1			109,000.00	108,055.68	Dec-01-04	6.850%	CA - 68.13%	Paid Off - 360	Dec-23-03
312028899 1			111,850.00	110,906.91	Dec-01-04	6.990%	MD - 79.89%	Paid Off - 360	Dec-29-03
312029395 1			200,000.00	197,954.96	Dec-01-04	6.250%	CA - 64.52%	Paid Off - 360	Dec-10-03
312039565 1			50,000.00	49,702.03	Dec-01-04	8.740%	FL - 39.37%	Paid Off - 360	Dec-23-03
312039570 1			79,000.00	78,467.13	Dec-01-04	8.125%	FL - 68.70%	Paid Off - 360	Dec-19-03
312083124 1			288,000.00	285,571.63	Dec-01-04	6.990%	CA - 80.00%	Paid Off - 360	Dec-31-03
312095212 1			106,000.00	105,159.84	Dec-01-04	6.750%	CA - 75.71%	Paid Off - 360	Jan-09-04
312105682 1			136,000.00	135,989.77	Dec-01-04	5.250%	CA - 80.00%	Paid Off - 360	Dec-19-03
312158543 1			100,000.00	99,274.18	Dec-01-04	7.759%	KS - 80.00%	Paid Off - 360	Dec-23-03
312159106 1			270,000.00	267,938.89	Dec-01-04	7.500%	CA - 90.00%	Paid Off - 360	Jan-07-04
312170801 1			195,448.00	193,918.89	Dec-01-04	7.375%	VA - 80.00%	Paid Off - 360	Dec-29-03
312171523 1			80,000.00	79,450.97	Dec-01-04	7.490%	FL - 88.89%	Paid Off - 360	Jan-06-04
312193898 1			144,800.00	143,595.99	Dec-01-04	6.500%	CA - 80.00%	Paid Off - 360	Jan-21-04

					Page 18 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



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

312224756 1			192,800.00	190,433.50	Dec-01-04	4.990%	CA - 80.00%	Paid Off - 360	Dec-31-03
312245896 1			204,000.00	202,709.17	Dec-01-04	7.900%	FL - 80.00%	Paid Off - 360	Jan-09-04
401072575 1			96,000.00	95,447.74	Dec-01-04	8.375%	AZ - 89.72%	Paid Off - 360	Jan-28-04
401125346 1			105,000.00	104,205.47	Dec-01-04	6.990%	TX - 61.05%	Paid Off - 360	Jan-22-04
401158831 1			116,000.00	114,938.89	Dec-01-04	7.350%	CT - 80.00%	Paid Off - 360	Jan-28-04
401202210 1			54,000.00	53,611.54	Dec-01-04	7.250%	FL - 90.00%	Paid Off - 360	Jan-28-04
401225753 1			311,200.00	311,200.00	Dec-01-04	6.750%	CA - 80.00%	Paid Off - 360	Feb-03-04
401236534 1			187,000.00	186,997.97	Dec-01-04	5.875%	CA - 85.00%	Paid Off - 360	Jan-30-04
401267689 1			208,000.00	207,999.97	Dec-01-04	5.990%	CA - 80.00%	Paid Off - 360	Jan-30-04
308047127 2			75,000.00	74,341.75	Dec-01-04	7.290%	TX - 65.22%	Paid Off - 360	Nov-17-03
310046778 2			240,000.00	237,595.92	Dec-01-04	6.275%	CA - 80.00%	Paid Off - 360	Dec-19-03
310133052 2			459,000.00	454,768.71	Dec-01-04	7.500%	VA - 90.00%	Paid Off - 360	Nov-04-03
310224011 2			68,400.00	67,225.07	Dec-01-04	8.990%	VA - 90.00%	Paid Off - 240	Nov-13-03
310277668 2			120,000.00	118,792.68	Dec-01-04	7.250%	CA - 64.86%	Paid Off - 360	Nov-26-03
310288299 2			292,000.00	289,418.02	Dec-01-04	7.500%	CA - 80.00%	Paid Off - 360	Nov-12-03
310299683 2			211,000.00	202,980.14	Dec-01-04	6.250%	CA - 60.29%	Paid Off - 180	Nov-19-03
311055828 2			347,200.00	347,088.35	Dec-01-04	5.750%	CA - 80.00%	Paid Off - 360	Nov-21-03
311067140 2			211,800.00	210,610.74	Dec-01-04	8.495%	CA - 55.74%	Paid Off - 360	Jan-30-04
311134994 2			88,000.00	87,337.98	Dec-01-04	8.250%	FL - 80.00%	Paid Off - 360	Nov-26-03
311135361 2			106,000.00	105,107.07	Dec-01-04	7.500%	NV - 88.33%	Paid Off - 360	Nov-26-03
311177396 2			116,000.00	114,836.12	Dec-01-04	6.625%	MD - 80.00%	Paid Off - 360	Nov-26-03
311202045 2			87,500.00	86,979.66	Dec-01-04	8.750%	WI - 63.41%	Paid Off - 360	Dec-11-03
311266205 2			204,000.00	204,000.00	Dec-01-04	5.999%	CA - 80.00%	Paid Off - 360	Dec-12-03
312017463 2			150,000.00	148,993.32	Dec-01-04	8.150%	FL - 67.26%	Paid Off - 360	Dec-30-03
312029040 2			275,000.00	272,452.45	Dec-01-04	6.500%	CA - 82.83%	Paid Off - 360	Dec-11-03
312029291 2			225,000.00	223,031.93	Dec-01-04	6.800%	CA - 88.24%	Paid Off - 360	Jan-06-04
312039919 2		FCL	129,200.00	128,392.36	Dec-01-04	0.000%	FL - 85.00%	Paid Off - 360	Jan-30-04
312105458 2			197,000.00	195,086.28	Dec-01-04	6.250%	CA - 85.65%	Paid Off - 360	Dec-23-03
312128354 2			164,500.00	163,616.91	Dec-01-04	9.250%	MN - 70.00%	Paid Off - 360	Dec-19-03
312182521 2			75,000.00	74,337.66	Dec-01-04	6.750%	AZ - 40.54%	Paid Off - 360	Jan-05-04
312224923 2			148,000.00	146,121.53	Dec-01-04	6.000%	NV - 80.00%	Paid Off - 360	Jan-26-04
312235222 2			352,750.00	352,749.58	Dec-01-04	5.990%	CA - 85.00%	Paid Off - 360	Jan-06-04
312296841 2			116,000.00	114,800.54	Dec-01-04	6.625%	NV - 80.00%	Paid Off - 360	Jan-12-04
312307599 2			219,200.00	217,288.58	Dec-01-04	6.250%	CA - 80.00%	Paid Off - 360	Jan-22-04
312318389 2			376,000.00	372,721.38	Dec-01-04	6.250%	CA - 80.00%	Paid Off - 360	Jan-15-04
401137325 2			185,000.00	183,371.20	Dec-01-04	6.199%	CA - 79.74%	Paid Off - 360	Jan-30-04
401147883 2			198,000.00	196,670.08	Dec-01-04	7.599%	AZ - 76.15%	Paid Off - 360	Jan-30-04
401169945 2			170,000.00	168,474.95	Dec-01-04	6.100%	VA - 73.28%	Paid Off - 360	Jan-30-04
401280280 2			104,800.00	103,886.10	Dec-01-04	6.250%	MD - 80.00%	Paid Off - 360	Feb-05-04


					Page 19 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	*Cumulative*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

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

SPACE INTENTIONALLY LEFT BLANK


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 20 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


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
	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
	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
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%

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

	Group 1
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 21 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1
	Group 2

CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.

				Page 22 of 24				© COPYRIGHT 2004 Deutsche Bank


	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Realized Loss Detail Report for December 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 23 of 24				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL

	Has the Step Down Requirement been satisfied							No

	Has the Step Up Test Event occured?							No

	Has the Clean Up Call Date been reached?					No	No	No


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


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 24 of 24				© COPYRIGHT 2004 Deutsche Bank

ACCREDITED HOME LENDERS INC MORTGAGE LOAN TRUST 2004-1 8-K