
                                     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 August 1,2004 providing for the issuance of
                               Mortgage Loan Trust 2004-3
                (Exact name of Registrant as specified in its Charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-109964-04                             33-0426859
          (Commission File Number)        (I.R.S. Employer Identification No.)


          15030 Avenue of Science
          San Diego, Californis                         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 2004-3
	Asset Backed Notes


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				6
			4.	Credit Enhancement Report				9
			5.	Collateral Report				10
			6.	Delinquency Report				13
			7.	REO Report				17
			8.	Prepayment Report				18
			9.	Prepayment Detail Report				21
			10.	Realized Loss Report				23
			11.	Realized Loss Detail Report				26
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				27





				Total Number of Pages				27



			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 Mortgage Loan					Cut-Off Date: August 1, 2004
	Certificate Insurer(s):							Closing Date: August 26, 2004
								First Payment Date: September 27, 2004
	Servicer(s):		Accredited Home Lenders Master Servicer
			Countrywide Home Loans, Inc. Back-Up Servicer

								Distribution Date: December 27, 2004
	Underwriter(s):		Lehman Brothers Lead Underwriter					Record Date: December 24, 2004
			Underwriter
			Underwriter
			Underwriter




						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Trust Fund Series 2004-3
	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)

1A1	FIXED	69,191,000.00			65,305,722.90	157,822.16	1,894,544.40	2,052,366.56	-	-	63,411,178.50
1A2	FIXED	18,358,000.00			18,358,000.00	52,626.27	-	52,626.27	-	-	18,358,000.00
1A3	FIXED	48,158,000.00			48,158,000.00	157,316.13	-	157,316.13	-	-	48,158,000.00
1A4	FIXED	24,083,000.00			24,083,000.00	99,141.68	-	99,141.68	-	-	24,083,000.00
1A5	FIXED	31,020,000.00			31,020,000.00	135,712.50	-	135,712.50	-	-	31,020,000.00
1A6	FIXED	21,201,000.00			21,201,000.00	83,920.63	-	83,920.63	-	-	21,201,000.00
1M1	FLT	9,832,000.00			9,832,000.00	43,015.00	-	43,015.00	-	-	9,832,000.00
1M2	FLT	7,989,000.00			7,989,000.00	34,951.88	-	34,951.88	-	-	7,989,000.00
1M3	FLT	6,514,000.00			6,514,000.00	28,498.75	-	28,498.75	-	-	6,514,000.00
1M4	FLT	2,458,000.00			2,458,000.00	10,753.75	-	10,753.75	-	-	2,458,000.00
1B	FLT	1,844,000.00			1,844,000.00	8,067.50	-	8,067.50	-	-	1,844,000.00
2A1	FLT	310,058,000.00			300,207,722.21	641,273.13	7,061,106.91	7,702,380.04	-	-	293,146,615.30
2A2	FLT	42,914,000.00			42,914,000.00	102,754.63	-	102,754.63	-	-	42,914,000.00
2A3	FLT	120,165,000.00			111,282,914.43	225,253.71	5,967,692.56	6,192,946.27	-	-	105,315,221.87
2A4	FLT	108,390,000.00			108,390,000.00	236,198.46	-	236,198.46	-	-	108,390,000.00
2A5	FLT	48,867,000.00			48,867,000.00	114,483.88	-	114,483.88	-	-	48,867,000.00
2A6	FLT	22,993,000.00			22,993,000.00	54,659.17	-	54,659.17	-	-	22,993,000.00
2M1	FLT	21,077,000.00			21,077,000.00	50,467.43	-	50,467.43	-	-	21,077,000.00
2M2	FLT	12,263,000.00			12,263,000.00	29,890.90	-	29,890.90	-	-	12,263,000.00
2M3	FLT	19,161,000.00			19,161,000.00	54,459.57	-	54,459.57	-	-	19,161,000.00
2M4	FLT	9,964,000.00			9,964,000.00	30,293.20	-	30,293.20	-	-	9,964,000.00
2M5	FLT	7,664,000.00			7,664,000.00	26,270.39	-	26,270.39	-	-	7,664,000.00
Total		964,164,000.00			941,546,359.54	2,377,830.72	14,923,343.87	17,301,174.59	-	-	926,623,015.67


	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)

1A1	11/26/04	12/26/04		F-30/360	004375AY7	69,191,000.00	943.847074	2.280964	27.381370	29.662334	916.465704
1A2	11/26/04	12/26/04		F-30/360	004375AZ4	18,358,000.00	1,000.000000	2.866667	-	2.866667	1,000.000000
1A3	11/26/04	12/26/04		F-30/360	004375BA8	48,158,000.00	1,000.000000	3.266667	-	3.266667	1,000.000000
1A4	11/26/04	12/26/04		F-30/360	004375BB6	24,083,000.00	1,000.000000	4.116667	-	4.116667	1,000.000000
1A5	11/26/04	12/26/04		F-30/360	004375BC4	31,020,000.00	1,000.000000	4.375000	-	4.375000	1,000.000000
1A6	11/26/04	12/26/04		F-30/360	004375BD2	21,201,000.00	1,000.000000	3.958334	-	3.958334	1,000.000000
1M1	11/26/04	12/26/04		A-30/360	004375BE0	9,832,000.00	1,000.000000	4.375000	-	4.375000	1,000.000000
1M2	11/26/04	12/26/04		A-30/360	004375BF7	7,989,000.00	1,000.000000	4.375001	-	4.375001	1,000.000000
1M3	11/26/04	12/26/04		A-30/360	004375BG5	6,514,000.00	1,000.000000	4.375000	-	4.375000	1,000.000000
1M4	11/26/04	12/26/04		A-30/360	004375BH3	2,458,000.00	1,000.000000	4.375000	-	4.375000	1,000.000000
1B	11/26/04	12/26/04		A-30/360	004375BJ9	1,844,000.00	1,000.000000	4.375000	-	4.375000	1,000.000000
2A1	11/26/04	12/26/04		A-Act/360	004375BK6	310,058,000.00	968.230854	2.068236	22.773503	24.841739	945.457351
2A2	11/26/04	12/26/04		A-Act/360	004375BL4	42,914,000.00	1,000.000000	2.394431	-	2.394431	1,000.000000
2A3	11/26/04	12/26/04		A-Act/360	004375BM2	120,165,000.00	926.084254	1.874537	49.662485	51.537022	876.421769
2A4	11/26/04	12/26/04		A-Act/360	004375BN0	108,390,000.00	1,000.000000	2.179154	-	2.179154	1,000.000000
2A5	11/26/04	12/26/04		A-Act/360	004375BP5	48,867,000.00	1,000.000000	2.342765	-	2.342765	1,000.000000
2A6	11/26/04	12/26/04		A-Act/360	004375BQ3	22,993,000.00	1,000.000000	2.377209	-	2.377209	1,000.000000
2M1	11/26/04	12/26/04		A-Act/360	004375BR1	21,077,000.00	1,000.000000	2.394431	-	2.394431	1,000.000000
2M2	11/26/04	12/26/04		A-Act/360	004375BS9	12,263,000.00	1,000.000000	2.437487	-	2.437487	1,000.000000
2M3	11/26/04	12/26/04		A-Act/360	004375BT7	19,161,000.00	1,000.000000	2.842209	-	2.842209	1,000.000000
2M4	11/26/04	12/26/04		A-Act/360	004375BU4	9,964,000.00	1,000.000000	3.040265	-	3.040265	1,000.000000
2M5	11/26/04	12/26/04		A-Act/360	004375BV2	7,664,000.00	1,000.000000	3.427765	-	3.427765	1,000.000000



							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Trust Fund Series 2004-3
	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)

1A1	69,191,000.00		650,314.35		4,795,304.87	984,516.63	5,779,821.50	6,430,135.85	-	-	63,411,178.50
1A2	18,358,000.00		210,505.08		-	-	-	210,505.08	-	-	18,358,000.00
1A3	48,158,000.00		629,264.52		-	-	-	629,264.52	-	-	48,158,000.00
1A4	24,083,000.00		396,566.72		-	-	-	396,566.72	-	-	24,083,000.00
1A5	31,020,000.00		542,850.00		-	-	-	542,850.00	-	-	31,020,000.00
1A6	21,201,000.00		335,682.52		-	-	-	335,682.52	-	-	21,201,000.00
1M1	9,832,000.00		172,060.00		-	-	-	172,060.00	-	-	9,832,000.00
1M2	7,989,000.00		139,807.52		-	-	-	139,807.52	-	-	7,989,000.00
1M3	6,514,000.00		113,995.00		-	-	-	113,995.00	-	-	6,514,000.00
1M4	2,458,000.00		43,015.00		-	-	-	43,015.00	-	-	2,458,000.00
1B	1,844,000.00		32,270.00		-	-	-	32,270.00	-	-	1,844,000.00
2A1	310,058,000.00		2,291,019.17		15,664,148.63	1,247,236.07	16,911,384.70	19,202,403.87	-	-	293,146,615.30
2A2	42,914,000.00		365,674.41		-	-	-	365,674.41	-	-	42,914,000.00
2A3	120,165,000.00		817,210.68		14,005,172.80	844,605.33	14,849,778.13	15,666,988.81	-	-	105,315,221.87
2A4	108,390,000.00		831,018.70		-	-	-	831,018.70	-	-	108,390,000.00
2A5	48,867,000.00		406,382.77		-	-	-	406,382.77	-	-	48,867,000.00
2A6	22,993,000.00		194,354.42		(0.00)	0.00	-	194,354.42	-	-	22,993,000.00
2M1	21,077,000.00		179,599.18		-	-	-	179,599.18	-	-	21,077,000.00
2M2	12,263,000.00		106,589.15		-	-	-	106,589.15	-	-	12,263,000.00
2M3	19,161,000.00		197,315.47		-	-	-	197,315.47	-	-	19,161,000.00
2M4	9,964,000.00		110,436.97		-	-	-	110,436.97	-	-	9,964,000.00
2M5	7,664,000.00		96,728.10		-	-	-	96,728.10	-	-	7,664,000.00
Total	964,164,000.00		8,862,659.73		34,464,626.30	3,076,358.03	37,540,984.33	46,403,644.06	-	-	926,623,015.67


	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)

1A1	2.90000%	65,305,722.90			157,822.16	-	-	-	157,822.16	157,822.16	-
1A2	3.44000%	18,358,000.00			52,626.27	-	-	-	52,626.27	52,626.27	-
1A3	3.92000%	48,158,000.00			157,316.13	-	-	-	157,316.13	157,316.13	-
1A4	4.94000%	24,083,000.00			99,141.68	-	-	-	99,141.68	99,141.68	-
1A5	5.25000%	31,020,000.00			135,712.50	-	-	-	135,712.50	135,712.50	-
1A6	4.75000%	21,201,000.00			83,920.63	-	-	-	83,920.63	83,920.63	-
1M1	5.25000%	9,832,000.00			43,015.00	-	-	-	43,015.00	43,015.00	-
1M2	5.25000%	7,989,000.00			34,951.88	-	-	-	34,951.88	34,951.88	-
1M3	5.25000%	6,514,000.00			28,498.75	-	-	-	28,498.75	28,498.75	-
1M4	5.25000%	2,458,000.00			10,753.75	-	-	-	10,753.75	10,753.75	-
1B	5.25000%	1,844,000.00			8,067.50	-	-	-	8,067.50	8,067.50	-
2A1	2.48063%	300,207,722.21			641,273.13	-	-	-	641,273.13	641,273.13	-
2A2	2.78063%	42,914,000.00			102,754.63	-	-	-	102,754.63	102,754.63	-
2A3	2.35063%	111,282,914.43			225,253.71	-	-	-	225,253.71	225,253.71	-
2A4	2.53063%	108,390,000.00			236,198.46	-	-	-	236,198.46	236,198.46	-
2A5	2.72063%	48,867,000.00			114,483.88	-	-	-	114,483.88	114,483.88	0.00
2A6	2.76063%	22,993,000.00			54,659.17	-	-	-	54,659.17	54,659.17	-
2M1	2.78063%	21,077,000.00			50,467.43	-	-	-	50,467.43	50,467.43	-
2M2	2.83063%	12,263,000.00			29,890.90	-	-	-	29,890.90	29,890.90	-
2M3	3.30063%	19,161,000.00			54,459.57	-	-	-	54,459.57	54,459.57	-
2M4	3.53063%	9,964,000.00			30,293.20	-	-	-	30,293.20	30,293.20	-
2M5	3.98063%	7,664,000.00			26,270.39	-	-	-	26,270.39	26,270.39	-
Total		941,546,359.54			2,377,830.72	-	-	-	2,377,830.72	2,377,830.72	0.00


							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Trust Fund Series 2004-3
	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)

2M6	FLT	7,664,000.00			7,664,000.00	26,930.34	-	26,930.34	-	-	7,664,000.00
2M7	FLT	7,665,000.00			7,665,000.00	30,894.11	-	30,894.11	-	-	7,665,000.00
2B	FLT	15,328,000.00			15,328,000.00	61,780.16	-	61,780.16	-	-	15,328,000.00
Trust		-			-	2,996,141.39	-	2,996,141.39	-	-	-


Total		30,657,000.00			30,657,000.00	3,115,746.00	-	3,115,746.00	-	-	30,657,000.00


	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)

2M6	11/26/04	12/26/04		A-Act/360	004375BW0	7,664,000.00	1,000.000000	3.513875	-	3.513875	1,000.000000
2M7	11/26/04	12/26/04		A-Act/360	004375BX8	7,665,000.00	1,000.000000	4.030543	-	4.030543	1,000.000000
2B	11/26/04	12/26/04		A-Act/360	004375BY6	15,328,000.00	1,000.000000	4.030543	-	4.030543	1,000.000000
Trust	11/26/04	12/26/04		-		-	-	-	-	-	-


							Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Trust Fund Series 2004-3
	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)

2M6	7,664,000.00		99,346.62		-	-	-	99,346.62	-	-	7,664,000.00
2M7	7,665,000.00		115,072.84		-	-	-	115,072.84	-	-	7,665,000.00
2B	15,328,000.00		230,115.67		-	-	-	230,115.67	-	-	15,328,000.00
Trust	-		12,516,948.16		-	-	-	12,516,948.16	-	-	-


Total	30,657,000.00		12,961,483.29		-	-	-	12,961,483.29	-	-	30,657,000.00


	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)

2M6	4.08063%	7,664,000.00			26,930.34	-	-	-	26,930.34	26,930.34	-
2M7	4.68063%	7,665,000.00			30,894.11	-	-	-	30,894.11	30,894.11	-
2B	4.68063%	15,328,000.00			61,780.16	-	-	-	61,780.16	61,780.16	-
Trust		-			-	-	-	-	-	2,996,141.39	-


Total		30,657,000.00			119,604.61	-	-	-	119,604.61	3,115,746.00	-


							Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Principal Collections				5,967,692.56	7,061,106.91	1,894,544.40	14,923,343.87
	Principal Withdrawals				0.00	0.00	0.00	0.00
	Principal Other Accounts				0.00	0.00	0.00	0.00
	TOTAL PRINCIPAL				5,967,692.56	7,061,106.91	1,894,544.40	14,923,343.87

	Interest Collections				1,865,324.29	2,386,721.04	1,313,923.23	5,565,968.56
	Interest Withdrawals				(22,713.82)	(30,597.86)	(19,080.17)	(72,391.84)
	Interest Other Accounts				0.00	0.00	0.00	0.00
	TOTAL INTEREST				1,842,610.47	2,356,123.18	1,294,843.06	5,493,576.72

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS				7,810,303.03	9,417,230.09	3,189,387.46	20,416,920.59

	Interest Payable to Bondholders				1,842,610.47	2,356,123.18	1,294,843.06	5,493,576.72

	Principal Payment Amount Payable to Bondholders				5,967,692.56	7,061,106.91	1,894,544.40	14,923,343.87


PRINCIPAL - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Scheduled Principal				208,960.87	308,948.51	246,642.33	764,551.71
	Curtailments				22,752.67	48,769.63	35,974.64	107,496.94
	Prepayments in Full				5,735,979.02	6,703,388.77	1,611,927.43	14,051,295.22
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Principal				0.00	0.00	0.00	0.00
	Other Additional Principal				0.00	0.00	0.00	0.00
	Delinquent Principal				(178,612.14)	(262,455.24)	(201,821.22)	(642,888.60)
	Realized Losses				0.00	0.00	0.00	0.00
	Principal Recovered				0.00	0.00	0.00	0.00
	Substitution Shortfall Principal				0.00	0.00	0.00	0.00
	Proceeds due to calling the Notes				0.00	0.00	0.00	0.00
	Proceeds due to the termination of the trust				0.00	0.00	0.00	0.00
	Principal Advanced				178,612.14	262,455.24	201,821.22	642,888.60

	TOTAL PRINCIPAL				5,967,692.56	7,061,106.91	1,894,544.40	14,923,343.87


				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

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

	TOTAL PRINCIPAL OTHER ACCOUNTS				0.00	0.00	0.00	0.00


INTEREST - COLLECTIONS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Scheduled Interest				1,862,422.95	2,403,948.06	1,356,621.67	5,622,992.68
	Repurchases/Substitutions				0.00	0.00	0.00	0.00
	Liquidations				0.00	0.00	0.00	0.00
	Insurance Interest				0.00	0.00	0.00	0.00
	Other Additional Interest				0.00	0.00	0.00	0.00
	Prepayment Interest Shortfalls				0.00	0.00	0.00	0.00
	Delinquent Interest				(1,569,204.83)	(1,998,637.07)	(1,108,435.17)	(4,676,277.07)
	Realized Losses				0.00	0.00	0.00	0.00
	Compensating Interest				0.00	0.00	0.00	0.00
	Civil Relief Act Shortfalls				0.00	0.00	0.00	0.00
	Substitution Shortfall Interest				0.00	0.00	0.00	0.00
	Prepayment Premiums				117,366.23	127,548.95	39,426.66	284,341.84
	Loan Adjustments				0.00	0.00	0.00	0.00
	Interest Advanced				1,454,739.94	1,853,861.10	1,026,310.07	4,334,911.11

	TOTAL INTEREST				1,865,324.29	2,386,721.04	1,313,923.23	5,565,968.56


				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Capitalized Interest				0.00	0.00	0.00	0.00
	Insured Interest Payment				0.00	0.00	0.00	0.00

	TOTAL INTEREST OTHER ACCOUNT				0.00	0.00	0.00	0.00


INTEREST - FEES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees				22,166.47	29,899.03	18,676.96	70,742.46
	Indenture Trustee Fees				547.35	698.83	403.21	1,649.38
	Indenture Trustee Indemnification Amounts Due				0.00	0.00	0.00	0.00
	Insurance Premiums				0.00	0.00	0.00	0.00
	Amounts due and owing to the Owner Trustee				0.00	0.00	0.00	0.00
	Amounts due to the Master Servicer				0.00	0.00	0.00	0.00

	TOTAL INTEREST FEES				22,713.82	30,597.86	19,080.17	72,391.84


				Page 8 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Beginning Over-collateralization Amount					12,263,984.47	5,162,232.51	17,426,216.98

	Over-collateralization Increase Amount					0.00	0.00	0.00

	Over-collateralization Release Amount					0.00	0.00	0.00

	Over-collateralization Amount					12,263,984.47	5,162,232.51	17,426,216.98

	Target Over-collateralization Amount					12,263,984.47	5,162,232.51	17,426,216.98


				Page 9 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL					GROUP 3	GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*				1625	2778	1697	6100
	Prior				1,591	2,726	1,674	5,991
	Prefunding				-	-	-	-
	Scheduled Paid Offs				-	-	-	-
	Full Voluntary Prepayments				(21)	(39)	(15)	(75)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				1,570	2,687	1,659	5,916

	*Principal Balance:*
	Original				337,290,892.67	429,146,091.80	245,810,232.51	1,012,247,216.98
	Prior				328,408,807.10	419,295,814.01	241,924,955.41	989,629,576.52
	Prefunding				-	-	-	-
	Scheduled Principal				(208,960.87)	(308,948.51)	(246,642.33)	(764,551.71)
	Partial and Full Voluntary Prepayments				(5,758,731.69)	(6,752,158.40)	(1,647,902.07)	(14,158,792.16)
	Repurchases				-	-	-	-
	Liquidations				-	-	-	-
	Current				322,441,114.54	412,234,707.10	240,030,411.01	974,706,232.65

PREFUNDING					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group 1		Group 3
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original				6.828483%	6.883155%	6.728579%	6.827401%
	Weighted Average Coupon Prior				6.819836%	6.880002%	6.727984%	6.823032%
	Weighted Average Coupon Current				6.805261%	6.879958%	6.729136%	6.818300%
	Weighted Average Months to Maturity Original				355	356	343	353
	Weighted Average Months to Maturity Prior				353	354	340	350
	Weighted Average Months to Maturity Current				352	353	339	349
	Weighted Avg Remaining Amortization Term Original				356	356	343	353
	Weighted Avg Remaining Amortization Term Prior				354	354	340	351
	Weighted Avg Remaining Amortization Term Current				353	353	339	350
	Weighted Average Seasoning Original				1.04	1.01	1.09	1.04
	Weighted Average Seasoning Prior				3.04	3.01	3.09	3.04
	Weighted Average Seasoning Current				4.02	4.00	4.09	4.03

Note: Original information refers to deal issue.


	Group 1		Group 3
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 11 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original				4.454%	4.703%
	Weighted Average Margin Prior				4.434%	4.696%
	Weighted Average Margin Current				4.426%	4.688%
	Weighted Average Max Rate Original				11.185%	11.763%
	Weighted Average Max Rate Prior				11.146%	11.749%
	Weighted Average Max Rate Current				11.135%	11.726%
	Weighted Average Min Rate Original				5.542%	5.842%
	Weighted Average Min Rate Prior				5.519%	5.834%
	Weighted Average Min Rate Current				5.512%	5.824%
	Weighted Average Cap Up Original				1.208%	1.267%
	Weighted Average Cap Up Prior				1.205%	1.266%
	Weighted Average Cap Up Current				1.204%	1.263%
	Weighted Average Cap Down Original				1.208%	1.267%
	Weighted Average Cap Down Prior				1.205%	1.266%
	Weighted Average Cap Down Current				1.204%	1.263%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees				22,166.47	29,899.03	18,676.96	70,742.46
	Delinquent Servicing Fees				114,464.89	144,775.97	82,125.11	341,365.97
	TOTAL SERVICING FEES				136,631.36	174,675.00	100,802.07	412,108.43

	Total Servicing Fees				136,631.36	174,675.00	100,802.07	412,108.43
	Compensating Interest				0.00	0.00	0.00	0.00
	Delinquent Servicing Fees				(114,464.89)	(144,775.97)	(82,125.11)	(341,365.97)
	COLLECTED SERVICING FEES				22,166.47	29,899.03	18,676.96	70,742.46

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

	Total Advanced Principal For Current Payment Date				178,612.14	262,455.24	201,821.22	642,888.60
	Total Advanced Interest For Current Payment Date				1,454,739.94	1,853,861.10	1,026,310.07	4,334,911.11
	TOTAL ADVANCES FOR CURRENT PERIOD				1,633,352.08	2,116,316.34	1,228,131.29	4,977,799.71


ADDITIONAL COLLATERAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,701,889.80	405,266.78	-	4,107,156.58
		% Balance			0.38%	0.04%	0.00%	0.42%
		# Loans			18	3	-	21
		% # Loans			0.30%	0.05%	0.00%	0.35%
FORECLOSURE		Balance		-	-	1,700,809.40	1,528,466.03	3,229,275.43
		% Balance		0.00%	0.00%	0.17%	0.16%	0.33%
		# Loans		-	-	8	7	15
		% # Loans		0.00%	0.00%	0.14%	0.12%	0.25%
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		-	-	-	116,544.55	116,544.55
		% Balance		0.00%	0.00%	0.00%	0.01%	0.01%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.02%	0.02%

TOTAL		Balance		-	3,701,889.80	2,106,076.18	1,645,010.58	7,452,976.56
		% Balance		0.00%	0.38%	0.22%	0.17%	0.76%
		# Loans		-	18	11	8	37
		% # Loans		0.00%	0.30%	0.19%	0.14%	0.63%
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 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			172,809.15	-	-	172,809.15
		% Balance			0.07%	0.00%	0.00%	0.07%
		# Loans			2	-	-	2
		% # Loans			0.12%	0.00%	0.00%	0.12%
FORECLOSURE		Balance		-	-	282,412.18	59,704.54	342,116.72
		% Balance		0.00%	0.00%	0.12%	0.02%	0.14%
		# Loans		-	-	2	1	3
		% # Loans		0.00%	0.00%	0.12%	0.06%	0.18%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	172,809.15	282,412.18	59,704.54	514,925.87
		% Balance		0.00%	0.07%	0.12%	0.02%	0.21%
		# Loans		-	2	2	1	5
		% # Loans		0.00%	0.12%	0.12%	0.06%	0.30%
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 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,789,928.02	177,266.78	-	1,967,194.80
		% Balance			0.43%	0.04%	0.00%	0.48%
		# Loans			11	2	-	13
		% # Loans			0.41%	0.07%	0.00%	0.48%
FORECLOSURE		Balance		-	-	268,411.27	501,375.55	769,786.82
		% Balance		0.00%	0.00%	0.07%	0.12%	0.19%
		# Loans		-	-	3	3	6
		% # Loans		0.00%	0.00%	0.11%	0.11%	0.22%
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		-	-	-	116,544.55	116,544.55
		% Balance		0.00%	0.00%	0.00%	0.03%	0.03%
		# Loans		-	-	-	1	1
		% # Loans		0.00%	0.00%	0.00%	0.04%	0.04%

TOTAL		Balance		-	1,789,928.02	445,678.05	617,920.10	2,853,526.17
		% Balance		0.00%	0.43%	0.11%	0.15%	0.69%
		# Loans		-	11	5	4	20
		% # Loans		0.00%	0.41%	0.19%	0.15%	0.74%
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 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 3 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1,739,152.63	228,000.00	-	1,967,152.63
		% Balance			0.54%	0.07%	0.00%	0.61%
		# Loans			5	1	-	6
		% # Loans			0.32%	0.06%	0.00%	0.38%
FORECLOSURE		Balance		-	-	1,149,985.95	967,385.94	2,117,371.89
		% Balance		0.00%	0.00%	0.36%	0.30%	0.66%
		# Loans		-	-	3	3	6
		% # Loans		0.00%	0.00%	0.19%	0.19%	0.38%
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		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	1,739,152.63	1,377,985.95	967,385.94	4,084,524.52
		% Balance		0.00%	0.54%	0.43%	0.30%	1.27%
		# Loans		-	5	4	3	12
		% # Loans		0.00%	0.32%	0.25%	0.19%	0.76%
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 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 000.00				Loan Group 3 = Group 3; REO Book Value = Not Available
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
SPACE INTENTIONALLY LEFT BLANK


				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans				21	39	15	75
	Number of Repurchased Loans				-	-	-	-
	Total Number of Loans Prepaid in Full				21	39	15	75

	Paid in Full Balance				5,735,979.02	6,703,388.77	1,611,927.43	14,051,295.22
	Repurchased Loans Balance				-	-	-	-
	Curtailments Amount				22,752.67	48,769.63	35,974.64	107,496.94
	Total Prepayment Amount				5,758,731.69	6,752,158.40	1,647,902.07	14,158,792.16

	*Cumulative*
	Number of Paid in Full Loans				53	86	34	173
	Number of Repurchased Loans				2	5	4	11
	Total Number of Loans Prepaid in Full				55	91	38	184

	Paid in Full Balance				13,360,812.40	14,803,445.24	4,356,188.27	32,520,445.91
	Repurchased Loans Balance				454,884.15	766,314.87	306,100.00	1,527,299.02
	Curtailments Amount				189,476.25	94,388.52	133,016.60	416,881.37
	Total Prepayment Amount				14,005,172.80	15,664,148.63	4,795,304.87	34,464,626.30

SPACE INTENTIONALLY LEFT BLANK


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


				Page 18 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES					GROUP 3	GROUP 2	GROUP 1	TOTAL

	SMM				1.75%	1.61%	0.68%	1.43%
	3 Months Avg SMM				1.27%	1.11%	0.51%	1.02%
	12 Months Avg SMM
	Avg SMM Since Cut-off				1.06%	0.93%	0.49%	0.86%

	CPR				19.14%	17.71%	7.88%	15.89%
	3 Months Avg CPR				14.27%	12.54%	5.96%	11.56%
	12 Months Avg CPR
	Avg CPR Since Cut-off				11.97%	10.58%	5.75%	9.89%

	PSA				2377.99%	2215.45%	964.63%	1972.58%
	3 Months Avg PSA Approximation				2351.20%	2086.58%	965.31%	1905.24%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation				2358.38%	2110.90%	1112.35%	1950.41%



	Group 1		Group 3
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1		Group 3
	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 20 of 27				© COPYRIGHT 2004 Deutsche Bank


	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 75						Loan Group 1 = Group 1
Total Original Principal Balance = 14,099,120.00						Loan Group 2 = Group 2
Total Prepayment Amount = 14,051,295.22						Loan Group 3 = Group 3


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

403318272 1			100,000.00	99,717.75	Dec-01-04	7.800%	VA - 43.45%	Paid Off - 360	Jun-25-04
404128553 1			50,000.00	49,814.59	Dec-01-04	8.490%	VA - 70.79%	Paid Off - 360	May-03-04
404231861 1			78,400.00	78,074.23	Dec-01-04	6.990%	VA - 79.87%	Paid Off - 360	May-26-04
404274897 1			64,800.00	64,621.65	Dec-01-04	9.250%	GA - 79.91%	Paid Off - 360	May-26-04
405040882 1			200,000.00	198,570.00	Dec-01-04	5.990%	CA - 59.52%	Paid Off - 360	May-21-04
405064052 1			105,000.00	104,614.67	Dec-01-04	7.625%	CA - 56.07%	Paid Off - 360	May-28-04
405064579 1			68,000.00	67,743.94	Dec-01-04	7.490%	TN - 84.87%	Paid Off - 360	May-17-04
405106474 1			207,360.00	206,580.83	Dec-01-04	7.500%	MD - 80.88%	Paid Off - 360	May-19-04
405108002 1			95,000.00	92,759.04	Dec-01-04	6.950%	CA - 77.42%	Paid Off - 120	Jun-07-04
405174827 1			90,000.00	89,635.84	Dec-01-04	7.125%	UT - 79.52%	Paid Off - 360	May-27-04
406043890 1			108,000.00	107,542.04	Dec-01-04	6.990%	FL - 74.42%	Paid Off - 360	Jun-15-04
406143365 1			200,000.00	199,504.22	Dec-01-04	7.250%	CA - 66.67%	Paid Off - 360	Jul-30-04
406166655 1			86,400.00	86,080.33	Dec-01-04	7.500%	MI - 89.93%	Paid Off - 360	Jul-06-04
407077944 1			100,000.00	99,797.35	Dec-01-04	8.000%	CA - 78.13%	Paid Off - 360	Jul-30-04
407092159 1			67,000.00	66,870.95	Dec-01-04	8.250%	CA - 50.19%	Paid Off - 360	Jul-27-04
311079188 2			281,500.00	279,664.91	Dec-01-04	7.750%	CA - 70.96%	Paid Off - 360	Jan-26-04
403264187 2			160,000.00	159,246.78	Dec-01-04	7.300%	TX - 79.81%	Paid Off - 360	Apr-16-04
403317827 2			73,000.00	72,806.26	Dec-01-04	8.300%	MA - 40.98%	Paid Off - 360	Jun-14-04
404019516 2			88,000.00	87,536.16	Dec-01-04	5.750%	NV - 79.83%	Paid Off - 360	May-06-04
404064016 2			153,000.00	152,072.83	Dec-01-04	5.990%	CA - 89.73%	Paid Off - 360	Apr-30-04
404128328 2			60,800.00	60,547.38	Dec-01-04	6.990%	NC - 79.87%	Paid Off - 360	May-06-04
404129369 2			115,200.00	114,592.80	Dec-01-04	5.750%	MD - 79.83%	Paid Off - 360	May-11-04
404220483 2			207,000.00	206,025.75	Dec-01-04	7.299%	MI - 89.79%	Paid Off - 360	May-04-04
404231321 2			124,000.00	123,381.02	Dec-01-04	6.999%	OH - 88.35%	Paid Off - 360	May-03-04
404231733 2			172,000.00	171,402.63	Dec-01-04	6.750%	CA - 36.96%	Paid Off - 360	May-28-04
404263645 2			84,800.00	84,604.66	Dec-01-04	8.799%	IN - 79.95%	Paid Off - 360	Jun-09-04
404286048 2			153,750.00	153,127.86	Dec-01-04	7.125%	NV - 74.88%	Paid Off - 360	Jun-07-04
404308490 2			277,000.00	275,882.91	Dec-01-04	7.500%	NJ - 76.82%	Paid Off - 360	May-21-04
404308590 2			180,000.00	179,252.14	Dec-01-04	6.990%	NV - 79.87%	Paid Off - 360	May-18-04
405106773 2			187,200.00	187,200.00	Dec-01-04	6.375%	ID - 80.00%	Paid Off - 360	May-19-04
405107902 2			76,000.00	75,642.58	Dec-01-04	6.350%	IL - 79.85%	Paid Off - 360	May-21-04
405120521 2			132,000.00	131,499.08	Dec-01-04	7.450%	RI - 79.88%	Paid Off - 360	May-25-04
405174091 2			230,000.00	229,022.71	Dec-01-04	6.875%	CA - 62.91%	Paid Off - 360	May-28-04
405198027 2			173,700.00	172,909.01	Dec-01-04	7.750%	CA - 89.81%	Paid Off - 360	May-27-04
405209171 2			177,625.00	176,875.81	Dec-01-04	6.990%	NJ - 86.50%	Paid Off - 360	May-28-04
405211311 2			233,000.00	231,783.43	Dec-01-04	5.800%	CA - 79.83%	Paid Off - 360	Jun-04-04
405242381 2			98,400.00	98,126.45	Dec-01-04	7.875%	NM - 79.94%	Paid Off - 360	Jun-14-04
406019317 2			85,000.00	84,659.54	Dec-01-04	7.875%	CA - 66.80%	Paid Off - 360	Jun-30-04
406075138 2			104,500.00	104,202.08	Dec-01-04	7.750%	TN - 84.56%	Paid Off - 360	Jun-18-04
406100921 2			260,000.00	260,000.00	Dec-01-04	6.250%	CA - 80.00%	Paid Off - 360	Jun-16-04
406166600 2			200,000.00	199,233.73	Dec-01-04	7.375%	NJ - 32.49%	Paid Off - 360	Jun-28-04
406211168 2			208,000.00	207,510.27	Dec-01-04	7.250%	CA - 71.72%	Paid Off - 360	Jul-28-04
406211449 2			182,400.00	182,400.00	Dec-01-04	5.990%	CA - 80.00%	Paid Off - 360	Jul-07-04
406222911 2			246,400.00	245,583.38	Dec-01-04	6.990%	CA - 79.93%	Paid Off - 360	Jul-12-04

					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	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

406234332 2			216,000.00	215,226.14	Dec-01-04	6.590%	MD - 79.93%	Paid Off - 360	Jul-06-04
406235346 2			138,000.00	137,945.45	Dec-01-04	6.999%	MN - 84.66%	Paid Off - 360	Jul-06-04
406246021 2			230,400.00	229,870.80	Dec-01-04	7.375%	MD - 80.00%	Paid Off - 360	Jul-13-04
406257896 2			105,300.00	104,941.82	Dec-01-04	6.959%	IN - 89.92%	Paid Off - 360	Jul-06-04
406289017 2			321,642.00	320,854.28	Dec-01-04	8.500%	MD - 84.95%	Paid Off - 360	Jul-01-04
407013724 2			155,812.00	155,366.14	Dec-01-04	6.250%	CA - 80.00%	Paid Off - 360	Jul-19-04
407080692 2			256,500.00	256,500.00	Dec-01-04	6.500%	CA - 73.29%	Paid Off - 360	Jul-29-04
407135474 2			255,000.00	254,304.66	Dec-01-04	6.500%	CA - 56.67%	Paid Off - 360	Jul-30-04
407146026 2			114,400.00	114,102.84	Dec-01-04	6.750%	MD - 80.00%	Paid Off - 360	Jul-19-04
407238688 2			208,000.00	207,484.48	Dec-01-04	6.990%	NV - 80.00%	Paid Off - 360	Aug-02-04
402046559 3			184,000.00	183,044.78	Dec-01-04	6.800%	PA - 79.79%	Paid Off - 360	May-04-04
403108257 3			388,411.00	386,005.71	Dec-01-04	5.875%	CA - 79.75%	Paid Off - 360	May-27-04
403296064 3			256,000.00	254,586.06	Dec-01-04	5.500%	NV - 79.82%	Paid Off - 360	May-05-04
404086183 3			404,000.00	402,481.99	Dec-01-04	7.500%	RI - 79.88%	Paid Off - 360	May-05-04
404097230 3			392,000.00	390,548.75	Dec-01-04	8.500%	NC - 79.85%	Paid Off - 360	May-04-04
404141383 3			340,000.00	339,724.48	Dec-01-04	5.875%	CA - 79.94%	Paid Off - 360	May-04-04
404195484 3			67,200.00	66,867.17	Dec-01-04	6.500%	CT - 79.85%	Paid Off - 360	May-14-04
404218855 3			289,000.00	287,966.63	Dec-01-04	7.749%	OH - 84.88%	Paid Off - 360	May-19-04
404231946 3			481,600.00	479,599.08	Dec-01-04	6.990%	CA - 79.87%	Paid Off - 360	May-17-04
404297446 3			96,800.00	96,470.85	Dec-01-04	8.000%	NJ - 79.89%	Paid Off - 360	May-26-04
405053312 3			184,000.00	183,198.89	Dec-01-04	6.750%	MD - 79.86%	Paid Off - 360	May-19-04
405075914 3			150,000.00	149,224.12	Dec-01-04	5.850%	OH - 79.84%	Paid Off - 360	May-28-04
405131481 3			114,750.00	114,273.22	Dec-01-04	6.990%	OH - 84.86%	Paid Off - 360	May-28-04
405143187 3			468,000.00	468,000.00	Dec-01-04	6.750%	CA - 80.00%	Paid Off - 360	May-28-04
406075542 3			375,000.00	373,665.57	Dec-01-04	6.625%	CA - 87.13%	Paid Off - 360	Jun-17-04
406098672 3			159,920.00	159,503.24	Dec-01-04	8.195%	MN - 79.95%	Paid Off - 360	Jul-01-04
406112982 3			185,000.00	184,549.59	Dec-01-04	8.550%	CA - 44.02%	Paid Off - 360	Jun-29-04
406156050 3			195,000.00	194,398.00	Dec-01-04	7.350%	CA - 76.41%	Paid Off - 360	Jun-29-04
406167260 3			171,900.00	171,533.65	Dec-01-04	7.750%	DE - 90.00%	Paid Off - 360	Jul-21-04
406167276 3			491,250.00	491,249.80	Dec-01-04	6.500%	CA - 75.00%	Paid Off - 360	Jun-30-04
407169159 3			360,000.00	359,087.44	Dec-01-04	6.875%	NJ - 88.89%	Paid Off - 360	Jul-27-04


					Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES					GROUP 3	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		Group 3				3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS					GROUP 3	GROUP 2	GROUP 1	TOTAL

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

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

	SDA				0.00%	0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation				0.00%	0.00%	0.00%	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation				0.00%	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 3
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 24 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1		Group 3
	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 25 of 27				© COPYRIGHT 2004 Deutsche Bank


	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	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						Loan Group 3 = Group 3
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 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	Accredited Mortgage Loan Trust 2004-3
	Asset Backed Notes
	Series 2004-3
	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Has the Step Down Requirement been satisfied					No	No	No

	Trigger Event
	Rolling 3 Month 60 + Delinquency Ratio					No	No	No
	Cumulative Losses					No	No	No

	Has the Group Clean Up Call Date Occurred?					No	No	No

	Has the Trust Clean Up Call Date Occurred?							No


ADJUSTABLE RATE CERTIFICATE INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Current Month's LIBOR							2.180630%

	Current Month's LIBOR Determination Date							Nov-24-04

	Next Month's LIBOR							2.417500%

	Next Month's LIBOR Determination Date							Dec-23-04


ADDITIONAL INFORMATION					GROUP 3	GROUP 2	GROUP 1	TOTAL

	Class 1A6 Lockout Distribution Amount						0.00	0.00


				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

Accredited Mortgage Loan Trust 2004-3 8-K