

                           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)

          Ameriquest Mortgage Securities Inc (as Depositor under the Pooling
          and Servicing Agreement, dated as June 1, 2004, providing for the
          issuance of Asset-Backed Pass-Through Certificates, Series 2004-R5)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-112203-01                          33-0885129
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1100 TOWN & COUNTRY ROAD, SUITE 1100
          ORANGE, CALIFORNIA                              92868
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (714) 541-9960


(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     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
                                  Pooling and Servicing Agreement on
                                  behalf of Ameriquest Mortgage
                                  Securities Inc.,Registrant


          Date:  Dec 31, 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.



Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

				External Parties						Table of Contents

													Page
				Seller
										1. Certificate Payment Report					2
				Ameriquest Mortgage Corp
										2. Collection Account Report					4

										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10

										6. REO Report					13

										7. Foreclosure Report					14
										8. Prepayment Report					16
										9. Prepayment Detail Report					19

										10. Realized Loss Report					26
										11. Realized Loss Detail Report					29
				Servicer(s)
										12. Triggers and Adj. Cert. Report					30
				Ameriquest Mortgage Corp
										13. Additional Certificate Report					31

										14. Other Related Information					32


				Underwriter(s)
				CS First Boston


										Total Number of Pages					32


				Dates						Contacts

				Cut-Off Date:			June 01, 2004			Tim Avakian
				Close Date:			June 04, 2004			Administrator
				First Distribution Date:			July 26, 2004			(714) 247-6279
										tim.avakian@db.com

										Address:
										1761 E. St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			December 27, 2004
										Factor Information:			(800) 735-7777
				Record Date:			November 30, 2004
										Main Phone Number:			(714) 247-6000

							December 24, 2004


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






Page 1 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - MASTER REMIC
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal

Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance


					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

A-1A	SNR	$	619,000,000.00		545,034,348.63		1,150,166.76		31,814,883.60		32,965,050.36		0.00		0.00		513,219,465.03

A-1B	SNR	$	68,770,000.00		60,552,523.67		132,996.10		3,534,587.31		3,667,583.41		0.00		0.00		57,017,936.36
A-2	SNR	$	76,200,000.00		52,725,356.26		104,000.08		11,833,485.98		11,937,486.06		0.00		0.00		40,891,870.28
A-3	SNR	$	37,800,000.00		37,800,000.00		79,768.01		0.00		79,768.01		0.00		0.00		37,800,000.00
A-4	SNR	$	29,230,000.00		29,230,000.00		67,723.90		0.00		67,723.90		0.00		0.00		29,230,000.00
M-1	SUB,MEZ	$	57,500,000.00		57,500,000.00		136,689.53		0.00		136,689.53		0.00		0.00		57,500,000.00
M-2	SUB,MEZ	$	47,500,000.00		47,500,000.00		140,322.30		0.00		140,322.30		0.00		0.00		47,500,000.00
M-3	SUB,MEZ	$	10,000,000.00		10,000,000.00		32,124.87		0.00		32,124.87		0.00		0.00		10,000,000.00
M-4	SUB,MEZ	$	12,500,000.00		12,500,000.00		47,906.09		0.00		47,906.09		0.00		0.00		12,500,000.00
M-5	SUB,MEZ	$	9,000,000.00		9,000,000.00		35,887.38		0.00		35,887.38		0.00		0.00		9,000,000.00
M-6	SUB,MEZ	$	7,500,000.00		7,500,000.00		44,760.32		0.00		44,760.32		0.00		0.00		7,500,000.00
M-7	SUB,MEZ	$	10,000,000.00		10,000,000.00		27,388.76		0.00		27,388.76		0.00		0.00		10,000,000.00
CE	OC	$	15,000,472.05		15,000,008.58		3,092,119.24		0.00		3,092,119.24		0.00		0.00		15,000,008.58
P	P	$	100.00		100.00		824,805.62		0.00		824,805.62		0.00		0.00		100.00
R	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			1,000,000,572.05		894,342,337.14		5,916,658.96		47,182,956.89		53,099,615.85		0.00		0.00		847,159,380.25





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)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1A	11/26/04		12/26/04		A-Act/360		03072SRS6		619,000,000.00		880.507833		1.858105		51.397227		53.255332	829.110606
A-1B	11/26/04		12/26/04		A-Act/360		03072SRT4		68,770,000.00		880.507833		1.933926		51.397227		53.331153	829.110606
A-2	11/26/04		12/26/04		A-Act/360		03072SRU1		76,200,000.00		691.933809		1.364830		155.295092		156.659922	536.638718
A-3	11/26/04		12/26/04		A-Act/360		03072SRV9		37,800,000.00		1,000.000000		2.110265		0.000000		2.110265	1,000.000000
A-4	11/26/04		12/26/04		A-Act/360		03072SRW7		29,230,000.00		1,000.000000		2.316931		0.000000		2.316931	1,000.000000
M-1	11/26/04		12/26/04		A-Act/360		03072SRX5		57,500,000.00		1,000.000000		2.377209		0.000000		2.377209	1,000.000000
M-2	11/26/04		12/26/04		A-Act/360		03072SRY3		47,500,000.00		1,000.000000		2.954154		0.000000		2.954154	1,000.000000
M-3	11/26/04		12/26/04		A-Act/360		03072SRZ0		10,000,000.00		1,000.000000		3.212487		0.000000		3.212487	1,000.000000
M-4	11/26/04		12/26/04		A-Act/360		03072SSA4		12,500,000.00		1,000.000000		3.832487		0.000000		3.832487	1,000.000000
M-5	11/26/04		12/26/04		A-Act/360		03072SSB2		9,000,000.00		1,000.000000		3.987487		0.000000		3.987487	1,000.000000
M-6	11/26/04		12/26/04		A-Act/360		03072SSC0		7,500,000.00		1,000.000000		5.968043		0.000000		5.968043	1,000.000000
M-7	11/26/04		12/26/04		A-Act/360		03072SSG1		10,000,000.00		1,000.000000		2.738876		0.000000		2.738876	1,000.000000
CE	11/01/04		11/30/04		F-30/360				1,015,000,881.05		14.778321		3.046420		0.000000		3.046420	14.778321
P	11/01/04		11/30/04		F-30/360				100.00		1,000.000000		8,248,056.200000		0.000000		8,248,056.200000	1,000.000000
R	11/01/04		11/30/04		F-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 2 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

Distribution to Date - MASTER REMIC
																	Current


	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1A	619,000,000.00		6,408,821.95		102,040,426.79		3,740,108.18		105,780,534.97		112,189,356.92		0.00		0.00		513,219,465.03
A-1B	68,770,000.00		749,701.78		11,336,543.06		415,520.58		11,752,063.64		12,501,765.41		0.00		0.00		57,017,936.36
A-2	76,200,000.00		643,545.32		34,471,304.65		836,825.07		35,308,129.72		35,951,675.04		0.00		0.00		40,891,870.28
A-3	37,800,000.00		411,809.51		0.00		0.00		0.00		411,809.51		0.00		0.00		37,800,000.00
A-4	29,230,000.00		358,586.75		0.00		0.00		0.00		358,586.75		0.00		0.00		29,230,000.00
M-1	57,500,000.00		728,428.42		0.00		0.00		0.00		728,428.42		0.00		0.00		57,500,000.00
M-2	47,500,000.00		783,854.94		0.00		0.00		0.00		783,854.94		0.00		0.00		47,500,000.00
M-3	10,000,000.00		182,188.77		0.00		0.00		0.00		182,188.77		0.00		0.00		10,000,000.00
M-4	12,500,000.00		279,235.95		0.00		0.00		0.00		279,235.95		0.00		0.00		12,500,000.00
M-5	9,000,000.00		210,319.88		0.00		0.00		0.00		210,319.88		0.00		0.00		9,000,000.00
M-6	7,500,000.00		273,974.91		0.00		0.00		0.00		273,974.91		0.00		0.00		7,500,000.00
M-7	10,000,000.00		150,716.54		0.00		0.00		0.00		150,716.54		0.00		0.00		10,000,000.00
CE	15,000,472.05		21,580,695.06		0.00		0.00		463.47		21,581,158.53		0.00		0.00		15,000,008.58
P	100.00		2,360,733.62		0.00		0.00		0.00		2,360,733.62		0.00		0.00		100.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total	1,000,000,572.05		35,122,613.40		147,848,274.50		4,992,453.83		152,841,191.80		187,963,805.19		0.00		0.00		847,159,380.25


Interest Detail - MASTER REMIC
	Pass		Prior Principal				Non-		Prior		Unscheduled				Paid or		Current


	Through		(with Notional)		Accrued		Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest		Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1A	2.45063%		545,034,348.63		1,150,166.76		0.00		0.00		0.00		1,150,166.76		1,150,166.76		0.00
A-1B	2.55063%		60,552,523.67		132,996.10		0.00		0.00		0.00		132,996.10		132,996.10		0.00
A-2	2.29063%		52,725,356.26		104,000.08		0.00		0.00		0.00		104,000.08		104,000.08		0.00
A-3	2.45063%		37,800,000.00		79,768.01		0.00		0.00		0.00		79,768.01		79,768.01		0.00
A-4	2.69063%		29,230,000.00		67,723.90		0.00		0.00		0.00		67,723.90		67,723.90		0.00
M-1	2.76063%		57,500,000.00		136,689.53		0.00		0.00		0.00		136,689.53		136,689.53		0.00
M-2	3.43063%		47,500,000.00		140,322.30		0.00		0.00		0.00		140,322.30		140,322.30		0.00
M-3	3.73063%		10,000,000.00		32,124.87		0.00		0.00		0.00		32,124.87		32,124.87		0.00
M-4	4.45063%		12,500,000.00		47,906.09		0.00		0.00		0.00		47,906.09		47,906.09		0.00
M-5	4.63063%		9,000,000.00		35,887.38		0.00		0.00		0.00		35,887.38		35,887.38		0.00
M-6	6.60450%		7,500,000.00		42,654.08		0.00		0.00		0.00		42,654.08		44,760.32		0.00
M-7	3.18063%		10,000,000.00		27,388.76		0.00		0.00		0.00		27,388.76		27,388.76		0.00
CE	247.36940%		15,000,008.58		0.00		0.00		0.00		0.00		0.00		3,092,119.24		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		824,805.62		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00


Total			894,342,337.14		1,997,627.86		0.00		0.00		0.00		1,997,627.86		5,916,658.96		0.00



Page 3 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Collection Account Report
SUMMARY

										Group 2		Group 1		Total
Principal Collections										11,833,485.98		35,349,470.91		47,182,956.89
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										11,833,485.98		35,349,470.91		47,182,956.89
Interest Collections										826,012.68		4,331,252.78		5,157,265.46
Interest Withdrawals														-0.00
Interest Other Accounts										0.00		0.00		824,805.62
Interest Fees										-11,785.17		-53,629.58		-65,414.74
TOTAL NET INTEREST										814,227.51		4,277,623.20		5,916,656.34
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										12,647,713.49		39,627,094.11		53,099,613.23



PRINCIPAL - COLLECTIONS

											Group 2		Group 1		Total
Scheduled Principal Received											127,558.15		651,191.46		778,749.61
Curtailments											4,436.56		-69,619.64		-65,183.08
Prepayments In Full											11,701,491.27		34,237,932.39		45,939,423.66
Repurchased/Substitutions											0.00		529,966.70		529,966.70
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											-110,810.32		-552,633.13		-663,443.45
Realized Losses											-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal											110,810.32		552,633.13		663,443.45
TOTAL PRINCIPAL COLLECTED											11,833,485.98		35,349,470.91		47,182,956.89


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS

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





Page 4 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

INTEREST - COLLECTIONS

										Group 2		Group 1		Total
Scheduled Interest										876,534.38		4,585,503.97		5,462,038.35
Repurchased/Substitution Interest										0.00		4,094.63		4,094.63
Liquidation Interest										0.00		0.00		0.00
Insurance Interest										0.00		0.00		0.00
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-8,888.85		-39,535.61		-48,424.46
Delinquent Interest										-717,231.62		-3,841,257.02		-4,558,488.64
Compensating Interest										8,888.85		39,535.61		48,424.46
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										666,709.92		3,582,911.20		4,249,621.12
TOTAL INTEREST COLLECTED										826,012.68		4,331,252.78		5,157,265.46


INTEREST - WITHDRAWALS

										Group 2		Group 1		Total
Trust Fund Expenses										0.00		0.00		0.00
Non-Recoverable Advances										0.00		0.00		0.00
Reimbursements to Master Servicer										0.00		0.00		0.00

TOTAL INTEREST WITHDRAWALS														0.00



INTEREST - OTHER ACCOUNTS

										Group 2		Group 1		Total
Prepayment Charges										0.00		0.00		824,805.62
Net Wac Investment Income										0.00		0.00		0.00

TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		824,805.62



INTEREST - FEES

										Group 2		Group 1		Total
Current Servicing Fees										11,512.22		52,262.90		63,775.11
Trustee Fees										272.95		1,366.68		1,639.63

TOTAL INTEREST FEES										11,785.17		53,629.58		65,414.74




Page 5 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Credit Enhancement Report

ACCOUNTS


RESERVE

Beginning Reserve Balance						1,000.00
Reserve Funds Deposited						2.62
Amount withdrawn						0.00
Reserve Funds Distributed						2.62
Ending Balance						1,000.00



INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES

										Group 2		Group 1		Total
Overcollateralized Amount														15,000,008.58
Overcollateralization Release Amount														0.00
Overcollateralization Deficiency Amount														0.00
Overcollateralization Target Amount														15,000,008.58



Page 6 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Collateral Report


COLLATERAL



											Group 2		Group 1		Total



*Loan Count:*


Original										623		5,658		6,281
Prior										555		5,196		5,751
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-36		-189		-225
Repurchases										-0		-2		-2
Liquidations										-0		-0		-0
Current										519		5,005		5,524
*Principal Balance:*


Original										172,356,218.93		827,644,353.12		1,000,000,572.05
Prior										148,881,410.85		745,460,926.29		894,342,337.14
Prefunding										0.00		0.00		0.00
Scheduled Principal										-127,558.15		-651,191.46		-778,749.61
Partial Prepayments										-4,436.56		(69,619.64)		(65,183.08)
Full Voluntary Prepayments										-11,701,491.27		-34,237,932.39		-45,939,423.66
Repurchases										-0.00		-529,966.70		-529,966.70
Liquidations										-0.00		-0.00		-0.00
Current										137,047,924.87		710,111,455.38		847,159,380.25





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 7 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Coupon Original										7.13315%		7.41895%		7.36969%
Weighted Average Coupon Prior										7.06842%		7.39385%		7.33995%
Weighted Average Coupon Current										7.06496%		7.38700%		7.33339%
Weighted Average Months to Maturity Original										355		350		351
Weighted Average Months to Maturity Prior										350		346		346
Weighted Average Months to Maturity Current										348		344		345
Weighted Avg Remaining Amortization Term Original										355		350		351
Weighted Avg Remaining Amortization Term Prior										350		346		346
Weighted Avg Remaining Amortization Term Current										348		344		345
Weighted Average Seasoning Original										2.10		2.11		2.11
Weighted Average Seasoning Prior										6.10		6.10		6.10
Weighted Average Seasoning Current										7.10		7.09		7.09









Page 8 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

ARM CHARACTERISTICS

										Group 2		Group 1		Total
Weighted Average Margin Original										5.92535%		6.04064%		6.02050%
Weighted Average Margin Prior										5.92603%		6.03563%		6.01716%
Weighted Average Margin Current										5.92707%		6.03313%		6.01519%
Weighted Average Max Rate Original										13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Prior										13.14348%		13.48851%		13.43037%
Weighted Average Max Rate Current										13.14237%		13.48334%		13.42567%
Weighted Average Min Rate Original										7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Prior										7.14348%		7.48851%		7.43037%
Weighted Average Min Rate Current										7.14237%		7.48334%		7.42567%
Weighted Average Cap Up Original										1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Prior										1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Current										1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Original										1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Prior										1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Current										1.00000%		1.00000%		1.00000%




SERVICING FEES & ADVANCES

											Group 2		Group 1		Total




Current Servicing Fees										11,512.22		52,262.90		63,775.11
Delinquent Servicing Fees										50,521.70		258,345.82		308,867.52
TOTAL SERVICING FEES										62,033.92		310,654.36		372,688.29


Total Servicing Fees										62,033.92		310,654.36		372,688.29
Compensating Interest										-8,888.85		-39,535.61		-48,424.46
Delinquent Servicing Fees										-50,521.70		-258,345.82		-308,867.52
COLLECTED SERVICING FEES										11,512.22		52,262.90		15,396.31


Total Advaced Interest										666,709.92		3,582,911.20		4,249,621.12
Total Advaced Principal										110,810.32		552,633.13		663,443.45
Aggregate Advances with respect to this Distribution										777,520.24		4,135,544.33		4,913,064.57





ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										8,888.85		39,535.61		48,424.46
Compensating Interest										-8,888.85		-39,535.61		-48,424.46
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00




Page 9 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				15,304,963.13		9,647,757.42		4,858,965.63		29,811,686.18
			% Balance				1.81%		1.14%		0.57%		3.52%
			# Loans				106		66		37		209
			% # Loans				1.92%		1.20%		0.67%		3.78%
	FORECLOSURE		Balance		0.00		0.00		297,576.90		8,628,164.34		8,925,741.24
			% Balance		0.00%		0.00%		0.04%		1.02%		1.05%
			# Loans		0		0		2		65		67
			% # Loans		0.00%		0.00%		0.04%		1.18%		1.21%
	BANKRUPTCY		Balance		1,562,606.82		272,717.40		166,169.38		316,375.04		2,317,868.64
			% Balance		0.18%		0.03%		0.02%		0.04%		0.27%
			# Loans		13		1		2		3		19
			% # Loans		0.24%		0.02%		0.04%		0.05%		0.34%
	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		1,562,606.82		15,577,680.53		10,111,503.70		13,803,505.01		41,055,296.06
			% Balance		0.18%		1.84%		1.19%		1.63%		4.85%
			# Loans		13		107		70		105		295
			% # Loans		0.24%		1.94%		1.27%		1.90%		5.34%









Page 10 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				12,400,683.40		8,359,320.50		3,766,329.87		24,526,333.77
			% Balance				1.75%		1.18%		0.53%		3.45%
			# Loans				95		58		30		183
			% # Loans				1.90%		1.16%		0.60%		3.66%
	FORECLOSURE		Balance		0.00		0.00		297,576.90		6,973,971.73		7,271,548.63
			% Balance		0.00%		0.00%		0.04%		0.98%		1.02%
			# Loans		0		0		2		58		60
			% # Loans		0.00%		0.00%		0.04%		1.16%		1.20%
	BANKRUPTCY		Balance		1,436,353.53		272,717.40		166,169.38		316,375.04		2,191,615.35
			% Balance		0.20%		0.04%		0.02%		0.04%		0.31%
			# Loans		12		1		2		3		18
			% # Loans		0.24%		0.02%		0.04%		0.06%		0.36%
	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		1,436,353.53		12,673,400.80		8,823,066.78		11,056,676.64		33,989,497.75
			% Balance		0.20%		1.78%		1.24%		1.56%		4.79%
			# Loans		12		96		62		91		261
			% # Loans		0.24%		1.92%		1.24%		1.82%		5.22%










Page 11 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				2,904,279.73		1,288,436.92		1,092,635.76		5,285,352.41
			% Balance				2.12%		0.94%		0.80%		3.86%
			# Loans				11		8		7		26
			% # Loans				2.12%		1.54%		1.35%		5.01%
	FORECLOSURE		Balance		0.00		0.00		0.00		1,654,192.61		1,654,192.61
			% Balance		0.00%		0.00%		0.00%		1.21%		1.21%
			# Loans		0		0		0		7		7
			% # Loans		0.00%		0.00%		0.00%		1.35%		1.35%
	BANKRUPTCY		Balance		126,253.29		0.00		0.00		0.00		126,253.29
			% Balance		0.09%		0.00%		0.00%		0.00%		0.09%
			# Loans		1		0		0		0		1
			% # Loans		0.19%		0.00%		0.00%		0.00%		0.19%
	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		126,253.29		2,904,279.73		1,288,436.92		2,746,828.37		7,065,798.31
			% Balance		0.09%		2.12%		0.94%		2.00%		5.16%
			# Loans		1		11		8		14		34
			% # Loans		0.19%		2.12%		1.54%		2.70%		6.55%









Page 12 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
REO Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK




TOTAL



Page 13 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &

														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
64407745 1
			103,000.00		102,355.95		01-Apr-2004		8.990%		ID - 79.23%		360		01-Feb-2004

65472102 1			277,500.00		275,162.36		01-Jun-2004		7.500%		CO - 75.00%		360		01-Feb-2004
67758748 1			60,000.00		59,689.90		01-Jul-2004		9.990%		FL - 75.00%		360		01-Mar-2004
72009707 1			114,750.00		114,236.74		01-Jun-2004		8.350%		UT - 85.00%		360		01-Jun-2004
72177124 1			66,300.00		66,124.64		01-May-2004		11.500%		FL - 83.92%		360		01-May-2004
72827249 1			72,000.00		71,770.90		01-Jul-2004		9.990%		SC - 60.00%		360		01-Jun-2004
73236200 1			227,500.00		226,608.47		01-Aug-2004		8.990%		MA - 70.00%		360		01-Jun-2004
73425308 1			64,000.00		63,747.11		01-Jun-2004		8.950%		IN - 80.00%		360		01-Jun-2004
73699423 1			79,815.00		79,618.83		01-May-2004		11.200%		MO - 83.14%		360		01-Jun-2004
73721946 1			89,250.00		89,025.88		01-May-2004		11.100%		NC - 85.00%		360		01-Jun-2004
74149469 1			86,400.00		86,021.85		01-Jul-2004		8.450%		GA - 90.00%		360		01-Jun-2004
74347980 1			221,000.00		219,962.00		01-Jun-2004		8.100%		IL - 83.40%		360		01-Jun-2004
74353723 1			108,800.00		108,294.07		01-May-2004		8.150%		PA - 85.00%		360		01-Jun-2004
74696865 1			213,750.00		212,805.07		01-Jun-2004		8.400%		MA - 75.00%		360		01-Jun-2004
74902883 1			107,250.00		106,803.96		01-May-2004		8.700%		MI - 77.16%		360		01-Jun-2004
75038448 1			68,000.00		67,788.59		01-Jul-2004		10.100%		WA - 85.00%		360		01-Jun-2004
75064584 1			132,300.00		131,732.66		01-May-2004		8.550%		IN - 90.00%		360		01-Jun-2004
75069948 1			117,500.00		116,913.98		01-Jul-2004		7.800%		FL - 67.14%		360		01-Jun-2004
75077149 1			156,000.00		155,303.30		01-Jul-2004		8.350%		FL - 89.14%		360		01-Jun-2004
75117184 1			64,125.00		63,931.83		01-Jun-2004		10.250%		AL - 75.00%		360		01-Jun-2004
75229781 1			89,250.00		89,023.41		01-Jul-2004		11.050%		NY - 85.00%		360		01-Jun-2004
75231068 1			195,500.00		194,609.12		01-Jul-2004		8.250%		IN - 85.00%		360		01-Jun-2004
75418541 1			105,000.00		104,438.62		01-Jun-2004		7.450%		NH - 64.81%		360		01-Jun-2004
75579045 1			91,800.00		91,576.84		01-May-2004		11.250%		GA - 90.00%		360		01-Jun-2004
75603381 1			63,000.00		62,789.16		01-Jun-2004		9.750%		PA - 58.88%		360		01-Jun-2004
75607903 1			68,850.00		68,665.52		01-Jun-2004		10.800%		FL - 83.96%		360		01-Jun-2004
75630186 1			63,750.00		63,560.00		01-May-2004		10.300%		GA - 75.00%		360		01-Jun-2004
75666180 1			198,000.00		197,309.09		01-Jul-2004		9.550%		MA - 60.00%		360		01-Jun-2004
75805002 1			60,000.00		59,844.37		01-May-2004		10.950%		NE - 75.00%		360		01-Jun-2004
75900829 1			60,000.00		59,726.60		01-May-2004		8.250%		MI - 80.00%		360		01-Jun-2004
75920868 1			235,500.00		234,369.22		01-Jun-2004		7.990%		MA - 75.00%		360		01-Jun-2004
75950568 1			97,750.00		97,426.25		01-May-2004		9.800%		FL - 85.00%		360		01-Jun-2004
75962506 1			84,750.00		84,417.86		01-Jun-2004		8.990%		MI - 75.00%		360		01-Jun-2004
76220342 1			94,500.00		#######		01-Jun-2004		8.600%		LA - 90.00%		360		01-Jun-2004
76234764 1			85,500.00		85,198.47		01-Jul-2004		9.500%		GA - 90.00%		360		01-Jun-2004
76413020 1			332,000.00		330,153.82		01-May-2004		7.250%		MI - 89.73%		360		01-Jun-2004
76513225 1			229,500.00		228,673.75		01-Jun-2004		9.400%		TN - 90.00%		360		01-Jun-2004
76671429 1			104,000.00		103,648.26		01-Jun-2004		9.700%		MS - 80.00%		360		01-Jun-2004
76700822 1			195,000.00		194,146.66		01-Jun-2004		8.450%		FL - 60.00%		360		01-Jun-2004
76718105 1			132,000.00		131,660.60		01-Jul-2004		10.990%		GA - 80.00%		360		01-Jun-2004
76734565 1			212,000.00		210,899.78		01-Jun-2004		7.600%		MN - 80.00%		360		01-Jun-2004
76740323 1			60,000.00		59,809.08		01-May-2004		9.990%		GA - 54.55%		360		01-Jun-2004
76831783 1			96,000.00		95,562.53		01-May-2004		8.250%		PA - 73.85%		360		01-Jun-2004
76863349 1			60,000.00		59,781.72		01-Jun-2004		9.350%		MI - 66.67%		360		01-Jun-2004
76864727 1			127,800.00		127,205.78		01-May-2004		8.150%		IL - 90.00%		360		01-Jun-2004
76912781 1			60,000.00		59,747.85		01-Jun-2004		8.650%		IN - 75.00%		360		01-Jun-2004
76984202 1			223,200.00		221,958.85		01-Jul-2004		7.250%		MN - 90.00%		360		01-Jun-2004
77027787 1			132,000.00		131,012.11		01-Jun-2004		5.700%		UT - 81.99%		360		01-Jun-2004
77208304 1			132,000.00		131,660.60		01-Jun-2004		10.990%		GA - 83.54%		360		01-Jun-2004
77288629 1			68,600.00		68,302.81		01-Jul-2004		8.500%		NC - 76.22%		360		01-Jun-2004



Page 14 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

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
77400489 1
			109,000.00		108,563.92		01-Jul-2004		8.900%		MI - 56.77%		360		01-Jun-2004

77433043 1			60,000.00		59,855.69		01-May-2004		11.300%		GA - 60.00%		360		01-Jun-2004
77493427 1			77,000.00		76,630.23		01-Jul-2004		7.990%		TN - 69.37%		360		01-Jun-2004
77528727 1			60,000.00		59,790.59		01-Jul-2004		9.550%		FL - 58.25%		360		01-Jun-2004
77541282 1			208,000.00		206,952.22		01-Jun-2004		7.750%		WA - 87.47%		360		01-Jun-2004
77566560 1			261,000.00		260,040.62		01-Jul-2004		9.300%		CA - 81.12%		360		01-Jun-2004
77595981 1			71,250.00		70,968.43		01-Aug-2004		8.950%		MI - 79.17%		360		01-Jun-2004
77727147 1			72,000.00		71,717.78		01-Jun-2004		8.990%		FL - 60.00%		360		01-Jun-2004
77743607 1			60,000.00		59,700.71		01-Jun-2004		7.800%		AZ - 55.61%		360		01-Jun-2004
79476982 1			138,750.00		138,152.80		01-Jun-2004		7.750%		FL - 86.72%		360		01-Jul-2004
73457160 2			208,000.00		207,001.21		01-Jun-2004		7.990%		TX - 80.00%		360		01-Jun-2004
75003202 2			412,000.00		410,054.56		01-Apr-2004		8.750%		GA - 89.96%		360		01-May-2004
75656926 2			202,000.00		200,876.72		01-Jul-2004		7.250%		RI - 73.45%		360		01-Jun-2004
76382704 2			149,175.00		148,620.93		01-Jun-2004		9.250%		MN - 85.00%		360		01-Jun-2004
77396968 2			550,000.00		547,117.25		01-Jul-2004		7.550%		CA - 77.46%		360		01-Jun-2004
77531341 2			67,500.00		67,281.11		01-Jun-2004		9.900%		TN - 75.00%		360		01-Jun-2004
77660900 2			73,500.00		73,240.83		01-Jun-2004		9.500%		FL - 84.97%		360		01-Jun-2004


TOTAL			8,965,665.00		8,925,741.24



Page 15 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS


											Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans										36		189		225
Number of Repurchased Loans										0		2		2
Total Number of Loans Prepaid in Full										36		191		227
Curtailments Amount										4,436.56		-69,619.64		-65,183.08
Paid in Full Balance										11,701,491.27		34,237,932.39		45,939,423.66
Repurchased Loans Balance										0.00		529,966.70		529,966.70
Total Prepayment Amount										11,705,927.83		34,698,279.45		46,404,207.28

*Cumulative*


Number of Paid in Full Loans										98		620		718
Number of Repurchased Loans										6		34		40
Total Number of Loans Prepaid in Full										104		654		758
Paid in Full Balance										32,188,969.25		108,373,269.56		140,562,238.81
Repurchased Loans Balance										1,863,972.37		4,740,610.62		6,604,582.99
Curtailments Amount										418,527.37		263,388.80		681,916.17
Total Prepayment Amount										34,471,468.99		113,377,268.98		147,848,737.97










Page 16 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES


											Group 2		Group 1		Total



SMM										7.87%		4.66%		5.19%
3 Months Avg SMM										5.05%		3.62%		3.85%
12 Months Avg SMM										3.67%		2.44%		2.64%
Avg SMM Since Cut-off										3.67%		2.44%		2.64%


CPR										62.60%		43.59%		47.27%
3 Months Avg CPR										46.31%		35.73%		37.61%
12 Months Avg CPR										36.11%		25.61%		27.48%
Avg CPR Since Cut-off										36.11%		25.61%		27.48%


PSA										4,406.94%		3,072.62%		3,331.31%
3 Months Avg PSA Approximation										3,796.96%		2,930.99%		3,084.75%
12 Months Avg PSA Approximation										3,925.72%		2,783.77%		2,986.79%
Avg PSA Since Cut-off Approximation										3,925.72%		2,783.77%		2,986.78%










Page 17 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))

	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 18 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

58991886 1			203,000.00		201,540.72			09-Dec-2004		8.300%		WA - 78.08%		Paid Off - 360		1/1/2004

61426367 1			72,000.00		70,963.79			06-Dec-2004		9.300%		TX - 77.42%		Paid Off - 360		1/1/2004
61466488 1			103,500.00		102,748.42			26-Nov-2004		8.250%		NM - 90.00%		Paid Off - 360		1/1/2004
61681003 1			60,000.00		59,694.91			30-Nov-2004		9.990%		CA - 35.05%		Paid Off - 360		1/1/2004
61973186 1			190,000.00		188,620.47			03-Dec-2004		8.250%		NY - 44.71%		Paid Off - 360		1/1/2004
62371620 2			112,500.00		112,071.27			09-Dec-2004		11.350%		TX - 75.00%		Paid Off - 360		1/1/2004
62924626 1			329,500.00		326,035.98			30-Nov-2004		6.350%		NY - 71.63%		Paid Off - 360		1/1/2004
63650725 1			65,600.00		65,352.62			22-Nov-2004		11.400%		MN - 50.46%		Paid Off - 360		1/1/2004
72172109 1			180,000.00		179,091.48			10-Dec-2004		7.750%		MA - 80.00%		Paid Off - 360		5/1/2004
72671225 2			441,000.00		439,155.72			11-Nov-2004		7.990%		CA - 90.00%		Paid Off - 360		6/1/2004
73268401 1			121,750.00		121,067.59			08-Dec-2004		6.400%		MD - 78.55%		Paid Off - 360		6/1/2004
73384240 1			82,750.00		82,409.46			30-Nov-2004		7.990%		AL - 75.23%		Paid Off - 360		6/1/2004
73576142 1			142,000.00		141,524.78			18-Nov-2004		8.990%		MD - 64.55%		Paid Off - 360		6/1/2004
73667867 1			100,000.00		99,665.34			01-Dec-2004		8.990%		IL - 47.62%		Paid Off - 360		6/1/2004
73685240 1			90,000.00		88,544.63			24-Nov-2004		8.990%		WI - 68.70%		Paid Off - 180		6/1/2004
73802142 1			204,000.00		203,317.30			08-Dec-2004		8.990%		TX - 80.00%		Paid Off - 360		6/1/2004
73950982 2			504,000.00		501,324.03			02-Dec-2004		7.500%		CA - 90.00%		Paid Off - 360		6/1/2004
74226960 1			151,100.00		150,390.74			24-Nov-2004		7.350%		FL - 71.95%		Paid Off - 360		6/1/2004
74237660 1			180,000.00		179,193.86			18-Nov-2004		7.550%		MI - 90.00%		Paid Off - 360		6/1/2004
74374240 1			258,750.00		257,792.63			26-Nov-2004		8.500%		CA - 75.00%		Paid Off - 360		6/1/2004
74378308 2			119,000.00		118,487.79			22-Nov-2004		7.750%		FL - 70.00%		Paid Off - 360		6/1/2004
74513748 1			192,000.00		191,039.91			30-Nov-2004		6.990%		NY - 86.88%		Paid Off - 360		6/1/2004
74525403 2			440,000.00		437,949.96			02-Dec-2004		7.350%		CA - 84.62%		Paid Off - 360		6/1/2004
74532946 1			175,500.00		174,702.59			18-Nov-2004		7.500%		ME - 90.00%		Paid Off - 360		6/1/2004
74626300 2			103,500.00		103,250.42			06-Dec-2004		10.550%		GA - 90.00%		Paid Off - 360		6/1/2004
74738147 1			140,500.00		139,720.01			29-Nov-2004		6.450%		MI - 82.65%		Paid Off - 360		6/1/2004
74738683 1			144,000.00		143,130.26			07-Dec-2004		7.500%		IL - 80.00%		Paid Off - 360		6/1/2004
74800525 1			230,000.00		228,686.03			06-Dec-2004		6.300%		CA - 43.40%		Paid Off - 360		6/1/2004
74837188 1			98,000.00		97,641.04			30-Nov-2004		8.550%		FL - 66.67%		Paid Off - 360		6/1/2004
74850264 1			120,000.00		119,327.43			29-Nov-2004		6.400%		AZ - 78.04%		Paid Off - 360		6/1/2004
74863820 1			106,000.00		105,599.75			29-Nov-2004		8.400%		MI - 84.80%		Paid Off - 360		6/1/2004
74874868 1			216,000.00		214,868.30			16-Nov-2004		6.750%		IL - 80.00%		Paid Off - 360		6/1/2004
74878125 1			240,000.00		238,935.78			15-Nov-2004		7.600%		NY - 79.47%		Paid Off - 360		6/1/2004
74878547 1			193,500.00		192,532.40			06-Dec-2004		6.990%		CA - 90.00%		Paid Off - 360		6/1/2004
74902065 1			85,489.00		84,893.65			22-Nov-2004		7.500%		OK - 89.99%		Paid Off - 360		6/1/2004
74938580 2			749,500.00		744,836.70			03-Dec-2004		5.850%		CA - 68.14%		Paid Off - 360		6/1/2004
74956426 1			142,000.00		141,289.95			24-Nov-2004		6.990%		CA - 77.17%		Paid Off - 360		6/1/2004




Page 19 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

74976325 2			355,000.00		352,728.09			30-Nov-2004		5.700%		CA - 77.17%		Paid Off - 360		6/1/2004

74984808 1			110,500.00		110,244.72			30-Nov-2004		10.750%		KS - 85.00%		Paid Off - 360		6/1/2004
75008425 1			216,000.00		215,575.78			11-Nov-2004		11.500%		FL - 71.76%		Paid Off - 360		6/1/2004
75065540 2			537,000.00		535,648.72			23-Nov-2004		10.350%		CA - 75.00%		Paid Off - 360		6/1/2004
75072249 2			339,000.00		337,274.91			29-Nov-2004		6.900%		MD - 78.84%		Paid Off - 360		6/1/2004
75083485 2			112,000.00		111,550.63			19-Nov-2004		8.100%		WI - 82.96%		Paid Off - 360		6/1/2004
75094508 2			354,000.00		351,958.23			30-Nov-2004		6.250%		CA - 77.97%		Paid Off - 360		6/1/2004
75133900 2			495,000.00		492,431.67			15-Nov-2004		6.800%		MI - 69.92%		Paid Off - 360		6/1/2004
75135665 1			151,000.00		150,412.22			26-Nov-2004		8.250%		NY - 73.66%		Paid Off - 360		6/1/2004
75147827 1			152,000.00		151,339.28			24-Nov-2004		7.700%		MI - 83.06%		Paid Off - 360		6/1/2004
75183426 1			123,750.00		123,385.17			15-Nov-2004		9.600%		MA - 75.00%		Paid Off - 360		6/1/2004
75192864 1			213,300.00		212,286.38			07-Dec-2004		7.250%		MN - 90.00%		Paid Off - 360		6/1/2004
75213827 1			111,600.00		111,152.22			02-Dec-2004		8.100%		IL - 86.51%		Paid Off - 360		6/1/2004
75222687 1			149,500.00		148,699.39			18-Nov-2004		7.750%		MN - 65.00%		Paid Off - 360		6/1/2004
75223503 1			100,000.00		99,434.12			06-Dec-2004		6.350%		IN - 66.67%		Paid Off - 360		6/1/2004
75234823 1			104,550.00		104,052.38			22-Nov-2004		7.250%		PA - 85.00%		Paid Off - 360		6/1/2004
75236760 1			201,000.00		199,971.05			10-Dec-2004		6.950%		CA - 62.81%		Paid Off - 360		6/1/2004
75238923 1			196,000.00		195,040.77			18-Nov-2004		7.100%		MN - 80.00%		Paid Off - 360		6/1/2004
75252981 1			133,420.00		132,752.82			24-Nov-2004		6.990%		MD - 70.00%		Paid Off - 360		6/1/2004
75254128 1			272,000.00		270,460.81			30-Nov-2004		6.350%		NV - 77.71%		Paid Off - 360		6/1/2004
75258889 1			144,000.00		142,912.19			22-Nov-2004		5.650%		MN - 79.56%		Paid Off - 360		5/1/2004
75274985 1			215,500.00		214,455.62			18-Nov-2004		7.150%		NV - 89.79%		Paid Off - 360		6/1/2004
75283101 1			269,000.00		267,670.60			08-Dec-2004		7.050%		CA - 68.97%		Paid Off - 360		6/1/2004
75292227 1			107,400.00		106,841.32			07-Dec-2004		6.990%		MO - 86.61%		Paid Off - 360		6/1/2004
75292508 1			175,000.00		174,414.33			22-Nov-2004		8.990%		MN - 70.00%		Paid Off - 360		6/1/2004
75295006 1			60,000.00		59,773.45			22-Nov-2004		8.990%		KS - 71.86%		Paid Off - 360		6/1/2004
75301184 1			249,000.00		247,550.08			24-Nov-2004		6.200%		CA - 83.00%		Paid Off - 360		6/1/2004
75348029 1			270,000.00		268,155.72			29-Nov-2004		5.350%		CA - 79.41%		Paid Off - 360		6/1/2004
75386409 1			129,000.00		128,392.98			29-Nov-2004		7.300%		WA - 72.88%		Paid Off - 360		6/1/2004
75407023 1			222,000.00		221,005.75			08-Dec-2004		7.550%		RI - 70.48%		Paid Off - 360		6/1/2004
75454207 1			88,000.00		86,184.38			15-Nov-2004		6.150%		WI - 89.70%		Paid Off - 180		6/1/2004
75455162 1			90,000.00		89,666.96			30-Nov-2004		8.500%		MD - 69.23%		Paid Off - 360		6/1/2004
75457226 1			88,200.00		87,751.16			23-Nov-2004		6.900%		MI - 90.00%		Paid Off - 360		6/1/2004
75476085 1			232,000.00		231,078.52			24-Nov-2004		8.150%		CA - 80.00%		Paid Off - 360		6/1/2004
75480509 1			325,000.00		323,107.53			01-Dec-2004		6.200%		CA - 79.27%		Paid Off - 360		6/1/2004
75482802 1			160,000.00		159,407.99			17-Nov-2004		8.500%		OK - 64.00%		Paid Off - 360		6/1/2004
75486324 1			238,000.00		236,627.27			15-Nov-2004		6.250%		MD - 85.00%		Paid Off - 360		6/1/2004
75488064 1			150,300.00		149,528.37			18-Nov-2004		7.990%		ME - 83.97%		Paid Off - 360		6/1/2004




Page 20 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

75488403 1			270,000.00		268,716.98			18-Nov-2004		7.250%		CA - 88.82%		Paid Off - 360		6/1/2004

75515684 1			303,750.00		302,344.75			08-Dec-2004		7.400%		NV - 75.00%		Paid Off - 360		6/1/2004
75584524 1			63,500.00		63,239.52			06-Dec-2004		7.990%		IN - 64.80%		Paid Off - 360		6/1/2004
75593889 1			180,000.00		179,099.94			01-Dec-2004		6.990%		FL - 90.00%		Paid Off - 360		6/1/2004
75593921 1			199,000.00		197,794.11			09-Dec-2004		5.990%		MS - 33.17%		Paid Off - 360		6/1/2004
75614404 2			90,000.00		89,630.33			22-Nov-2004		8.100%		MI - 60.00%		Paid Off - 360		6/1/2004
75617308 1			176,000.00		175,274.36			03-Dec-2004		8.800%		CA - 81.86%		Paid Off - 360		6/1/2004
75633107 1			295,000.00		293,297.52			18-Nov-2004		6.250%		CA - 81.94%		Paid Off - 360		6/1/2004
75665505 1			88,000.00		87,598.00			15-Nov-2004		7.450%		FL - 55.00%		Paid Off - 360		6/1/2004
75676668 2			153,000.00		152,391.72			03-Dec-2004		8.150%		MD - 85.00%		Paid Off - 360		6/1/2004
75683987 1			179,750.00		178,566.95			26-Nov-2004		5.550%		MA - 49.03%		Paid Off - 360		6/1/2004
75687202 1			67,000.00		66,787.49			16-Nov-2004		9.250%		FL - 60.91%		Paid Off - 360		6/1/2004
75692988 1			76,500.00		76,269.68			06-Dec-2004		9.500%		TN - 85.00%		Paid Off - 360		6/1/2004
75700245 1			141,000.00		140,309.95			19-Nov-2004		7.100%		CA - 72.31%		Paid Off - 360		6/1/2004
75725762 1			234,000.00		233,040.17			18-Nov-2004		7.990%		NV - 90.00%		Paid Off - 360		6/1/2004
75728824 1			186,700.00		185,469.53			11-Nov-2004		5.600%		CA - 84.86%		Paid Off - 360		6/1/2004
75794529 1			253,000.00		250,623.90			12-Nov-2004		6.800%		CA - 89.40%		Paid Off - 360		6/1/2004
75825141 1			161,000.00		159,140.66			19-Nov-2004		7.100%		MD - 74.88%		Paid Off - 240		6/1/2004
75837203 1			323,000.00		321,042.69			30-Nov-2004		5.990%		CA - 62.12%		Paid Off - 360		6/1/2004
75838623 2			90,000.00		89,607.88			30-Nov-2004		7.700%		PA - 46.15%		Paid Off - 360		6/1/2004
75852905 1			312,000.00		310,473.12			15-Nov-2004		7.100%		CA - 80.00%		Paid Off - 360		6/1/2004
75858860 2			595,000.00		591,972.18			18-Nov-2004		6.900%		CA - 79.33%		Paid Off - 360		6/1/2004
75871467 1			152,150.00		151,525.85			18-Nov-2004		7.990%		NH - 85.00%		Paid Off - 360		6/1/2004
75907261 2			167,000.00		166,206.40			03-Dec-2004		7.250%		IL - 87.89%		Paid Off - 360		6/1/2004
75907386 1			241,000.00		240,061.89			24-Nov-2004		8.250%		FL - 81.69%		Paid Off - 360		6/1/2004
75915801 1			280,000.00		278,303.25			17-Nov-2004		5.990%		MI - 68.97%		Paid Off - 360		6/1/2004
75921866 1			280,750.00		279,454.76			30-Nov-2004		7.400%		CA - 86.92%		Paid Off - 360		6/1/2004
75925727 1			228,000.00		227,028.46			29-Nov-2004		7.800%		WI - 80.00%		Paid Off - 360		6/1/2004
75928267 1			315,000.00		313,671.13			24-Nov-2004		7.850%		CA - 75.00%		Paid Off - 360		6/1/2004
75929208 1			137,700.00		137,053.32			30-Nov-2004		7.700%		CA - 85.00%		Paid Off - 360		6/1/2004
75941120 1			89,000.00		88,597.39			15-Nov-2004		7.500%		CT - 65.93%		Paid Off - 360		6/1/2004
75943142 1			60,000.00		59,789.00			30-Nov-2004		8.750%		TN - 74.07%		Paid Off - 360		6/1/2004
75947085 1			320,000.00		318,479.38			26-Nov-2004		7.250%		CA - 55.65%		Paid Off - 360		6/1/2004
75949982 1			356,500.00		354,805.94			12-Nov-2004		7.250%		HI - 78.35%		Paid Off - 360		6/1/2004
75950204 2			450,000.00		446,313.26			08-Dec-2004		7.200%		FL - 88.24%		Paid Off - 360		6/1/2004
75954289 1			119,850.00		119,645.89			24-Nov-2004		12.150%		GA - 85.00%		Paid Off - 360		6/1/2004
75978544 1			292,500.00		291,521.17			12-Nov-2004		8.990%		CA - 75.00%		Paid Off - 360		6/1/2004
75999367 2			120,600.00		120,103.42			30-Nov-2004		7.990%		FL - 90.00%		Paid Off - 360		6/1/2004




Page 21 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

76022946 1			148,719.00		147,965.66			06-Dec-2004		7.600%		NV - 78.27%		Paid Off - 360		6/1/2004

76059625 1			115,000.00		114,479.84			09-Dec-2004		7.500%		CT - 55.38%		Paid Off - 360		6/1/2004
76089168 1			282,000.00		280,342.20			06-Dec-2004		6.150%		CA - 76.22%		Paid Off - 360		6/1/2004
76180868 1			119,100.00		118,085.67			16-Nov-2004		6.700%		WI - 86.30%		Paid Off - 360		6/1/2004
76183342 1			100,000.00		99,698.94			06-Dec-2004		9.500%		WI - 44.44%		Paid Off - 360		6/1/2004
76212968 1			240,000.00		238,718.04			15-Nov-2004		6.650%		CA - 60.00%		Paid Off - 360		6/1/2004
76244805 1			240,300.00		239,143.29			12-Nov-2004		7.200%		CA - 90.00%		Paid Off - 360		6/1/2004
76261908 1			314,950.00		313,375.16			02-Dec-2004		6.990%		CT - 89.99%		Paid Off - 360		6/1/2004
76265149 1			124,020.00		123,351.11			06-Dec-2004		6.600%		DE - 90.00%		Paid Off - 360		6/1/2004
76292689 1			207,000.00		205,923.36			02-Dec-2004		6.800%		CA - 90.00%		Paid Off - 360		6/1/2004
76309103 1			141,000.00		140,499.19			15-Nov-2004		8.700%		GA - 75.00%		Paid Off - 360		6/1/2004
76313840 1			187,500.00		186,333.40			30-Nov-2004		5.850%		CA - 74.98%		Paid Off - 360		6/1/2004
76315027 1			157,000.00		156,331.02			01-Dec-2004		7.800%		CA - 89.71%		Paid Off - 360		6/1/2004
76315902 1			285,000.00		283,710.89			17-Nov-2004		7.500%		CA - 81.43%		Paid Off - 360		6/1/2004
76327105 1			280,500.00		277,564.23			10-Dec-2004		7.100%		CA - 82.50%		Paid Off - 360		6/1/2004
76347046 1			243,000.00		240,899.58			22-Nov-2004		7.900%		MD - 81.00%		Paid Off - 360		6/1/2004
76363548 1			232,500.00		231,458.72			07-Dec-2004		7.550%		MD - 84.55%		Paid Off - 360		6/1/2004
76364009 1			116,100.00		115,436.73			18-Nov-2004		6.300%		IL - 90.00%		Paid Off - 360		6/1/2004
76416882 1			141,398.00		140,690.95			30-Nov-2004		6.990%		CA - 82.50%		Paid Off - 360		6/1/2004
76442284 1			274,500.00		272,836.57			03-Dec-2004		5.990%		CA - 83.18%		Paid Off - 360		6/1/2004
76442466 1			60,000.00		59,771.12			19-Nov-2004		8.350%		MI - 66.67%		Paid Off - 360		6/1/2004
76506484 1			181,500.00		180,786.33			30-Nov-2004		8.200%		MD - 72.02%		Paid Off - 360		6/1/2004
76515147 1			101,250.00		101,030.91			24-Nov-2004		11.300%		GA - 75.00%		Paid Off - 360		6/1/2004
76515840 1			91,500.00		91,164.85			22-Nov-2004		8.550%		NV - 75.00%		Paid Off - 360		6/1/2004
76525500 1			281,000.00		279,527.77			17-Nov-2004		6.750%		CA - 76.99%		Paid Off - 360		6/1/2004
76528181 1			292,500.00		291,037.42			16-Nov-2004		6.990%		CA - 90.00%		Paid Off - 360		6/1/2004
76542422 1			248,899.00		247,230.02			07-Dec-2004		5.450%		SC - 37.04%		Paid Off - 360		6/1/2004
76550102 2			140,250.00		139,932.85			30-Nov-2004		10.850%		FL - 85.00%		Paid Off - 360		6/1/2004
76556687 1			310,000.00		307,862.83			29-Nov-2004		5.300%		CA - 71.26%		Paid Off - 360		6/1/2004
76568963 1			160,000.00		159,547.67			10-Dec-2004		9.800%		FL - 81.01%		Paid Off - 360		6/1/2004
76585165 1			124,200.00		123,721.39			30-Nov-2004		8.300%		CA - 90.00%		Paid Off - 360		6/1/2004
76589605 1			183,000.00		182,172.24			19-Nov-2004		7.500%		PA - 88.83%		Paid Off - 360		6/1/2004
76592583 1			89,100.00		88,847.78			07-Dec-2004		9.850%		MI - 90.00%		Paid Off - 360		6/1/2004
76612043 1			279,000.00		277,738.06			10-Dec-2004		7.500%		CA - 87.19%		Paid Off - 360		6/1/2004
76613546 1			193,700.00		192,797.51			30-Nov-2004		7.350%		NH - 82.43%		Paid Off - 360		6/1/2004
76722263 1			178,500.00		177,470.45			01-Dec-2004		6.250%		CA - 79.33%		Paid Off - 360		6/1/2004
76727023 1			140,000.00		139,425.71			07-Dec-2004		7.990%		RI - 64.81%		Paid Off - 360		6/1/2004
76732320 1			128,000.00		127,474.95			10-Dec-2004		7.990%		FL - 85.33%		Paid Off - 360		6/1/2004




Page 22 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

76755743 1			212,500.00		211,320.35			18-Nov-2004		6.450%		CA - 85.00%		Paid Off - 360		6/1/2004

76819523 1			210,000.00		209,223.04			01-Dec-2004		8.500%		NY - 61.76%		Paid Off - 360		6/1/2004
76819788 2			516,500.00		513,786.89			02-Dec-2004		6.750%		CA - 81.98%		Paid Off - 360		6/1/2004
76836584 1			236,500.00		235,042.11			18-Nov-2004		5.900%		CA - 54.37%		Paid Off - 360		6/1/2004
76854967 1			272,000.00		270,028.44			02-Dec-2004		5.500%		CA - 83.69%		Paid Off - 360		6/1/2004
76856541 1			180,000.00		179,099.94			30-Nov-2004		6.990%		FL - 90.00%		Paid Off - 360		6/1/2004
76864560 2			408,000.00		405,841.63			29-Nov-2004		6.700%		CA - 85.00%		Paid Off - 360		6/1/2004
76906809 2			163,200.00		162,761.48			30-Nov-2004		10.050%		GA - 85.00%		Paid Off - 360		6/1/2004
76926385 1			146,000.00		144,643.91			10-Dec-2004		6.990%		WI - 78.92%		Paid Off - 360		6/1/2004
76958123 1			164,500.00		163,407.16			29-Nov-2004		5.500%		MD - 79.55%		Paid Off - 360		6/1/2004
76965326 2			180,000.00		179,255.70			02-Dec-2004		7.950%		MA - 62.07%		Paid Off - 360		6/1/2004
76973064 1			101,250.00		100,827.07			02-Dec-2004		7.900%		AZ - 75.00%		Paid Off - 360		6/1/2004
76989565 1			187,000.00		185,931.69			09-Dec-2004		6.300%		CA - 57.95%		Paid Off - 360		6/1/2004
77004240 1			188,000.00		186,915.66			01-Dec-2004		6.250%		CA - 81.03%		Paid Off - 360		6/1/2004
77010445 1			330,000.00		329,056.46			01-Dec-2004		9.750%		NY - 82.50%		Paid Off - 360		6/1/2004
77015766 1			229,000.00		227,691.73			17-Nov-2004		6.300%		IL - 86.06%		Paid Off - 360		6/1/2004
77025880 1			148,967.00		148,355.95			03-Dec-2004		7.990%		FL - 89.74%		Paid Off - 360		6/1/2004
77026029 1			76,500.00		76,321.37			06-Dec-2004		10.700%		MA - 85.00%		Paid Off - 360		6/1/2004
77026946 1			115,115.00		114,689.07			01-Dec-2004		8.500%		AL - 89.93%		Paid Off - 360		6/1/2004
77056224 1			320,000.00		317,913.43			01-Dec-2004		5.600%		CA - 80.00%		Paid Off - 360		6/1/2004
77084606 1			141,100.00		140,521.22			09-Dec-2004		7.990%		MD - 78.39%		Paid Off - 360		6/1/2004
77098648 2			118,000.00		117,450.20			18-Nov-2004		7.350%		MA - 48.96%		Paid Off - 360		6/1/2004
77102762 1			60,000.00		59,364.74			08-Dec-2004		9.100%		NC - 27.27%		Paid Off - 240		6/1/2004
77109148 1			172,000.00		171,090.10			15-Nov-2004		6.700%		RI - 76.44%		Paid Off - 360		6/1/2004
77116960 1			172,800.00		171,752.86			24-Nov-2004		5.990%		KS - 90.00%		Paid Off - 360		6/1/2004
77131522 1			138,900.00		137,847.83			26-Nov-2004		6.950%		AZ - 81.71%		Paid Off - 300		6/1/2004
77143527 1			330,000.00		328,397.07			22-Nov-2004		7.750%		CA - 75.00%		Paid Off - 360		6/1/2004
77145381 1			125,000.00		124,472.66			15-Nov-2004		7.850%		CA - 70.22%		Paid Off - 360		6/1/2004
77158467 1			224,000.00		222,879.93			22-Nov-2004		6.990%		CA - 89.60%		Paid Off - 360		6/1/2004
77161305 1			125,800.00		125,017.27			22-Nov-2004		5.850%		CA - 67.57%		Paid Off - 360		6/1/2004
77193324 1			119,000.00		118,507.93			09-Dec-2004		7.950%		IL - 85.00%		Paid Off - 360		6/1/2004
77198968 1			229,000.00		228,014.41			12-Nov-2004		7.750%		FL - 89.80%		Paid Off - 360		6/1/2004
77202026 1			89,896.00		89,424.99			01-Dec-2004		6.750%		CA - 90.00%		Paid Off - 360		6/1/2004
77207827 1			283,500.00		282,014.69			16-Nov-2004		6.750%		CA - 90.00%		Paid Off - 360		6/1/2004
77241040 1			172,477.00		171,777.96			01-Dec-2004		8.050%		CA - 74.34%		Paid Off - 360		6/1/2004
77257400 2			364,500.00		362,232.11			03-Dec-2004		5.850%		CA - 90.00%		Paid Off - 360		6/1/2004
77306868 1			275,000.00		274,062.51			30-Nov-2004		8.900%		NY - 70.15%		Paid Off - 360		6/1/2004
77316560 1			140,000.00		138,180.41			10-Dec-2004		6.100%		CA - 63.64%		Paid Off - 240		6/1/2004




Page 23 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution

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


&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date

77334746 1			255,000.00		253,934.95			08-Dec-2004		7.900%		NY - 80.95%		Paid Off - 360		6/1/2004

77347664 1			300,000.00		299,008.35			24-Nov-2004		9.050%		FL - 41.67%		Paid Off - 360		6/1/2004
77363109 1			191,000.00		189,949.87			30-Nov-2004		6.500%		CA - 68.21%		Paid Off - 360		6/1/2004
77367225 1			161,000.00		160,286.04			15-Nov-2004		7.600%		CA - 64.40%		Paid Off - 360		6/1/2004
77368686 1			108,000.00		107,568.95			02-Dec-2004		8.750%		CA - 60.00%		Paid Off - 360		6/1/2004
77382505 1			118,800.00		118,396.87			26-Nov-2004		8.950%		WI - 88.00%		Paid Off - 360		6/1/2004
77387926 1			105,000.00		104,525.04			30-Nov-2004		7.500%		FL - 75.00%		Paid Off - 360		6/1/2004
77435527 1			193,400.00		192,241.27			01-Dec-2004		6.050%		CA - 26.86%		Paid Off - 360		6/1/2004
77439180 1			195,378.00		194,299.22			19-Nov-2004		6.550%		CA - 79.42%		Paid Off - 360		6/1/2004
77445963 1			112,000.00		111,493.36			02-Dec-2004		7.500%		CA - 72.73%		Paid Off - 360		6/1/2004
77467801 2			114,300.00		113,598.47			01-Dec-2004		7.400%		KS - 90.00%		Paid Off - 360		6/1/2004
77475747 1			164,000.00		162,989.15			30-Nov-2004		5.900%		MA - 82.00%		Paid Off - 360		6/1/2004
77478386 1			200,000.00		198,952.16			16-Nov-2004		6.750%		NY - 75.10%		Paid Off - 360		6/1/2004
77523603 1			121,500.00		121,001.61			23-Nov-2004		7.990%		CA - 75.00%		Paid Off - 360		6/1/2004
77565141 1			267,000.00		265,242.71			18-Nov-2004		5.550%		CA - 82.15%		Paid Off - 360		6/1/2004
77588622 1			285,000.00		283,645.68			30-Nov-2004		7.250%		CA - 75.00%		Paid Off - 360		6/1/2004
77591360 1			288,750.00		288,046.27			01-Dec-2004		10.500%		CA - 80.88%		Paid Off - 360		6/1/2004
77595908 1			60,000.00		59,743.34			07-Dec-2004		7.990%		FL - 30.30%		Paid Off - 360		6/1/2004
77646784 1			150,000.00		149,185.58			12-Nov-2004		6.650%		CA - 68.18%		Paid Off - 360		6/1/2004
77650281 2			585,000.00		582,108.95			01-Dec-2004		7.050%		NY - 78.00%		Paid Off - 360		6/1/2004
77687887 1			93,000.00		92,478.71			15-Nov-2004		6.400%		CA - 76.86%		Paid Off - 360		6/1/2004
77736262 2			480,000.00		477,360.91			24-Nov-2004		6.500%		IL - 89.72%		Paid Off - 360		6/1/2004
77756864 1			117,000.00		116,550.51			17-Nov-2004		8.350%		GA - 86.67%		Paid Off - 360		6/1/2004
77820082 1			229,000.00		228,219.32			08-Dec-2004		8.900%		NY - 71.56%		Paid Off - 360		6/1/2004
77831642 1			261,000.00		260,291.10			17-Nov-2004		9.990%		IL - 82.86%		Paid Off - 360		6/1/2004
77836526 1			287,000.00		284,510.75			06-Dec-2004		7.050%		CA - 65.98%		Paid Off - 360		6/1/2004
77892024 2			463,250.00		458,328.98			01-Dec-2004		6.800%		NY - 82.72%		Paid Off - 360		6/1/2004
77956886 1			154,000.00		153,330.58			26-Nov-2004		7.700%		ME - 66.96%		Paid Off - 360		6/1/2004
78038221 2			391,423.00		388,773.95			10-Dec-2004		5.400%		CA - 89.98%		Paid Off - 360		6/1/2004
78038908 1			252,000.00		250,735.04			01-Dec-2004		6.990%		CA - 89.05%		Paid Off - 360		6/1/2004
78039526 2			536,000.00		533,438.30			26-Nov-2004		7.250%		CA - 80.00%		Paid Off - 360		6/1/2004
78059680 1			166,410.00		165,929.21			30-Nov-2004		8.800%		MN - 89.95%		Paid Off - 360		7/1/2004
78062940 2			188,251.00		187,666.29			08-Dec-2004		9.350%		FL - 90.00%		Paid Off - 360		6/1/2004
78111788 2			427,500.00		425,468.55			29-Nov-2004		7.250%		IL - 95.00%		Paid Off - 360		6/1/2004
79911087 1			229,500.00		228,451.33			09-Dec-2004		6.500%		CA - 90.00%		Paid Off - 360		7/1/2004
80208986 2			360,000.00		358,592.68			24-Nov-2004		7.300%		CA - 88.89%		Paid Off - 360		7/1/2004
76249028 1			198,000.00		197,565.60			30-Nov-2004		10.990%		FL - 89.59%		Repur/Subs - 360		6/1/2004
77515245 1			333,700.00		332,401.10			30-Nov-2004		8.250%		FL - 87.82%		Repur/Subs - 360		6/1/2004




Page 24 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution


TOTAL			46,712,862.00		46,469,390.36


Page 25 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



											Group 2		Group 1		Total


*Current*




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

*Cumulative*




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










Page 26 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution


DEFAULT SPEEDS



											Group 2		Group 1		Total



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


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


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


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












Page 27 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 28 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative

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

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





TOTAL



Page 29 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS

										Group 2		Group 1		Total
Is there a TRIGGER in effect (0=No,1=Yes)														0
Has Stepdown Condition Occurred (0=No,1=Yes)														0


60 + Day Delinquent Balance
Ending Principal Balance										137,047,924.87		710,111,455.38		847,159,380.25
Delinquency Percentage														3.040000%


Certificate Balances OF MEZZANINE and C Certs														169,000,008.58
Credit Enhancement Percentage														0.200000%



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

										Group 2		Group 1		Total
Current LIBOR														2.180000%
NEXT LIBOR														0.000000%




Page 30 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

										NEXT PTR			CarryOver		CarryOver Paid
CLASS

			A-1A							0.00%			0.00		0.00

			A-1B							0.00%			0.00		0.00

			A-2							0.00%			0.00		0.00

			A-4							0.01%			0.00		0.00

			M-1							0.01%			0.00		0.00

			M-2							0.01%			0.00		0.00

			M-3							0.02%			0.00		0.00

			M-4							0.02%			0.00		0.00

			M-5							0.02%			0.00		0.00

			M-6							0.05%			0.00		2,106.24

			M-7							0.05%			0.00		0.00

			CE							0.00%			0.00		0.00

			P							0.00%			0.00		0.00

			R							0.00%			0.00		0.00





Page 31 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5

Asset Backed Pass-Through Certificates

2004-R5

December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 32 of 32

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