
                                     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)

           Financial Asset Securities Corporation (as Depositor under the
               Pooling and Servicing Agreement, dated as March 1, 2004,
               providing for the issuance of Meritage Mortgage Loan Trust
              2004-1 Asset-Backed Pass-Through Certificates, Series 2004-1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-111379-04                          06-1442101
          (Commission File Number)        (I.R.S. Employer Identification No.)


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


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


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

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

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

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

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

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


     Item 8.01  Other Events

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


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     December 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 Financial Asset Securities
                                  Corporation, 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.


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


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				23
			12.	Realized Loss Detail Report				26
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				27
			14.	Additional Certificate Report				28



				Total Number of Pages				28



			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:		Greenwich Capital Financial Products, In					Cut-Off Date: March 1, 2004
	Certificate Insurer(s):							Closing Date: March 30, 2004
								First Payment Date: April 26, 2004
	Servicer(s):		HomeQ Servicing Corp. Master Servicer


								Distribution Date: December 27, 2004
	Underwriter(s):		Greenwich Capital Markets					Record Date: December 24, 2004
								November 30, 2004






						Page 1 of 28					© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for December 27, 2004 Distribution


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

I-A1		276,060,000.00			224,812,719.08	466,548.84	12,696,420.04	13,162,968.88	-	-	212,116,299.04
II-A1		110,000,000.00			60,729,419.42	118,709.15	12,882,680.96	13,001,390.11	-	-	47,846,738.46
II-A2		142,500,000.00			142,500,000.00	292,045.83	-	292,045.83	-	-	142,500,000.00
II-A3		23,540,000.00			23,540,000.00	51,487.21	-	51,487.21	-	-	23,540,000.00
M-1		41,530,000.00			41,530,000.00	95,842.01	-	95,842.01	-	-	41,530,000.00
M-2		13,840,000.00			13,840,000.00	32,535.53	-	32,535.53	-	-	13,840,000.00
M-3		10,380,000.00			10,380,000.00	27,976.98	-	27,976.98	-	-	10,380,000.00
M-4		12,110,000.00			12,110,000.00	34,204.02	-	34,204.02	-	-	12,110,000.00
M-5		10,380,000.00			10,380,000.00	31,105.40	-	31,105.40	-	-	10,380,000.00
M-6		10,380,000.00			10,380,000.00	35,127.65	-	35,127.65	-	-	10,380,000.00
M-7		10,380,000.00			10,380,000.00	36,021.48	-	36,021.48	-	-	10,380,000.00
M-8		10,380,000.00			10,380,000.00	46,300.57	-	46,300.57	-	-	10,380,000.00
B-1		6,920,000.00			6,920,000.00	33,846.49	-	33,846.49	-	-	6,920,000.00
C		13,843,689.66			13,844,875.79	2,138,463.26	-	2,138,463.26	-	-	13,844,875.79
P		100.00			100.00	556,511.11	-	556,511.11	-	-	100.00
R		-			-	-	-	-	-	-	-


Total		692,243,789.66			591,727,114.29	3,996,725.53	25,579,101.00	29,575,826.53	-	-	566,148,013.29


	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)

I-A1	11/26/04	12/26/04		A-Act/360	59001FAL5	276,060,000.00	814.361802	1.690027	45.991524	47.681551	768.370278
II-A1	11/26/04	12/26/04		A-Act/360	59001FAM3	110,000,000.00	552.085631	1.079174	117.115281	118.194456	434.970350
II-A2	11/26/04	12/26/04		A-Act/360	59001FAN1	142,500,000.00	1,000.000000	2.049444	-	2.049444	1,000.000000
II-A3	11/26/04	12/26/04		A-Act/360	59001FAP6	23,540,000.00	1,000.000000	2.187222	-	2.187222	1,000.000000
M-1	11/26/04	12/26/04		A-Act/360	59001FAQ4	41,530,000.00	1,000.000000	2.307778	-	2.307778	1,000.000000
M-2	11/26/04	12/26/04		A-Act/360	59001FAR2	13,840,000.00	1,000.000000	2.350833	-	2.350833	1,000.000000
M-3	11/26/04	12/26/04		A-Act/360	59001FAS0	10,380,000.00	1,000.000000	2.695277	-	2.695277	1,000.000000
M-4	11/26/04	12/26/04		A-Act/360	59001FAT8	12,110,000.00	1,000.000000	2.824444	-	2.824444	1,000.000000
M-5	11/26/04	12/26/04		A-Act/360	59001FAU5	10,380,000.00	1,000.000000	2.996667	-	2.996667	1,000.000000
M-6	11/26/04	12/26/04		A-Act/360	59001FAV3	10,380,000.00	1,000.000000	3.384167	-	3.384167	1,000.000000
M-7	11/26/04	12/26/04		A-Act/360	59001FAW1	10,380,000.00	1,000.000000	3.470277	-	3.470277	1,000.000000
M-8	11/26/04	12/26/04		A-Act/360	59001FAX9	10,380,000.00	1,000.000000	4.460556	-	4.460556	1,000.000000
B-1	11/26/04	12/26/04		A-Act/360	59001FAZ4	6,920,000.00	1,000.000000	4.891111	-	4.891111	1,000.000000
C				A-30/360		706,087,479.32	857.644425	3.028610	-	3.028610	821.417892
P				-		100.00	1,000.000000	5,565,111.100000	-	5,565,111.100000	1,000.000000
R				-		-	-	-	-	-	-


							Page 2 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for December 27, 2004 Distribution


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

I-A1	276,060,000.00		3,343,542.34		62,343,673.15	1,600,027.80	63,943,700.95	67,287,243.29	-	-	212,116,299.04
II-A1	110,000,000.00		1,052,652.85		60,652,429.98	1,500,831.57	62,153,261.55	63,205,914.40	-	-	47,846,738.46
II-A2	142,500,000.00		1,851,965.63		-	-	-	1,851,965.63	-	-	142,500,000.00
II-A3	23,540,000.00		334,388.98		-	-	-	334,388.98	-	-	23,540,000.00
M-1	41,530,000.00		633,868.94		-	-	-	633,868.94	-	-	41,530,000.00
M-2	13,840,000.00		216,467.21		-	-	-	216,467.21	-	-	13,840,000.00
M-3	10,380,000.00		193,721.08		-	-	-	193,721.08	-	-	10,380,000.00
M-4	12,110,000.00		239,732.58		-	-	-	239,732.58	-	-	12,110,000.00
M-5	10,380,000.00		221,170.42		-	-	-	221,170.42	-	-	10,380,000.00
M-6	10,380,000.00		256,462.42		-	-	-	256,462.42	-	-	10,380,000.00
M-7	10,380,000.00		264,305.08		-	-	-	264,305.08	-	-	10,380,000.00
M-8	10,380,000.00		354,495.74		-	-	-	354,495.74	-	-	10,380,000.00
B-1	6,920,000.00		262,472.72		-	-	-	262,472.72	-	-	6,920,000.00
C	13,843,689.66		23,231,924.57		-	-	-	23,231,924.57	-	1,186.13	13,844,875.79
P	100.00		2,510,984.33		-	-	-	2,510,984.33	-	-	100.00
R	-		0.00		-	-	-	0.00	-	-	-


Total	692,243,789.66		34,968,154.89		122,996,103.13	3,100,859.37	126,096,962.50	161,065,117.39	-	1,186.13	566,148,013.29


	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)

I-A1	2.41000%	224,812,719.08			466,548.84	-	-	-	466,548.84	466,548.84	-
II-A1	2.27000%	60,729,419.42			118,709.15	-	-	-	118,709.15	118,709.15	-
II-A2	2.38000%	142,500,000.00			292,045.83	-	-	-	292,045.83	292,045.83	-
II-A3	2.54000%	23,540,000.00			51,487.21	-	-	-	51,487.21	51,487.21	-
M-1	2.68000%	41,530,000.00			95,842.01	-	-	-	95,842.01	95,842.01	-
M-2	2.73000%	13,840,000.00			32,535.53	-	-	-	32,535.53	32,535.53	-
M-3	3.13000%	10,380,000.00			27,976.98	-	-	-	27,976.98	27,976.98	-
M-4	3.28000%	12,110,000.00			34,204.02	-	-	-	34,204.02	34,204.02	-
M-5	3.48000%	10,380,000.00			31,105.40	-	-	-	31,105.40	31,105.40	-
M-6	3.93000%	10,380,000.00			35,127.65	-	-	-	35,127.65	35,127.65	-
M-7	4.03000%	10,380,000.00			36,021.48	-	-	-	36,021.48	36,021.48	-
M-8	5.18000%	10,380,000.00			46,300.57	-	-	-	46,300.57	46,300.57	-
B-1	5.68000%	6,920,000.00			33,846.49	-	-	-	33,846.49	33,846.49	-
C	4.33672%	605,571,990.08			2,138,463.26	-	143,364.22	-	2,138,463.26	2,138,463.26	143,364.22
P		100.00			556,511.11	-	-	-	556,511.11	556,511.11	-
R		-			-	-	-	-	-	-	-


Total		1,183,454,228.58			3,996,725.53	-	143,364.22	-	3,996,725.53	3,996,725.53	143,364.22


							Page 3 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP II	GROUP I	TOTAL

	Principal Collections					12,810,473.93	12,625,256.99	25,435,730.92
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					12,810,473.93	12,625,256.99	25,435,730.92

	Interest Collections					2,136,420.74	2,218,877.06	4,355,297.80
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(109,292.38)	(105,909.81)	(215,202.19)
	TOTAL NET INTEREST					2,027,128.36	2,112,967.25	4,140,095.61

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					14,837,602.29	14,738,224.24	29,575,826.53


PRINCIPAL - COLLECTIONS						GROUP II	GROUP I	TOTAL

	Scheduled Principal					165,947.96	178,779.86	344,727.82
	Curtailments					20,892.07	10,207.84	31,099.91
	Prepayments in Full					12,281,052.15	12,420,179.86	24,701,232.01
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	Liquidations					405,662.11	96,379.15	502,041.26
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(19,420.01)	(25,242.16)	(44,662.17)
	Advanced Principal					19,420.01	25,242.16	44,662.17
	Realized Losses					(63,080.36)	(80,289.72)	(143,370.08)


	TOTAL PRINCIPAL COLLECTED					12,810,473.93	12,625,256.99	25,435,730.92


				Page 4 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS						GROUP II	GROUP I	TOTAL



	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00


INTEREST - COLLECTIONS						GROUP II	GROUP I	TOTAL

	Scheduled Interest					1,880,814.78	1,947,050.80	3,827,865.58
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					3,094.60	1,066.08	4,160.68
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Month End Interest (PPIS)					0.00	0.00	0.00
	Delinquent Interest					(272,229.84)	(314,247.85)	(586,477.69)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					0.00	0.00	0.00
	Other Interest Shortfall					0.00	(115.24)	(115.24)
	Interest Advanced					256,962.05	296,391.31	553,353.36
	Prepayment Penalties					267,779.15	288,731.96	556,511.11

	TOTAL INTEREST COLLECTED					2,136,420.74	2,218,877.06	4,355,297.80


				Page 5 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS						GROUP II	GROUP I	TOTAL



	TOTAL OTHER ACCOUNT INTEREST					0.00	0.00	0.00


INTEREST - FEES						GROUP II	GROUP I	TOTAL

	Current Servicing Fees					108,302.80	104,926.97	213,229.77
	Trustee Fee					989.58	982.84	1,972.42
	PMI Insurance Premium Fees					0.00	0.00	0.00

	TOTAL INTEREST OTHER FEES					109,292.38	105,909.81	215,202.19


				Page 6 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP II	GROUP I	TOTAL

	Net WAC Rate Carryover Reserve Fund Beginning Balance							1,000.00
	Amount paid to maintain $1,000 balance							0.00
	Net WAC Rate Carryover Amount							0.00
	Net WAC Rate Carryover Reserve Fund Ending Balance							1,000.00

	Int Earnings paid to Class C							0.00


INSURANCE						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP II	GROUP I	TOTAL

	Overcollateralization Target Amount							13,844,875.79
	Overcollateralized Amount							13,844,875.79
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount					0.00	0.00	0.00
	Overcollateralization Deficiency Amount							143,370.08
	Extra Principal Distribution Amt					72,207.03	71,163.05	143,370.08


				Page 7 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP II	GROUP I	TOTAL
	Loan Count:
	*Original*					1841	2261	4102
	Prior					2,137	2,611	4,748
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(68)	(99)	(167)
	Repurchases					-	-	-
	Liquidations					(4)	(2)	(6)
	Current					2,065	2,510	4,575

	*Principal Balance:*
	Original					261,110,730.10	261,133,059.56	522,243,789.66
	Prior					296,874,770.18	294,852,344.11	591,727,114.29
	Prefunding					-	-	-
	Scheduled Principal					(165,947.96)	(178,779.86)	(344,727.82)
	Partial and Full Voluntary Prepayments					(12,301,944.22)	(12,430,387.70)	(24,732,331.92)
	Repurchases					-	-	-
	Liquidations					(405,662.11)	(96,379.15)	(502,041.26)
	Current					284,001,215.89	282,146,797.40	566,148,013.29

PREFUNDING						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group I
	Group II
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP II	GROUP I	TOTAL

	Weighted Average Coupon Original					7.696203%	8.049532%	7.872875%
	Weighted Average Coupon Prior					7.640638%	7.924146%	7.782908%
	Weighted Average Coupon Current					7.614966%	7.928512%	7.771203%
	Weighted Average Months to Maturity Original					348	348	348
	Weighted Average Months to Maturity Prior					342	342	342
	Weighted Average Months to Maturity Current					340	341	340
	Weighted Avg Remaining Amortization Term Original					356	356	356
	Weighted Avg Remaining Amortization Term Prior					349	349	349
	Weighted Avg Remaining Amortization Term Current					348	348	348
	Weighted Average Seasoning Original					3.50	3.52	3.51
	Weighted Average Seasoning Prior					10.45	10.38	10.41
	Weighted Average Seasoning Current					11.42	11.35	11.38

Note: Original information refers to deal issue.


	Group I
	Group II
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP II	GROUP I	TOTAL

	Weighted Average Margin Original					5.539%	5.714%
	Weighted Average Margin Prior					5.561%	5.686%
	Weighted Average Margin Current					5.553%	5.672%
	Weighted Average Max Rate Original					13.206%	13.576%
	Weighted Average Max Rate Prior					13.388%	13.753%
	Weighted Average Max Rate Current					13.376%	13.727%
	Weighted Average Min Rate Original					7.501%	7.816%
	Weighted Average Min Rate Prior					7.452%	7.662%
	Weighted Average Min Rate Current					7.448%	7.660%
	Weighted Average Cap Up Original					1.367%	1.371%
	Weighted Average Cap Up Prior					1.367%	1.379%
	Weighted Average Cap Up Current					1.366%	1.377%
	Weighted Average Cap Down Original					1.367%	1.371%
	Weighted Average Cap Down Prior					1.367%	1.379%
	Weighted Average Cap Down Current					1.366%	1.377%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP II	GROUP I	TOTAL

	Current Servicing Fees					108,302.80	104,926.97	213,229.77
	Delinquent Servicing Fees					15,267.80	17,856.54	33,124.34
	TOTAL SERVICING FEES					123,570.60	122,783.51	246,354.11


	Total Servicing Fees					123,570.60	122,783.51	246,354.11
	Compensating Month End Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(15,267.80)	(17,856.54)	(33,124.34)

	COLLECTED SERVICING FEES					108,302.80	104,926.97	213,229.77

	Prepayment Interest Shortfall					0.00	0.00	0.00

	Total Advanced Interest					256,962.05	296,391.31	553,353.36


ADDITIONAL COLLATERAL INFORMATION						GROUP II	GROUP I	TOTAL

	Next One-Month LIBOR							2.417500%
	Current One-Month LIBOR							2.180000%


				Page 10 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			13,524,561.71	4,710,447.79	1,877,887.87	20,112,897.37
		% Balance			2.39%	0.83%	0.33%	3.55%
		# Loans			130	47	27	204
		% # Loans			2.84%	1.03%	0.59%	4.46%
FORECLOSURE		Balance		-	-	1,573,906.27	13,686,770.83	15,260,677.10
		% Balance		0.00%	0.00%	0.28%	2.42%	2.70%
		# Loans		-	-	13	112	125
		% # Loans		0.00%	0.00%	0.28%	2.45%	2.73%
BANKRUPTCY		Balance		3,004,469.53	-	345,362.67	1,790,126.16	5,139,958.36
		% Balance		0.53%	0.00%	0.06%	0.32%	0.91%
		# Loans		29	-	3	18	50
		% # Loans		0.63%	0.00%	0.07%	0.39%	1.09%
REO		Balance		-	-	-	3,359,029.07	3,359,029.07
		% Balance		0.00%	0.00%	0.00%	0.59%	0.59%
		# Loans		-	-	-	27	27
		% # Loans		0.00%	0.00%	0.00%	0.59%	0.59%

TOTAL		Balance		3,004,469.53	13,524,561.71	6,629,716.73	20,713,813.93	43,872,561.90
		% Balance		0.53%	2.39%	1.17%	3.66%	7.75%
		# Loans		29	130	63	184	406
		% # Loans		0.63%	2.84%	1.38%	4.02%	8.87%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group I Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			7,274,732.98	2,485,759.61	894,223.13	10,654,715.72
		% Balance			2.58%	0.88%	0.32%	3.78%
		# Loans			71	24	13	108
		% # Loans			2.83%	0.96%	0.52%	4.30%
FORECLOSURE		Balance		-	-	466,516.44	8,246,164.31	8,712,680.75
		% Balance		0.00%	0.00%	0.17%	2.92%	3.09%
		# Loans		-	-	4	68	72
		% # Loans		0.00%	0.00%	0.16%	2.71%	2.87%
BANKRUPTCY		Balance		1,130,575.86	-	285,649.00	972,807.79	2,389,032.65
		% Balance		0.40%	0.00%	0.10%	0.34%	0.85%
		# Loans		13	-	2	9	24
		% # Loans		0.52%	0.00%	0.08%	0.36%	0.96%
REO		Balance		-	-	-	894,506.03	894,506.03
		% Balance		0.00%	0.00%	0.00%	0.32%	0.32%
		# Loans		-	-	-	9	9
		% # Loans		0.00%	0.00%	0.00%	0.36%	0.36%

TOTAL		Balance		1,130,575.86	7,274,732.98	3,237,925.05	11,007,701.26	22,650,935.15
		% Balance		0.40%	2.58%	1.15%	3.90%	8.03%
		# Loans		13	71	30	99	213
		% # Loans		0.52%	2.83%	1.20%	3.94%	8.49%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group II Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,249,828.73	2,224,688.18	983,664.74	9,458,181.65
		% Balance			2.20%	0.78%	0.35%	3.33%
		# Loans			59	23	14	96
		% # Loans			2.86%	1.11%	0.68%	4.65%
FORECLOSURE		Balance		-	-	1,107,389.83	5,440,606.52	6,547,996.35
		% Balance		0.00%	0.00%	0.39%	1.92%	2.31%
		# Loans		-	-	9	44	53
		% # Loans		0.00%	0.00%	0.44%	2.13%	2.57%
BANKRUPTCY		Balance		1,873,893.67	-	59,713.67	817,318.37	2,750,925.71
		% Balance		0.66%	0.00%	0.02%	0.29%	0.97%
		# Loans		16	-	1	9	26
		% # Loans		0.77%	0.00%	0.05%	0.44%	1.26%
REO		Balance		-	-	-	2,464,523.04	2,464,523.04
		% Balance		0.00%	0.00%	0.00%	0.87%	0.87%
		# Loans		-	-	-	18	18
		% # Loans		0.00%	0.00%	0.00%	0.87%	0.87%

TOTAL		Balance		1,873,893.67	6,249,828.73	3,391,791.68	9,706,112.67	21,221,626.75
		% Balance		0.66%	2.20%	1.19%	3.42%	7.47%
		# Loans		16	59	33	85	193
		% # Loans		0.77%	2.86%	1.60%	4.12%	9.35%
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 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 10				Loan Group 1 = Group I; REO Book Value = Not Available
Total Original Principal Balance = 877,700.00				Loan Group 2 = Group II; REO Book Value = Not Available
Total Current Balance = 872,207.58
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

320928138 1		73,000.00	72,412.12	Jul-01-04	9.750%	MO - 79.96%	360	Sep-17-03
320925597 2		33,800.00	33,653.24	Mar-01-04	13.990%	MO - 100.00%	180	Aug-29-03
320927684 2		72,000.00	71,466.43	Jan-01-04	9.750%	FL - 80.00%	360	Aug-29-03
320928294 2		97,750.00	96,627.18	Apr-01-04	7.250%	OR - 79.99%	360	Sep-24-03
320934714 2		145,000.00	144,326.54	Apr-01-04	11.250%	NM - 100.00%	360	Oct-10-03
320934839 2		155,850.00	154,363.28	Feb-01-04	7.750%	FL - 100.00%	360	Oct-15-03
320940331 2		79,200.00	78,736.24	Jul-01-04	9.750%	MI - 90.00%	360	Nov-12-03
321097198 2		36,000.00	35,794.55	Apr-01-04	9.875%	MS - 80.00%	360	Nov-17-03
321102683 2		125,900.00	125,900.00	Apr-01-04	10.250%	FL - 100.00%	360	Dec-18-03
321350050 2		59,200.00	58,928.00	Apr-01-04	9.999%	KS - 80.00%	360	Jan-16-04


				Page 14 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Foreclosure Report for December 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 39				Loan Group 1 = Group I
Total Original Principal Balance = 4,962,700.00				Loan Group 2 = Group II
Total Current Balance = 4,932,396.81


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

320932437 1		80,000.00	79,627.66	Aug-01-04	11.240%	TX - 100.00%	360	Oct-17-03
320933070 1		66,000.00	65,385.66	Jul-01-04	7.875%	IA - 80.00%	360	Oct-20-03
320936800 1		116,000.00	115,221.98	Aug-01-04	9.500%	FL - 80.00%	360	Oct-27-03
320937618 1		85,600.00	85,010.88	Aug-01-04	9.375%	MA - 80.00%	360	Nov-03-03
320940364 1		120,100.00	119,019.68	Sep-01-04	7.625%	IN - 100.00%	360	Nov-10-03
320941271 1		56,800.00	56,484.18	Aug-01-04	9.999%	IA - 80.00%	360	Nov-12-03
320943293 1		140,000.00	139,090.59	Aug-01-04	9.249%	UT - 80.00%	360	Nov-20-03
320943426 1		59,550.00	59,302.56	Sep-01-04	11.375%	MO - 99.97%	360	Nov-26-03
320943947 1		156,000.00	154,854.30	Jul-01-04	9.750%	WA - 80.00%	360	Sep-24-03
320950017 1		60,000.00	59,715.15	Jul-01-04	10.750%	IL - 100.00%	360	Nov-26-03
321100539 1		41,600.00	41,398.96	Jul-01-04	10.250%	MO - 80.00%	360	Dec-18-03
321100885 1		126,000.00	124,989.58	Jun-01-04	7.750%	IN - 90.00%	360	Dec-18-03
321349508 1		232,000.00	230,210.59	Aug-01-04	7.624%	CA - 80.00%	360	Jan-16-04
321349649 1		74,800.00	74,120.91	Aug-01-04	6.625%	ID - 80.00%	360	Jan-16-04
321350316 1		285,600.00	284,143.19	Aug-01-04	9.500%	MA - 80.00%	360	Jan-16-04
321350423 1		214,400.00	213,603.20	Sep-01-04	11.000%	MA - 80.00%	360	Jan-16-04
321350829 1		163,200.00	163,129.00	Aug-01-04	10.500%	CO - 80.00%	360	Dec-18-03
321411787 1		74,900.00	74,591.00	Sep-01-04	9.990%	TX - 100.00%	360	Feb-16-04
321621872 1		232,800.00	230,424.79	Aug-01-04	6.625%	CA - 69.08%	360	Mar-17-04
321622102 1		88,800.00	88,484.80	Jul-01-04	10.125%	IL - 100.00%	360	Mar-17-04
321624751 1		180,000.00	178,755.36	Aug-01-04	6.875%	CA - 100.00%	360	Mar-17-04
320924798 2		44,000.00	43,569.15	Aug-01-04	8.375%	IN - 80.00%	360	Aug-28-03
320928096 2		71,900.00	71,508.63	Jun-01-04	10.875%	FL - 79.98%	360	Sep-19-03
320929508 2		138,500.00	136,910.46	Sep-01-04	7.375%	AZ - 100.00%	360	Sep-18-03
320932650 2		191,000.00	189,784.10	Aug-01-04	10.125%	CO - 100.00%	360	Oct-24-03
320932817 2		185,200.00	184,080.02	Aug-01-04	10.000%	RI - 80.00%	360	Oct-29-03
320933484 2		86,500.00	85,633.24	Aug-01-04	7.500%	FL - 100.00%	360	Oct-08-03
320937634 2		21,400.00	21,331.94	Aug-01-04	13.000%	MA - 100.00%	180	Nov-03-03
320940158 2		100,000.00	99,383.41	Aug-01-04	9.500%	FL - 80.00%	360	Nov-25-03
321097958 2		68,850.00	68,281.82	Sep-01-04	7.625%	SD - 90.00%	360	Dec-18-03
321101834 2		94,350.00	93,514.41	Mar-01-04	7.249%	CO - 85.00%	360	Dec-18-03
321104051 2		152,000.00	150,692.79	Sep-01-04	9.240%	TX - 100.00%	360	Dec-18-03
321349292 2		48,000.00	47,762.71	Sep-01-04	10.125%	TN - 80.00%	360	Jan-16-04
321404618 2		64,000.00	63,569.25	Sep-01-04	7.875%	TN - 100.00%	360	Feb-16-04
321408452 2		398,800.00	398,638.06	Aug-01-04	9.500%	CA - 100.00%	360	Feb-16-04
321408791 2		280,250.00	278,717.29	Sep-01-04	8.625%	MO - 95.00%	360	Feb-16-04
321411621 2		180,000.00	178,354.29	Sep-01-04	5.999%	CA - 80.00%	360	Feb-16-04
321623506 2		78,800.00	78,464.21	Sep-01-04	9.250%	KY - 100.00%	360	Mar-17-04
321623746 2		105,000.00	104,637.01	Sep-01-04	10.250%	TX - 100.00%	360	Mar-17-04


				Page 15 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP II	GROUP I	TOTAL

	*Current*
	Number of Paid in Full Loans					68	99	167
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					68	99	167

	Paid in Full Balance					12,281,052.15	12,420,179.86	24,701,232.01
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					20,892.07	10,207.84	31,099.91
	Total Prepayment Amount					12,301,944.22	12,430,387.70	24,732,331.92

	*Cumulative*
	Number of Paid in Full Loans					383	457	840
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					383	457	840

	Paid in Full Balance					58,375,031.11	60,245,021.42	118,620,052.53
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					439,441.66	400,217.89	839,659.55
	Total Prepayment Amount					58,814,472.77	60,645,239.31	119,459,712.08

SPACE INTENTIONALLY LEFT BLANK


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


				Page 16 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP II	GROUP I	TOTAL

	SMM					4.15%	4.22%	4.18%
	3 Months Avg SMM					3.51%	3.66%	3.58%
	12 Months Avg SMM
	Avg SMM Since Cut-off					2.16%	2.23%	2.20%

	CPR					39.84%	40.38%	40.11%
	3 Months Avg CPR					34.84%	36.07%	35.45%
	12 Months Avg CPR
	Avg CPR Since Cut-off					23.10%	23.74%	23.42%

	PSA					1744.58%	1779.18%	1761.79%
	3 Months Avg PSA Approximation					1667.86%	1737.20%	1702.47%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					1587.76%	1636.72%	1612.19%



	Group I
	Group II


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group I
	Group II

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 18 of 28				© COPYRIGHT 2004 Deutsche Bank


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

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 167						Loan Group 1 = Group I
Total Original Principal Balance = 24,846,770.00						Loan Group 2 = Group II
Total Prepayment Amount = 24,701,232.01


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

320920846 1			40,400.00	40,277.16	Dec-10-04	14.500%	WA - 100.00%	Paid Off - 180	May-08-03
320921810 1			121,600.00	118,748.41	Dec-10-04	5.625%	WA - 80.00%	Paid Off - 360	Jun-06-03
320922636 1			248,000.00	245,315.96	Dec-01-04	7.500%	CA - 80.00%	Paid Off - 360	Jul-30-03
320924772 1			77,000.00	75,313.40	Dec-09-04	5.990%	CA - 78.57%	Paid Off - 360	Aug-21-03
320925514 1			135,000.00	134,117.50	Nov-30-04	9.625%	CA - 79.88%	Paid Off - 360	Aug-29-03
320925969 1			172,500.00	170,813.64	Dec-01-04	7.625%	CA - 75.00%	Paid Off - 360	Sep-05-03
320926314 1			251,900.00	249,273.09	Nov-19-04	9.875%	NJ - 90.00%	Paid Off - 360	Sep-09-03
320926421 1			68,000.00	67,543.92	Dec-09-04	9.500%	KS - 80.00%	Paid Off - 360	Sep-16-03
320926686 1			17,000.00	16,823.82	Dec-09-04	14.250%	KS - 100.00%	Paid Off - 240	Sep-16-03
320927379 1			100,400.00	99,043.44	Nov-29-04	6.125%	UT - 80.00%	Paid Off - 360	Sep-09-03
320927395 1			25,100.00	24,625.55	Nov-24-04	10.750%	UT - 100.00%	Paid Off - 240	Sep-09-03
320927924 1			129,600.00	128,351.73	Dec-06-04	8.990%	MO - 80.00%	Paid Off - 360	Sep-30-03
320928260 1			241,000.00	237,243.86	Dec-07-04	5.999%	AZ - 93.41%	Paid Off - 360	Sep-08-03
320928476 1			87,300.00	86,264.88	Nov-24-04	6.625%	AZ - 90.00%	Paid Off - 360	Sep-10-03
320928773 1			71,900.00	71,441.41	Nov-30-04	9.750%	MI - 79.98%	Paid Off - 360	Sep-08-03
320928781 1			95,000.00	92,718.00	Dec-01-04	6.249%	NV - 59.38%	Paid Off - 360	Sep-09-03
320929029 1			109,350.00	108,635.27	Nov-23-04	9.625%	IN - 90.00%	Paid Off - 360	Sep-30-03
320930266 1			43,600.00	43,316.23	Nov-24-04	9.749%	MI - 80.00%	Paid Off - 360	Oct-06-03
320931058 1			103,000.00	102,195.02	Nov-23-04	8.750%	NM - 98.10%	Paid Off - 360	Sep-29-03
320931264 1			46,300.00	46,117.71	Dec-14-04	11.625%	IA - 84.95%	Paid Off - 360	Oct-08-03
320931439 1			236,000.00	233,983.23	Dec-02-04	8.125%	CA - 80.00%	Paid Off - 360	Oct-09-03
320931546 1			40,000.00	39,710.49	Dec-14-04	11.250%	RI - 100.00%	Paid Off - 180	Sep-30-03
320931553 1			204,000.00	202,851.53	Dec-13-04	9.500%	RI - 80.00%	Paid Off - 360	Nov-19-03
320931603 1			51,000.00	50,897.66	Dec-13-04	14.250%	RI - 100.00%	Paid Off - 180	Nov-19-03
320932692 1			212,500.00	211,349.20	Dec-10-04	10.125%	CT - 85.00%	Paid Off - 360	Oct-03-03
320933161 1			86,400.00	85,583.86	Nov-16-04	7.375%	CA - 80.00%	Paid Off - 360	Oct-21-03
320933179 1			21,600.00	21,523.74	Nov-16-04	12.125%	CA - 100.00%	Paid Off - 180	Oct-21-03
320933500 1			328,000.00	324,419.94	Dec-01-04	6.625%	CA - 80.00%	Paid Off - 360	Oct-07-03
320933773 1			52,000.00	51,081.97	Nov-19-04	8.750%	MO - 80.00%	Paid Off - 360	Sep-30-03
320933807 1			175,000.00	172,642.61	Nov-16-04	5.500%	AZ - 79.98%	Paid Off - 360	Oct-07-03
320933849 1			43,800.00	43,622.87	Nov-17-04	11.500%	AZ - 100.00%	Paid Off - 180	Oct-07-03
320934680 1			151,900.00	151,276.06	Dec-06-04	10.999%	NH - 79.99%	Paid Off - 360	Nov-12-03
320934698 1			38,000.00	37,924.27	Dec-06-04	16.490%	NH - 100.00%	Paid Off - 180	Nov-12-03
320934748 1			82,550.00	82,066.63	Dec-08-04	9.750%	MI - 79.99%	Paid Off - 360	Oct-17-03
320935265 1			280,000.00	278,181.81	Nov-29-04	9.249%	MA - 80.00%	Paid Off - 360	Oct-16-03
320935281 1			304,000.00	301,759.02	Nov-22-04	8.625%	MA - 80.00%	Paid Off - 360	Oct-31-03
320936446 1			110,000.00	109,231.15	Dec-07-04	12.125%	NJ - 100.00%	Paid Off - 360	Oct-17-03
320936701 1			315,650.00	312,285.96	Nov-30-04	6.750%	CO - 99.99%	Paid Off - 360	Oct-17-03
320937212 1			206,000.00	206,000.00	Nov-24-04	6.999%	CA - 89.57%	Paid Off - 360	Nov-07-03
320937261 1			280,000.00	280,000.00	Dec-13-04	7.125%	CA - 80.00%	Paid Off - 360	Oct-31-03
320937386 1			70,400.00	69,594.34	Dec-07-04	6.375%	AZ - 80.00%	Paid Off - 360	Oct-21-03
320937873 1			106,400.00	105,497.26	Dec-10-04	7.500%	CA - 80.00%	Paid Off - 360	Nov-06-03
320937881 1			26,600.00	26,275.94	Dec-10-04	12.125%	CA - 100.00%	Paid Off - 240	Nov-06-03
320938921 1			119,900.00	118,919.80	Nov-22-04	8.125%	OR - 79.99%	Paid Off - 360	Oct-27-03

					Page 19 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	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

320938947 1			31,400.00	31,287.26	Dec-03-04	11.625%	PA - 89.97%	Paid Off - 360	Nov-21-03
320942113 1			137,500.00	136,095.08	Nov-17-04	6.500%	AZ - 79.99%	Paid Off - 360	Nov-17-03
320942170 1			117,300.00	116,855.45	Dec-09-04	11.375%	PA - 85.00%	Paid Off - 360	Nov-19-03
320942238 1			46,750.00	46,591.05	Nov-22-04	11.875%	MO - 85.00%	Paid Off - 360	Nov-17-03
320942428 1			188,000.00	188,000.00	Dec-15-04	7.250%	CA - 80.00%	Paid Off - 360	Nov-14-03
320943004 1			119,200.00	118,669.81	Dec-08-04	10.625%	FL - 80.00%	Paid Off - 360	Nov-24-03
320943111 1			47,700.00	47,503.65	Nov-17-04	10.990%	CA - 100.00%	Paid Off - 180	Nov-19-03
320943327 1			157,000.00	155,739.08	Nov-24-04	9.750%	AZ - 100.00%	Paid Off - 360	Nov-19-03
320943640 1			159,920.00	158,927.11	Nov-18-04	10.250%	RI - 80.00%	Paid Off - 360	Aug-15-03
320943822 1			32,350.00	32,248.31	Dec-13-04	13.740%	AZ - 99.98%	Paid Off - 180	Jul-28-03
320943905 1			72,800.00	72,272.08	Dec-15-04	9.500%	IL - 80.00%	Paid Off - 360	Aug-27-03
320948011 1			280,900.00	280,900.00	Nov-22-04	5.500%	CA - 80.00%	Paid Off - 360	Sep-23-03
320948128 1			311,900.00	309,094.33	Dec-07-04	7.625%	MA - 80.00%	Paid Off - 360	Oct-24-03
320948136 1			78,000.00	77,630.01	Dec-08-04	11.740%	MA - 100.00%	Paid Off - 180	Oct-24-03
320948789 1			206,400.00	204,775.89	Nov-22-04	7.999%	MA - 80.00%	Paid Off - 360	Nov-06-03
320949118 1			111,900.00	111,309.65	Nov-23-04	10.250%	IL - 79.99%	Paid Off - 360	Nov-03-03
321097065 1			88,000.00	87,426.18	Nov-23-04	9.125%	CA - 80.00%	Paid Off - 360	Nov-17-03
321097297 1			210,850.00	209,041.75	Nov-16-04	7.490%	MI - 99.98%	Paid Off - 360	Nov-17-03
321098014 1			132,000.00	130,992.36	Nov-30-04	7.999%	CA - 80.00%	Paid Off - 360	Nov-17-03
321098436 1			76,000.00	75,593.31	Nov-17-04	9.750%	AZ - 77.55%	Paid Off - 360	Nov-17-03
321098543 1			182,400.00	181,074.32	Nov-19-04	7.749%	CA - 80.00%	Paid Off - 360	Dec-18-03
321100927 1			138,900.00	138,227.73	Nov-26-04	9.750%	NV - 100.00%	Paid Off - 360	Dec-18-03
321101404 1			166,000.00	164,458.46	Nov-16-04	6.500%	NV - 77.57%	Paid Off - 360	Dec-18-03
321101826 1			103,400.00	102,667.05	Dec-09-04	7.875%	KY - 100.00%	Paid Off - 360	Dec-18-03
321102923 1			100,250.00	99,856.93	Dec-14-04	10.750%	UT - 100.00%	Paid Off - 360	Dec-18-03
321104044 1			43,200.00	43,063.38	Nov-23-04	11.750%	OH - 90.00%	Paid Off - 360	Dec-18-03
321104275 1			89,600.00	89,257.97	Dec-10-04	10.875%	KS - 80.00%	Paid Off - 360	Dec-18-03
321104416 1			173,550.00	173,550.00	Dec-09-04	8.375%	WA - 80.00%	Paid Off - 360	Dec-18-03
321104424 1			43,400.00	43,252.26	Dec-09-04	14.250%	WA - 100.00%	Paid Off - 180	Dec-18-03
321104697 1			59,400.00	59,071.32	Dec-07-04	9.250%	MI - 84.98%	Paid Off - 360	Dec-18-03
321104754 1			52,500.00	52,210.84	Dec-06-04	9.125%	DE - 70.00%	Paid Off - 360	Dec-18-03
321276057 1			104,400.00	103,718.42	Nov-19-04	9.750%	IN - 90.00%	Paid Off - 360	Sep-19-03
321347163 1			108,000.00	107,159.96	Dec-06-04	8.250%	CA - 80.00%	Paid Off - 360	Dec-18-03
321348625 1			166,500.00	166,128.91	Dec-14-04	8.990%	MD - 75.00%	Paid Off - 360	Jan-16-04
321349300 1			32,500.00	32,358.98	Dec-08-04	9.750%	MI - 76.47%	Paid Off - 360	Jan-16-04
321349714 1			74,400.00	74,041.73	Nov-24-04	9.750%	VA - 80.00%	Paid Off - 360	Jan-16-04
321349730 1			279,000.00	276,993.20	Dec-13-04	7.250%	NV - 89.86%	Paid Off - 360	Jan-16-04
321349755 1			140,000.00	138,959.68	Nov-23-04	7.375%	FL - 80.00%	Paid Off - 360	Jan-16-04
321349789 1		FCL	80,250.00	79,892.63	Dec-13-04	9.625%	AZ - 75.00%	Paid Off - 360	Jan-16-04
321349839 1			104,000.00	103,135.13	Dec-01-04	6.499%	UT - 80.00%	Paid Off - 360	Jan-16-04
321349912 1			104,300.00	103,747.28	Dec-15-04	9.375%	AZ - 66.86%	Paid Off - 360	Jan-16-04
321351058 1			44,000.00	43,857.43	Nov-23-04	11.125%	VA - 80.00%	Paid Off - 360	Jan-16-04
321403438 1			66,800.00	66,632.70	Nov-17-04	11.750%	FL - 100.00%	Paid Off - 360	Feb-16-04
321405060 1			97,750.00	97,437.93	Dec-13-04	10.625%	MI - 95.00%	Paid Off - 360	Feb-16-04
321405672 1			416,000.00	412,784.13	Nov-30-04	6.250%	CA - 100.00%	Paid Off - 360	Feb-16-04
321405995 1			155,200.00	155,200.00	Dec-01-04	6.625%	CA - 100.00%	Paid Off - 360	Feb-16-04
321406001 1			38,800.00	38,670.22	Dec-01-04	11.990%	CA - 100.00%	Paid Off - 180	Feb-16-04
321407439 1			213,600.00	212,396.63	Dec-14-04	7.875%	AL - 100.00%	Paid Off - 360	Feb-16-04
321407850 1			224,000.00	222,572.19	Nov-17-04	7.250%	CA - 70.00%	Paid Off - 360	Feb-16-04
321408882 1			57,000.00	56,857.31	Nov-30-04	11.750%	MI - 100.00%	Paid Off - 360	Feb-16-04
321409658 1			54,900.00	54,319.53	Dec-13-04	11.250%	KS - 100.00%	Paid Off - 360	Feb-16-04
321410508 1			78,000.00	77,757.54	Nov-26-04	10.750%	IN - 100.00%	Paid Off - 360	Feb-16-04

					Page 20 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	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

321411936 1			125,000.00	124,611.51	Nov-18-04	10.750%	VA - 100.00%	Paid Off - 360	Feb-16-04
321622722 1			148,000.00	147,450.34	Nov-26-04	9.250%	NV - 100.00%	Paid Off - 360	Mar-17-04
321623159 1			111,600.00	110,994.52	Dec-14-04	7.375%	NM - 94.98%	Paid Off - 360	Mar-17-04
320921091 2			32,400.00	32,228.80	Nov-19-04	11.990%	RI - 100.00%	Paid Off - 180	May-09-03
320921646 2			572,000.00	563,352.73	Nov-16-04	6.499%	CA - 80.00%	Paid Off - 360	Jun-02-03
320922180 2			105,300.00	104,390.39	Nov-22-04	9.000%	IN - 84.92%	Paid Off - 360	Jul-21-03
320922214 2			10,000.00	9,958.02	Dec-01-04	12.750%	VA - 100.00%	Paid Off - 180	Jun-27-03
320922404 2			10,000.00	9,951.41	Dec-13-04	11.750%	KS - 100.00%	Paid Off - 180	Jul-08-03
320922578 2			429,150.00	429,027.26	Dec-08-04	6.750%	CA - 90.00%	Paid Off - 360	Sep-12-03
320923972 2			257,600.00	257,600.00	Dec-15-04	6.999%	CA - 80.00%	Paid Off - 360	Sep-10-03
320924178 2			63,000.00	62,366.66	Nov-22-04	7.500%	LA - 100.00%	Paid Off - 360	Oct-03-03
320925092 2			107,000.00	105,418.56	Dec-03-04	5.875%	WA - 69.94%	Paid Off - 360	Aug-11-03
320925886 2			224,000.00	224,000.00	Dec-15-04	6.999%	CA - 78.60%	Paid Off - 360	Sep-22-03
320926298 2			217,000.00	214,364.72	Dec-14-04	6.500%	CA - 70.00%	Paid Off - 360	Sep-22-03
320926827 2			188,000.00	186,109.36	Dec-03-04	7.875%	CA - 80.00%	Paid Off - 360	Aug-22-03
320926843 2			52,400.00	52,156.65	Nov-16-04	11.250%	CO - 100.00%	Paid Off - 180	Sep-12-03
320927601 2			175,000.00	173,464.08	Dec-10-04	7.750%	NV - 100.00%	Paid Off - 360	Sep-30-03
320928732 2			85,000.00	83,240.55	Nov-22-04	9.375%	MO - 83.33%	Paid Off - 360	Sep-10-03
320930373 2			38,000.00	37,855.92	Dec-06-04	12.250%	CA - 100.00%	Paid Off - 180	Sep-19-03
320930951 2			10,900.00	10,849.81	Nov-24-04	14.250%	MI - 100.00%	Paid Off - 180	Oct-06-03
320931512 2			160,000.00	158,823.60	Dec-14-04	9.500%	RI - 80.00%	Paid Off - 360	Sep-30-03
320931652 2			456,000.00	456,000.00	Nov-24-04	5.875%	CA - 80.00%	Paid Off - 360	Sep-19-03
320931975 2			169,600.00	168,606.84	Dec-01-04	9.750%	AZ - 80.00%	Paid Off - 360	Oct-09-03
320934060 2			83,300.00	82,761.16	Dec-09-04	9.999%	OH - 85.00%	Paid Off - 360	Oct-10-03
320934201 2			167,200.00	167,200.00	Dec-02-04	7.375%	AZ - 80.00%	Paid Off - 360	Oct-02-03
320935463 2			138,400.00	136,535.31	Dec-06-04	5.499%	CA - 80.00%	Paid Off - 360	Oct-07-03
320937451 2			17,600.00	17,542.69	Dec-07-04	12.500%	AZ - 100.00%	Paid Off - 180	Oct-21-03
320937733 2			76,000.00	75,359.86	Nov-30-04	7.500%	LA - 80.00%	Paid Off - 360	Oct-31-03
320938293 2			186,650.00	186,648.72	Dec-15-04	5.750%	CA - 79.99%	Paid Off - 360	Oct-22-03
320938491 2			122,000.00	120,387.22	Dec-09-04	5.375%	CA - 72.62%	Paid Off - 360	Oct-27-03
320938889 2			648,000.00	641,926.75	Nov-30-04	7.625%	CA - 80.00%	Paid Off - 360	Oct-23-03
320939614 2			38,400.00	38,238.01	Dec-01-04	10.875%	OH - 80.00%	Paid Off - 360	Nov-12-03
320939895 2			211,500.00	211,447.06	Dec-08-04	7.375%	NV - 90.00%	Paid Off - 360	Nov-17-03
320940349 2			100,100.00	99,277.26	Dec-08-04	7.625%	PA - 70.00%	Paid Off - 360	Nov-07-03
320940836 2			73,000.00	72,737.95	Nov-18-04	11.625%	LA - 100.00%	Paid Off - 360	Nov-20-03
320941628 2			144,500.00	144,495.91	Nov-24-04	10.500%	AZ - 99.94%	Paid Off - 360	Nov-17-03
320942683 2			112,000.00	111,102.44	Nov-24-04	9.875%	FL - 82.35%	Paid Off - 360	Nov-21-03
320947070 2			289,350.00	285,776.66	Nov-26-04	6.999%	VA - 77.99%	Paid Off - 360	Sep-09-03
320947088 2			332,800.00	332,800.00	Nov-30-04	4.999%	CA - 80.00%	Paid Off - 360	Sep-11-03
320947104 2			159,900.00	158,549.25	Nov-26-04	8.750%	VA - 79.99%	Paid Off - 360	Sep-04-03
320947963 2			411,350.00	411,106.46	Dec-01-04	5.625%	WA - 95.00%	Paid Off - 360	Sep-23-03
320948557 2			128,000.00	127,513.72	Dec-07-04	11.375%	RI - 80.00%	Paid Off - 360	Nov-19-03
320948656 2			214,250.00	214,249.00	Dec-15-04	6.999%	CA - 79.98%	Paid Off - 360	Oct-10-03
320949753 2			220,000.00	218,100.88	Dec-06-04	7.375%	CA - 80.00%	Paid Off - 360	Nov-07-03
321096208 2			248,000.00	246,624.68	Dec-02-04	9.500%	CA - 80.00%	Paid Off - 360	Dec-18-03
321096612 2			425,000.00	424,742.18	Nov-23-04	5.875%	CA - 94.44%	Paid Off - 360	Dec-18-03
321098147 2			149,200.00	147,711.42	Dec-10-04	6.625%	NV - 80.00%	Paid Off - 360	Nov-17-03
321099806 2			411,900.00	411,713.00	Dec-07-04	7.625%	MD - 100.00%	Paid Off - 360	Nov-17-03
321100893 2			79,100.00	78,727.07	Dec-08-04	9.875%	MO - 89.99%	Paid Off - 360	Dec-18-03
321101370 2			109,200.00	108,724.10	Nov-18-04	10.250%	IL - 100.00%	Paid Off - 360	Dec-18-03
321347262 2			68,700.00	68,488.68	Dec-02-04	11.875%	CA - 100.00%	Paid Off - 180	Dec-18-03
321347304 2			275,000.00	275,000.00	Dec-01-04	6.250%	CA - 74.32%	Paid Off - 360	Dec-18-03

					Page 21 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	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

321347403 2			129,000.00	127,394.00	Dec-08-04	7.499%	CA - 43.00%	Paid Off - 360	Dec-18-03
321349250 2			97,600.00	96,963.76	Dec-07-04	7.750%	CA - 80.00%	Paid Off - 360	Jan-16-04
321350431 2			357,600.00	356,275.31	Nov-24-04	10.500%	NV - 80.00%	Paid Off - 360	Jan-16-04
321404147 2		FCL	294,400.00	293,219.42	Dec-08-04	10.125%	IL - 100.00%	Paid Off - 360	Jan-16-04
321404386 2			257,000.00	256,134.78	Nov-15-04	10.375%	CA - 77.18%	Paid Off - 360	Feb-16-04
321404402 2			73,600.00	73,361.47	Nov-17-04	11.125%	OH - 80.00%	Paid Off - 360	Jan-16-04
321405243 2			175,950.00	175,488.66	Nov-18-04	11.625%	CA - 85.00%	Paid Off - 360	Feb-16-04
321405714 2			104,000.00	103,709.72	Nov-30-04	11.250%	CA - 100.00%	Paid Off - 180	Feb-16-04
321406456 2			65,600.00	65,348.05	Dec-02-04	9.750%	MI - 100.00%	Paid Off - 360	Feb-16-04
321406472 2			16,400.00	16,376.48	Dec-02-04	14.250%	MI - 100.00%	Paid Off - 180	Feb-16-04
321406761 2			162,300.00	161,795.58	Dec-01-04	10.750%	AZ - 99.99%	Paid Off - 360	Feb-16-04
321407645 2			166,400.00	165,690.99	Nov-19-04	9.250%	AZ - 100.00%	Paid Off - 360	Feb-16-04
321408593 2			103,700.00	102,731.52	Dec-07-04	5.250%	AZ - 85.00%	Paid Off - 360	Feb-16-04
321408692 2			57,000.00	56,832.13	Dec-14-04	11.000%	OH - 100.00%	Paid Off - 360	Feb-16-04
321409823 2			93,000.00	92,680.53	Dec-08-04	9.625%	MD - 66.91%	Paid Off - 360	Mar-17-04
321410516 2			178,200.00	178,183.81	Nov-10-04	7.625%	AZ - 94.99%	Paid Off - 360	Feb-16-04
321410532 2			494,000.00	493,847.24	Dec-02-04	7.375%	CA - 95.00%	Paid Off - 360	Feb-16-04
321621518 2			420,000.00	420,000.00	Dec-02-04	6.375%	CA - 99.05%	Paid Off - 360	Mar-17-04
321621708 2			90,150.00	89,765.90	Nov-23-04	9.250%	MI - 99.38%	Paid Off - 360	Feb-16-04


					Page 22 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP II	GROUP I	TOTAL

	*Current*
	Number of Loans Liquidated					4	2	6
	Collateral Realized Loss/(Gain) Amount					63,080.36	80,289.72	143,370.08
	Net Liquidation Proceeds					342,581.75	16,089.43	358,671.18

	*Cumulative*
	Number of Loans Liquidated					8	6	14
	Collateral Realized Loss/(Gain) Amount					103,831.69	181,995.72	285,827.41
	Net Liquidation Proceeds					813,050.69	634,579.47	1,447,630.16

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

SPACE INTENTIONALLY LEFT BLANK


	Group I						3 Months Moving Average
	Group II

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 23 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP II	GROUP I	TOTAL

	MDR					0.14%	0.03%	0.08%
	3 Months Avg MDR					0.10%	0.09%	0.09%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.03%	0.03%	0.03%

	CDR					1.63%	0.39%	1.01%
	3 Months Avg CDR					1.19%	1.04%	1.12%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.40%	0.35%	0.37%

	SDA					7.13%	1.73%	4.45%
	3 Months Avg SDA Approximation					5.71%	5.03%	5.38%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					2.74%	2.41%	2.58%

	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 I
	Group II
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 24 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group I
	Group II

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 28				© COPYRIGHT 2004 Deutsche Bank


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

	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 = 6
Total Loan Count Revisions = 0						Loan Group 1 = Group I
Total Prior Principal Balance = 502,041.26						Loan Group 2 = Group II
Total Current Realized Loss Amount = 143,370.08
Total Revisions Amount = 0.00
Total Realized Loss Amount = 143,370.08
Total Net Liquidation Proceeds = 358,671.18
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)

320942055 1			15.500%	AZ - 100.00%	180	30,354.18		34,572.74	34,572.74
321099574 1			12.250%	MA - 100.00%	180	66,024.97		45,716.98	45,716.98
320925589 2		FCL	10.500%	MO - 79.99%	360	134,222.99		1,062.85	1,062.85
321100695 2			9.750%	IA - 100.00%	360	24,130.60		29,021.26	29,021.26
321347841 2			13.990%	MO - 100.00%	180	28,778.59		30,418.20	30,418.20
321350613 2			7.625%	CA - 80.00%	360	218,529.93		2,578.05	2,578.05


					Page 26 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for December 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP II	GROUP I	TOTAL

	Step Down Date?							No
	Trigger Event Occuring?							No
	Delinquency Percentage							4.829749%
	Beginning Credit Enhancement Percentage							23.684038%
	Ending Credit Enhancement Percentage							24.754105%


ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 27 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Additional Certificate Report for December 27, 2004 Distribution


	Additional Certificate Report


	CLASS					Net WAC Rate Carryover Amt	Unpaid Realized Loss Amt	Interest Carry Forward Amt

	I-A1					0.00	0.00	0.00
	II-A1					0.00	0.00	0.00
	II-A2					0.00	0.00	0.00
	II-A3					0.00	0.00	0.00
	M-1					0.00	0.00	0.00
	M-2					0.00	0.00	0.00
	M-3					0.00	0.00	0.00
	M-4					0.00	0.00	0.00
	M-5					0.00	0.00	0.00
	M-6					0.00	0.00	0.00
	M-7					0.00	0.00	0.00
	M-8					0.00	0.00	0.00
	B-1					0.00	0.00	0.00
	C					0.00	0.00	143,364.22
	P					0.00	0.00	0.00


				Page 28 of 28				© COPYRIGHT 2004 Deutsche Bank

FINANCIAL ASSET SEC CORP MERITAGE MORTGAGE LOAN TRUST 2004 1 8-K