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): ~~September~~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 ~~September~~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: ~~Sep~~Dec 2731, 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 ~~September~~December 27, 2004.

	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	September 27, 2004 Distribution
	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				2223
			12.	Realized Loss Detail Report				2526
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				2627
			14.	Additional Certificate Report				2728
				Total Number of Pages				2728
			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.corporatetrust.db.com/invr
				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: September 27, 2004
								Distribution Date: December 27, 2004
	Underwriter(s):		Greenwich Capital Markets					Record Date: ~~September~~December 24, 2004
								July 30, 2004
								November 30, 2004
						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
						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 September 27, 2004 Distribution
	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			~~254~~224,~~611~~812,~~794~~719.6108	~~430~~466,~~612~~548.2084	712,~~722~~696,~~714~~420.2404	813,~~153~~162,~~326~~968.4488	-	-	~~246~~212,~~889~~116,~~080~~299.3704
II-A1		110,000,000.00			8860,~~087~~729,~~273~~419.3942	~~137~~118,~~673~~709.0715	612,~~587~~882,~~442~~680.8996	613,~~725~~001,~~115~~390.9611	-	-	8147,~~499~~846,~~830~~738.5046
II-A2		142,500,000.00			142,500,000.00	~~237~~292,~~084~~045.3883	-	~~237~~292,~~084~~045.3883	-	-	142,500,000.00
II-A3		23,540,000.00			23,540,000.00	4251,~~617~~487.21	-	4251,~~617~~487.21	-	-	23,540,000.00
M-1		41,530,000.00			41,530,000.00	8095,~~516~~842.2901	-	8095,~~516~~842.2901	-	-	41,530,000.00
M-2		13,840,000.00			13,840,000.00	2732,~~466~~535.6353	-	2732,~~466~~535.6353	-	-	13,840,000.00
M-3		10,380,000.00			10,380,000.00	2427,~~405~~976.98	-	2427,~~405~~976.98	-	-	10,380,000.00
M-4		12,110,000.00			12,110,000.00	3034,~~138~~204.7602	-	3034,~~138~~204.7602	-	-	12,110,000.00
M-5		10,380,000.00			10,380,000.00	2731,~~736~~105.2340	-	2731,~~736~~105.2340	-	-	10,380,000.00
M-6		10,380,000.00			10,380,000.00	3235,~~017~~127.9865	-	3235,~~017~~127.9865	-	-	10,380,000.00
M-7		10,380,000.00			10,380,000.00	3236,~~969~~021.48	-	3236,~~969~~021.48	-	-	10,380,000.00
M-8		10,380,000.00			10,380,000.00	4346,~~911~~300.7357	-	4346,~~911~~300.7357	-	-	10,380,000.00
B-1		6,920,000.00			6,920,000.00	3233,~~446~~846.1549	-	3233,~~446~~846.1549	-	-	6,920,000.00
C		13,843,689.66			13,844,875.79	2,~~770~~138,~~230~~463.6626	-	2,~~770~~138,~~230~~463.6626	-	-	13,844,875.79
P		100.00			100.00	~~300~~556,~~475~~511.2311	-	~~300~~556,~~475~~511.2311	-	-	100.00
R		-			-	-	-	-	-	-	-
Total		692,243,789.66			~~648~~591,~~884~~727,~~043~~114.7929	43,~~250~~996,~~301~~725.9853	1425,~~310~~579,~~157~~101.1300	1829,~~560~~575,~~459~~826.1153	-	-	~~634~~566,~~573~~148,~~886~~013.6629
	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	0811/2526/04	0912/26/04		A-Act/360	59001FAL5	276,060,000.00	~~922~~814.~~306001~~361802	1.~~559850~~690027	2745.~~974767~~991524	2947.~~534617~~681551	~~894~~768.~~331234~~370278
II-A1	0811/2526/04	0912/26/04		A-Act/360	59001FAM3	110,000,000.00	~~800~~552.~~793394~~085631	1.~~251573~~079174	59117.~~885844~~115281	61118.~~137418~~194456	~~740~~434.~~907550~~970350
II-A2	0811/2526/04	0912/26/04		A-Act/360	59001FAN1	142,500,000.00	1,000.000000	12.~~663750~~049444	-	12.~~663750~~049444	1,000.000000
II-A3	0811/2526/04	0912/26/04		A-Act/360	59001FAP6	23,540,000.00	1,000.000000	12.~~810417~~187222	-	12.~~810417~~187222	1,000.000000
M-1	0811/2526/04	0912/26/04		A-Act/360	59001FAQ4	41,530,000.00	1,000.000000	12.~~938750~~307778	-	12.~~938750~~307778	1,000.000000
M-2	0811/2526/04	0912/26/04		A-Act/360	59001FAR2	13,840,000.00	1,000.000000	12.~~984583~~350833	-	12.~~984583~~350833	1,000.000000
M-3	0811/2526/04	0912/26/04		A-Act/360	59001FAS0	10,380,000.00	1,000.000000	2.~~351250~~695277	-	2.~~351250~~695277	1,000.000000
M-4	0811/2526/04	0912/26/04		A-Act/360	59001FAT8	12,110,000.00	1,000.000000	2.~~488750~~824444	-	2.~~488750~~824444	1,000.000000
M-5	0811/2526/04	0912/26/04		A-Act/360	59001FAU5	10,380,000.00	1,000.000000	2.~~672084~~996667	-	2.~~672084~~996667	1,000.000000
M-6	0811/2526/04	0912/26/04		A-Act/360	59001FAV3	10,380,000.00	1,000.000000	3.~~084584~~384167	-	3.~~084584~~384167	1,000.000000
M-7	0811/2526/04	0912/26/04		A-Act/360	59001FAW1	10,380,000.00	1,000.000000	3.~~176250~~470277	-	3.~~176250~~470277	1,000.000000
M-8	0811/2526/04	0912/26/04		A-Act/360	59001FAX9	10,380,000.00	1,000.000000	4.~~230417~~460556	-	4.~~230417~~460556	1,000.000000
B-1	0811/2526/04	0912/26/04		A-Act/360	59001FAZ4	6,920,000.00	1,000.000000	4.~~688750~~891111	-	4.~~688750~~891111	1,000.000000
C				A-30/360		706,087,479.32	~~938~~857.~~593218~~644425	3.~~923353~~028610	-	3.~~923353~~028610	~~918~~821.~~326385~~417892
P				-		100.00	1,000.000000	35,~~004~~565,~~752~~111.~~300000~~100000	-	35,~~004~~565,~~752~~111.~~300000~~100000	1,000.000000
R				-		-	-	-	-	-	-
							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
							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 September 27, 2004 Distribution
	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		23,~~020~~343,~~811~~542.7534		2862,~~125~~343,~~704~~673.9615	1,~~045~~600,~~214~~027.6780	2963,~~170~~943,~~919~~700.6395	3167,~~191~~287,~~731~~243.3829	-	-	~~246~~212,~~889~~116,~~080~~299.3704
II-A1	110,000,000.00		~~685~~1,~~316~~052,652.1085		2760,~~511~~652,~~262~~429.3698	~~988~~1,~~907~~500,831.1457	2862,~~500~~153,~~169~~261.5055	2963,~~185~~205,~~485~~914.6040	-	-	8147,~~499~~846,~~830~~738.5046
II-A2	142,500,000.00		1,~~063~~851,~~703~~965.1363		-	-	-	1,~~063~~851,~~703~~965.1363	-	-	142,500,000.00
II-A3	23,540,000.00		~~194~~334,~~652~~388.9298		-	-	-	~~194~~334,~~652~~388.9298	-	-	23,540,000.00
M-1	41,530,000.00		~~372~~633,~~645~~868.2494		-	-	-	~~372~~633,~~645~~868.2494	-	-	41,530,000.00
M-2	13,840,000.00		~~127~~216,~~664~~467.3921		-	-	-	~~127~~216,~~664~~467.3921	-	-	13,840,000.00
M-3	10,380,000.00		~~116~~193,~~623~~721.6308		-	-	-	~~116~~193,~~623~~721.6308	-	-	10,380,000.00
M-4	12,110,000.00		~~145~~239,~~193~~732.8558		-	-	-	~~145~~239,~~193~~732.8558	-	-	12,110,000.00
M-5	10,380,000.00		~~134~~221,~~889~~170.5542		-	-	-	~~134~~221,~~889~~170.5542	-	-	10,380,000.00
M-6	10,380,000.00		~~158~~256,~~374~~462.3042		-	-	-	~~158~~256,~~374~~462.3042	-	-	10,380,000.00
M-7	10,380,000.00		~~163~~264,~~593~~305.1308		-	-	-	~~163~~264,~~593~~305.1308	-	-	10,380,000.00
M-8	10,380,000.00		~~223~~354,~~609~~495.7174		-	-	-	~~223~~354,~~609~~495.7174	-	-	10,380,000.00
B-1	6,920,000.00		~~166~~262,~~469~~472.2572		-	-	-	~~166~~262,~~469~~472.2572	-	-	6,920,000.00
C	13,843,689.66		1523,~~997~~231,~~399~~924.6357		-	-	-	1523,~~997~~231,~~399~~924.6357	-	1,186.13	13,844,875.79
P	100.00		12,~~048~~510,~~297~~984.3033		-	-	-	12,~~048~~510,~~297~~984.3033	-	-	100.00
R	-		0.00		-	-	-	0.00	-	-	-
Total	692,243,789.66		2234,~~619~~968,~~243~~154.8889		55122,~~636~~996,~~967~~103.3213	23,~~034~~100,~~121~~859.8137	57126,~~671~~096,~~089~~962.1350	80161,~~290~~065,~~333~~117.0139	-	1,186.13	~~634~~566,~~573~~148,~~886~~013.6629
	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	12.~~84500~~41000%	~~254~~224,~~611~~812,~~794~~719.6108			~~430~~466,~~612~~548.2084	-	-	-	~~430~~466,~~612~~548.2084	~~430~~466,~~612~~548.2084	-
II-A1	12.~~70500~~27000%	8860,~~087~~729,~~273~~419.3942			~~137~~118,~~673~~709.0715	-	-	-	~~137~~118,~~673~~709.0715	~~137~~118,~~673~~709.0715	-
II-A2	12.~~81500~~38000%	142,500,000.00			~~237~~292,~~084~~045.3883	-	-	-	~~237~~292,~~084~~045.3883	~~237~~292,~~084~~045.3883	-
II-A3	12.~~97500~~54000%	23,540,000.00			4251,~~617~~487.21	-	-	-	4251,~~617~~487.21	4251,~~617~~487.21	-
M-1	2.~~11500~~68000%	41,530,000.00			8095,~~516~~842.2901	-	-	-	8095,~~516~~842.2901	8095,~~516~~842.2901	-
M-2	2.~~16500~~73000%	13,840,000.00			2732,~~466~~535.6353	-	-	-	2732,~~466~~535.6353	2732,~~466~~535.6353	-
M-3	23.~~56500~~13000%	10,380,000.00			2427,~~405~~976.98	-	-	-	2427,~~405~~976.98	2427,~~405~~976.98	-
M-4	23.~~71500~~28000%	12,110,000.00			3034,~~138~~204.7602	-	-	-	3034,~~138~~204.7602	3034,~~138~~204.7602	-
M-5	23.~~91500~~48000%	10,380,000.00			2731,~~736~~105.2340	-	-	-	2731,~~736~~105.2340	2731,~~736~~105.2340	-
M-6	3.~~36500~~93000%	10,380,000.00			3235,~~017~~127.9865	-	-	-	3235,~~017~~127.9865	3235,~~017~~127.9865	-
M-7	34.~~46500~~03000%	10,380,000.00			3236,~~969~~021.48	-	-	-	3236,~~969~~021.48	3236,~~969~~021.48	-
M-8	45.~~61500~~18000%	10,380,000.00			4346,~~911~~300.7357	-	-	-	4346,~~911~~300.7357	4346,~~911~~300.7357	-
B-1	5.~~11500~~68000%	6,920,000.00			3233,~~446~~846.1549	-	-	-	3233,~~446~~846.1549	3233,~~446~~846.1549	-
C	54.~~12307~~33672%	~~662~~605,~~728~~571,~~919~~990.5808			2,~~770~~138,~~230~~463.6626	-	0143,364.0022	-	2,~~770~~138,~~230~~463.6626	2,~~770~~138,~~230~~463.6626	0143,364.0022
P		100.00			~~300~~556,~~475~~511.2311	-	-	-	~~300~~556,~~475~~511.2311	~~300~~556,~~475~~511.2311	-
R		-			-	-	-	-	-	-	-
Total		1,~~297~~183,~~768~~454,~~087~~228.58			43,~~250~~996,~~301~~725.9853	-	0143,364.0022	-	43,~~250~~996,~~301~~725.9853	43,~~250~~996,~~301~~725.9853	0143,364.0022
							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
							Page 3 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY						GROUP II	GROUP I	TOTAL
	Principal Collections					612,~~587~~810,~~442~~473.8993	712,~~722~~625,~~714~~256.2499	1425,~~310~~435,~~157~~730.1392
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					612,~~587~~810,~~442~~473.8993	712,~~722~~625,~~714~~256.2499	1425,~~310~~435,~~157~~730.1392
	Interest Collections					2,~~190~~136,~~057~~420.6174	2,~~289~~218,~~171~~877.0906	4,~~479~~355,~~228~~297.7080
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(~~115~~109,~~459~~292.2138)	(~~113~~105,~~467~~909.5081)	(~~228~~215,~~926~~202.7219)
	TOTAL NET INTEREST					2,~~074~~027,~~598~~128.4036	2,~~175~~112,~~703~~967.5925	4,~~250~~140,~~301~~095.9861
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					814,~~662~~837,~~041~~602.29	914,~~898~~738,~~417~~224.8324	1829,~~560~~575,~~459~~826.1153
PRINCIPAL - COLLECTIONS						GROUP II	GROUP I	TOTAL
	Scheduled Principal					~~179~~165,~~611~~947.3396	~~193~~178,~~745~~779.8786	~~373~~344,~~357~~727.2082
	Curtailments					1320,~~466~~892.7907	1810,~~389~~207.3684	31,~~856~~099.1591
	Prepayments in Full					612,~~394~~281,~~364~~052.7715	712,~~510~~420,~~579~~179.0186	1324,~~904~~701,~~943~~232.7801
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	Liquidations					0405,662.0011	096,379.0015	0502,041.0026
	Insurance Principal					0.00	0.00	0.00
	Other Additional Principal					0.00	0.00	0.00
	Delinquent Principal					(2719,~~203~~420.3501)	(3325,~~885~~242.1916)	(6144,~~088~~662.5417)
	Advanced Principal					2719,~~203~~420.3501	3325,~~885~~242.1916	6144,~~088~~662.5417
	Realized Losses					0(63,080.0036)	0(80,289.0072)	0(143,370.0008)
	TOTAL PRINCIPAL COLLECTED					612,~~587~~810,~~442~~473.8993	712,~~722~~625,~~714~~256.2499	1425,~~310~~435,~~157~~730.1392
				Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 4 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	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					21,~~070~~880,~~124~~814.2678	21,~~152~~947,~~146~~050.4580	43,~~222~~827,~~270~~865.7158
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					03,094.0060	01,066.0008	04,160.0068
	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					(~~358~~272,~~468~~229.3984)	(~~386~~314,~~620~~247.7585)	(~~745~~586,~~089~~477.1469)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					0.00	0.00	0.00
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Other Interest Shortfall					0.00	(115.24)	(115.24)
	Interest Advanced					~~337~~256,~~827~~962.1705	~~363~~296,~~744~~391.7331	~~701~~553,~~571~~353.9036
	Prepayment Penalties					~~140~~267,~~574~~779.5715	~~159~~288,~~900~~731.6696	~~300~~556,~~475~~511.2311
	TOTAL INTEREST COLLECTED					2,~~190~~136,~~057~~420.6174	2,~~289~~218,~~171~~877.0906	4,~~479~~355,~~228~~297.7080
				Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 5 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	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					~~114~~108,~~378~~302.5580	~~112~~104,~~385~~926.2297	~~226~~213,~~763~~229.77
	Trustee Fee					~~1,080~~989.6658	~~1,082~~982.2884	21,~~162~~972.9542
	PMI Insurance Premium Fees					0.00	0.00	0.00
	TOTAL INTEREST OTHER FEES					~~115~~109,~~459~~292.2138	~~113~~105,~~467~~909.5081	~~228~~215,~~926~~202.7219
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	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							0143,370.0008
	Extra Principal Distribution Amt					072,207.0003	071,163.0005	0143,370.0008
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	Collateral Report
COLLATERAL						GROUP II	GROUP I	TOTAL
	Loan Count:
	Original					1841	2261	4102
	Prior					2,~~310~~137	2,~~820~~611	54,~~130~~748
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(4968)	(5799)	(~~106~~167)
	Repurchases					-	-	-
	Liquidations					-(4)	-(2)	-(6)
	Current					2,~~261~~065	2,~~763~~510	54,~~024~~575
	Principal Balance:
	Original					261,110,730.10	261,133,059.56	522,243,789.66
	Prior					~~324~~296,~~198~~874,~~576~~770.3818	~~324~~294,~~685~~852,~~467~~344.4111	~~648~~591,~~884~~727,~~043~~114.7929
	Prefunding					-	-	-
	Scheduled Principal					(~~179~~165,~~611~~947.3396)	(~~193~~178,~~745~~779.8786)	(~~373~~344,~~357~~727.2082)
	Partial and Full Voluntary Prepayments					(612,~~407~~301,~~831~~944.5622)	(712,~~528~~430,~~968~~387.3770)	(1324,~~936~~732,~~799~~331.9392)
	Repurchases					-	-	-
	Liquidations					-(405,662.11)	-(96,379.15)	-(502,041.26)
	Current					~~317~~284,~~611~~001,~~133~~215.4989	~~316~~282,~~962~~146,~~753~~797.1740	~~634~~566,~~573~~148,~~886~~013.6629
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)
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CHARACTERISTICS						GROUP II	GROUP I	TOTAL
	Weighted Average Coupon Original					7.696203%	8.049532%	7.872875%
	Weighted Average Coupon Prior					7.~~684578~~640638%	7.~~961979~~924146%	7.~~823127~~782908%
	Weighted Average Coupon Current					7.~~662431~~614966%	7.~~954085~~928512%	7.~~808367~~771203%
	Weighted Average Months to Maturity Original					348	348	348
	Weighted Average Months to Maturity Prior					~~344~~342	~~345~~342	~~345~~342
	Weighted Average Months to Maturity Current					~~344~~340	~~344~~341	~~344~~340
	Weighted Avg Remaining Amortization Term Original					356	356	356
	Weighted Avg Remaining Amortization Term Prior					~~353~~349	~~352~~349	~~352~~349
	Weighted Avg Remaining Amortization Term Current					~~352~~348	~~351~~348	~~352~~348
	Weighted Average Seasoning Original					3.50	3.52	3.51
	Weighted Average Seasoning Prior					610.5745	610.5638	610.5741
	Weighted Average Seasoning Current					711.5442	711.5335	711.5438
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.
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ARM CHARACTERISTICS						GROUP II	GROUP I	TOTAL
	Weighted Average Margin Original					5.539%	5.714%
	Weighted Average Margin Prior					5.~~586~~561%	5.~~701~~686%
	Weighted Average Margin Current					5.~~585~~553%	5.~~701~~672%
	Weighted Average Max Rate Original					13.206%	13.576%
	Weighted Average Max Rate Prior					13.~~430~~388%	13.~~756~~753%
	Weighted Average Max Rate Current					13.~~423~~376%	13.~~758~~727%
	Weighted Average Min Rate Original					7.501%	7.816%
	Weighted Average Min Rate Prior					7.~~476~~452%	7.~~688~~662%
	Weighted Average Min Rate Current					7.~~469~~448%	7.~~680~~660%
	Weighted Average Cap Up Original					1.367%	1.371%
	Weighted Average Cap Up Prior					1.~~368~~367%	1.~~378~~379%
	Weighted Average Cap Up Current					1.~~369~~366%	1.~~379~~377%
	Weighted Average Cap Down Original					1.367%	1.371%
	Weighted Average Cap Down Prior					1.~~368~~367%	1.~~378~~379%
	Weighted Average Cap Down Current					1.~~369~~366%	1.~~379~~377%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES						GROUP II	GROUP I	TOTAL
	Current Servicing Fees					~~114~~108,~~378~~302.5580	~~112~~104,~~385~~926.2297	~~226~~213,~~763~~229.77
	Delinquent Servicing Fees					2015,~~641~~267.2280	2217,~~876~~856.0354	4333,~~517~~124.2534
	TOTAL SERVICING FEES					~~135~~123,~~019~~570.7760	~~135~~122,~~261~~783.2551	~~270~~246,~~281~~354.0211
	Total Servicing Fees					~~135~~123,~~019~~570.7760	~~135~~122,~~261~~783.2551	~~270~~246,~~281~~354.0211
	Compensating Month End Interest					0.00	0.00	0.00
	Delinquent Servicing Fees					(2015,~~641~~267.2280)	(2217,~~876~~856.0354)	(4333,~~517~~124.2534)
	COLLECTED SERVICING FEES					~~114~~108,~~378~~302.5580	~~112~~104,~~385~~926.2297	~~226~~213,~~763~~229.77
	Prepayment Interest Shortfall					0.00	0.00	0.00
	Total Advanced Interest					~~337~~256,~~827~~962.1705	~~363~~296,~~744~~391.7331	~~701~~553,~~571~~353.9036
ADDITIONAL COLLATERAL INFORMATION						GROUP II	GROUP I	TOTAL
	Next One-Month LIBOR							12.~~840000~~417500%
	Current One-Month LIBOR							12.~~615000~~180000%
				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
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	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			1113,~~134~~524,~~024~~561.6871	34,~~020~~710,~~450~~447.7779	1,~~817~~877,~~860~~887.8887	1520,~~972~~112,~~336~~897.3337
		% Balance			12.7539%	0.4883%	0.2933%	23.5255%
		# Loans			~~108~~130	2947	27	~~164~~204
		% # Loans			2.1584%	01.5803%	0.5459%	34.2646%
FORECLOSURE		Balance		~~45,475.08~~-	~~906,341.35~~-	1,~~700~~573,~~941~~906.2927	813,~~118~~686,~~261~~770.5183	1015,~~771~~260,~~019~~677.2310
		% Balance		0.0100%	0.1400%	0.2728%	12.2842%	12.70%
		# Loans		1-	7-	1613	62112	86125
		% # Loans		0.0200%	0.1400%	0.3228%	12.2345%	12.7173%
BANKRUPTCY		Balance		23,~~558~~004,~~059~~469.2053	~~270,819.37~~-	~~451~~345,~~519~~362.8267	~~578~~1,~~427~~790,126.5316	35,~~858~~139,~~825~~958.9236
		% Balance		0.4053%	0.0400%	0.0706%	0.0932%	0.6191%
		# Loans		2329	3-	53	718	3850
		% # Loans		0.4663%	0.0600%	0.1007%	0.1439%	01.7609%
REO		Balance		-	-	-	13,~~407~~359,~~726~~029.2407	13,~~407~~359,~~726~~029.2407
		% Balance		0.00%	0.00%	0.00%	0.2259%	0.2259%
		# Loans		-	-	-	927	927
		% # Loans		0.00%	0.00%	0.00%	0.1859%	0.1859%
TOTAL		Balance		23,~~603~~004,~~534~~469.2853	1213,~~311~~524,~~185~~561.4071	56,~~172~~629,~~911~~716.8873	1120,~~922~~713,~~276~~813.1693	3243,~~009~~872,~~907~~561.7290
		% Balance		0.4153%	12.9439%	01.8217%	13.8866%	57.0475%
		# Loans		2429	~~118~~130	5063	~~105~~184	~~297~~406
		% # Loans		0.4863%	2.3584%	1.0038%	24.0902%	58.9187%
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 27				© COPYRIGHT 2004 Deutsche Bank
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	Delinquency Report - Group I Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			57,~~287~~274,~~160~~732.4498	2,~~091~~485,~~288~~759.6261	~~682~~894,~~603~~223.0613	810,~~061~~654,~~052~~715.1272
		% Balance			12.6758%	0.6688%	0.2232%	23.5478%
		# Loans			5371	2024	1213	85108
		% # Loans			12.9283%	0.7296%	0.4352%	34.0830%
FORECLOSURE		Balance		~~45,475.08~~-	~~112,200.00~~-	1466,~~016,523~~516.9144	48,~~092~~246,~~923~~164.5631	58,~~267~~712,~~122~~680.5575
		% Balance		0.0100%	0.0400%	0.3217%	12.2992%	13.6609%
		# Loans		1-	1-	94	3268	4372
		% # Loans		0.0400%	0.0400%	0.3316%	12.1671%	12.5687%
BANKRUPTCY		Balance		1,~~045~~130,~~214~~575.2586	~~77,949.04~~-	~~315~~285,~~591~~649.6900	~~102~~972,~~339~~807.3679	12,~~541~~389,~~094~~032.3465
		% Balance		0.3340%	0.0200%	0.10%	0.0334%	0.4985%
		# Loans		1113	1-	32	19	1624
		% # Loans		0.4052%	0.0400%	0.1108%	0.0436%	0.5896%
REO		Balance		-	-	-	~~434~~894,~~431~~506.8403	~~434~~894,~~431~~506.8403
		% Balance		0.00%	0.00%	0.00%	0.1432%	0.1432%
		# Loans		-	-	-	49	49
		% # Loans		0.00%	0.00%	0.00%	0.1436%	0.1436%
TOTAL		Balance		1,~~090~~130,~~689~~575.3386	57,~~477~~274,~~309~~732.4898	3,~~423~~237,~~404~~925.2205	511,~~312~~007,~~297~~701.8226	1522,~~303~~650,~~700~~935.8515
		% Balance		0.3440%	12.7358%	1.0815%	13.6890%	48.8303%
		# Loans		1213	5571	3230	4999	~~148~~213
		% # Loans		0.4352%	12.9983%	1.1620%	13.7794%	58.3649%
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 27				© COPYRIGHT 2004 Deutsche Bank
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	Delinquency Report - Group II Group
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			56,~~846~~249,~~864~~828.2473	~~929~~2,~~162~~224,688.1518	1983,~~135,257~~664.8274	79,~~911~~458,~~284~~181.2165
		% Balance			12.8420%	0.2978%	0.3635%	23.4933%
		# Loans			5559	923	1514	7996
		% # Loans			2.4386%	01.4011%	0.6668%	34.4965%
FORECLOSURE		Balance		-	~~794,141.35~~-	~~684~~1,~~417~~107,389.3883	45,~~025~~440,~~337~~606.9552	56,~~503~~547,~~896~~996.6835
		% Balance		0.00%	0.2500%	0.2239%	1.2792%	12.7331%
		# Loans		-	6-	79	3044	4353
		% # Loans		0.00%	0.2700%	0.3144%	12.3313%	12.9057%
BANKRUPTCY		Balance		1,~~512~~873,~~844~~893.9567	~~192,870.33~~-	~~135~~59,~~928~~713.1367	~~476~~817,~~088~~318.1737	2,~~317~~750,~~731~~925.5871
		% Balance		0.4866%	0.0600%	0.0402%	0.1529%	0.7397%
		# Loans		1216	2-	21	69	2226
		% # Loans		0.5377%	0.0900%	0.0905%	0.2744%	01.9726%
REO		Balance		-	-	-	~~973~~2,~~294~~464,523.4004	~~973~~2,~~294~~464,523.4004
		% Balance		0.00%	0.00%	0.00%	0.3187%	0.3187%
		# Loans		-	-	-	518	518
		% # Loans		0.00%	0.00%	0.00%	0.2287%	0.2287%
TOTAL		Balance		1,~~512~~873,~~844~~893.9567	6,~~833~~249,~~875~~828.9273	13,~~749~~391,~~507~~791.6668	69,~~609~~706,~~978~~112.3467	1621,~~706~~221,~~206~~626.8775
		% Balance		0.4866%	2.1520%	01.5519%	23.0842%	57.2647%
		# Loans		1216	6359	1833	5685	~~149~~193
		% # Loans		0.5377%	2.7986%	01.8060%	24.4812%	69.5935%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent
Total Foreclosure					Total Bankruptcy and REO
Note: Dates correspond to distribution dates.
				Page 13 of 27				© COPYRIGHT 2004 Deutsche Bank
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SUMMARY				LOAN GROUP
Total Loan Count = 5				Loan Group 1 = Group I; REO Book Value = Not Available
Total Loan Count = 10				Loan Group 1 = Group I; REO Book Value = Not Available
Total Original Principal Balance = 881,550.00				Loan Group 2 = Group II; 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 = 877,710.72
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
320942394 1		70,000.00	69,740.67	Dec-01-03	10.500%	MO - 100.00%	360	Nov-20-03
320928138 1		73,000.00	72,412.12	Jul-01-04	9.750%	MO - 79.96%	360	Sep-17-03
321349110 1		102,000.00	101,789.00	Feb-01-04	11.990%	MO - 85.00%	360	Jan-16-04
320925597 2		33,800.00	33,653.24	Mar-01-04	13.990%	MO - 100.00%	180	Aug-29-03
320924905 2		223,600.00	222,185.24	Feb-01-04	9.375%	MI - 89.98%	360	Sep-02-03
320927684 2		72,000.00	71,466.43	Jan-01-04	9.750%	FL - 80.00%	360	Aug-29-03
320943319 2		125,950.00	125,529.76	Mar-01-04	10.990%	MO - 100.00%	360	Nov-21-03
320928294 2		97,750.00	96,627.18	Apr-01-04	7.250%	OR - 79.99%	360	Sep-24-03
321347775 2		360,000.00	358,466.05	Mar-01-04	9.250%	GA - 80.00%	360	Dec-18-03
320934714 2		145,000.00	144,326.54	Apr-01-04	11.250%	NM - 100.00%	360	Oct-10-03
				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
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
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SUMMARY				LOAN GROUP
Total Loan Count = 30				Loan Group 1 = Group I
Total Loan Count = 39				Loan Group 1 = Group I
Total Original Principal Balance = 3,320,700.00				Loan Group 2 = Group II
Total Original Principal Balance = 4,962,700.00				Loan Group 2 = Group II
Total Current Balance = 3,302,993.91
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
320925779 1		57,600.00	57,288.09	Jan-01-04	10.125%	PA - 80.00%	360	Aug-27-03
320932437 1		80,000.00	79,627.66	Aug-01-04	11.240%	TX - 100.00%	360	Oct-17-03
320926785 1		45,750.00	45,475.08	May-01-04	9.625%	KY - 75.00%	360	Aug-27-03
320933070 1		66,000.00	65,385.66	Jul-01-04	7.875%	IA - 80.00%	360	Oct-20-03
320931629 1		52,800.00	52,418.41	Apr-01-04	9.999%	AZ - 80.00%	360	Sep-22-03
320936800 1		116,000.00	115,221.98	Aug-01-04	9.500%	FL - 80.00%	360	Oct-27-03
320935828 1		56,100.00	55,555.03	Feb-01-04	6.250%	IN - 85.00%	360	Oct-16-03
320937618 1		85,600.00	85,010.88	Aug-01-04	9.375%	MA - 80.00%	360	Nov-03-03
320936420 1		32,000.00	31,904.28	Apr-01-04	11.500%	PA - 80.00%	360	Nov-05-03
320940364 1		120,100.00	119,019.68	Sep-01-04	7.625%	IN - 100.00%	360	Nov-10-03
320943376 1		167,900.00	167,244.29	May-01-04	10.250%	FL - 100.00%	360	Nov-24-03
320941271 1		56,800.00	56,484.18	Aug-01-04	9.999%	IA - 80.00%	360	Nov-12-03
320948425 1		44,000.00	43,823.58	Mar-01-04	10.125%	PA - 80.00%	360	Nov-21-03
320943293 1		140,000.00	139,090.59	Aug-01-04	9.249%	UT - 80.00%	360	Nov-20-03
321097149 1		65,500.00	65,279.51	May-01-04	10.375%	IN - 100.00%	360	Dec-18-03
320943426 1		59,550.00	59,302.56	Sep-01-04	11.375%	MO - 99.97%	360	Nov-26-03
321101156 1		120,000.00	119,606.59	May-01-04	10.500%	MI - 100.00%	360	Dec-18-03
320943947 1		156,000.00	154,854.30	Jul-01-04	9.750%	WA - 80.00%	360	Sep-24-03
321347833 1		168,000.00	167,272.08	Feb-01-04	8.499%	CA - 80.00%	360	Jan-16-04
320950017 1		60,000.00	59,715.15	Jul-01-04	10.750%	IL - 100.00%	360	Nov-26-03
321348757 1		99,600.00	99,599.98	May-01-04	9.625%	MI - 80.00%	360	Jan-16-04
321100539 1		41,600.00	41,398.96	Jul-01-04	10.250%	MO - 80.00%	360	Dec-18-03
321348856 1		148,000.00	147,530.04	Apr-01-04	10.000%	FL - 80.00%	360	Jan-16-04
321100885 1		126,000.00	124,989.58	Jun-01-04	7.750%	IN - 90.00%	360	Dec-18-03
321349326 1		216,000.00	215,108.01	Apr-01-04	9.000%	PA - 80.00%	360	Jan-16-04
321349508 1		232,000.00	230,210.59	Aug-01-04	7.624%	CA - 80.00%	360	Jan-16-04
321349961 1		62,700.00	62,495.64	May-01-04	9.875%	FL - 79.93%	360	Jan-16-04
321349649 1		74,800.00	74,120.91	Aug-01-04	6.625%	ID - 80.00%	360	Jan-16-04
321351520 1		105,000.00	104,651.56	May-01-04	10.490%	AZ - 100.00%	360	Jan-16-04
321350316 1		285,600.00	284,143.19	Aug-01-04	9.500%	MA - 80.00%	360	Jan-16-04
321405649 1		112,200.00	112,200.00	May-01-04	10.375%	MI - 95.00%	360	Feb-16-04
321350423 1		214,400.00	213,603.20	Sep-01-04	11.000%	MA - 80.00%	360	Jan-16-04
320923204 2		54,000.00	53,745.53	Mar-01-04	11.000%	PA - 90.00%	360	Aug-20-03
321350829 1		163,200.00	163,129.00	Aug-01-04	10.500%	CO - 80.00%	360	Dec-18-03
320923352 2		66,350.00	66,009.03	Apr-01-04	10.375%	NM - 79.99%	360	Aug-04-03
321411787 1		74,900.00	74,591.00	Sep-01-04	9.990%	TX - 100.00%	360	Feb-16-04
320923634 2		268,000.00	264,588.96	Apr-01-04	6.250%	GA - 80.00%	360	Aug-06-03
321621872 1		232,800.00	230,424.79	Aug-01-04	6.625%	CA - 69.08%	360	Mar-17-04
320925209 2		41,600.00	41,374.68	May-01-04	10.125%	IN - 80.00%	360	Aug-20-03
321622102 1		88,800.00	88,484.80	Jul-01-04	10.125%	IL - 100.00%	360	Mar-17-04
320925902 2		30,000.00	29,713.13	Apr-01-04	10.875%	OK - 75.00%	360	Aug-27-03
321624751 1		180,000.00	178,755.36	Aug-01-04	6.875%	CA - 100.00%	360	Mar-17-04
320932502 2		360,000.00	358,265.60	May-01-04	10.250%	MA - 80.00%	360	Sep-26-03
320924798 2		44,000.00	43,569.15	Aug-01-04	8.375%	IN - 80.00%	360	Aug-28-03
320938590 2		79,800.00	79,577.57	Apr-01-04	14.250%	NV - 100.00%	180	Nov-04-03
320928096 2		71,900.00	71,508.63	Jun-01-04	10.875%	FL - 79.98%	360	Sep-19-03
320941131 2		476,000.00	471,849.48	Apr-01-04	6.250%	GA - 80.00%	360	Nov-12-03
320929508 2		138,500.00	136,910.46	Sep-01-04	7.375%	AZ - 100.00%	360	Sep-18-03
321099202 2		107,900.00	107,517.04	May-01-04	10.125%	GA - 79.99%	360	Dec-18-03
320932650 2		191,000.00	189,784.10	Aug-01-04	10.125%	CO - 100.00%	360	Oct-24-03
321349276 2		144,000.00	143,308.58	Mar-01-04	7.990%	KS - 80.00%	360	Jan-16-04
320932817 2		185,200.00	184,080.02	Aug-01-04	10.000%	RI - 80.00%	360	Oct-29-03
321405052 2		10,400.00	10,376.01	May-01-04	11.490%	IL - 100.00%	180	Jan-16-04
320933484 2		86,500.00	85,633.24	Aug-01-04	7.500%	FL - 100.00%	360	Oct-08-03
321406738 2		45,000.00	44,884.31	May-01-04	10.250%	AZ - 100.00%	360	Feb-16-04
320937634 2		21,400.00	21,331.94	Aug-01-04	13.000%	MA - 100.00%	180	Nov-03-03
321410433 2		52,000.00	51,866.32	May-01-04	10.250%	IN - 100.00%	360	Feb-16-04
320940158 2		100,000.00	99,383.41	Aug-01-04	9.500%	FL - 80.00%	360	Nov-25-03
321411159 2		32,500.00	32,465.50	Apr-01-04	14.250%	AZ - 100.00%	180	Feb-16-04
321097958 2		68,850.00	68,281.82	Sep-01-04	7.625%	SD - 90.00%	360	Dec-18-03
				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
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 September 27, 2004 Distribution
	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					4968	5799	~~106~~167
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					4968	5799	~~106~~167
	Paid in Full Balance					612,~~394~~281,~~364~~052.7715	712,~~510~~420,~~579~~179.0186	1324,~~904~~701,~~943~~232.7801
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					1320,~~466~~892.7907	1810,~~389~~207.3684	31,~~856~~099.1591
	Total Prepayment Amount					612,~~407~~301,~~831~~944.5622	712,~~528~~430,~~968~~387.3770	1324,~~936~~732,~~799~~331.9392
	Cumulative
	Number of Paid in Full Loans					~~195~~383	~~210~~457	~~405~~840
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					~~195~~383	~~210~~457	~~405~~840
	Paid in Full Balance					2658,~~256~~375,~~509~~031.6011	2660,~~866~~245,~~702~~021.4542	53118,~~123~~620,~~212~~052.0553
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					~~376~~439,~~852~~441.3766	~~333~~400,~~969~~217.4289	~~710~~839,~~821~~659.7955
	Total Prepayment Amount					2658,~~633~~814,~~361~~472.9777	2760,~~200~~645,~~671~~239.8731	53119,~~834~~459,~~033~~712.8408
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 16 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 16 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES						GROUP II	GROUP I	TOTAL
	SMM					14.9815%	24.3222%	24.1518%
	3 Months Avg SMM					13.7151%	13.8066%	13.7558%
	12 Months Avg SMM
	Avg SMM Since Cut-off					12.4916%	12.5123%	12.5020%
	CPR					2139.3184%	2440.5538%	2240.9511%
	3 Months Avg CPR					1834.6684%	1936.5407%	1935.1045%
	12 Months Avg CPR
	Avg CPR Since Cut-off					1623.4610%	1623.7174%	1623.5842%
	PSA					~~1413~~1744.2858%	~~1630~~1779.2318%	~~1522~~1761.79%
	3 Months Avg PSA Approximation					~~1420~~1667.6986%	~~1490~~1737.7920%	~~1455~~1702.7847%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					~~1487~~1587.3076%	~~1509~~1636.4872%	~~1498~~1612.3919%
	Group I
	Group II
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 17 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	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 27				© COPYRIGHT 2004 Deutsche Bank
				Page 18 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 106						Loan Group 1 = Group I
Total Loan Count = 167						Loan Group 1 = Group I
Total Original Principal Balance = 13,996,900.00						Loan Group 2 = Group II
Total Original Principal Balance = 24,846,770.00						Loan Group 2 = Group II
Total Prepayment Amount = 13,904,943.78
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
320921679 1			120,250.00	119,752.91	Sep-10-04	10.500%	AZ - 89.97%	Paid Off - 360	Aug-27-03
320920846 1			40,400.00	40,277.16	Dec-10-04	14.500%	WA - 100.00%	Paid Off - 180	May-08-03
320921703 1			35,150.00	35,047.66	Sep-01-04	13.750%	CO - 100.00%	Paid Off - 180	Jun-03-03
320921810 1			121,600.00	118,748.41	Dec-10-04	5.625%	WA - 80.00%	Paid Off - 360	Jun-06-03
320921877 1			43,000.00	42,798.02	Sep-08-04	11.750%	WA - 100.00%	Paid Off - 180	Jun-19-03
320922636 1			248,000.00	245,315.96	Dec-01-04	7.500%	CA - 80.00%	Paid Off - 360	Jul-30-03
320922685 1			61,650.00	61,422.63	Aug-26-04	11.500%	IA - 90.00%	Paid Off - 360	Aug-15-03
320924772 1			77,000.00	75,313.40	Dec-09-04	5.990%	CA - 78.57%	Paid Off - 360	Aug-21-03
320923279 1			90,000.00	89,493.30	Aug-12-04	9.500%	IA - 80.00%	Paid Off - 360	Aug-13-03
320925514 1			135,000.00	134,117.50	Nov-30-04	9.625%	CA - 79.88%	Paid Off - 360	Aug-29-03
320923337 1			138,150.00	137,448.83	Sep-09-04	10.500%	KS - 90.00%	Paid Off - 360	Aug-14-03
320925969 1			172,500.00	170,813.64	Dec-01-04	7.625%	CA - 75.00%	Paid Off - 360	Sep-05-03
320924442 1			100,000.00	98,739.16	Sep-13-04	5.374%	CA - 46.95%	Paid Off - 360	Aug-07-03
320926314 1			251,900.00	249,273.09	Nov-19-04	9.875%	NJ - 90.00%	Paid Off - 360	Sep-09-03
320924533 1			302,000.00	300,269.18	Aug-26-04	9.999%	NJ - 79.98%	Paid Off - 360	Aug-14-03
320926421 1			68,000.00	67,543.92	Dec-09-04	9.500%	KS - 80.00%	Paid Off - 360	Sep-16-03
320925027 1			288,000.00	286,460.52	Aug-26-04	9.750%	CA - 80.00%	Paid Off - 360	Sep-05-03
320926686 1			17,000.00	16,823.82	Dec-09-04	14.250%	KS - 100.00%	Paid Off - 240	Sep-16-03
320926652 1			160,000.00	159,118.20	Sep-01-04	9.750%	IL - 80.00%	Paid Off - 360	Sep-04-03
320927379 1			100,400.00	99,043.44	Nov-29-04	6.125%	UT - 80.00%	Paid Off - 360	Sep-09-03
320927262 1			233,100.00	230,835.66	Sep-01-04	6.250%	NV - 90.00%	Paid Off - 360	Sep-16-03
320927395 1			25,100.00	24,625.55	Nov-24-04	10.750%	UT - 100.00%	Paid Off - 240	Sep-09-03
320927692 1			157,000.00	155,757.20	Aug-19-04	6.125%	CA - 64.34%	Paid Off - 360	Nov-11-03
320927924 1			129,600.00	128,351.73	Dec-06-04	8.990%	MO - 80.00%	Paid Off - 360	Sep-30-03
320927817 1			262,400.00	260,945.49	Sep-02-04	10.000%	NH - 80.00%	Paid Off - 360	Aug-29-03
320928260 1			241,000.00	237,243.86	Dec-07-04	5.999%	AZ - 93.41%	Paid Off - 360	Sep-08-03
320927882 1			101,600.00	100,458.56	Sep-01-04	5.999%	CA - 80.00%	Paid Off - 360	Aug-28-03
320928476 1			87,300.00	86,264.88	Nov-24-04	6.625%	AZ - 90.00%	Paid Off - 360	Sep-10-03
320927908 1			25,400.00	25,311.24	Sep-01-04	11.750%	CA - 100.00%	Paid Off - 180	Aug-28-03
320928773 1			71,900.00	71,441.41	Nov-30-04	9.750%	MI - 79.98%	Paid Off - 360	Sep-08-03
320929425 1			43,500.00	43,331.50	Sep-02-04	12.375%	CA - 100.00%	Paid Off - 180	Sep-12-03
320928781 1			95,000.00	92,718.00	Dec-01-04	6.249%	NV - 59.38%	Paid Off - 360	Sep-09-03
320929656 1			327,750.00	327,750.00	Sep-14-04	5.750%	CA - 95.00%	Paid Off - 360	Sep-17-03
320929029 1			109,350.00	108,635.27	Nov-23-04	9.625%	IN - 90.00%	Paid Off - 360	Sep-30-03
320930464 1			52,600.00	52,382.59	Sep-03-04	10.500%	CA - 100.00%	Paid Off - 180	Sep-12-03
320930266 1			43,600.00	43,316.23	Nov-24-04	9.749%	MI - 80.00%	Paid Off - 360	Oct-06-03
320931041 1			26,450.00	26,370.97	Aug-31-04	11.500%	WY - 100.00%	Paid Off - 180	Oct-10-03
320931058 1			103,000.00	102,195.02	Nov-23-04	8.750%	NM - 98.10%	Paid Off - 360	Sep-29-03
320931538 1			108,000.00	107,529.18	Aug-13-04	10.249%	NJ - 80.00%	Paid Off - 360	Sep-30-03
320931264 1			46,300.00	46,117.71	Dec-14-04	11.625%	IA - 84.95%	Paid Off - 360	Oct-08-03
320931983 1			68,000.00	67,562.42	Sep-08-04	8.375%	OH - 100.00%	Paid Off - 360	Oct-03-03
320931439 1			236,000.00	233,983.23	Dec-02-04	8.125%	CA - 80.00%	Paid Off - 360	Oct-09-03
320932353 1			26,600.00	6,087.29	Sep-08-04	14.750%	IN - 100.00%	Paid Off - 240	Oct-07-03
320931546 1			40,000.00	39,710.49	Dec-14-04	11.250%	RI - 100.00%	Paid Off - 180	Sep-30-03
320932494 1			117,600.00	116,814.16	Aug-24-04	7.625%	CA - 80.00%	Paid Off - 360	Oct-01-03
320931553 1			204,000.00	202,851.53	Dec-13-04	9.500%	RI - 80.00%	Paid Off - 360	Nov-19-03
320934599 1			120,000.00	116,352.90	Aug-31-04	6.500%	CA - 80.00%	Paid Off - 180	Oct-20-03
320931603 1			51,000.00	50,897.66	Dec-13-04	14.250%	RI - 100.00%	Paid Off - 180	Nov-19-03
320936164 1			73,800.00	73,425.86	Sep-13-04	9.250%	IN - 90.00%	Paid Off - 360	Oct-29-03
320932692 1			212,500.00	211,349.20	Dec-10-04	10.125%	CT - 85.00%	Paid Off - 360	Oct-03-03
320937477 1			99,000.00	98,157.02	Sep-03-04	6.375%	CA - 80.00%	Paid Off - 360	Oct-16-03
320933161 1			86,400.00	85,583.86	Nov-16-04	7.375%	CA - 80.00%	Paid Off - 360	Oct-21-03
320938897 1			311,250.00	311,250.00	Sep-10-04	7.250%	CA - 75.00%	Paid Off - 360	Oct-24-03
320933179 1			21,600.00	21,523.74	Nov-16-04	12.125%	CA - 100.00%	Paid Off - 180	Oct-21-03
320939374 1			94,400.00	93,633.68	Aug-27-04	6.625%	MA - 80.00%	Paid Off - 360	Oct-31-03
320933500 1			328,000.00	324,419.94	Dec-01-04	6.625%	CA - 80.00%	Paid Off - 360	Oct-07-03
320940380 1			200,000.00	198,378.76	Sep-10-04	5.999%	CA - 80.00%	Paid Off - 360	Nov-12-03
320933773 1			52,000.00	51,081.97	Nov-19-04	8.750%	MO - 80.00%	Paid Off - 360	Sep-30-03
320941982 1			117,100.00	116,790.38	Aug-25-04	11.500%	MO - 100.00%	Paid Off - 360	Nov-13-03
320933807 1			175,000.00	172,642.61	Nov-16-04	5.500%	AZ - 79.98%	Paid Off - 360	Oct-07-03
320942709 1			126,400.00	125,722.61	Aug-31-04	8.125%	CA - 80.00%	Paid Off - 360	Nov-14-03
320933849 1			43,800.00	43,622.87	Nov-17-04	11.500%	AZ - 100.00%	Paid Off - 180	Oct-07-03
320942717 1			31,600.00	31,525.10	Aug-31-04	12.000%	CA - 100.00%	Paid Off - 180	Nov-14-03
320934680 1			151,900.00	151,276.06	Dec-06-04	10.999%	NH - 79.99%	Paid Off - 360	Nov-12-03
320943277 1			272,000.00	271,008.66	Sep-01-04	9.999%	CA - 85.00%	Paid Off - 360	Nov-21-03
320934698 1			38,000.00	37,924.27	Dec-06-04	16.490%	NH - 100.00%	Paid Off - 180	Nov-12-03
320944234 1			176,000.00	173,997.39	Sep-15-04	6.125%	WA - 80.00%	Paid Off - 360	Aug-25-03
320934748 1			82,550.00	82,066.63	Dec-08-04	9.750%	MI - 79.99%	Paid Off - 360	Oct-17-03
320944242 1			44,000.00	43,867.90	Sep-15-04	12.625%	WA - 100.00%	Paid Off - 180	Aug-25-03
320935265 1			280,000.00	278,181.81	Nov-29-04	9.249%	MA - 80.00%	Paid Off - 360	Oct-16-03
320947500 1			146,400.00	145,282.43	Aug-26-04	7.500%	KS - 80.00%	Paid Off - 360	Sep-30-03
320935281 1			304,000.00	301,759.02	Nov-22-04	8.625%	MA - 80.00%	Paid Off - 360	Oct-31-03
320947872 1			311,200.00	308,771.08	Aug-31-04	7.750%	CA - 80.00%	Paid Off - 360	Sep-25-03
320936446 1			110,000.00	109,231.15	Dec-07-04	12.125%	NJ - 100.00%	Paid Off - 360	Oct-17-03
320948532 1			111,000.00	110,518.50	Sep-01-04	9.750%	PA - 75.00%	Paid Off - 360	Oct-09-03
320936701 1			315,650.00	312,285.96	Nov-30-04	6.750%	CO - 99.99%	Paid Off - 360	Oct-17-03
320948706 1			148,700.00	147,678.77	Sep-01-04	7.500%	CO - 79.99%	Paid Off - 360	Oct-20-03
320937212 1			206,000.00	206,000.00	Nov-24-04	6.999%	CA - 89.57%	Paid Off - 360	Nov-07-03
320949191 1			47,800.00	47,670.07	Sep-13-04	12.125%	CA - 100.00%	Paid Off - 180	Oct-27-03
320937261 1			280,000.00	280,000.00	Dec-13-04	7.125%	CA - 80.00%	Paid Off - 360	Oct-31-03
320949282 1			268,000.00	266,527.40	Sep-07-04	8.000%	MA - 80.00%	Paid Off - 360	Nov-13-03
320937386 1			70,400.00	69,594.34	Dec-07-04	6.375%	AZ - 80.00%	Paid Off - 360	Oct-21-03
321097164 1			44,000.00	43,812.50	Aug-25-04	9.250%	IL - 100.00%	Paid Off - 360	Nov-17-03
320937873 1			106,400.00	105,497.26	Dec-10-04	7.500%	CA - 80.00%	Paid Off - 360	Nov-06-03
321097529 1			125,000.00	124,581.71	Sep-15-04	9.750%	OH - 100.00%	Paid Off - 360	Dec-18-03
320937881 1			26,600.00	26,275.94	Dec-10-04	12.125%	CA - 100.00%	Paid Off - 240	Nov-06-03
321098816 1			98,000.00	97,530.31	Sep-14-04	7.999%	OH - 80.00%	Paid Off - 360	Dec-18-03
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 27				© COPYRIGHT 2004 Deutsche Bank
					Page 19 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	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
321100844 1			264,000.00	262,342.30	Aug-27-04	6.625%	CA - 80.00%	Paid Off - 360	Dec-18-03
320938947 1			31,400.00	31,287.26	Dec-03-04	11.625%	PA - 89.97%	Paid Off - 360	Nov-21-03
321102733 1			125,000.00	125,000.00	Sep-10-04	5.375%	CA - 58.41%	Paid Off - 360	Dec-18-03
320942113 1			137,500.00	136,095.08	Nov-17-04	6.500%	AZ - 79.99%	Paid Off - 360	Nov-17-03
321102915 1			121,700.00	121,343.08	Aug-18-04	10.375%	GA - 79.96%	Paid Off - 360	Dec-18-03
320942170 1			117,300.00	116,855.45	Dec-09-04	11.375%	PA - 85.00%	Paid Off - 360	Nov-19-03
321347999 1			24,000.00	23,978.52	Aug-24-04	14.990%	RI - 100.00%	Paid Off - 180	Jan-16-04
320942238 1			46,750.00	46,591.05	Nov-22-04	11.875%	MO - 85.00%	Paid Off - 360	Nov-17-03
321349458 1			96,000.00	95,718.47	Aug-24-04	9.625%	RI - 80.00%	Paid Off - 360	Jan-16-04
320942428 1			188,000.00	188,000.00	Dec-15-04	7.250%	CA - 80.00%	Paid Off - 360	Nov-14-03
321352171 1			79,900.00	79,734.29	Sep-02-04	11.250%	IA - 100.00%	Paid Off - 360	Jan-16-04
320943004 1			119,200.00	118,669.81	Dec-08-04	10.625%	FL - 80.00%	Paid Off - 360	Nov-24-03
321406118 1			183,200.00	182,925.14	Sep-01-04	11.875%	MS - 90.00%	Paid Off - 360	Feb-16-04
320943111 1			47,700.00	47,503.65	Nov-17-04	10.990%	CA - 100.00%	Paid Off - 180	Nov-19-03
321408270 1			517,750.00	517,748.22	Aug-25-04	6.625%	CA - 95.00%	Paid Off - 360	Feb-16-04
320943327 1			157,000.00	155,739.08	Nov-24-04	9.750%	AZ - 100.00%	Paid Off - 360	Nov-19-03
321409104 1			21,000.00	20,888.05	Aug-31-04	11.750%	UT - 100.00%	Paid Off - 240	Feb-16-04
320943640 1			159,920.00	158,927.11	Nov-18-04	10.250%	RI - 80.00%	Paid Off - 360	Aug-15-03
321410201 1			155,800.00	155,321.32	Sep-08-04	8.500%	KS - 95.00%	Paid Off - 360	Feb-16-04
320943822 1			32,350.00	32,248.31	Dec-13-04	13.740%	AZ - 99.98%	Paid Off - 180	Jul-28-03
321410664 1			56,000.00	55,844.74	Sep-03-04	9.000%	IL - 100.00%	Paid Off - 360	Feb-16-04
320943905 1			72,800.00	72,272.08	Dec-15-04	9.500%	IL - 80.00%	Paid Off - 360	Aug-27-03
321410680 1			14,000.00	13,975.91	Sep-03-04	11.250%	IL - 100.00%	Paid Off - 180	Feb-16-04
320948011 1			280,900.00	280,900.00	Nov-22-04	5.500%	CA - 80.00%	Paid Off - 360	Sep-23-03
321624710 1			57,800.00	57,589.27	Sep-01-04	6.500%	MI - 84.88%	Paid Off - 360	Mar-17-04
320948128 1			311,900.00	309,094.33	Dec-07-04	7.625%	MA - 80.00%	Paid Off - 360	Oct-24-03
320920978 2			20,100.00	20,048.84	Aug-25-04	13.990%	OR - 100.00%	Paid Off - 180	Jun-02-03
320948136 1			78,000.00	77,630.01	Dec-08-04	11.740%	MA - 100.00%	Paid Off - 180	Oct-24-03
320921018 2			31,400.00	31,282.49	Aug-23-04	13.250%	OR - 100.00%	Paid Off - 180	May-27-03
320948789 1			206,400.00	204,775.89	Nov-22-04	7.999%	MA - 80.00%	Paid Off - 360	Nov-06-03
320921505 2			23,400.00	23,302.44	Aug-23-04	11.750%	CA - 100.00%	Paid Off - 180	Jun-04-03
320949118 1			111,900.00	111,309.65	Nov-23-04	10.250%	IL - 79.99%	Paid Off - 360	Nov-03-03
320921901 2			44,000.00	43,887.95	Sep-13-04	13.990%	OR - 100.00%	Paid Off - 180	Jun-12-03
321097065 1			88,000.00	87,426.18	Nov-23-04	9.125%	CA - 80.00%	Paid Off - 360	Nov-17-03
320922370 2			35,000.00	34,513.51	Aug-16-04	11.375%	CA - 100.00%	Paid Off - 240	Jul-09-03
321097297 1			210,850.00	209,041.75	Nov-16-04	7.490%	MI - 99.98%	Paid Off - 360	Nov-17-03
320923238 2			463,200.00	463,063.35	Sep-02-04	6.999%	CA - 80.00%	Paid Off - 360	Aug-05-03
321098014 1			132,000.00	130,992.36	Nov-30-04	7.999%	CA - 80.00%	Paid Off - 360	Nov-17-03
320923642 2			53,900.00	53,598.16	Aug-20-04	9.625%	FL - 89.98%	Paid Off - 360	Aug-08-03
321098436 1			76,000.00	75,593.31	Nov-17-04	9.750%	AZ - 77.55%	Paid Off - 360	Nov-17-03
320924368 2			64,000.00	63,648.92	Aug-24-04	9.625%	MO - 80.00%	Paid Off - 360	Aug-20-03
321098543 1			182,400.00	181,074.32	Nov-19-04	7.749%	CA - 80.00%	Paid Off - 360	Dec-18-03
320925233 2			132,000.00	131,275.78	Aug-26-04	9.625%	RI - 80.00%	Paid Off - 360	Aug-20-03
321100927 1			138,900.00	138,227.73	Nov-26-04	9.750%	NV - 100.00%	Paid Off - 360	Dec-18-03
320926157 2			238,000.00	234,580.46	Aug-31-04	7.249%	PA - 85.00%	Paid Off - 360	Oct-17-03
321101404 1			166,000.00	164,458.46	Nov-16-04	6.500%	NV - 77.57%	Paid Off - 360	Dec-18-03
320926413 2			117,600.00	116,767.37	Sep-01-04	8.375%	CT - 80.00%	Paid Off - 360	Aug-26-03
321101826 1			103,400.00	102,667.05	Dec-09-04	7.875%	KY - 100.00%	Paid Off - 360	Dec-18-03
320926512 2			146,000.00	144,466.29	Sep-03-04	6.375%	CA - 80.00%	Paid Off - 360	Aug-25-03
321102923 1			100,250.00	99,856.93	Dec-14-04	10.750%	UT - 100.00%	Paid Off - 360	Dec-18-03
320927122 2			372,900.00	372,900.00	Sep-02-04	4.999%	CA - 80.00%	Paid Off - 360	Sep-24-03
321104044 1			43,200.00	43,063.38	Nov-23-04	11.750%	OH - 90.00%	Paid Off - 360	Dec-18-03
320927411 2			36,500.00	36,291.82	Sep-03-04	9.490%	CA - 100.00%	Paid Off - 180	Aug-25-03
321104275 1			89,600.00	89,257.97	Dec-10-04	10.875%	KS - 80.00%	Paid Off - 360	Dec-18-03
320927932 2			145,600.00	144,851.56	Aug-24-04	9.625%	NV - 80.00%	Paid Off - 360	Sep-19-03
321104416 1			173,550.00	173,550.00	Dec-09-04	8.375%	WA - 80.00%	Paid Off - 360	Dec-18-03
320928005 2			104,000.00	102,804.66	Aug-31-04	5.875%	OR - 80.00%	Paid Off - 360	Aug-28-03
321104424 1			43,400.00	43,252.26	Dec-09-04	14.250%	WA - 100.00%	Paid Off - 180	Dec-18-03
320928013 2			26,000.00	25,559.26	Aug-31-04	9.990%	OR - 100.00%	Paid Off - 180	Aug-28-03
321104697 1			59,400.00	59,071.32	Dec-07-04	9.250%	MI - 84.98%	Paid Off - 360	Dec-18-03
320929607 2			132,800.00	131,463.03	Aug-19-04	6.250%	MO - 80.00%	Paid Off - 360	Sep-19-03
321104754 1			52,500.00	52,210.84	Dec-06-04	9.125%	DE - 70.00%	Paid Off - 360	Dec-18-03
320929615 2			33,200.00	33,056.79	Aug-19-04	11.500%	MO - 100.00%	Paid Off - 180	Sep-19-03
321276057 1			104,400.00	103,718.42	Nov-19-04	9.750%	IN - 90.00%	Paid Off - 360	Sep-19-03
320930274 2			210,400.00	208,257.28	Sep-03-04	5.999%	CA - 80.00%	Paid Off - 360	Sep-12-03
321347163 1			108,000.00	107,159.96	Dec-06-04	8.250%	CA - 80.00%	Paid Off - 360	Dec-18-03
320930308 2			61,200.00	60,894.55	Sep-01-04	10.250%	IA - 80.00%	Paid Off - 360	Sep-26-03
321348625 1			166,500.00	166,128.91	Dec-14-04	8.990%	MD - 75.00%	Paid Off - 360	Jan-16-04
320930316 2			15,300.00	15,267.14	Sep-01-04	14.250%	IA - 100.00%	Paid Off - 180	Sep-26-03
321349300 1			32,500.00	32,358.98	Dec-08-04	9.750%	MI - 76.47%	Paid Off - 360	Jan-16-04
320930936 2			414,000.00	414,000.00	Aug-31-04	7.500%	AZ - 80.00%	Paid Off - 360	Oct-10-03
321349714 1			74,400.00	74,041.73	Nov-24-04	9.750%	VA - 80.00%	Paid Off - 360	Jan-16-04
320931181 2			192,850.00	191,462.83	Sep-01-04	7.250%	MD - 95.00%	Paid Off - 360	Oct-16-03
321349730 1			279,000.00	276,993.20	Dec-13-04	7.250%	NV - 89.86%	Paid Off - 360	Jan-16-04
320931272 2			143,900.00	143,433.63	Sep-01-04	11.125%	RI - 79.99%	Paid Off - 360	Oct-10-03
321349755 1			140,000.00	138,959.68	Nov-23-04	7.375%	FL - 80.00%	Paid Off - 360	Jan-16-04
320932056 2			199,000.00	197,048.98	Aug-31-04	5.625%	CA - 46.28%	Paid Off - 360	Oct-24-03
321349789 1		FCL	80,250.00	79,892.63	Dec-13-04	9.625%	AZ - 75.00%	Paid Off - 360	Jan-16-04
320932171 2			129,000.00	128,022.23	Sep-01-04	6.999%	CO - 100.00%	Paid Off - 360	Oct-15-03
321349839 1			104,000.00	103,135.13	Dec-01-04	6.499%	UT - 80.00%	Paid Off - 360	Jan-16-04
320932510 2			29,400.00	29,327.48	Aug-24-04	12.375%	CA - 100.00%	Paid Off - 180	Oct-01-03
321349912 1			104,300.00	103,747.28	Dec-15-04	9.375%	AZ - 66.86%	Paid Off - 360	Jan-16-04
320933724 2			366,400.00	366,400.00	Sep-02-04	7.125%	CA - 80.00%	Paid Off - 360	Oct-09-03
321351058 1			44,000.00	43,857.43	Nov-23-04	11.125%	VA - 80.00%	Paid Off - 360	Jan-16-04
320935554 2			90,000.00	89,569.63	Aug-27-04	9.750%	CA - 60.00%	Paid Off - 360	Oct-14-03
321403438 1			66,800.00	66,632.70	Nov-17-04	11.750%	FL - 100.00%	Paid Off - 360	Feb-16-04
320936495 2			196,000.00	195,056.83	Aug-31-04	9.250%	CA - 80.00%	Paid Off - 360	Oct-14-03
321405060 1			97,750.00	97,437.93	Dec-13-04	10.625%	MI - 95.00%	Paid Off - 360	Feb-16-04
320937444 2			64,600.00	64,444.85	Sep-10-04	12.500%	AZ - 100.00%	Paid Off - 180	Oct-30-03
321405672 1			416,000.00	412,784.13	Nov-30-04	6.250%	CA - 100.00%	Paid Off - 360	Feb-16-04
320939200 2			123,200.00	122,019.93	Aug-17-04	5.750%	NV - 80.00%	Paid Off - 360	Oct-30-03
321405995 1			155,200.00	155,200.00	Dec-01-04	6.625%	CA - 100.00%	Paid Off - 360	Feb-16-04
320939226 2			30,800.00	30,691.85	Aug-17-04	10.750%	NV - 100.00%	Paid Off - 180	Oct-30-03
321406001 1			38,800.00	38,670.22	Dec-01-04	11.990%	CA - 100.00%	Paid Off - 180	Feb-16-04
320940406 2			50,000.00	49,874.84	Sep-10-04	11.750%	CA - 100.00%	Paid Off - 180	Nov-12-03
321407439 1			213,600.00	212,396.63	Dec-14-04	7.875%	AL - 100.00%	Paid Off - 360	Feb-16-04
320943178 2			135,200.00	134,682.65	Aug-18-04	10.125%	MA - 80.00%	Paid Off - 360	Nov-20-03
321407850 1			224,000.00	222,572.19	Nov-17-04	7.250%	CA - 70.00%	Paid Off - 360	Feb-16-04
320943970 2			199,800.00	197,394.57	Sep-15-04	5.625%	CA - 79.98%	Paid Off - 360	Aug-20-03
321408882 1			57,000.00	56,857.31	Nov-30-04	11.750%	MI - 100.00%	Paid Off - 360	Feb-16-04
320943988 2			50,000.00	49,768.60	Sep-15-04	10.500%	CA - 100.00%	Paid Off - 180	Aug-20-03
321409658 1			54,900.00	54,319.53	Dec-13-04	11.250%	KS - 100.00%	Paid Off - 360	Feb-16-04
320949183 2			191,200.00	189,719.16	Sep-13-04	7.375%	CA - 80.00%	Paid Off - 360	Oct-27-03
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 27				© COPYRIGHT 2004 Deutsche Bank
					Page 20 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	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
320949290 2			67,000.00	66,802.59	Sep-07-04	11.000%	MA - 100.00%	Paid Off - 180	Nov-13-03
321411936 1			125,000.00	124,611.51	Nov-18-04	10.750%	VA - 100.00%	Paid Off - 360	Feb-16-04
321099376 2			146,300.00	145,727.34	Sep-14-04	11.750%	RI - 79.99%	Paid Off - 360	Nov-17-03
321622722 1			148,000.00	147,450.34	Nov-26-04	9.250%	NV - 100.00%	Paid Off - 360	Mar-17-04
321101511 2			80,000.00	79,733.62	Aug-31-04	9.875%	MI - 80.00%	Paid Off - 360	Dec-18-03
321623159 1			111,600.00	110,994.52	Dec-14-04	7.375%	NM - 94.98%	Paid Off - 360	Mar-17-04
321104812 2			139,200.00	138,669.47	Sep-08-04	9.125%	RI - 79.54%	Paid Off - 360	Dec-18-03
320921091 2			32,400.00	32,228.80	Nov-19-04	11.990%	RI - 100.00%	Paid Off - 180	May-09-03
321347502 2			33,550.00	33,390.93	Aug-16-04	8.375%	OH - 84.94%	Paid Off - 360	Dec-18-03
320921646 2			572,000.00	563,352.73	Nov-16-04	6.499%	CA - 80.00%	Paid Off - 360	Jun-02-03
321349896 2			45,000.00	44,881.22	Aug-18-04	10.125%	KS - 68.18%	Paid Off - 360	Jan-16-04
320922180 2			105,300.00	104,390.39	Nov-22-04	9.000%	IN - 84.92%	Paid Off - 360	Jul-21-03
321349995 2			201,600.00	200,977.08	Sep-02-04	9.375%	CA - 80.00%	Paid Off - 360	Jan-16-04
320922214 2			10,000.00	9,958.02	Dec-01-04	12.750%	VA - 100.00%	Paid Off - 180	Jun-27-03
321350068 2			361,200.00	359,214.10	Sep-08-04	6.500%	CA - 80.00%	Paid Off - 360	Jan-16-04
320922404 2			10,000.00	9,951.41	Dec-13-04	11.750%	KS - 100.00%	Paid Off - 180	Jul-08-03
321350142 2			56,700.00	56,533.73	Aug-25-04	9.625%	VA - 79.97%	Paid Off - 360	Jan-16-04
320922578 2			429,150.00	429,027.26	Dec-08-04	6.750%	CA - 90.00%	Paid Off - 360	Sep-12-03
321405862 2			184,500.00	183,734.98	Sep-01-04	7.000%	IL - 90.00%	Paid Off - 360	Feb-16-04
320923972 2			257,600.00	257,600.00	Dec-15-04	6.999%	CA - 80.00%	Paid Off - 360	Sep-10-03
					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
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
	Realized Loss Report for September 27, 2004 Distribution
	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 22 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 23 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS						GROUP II	GROUP I	TOTAL
	MDR					0.0014%	0.0003%	0.0008%
	3 Months Avg MDR					0.0010%	0.0009%	0.0009%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.0003%	0.0003%	0.0003%
	CDR					01.0063%	0.0039%	01.0001%
	3 Months Avg CDR					01.0019%	01.0004%	01.0012%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.0040%	0.0035%	0.0037%
	SDA					07.0013%	01.0073%	04.0045%
	3 Months Avg SDA Approximation					05.0071%	05.0003%	05.0038%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					02.0074%	02.0041%	02.0058%
	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 23 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 24 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	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 24 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 25 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for September 27, 2004 Distribution
	Realized Loss Detail Report for December 27, 2004 Distribution
	Realized Loss Detail Report - Loans Liquidated During Current Distribution
SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Current Losses = 6
Total Loan Count Revisions = 0						Loan Group 1 = Group I
Total Prior Principal Balance = 0.00						Loan Group 2 = Group II
Total Prior Principal Balance = 502,041.26						Loan Group 2 = Group II
Total Current Realized Loss Amount = 0.00
Total Current Realized Loss Amount = 143,370.08
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Realized Loss Amount = 143,370.08
Total Net Liquidation Proceeds = 0.00
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)
SPACE INTENTIONALLY LEFT BLANK
320942055 1			15.500%	AZ - 100.00%	180	30,354.18		34,572.74	34,572.74
					Page 25 of 27				© COPYRIGHT 2004 Deutsche Bank
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 September 27, 2004 Distribution
	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							34.~~289748~~829749%
	Beginning Credit Enhancement Percentage							2123.~~597830~~684038%
	Ending Credit Enhancement Percentage							2224.~~084879~~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 26 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 27 of 28				© COPYRIGHT 2004 Deutsche Bank
	Meritage Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Additional Certificate Report for September 27, 2004 Distribution
	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	0143,364.0022
	P					0.00	0.00	0.00
				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank
				Page 28 of 28				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · FINANCIAL ASSET SEC CORP MERITAGE MORTGAGE LOAN TRUST 2004 1