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) Indymac MBS Inc (as Depositor under the Pooling and Servicing Agreement, dated as August 1, 2004, providing for the issuance of IndyMAc INDX Mortgage Loan Trust 2004-AR7 Mortgage Pass-Through Certificates, Series 2004-AR7) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-116470-09 95-4791925 (Commission File Number) (I.R.S. Employer Identification No.) 155 NORTH LAKE AVENUE PASADENA, CALIFORNIA 91101 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (800) 669-2300 (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 Indymac MBS Inc, Registrant Date: ~~Sep~~Dec 27, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of ~~September~~December 27, 2004.

	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	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				12
			8.	Prepayment Report				13
			9.	Prepayment Detail Report				16
			10.	Realized Loss Report				17
			11.	Realized Loss Detail Report				20
			12.	Triggers, Adj. Rate Cert. and Miscellaneous Report				21
			13.	Other Related Information				22
			14.	Additional Certificate Report				23
				Total Number of Pages				23
			CONTACTS
				Administrator: Brent Hoyler
				Direct Phone Number: (714)247-6322
				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:		IndyMac Bank					Cut-Off Date: August 1, 2004
	Certificate Insurer(s):							Closing Date: August 30, 2004
								First Payment Date: September 27, 2004
	Servicer(s):		IndyMac Bank Master Servicer
								Distribution Date: September 27, 2004
								Distribution Date: December 27, 2004
	Underwriter(s):		Greenwich Capital Markets Underwriter					Record Date: ~~August~~November 3130, 2004
			UBS Securities
						Page 1 of 23					© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	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)
A-1		152,331,000.00			~~152~~149,~~331~~812,~~000~~919.0045	~~220~~327,~~033~~091.6754	~~536~~494,~~860~~583.8630	~~756~~821,~~894~~674.5384	-	-	~~151~~149,~~794~~318,~~139~~336.1415
A-2		380,057,000.00			~~380~~373,~~057~~774,~~000~~535.0026	~~546~~812,~~331~~959.9461	1,~~339~~233,~~436~~956.6963	12,~~885~~046,~~768~~916.6324	-	-	~~378~~372,~~717~~540,~~563~~578.3163
A-3		42,229,000.00			4241,~~229~~530,~~000~~941.0001	6292,~~756~~752.9943	~~148~~137,~~827~~107.8673	~~211~~229,~~584~~860.8516	-	-	4241,~~080~~393,~~172~~833.1428
A-4		52,142,000.00			5251,~~142~~064,~~000~~603.0017	71106,~~333~~810.1513	~~229~~211,~~703~~614.6155	~~301~~318,~~036~~424.7668	-	-	5150,~~912~~852,~~296~~988.3962
A-5		13,035,000.00			13,035,000.00	2030,~~367~~306.1938	-	2030,~~367~~306.1938	-	-	13,035,000.00
A-X		-			-	3903,~~666~~814.38	-	3903,~~666~~814.38	-	~~70,955.23~~-	~~70,955.23~~-
A-R		100.00			~~100.00~~-	0.1601	~~100.00~~-	~~100~~0.1601	-	-	-
B-1		18,182,000.00			18,~~182~~151,~~000~~798.0058	2841,~~030~~749.5814	~~29,047~~295.6207	5742,~~078~~044.2021	-	-	18,~~152~~151,~~952~~503.3852
B-2		10,292,000.00			10,~~292~~274,~~000~~904.0036	1927,~~226~~656.0362	~~16,442~~167.5302	3527,~~668~~823.5664	-	-	10,~~275~~274,~~557~~737.4733
B-3		4,803,000.00			4,~~803~~795,~~000~~021.0092	1216,~~140~~702.9266	~~7,673~~77.2995	1916,~~814~~780.2161	-	-	4,~~795~~794,~~326~~943.7198
B-4		6,175,000.00			6,~~175~~164,~~000~~742.0095	921,~~677~~473.5185	~~9,865~~100.2021	1921,~~542~~574.7106	-	-	6,~~165~~164,~~134~~642.8073
B-5		4,117,000.00			4,~~117~~110,~~000~~161.0041	614,~~452~~317.1906	~~6,577~~66.3381	1314,~~029~~383.5287	-	-	4,110,~~422~~094.6760
B-6		2,743,722.00			2,~~743~~739,~~722~~164.0051	49,~~299~~541.9842	~~4,383~~44.3853	89,~~683~~585.3695	-	-	2,739,~~338~~119.6298
P		100.00			100.00	-18,640.54	-	-18,640.54	-	-	100.00
Total		686,106,922.00			~~686~~675,~~106~~453,~~922~~892.0062	12,~~004~~423,~~316~~815.6877	2,~~328~~078,~~918~~013.3880	34,~~333~~501,~~235~~829.0657	-	~~70,955.23~~-	~~683~~673,~~848~~375,~~958~~878.8582
	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1				A-30/360	45660NT88	152,331,000.00	~~1,000~~983.~~000000~~469678	12.~~444444~~147242	3.~~524305~~246767	45.~~968749~~394009	~~996~~980.~~475695~~222910
A-2				A-30/360	45660NT96	380,057,000.00	~~1,000~~983.~~000000~~469678	12.~~437500~~139047	3.~~524305~~246767	45.~~961805~~385814	~~996~~980.~~475695~~222910
A-3				A-30/360	45660NU29	42,229,000.00	~~1,000~~983.~~000000~~469678	12.~~486111~~196415	3.~~524305~~246767	5.~~010416~~443183	~~996~~980.~~475695~~222910
A-4				A-30/360	45660NU37	52,142,000.00	~~1,000~~979.~~000000~~337255	12.~~368056~~048447	4.~~405347~~058428	56.~~773403~~106875	~~995~~975.~~594653~~278828
A-5				A-30/360	45660NU45	13,035,000.00	1,000.000000	12.~~562500~~325000	-	12.~~562500~~325000	1,000.000000
A-X				A-30/360	45660NY82	686,106,822.00	~~1,000~~984.~~000001~~473222	01.~~005344~~317309	-	01.~~005344~~317309	~~996~~981.~~812439~~444518
A-R				A-30/360	45660NY90	100.00	~~1,000.000000~~-	10.~~600000~~104000	~~1,000.000000~~-	~~1,001~~0.~~600000~~104000	-
B-1				A-30/360	45660NU52	18,182,000.00	~~1,000~~998.~~000000~~338939	12.~~541666~~296180	10.~~597603~~016229	32.~~139270~~312408	998.~~402397~~322710
B-2				A-30/360	45660NU60	10,292,000.00	~~1,000~~998.~~000000~~338939	12.~~868055~~687196	10.~~597603~~016228	32.~~465659~~703424	998.~~402397~~322710
B-3				A-30/360	45660NU78	4,803,000.00	~~1,000~~998.~~000000~~338939	23.~~527778~~477547	10.~~597603~~016229	43.~~125381~~493776	998.~~402397~~322710
B-4				A-30/360	45660NZ24	6,175,000.00	~~1,000~~998.~~000000~~338939	13.~~567208~~477547	10.~~597603~~016229	3.~~164811~~493775	998.~~402397~~322710
B-5				A-30/360	45660NZ32	4,117,000.00	~~1,000~~998.~~000000~~338939	13.~~567207~~477547	10.~~597603~~016228	3.~~164810~~493775	998.~~402397~~322710
B-6				A-30/360	45660NZ40	2,743,722.00	~~1,000~~998.~~000000~~338938	13.~~567207~~477546	10.~~597602~~016229	3.~~164809~~493775	998.~~402398~~322710
P				F-30/360		100.00	1,000.000000	-186,405.400000	-	-186,405.400000	1,000.000000
							Page 2 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	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)
A-1	152,331,000.00		~~220~~1,~~033~~134,990.6746		-	~~536~~3,~~860~~012,663.8685	~~536~~3,~~860~~012,663.8685	~~756~~4,~~894~~147,654.5331	-	-	~~151~~149,~~794~~318,~~139~~336.1415
A-2	380,057,000.00		~~546~~2,~~331~~819,676.9414		-	17,~~339~~516,~~436~~421.6937	17,~~339~~516,~~436~~421.6937	110,~~885~~336,~~768~~097.6351	-	-	~~378~~372,~~717~~540,~~563~~578.3163
A-3	42,229,000.00		62322,~~756~~680.9910		-	~~148~~835,~~827~~166.8672	~~148~~835,~~827~~166.8672	~~211~~1,~~584~~157,846.8582	-	-	4241,~~080~~393,~~172~~833.1428
A-4	52,142,000.00		71369,~~333~~627.1578		-	~~229~~1,~~703~~289,011.6138	~~229~~1,~~703~~289,011.6138	~~301~~1,~~036~~658,639.7616	-	-	5150,~~912~~852,~~296~~988.3962
A-5	13,035,000.00		20104,~~367~~904.1961		-	-	-	20104,~~367~~904.1961	-	-	13,035,000.00
A-X	-		3,~~666~~010,946.3870		-	-	-	3,~~666~~010,946.3870	-	~~70,955.23~~-	~~70,955.23~~-
A-R	100.00		0.1617		-	100.00	100.00	100.1617	-	-	-
B-1	18,182,000.00		28144,~~030~~394.5827		-	2930,~~047~~496.6248	2930,~~047~~496.6248	57174,~~078~~890.2075	-	-	18,~~152~~151,~~952~~503.3852
B-2	10,292,000.00		1997,~~226~~167.0356		-	1617,~~442~~262.5367	1617,~~442~~262.5367	35114,~~668~~430.5622	-	-	10,~~275~~274,~~557~~737.4733
B-3	4,803,000.00		1259,~~140~~902.9264		-	78,~~673~~056.2902	78,~~673~~056.2902	1967,~~814~~958.2166	-	-	4,~~795~~794,~~326~~943.7198
B-4	6,175,000.00		971,~~677~~082.5158		-	910,~~865~~357.2027	910,~~865~~357.2027	1981,~~542~~439.7185	-	-	6,~~165~~164,~~134~~642.8073
B-5	4,117,000.00		647,~~452~~392.1922		-	6,~~577~~905.3340	6,~~577~~905.3340	1354,~~029~~297.5262	-	-	4,110,~~422~~094.6760
B-6	2,743,722.00		431,~~299~~583.9893		-	4,~~383~~602.3802	4,~~383~~602.3802	836,~~683~~185.3695	-	-	2,739,~~338~~119.6298
P	100.00		-86,616.26		-	-	-	-86,616.26	-	-	100.00
Total	686,106,922.00		18,~~004~~300,~~316~~965.6841		-	212,~~328~~731,~~918~~043.3818	212,~~328~~731,~~918~~043.3818	321,~~333~~032,~~235~~008.0660	-	~~70,955.23~~-	~~683~~673,~~848~~375,~~958~~878.8582
	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	2.~~08000~~62000%	~~152~~149,~~331~~812,~~000~~919.0045			~~220~~327,~~033~~091.6754	-	-	-	~~220~~327,~~033~~091.6754	~~220~~327,~~033~~091.6754	-
A-2	2.~~07000~~61000%	~~380~~373,~~057~~774,~~000~~535.0026			~~546~~812,~~331~~959.9461	-	-	-	~~546~~812,~~331~~959.9461	~~546~~812,~~331~~959.9461	-
A-3	2.~~14000~~68000%	4241,~~229~~530,~~000~~941.0001			6292,~~756~~752.9943	-	-	-	6292,~~756~~752.9943	6292,~~756~~752.9943	-0.00
A-4	12.~~97000~~51000%	5251,~~142~~064,~~000~~603.0017			71106,~~333~~810.1513	-	-	-	71106,~~333~~810.1513	71106,~~333~~810.1513	-
A-5	2.~~25000~~79000%	13,035,000.00			2030,~~367~~306.1938	-	-	-	2030,~~367~~306.1938	2030,~~367~~306.1938	-
A-X	01.~~14400~~60570%	~~686~~675,~~106~~453,~~822~~793.7335			82903,~~331~~814.5538	-	-	-	82903,~~331~~814.5538	74903,~~621~~814.6138	-0.00
A-R	14.~~88065~~27299%	~~100.00~~-			~~0.16~~-	-	-	-	~~0.16~~-	0.1601	-
B-1	2.~~22000~~76000%	18,~~182~~151,~~000~~798.0058			2841,~~030~~749.5814	-	-	-	2841,~~030~~749.5814	2841,~~030~~749.5814	-
B-2	23.~~25678~~23000%	10,~~292~~274,~~000~~904.0036			1627,~~129~~656.7062	-	-	-	1627,~~129~~656.7062	1927,~~226~~656.0362	-
B-3	24.~~25678~~18000%	4,~~803~~795,~~000~~021.0092			716,~~527~~702.3066	-	-	-	716,~~527~~702.3066	1216,~~140~~702.9266	-
B-4	24.~~25678~~18000%	6,~~175~~164,~~000~~742.0095			921,~~677~~473.5185	-	-	-	921,~~677~~473.5185	921,~~677~~473.5185	-
B-5	24.~~25678~~18000%	4,~~117~~110,~~000~~161.0041			614,~~452~~317.1906	-	-	-	614,~~452~~317.1906	614,~~452~~317.1906	-
B-6	24.~~25678~~18000%	2,~~743~~739,~~722~~164.0051			49,~~299~~541.9842	-	-	-	49,~~299~~541.9842	49,~~299~~541.9842	-
P		100.00			-18,640.54	-	-	-	-18,640.54	-18,640.54	-
Total		1,~~372~~350,~~213~~907,~~744~~685.7397			12,~~075~~423,~~271~~815.9176	-	-	-	12,~~075~~423,~~271~~815.9176	12,~~075~~423,~~271~~815.9177	-0.00
							Page 3 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							2,~~257~~078,~~963~~013.1580
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL PRINCIPAL							2,~~257~~078,~~963~~013.1580
	Interest Collections							12,~~156~~456,~~988~~749.6707
	Interest Withdrawals							0.00
	Interest Other Accounts							018,640.0054
	Interest Fees							(8151,~~716~~573.7684)
	TOTAL INTEREST							12,~~075~~423,~~271~~815.9177
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							34,~~333~~501,~~235~~829.0657
	Interest Payable to Bondholders							12,~~075~~423,~~271~~815.9177
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal							110,~~096,126~~979.4784
	Curtailments							~~242~~42,~~736~~320.6891
	Prepayments in Full							~~919~~2,~~100~~024,713.0005
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Principal							0.00
	Other Additional Principal							0.00
	LESS: Delinquent Principal							(~~652~~8,~~054~~637.1068)
	LESS: Realized Losses							0.00
	PLUS: Recoveries							0.00
	PLUS: Substitution Shortfall Principal							0.00
	PLUS: Principal Loan Adjustments							0.00
	PLUS: Principal Advanced							~~652~~8,~~054~~637.1068
	TOTAL PRINCIPAL							2,~~257~~078,~~963~~013.1580
				Page 4 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS								TOTAL
	TOTAL PRINCIPAL OTHER ACCOUNTS							0.00
INTEREST - COLLECTIONS								TOTAL
	Scheduled Interest							12,~~292~~618,~~253~~787.2049
	Repurchases/Substitutions							0.00
	Liquidations							0.00
	Insurance Interest							0.00
	Other Additional Interest							0.00
	LESS: Prepayment Interest Shortfalls							0(1,205.0059)
	LESS: Delinquent Interest							(~~864~~2,~~025~~008,243.7579)
	LESS: Interest Realized Losses							0.00
	PLUS: Compensating Interest							01,205.0059
	LESS: Civil Relief Act Shorfalls							0.00
	PLUS: Substiution Shortfall Interest							0.00
	PLUS: Interest Loan Adjustments							0.00
	LESS: Excess, Special Hazard, Fraud, & Bankruptcy Interest Losses							0.00
	Interest Advanced							~~728~~1,~~761~~846,205.2237
	TOTAL INTEREST							12,~~156~~456,~~988~~749.6707
				Page 5 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
INTEREST - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS								TOTAL
	Prepayment Penalties							018,640.0054
	TOTAL INTEREST OTHER ACCOUNTS							018,640.0054
INTEREST - FEES								TOTAL
	Current Servicing Fees							7949,~~143~~040.8689
	Trustee Fees							2,~~572~~532.9095
	PMI Fees							0.00
	TOTAL INTEREST FEES							8151,~~716~~573.7684
				Page 6 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Credit Enhancement Report for September 27, 2004 Distribution
	Credit Enhancement Report for December 27, 2004 Distribution
	Credit Enhancement Report
ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES								TOTAL
SPACE INTENTIONALLY LEFT BLANK
				Page 7 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							2387
	Prior							-2,358
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(48)
	Repurchases							-
	Liquidations							-
	Current							2,~~383~~350
	Principal Balance:
	Original							686,106,822.73
	Prior							-675,453,793.35
	Prefunding							-
	Scheduled Principal							(110,~~096,126~~979.4784)
	Partial and Full Voluntary Prepayments							(12,~~161~~067,~~836~~033.6896)
	Repurchases							-
	Liquidations							-
	Current							~~683~~673,~~848~~375,~~859~~779.5855
PREFUNDING								TOTAL
SPACE INTENTIONALLY LEFT BLANK
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)
				Page 8 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							2.260149%
	Weighted Average Coupon Prior							4.580649%
	Weighted Average Coupon Current							24.~~260149~~652494%
	Weighted Average Months to Maturity Original							359
	Weighted Average Months to Maturity Prior							-357
	Weighted Average Months to Maturity Current							~~359~~356
	Weighted Avg Remaining Amortization Term Original							359
	Weighted Avg Remaining Amortization Term Prior							-357
	Weighted Avg Remaining Amortization Term Current							~~359~~356
	Weighted Average Seasoning Original							1.35
	Weighted Average Seasoning Prior							-3.35
	Weighted Average Seasoning Current							14.35
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 9 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
ARM CHARACTERISTICS								TOTAL
	Weighted Average Margin Original							3.064%
	Weighted Average Margin Prior							03.~~000~~065%
	Weighted Average Margin Current							3.~~064~~063%
	Weighted Average Max Rate Original							9.921%
	Weighted Average Max Rate Prior							09.~~000~~921%
	Weighted Average Max Rate Current							9.921%
	Weighted Average Min Rate Original							3.064%
	Weighted Average Min Rate Prior							03.~~000~~065%
	Weighted Average Min Rate Current							3.~~064~~063%
	Weighted Average Cap Up Original							0.000%
	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current							0.000%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current							0.000%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES								TOTAL
	Current Servicing Fees							7949,~~143~~040.8689
	Delinquent Servicing Fees							~~135~~162,~~264~~038.5242
	TOTAL SERVICING FEES							~~214~~211,~~408~~079.3831
	Total Servicing Fees							~~214~~211,~~408~~079.3831
	Compensating Interest							0(1,205.0059)
	Delinquent Servicing Fees							(~~135~~162,~~264~~038.5242)
	COLLECTED SERVICING FEES							7947,~~143~~835.8630
	Total Advanced Principal For Current Payment Date							~~652~~8,~~054~~637.1068
	Total Advanced Interest For Current Payment Date							~~728~~1,~~761~~846,205.2237
	TOTAL ADVANCES FOR CURRENT PERIOD							1,~~380~~854,~~815~~843.3205
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Prepayment Interest Shortfall (PPIS)							01,205.0059
	Compensating Interest							0(1,205.0059)
	Net Prepayment Interest Shortfall (Net PPIS)							0.00
	Weighted Average Net Mortgage Rate							14.~~880649~~272994%
				Page 10 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance		###########	24,~~440~~439,~~153~~447.9103	-674,889.49	-157,422.50	25,~~440~~271,~~153~~759.9102
		% Balance		6276.8322%	0.3666%	0.0010%	0.0002%	0.3678%
		# Loans		1,~~466~~763	919	-3	-1	923
		% # Loans		6175.5202%	0.3881%	0.0013%	0.0004%	0.3898%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL		Balance		-	24,~~440~~439,~~153~~447.9103	-674,889.49	-157,422.50	25,~~440~~271,~~153~~759.9102
		% Balance		0.00%	0.3666%	0.0010%	0.0002%	0.3678%
		# Loans		-	919	-3	-1	923
		% # Loans		0.00%	0.3881%	0.0013%	0.0004%	0.3898%
Note: <1 Payment = 1-30days, 1 Payment = 31-60days, 2 Payments = 61-90days, 3+ Payments = 91+
								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 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	REO Report for September 27, 2004 Distribution
	REO Report for December 27, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK
				Page 12 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							48
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							48
	Paid in Full Balance							~~919~~2,~~100~~024,713.0005
	Repurchased Loans Balance							-
	Curtailments Amount							~~242~~42,~~736~~320.6891
	Total Prepayment Amount							12,~~161~~067,~~836~~033.6896
	Cumulative
	Number of Paid in Full Loans							437
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							437
	Paid in Full Balance							~~919~~10,~~100~~609,299.0008
	Repurchased Loans Balance							-
	Curtailments Amount							~~242~~971,~~736~~201.6872
	Total Prepayment Amount							111,~~161~~580,~~836~~500.6880
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 13 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							0.1731%
	3 Months Avg SMM							0.51%
	12 Months Avg SMM
	Avg SMM Since Cut-off							0.1743%
	CPR							23.0261%
	3 Months Avg CPR							5.96%
	12 Months Avg CPR
	Avg CPR Since Cut-off							24.0299%
	PSA							~~747~~415.0711%
	3 Months Avg PSA Approximation							889.07%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							~~747~~874.0791%
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 14 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
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 15 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	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 = 4						Loan Group 1 = Group 1
Total Loan Count = 8						Loan Group 1 = Group 1
Total Original Principal Balance = 919,100.00
Total Original Principal Balance = 2,027,788.00
Total Prepayment Amount = 919,100.00
Total Prepayment Amount = 2,024,713.05
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
3931552 1			292,500.00	292,500.00	Sep-09-04	2.250%	CA - 75.00%	Paid Off - 360	Jul-01-04
3702228 1			500,000.00	498,799.07	Nov-24-04	4.045%	CA - 80.00%	Paid Off - 360	Jul-14-04
120016963 1			132,000.00	132,000.00	Aug-31-04	2.250%	NC - 80.00%	Paid Off - 360	Jul-12-04
3729729 1			118,138.00	117,848.19	Nov-29-04	4.395%	FL - 95.00%	Paid Off - 360	Jul-20-04
120033540 1			97,600.00	97,600.00	Sep-10-04	1.250%	FL - 80.00%	Paid Off - 360	Jul-15-04
3885096 1			145,000.00	144,713.47	Nov-16-04	4.895%	IN - 93.55%	Paid Off - 360	Jul-13-04
120034087 1			397,000.00	397,000.00	Sep-15-04	1.250%	MI - 63.02%	Paid Off - 360	Jul-16-04
3886177 1			248,000.00	247,647.29	Nov-19-04	4.495%	CA - 80.00%	Paid Off - 360	Jul-01-04
3913318 1			83,300.00	82,983.49	Nov-19-04	5.295%	FL - 70.00%	Paid Off - 360	Jun-30-04
3920358 1			581,250.00	581,151.33	Nov-30-04	4.995%	CA - 75.00%	Paid Off - 360	Jun-25-04
3927319 1			152,600.00	152,429.12	Dec-01-04	5.195%	AR - 80.00%	Paid Off - 360	Jul-06-04
3965423 1			199,500.00	199,141.09	Dec-03-04	4.795%	WA - 95.00%	Paid Off - 360	Jun-24-04
					Page 16 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES								TOTAL
	Current
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	Cumulative
	Number of Loans Liquidated							-
	Collateral Realized Loss/(Gain) Amount							-
	Net Liquidation Proceeds							-
	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.
	Current Realized Losses							0.00
	Supplemental Losses (Recoveries)							0.00
	Current Net Realized Losses (Recoveries)							0.00
	Prior Cumulative Realized Loss							0.00
	Current Net Realized Loss (Recoveries)							0.00
	Current Cumulative Realized Loss							0.00
	Current Special Hazard Loss Coverage Amount							6,~~861~~754,~~068~~537.0093
	Current Fraud Loss Coverage Amount							20,583,204.00
	Current Bankruptcy Loss Coverage Amount							166,841.00
	Class B-1 Write Down Amount							0.00
	Class B-2 Write Down Amount							0.00
	Class B-3 Write Down Amount							0.00
	Class B-4 Write Down Amount							0.00
	Class B-5 Write Down Amount							0.00
	Class B-6 Write Down Amount							0.00
							3 Months Moving Average
Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation
				Page 17 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
DEFAULT SPEEDS								TOTAL
	MDR							0.00%
	3 Months Avg MDR							0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.00%
	CDR							0.00%
	3 Months Avg CDR							0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.00%
	SDA							0.00%
	3 Months Avg SDA Approximation							0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off
CDR by Groups					Total CDR
SDA by Groups					Total SDA
				Page 18 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Realized Loss Report for September 27, 2004 Distribution
	Realized Loss Report for December 27, 2004 Distribution
	Realized Loss Report - Collateral
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 19 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	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 Revisions = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.
Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK
					Page 20 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	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								TOTAL
	Has the Optional Termination Date been reached?							No
	Have the Sr. Prepay Step Down Cond been satisfied?							Yes
	Has the Sr. Credit Supp. Depletion Date been reached?							Yes
	Has the Spec. Haz. Coverage Term Date been reached?							No
	Has the Fraud LossCoverage Term. Date been reached?							No
	Has the Bank LossCoverage Term. Date been reached?							No
ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION								TOTAL
	Current Senior Percentage							93.~~249925~~154855%
	Next Senior Percentage							0.000000%
	Current Subordinate Percentage							6.~~750075~~845145%
	Next Subordinate Percentage							0.000000%
	Current Senior Prepayment Percentage							0.000000%
	Next Projected Senior Prepayment Percentage							0.000000%
	Current Subordinated Prepayment Percentage							0.000000%
	Next Projected Subordinated Prepayment Percentage							0.000000%
								0.000000%
								0.000000%
				Page 21 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Other Related Information for September 27, 2004 Distribution
	Other Related Information for December 27, 2004 Distribution
	Other Related Information
ADDITIONAL INFORMATION								TOTAL
	Scheduled Principal
	1 Month Prior							110,~~096,126~~979.4784
	2 Months Prior							013,899.0085
	3 Months Prior							029,536.0022
	4 Months Prior							01,096,126.0047
	5 Months Prior							0.00
	6 Months Prior							0.00
	7 Months Prior							0.00
	8 Months Prior							0.00
	9 Months Prior							0.00
	10 Months Prior							0.00
	11 Months Prior							0.00
	12 Months Prior							0.00
	Scheduled Principal on 60+ Day Delinquent Loans
	1 Month Prior							0.00
	2 Months Prior							0.00
	3 Months Prior							0.00
	4 Months Prior							0.00
	5 Months Prior							0.00
	6 Months Prior							0.00
	7 Months Prior							0.00
	8 Months Prior							0.00
	9 Months Prior							0.00
	10 Months Prior							0.00
	11 Months Prior							0.00
	12 Months Prior							0.00
				Page 22 of 23				© COPYRIGHT 2004 Deutsche Bank
	IndyMac INDX Mortgage Loan Trust 2004-AR7
	Collateralized Asset-Backed Bonds
	Additional Certificate Report for September 27, 2004 Distribution
	Additional Certificate Report for December 27, 2004 Distribution
	Additional Certificate Report
	CLASS	Net PPIS & Relief Act Shortfall Allocation	Unpaid Interest Amount Due	Unpaid Interest Paid	Remaining Unpaid Interest Amount	Carryover Amount Due
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00
		0.00	0.00	0.00	0.00
				Page 23 of 23				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · INDYMAC INDX MORTGAGE LOAN TRUST 2004-AR7