
                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                                      FORM 8-K

                                   CURRENT REPORT
        Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

             Date of Report (Date of earliest event reported): December 27, 2004
                             (Date of earliest event reported)


                             SAXON ASSET SECURITIES COMPANY,
              (as Depositor, under the Sale and Servicing Agreement, dated
              as February 1, 2004, providing for the issuance of Saxon Asset
          Securities Trust 2004-1 Mortgage Loan Asset Backed Notes and Certificates,
                                    Series 2004-1)
                    (Exact name of registrant as specified in charter)



                                         VIRGINIA
                     (State or Other Jurisdiction of Incorporation)

               333-111832-01                           52-1865887
          (Commission File Number)        (I.R.S. Employer Identification No.)


           4880 Cox Road Suite 100
           Glen Allen, Virginia                           23060
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (804) 967-7400



             (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.

     This current report on Form 8-K relates to the monthly distribution reported to the holders of
     Saxon Asset Securities Trust 2004-1 Mortgage Loan Asset Backed Notes and Certificates, Series
     2004-1 which was made on February 1, 2004


     Item 9.01 Financial Statements and Exhibits.

     (c) Exhibits

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     December 27, 2004.


                                  SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
    caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly
    authorized.



     DEUTSCHE BANK TRUST COMPANY AMERICAS, IN ITS CAPACITY AS INDENTURE TRUSTEE UNDER THE
     SALE AND SERVICING AGREEMENT ON BEHALF OF SAXON ASSET SECURITIES COMPANY, REGISTRANT



          Date:  Dec 27, 2004               By:  /s/  Katherine M. Wannenmacher
                                            Katherine M. Wannenmacher
                                            Vice President



                                   EXHIBIT INDEX

         DOCUMENT

         99.1 Monthly Remittance Statement to the Certificateholders dated as of
              December 27, 2004.


	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				12
			8.	Foreclosure Report				13
			9.	Prepayment Report				14
			10.	Prepayment Detail Report				17
			11.	Realized Loss Report				22
			12.	Realized Loss Detail Report				25
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				26
			14.	Additional Certificate Report				27



				Total Number of Pages				27



			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.tss.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		Saxon Mortgage, Inc.					Cut-Off Date: February 1, 2004
	Certificate Insurer(s):							Closing Date: February 19, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		Saxon Mortgage, Inc. Master Servicer
			Saxon Mortgage Services, Inc.

								Distribution Date: December 27, 2004
	Underwriter(s):		Merrill Lynch & Co. Lead Underwriter					Record Date: December 24, 2004
			CS First Boston Underwriter					November 30, 2004
			J. P. Morgan Underwriter
			RBS Greenwich Capital Underwriter




						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for December 27, 2004 Distribution


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

A	STEP	913,000,000.00			697,955,661.73	1,472,492.57	39,095,765.94	40,568,258.51	-	-	658,859,895.79
A-IO	IO	-			-	947,802.96	-	947,802.96	-	-	-
S	IO	-			-	-	-	-	-	-	-
M-1	MEZ	68,750,000.00			68,750,000.00	160,435.76	-	160,435.76	-	-	68,750,000.00
M-2	MEZ	57,750,000.00			57,750,000.00	164,603.54	-	164,603.54	-	-	57,750,000.00
M-3	MEZ	19,250,000.00			19,250,000.00	58,514.65	-	58,514.65	-	-	19,250,000.00
M-4	MEZ	11,000,000.00			11,000,000.00	36,278.61	-	36,278.61	-	-	11,000,000.00
B-1	SUB	15,950,000.00			15,950,000.00	53,977.46	-	53,977.46	-	-	15,950,000.00
B-2	SUB	14,300,000.00			14,300,000.00	62,554.56	-	62,554.56	-	-	14,300,000.00
TRUST		-			-	2,780,831.13	-	2,780,831.13	-	-	-


Total		1,100,000,000.00			884,955,661.73	5,737,491.24	39,095,765.94	44,833,257.18	-	-	845,859,895.79
Variable Rate Securities Record Date: 12/24/04

	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	11/26/04	12/26/04		A-Act/360	805564PL9	913,000,000.00	764.464033	1.612807	42.821211	44.434018	721.642821
A-IO				F-30/360	805564PM7	1,100,000,000.00	516.983431	0.861639	-	0.861639	478.615581
S	11/26/04	12/26/04		A-Act/360	805564PU9	1,100,000,000.00	804.505147	-	-	-	768.963542
M-1	11/26/04	12/26/04		A-Act/360	805564PN5	68,750,000.00	1,000.000000	2.333611	-	2.333611	1,000.000000
M-2	11/26/04	12/26/04		A-Act/360	805564PP0	57,750,000.00	1,000.000000	2.850278	-	2.850278	1,000.000000
M-3	11/26/04	12/26/04		A-Act/360	805564PQ8	19,250,000.00	1,000.000000	3.039722	-	3.039722	1,000.000000
M-4	11/26/04	12/26/04		A-Act/360	805564PR6	11,000,000.00	1,000.000000	3.298055	-	3.298055	1,000.000000
B-1	11/26/04	12/26/04		A-Act/360	805564PS4	15,950,000.00	1,000.000000	3.384167	-	3.384167	1,000.000000
B-2	11/26/04	12/26/04		A-Act/360	805564PT2	14,300,000.00	1,000.000000	4.374445	-	4.374445	1,000.000000
TRUST				-		-	-	-	-	-	-


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


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

A	913,000,000.00		12,250,458.07		247,905,696.35	6,234,407.86	254,140,104.21	266,390,562.28	-	-	658,859,895.79
A-IO	-		13,676,191.47		-	-	-	13,676,191.47	-	-	-
S	-		3,233,716.06		-	-	-	3,233,716.06	-	-	-
M-1	68,750,000.00		1,188,742.40		-	-	-	1,188,742.40	-	-	68,750,000.00
M-2	57,750,000.00		1,298,843.62		-	-	-	1,298,843.62	-	-	57,750,000.00
M-3	19,250,000.00		469,651.20		-	-	-	469,651.20	-	-	19,250,000.00
M-4	11,000,000.00		296,972.13		-	-	-	296,972.13	-	-	11,000,000.00
B-1	15,950,000.00		444,432.90		-	-	-	444,432.90	-	-	15,950,000.00
B-2	14,300,000.00		540,980.42		-	-	-	540,980.42	-	-	14,300,000.00
TRUST	-		16,677,425.92		-	-	-	16,677,425.92	-	-	-


Total	1,100,000,000.00		50,077,414.19		247,905,696.35	6,234,407.86	254,140,104.21	304,217,518.40	-	-	845,859,895.79


	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	2.45000%	697,955,661.73			1,472,492.57	-	-	-	1,472,492.57	1,472,492.57	-
A-IO	2.00000%	568,681,774.00			947,802.96	-	-	-	947,802.96	947,802.96	-
S		884,955,661.73			-	-	-	-	-	-	-
M-1	2.71000%	68,750,000.00			160,435.76	-	-	-	160,435.76	160,435.76	-
M-2	3.31000%	57,750,000.00			164,603.54	-	-	-	164,603.54	164,603.54	-
M-3	3.53000%	19,250,000.00			58,514.65	-	-	-	58,514.65	58,514.65	-
M-4	3.83000%	11,000,000.00			36,278.61	-	-	-	53,977.46	36,278.61	-
B-1	3.93000%	15,950,000.00			53,977.46	-	-	-	53,977.46	53,977.46	-
B-2	5.08000%	14,300,000.00			62,554.56	-	-	-	62,554.56	62,554.56	-
TRUST		-			2,780,831.13	-	-	-	2,780,831.13	2,780,831.13	-


Total		2,338,593,097.46			5,737,491.24	-	-	-	5,755,190.09	5,737,491.24	-
See page 23 for Optimal Pass-Through Rate

							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							38,935,341.23
	Principal Withdrawals							0.00
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							38,935,341.23

	Interest Collections							6,111,761.22
	Interest Withdrawals							0.00
	Interest Other Accounts							0.00
	Interest Fees							(213,845.27)
	TOTAL NET INTEREST							5,897,915.95

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS							44,833,257.18


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal							659,390.47
	Curtailments							82,999.50
	Prepayments in Full							37,863,723.24
	Repurchases/Substitutions Shortfalls							0.00
	Liquidations							489,652.73
	Insurance Principal							0.00
	Other Additional Principal							0.00
	Delinquent Principal							(170,387.54)
	Advanced Principal							170,387.54
	Realized Losses							(160,424.71)


	TOTAL PRINCIPAL COLLECTED							38,935,341.23


				Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL

	Prefunded Release Amount							0.00

	TOTAL OTHER ACCOUNTS PRINCIPAL							0.00


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							5,581,441.71
	Repurchases/Substitutions							0.00
	Liquidations							3,234.40
	Insurance Interest							0.00
	Other Additional Interest							4,210.42
	Month End Interest (PPIS)							0.00
	Delinquent Interest							(1,546,057.99)
	Realized Losses							0.00
	Compensating Month End Interest							0.00
	Other Interest Shortfall (Relief Act)							(636.62)
	Non Recoverable Advance							0.00
	Interest Advanced							1,486,854.51
	Prepayment Penalties							582,714.79

	TOTAL INTEREST COLLECTED							6,111,761.22


				Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS								TOTAL



	TOTAL OTHER ACCOUNT INTEREST							0.00


INTEREST - FEES								TOTAL

	Current Servicing Fees							163,494.58
	Master Servicing Fee							37,116.34

	PMI Insurance Premium							13,234.35

	TOTAL INTEREST OTHER FEES							213,845.27


				Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	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

	Extra Principal Distribution Amt							160,424.71
	Overcollateralization Amount							5,836,581.40
	Overcollateralization Requirement							5,836,581.40
	Overcollateralization Release Amount							0.00


				Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							4078
	Prior							6,352
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(214)
	Repurchases							-
	Liquidations							(4)
	Current							6,134

	*Principal Balance:*
	Original							647,714,353.37
	Prior							890,792,243.13
	Prefunding							-
	Scheduled Principal							(659,390.47)
	Partial and Full Voluntary Prepayments							(37,946,722.74)
	Repurchases							-
	Liquidations							(489,652.73)
	Current							851,696,477.19

PREFUNDING								TOTAL

	Prefunding Beginning Balance							0.00
	Balance of Subsequent Loans Transfered							0.00
	Prefunded Amount Dispursed To Offered Certificates							0.00
	Prefunding Ending Balance							0.00




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


				Page 8 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							7.508012%
	Weighted Average Coupon Prior							7.540182%
	Weighted Average Coupon Current							7.523204%
	Weighted Average Months to Maturity Original							352
	Weighted Average Months to Maturity Prior							337
	Weighted Average Months to Maturity Current							336
	Weighted Avg Remaining Amortization Term Original							351
	Weighted Avg Remaining Amortization Term Prior							338
	Weighted Avg Remaining Amortization Term Current							337
	Weighted Average Seasoning Original							2.78
	Weighted Average Seasoning Prior							13.00
	Weighted Average Seasoning Current							13.97

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 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							4.064%
	Weighted Average Margin Prior							3.846%
	Weighted Average Margin Current							3.824%
	Weighted Average Max Rate Original							12.384%
	Weighted Average Max Rate Prior							12.030%
	Weighted Average Max Rate Current							12.000%
	Weighted Average Min Rate Original							6.638%
	Weighted Average Min Rate Prior							6.801%
	Weighted Average Min Rate Current							6.796%
	Weighted Average Cap Up Original							0.808%
	Weighted Average Cap Up Prior							0.753%
	Weighted Average Cap Up Current							0.750%
	Weighted Average Cap Down Original							0.808%
	Weighted Average Cap Down Prior							0.753%
	Weighted Average Cap Down Current							0.750%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							163,494.58
	Delinquent Servicing Fees							59,203.48
	Master Servicing Fees							37,116.34

	TOTAL SERVICING FEES							259,814.40

	Total Servicing Fees							259,814.40
	Compensating Month End Interest							0.00
	Delinquent Servicing Fees							(59,203.48)

	COLLECTED SERVICING FEES							200,610.92

	Prepayment Interest Shortfall							0.00

	Total Advanced Interest							1,486,854.51


ADDITIONAL COLLATERAL INFORMATION								TOTAL

	Weighted Average Net Rate							7.945174%
	Largest Loan Balance							1,000,000.00

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


				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			30,488,391.69	9,305,010.81	4,626,546.46	44,419,948.96
		% Balance			3.58%	1.09%	0.54%	5.22%
		# Loans			240	65	27	332
		% # Loans			3.91%	1.06%	0.44%	5.41%
FORECLOSURE		Balance		119,662.12	789,764.06	1,292,735.63	11,739,059.01	13,941,220.82
		% Balance		0.01%	0.09%	0.15%	1.38%	1.64%
		# Loans		2	9	10	90	111
		% # Loans		0.03%	0.15%	0.16%	1.47%	1.81%
BANKRUPTCY		Balance		2,567,919.51	612,921.01	401,164.22	3,301,385.24	6,883,389.98
		% Balance		0.30%	0.07%	0.05%	0.39%	0.81%
		# Loans		17	4	4	29	54
		% # Loans		0.28%	0.07%	0.07%	0.47%	0.88%
REO		Balance		-	-	-	2,172,700.21	2,172,700.21
		% Balance		0.00%	0.00%	0.00%	0.26%	0.26%
		# Loans		-	-	-	20	20
		% # Loans		0.00%	0.00%	0.00%	0.33%	0.33%

TOTAL		Balance		2,687,581.63	31,891,076.76	10,998,910.66	21,839,690.92	67,417,259.97
		% Balance		0.32%	3.74%	1.29%	2.56%	7.92%
		# Loans		19	253	79	166	517
		% # Loans		0.31%	4.12%	1.29%	2.71%	8.43%
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
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 7				Loan Group 1 = Fixed & Adj; REO Book Value = Not Available
Total Original Principal Balance = 1,150,880.00
Total Current Balance = 1,142,549.43
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

11658486 1		72,000.00	71,549.60	Jun-08-04	9.875%	MO - 90.00%	360	Oct-03-03
11658625 1		390,880.00	387,058.73	Jan-01-04	7.625%	GA - 80.00%	360	Oct-27-03
11676457 1		70,000.00	69,160.21	May-01-04	6.125%	CO - 75.27%	360	Nov-21-03
11679187 1		150,000.00	148,767.12	Feb-01-04	7.625%	MT - 41.10%	360	Dec-30-03
11681143 1		120,000.00	119,309.34	May-01-04	9.300%	MD - 75.00%	360	Dec-30-03
11685447 1		290,000.00	288,943.22	Jul-01-04	10.000%	MI - 95.08%	360	Mar-03-04
11708129 1		58,000.00	57,761.21	Jul-01-04	8.750%	MI - 64.44%	360	Apr-13-04


				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Foreclosure Report for December 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 35				Loan Group 1 = Fixed & Adj
Total Original Principal Balance = 4,191,785.00
Total Current Balance = 3,903,494.52


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

10014342 1		51,000.00	39,291.30	Jul-01-04	10.625%	TN - 60.00%	180	Mar-31-98
11016678 1		80,100.00	72,527.55	Aug-01-04	10.250%	ID - 90.00%	180	Jun-25-98
11021229 1		79,205.00	-	Dec-01-04	8.120%	OR - 73.00%	360	Jun-01-98
11604519 1		76,000.00	75,157.28	Jul-01-04	7.375%	PA - 95.00%	360	Sep-11-03
11646610 1		472,000.00	465,811.34	Aug-01-04	6.500%	CA - 80.00%	360	Sep-16-03
11649218 1		90,000.00	-	Dec-01-04	8.500%	AZ - 75.00%	360	Sep-18-03
11650181 1		73,600.00	73,010.15	Jul-01-04	8.625%	MI - 80.00%	360	Oct-29-03
11655424 1		92,950.00	92,063.25	Aug-09-04	7.750%	FL - 65.00%	360	Oct-04-03
11659101 1		198,400.00	196,404.69	Jun-01-04	7.875%	CO - 80.00%	360	Sep-22-03
11661691 1		51,300.00	50,879.91	Aug-01-04	8.125%	GA - 90.00%	360	Nov-04-03
11664135 1		55,250.00	54,792.04	Aug-01-04	8.500%	FL - 85.00%	360	Oct-08-03
11665412 1		295,000.00	291,195.38	Sep-01-04	5.250%	CA - 70.24%	360	Dec-16-03
11666342 1		95,000.00	94,214.63	Jun-01-04	8.250%	NC - 75.40%	360	Nov-20-03
11667073 1		199,200.00	196,838.96	May-05-04	6.490%	WI - 80.00%	360	Nov-05-03
11667967 1		52,000.00	51,803.03	Jul-03-04	12.100%	FL - 80.00%	360	Oct-29-03
11670978 1		50,000.00	49,638.93	Aug-01-04	8.375%	ID - 100.00%	360	Jan-29-04
11673092 1		126,000.00	124,648.29	Jul-01-04	8.259%	OH - 90.00%	360	Jul-16-03
11675340 1		76,500.00	75,876.03	Aug-01-04	9.750%	WI - 90.00%	360	Nov-19-03
11677728 1		248,000.00	245,907.68	Aug-01-04	7.950%	MD - 80.00%	360	Nov-25-03
11677773 1		130,050.00	129,914.75	Aug-01-04	6.375%	NV - 85.00%	360	Dec-16-03
11678890 1		148,750.00	148,088.24	Feb-13-04	10.625%	MI - 85.00%	360	Dec-09-03
11683017 1		61,200.00	60,968.05	Aug-01-04	11.375%	WI - 60.00%	360	Dec-30-03
11684352 1		63,900.00	63,480.55	Feb-01-04	8.750%	KY - 90.00%	360	Dec-17-03
11685014 1		132,000.00	130,345.26	Aug-01-04	8.259%	IN - 80.00%	360	Jul-26-03
11687175 1		80,000.00	79,622.76	May-01-04	9.875%	IL - 80.00%	360	Jan-26-04
11694466 1		244,000.00	242,617.43	Jul-01-04	8.450%	NY - 80.00%	360	Feb-09-04
11696612 1		216,400.00	214,747.98	Aug-01-04	7.500%	OH - 80.00%	360	Jan-30-04
11697191 1		133,600.00	133,600.00	Aug-01-04	6.000%	OH - 80.00%	360	Jan-30-04
11698280 1		60,000.00	-	Dec-01-04	6.885%	TX - 68.97%	360	Feb-12-04
11704585 1		50,400.00	50,155.85	Jun-01-04	8.625%	TN - 90.00%	360	Mar-26-04
11708042 1		149,600.00	149,054.84	Apr-01-04	10.000%	NY - 80.00%	360	Mar-13-04
11719163 1		56,480.00	56,290.92	Aug-07-04	9.750%	MT - 80.00%	360	Apr-02-04
11725890 1		115,200.00	114,371.34	Aug-01-04	7.250%	FL - 90.00%	360	Feb-23-04
34800450 1		56,600.00	52,827.49	Aug-01-04	9.875%	ID - 72.56%	360	Feb-17-98
40802017 1		32,100.00	27,348.62	Jul-01-04	10.375%	PA - 75.00%	360	Feb-27-98


				Page 13 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							214
	Number of Repurchased Loans							-
	Total Number of Loans Prepaid in Full							214

	Paid in Full Balance							37,863,723.24
	Repurchased Loans Balance							-
	Curtailments Amount							82,999.50
	Total Prepayment Amount							37,946,722.74

	*Cumulative*
	Number of Paid in Full Loans							1,383
	Number of Repurchased Loans							2
	Total Number of Loans Prepaid in Full							1,385

	Paid in Full Balance							236,277,190.69
	Repurchased Loans Balance							102,402.34
	Curtailments Amount							4,936,153.12
	Total Prepayment Amount							241,315,746.15

SPACE INTENTIONALLY LEFT BLANK


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


				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							4.26%
	3 Months Avg SMM							3.93%
	12 Months Avg SMM
	Avg SMM Since Cut-off							2.66%

	CPR							40.71%
	3 Months Avg CPR							38.16%
	12 Months Avg CPR
	Avg CPR Since Cut-off							27.60%

	PSA							1457.42%
	3 Months Avg PSA Approximation							1469.06%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1560.82%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	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 16 of 27				© COPYRIGHT 2004 Deutsche Bank


	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 214						Loan Group 1 = Fixed & Adj
Total Original Principal Balance = 38,274,816.00
Total Prepayment Amount = 37,863,723.24


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

132983 1			47,950.00	46,061.86	Dec-01-04	11.090%	TX - 80.00%	Paid Off - 360	Jun-11-98
136608 1			106,250.00	100,707.75	Dec-01-04	9.875%	CT - 85.00%	Paid Off - 360	Apr-03-98
10013486 1			97,500.00	92,236.93	Dec-01-04	9.625%	CT - 75.00%	Paid Off - 360	Feb-24-98
10013573 1			109,600.00	68,978.40	Dec-01-04	8.500%	PA - 80.00%	Paid Off - 180	Feb-25-98
10014101 1			72,000.00	67,590.90	Dec-01-04	8.750%	CO - 78.26%	Paid Off - 360	Mar-23-98
11000034 1			102,400.00	96,445.46	Dec-01-04	8.750%	NE - 80.00%	Paid Off - 360	Jun-16-98
11000079 1			124,000.00	116,551.48	Dec-01-04	8.875%	OR - 80.00%	Paid Off - 360	Apr-16-98
11003287 1			60,000.00	57,150.83	Dec-01-04	10.000%	VA - 80.00%	Paid Off - 360	May-19-98
11007413 1			76,500.00	72,236.23	Dec-01-04	9.250%	NY - 85.00%	Paid Off - 360	Apr-20-98
11008688 1			100,000.00	93,250.87	Dec-01-04	8.000%	AZ - 79.36%	Paid Off - 360	Jul-13-98
11009133 1			43,000.00	30,406.05	Dec-01-04	8.750%	OK - 72.88%	Paid Off - 180	Jul-10-98
11010074 1			58,000.00	55,614.90	Dec-01-04	10.500%	WA - 56.31%	Paid Off - 180	Aug-04-98
11010132 1			42,700.00	40,721.32	Dec-01-04	10.500%	TX - 79.96%	Paid Off - 360	Jun-23-98
11010597 1			51,000.00	45,786.43	Dec-01-04	10.000%	CA - 85.00%	Paid Off - 180	Jul-17-98
11012082 1			269,000.00	255,697.32	Dec-01-04	9.875%	MD - 62.00%	Paid Off - 360	Mar-25-98
11014413 1			65,250.00	62,292.94	Dec-01-04	10.250%	DE - 90.00%	Paid Off - 180	Jul-07-98
11014641 1			176,000.00	162,751.56	Dec-01-04	7.125%	VA - 80.00%	Paid Off - 360	Aug-03-98
11015266 1			72,000.00	67,348.40	Dec-01-04	8.990%	CA - 63.00%	Paid Off - 180	Apr-24-98
11015961 1			50,000.00	47,239.36	Dec-01-04	9.000%	OK - 50.00%	Paid Off - 360	Jul-02-98
11016519 1			90,000.00	84,798.56	Dec-01-04	8.699%	CO - 75.00%	Paid Off - 360	May-22-98
11021229 1		FCL	79,205.00	73,355.70	Dec-01-04	8.120%	OR - 73.00%	Paid Off - 360	Jun-01-98
11021392 1			98,400.00	91,415.84	Dec-01-04	8.750%	CA - 78.72%	Paid Off - 360	Oct-30-97
11025748 1			64,500.00	62,337.49	Dec-01-04	11.875%	PA - 55.60%	Paid Off - 180	Jun-09-98
11629468 1			55,000.00	53,429.70	Dec-01-04	9.775%	KS - 18.03%	Paid Off - 240	Jul-25-03
11632388 1			316,800.00	313,243.89	Dec-01-04	7.500%	TN - 90.00%	Paid Off - 360	Aug-15-03
11635037 1			105,210.00	104,349.60	Dec-01-04	8.525%	GA - 90.00%	Paid Off - 360	Sep-17-03
11638105 1			128,000.00	126,569.28	Dec-01-04	6.500%	CO - 80.00%	Paid Off - 360	Oct-31-03
11638388 1			133,350.00	129,699.85	Dec-01-04	8.313%	MI - 74.08%	Paid Off - 360	Sep-10-03
11640415 1			606,914.00	598,677.02	Dec-01-04	7.250%	PA - 85.00%	Paid Off - 360	Oct-10-03
11640520 1			108,500.00	107,720.10	Dec-01-04	8.750%	CA - 70.00%	Paid Off - 360	Oct-03-03
11641118 1			325,000.00	322,046.24	Dec-01-04	6.600%	AK - 69.15%	Paid Off - 360	Dec-10-03
11642457 1			66,500.00	65,706.96	Dec-01-04	7.250%	KS - 70.00%	Paid Off - 360	Aug-29-03
11644295 1			128,200.00	126,802.82	Dec-01-04	7.725%	AZ - 94.96%	Paid Off - 360	Sep-12-03
11647601 1			149,600.00	147,934.08	Dec-01-04	7.125%	IL - 80.00%	Paid Off - 360	Sep-17-03
11648799 1			323,829.00	319,972.85	Dec-01-04	7.750%	VA - 90.00%	Paid Off - 360	Oct-31-03
11649029 1			112,500.00	111,451.46	Dec-01-04	7.875%	NY - 74.01%	Paid Off - 360	Sep-12-03
11649218 1		FCL	90,000.00	88,509.10	Dec-01-04	8.500%	AZ - 75.00%	Paid Off - 360	Sep-18-03
11650334 1			162,000.00	160,290.19	Dec-01-04	7.250%	VA - 90.00%	Paid Off - 360	Sep-16-03
11650409 1			52,000.00	51,505.47	Dec-01-04	6.875%	MD - 80.00%	Paid Off - 360	Nov-14-03
11651376 1			180,000.00	178,493.38	Dec-01-04	7.990%	VA - 69.23%	Paid Off - 360	Oct-03-03
11652993 1			258,500.00	256,477.69	Dec-01-04	7.375%	CA - 71.81%	Paid Off - 360	Dec-03-03
11653230 1			594,600.00	588,620.31	Dec-01-04	7.875%	NJ - 66.07%	Paid Off - 360	Aug-19-03
11653366 1			500,000.00	495,615.15	Dec-01-04	7.500%	WV - 80.00%	Paid Off - 360	Nov-06-03
11653626 1			197,600.00	195,907.92	Dec-01-04	7.875%	MD - 95.00%	Paid Off - 360	Sep-30-03

					Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

11654978 1			137,600.00	136,791.38	Dec-01-04	10.125%	MS - 80.00%	Paid Off - 360	Oct-23-03
11655157 1			333,843.00	333,842.96	Dec-01-04	6.500%	CA - 80.00%	Paid Off - 360	Oct-24-03
11655607 1			71,200.00	70,476.69	Dec-01-04	7.000%	NY - 80.00%	Paid Off - 360	Oct-22-03
11656043 1			260,000.00	260,000.00	Dec-01-04	6.625%	CA - 80.00%	Paid Off - 360	Nov-10-03
11656315 1			81,000.00	80,300.06	Dec-01-04	8.250%	OH - 90.00%	Paid Off - 360	Sep-30-03
11656807 1			184,000.00	182,153.13	Dec-01-04	7.490%	IL - 80.00%	Paid Off - 360	Sep-04-03
11657580 1			66,000.00	65,388.66	Dec-01-04	6.500%	LA - 75.00%	Paid Off - 360	Dec-19-03
11657806 1			152,550.00	151,396.73	Dec-01-04	8.500%	FL - 90.00%	Paid Off - 360	Oct-16-03
11658688 1			169,000.00	166,975.53	Dec-01-04	7.375%	MD - 84.92%	Paid Off - 360	Oct-09-03
11658814 1			50,000.00	49,706.12	Dec-01-04	10.000%	OH - 40.00%	Paid Off - 360	Oct-14-03
11659015 1			600,000.00	594,862.13	Dec-01-04	7.875%	VA - 77.42%	Paid Off - 360	Oct-22-03
11659684 1			192,000.00	190,372.12	Dec-01-04	7.925%	NV - 80.00%	Paid Off - 360	Oct-20-03
11659802 1			220,300.00	220,225.32	Dec-01-04	8.650%	NY - 67.78%	Paid Off - 360	Dec-12-03
11660867 1			126,000.00	124,885.55	Dec-01-04	7.250%	NY - 84.00%	Paid Off - 360	Nov-25-03
11661277 1			122,400.00	121,532.39	Dec-01-04	7.875%	VA - 80.00%	Paid Off - 360	Dec-24-03
11661720 1			148,000.00	146,460.07	Dec-01-04	6.875%	VA - 80.00%	Paid Off - 360	Oct-20-03
11661854 1			153,750.00	151,772.17	Dec-01-04	5.750%	CA - 75.00%	Paid Off - 360	Oct-22-03
11661938 1			148,750.00	147,659.88	Dec-01-04	8.525%	NV - 85.00%	Paid Off - 360	Nov-06-03
11662320 1			60,000.00	59,997.72	Dec-01-04	5.375%	VA - 80.00%	Paid Off - 360	Nov-17-03
11662359 1			151,895.00	149,996.21	Dec-01-04	6.375%	WA - 80.00%	Paid Off - 360	Oct-24-03
11662437 1			73,100.00	72,635.65	Dec-01-04	8.912%	NE - 85.00%	Paid Off - 360	Nov-10-03
11662474 1			167,400.00	165,707.67	Dec-01-04	7.025%	NV - 90.00%	Paid Off - 360	Oct-23-03
11662864 1			257,600.00	257,600.00	Dec-01-04	8.250%	CA - 80.00%	Paid Off - 360	Nov-03-03
11663216 1			325,873.00	325,873.00	Dec-01-04	5.750%	CA - 80.00%	Paid Off - 360	Nov-11-03
11663550 1			232,000.00	229,150.98	Dec-01-04	6.000%	CA - 80.00%	Paid Off - 360	Oct-20-03
11663627 1			154,800.00	153,045.51	Dec-01-04	6.750%	MD - 80.00%	Paid Off - 360	Oct-21-03
11663675 1			181,800.00	179,278.57	Dec-01-04	8.500%	AK - 90.00%	Paid Off - 360	Nov-19-03
11664016 1			100,000.00	98,976.33	Dec-01-04	7.500%	VA - 80.00%	Paid Off - 360	Oct-24-03
11664153 1			223,200.00	223,200.00	Dec-01-04	7.250%	NV - 90.00%	Paid Off - 360	Oct-23-03
11664555 1			52,200.00	51,935.16	Dec-01-04	10.000%	TX - 60.00%	Paid Off - 360	Nov-20-03
11664624 1			140,800.00	139,478.98	Dec-01-04	6.625%	NV - 80.00%	Paid Off - 360	Dec-12-03
11665192 1			200,000.00	198,636.40	Dec-01-04	8.563%	NY - 71.43%	Paid Off - 360	Nov-10-03
11665281 1			186,000.00	183,746.12	Dec-01-04	5.750%	CA - 75.00%	Paid Off - 360	Nov-20-03
11665365 1			158,950.00	157,956.34	Dec-01-04	8.990%	CA - 85.00%	Paid Off - 360	Nov-06-03
11665775 1			48,000.00	47,781.49	Dec-01-04	10.625%	TX - 80.00%	Paid Off - 360	Nov-24-03
11666003 1			195,000.00	193,081.87	Dec-01-04	7.688%	NY - 72.90%	Paid Off - 360	Oct-29-03
11666455 1			206,975.00	206,222.33	Dec-01-04	11.688%	CA - 85.00%	Paid Off - 360	Nov-19-03
11666519 1			108,000.00	106,947.82	Dec-01-04	6.750%	IL - 80.00%	Paid Off - 360	Nov-22-03
11667203 1			209,600.00	207,143.95	Dec-01-04	6.250%	VA - 80.00%	Paid Off - 360	Nov-03-03
11667209 1			123,405.00	122,321.88	Dec-01-04	7.750%	FL - 95.00%	Paid Off - 360	Oct-30-03
11667725 1			244,000.00	244,000.00	Dec-01-04	7.750%	CA - 80.00%	Paid Off - 360	Oct-24-03
11668225 1			424,902.00	424,902.00	Dec-01-04	7.000%	FL - 80.00%	Paid Off - 360	Dec-24-03
11668484 1			216,000.00	213,895.79	Dec-01-04	6.750%	NY - 80.00%	Paid Off - 360	Nov-19-03
11668583 1			73,950.00	73,653.28	Dec-01-04	10.125%	VA - 85.00%	Paid Off - 360	Jan-02-04
11669084 1			135,000.00	133,746.60	Dec-01-04	7.000%	GA - 66.18%	Paid Off - 360	Nov-13-03
11669157 1			183,800.00	177,392.38	Dec-01-04	7.300%	CA - 69.89%	Paid Off - 180	Nov-24-03
11669256 1			240,000.00	237,856.47	Dec-01-04	7.200%	MA - 75.00%	Paid Off - 360	Nov-10-03
11669455 1			56,000.00	55,769.49	Dec-01-04	10.990%	FL - 80.00%	Paid Off - 360	Nov-07-03
11669654 1			170,000.00	168,531.06	Dec-01-04	7.500%	MA - 73.91%	Paid Off - 360	Nov-10-03
11669836 1		FCL	51,200.00	50,789.43	Dec-01-04	7.750%	MS - 80.00%	Paid Off - 360	Nov-07-03
11669921 1			378,800.00	378,799.99	Dec-01-04	7.200%	GA - 100.00%	Paid Off - 360	Jan-29-04
11669979 1			135,200.00	133,944.77	Dec-01-04	7.000%	IL - 80.00%	Paid Off - 360	Nov-19-03

					Page 18 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

11670486 1			32,300.00	32,152.49	Dec-01-04	10.500%	OH - 85.00%	Paid Off - 360	Nov-26-03
11670734 1			240,000.00	240,000.00	Dec-01-04	8.000%	AK - 80.00%	Paid Off - 360	Mar-23-04
11670926 1			306,000.00	306,000.00	Dec-01-04	7.925%	VA - 90.00%	Paid Off - 360	Nov-12-03
11670937 1			177,290.00	175,902.89	Dec-01-04	7.875%	RI - 90.00%	Paid Off - 360	Nov-14-03
11671616 1			330,328.00	330,328.00	Dec-01-04	6.000%	CA - 80.00%	Paid Off - 360	Nov-13-03
11671664 1			220,000.00	218,300.24	Dec-01-04	7.938%	NY - 80.00%	Paid Off - 360	Nov-12-03
11672085 1			450,000.00	449,999.88	Dec-01-04	7.125%	VA - 71.20%	Paid Off - 360	Dec-04-03
11672148 1			54,400.00	53,945.14	Dec-01-04	7.125%	TN - 80.00%	Paid Off - 360	Dec-19-03
11672753 1			232,000.00	229,222.43	Dec-01-04	5.750%	CA - 80.00%	Paid Off - 360	Nov-10-03
11673221 1			148,500.00	147,596.95	Dec-01-04	9.125%	FL - 90.00%	Paid Off - 360	Nov-25-03
11673555 1			128,000.00	126,706.47	Dec-01-04	9.250%	MD - 75.29%	Paid Off - 360	Nov-17-03
11673604 1			162,350.00	161,668.73	Dec-01-04	10.900%	MS - 85.00%	Paid Off - 360	Nov-13-03
11674148 1			80,000.00	79,069.33	Dec-01-04	6.375%	IN - 74.77%	Paid Off - 360	Nov-21-03
11674269 1			144,000.00	141,086.03	Dec-01-04	6.775%	CA - 90.00%	Paid Off - 240	Dec-05-03
11674392 1			106,500.00	106,500.00	Dec-01-04	11.000%	CO - 64.94%	Paid Off - 360	Dec-02-03
11674754 1			139,200.00	137,970.71	Dec-01-04	6.750%	NV - 80.00%	Paid Off - 360	Dec-03-03
11674967 1			174,250.00	172,984.89	Dec-01-04	8.250%	VA - 85.00%	Paid Off - 360	Dec-02-03
11675740 1			196,000.00	195,960.81	Dec-01-04	6.000%	NY - 80.00%	Paid Off - 360	Jan-05-04
11676078 1			96,300.00	95,579.82	Dec-01-04	7.050%	CA - 85.98%	Paid Off - 360	Dec-31-03
11676282 1			144,925.00	144,237.19	Dec-01-04	10.125%	GA - 85.00%	Paid Off - 360	Dec-05-03
11676485 1			142,000.00	141,157.19	Dec-01-04	9.250%	RI - 61.74%	Paid Off - 360	Nov-21-03
11676589 1			169,600.00	168,512.14	Dec-01-04	8.375%	VA - 80.00%	Paid Off - 360	Dec-10-03
11676818 1			132,000.00	131,454.24	Dec-01-04	10.500%	PA - 80.00%	Paid Off - 360	Dec-03-03
11677111 1			124,000.00	123,462.82	Dec-01-04	10.750%	FL - 80.00%	Paid Off - 360	Nov-25-03
11677488 1			188,000.00	186,321.47	Dec-01-04	6.125%	IL - 80.00%	Paid Off - 360	Jan-09-04
11677918 1			224,000.00	222,052.26	Dec-01-04	7.500%	CA - 81.45%	Paid Off - 360	Nov-20-03
11678101 1			145,000.00	144,262.16	Dec-01-04	9.990%	NJ - 63.04%	Paid Off - 360	Nov-20-03
11678256 1			87,000.00	86,431.32	Dec-01-04	8.375%	FL - 75.00%	Paid Off - 360	Jan-09-04
11679065 1			450,400.00	445,920.44	Dec-01-04	6.125%	FL - 68.24%	Paid Off - 360	Dec-05-03
11679225 1			210,000.00	210,000.00	Dec-01-04	7.500%	CA - 84.85%	Paid Off - 360	Jan-07-04
11679346 1			242,990.00	242,990.00	Dec-01-04	7.250%	FL - 90.00%	Paid Off - 360	Dec-23-03
11679878 1			56,000.00	55,538.96	Dec-01-04	7.625%	OH - 74.67%	Paid Off - 360	Dec-11-03
11679888 1			202,000.00	200,539.88	Dec-01-04	7.875%	MA - 89.78%	Paid Off - 360	Dec-10-03
11679975 1			256,750.00	253,513.42	Dec-01-04	5.375%	CA - 79.99%	Paid Off - 360	Nov-20-03
11679979 1			193,500.00	191,986.20	Dec-01-04	7.375%	IL - 90.00%	Paid Off - 360	Dec-30-03
11680146 1			499,999.00	496,739.70	Dec-01-04	7.750%	OR - 74.63%	Paid Off - 360	Jan-06-04
11680543 1		FCL	242,400.00	240,096.77	Dec-01-04	6.875%	FL - 80.00%	Paid Off - 360	Dec-19-03
11681440 1			204,000.00	201,913.69	Dec-01-04	6.250%	MD - 80.00%	Paid Off - 360	Dec-19-03
11681743 1			136,800.00	136,800.00	Dec-01-04	6.450%	CA - 90.00%	Paid Off - 240	Dec-26-03
11682034 1			156,000.00	154,496.95	Dec-01-04	6.500%	FL - 80.00%	Paid Off - 360	Dec-19-03
11682084 1			332,100.00	329,523.19	Dec-01-04	7.417%	MD - 90.00%	Paid Off - 360	Dec-19-03
11682235 1			79,500.00	79,050.86	Dec-01-04	9.000%	AZ - 82.81%	Paid Off - 360	Dec-17-03
11683104 1			198,000.00	195,832.20	Dec-01-04	5.990%	CA - 89.19%	Paid Off - 360	Dec-16-03
11683119 1			180,481.00	179,169.48	Dec-01-04	7.750%	NV - 95.00%	Paid Off - 360	Dec-18-03
11683168 1			200,000.00	197,703.92	Dec-01-04	10.125%	IL - 80.00%	Paid Off - 360	Dec-19-03
11683268 1			53,250.00	52,886.65	Dec-01-04	7.800%	KS - 75.00%	Paid Off - 360	Jan-09-04
11683658 1			279,000.00	276,594.71	Dec-01-04	6.875%	NY - 83.28%	Paid Off - 360	Dec-26-03
11683740 1			268,000.00	265,976.13	Dec-01-04	7.000%	NY - 80.00%	Paid Off - 360	Jan-02-04
11683984 1			141,000.00	139,902.29	Dec-01-04	7.400%	OH - 43.38%	Paid Off - 360	Dec-18-03
11684094 1			187,000.00	185,970.14	Dec-01-04	9.125%	NV - 85.00%	Paid Off - 360	Dec-22-03
11684607 1			175,000.00	173,454.55	Dec-01-04	6.750%	NV - 94.59%	Paid Off - 360	Dec-23-03
11684614 1			315,000.00	312,535.17	Dec-01-04	7.375%	CA - 90.00%	Paid Off - 360	Dec-22-03

					Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

11684630 1			184,000.00	182,739.87	Dec-01-04	7.500%	FL - 80.00%	Paid Off - 360	Jan-08-04
11684712 1			97,600.00	96,908.12	Dec-01-04	7.875%	NV - 80.00%	Paid Off - 360	Dec-19-03
11685506 1			191,200.00	189,279.63	Dec-01-04	5.500%	IL - 80.00%	Paid Off - 360	Dec-31-03
11685554 1			220,500.00	218,580.57	Dec-01-04	6.825%	NV - 90.00%	Paid Off - 360	Dec-23-03
11686167 1			80,000.00	79,610.27	Dec-01-04	9.190%	NC - 66.12%	Paid Off - 360	Jan-09-04
11686448 1			112,500.00	111,681.75	Dec-01-04	7.750%	CA - 75.00%	Paid Off - 360	Dec-23-03
11687077 1			96,750.00	95,915.89	Dec-01-04	6.875%	MO - 75.00%	Paid Off - 360	Dec-24-03
11688227 1			93,000.00	92,500.61	Dec-01-04	8.750%	MI - 68.89%	Paid Off - 360	Jan-20-04
11689294 1			105,000.00	103,802.88	Dec-01-04	7.990%	CA - 48.84%	Paid Off - 360	Dec-15-03
11690662 1			225,250.00	223,686.13	Dec-01-04	7.438%	IL - 85.00%	Paid Off - 360	Jan-23-04
11691249 1			110,500.00	109,018.79	Dec-01-04	7.125%	PA - 85.00%	Paid Off - 360	Jan-17-04
11691268 1			81,000.00	80,613.58	Dec-01-04	8.700%	VA - 90.00%	Paid Off - 360	Jan-30-04
11691653 1			140,000.00	138,705.20	Dec-01-04	9.000%	CA - 70.00%	Paid Off - 360	Jun-06-03
11692326 1			156,000.00	155,209.69	Dec-01-04	9.000%	FL - 80.00%	Paid Off - 360	Jan-21-04
11692778 1			60,000.00	59,450.79	Dec-01-04	8.750%	VA - 47.62%	Paid Off - 360	Jan-23-04
11692784 1			208,000.00	206,429.23	Dec-01-04	7.000%	NC - 78.79%	Paid Off - 360	Jan-30-04
11693279 1			75,000.00	74,720.30	Dec-01-04	10.000%	NY - 51.72%	Paid Off - 360	Jan-29-04
11693526 1			198,000.00	198,000.00	Dec-01-04	8.000%	GA - 90.00%	Paid Off - 360	Feb-11-04
11693682 1			280,000.00	280,000.00	Dec-01-04	5.625%	CA - 80.00%	Paid Off - 360	Jan-16-04
11694085 1			168,500.00	167,035.13	Dec-01-04	6.750%	CO - 69.63%	Paid Off - 360	Jan-22-04
11694539 1			180,000.00	178,735.47	Dec-01-04	6.750%	IL - 85.71%	Paid Off - 360	Feb-06-04
11694819 1		FCL	910,000.00	910,000.00	Dec-01-04	6.750%	VA - 65.00%	Paid Off - 360	Mar-29-04
11698280 1		FCL	60,000.00	59,589.34	Dec-01-04	6.885%	TX - 68.97%	Paid Off - 360	Feb-12-04
11698604 1			418,500.00	416,391.85	Dec-01-04	7.750%	CA - 89.81%	Paid Off - 360	Mar-12-04
11699909 1			495,000.00	494,838.27	Dec-01-04	6.500%	CA - 70.51%	Paid Off - 360	Mar-02-04
11700075 1			116,450.00	115,476.49	Dec-01-04	8.500%	CA - 85.00%	Paid Off - 360	Nov-11-03
11700076 1			93,000.00	91,991.97	Dec-01-04	7.259%	MO - 79.49%	Paid Off - 360	Oct-28-03
11701265 1			250,000.00	247,886.74	Dec-01-04	7.500%	CA - 71.43%	Paid Off - 360	Nov-17-03
11701966 1			88,000.00	87,567.64	Dec-01-04	7.875%	VA - 80.00%	Paid Off - 360	Mar-26-04
11702108 1			108,000.00	107,222.78	Dec-01-04	6.625%	NV - 80.00%	Paid Off - 360	Feb-18-04
11702370 1			580,750.00	577,225.60	Dec-01-04	7.500%	IL - 78.48%	Paid Off - 360	Feb-24-04
11703084 1		FCL	221,600.00	219,850.09	Dec-01-04	6.125%	MD - 80.00%	Paid Off - 360	Mar-02-04
11704756 1			280,000.00	279,999.04	Dec-01-04	8.125%	CA - 80.00%	Paid Off - 360	Feb-19-04
11704977 1			177,600.00	176,401.84	Dec-01-04	6.250%	CA - 76.88%	Paid Off - 360	Mar-01-04
11706123 1			122,400.00	121,593.65	Dec-01-04	6.375%	NY - 90.00%	Paid Off - 360	Mar-03-04
11706461 1			56,150.00	55,817.54	Dec-01-04	7.250%	OR - 35.09%	Paid Off - 360	Mar-23-04
11708176 1			202,500.00	201,007.41	Dec-01-04	6.500%	MD - 90.00%	Paid Off - 360	Feb-27-04
11708286 1			256,530.00	255,601.62	Dec-01-04	9.375%	NC - 85.00%	Paid Off - 360	Mar-19-04
11708368 1			175,000.00	173,988.99	Dec-01-04	7.750%	WI - 87.50%	Paid Off - 360	Feb-25-04
11709001 1			239,500.00	239,500.00	Dec-01-04	6.750%	MD - 93.19%	Paid Off - 360	Mar-19-04
11709107 1			217,500.00	216,403.86	Dec-01-04	7.750%	VA - 88.78%	Paid Off - 360	Mar-11-04
11709752 1			80,752.00	79,714.94	Dec-01-04	7.525%	CA - 82.40%	Paid Off - 240	Mar-19-04
11711114 1			223,600.00	223,600.00	Dec-01-04	5.990%	CA - 80.00%	Paid Off - 360	Mar-23-04
11714695 1			364,500.00	362,371.58	Dec-01-04	7.000%	MD - 90.00%	Paid Off - 360	Mar-30-04
11717146 1			137,000.00	137,000.00	Dec-01-04	7.125%	CA - 60.89%	Paid Off - 360	Mar-24-04
11717556 1			281,350.00	280,013.08	Dec-01-04	7.250%	IL - 85.00%	Paid Off - 360	Apr-14-04
11718253 1			53,600.00	53,472.79	Dec-01-04	10.625%	OK - 80.00%	Paid Off - 360	Mar-31-04
11719317 1			161,500.00	161,026.31	Dec-01-04	10.375%	CA - 48.94%	Paid Off - 360	Mar-25-04
11720351 1			100,000.00	97,877.85	Dec-01-04	7.675%	MD - 62.99%	Paid Off - 180	Mar-25-04
11720742 1			119,000.00	118,753.24	Dec-01-04	11.250%	NV - 70.00%	Paid Off - 360	Apr-01-04
11723695 1			52,980.00	52,721.97	Dec-01-04	7.125%	FL - 59.53%	Paid Off - 360	Apr-28-04
11723730 1			281,500.00	281,500.00	Dec-01-04	7.000%	IL - 89.94%	Paid Off - 360	Apr-08-04

					Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



Loan Number			Original			Current	State &
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	Original	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Term	Date

11723827 1			208,000.00	207,011.61	Dec-01-04	7.250%	CA - 65.00%	Paid Off - 360	Apr-07-04
11724152 1			134,100.00	133,564.68	Dec-01-04	8.125%	AZ - 90.00%	Paid Off - 360	Mar-31-04
11724229 1			160,000.00	159,368.34	Dec-01-04	7.250%	IL - 80.00%	Paid Off - 360	Apr-28-04
11724485 1			420,000.00	417,674.89	Dec-01-04	6.875%	NV - 80.00%	Paid Off - 360	Apr-14-04
11724750 1			168,000.00	167,429.75	Dec-01-04	9.100%	CA - 70.00%	Paid Off - 360	Apr-05-04
11726471 1			198,000.00	196,802.45	Dec-01-04	6.000%	NY - 70.21%	Paid Off - 360	Apr-27-04
11727085 1			201,600.00	200,517.95	Dec-01-04	6.625%	ME - 80.00%	Paid Off - 360	Apr-14-04
11727452 1			130,000.00	130,000.00	Dec-01-04	8.125%	WA - 72.63%	Paid Off - 360	Apr-23-04
11727864 1			123,250.00	122,692.24	Dec-01-04	6.550%	KS - 83.28%	Paid Off - 360	Apr-27-04
11727934 1			204,300.00	203,329.18	Dec-01-04	7.250%	IL - 90.00%	Paid Off - 360	Apr-22-04
11729738 1			94,350.00	94,350.00	Dec-01-04	10.250%	TN - 85.00%	Paid Off - 360	Apr-28-04
11732619 1			324,800.00	324,800.00	Dec-01-04	6.375%	MD - 80.00%	Paid Off - 360	Apr-28-04
29000142 1			103,600.00	96,090.99	Dec-01-04	8.000%	OR - 63.56%	Paid Off - 360	Feb-24-98
40800917 1			53,440.00	50,264.11	Dec-01-04	9.375%	SD - 64.00%	Paid Off - 360	Dec-23-97


					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES								TOTAL

	*Current*
	Number of Loans Liquidated							4
	Collateral Realized Loss/(Gain) Amount							160,424.71
	Net Liquidation Proceeds							329,228.02

	*Cumulative*
	Number of Loans Liquidated							6
	Collateral Realized Loss/(Gain) Amount							249,691.64
	Net Liquidation Proceeds							503,143.99

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


	Current Principal Loss							160,424.71
	Current Interest Loss/Expenses							0.00
	Additional Losses from Prior Periods							0.00
	TOTAL REALIZED LOSSES							160,424.71


							3 Months Moving Average


Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

	MDR							0.05%
	3 Months Avg MDR							0.03%
	12 Months Avg MDR
	Avg MDR Since Cut-off							0.01%

	CDR							0.66%
	3 Months Avg CDR							0.33%
	12 Months Avg CDR
	Avg CDR Since Cut-off							0.10%

	SDA							2.35%
	3 Months Avg SDA Approximation							1.28%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation							0.56%

	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 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	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 24 of 27				© COPYRIGHT 2004 Deutsche Bank


	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for December 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 4
Total Loan Count Revisions = 0						Loan Group 1 = Fixed & Adj
Total Prior Principal Balance = 489,652.73
Total Current Realized Loss Amount = 160,424.71
Total Revisions Amount = 0.00
Total Realized Loss Amount = 160,424.71
Total Net Liquidation Proceeds = 329,228.02
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)

11014449 1		FCL	7.125%	WA - 90.00%	360	111,466.68		12,196.76
11661380 1		REO	10.250%	FL - 90.00%	360	62,696.70		56,647.47
11686379 1		REO	7.075%	GA - 95.00%	360	261,250.00		91,580.48
11694884 1			10.990%	NY - 79.42%	360	54,239.35		-


					Page 25 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

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


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL

	Trigger Event Occuring							Yes


	Balance of Loans 60+ Delinquent							32,838,601.58


ADJUSTABLE RATE CERTIFICATE INFORMATION								TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION								TOTAL

	Available Funds Rate							6.495826%


				Page 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	Saxon Asset Securities Trust 2004-1
	Mortgage Pass-Through Certificates

	Additional Certificate Report for December 27, 2004 Distribution


	Additional Certificate Report


	CLASS						Available Funds Shortfall	Optimal Pass-Through Rate

	A						0.00	2.450000%
	A-IO						0.00	2.000000%
	S						0.00	0.000000%
	M-1						0.00	2.710000%
	M-2						0.00	3.310000%
	M-3						0.00	3.530000%
	M-4						0.00	3.830000%
	B-1						0.00	3.930000%
	B-2						0.00	5.080000%


				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

SAXON ASSET SECURITIES CO TRUST 2004-1 8-K