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 October 1, 2004, providing for the issuance of Saxon Asset Securities Trust 2004-2 Mortgage Loan Asset Backed Notes and Certificates, Series 2004-2) (Exact name of registrant as specified in charter) VIRGINIA (State or Other Jurisdiction of Incorporation) 333-111832-03 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 Event This current report on Form 8-K relates to the monthly distribution reported to the holders of Saxon Asset Securities Trust 2004-3 Mortgage Loan Asset Backed Notes and Certificates, Series 2004-3 which was made on October 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 28, 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.

SECURITIES AND EXCHANGE COMMISSION



Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Greenwich Capital Markets					1. Certificate Payment Report					2
				Greenwich Capital Markets					2. Collection Account Report					4
									2. Collection Account Report					4
									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10
				Certificate Insurer(s)					5. Delinquency Report					10
									6. REO Report					13

									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18
									9. Prepayment Detail Report					18
									10. Realized Loss Report					19
									11. Realized Loss Detail Report					22
				Servicer(s)					11. Realized Loss Detail Report					22
				Servicer(s)					12. Triggers and Adj. Cert. Report					23
				Saxon					12. Triggers and Adj. Cert. Report					23
				Saxon					13. Additional Certificate Report					24
									13. Additional Certificate Report					24


				Underwriter(s)
				Greenwich Capital Markets


									Total Number of Pages					24
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		October 01, 2004			Brent Hoyler
				Close Date:		October 27, 2004			Administrator
				First Distribution Date:		November 26, 2004			(714) 247-6322
									Brent.Hoyler@db.com
									Brent.Hoyler@db.com
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		December 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		November 30, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						December 24, 2004
						December 24, 2004

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






Page 1 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution -
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal
	Class		Original		Principal					Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance


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

A-1A	SR	$	134,200,000.00		133,300,466.42	289,262.01		1,356,716.10		1,645,978.11		0.00		0.00		131,943,750.32
A-1A	SR	$	134,200,000.00		133,300,466.42	289,262.01		1,356,716.10		1,645,978.11		0.00		0.00		131,943,750.32
A-1B	SR	$	202,200,000.00		200,604,701.99	419,765.34		2,406,098.59		2,825,863.93		0.00		0.00		198,198,603.40
A-1C	SR	$	35,800,000.00		35,800,000.00	82,001.89		0.00		82,001.89		0.00		0.00		35,800,000.00
A-2	SR	$	193,500,000.00		189,008,623.55	384,107.52		3,723,049.34		4,107,156.86		0.00		0.00		185,285,574.21
A-3	SR	$	159,000,000.00		159,000,000.00	345,030.00		0.00		345,030.00		0.00		0.00		159,000,000.00
A-4	SR	$	19,600,000.00		19,600,000.00	44,894.89		0.00		44,894.89		0.00		0.00		19,600,000.00
A-IO	IO/NTL	$	0.00		0.00	173,125.00		0.00		173,125.00		0.00		0.00		0.00
M-1	MEZ	$	31,500,000.00		31,500,000.00	75,407.50		0.00		75,407.50		0.00		0.00		31,500,000.00
M-2	MEZ	$	27,900,000.00		27,900,000.00	67,990.75		0.00		67,990.75		0.00		0.00		27,900,000.00
M-3	MEZ	$	16,200,000.00		16,200,000.00	40,873.50		0.00		40,873.50		0.00		0.00		16,200,000.00
M-4	MEZ	$	16,650,000.00		16,650,000.00	47,027.00		0.00		47,027.00		0.00		0.00		16,650,000.00
M-5	MEZ	$	13,950,000.00		13,950,000.00	40,001.63		0.00		40,001.63		0.00		0.00		13,950,000.00
M-6	MEZ	$	13,950,000.00		13,950,000.00	41,803.50		0.00		41,803.50		0.00		0.00		13,950,000.00
B-1	SUB	$	12,600,000.00		12,600,000.00	42,640.50		0.00		42,640.50		0.00		0.00		12,600,000.00
B-2	SUB	$	12,150,000.00		12,150,000.00	42,163.88		0.00		42,163.88		0.00		0.00		12,150,000.00
B-3	SUB	$	10,800,000.00		10,800,000.00	50,499.00		0.00		50,499.00		0.00		0.00		10,800,000.00
TRUST	NOF/SUB	$	0.00		0.00	1,769,327.48		0.00		1,769,327.48		0.00		0.00		0.00

Total			900,000,000.00		893,013,791.96	3,955,921.39		7,485,864.03		11,441,785.42		0.00		0.00		885,527,927.93
Total




Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
								Orig. Principal		Prior							Current
								Orig. Principal		Prior							Current
	Period		Period					(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method	Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

								(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1A	11/26/04		12/26/04		A-Act/360	805564QR5		134,200,000.00		993.297067		2.155455		10.109658		12.265113	983.187409
A-1B	11/26/04		12/26/04		A-Act/360	805564RF0		202,200,000.00		992.110297		2.075991		11.899597		13.975588	980.210699
A-1C	11/26/04		12/26/04		A-Act/360	805564RG8		35,800,000.00		1,000.000000		2.290556		0.000000		2.290556	1,000.000000
A-2	11/26/04		12/26/04		A-Act/360	805564QS3		193,500,000.00		976.788752		1.985052		19.240565		21.225617	957.548187
A-3	11/26/04		12/26/04		A-Act/360	805564QT1		159,000,000.00		1,000.000000		2.170000		0.000000		2.170000	1,000.000000
A-4	11/26/04		12/26/04		A-Act/360	805564QU8		19,600,000.00		1,000.000000		2.290556		0.000000		2.290556	1,000.000000
A-IO	11/01/04		11/30/04		F-30/360	805564RE3		103,875,000.00		1,000.000000		1.666667		0.000000		1.666667	1,000.000000
M-1	11/26/04		12/26/04		A-Act/360	805564QV6		31,500,000.00		1,000.000000		2.393889		0.000000		2.393889	1,000.000000
M-2	11/26/04		12/26/04		A-Act/360	805564QW4		27,900,000.00		1,000.000000		2.436944		0.000000		2.436944	1,000.000000
M-3	11/26/04		12/26/04		A-Act/360	805564QX2		16,200,000.00		1,000.000000		2.523056		0.000000		2.523056	1,000.000000
M-4	11/26/04		12/26/04		A-Act/360	805564QY0		16,650,000.00		1,000.000000		2.824444		0.000000		2.824444	1,000.000000
M-5	11/26/04		12/26/04		A-Act/360	805564QZ7		13,950,000.00		1,000.000000		2.867500		0.000000		2.867500	1,000.000000
M-6	11/26/04		12/26/04		A-Act/360	805564RA1		13,950,000.00		1,000.000000		2.996667		0.000000		2.996667	1,000.000000
B-1	11/26/04		12/26/04		A-Act/360	805564RB9		12,600,000.00		1,000.000000		3.384167		0.000000		3.384167	1,000.000000
B-2	11/26/04		12/26/04		A-Act/360	805564RC7		12,150,000.00		1,000.000000		3.470278		0.000000		3.470278	1,000.000000
B-3	11/26/04		12/26/04		A-Act/360	805564RD5		10,800,000.00		1,000.000000		4.675833		0.000000		4.675833	1,000.000000
TRUST	11/01/04		11/30/04		F-30/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000



Page 2 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution

Distribution to Date -
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1A	134,200,000.00		545,500.14		2,150,749.91	105,499.77		2,256,249.68		2,801,749.82		0.00		0.00		131,943,750.32
A-1B	202,200,000.00		790,675.97		3,814,295.67	187,100.93		4,001,396.60		4,792,072.57		0.00		0.00		198,198,603.40
A-1C	35,800,000.00		154,534.18		0.00	0.00		0.00		154,534.18		0.00		0.00		35,800,000.00
A-2	193,500,000.00		727,771.58		7,826,230.39	388,195.40		8,214,425.79		8,942,197.37		0.00		0.00		185,285,574.21
A-3	159,000,000.00		648,620.63		0.00	0.00		0.00		648,620.63		0.00		0.00		159,000,000.00
A-4	19,600,000.00		84,605.31		0.00	0.00		0.00		84,605.31		0.00		0.00		19,600,000.00
A-IO	0.00		346,250.00		0.00	0.00		0.00		346,250.00		0.00		0.00		0.00
M-1	31,500,000.00		142,377.81		0.00	0.00		0.00		142,377.81		0.00		0.00		31,500,000.00
M-2	27,900,000.00		128,469.81		0.00	0.00		0.00		128,469.81		0.00		0.00		27,900,000.00
M-3	16,200,000.00		77,340.38		0.00	0.00		0.00		77,340.38		0.00		0.00		16,200,000.00
M-4	16,650,000.00		89,363.09		0.00	0.00		0.00		89,363.09		0.00		0.00		16,650,000.00
M-5	13,950,000.00		76,053.66		0.00	0.00		0.00		76,053.66		0.00		0.00		13,950,000.00
M-6	13,950,000.00		79,599.28		0.00	0.00		0.00		79,599.28		0.00		0.00		13,950,000.00
B-1	12,600,000.00		81,503.63		0.00	0.00		0.00		81,503.63		0.00		0.00		12,600,000.00
B-2	12,150,000.00		80,651.54		0.00	0.00		0.00		80,651.54		0.00		0.00		12,150,000.00
B-3	10,800,000.00		97,310.25		0.00	0.00		0.00		97,310.25		0.00		0.00		10,800,000.00
TRUST	0.00		3,905,187.55		0.00	0.00		0.00		3,905,187.55		0.00		0.00		0.00

Total	900,000,000.00		8,055,814.81		13,791,275.97	680,796.10		14,472,072.07		22,527,886.88		0.00		0.00		885,527,927.93


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

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

Class	Rate		Balance		Interest	Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1A	2.52000%		133,300,466.42		289,262.01	0.00		0.00		0.00		289,262.01		289,262.01		0.00
A-1B	2.43000%		200,604,701.99		419,765.34	0.00		0.00		0.00		419,765.34		419,765.34		0.00
A-1C	2.66000%		35,800,000.00		82,001.89	0.00		0.00		0.00		82,001.89		82,001.89		0.00
A-2	2.36000%		189,008,623.55		384,107.52	0.00		0.00		0.00		384,107.52		384,107.52		0.00
A-3	2.52000%		159,000,000.00		345,030.00	0.00		0.00		0.00		345,030.00		345,030.00		0.00
A-4	2.66000%		19,600,000.00		44,894.89	0.00		0.00		0.00		44,894.89		44,894.89		0.00
A-IO	2.00000%		103,875,000.00		173,125.00	0.00		0.00		0.00		173,125.00		173,125.00		0.00
M-1	2.78000%		31,500,000.00		75,407.50	0.00		0.00		0.00		75,407.50		75,407.50		0.00
M-2	2.83000%		27,900,000.00		67,990.75	0.00		0.00		0.00		67,990.75		67,990.75		0.00
M-3	2.93000%		16,200,000.00		40,873.50	0.00		0.00		0.00		40,873.50		40,873.50		0.00
M-4	3.28000%		16,650,000.00		47,027.00	0.00		0.00		0.00		47,027.00		47,027.00		0.00
M-5	3.33000%		13,950,000.00		40,001.63	0.00		0.00		0.00		40,001.63		40,001.63		0.00
M-6	3.48000%		13,950,000.00		41,803.50	0.00		0.00		0.00		41,803.50		41,803.50		0.00
B-1	3.93000%		12,600,000.00		42,640.50	0.00		0.00		0.00		42,640.50		42,640.50		0.00
B-2	4.03000%		12,150,000.00		42,163.88	0.00		0.00		0.00		42,163.88		42,163.88		0.00
B-3	5.06223%		10,800,000.00		47,078.77	0.00		0.00		0.00		47,078.77		50,499.00		0.00
TRUST	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		1,769,327.48		0.00

Total			996,888,791.96		2,183,173.68	0.00		0.00		0.00		2,183,173.68		3,955,921.39		0.00



Page 3 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
									Group 2		Group 1		Total
Principal Collections									3,723,049.34		3,762,814.69		7,485,864.03
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									3,723,049.34		3,762,814.69		7,485,864.03
Interest Collections									2,044,307.72		2,026,209.99		4,070,517.70
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Other Accounts									0.00		0.00		93,416.75
Interest Fees									-88,780.51		-88,960.41		-177,740.92
TOTAL NET INTEREST									1,955,527.20		1,937,249.58		3,986,193.53
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									5,678,576.54		5,700,064.27		11,472,057.56
Retained Interest paid to SAXON Funding Management													30,272.15



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										157,011.28		182,965.37		339,976.65
Curtailments										50,453.00		15,645.55		66,098.55
Prepayments In Full										3,515,585.06		3,564,203.77		7,079,788.83
Repurchased/Substitutions										0.00		0.00		0.00
Liquidations										0.00		0.00		0.00
Other Additional Principal										0.00		0.00		0.00
Delinquent Principal										-23,797.06		-28,028.14		-51,825.20
Realized Losses										-0.00		-0.00		-0.00
Advanced Principal										23,797.06		28,028.14		51,825.20
TOTAL PRINCIPAL COLLECTED										3,723,049.34		3,762,814.69		7,485,864.03


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



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





Page 4 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									2,056,089.79		2,037,903.24		4,093,993.03
Repurchased/Substitution Interest									0.00		0.00		0.00
Liquidation Interest									0.00		0.00		0.00
Other Additional Interest									0.00		0.00		0.00
Prepayment Interest Shortfalls									-0.00		-0.00		-0.00
Delinquent Interest									-346,911.54		-353,657.09		-700,568.63
Compensating Interest									0.00		0.00		0.00
Civil Relief Act Shortfalls									-0.00		-0.00		-0.00
Interest Advanced									335,129.47		341,963.83		677,093.31
TOTAL INTEREST COLLECTED									2,044,307.72		2,026,209.99		4,070,517.70


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
									Group 2		Group 1		Total
TOTAL INTEREST WITHDRAWALS									0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
									Group 2		Group 1		Total
Prepayment Charges													93,416.75
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		93,416.75



INTEREST - FEES
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees (incl. Master Serv. Fees)									79,812.49		78,345.11		158,157.60
PMI Insurance Fees									8,968.02		10,615.30		19,583.32
TOTAL INTEREST FEES									88,780.51		88,960.41		177,740.92




Page 5 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralization Amount													0.00
Overcollateralization Target Amount													0.00
Overcollateralization Deficiency Amount													0.00
Overcollateralization Release Amount													0.00



Page 6 of 24
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December 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									1,665		2,352		4,017
Prior									1,648		2,338		3,986
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-13		-22		-35
Repurchases									-0		-0		-0
Liquidations									-0		-0		-0
Current									1,635		2,316		3,951
*Principal Balance:*


Original									370,869,637.51		362,648,276.92		733,517,914.43
Prior									366,378,261.06		360,153,445.33		726,531,706.39
Prefunding									79,130,362.49		87,351,723.08		166,482,085.57
Scheduled Principal									-157,011.28		-182,965.37		-339,976.65
Partial Prepayments									-50,453.00		-15,645.55		-66,098.55
Full Voluntary Prepayments									-3,515,585.06		-3,564,203.77		-7,079,788.83
Repurchases									-0.00		-0.00		-0.00
Liquidations									-0.00		-0.00		-0.00
Current									362,655,211.72		356,390,630.64		719,045,842.36





PREFUNDING
PREFUNDING
									Group 2		Group 1		Total
Initial Pool Balance									370,869,637.51		362,648,276.92		733,517,914.43
Prefunding Begining Balance									79,130,362.49		87,351,723.08		166,482,085.57
Prefunding Ending Balance									79,130,362.49		87,351,723.08		166,482,085.57
Original Pool Balance with Prefunding Amount									450,000,000.00		450,000,000.00		900,000,000.00






Page 7 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									6.99891%		7.09898%		7.04838%
Weighted Average Coupon Prior									6.99891%		7.09898%		7.04838%
Weighted Average Coupon Current									6.99003%		7.09903%		7.04406%
Weighted Average Months to Maturity Original									354		355		354
Weighted Average Months to Maturity Prior									354		355		354
Weighted Average Months to Maturity Current									353		354		353
Weighted Avg Remaining Amortization Term Original									354		355		354
Weighted Avg Remaining Amortization Term Prior									354		355		354
Weighted Avg Remaining Amortization Term Current									353		354		353
Weighted Average Seasoning Original									2.19		2.12		2.16
Weighted Average Seasoning Prior									2.19		2.12		2.16
Weighted Average Seasoning Current									3.19		3.12		3.15









Page 8 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.65314%		5.71237%		5.68241%
Weighted Average Margin Prior									5.65314%		5.71237%		5.68241%
Weighted Average Margin Current									5.64717%		5.71204%		5.67933%
Weighted Average Max Rate Original									13.00581%		13.10566%		13.05516%
Weighted Average Max Rate Prior									13.00581%		13.10566%		13.05516%
Weighted Average Max Rate Current									12.99215%		13.10440%		13.04779%
Weighted Average Min Rate Original									6.16267%		6.25995%		6.21075%
Weighted Average Min Rate Prior									6.16267%		6.25995%		6.21075%
Weighted Average Min Rate Current									6.15302%		6.25901%		6.20556%
Weighted Average Cap Up Original									1.02217%		1.02254%		1.02235%
Weighted Average Cap Up Prior									1.02217%		1.02254%		1.02235%
Weighted Average Cap Up Current									1.02056%		1.02200%		1.02128%
Weighted Average Cap Down Original									1.02217%		1.02254%		1.02235%
Weighted Average Cap Down Prior									1.02217%		1.02254%		1.02235%
Weighted Average Cap Down Current									1.02056%		1.02200%		1.02128%




SERVICING FEES & ADVANCES

										Group 2		Group 1		Total




Current Servicing Fees									79,812.49		78,345.11		158,157.60
Delinquent Servicing Fees									11,782.07		11,693.25		23,475.32
TOTAL SERVICING FEES									76,328.81		75,031.97		151,360.78


Total Servicing Fees									76,328.81		75,031.97		151,360.78
Compensating Interest									-0.00		-0.00		-0.00
Delinquent Servicing Fees									-11,782.07		-11,693.25		-23,475.32
COLLECTED SERVICING FEES									64,546.73		63,338.72		127,885.45


Total Advaced Interest									335,129.47		341,963.83		677,093.31
Total Advaced Principal									23,797.06		28,028.14		51,825.20
Aggregate Advances with respect to this Distribution									26,714.82		30,080.28		56,795.09





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00
Compensating Interest									-0.00		-0.00		-0.00
Net Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00

Libor For Current Period													2.1800%

Libor For Next Period													2.4175%

Retained Interest paid to SAXON Funding Management													30,272.15



Page 9 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			18,301,250.94		1,154,233.82		888,779.35		20,344,264.11
			% Balance			2.55%		0.16%		0.12%		2.83%
			# Loans			112		9		3		124
			% # Loans			2.83%		0.23%		0.08%		3.14%
	FORECLOSURE		Balance		0.00	56,630.38		0.00		0.00		56,630.38
			% Balance		0.00%	0.01%		0.00%		0.00%		0.01%
			# Loans		0	1		0		0		1
			% # Loans		0.00%	0.03%		0.00%		0.00%		0.03%
	BANKRUPTCY		Balance		67,335.19	168,319.83		0.00		0.00		235,655.02
			% Balance		0.01%	0.02%		0.00%		0.00%		0.03%
			# Loans		1	2		0		0		3
			% # Loans		0.03%	0.05%		0.00%		0.00%		0.08%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		67,335.19	18,526,201.15		1,154,233.82		888,779.35		20,636,549.51
			% Balance		0.01%	2.58%		0.16%		0.12%		2.87%
			# Loans		1	115		9		3		128
			% # Loans		0.03%	2.91%		0.23%		0.08%		3.24%









Page 10 of 24
Saxon Asset Securities Trust 2004-3

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2004-3

December 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			8,675,399.30		805,568.15		584,000.00		10,064,967.45
			% Balance			2.43%		0.23%		0.16%		2.82%
			# Loans			58		6		2		66
			% # Loans			2.50%		0.26%		0.09%		2.85%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		67,335.19	168,319.83		0.00		0.00		235,655.02
			% Balance		0.02%	0.05%		0.00%		0.00%		0.07%
			# Loans		1	2		0		0		3
			% # Loans		0.04%	0.09%		0.00%		0.00%		0.13%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		67,335.19	8,843,719.13		805,568.15		584,000.00		10,300,622.47
			% Balance		0.02%	2.48%		0.23%		0.16%		2.89%
			# Loans		1	60		6		2		69
			% # Loans		0.04%	2.59%		0.26%		0.09%		2.98%










Page 11 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			9,625,851.64		348,665.67		304,779.35		10,279,296.66
			% Balance			2.65%		0.10%		0.08%		2.83%
			# Loans			54		3		1		58
			% # Loans			3.30%		0.18%		0.06%		3.55%
	FORECLOSURE		Balance		0.00	56,630.38		0.00		0.00		56,630.38
			% Balance		0.00%	0.02%		0.00%		0.00%		0.02%
			# Loans		0	1		0		0		1
			% # Loans		0.00%	0.06%		0.00%		0.00%		0.06%
	BANKRUPTCY		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00	9,682,482.02		348,665.67		304,779.35		10,335,927.04
			% Balance		0.00%	2.67%		0.10%		0.08%		2.85%
			# Loans		0	55		3		1		59
			% # Loans		0.00%	3.36%		0.18%		0.06%		3.61%









Page 12 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

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

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

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



TOTAL



Page 13 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

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

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
11767235 2
11767235 2			56,700.00		56,630.38	01-Oct-2004		11.750%		GA - 70.00%		360		01-Sep-2004



TOTAL			56,700.00		56,630.38



Page 14 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									13		22		35
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									13		22		35
Curtailments Amount									50,453.00		15,645.55		66,098.55
Paid in Full Balance									3,515,585.06		3,564,203.77		7,079,788.83
Repurchased Loans Balance									0.00		0.00		0.00
Total Prepayment Amount									3,566,038.06		3,579,849.32		7,145,887.38

*Cumulative*


Number of Paid in Full Loans									30		36		66
Number of Repurchased Loans									0		0		0
Total Number of Loans Prepaid in Full									30		36		66
Paid in Full Balance									7,842,491.21		5,858,177.62		13,700,668.83
Repurchased Loans Balance									0.00		0.00		0.00
Curtailments Amount									57,224.83		33,382.31		90,607.14
Total Prepayment Amount									7,899,716.04		5,891,559.93		13,791,275.97










Page 15 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

										Group 2		Group 1		Total



SMM									0.97%		0.99%		0.98%
3 Months Avg SMM									1.07%		0.82%		0.95%
12 Months Avg SMM									1.07%		0.82%		0.95%
Avg SMM Since Cut-off									1.07%		0.82%		0.95%


CPR									11.08%		11.30%		11.19%
3 Months Avg CPR									12.13%		9.37%		10.77%
12 Months Avg CPR									12.13%		9.37%		10.77%
Avg CPR Since Cut-off									12.13%		9.37%		10.77%


PSA									1,735.48%		1,813.89%		1,773.88%
3 Months Avg PSA Approximation									2,252.15%		1,790.08%		2,028.75%
12 Months Avg PSA Approximation									2,252.15%		1,790.08%		2,028.75%
Avg PSA Since Cut-off Approximation									2,252.15%		1,790.08%		2,028.75%










Page 16 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

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

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)

	Weighted Average Seasoning (WAS)

	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 17 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

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

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

11732654 2			280,250.00		280,249.99			9.375%		VA - 95.00%		Paid Off - 360		11/01/2004
11732654 2			280,250.00		280,249.99			9.375%		VA - 95.00%		Paid Off - 360		11/01/2004
11761417 2			298,320.00		298,320.00			5.750%		CA - 80.00%		Paid Off - 360		08/01/2004
11761483 1			168,000.00		168,000.00			7.000%		MD - 80.00%		Paid Off - 360		10/01/2004
11764688 1			157,500.00		156,677.50			7.999%		OH - 78.75%		Paid Off - 360		05/01/2004
11765424 2			187,000.00		186,111.39			7.250%		CA - 85.00%		Paid Off - 360		06/01/2004
11765768 1			204,000.00		203,519.69			7.250%		FL - 80.00%		Paid Off - 360		09/01/2004
11766972 1			241,000.00		240,537.04			6.200%		MA - 77.12%		Paid Off - 360		09/16/2004
11767033 1			77,000.00		76,829.21			7.550%		FL - 70.00%		Paid Off - 360		09/01/2004
11767037 1			100,000.00		99,558.75			7.625%		CA - 41.67%		Paid Off - 360		06/01/2004
11767841 2			187,000.00		186,464.93			6.250%		CA - 79.98%		Paid Off - 360		09/01/2004
11769614 1			225,000.00		224,021.36			6.755%		AZ - 90.00%		Paid Off - 360		07/01/2004
11773748 1			213,000.00		213,000.02			6.250%		MD - 79.78%		Paid Off - 360		10/01/2004
11775342 2			724,500.00		724,500.00			7.875%		CA - 70.00%		Paid Off - 360		10/01/2004
11776375 2			240,750.00		240,363.80			7.125%		IL - 90.00%		Paid Off - 360		10/01/2004
11776966 1			192,400.00		192,286.24			11.875%		CA - 65.00%		Paid Off - 360		10/01/2004
11776999 1			67,000.00		66,910.70			8.050%		IL - 100.00%		Paid Off - 360		10/01/2004
11777813 2			262,800.00		262,455.03			8.125%		IL - 90.00%		Paid Off - 360		10/01/2004
11779155 1			317,600.00		317,600.00			8.125%		VA - 80.00%		Paid Off - 360		10/01/2004
11779610 2			400,000.00		400,000.00			6.800%		CA - 74.07%		Paid Off - 360		10/01/2004
11779911 1			95,200.00		95,198.86			6.625%		GA - 80.00%		Paid Off - 360		10/01/2004
11779920 1			124,600.00		124,380.60			6.650%		IL - 69.65%		Paid Off - 360		10/01/2004
11780553 2			144,000.00		143,757.35			6.875%		IL - 80.00%		Paid Off - 360		10/01/2004
11782467 1			186,000.00		185,747.02			7.950%		NV - 93.00%		Paid Off - 360		10/01/2004
11783245 1			126,168.00		125,965.60			7.125%		FL - 80.00%		Paid Off - 360		10/01/2004
11783627 2			120,000.00		120,000.00			6.750%		MD - 80.00%		Paid Off - 360		10/01/2004
11785955 1			79,647.00		79,599.00			8.525%		VA - 86.57%		Paid Off - 360		11/01/2004
11787243 1			278,100.00		278,099.99			7.250%		MD - 90.00%		Paid Off - 360		11/01/2004
11787992 1			87,500.00		87,500.00			7.000%		KS - 69.44%		Paid Off - 360		11/01/2004
11788414 1			160,000.00		160,000.00			6.250%		MD - 80.00%		Paid Off - 360		11/01/2004
11788586 1			78,000.00		77,972.19			11.000%		MI - 44.57%		Paid Off - 360		11/01/2004
11789610 2			53,000.00		52,822.29			7.425%		GA - 81.54%		Paid Off - 360		08/01/2004
11790170 1			203,200.00		203,200.00			7.250%		MD - 80.00%		Paid Off - 360		11/01/2004
11790303 1			187,600.00		187,600.00			7.250%		CA - 80.00%		Paid Off - 360		11/01/2004
11794383 2			136,000.00		135,540.28			6.200%		PA - 80.00%		Paid Off - 180		11/01/2004
11799557 2			485,000.00		485,000.00			7.375%		VA - 80.00%		Paid Off - 360		11/01/2004


TOTAL			7,087,135.00		7,079,788.83
TOTAL


Page 18 of 24
Saxon Asset Securities Trust 2004-3

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Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



										Group 2		Group 1		Total


*Current*
*Current*



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

*Cumulative*
*Cumulative*



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










Page 19 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution


DEFAULT SPEEDS



										Group 2		Group 1		Total



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


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


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


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












Page 20 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution





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



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

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

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

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

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

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

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




Page 21 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &			Prior		Realized				Cumulative
														Cumulative
&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized

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




TOTAL



Page 22 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
									Group 2		Group 1		Total
Has Stepdown Condition occurred (0 = No, 1=Yes)													0

Does a Trigger Event Exist-Either a) or b) Yes?													0
a) Does a Delinquency Trigger Event Exists (0=No,1=Yes)													0
b) Does a Loss Trigger Event Exists (0=No,1=Yes)													0

60+ days Delinqueny Balance													2,099,643.55
Ending Collateral Balance													719,045,842.36
Delinquency Percentage													0.2400%

Senior Enhancement Percentage													21.653696%

Cumulative Loss Percentage													0.0000%


ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION

SPACE INTENTIONALLY LEFT BLANK




Page 23 of 24
Saxon Asset Securities Trust 2004-3

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
2004-3

December 27, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

												NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			A-1A									$0.00		$0.00
												$0.00		$0.00
			A-1B									$0.00		$0.00
												$0.00		$0.00
			A-1C									$0.00		$0.00
												$0.00		$0.00
			A-2									$0.00		$0.00
												$0.00		$0.00
			A-3									$0.00		$0.00
												$0.00		$0.00
			A-4									$0.00		$0.00
												$0.00		$0.00
			M-1									$0.00		$0.00
												$0.00		$0.00
			M-2									$0.00		$0.00
												$0.00		$0.00
			M-3									$0.00		$0.00
												$0.00		$0.00
			M-4									$0.00		$0.00
												$0.00		$0.00
			M-5									$0.00		$0.00
												$0.00		$0.00
			M-6									$0.00		$0.00
												$0.00		$0.00
			B-1									$0.00		$0.00
												$0.00		$0.00
			B-2									$0.00		$0.00
												$0.00		$0.00
			B-3									$0.00		#######
												$0.00		#######






Page 24 of 24

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 10, 2004

SAXON ASSET SECURITIES COMPANY (as Depositor under the Trust Agreement, dated as of October 1, 2004 and the Sale and Servicing Agreement, dated as of October 1, 2004, providing for the issuance of Mortgage Loan Asset Backed Notes, Series 2004-3)

Saxon Asset Securities Company

(Exact Name of Registrant as Specified in its Charter)

Virginia	333-111832	52-1865887
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

4860 Cox Road Glen Allen, Virginia		23060
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (804) 967-7400

None

(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:

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

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

[ ] 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

The Registrant registered issuances of Mortgage Loan Asset Backed Notes, Series 2004-3 on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Act”), by Registration Statement on Form S-3 (Registration File No. 333-111832) (the “Registration Statement”). Pursuant to the Registration Statement, the Registrant issued $900,000,000 in aggregate principal amount of Class A-1A, Class A-1B, Class A-1C, Class A-2, Class A-3, Class A-4, Class A-IO, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Notes (the “Notes”) of its Mortgage Loan Asset Backed Notes, Series 2004-3 and one class of trust certificates (the “Trust Certificates” and, together with the Notes, the “Securities”) on October 27, 2004. This Current Report on Form 8-K is being filed to satisfy an undertaking, contained in the Prospectus, dated October 21, 2004, as supplemented by the Prospectus Supplement, dated October 21, 2004 (the “Prospectus Supplement”), to file information relating to subsequent mortgage loans (the “Subsequent Mortgage Loans”) purchased by the Registrant.

Pursuant to the Subsequent Sales Agreement (the “Subsequent Sales Agreement”), attached as Exhibit 99.1, dated December 10, 2004, between Saxon Funding Management, Inc. (“SFM”) and Saxon Asset Securities Company (“Saxon”), and acknowledged by Deutsche Bank Trust Company Americas (the “Indenture Trustee”), the Registrant purchased Subsequent Mortgage Loans for inclusion in the Trust Estate of Saxon Asset Securities Trust 2004-3 (the “Issuer”) pursuant to the Sale and Servicing Agreement, dated as of October 1, 2004 (the “Sale and Servicing Agreement”), among the Issuer, Saxon as depositor, SFM, as master servicer, Saxon Mortgage Services, Inc., as servicer, and the Indenture Trustee, a form of which was filed as an exhibit to the Registrant’s Form 8-K filed on November 10, 2004. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Sale and Servicing Agreement and in the Subsequent Sales Agreement, as applicable.

Item 9.01. Financial Statements and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

99.1

Subsequent Sales Agreement, dated December 10, 2004, between Saxon Funding Management, Inc. and Saxon Asset Securities Company, and acknowledged by Deutsche Bank Trust Company Americas, as Indenture Trustee.

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.

SAXON ASSET SECURITIES COMPANY

By: /s/ Ernest G. Bretana

Name: Ernest G. Bretana

Title: Vice President

Dated: December 10, 2004

EXHIBIT INDEX

Exhibit No.

Description

Page No.

99.1

Filing Compare · Saxon Asset Securities Trust 2004-3