8-K 1 terwin3he_3q04.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Sec. 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 26, 2004 MERRILL LYNCH MORTGAGE INVESTORS, INC (Exact name of registrant as specified in its charter) Delaware 333-112231-06 13-3416059 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 250 Vesey Street 4 World Financial Center 10th Floor New York, NY 10080 (Address of principal executive offices) Registrant's telephone number, including area code : (212) 449-0357 N/A (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(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 8.1 Other Events. This current report on Form 8-K relates to the monthly distribution reported to the holders of Terwin Mortgage Trust Asset-Backed Certificates, Series TNTS 2004-3HE pursuant to the terms of the Pooling and Servicing Agreement, dated as of April 1, 2004 among Merrill Lynch Mortgage Investors, Inc., as Depositor, Countrywide Home Loans Servicing LP, as Servicer, Specialized Loan Servicing, LLC, as Servicer, Chase Manhattan Mortgage Corporation, as Master Servicer, Terwin Advisors LLC, as Seller, JPMorgan Chase Bank, as Securities Administrator and Backup Servicer, and U.S. Bank National Association, as Trustee. On July 26, 2004, August 25, 2004 and September 27, 2004 distributions were made to the Certificateholders. Specific information with respect to the distributions are filed as Exhibits 99.1, 99.2, and 99.3, respectively. Item 9.1 Financial Statements and Exhibits. (a) Not applicable (b) Not applicable (c) The following exhibit is filed as part of this report: Statement to Certificateholders on July 26, 2004 is filed as Exhibit 99.1 hereto. Statement to Certificateholders on August 25, 2004 is filed as Exhibit 99.2 hereto. Statement to Certificateholders on September 27, 2004 is filed as Exhibit 99.3 hereto. Terwin Mortgage Trust Asset-Backed Certificates, Series TNTS 2004-3HE ----------------------------------------------------- SIGNATURE 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. JPMORGAN CHASE BANK, N.A., not in its individual capacity but solely as Securities Administrator and Backup Servicer, under the Agreement referred to herein Date: February 24, 2005 By: /s/ Pei Huang -------------------------------------------- Name: Pei Huang Title: Assistant Vice President EXHIBIT INDEX Exhibit Description 99.1 Monthly Certificateholder Statement on July 26, 2004 99.2 Monthly Certificateholder Statement on August 25, 2004 99.3 Monthly Certificateholder Statement on September 27, 2004 Exhibit 99.1 Monthly Certificateholder Statement on July 26, 2004 Terwin Mortgage Asset-Backed Certificates Series 2004-3HE Statement To Certificateholders July 26, 2004 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Principal Realized Deferred Principal Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- A1A 102,171,000.00 94,122,717.40 9,417,514.16 115,091.17 9,532,605.33 0.00 0.00 84,705,203.24 A1B 98,113,000.00 98,113,000.00 0.00 141,091.94 141,091.94 0.00 0.00 98,113,000.00 M1 15,067,000.00 15,067,000.00 0.00 24,002.57 24,002.57 0.00 0.00 15,067,000.00 M2 12,862,000.00 12,862,000.00 0.00 27,689.03 27,689.03 0.00 0.00 12,862,000.00 M3 3,062,000.00 3,062,000.00 0.00 7,119.15 7,119.15 0.00 0.00 3,062,000.00 B1 3,675,000.00 3,675,000.00 0.00 9,493.75 9,493.75 0.00 0.00 3,675,000.00 B2 3,062,000.00 3,062,000.00 0.00 8,437.51 8,437.51 0.00 0.00 3,062,000.00 B3 3,062,000.00 3,062,000.00 0.00 11,733.41 11,733.41 0.00 0.00 3,062,000.00 N 13,200,000.00 11,236,330.16 883,650.57 58,054.37 941,704.94 0.00 0.00 10,352,679.59 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 254,274,100.00 244,262,047.56 10,301,164.73 402,712.90 10,703,877.63 0.00 0.00 233,960,882.83 AXA 102,171,000.00 94,122,717.40 0.00 23,530.68 23,530.68 0.00 0.00 84,705,203.24 AXB 98,113,000.00 98,113,000.00 0.00 4,088.04 4,088.04 0.00 0.00 98,113,000.00 M1X 15,067,000.00 15,067,000.00 0.00 1,255.58 1,255.58 0.00 0.00 15,067,000.00 M2X 12,862,000.00 12,862,000.00 0.00 1,071.83 1,071.83 0.00 0.00 12,862,000.00 M3X 3,062,000.00 3,062,000.00 0.00 204.13 204.13 0.00 0.00 3,062,000.00 ---------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- Factor Information Per $1,000 of Original Face Pass-through Rates --------------------------------------------------------------------------------------------------- --------------------------- Current Beginning Ending Class Pass-thru Class Cusip Principal Principal Interest Total Principal Rate (%) ----------------------------------------------------------------------------------------------------- ------------------------- A1A 881561EZ3 921.22732869 92.17404312 1.12645633 93.30049946 829.05328557 A1A 1.420000 % A1B 881561FL3 1,000.00000000 0.00000000 1.43805551 1.43805551 1,000.00000000 A1B 1.670000 % M1 881561FE9 1,000.00000000 0.00000000 1.59305568 1.59305568 1,000.00000000 M1 1.850000 % M2 881561FF6 1,000.00000000 0.00000000 2.15277795 2.15277795 1,000.00000000 M2 2.500000 % M3 881561FG4 1,000.00000000 0.00000000 2.32500000 2.32500000 1,000.00000000 M3 2.700000 % B1 881561FH2 1,000.00000000 0.00000000 2.58333333 2.58333333 1,000.00000000 B1 3.000000 % B2 881561FJ8 1,000.00000000 0.00000000 2.75555519 2.75555519 1,000.00000000 B2 3.200000 % B3 881561FK5 1,000.00000000 0.00000000 3.83194317 3.83194317 1,000.00000000 B3 4.450000 % N 881561FT6 851.23713333 66.94322500 4.39805833 71.34128333 784.29390833 N 6.000000 % R 881561FS8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 1.420000 % TOTALS 960.62496165 40.51204873 1.58377475 42.09582348 920.11291292 AXA 881561FA7 921.22732869 0.00000000 0.23030684 0.23030684 829.05328557 AXA 0.300000 % AXB 881561FM1 1,000.00000000 0.00000000 0.04166665 0.04166665 1,000.00000000 AXB 0.050000 % M1X 881561FB5 1,000.00000000 0.00000000 0.08333311 0.08333311 1,000.00000000 M1X 0.100000 % M2X 881561FC3 1,000.00000000 0.00000000 0.08333307 0.08333307 1,000.00000000 M2X 0.100000 % M3X 881561FD1 1,000.00000000 0.00000000 0.06666558 0.06666558 1,000.00000000 M3X 0.080000 % ---------------------------------------------------------------------------------------------------- -------------------------- *Note: Class N is a notional class. All payments of principal to Class N represent a reduction in the Class N Notional Amount. IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Eva D Aryeetey JPMorgan Chase Bank - ITS - Global Debt JPM, 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-5429 Fax: (212) 623-5932 Email: eva.d.aryeetey@chase.com Principal Remittance Amount 9,417,514.16 Scheduled Principal Payments 196,939.71 Principal Prepayments 9,200,975.95 Curtailments (Current) 31,558.24 Curtailments (Cumulative) 228,680.41 Repurchase Principal (Current) Balance of Mortgage Loans Repurchased 0.00 Number of Mortgage Loans Repurchased 0.00 Repurchase Principal (Cumulative) Balance of Mortgage Loans Repurchased 0.00 Number of Mortgage Loans Repurchased 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Other Principal 0.00 Gross Interest 1,438,554.01 Prepayment Premiums (Current) Number of Loans with Respect to which Prepayment Premiums were Collected 27.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 3,563,899.39 Amount of Prepayment Premiums Collected 133,424.27 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 28.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 3,841,479.57 Amount of Prepayment Premiums Collected 140,105.87 Servicing Related Reporting Items Recoveries from Prior Loss Determinations (Current) 0.00 Recoveries from Prior Loss Determinations (Cumulative) 0.00 Reimbursement of Non-Recoverable Advances Previously Made (Current) 148,518.64 Reimbursement of Non-Recoverable Advances Previously Made (Cumulative) 148,518.64 Recovery of Reimbursements Previously Deemed Non-Recoverable (Current) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Cumulative) 0.00 Servicing Fees 98,781.86 Master Servicing Fees 1,975.64 Back-Up Servicing Fees 730.12 Credit Risk Manager Fees 2,963.46 Current Monthly Advances N/A Total Outstanding Advances N/A Initial Number of Loans Outstanding 1,044 Initial Aggregate Loan Balance 215,353,813.62 Beginning Number of Loans Outstanding 156 Beginning Aggregate Loan Balance 207,305,431.02 Ending Number of Loans Outstanding 1,124 Ending Aggregate Loan Balance 227,678,544.11 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 1,075 217,160,837.70 95.38 % 30-59 days 33 7,367,056.62 3.24 % 60-89 days 12 2,468,406.59 1.08 % 90-119 days 4 682,243.18 0.30 % 120+days 0 0.00 0.00 % Total 1,124 227,678,544.09 100.00 % * Delinquent Bankruptcies and Foreclosures are included in the table above. Bankruptcies Group Totals Principal Number Balance Percentage 0 0.00 0.00% Foreclosures Group Totals Principal Number Balance Percentage 0 0.00 0.00% REO Properties Group Totals Principal Number Balance Percentage 0 0.00 0.00% Book Value of REO Properties 0.00 Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Gross Weighted Average Coupon 7.2815 % Net Weighted Average Coupon 6.7528 % Weighted Average Remaining Term (Prior Month) 346 Weighted Average Remaining Term (Current Month) 343 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 43% of Required Pct? NO Rolling 3 Month Delinquency Rate 0.9487 % 43% of Required Pct 6.6938 % Do Cumm Realized Loss as a % of Orig Agg Loan Balance exceed Required Loss Pct? NO Cumulative Realized Losses as % of Orig Agg Loan Balance 0.0000 % Required Loss Percentage (Effective May 2007) 3.0000 % O/C Reporting Minimum Required Overcollateralization Amount 1,225,722.20 Percentage of Initial Aggregate Loan Balance 0.50 % Ending Overcollateralization Amount 4,070,340.87 Percentage of Initial Aggregate Loan Balance 1.66 % Ending Overcollateralization Deficiency 0.00 Monthly Excess Interest 808,280.67 Net Excess Spread 4.53 % Payment to Class X 0.00 Beginning Balance Prefunding Account 29,790,627.25 Subsequent Transfer Amount 29,771,028.75 Distribution Account Deposit (applied to Principal Remittance Amount) 19,598.50 Ending Balance Prefunding Account 0.00 Beginning Balance Capitalized Interest Account 0.00 Required Withdrawal 110.29 Ending Balance Capitalized Interest Account 0.00 *Note: Class N is a notional class. All payments of principal to Class N represent a reduction in the Class N Notional Amount. Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

Exhibit 99.2 Monthly Certificateholder Statement on August 25, 2004 Terwin Mortgage Asset-Backed Certificates Series 2004-3HE Statement To Certificateholders August 25, 2004 REVISED ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Principal Realized Deferred Principal Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- A1A 102,171,000.00 84,705,203.24 7,529,052.00 110,822.64 7,639,874.64 0.00 0.00 77,176,151.24 A1B 98,113,000.00 98,113,000.00 0.00 148,804.72 148,804.72 0.00 0.00 98,113,000.00 M1 15,067,000.00 15,067,000.00 0.00 25,111.67 25,111.67 0.00 0.00 15,067,000.00 M2 12,862,000.00 12,862,000.00 0.00 28,403.58 28,403.58 0.00 0.00 12,862,000.00 M3 3,062,000.00 3,062,000.00 0.00 7,272.25 7,272.25 0.00 0.00 3,062,000.00 B1 3,675,000.00 3,675,000.00 0.00 9,646.88 9,646.88 0.00 0.00 3,675,000.00 B2 3,062,000.00 3,062,000.00 0.00 8,548.08 8,548.08 0.00 0.00 3,062,000.00 B3 3,062,000.00 3,062,000.00 0.00 11,737.67 11,737.67 0.00 0.00 3,062,000.00 N 13,200,000.00 10,352,679.59 995,204.81 51,763.40 1,046,968.21 0.00 0.00 9,357,474.78 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 254,274,100.00 233,960,882.83 8,524,256.81 402,110.89 8,926,367.70 0.00 0.00 225,436,626.02 AXA 102,171,000.00 84,705,203.24 0.00 21,176.30 21,176.30 0.00 0.00 77,176,151.24 AXB 98,113,000.00 98,113,000.00 0.00 4,088.04 4,088.04 0.00 0.00 98,113,000.00 M1X 15,067,000.00 15,067,000.00 0.00 1,255.58 1,255.58 0.00 0.00 15,067,000.00 M2X 12,862,000.00 12,862,000.00 0.00 1,071.83 1,071.83 0.00 0.00 12,862,000.00 M3X 3,062,000.00 3,062,000.00 0.00 204.13 204.13 0.00 0.00 3,062,000.00 ---------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- Factor Information Per $1,000 of Original Face Pass-through Rates --------------------------------------------------------------------------------------------------- --------------------------- Current Beginning Ending Class Pass-thru Class Cusip Principal Principal Interest Total Principal Rate (%) ----------------------------------------------------------------------------------------------------- ------------------------- A1A 881561EZ3 829.05328557 73.69069501 1.08467804 74.77537305 755.36259056 A1A 1.570000 % A1B 881561FL3 1,000.00000000 0.00000000 1.51666670 1.51666670 1,000.00000000 A1B 1.820000 % M1 881561FE9 1,000.00000000 0.00000000 1.66666689 1.66666689 1,000.00000000 M1 2.000000 % M2 881561FF6 1,000.00000000 0.00000000 2.20833307 2.20833307 1,000.00000000 M2 2.650000 % M3 881561FG4 1,000.00000000 0.00000000 2.37500000 2.37500000 1,000.00000000 M3 2.850000 % B1 881561FH2 1,000.00000000 0.00000000 2.62500136 2.62500136 1,000.00000000 B1 3.150000 % B2 881561FJ8 1,000.00000000 0.00000000 2.79166558 2.79166558 1,000.00000000 B2 3.350000 % B3 881561FK5 1,000.00000000 0.00000000 3.83333442 3.83333442 1,000.00000000 B3 4.600000 % N 881561FT6 784.29390833 75.39430379 3.92146970 79.31577348 708.89960455 N 6.000000 % R 881561FS8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 1.570000 % TOTALS 920.11291292 33.52388942 1.58140719 35.10529661 886.58902350 AXA 881561FA7 829.05328557 0.00000000 0.20726331 0.20726331 755.36259056 AXA 0.300000 % AXB 881561FM1 1,000.00000000 0.00000000 0.04166665 0.04166665 1,000.00000000 AXB 0.050000 % M1X 881561FB5 1,000.00000000 0.00000000 0.08333311 0.08333311 1,000.00000000 M1X 0.100000 % M2X 881561FC3 1,000.00000000 0.00000000 0.08333307 0.08333307 1,000.00000000 M2X 0.100000 % M3X 881561FD1 1,000.00000000 0.00000000 0.06666558 0.06666558 1,000.00000000 M3X 0.080000 % ---------------------------------------------------------------------------------------------------- -------------------------- *Note: Class N is a notional class. All payments of principal to Class N represent a reduction in the Class N Notional Amount. Delinquencies have been revised. IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Eva D Aryeetey JPMorgan Chase Bank - ITS - Global Debt JPM, 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-5429 Fax: (212) 623-5932 Email: eva.d.aryeetey@chase.com Principal Remittance Amount 7,529,052.00 Scheduled Principal Payments 191,522.46 Principal Prepayments 7,337,529.54 Curtailments (Current) 36,339.84 Curtailments (Cumulative) 265,020.25 Repurchase Principal (Current) Balance of Mortgage Loans Repurchased 0.00 Number of Mortgage Loans Repurchased 0.00 Repurchase Principal (Cumulative) Balance of Mortgage Loans Repurchased 0.00 Number of Mortgage Loans Repurchased 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Other Principal 0.00 Gross Interest 1,379,802.68 Prepayment Premiums (Current) Number of Loans with Respect to which Prepayment Premiums were Collected 23.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 4,832,886.54 Amount of Prepayment Premiums Collected 145,574.79 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 51.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 8,674,366.11 Amount of Prepayment Premiums Collected 285,680.66 Servicing Related Reporting Items Recoveries from Prior Loss Determinations (Current) 0.00 Recoveries from Prior Loss Determinations (Cumulative) 0.00 Reimbursement of Non-Recoverable Advances Previously Made (Current) 0.00 Reimbursement of Non-Recoverable Advances Previously Made (Cumulative) 148,518.64 Recovery of Reimbursements Previously Deemed Non-Recoverable (Current) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Cumulative) 0.00 Servicing Fees 94,866.06 Master Servicing Fees 1,897.32 Back-Up Servicing Fees 656.53 Credit Risk Manager Fees 2,845.98 Current Monthly Advances N/A Total Outstanding Advances N/A Initial Number of Loans Outstanding 1,044 Initial Aggregate Loan Balance 215,353,813.62 Beginning Number of Loans Outstanding 1,124 Beginning Aggregate Loan Balance 227,678,544.11 Ending Number of Loans Outstanding 1,089 Ending Aggregate Loan Balance 220,149,492.11 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 1,037 208,366,476.00 94.65 % 30-59 days 27 5,848,651.29 2.66 % 60-89 days 12 3,164,827.83 1.44 % 90-119 days 8 1,710,086.63 0.78 % 120+days 5 1,059,449.98 0.48 % Total 1,089 220,149,491.73 100.01 % * Delinquent Bankruptcies and Foreclosures are included in the table above. Bankruptcies Group Totals Principal Number Balance Percentage 0 0.00 0.00% Foreclosures Group Totals Principal Number Balance Percentage 0 0.00 0.00% REO Properties Group Totals Principal Number Balance Percentage 0 0.00 0.00% Book Value of REO Properties 0.00 Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Gross Weighted Average Coupon 7.2724 % Net Weighted Average Coupon 6.7439 % Weighted Average Remaining Term (Prior Month) 343 Weighted Average Remaining Term (Current Month) 342 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 43% of Required Pct? NO Rolling 3 Month Delinquency Rate 1.6431 % 43% of Required Pct 7.2916 % Do Cumm Realized Loss as a % of Orig Agg Loan Balance exceed Required Loss Pct? NO Cumulative Realized Losses as % of Orig Agg Loan Balance 0.0000 % Required Loss Percentage (Effective May 2007) 3.0000 % O/C Reporting Minimum Required Overcollateralization Amount 1,225,722.20 Percentage of Initial Aggregate Loan Balance 0.50 % Ending Overcollateralization Amount 4,070,340.87 Percentage of Initial Aggregate Loan Balance 1.66 % Ending Overcollateralization Deficiency 0.00 Monthly Excess Interest 901,393.41 Net Excess Spread 4.75 % Payment to Class X 0.00 *Note: Class N is a notional class. All payments of principal to Class N represent a reduction in the Class N Notional Amount. Delinquencies have been revised. Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

Exhibit 99.3 Monthly Certificateholder Statement on September 27, 2004 Terwin Mortgage Asset-Backed Certificates Series 2004-3HE Statement To Certificateholders September 275, 2004 REVISED ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION IN DOLLARS ----------------------------------------------------------------------------------------------------------------------------------- Original Beginning Ending Face Principal Realized Deferred Principal Class Value Balance Principal Interest Total Losses Interest Balance ----------------------------------------------------------------------------------------------------------------------------------- A1A 102,171,000.00 77,176,151.24 10,218,375.78 122,742.24 10,341,118.02 0.00 0.00 66,957,775.46 A1B 98,113,000.00 98,113,000.00 0.00 178,524.78 178,524.78 0.00 0.00 98,113,000.00 M1 15,067,000.00 15,067,000.00 0.00 29,901.72 29,901.72 0.00 0.00 15,067,000.00 M2 12,862,000.00 12,862,000.00 0.00 33,189.32 33,189.32 0.00 0.00 12,862,000.00 M3 3,062,000.00 3,062,000.00 0.00 8,462.60 8,462.60 0.00 0.00 3,062,000.00 B1 3,675,000.00 3,675,000.00 0.00 11,167.41 11,167.41 0.00 0.00 3,675,000.00 B2 3,062,000.00 3,062,000.00 0.00 9,866.02 9,866.02 0.00 0.00 3,062,000.00 B3 3,062,000.00 3,062,000.00 0.00 13,374.56 13,374.56 0.00 0.00 3,062,000.00 N 13,200,000.00 9,357,474.78 957,186.14 51,466.11 1,008,652.25 0.00 0.00 8,400,288.64 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTALS 254,274,100.00 225,436,626.02 11,175,561.92 458,694.76 11,634,256.68 0.00 0.00 214,261,064.10 AXA 102,171,000.00 77,176,151.24 0.00 19,294.04 19,294.04 0.00 0.00 66,957,775.46 AXB 98,113,000.00 98,113,000.00 0.00 4,088.04 4,088.04 0.00 0.00 98,113,000.00 M1X 15,067,000.00 15,067,000.00 0.00 1,255.58 1,255.58 0.00 0.00 15,067,000.00 M2X 12,862,000.00 12,862,000.00 0.00 1,071.83 1,071.83 0.00 0.00 12,862,000.00 M3X 3,062,000.00 3,062,000.00 0.00 204.13 204.13 0.00 0.00 3,062,000.00 ---------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- Factor Information Per $1,000 of Original Face Pass-through Rates --------------------------------------------------------------------------------------------------- --------------------------- Current Beginning Ending Class Pass-thru Class Cusip Principal Principal Interest Total Principal Rate (%) ----------------------------------------------------------------------------------------------------- ------------------------- A1A 881561EZ3 755.36259056 100.01248671 1.20134128 101.21382799 655.35010385 A1A 1.735000 % A1B 881561FL3 1,000.00000000 0.00000000 1.81958334 1.81958334 1,000.00000000 A1B 1.985000 % M1 881561FE9 1,000.00000000 0.00000000 1.98458353 1.98458353 1,000.00000000 M1 2.165000 % M2 881561FF6 1,000.00000000 0.00000000 2.58041673 2.58041673 1,000.00000000 M2 2.815000 % M3 881561FG4 1,000.00000000 0.00000000 2.76374918 2.76374918 1,000.00000000 M3 3.015000 % B1 881561FH2 1,000.00000000 0.00000000 3.03875102 3.03875102 1,000.00000000 B1 3.315000 % B2 881561FJ8 1,000.00000000 0.00000000 3.22208361 3.22208361 1,000.00000000 B2 3.515000 % B3 881561FK5 1,000.00000000 0.00000000 4.36791639 4.36791639 1,000.00000000 B3 4.765000 % N 881561FT6 708.89960455 72.51410152 3.89894773 76.41304924 636.38550303 N 6.000000 % R 881561FS8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 1.735000 % TOTALS 886.58902350 43.95084643 1.80393819 45.75478462 842.63817707 AXA 881561FA7 755.36259056 0.00000000 0.18884067 0.18884067 655.35010385 AXA 0.300000 % AXB 881561FM1 1,000.00000000 0.00000000 0.04166665 0.04166665 1,000.00000000 AXB 0.050000 % M1X 881561FB5 1,000.00000000 0.00000000 0.08333311 0.08333311 1,000.00000000 M1X 0.100000 % M2X 881561FC3 1,000.00000000 0.00000000 0.08333307 0.08333307 1,000.00000000 M2X 0.100000 % M3X 881561FD1 1,000.00000000 0.00000000 0.06666558 0.06666558 1,000.00000000 M3X 0.080000 % ---------------------------------------------------------------------------------------------------- -------------------------- *Note: Class N is a notional class. All payments of principal to Class N represent a reduction in the Class N Notional Amount. IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Eva D Aryeetey JPMorgan Chase Bank - ITS - Global Debt JPM, 4 New York Plaza, 6th Floor New York, New York 10004 Tel: (212) 623-5429 Fax: (212) 623-5932 Email: eva.d.aryeetey@chase.com Principal Remittance Amount 10,218,375.78 Scheduled Principal Payments 185,403.95 Principal Prepayments 10,032,971.83 Curtailments (Current) 35,684.27 Curtailments (Cumulative) 300,704.52 Repurchase Principal (Current) Balance of Mortgage Loans Repurchased 0.00 Number of Mortgage Loans Repurchased 0.00 Repurchase Principal (Cumulative) Balance of Mortgage Loans Repurchased 0.00 Number of Mortgage Loans Repurchased 0.00 Substitution Amounts 0.00 Net Liquidation Proceeds 0.00 Insurance Proceeds 0.00 Other Principal 0.00 Gross Interest 1,333,434.45 Prepayment Premiums (Current) Number of Loans with Respect to which Prepayment Premiums were Collected 32.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 6,816,104.20 Amount of Prepayment Premiums Collected 205,310.07 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 83.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 15,490,470.31 Amount of Prepayment Premiums Collected 490,990.73 Servicing Related Reporting Items Recoveries from Prior Loss Determinations (Current) 0.00 Recoveries from Prior Loss Determinations (Cumulative) 0.00 Reimbursement of Non-Recoverable Advances Previously Made (Current) 0.00 Reimbursement of Non-Recoverable Advances Previously Made (Cumulative) 148,518.64 Recovery of Reimbursements Previously Deemed Non-Recoverable (Current) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Cumulative) 0.00 Servicing Fees 91,728.96 Master Servicing Fees 1,834.58 Back-Up Servicing Fees 634.59 Credit Risk Manager Fees 2,751.87 Current Monthly Advances N/A Total Outstanding Advances N/A Initial Number of Loans Outstanding 1,044 Initial Aggregate Loan Balance 215,353,813.62 Beginning Number of Loans Outstanding 1,089 Beginning Aggregate Loan Balance 220,149,492.11 Ending Number of Loans Outstanding 1,044 Ending Aggregate Loan Balance 209,931,116.33 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 986 196,395,295.09 93.55 % 30-59 days 26 5,259,881.89 2.51 % 60-89 days 15 3,977,499.51 1.89 % 90-119 days 7 1,954,675.86 0.93 % 120+days 10 2,343,763.98 1.12 % Total 1,044 209,931,116.33 100.00 % * Delinquent Bankruptcies and Foreclosures are included in the table above. Bankruptcies Group Totals Principal Number Balance Percentage 2 314,082.11 0.15 % Foreclosures Group Totals Principal Number Balance Percentage 22 5,227,419.24 2.49 % REO Properties Group Totals Principal Number Balance Percentage 0 0.00 0.00 % Book Value of REO Properties 0.00 Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Gross Weighted Average Coupon 7.2683 % Net Weighted Average Coupon 6.7399 % Weighted Average Remaining Term (Prior Month) 342 Weighted Average Remaining Term (Current Month) 342 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 43% of Required Pct? NO Rolling 3 Month Delinquency Rate 2.9713 % 43% of Required Pct 7.0957 % Do Cumm Realized Loss as a % of Orig Agg Loan Balance exceed Required Loss Pct? NO Cumulative Realized Losses as % of Orig Agg Loan Balance 0.0000 % Required Loss Percentage (Effective May 2007) 3.0000 % O/C Reporting Minimum Required Overcollateralization Amount 1,225,722.20 Percentage of Initial Aggregate Loan Balance 0.50 % Ending Overcollateralization Amount 4,070,340.87 Percentage of Initial Aggregate Loan Balance 1.66 % Ending Overcollateralization Deficiency 0.00 Monthly Excess Interest 803,342.18 Net Excess Spread 3.98 % Payment to Class X 0.00 *Note: Class N is a notional class. All payments of principal to Class N represent a reduction in the Class N Notional Amount. Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

MERRILL LYNCH MORT INV INC ASST BACK CERTS SER TMTS 2004 3HE 8-K