8-K 1 terwin3he_4q04.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): October 25, 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 October 25, 2004, November 26, 2004 and December 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 October 25, 2004 is filed as Exhibit 99.1 hereto. Statement to Certificateholders on November 26, 2004 is filed as Exhibit 99.2 hereto. Statement to Certificateholders on December 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 October 25, 2004 99.2 Monthly Certificateholder Statement on November 26, 2004 99.3 Monthly Certificateholder Statement on December 27, 2004 Exhibit 99.1 Monthly Certificateholder Statement on October 25, 2004 Terwin Mortgage Asset-Backed Certificates Series 2004-3HE Statement To Certificateholders October 25, 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 66,957,775.46 8,709,593.23 102,073.41 8,811,666.64 0.00 0.00 58,248,182.23 A1B 98,113,000.00 98,113,000.00 0.00 168,645.35 168,645.35 0.00 0.00 98,113,000.00 M1 15,067,000.00 15,067,000.00 0.00 28,007.88 28,007.88 0.00 0.00 15,067,000.00 M2 12,862,000.00 12,862,000.00 0.00 30,411.48 30,411.48 0.00 0.00 12,862,000.00 M3 3,062,000.00 3,062,000.00 0.00 7,716.24 7,716.24 0.00 0.00 3,062,000.00 B1 3,675,000.00 3,675,000.00 0.00 10,118.50 10,118.50 0.00 0.00 3,675,000.00 B2 3,062,000.00 3,062,000.00 0.00 8,907.02 8,907.02 0.00 0.00 3,062,000.00 B3 3,062,000.00 3,062,000.00 0.00 11,883.96 11,883.96 0.00 0.00 3,062,000.00 N 13,200,000.00 8,400,288.64 881,572.06 39,201.35 920,773.41 0.00 0.00 7,518,716.58 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 254,274,100.00 214,261,064.10 9,591,165.29 406,965.19 9,998,130.48 0.00 0.00 204,669,898.81 AXA 102,171,000.00 66,957,775.46 0.00 16,739.44 16,739.44 0.00 0.00 58,248,182.23 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 655.35010385 85.24525775 0.99904484 86.24430259 570.10484609 A1A 1.960000 % A1B 881561FL3 1,000.00000000 0.00000000 1.71888893 1.71888893 1,000.00000000 A1B 2.210000 % M1 881561FE9 1,000.00000000 0.00000000 1.85888896 1.85888896 1,000.00000000 M1 2.390000 % M2 881561FF6 1,000.00000000 0.00000000 2.36444410 2.36444410 1,000.00000000 M2 3.040000 % M3 881561FG4 1,000.00000000 0.00000000 2.52000000 2.52000000 1,000.00000000 M3 3.240000 % B1 881561FH2 1,000.00000000 0.00000000 2.75333333 2.75333333 1,000.00000000 B1 3.540000 % B2 881561FJ8 1,000.00000000 0.00000000 2.90888961 2.90888961 1,000.00000000 B2 3.740000 % B3 881561FK5 1,000.00000000 0.00000000 3.88111039 3.88111039 1,000.00000000 B3 4.990000 % N 881561FT6 636.38550303 66.78576212 2.96979924 69.75556136 569.59974091 N 6.000000 % R 881561FS8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 1.960000 % TOTALS 842.63817707 37.71978857 1.60049801 39.32028657 804.91838850 AXA 881561FA7 655.35010385 0.00000000 0.16383749 0.16383749 570.10484609 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 % ---------------------------------------------------------------------------------------------------- -------------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Patrick B. Okas JPMorgan Chase Bank, N.A. - ITS - Global Debt 4 NYP, 6th Floor, , New York, New York 10004 Tel: (212) 623-4469 Fax: (212) 623-5858 Principal Remittance Amount 8,709,593.23 Scheduled Principal Payments 177,003.27 Principal Prepayments 8,532,589.96 Curtailments (Current) 11,330.26 Curtailments (Cumulative) 312,034.78 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 1,272,102.40 Prepayment Premiums (Current) Number of Loans with Respect to which Prepayment Premiums were Collected 24.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 4,515,635.71 Amount of Prepayment Premiums Collected 132,245.31 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 107.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 20,006,106.02 Amount of Prepayment Premiums Collected 623,236.04 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 87,471.30 Master Servicing Fees 1,749.43 Back-Up Servicing Fees 606.56 Credit Risk Manager Fees 2,624.14 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 1,044 Beginning Aggregate Loan Balance 209,931,116.33 Ending Number of Loans Outstanding 1,001 Ending Aggregate Loan Balance 201,221,523.10 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 941 187,253,617.50 93.06 % 30-59 days 26 5,021,580.51 2.50 % 60-89 days 11 2,613,534.83 1.30 % 90-119 days 10 2,853,718.52 1.42 % 120+days 13 3,479,071.74 1.73 % Total 1,001 201,221,523.10 100.01 % * Delinquent Bankruptcies and Foreclosures are included in the table above. Bankruptcies Group Totals Principal Number Balance Percentage 2 313,885.56 0.16 % Foreclosures Group Totals Principal Number Balance Percentage 31 7,437,593.18 3.70 % 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 7.2715 % Net Weighted Average Coupon 6.7431 % Weighted Average Remaining Term (Prior Month) 342 Weighted Average Remaining Term (Current Month) 340 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 43% of Required Pct? NO Rolling 3 Month Delinquency Rate 4.6478 % 43% of Required Pct 7.7252 % 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 788,528.10 Net Excess Spread 4.83 % Payment to Class X 0.00 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

Exhibit 99.2 Monthly Certificateholder Statement on November 26, 2004 Terwin Mortgage Asset-Backed Certificates Series 2004-3HE Statement To Certificateholders November 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 58,248,182.23 7,890,224.58 106,270.57 7,996,495.15 0.00 0.00 50,357,957.65 A1B 98,113,000.00 98,113,000.00 0.00 200,804.61 200,804.61 0.00 0.00 98,113,000.00 M1 15,067,000.00 15,067,000.00 0.00 33,247.85 33,247.85 0.00 0.00 15,067,000.00 M2 12,862,000.00 12,862,000.00 0.00 35,813.52 35,813.52 0.00 0.00 12,862,000.00 M3 3,062,000.00 3,062,000.00 0.00 9,070.32 9,070.32 0.00 0.00 3,062,000.00 B1 3,675,000.00 3,675,000.00 0.00 11,866.17 11,866.17 0.00 0.00 3,675,000.00 B2 3,062,000.00 3,062,000.00 0.00 10,431.21 10,431.21 0.00 0.00 3,062,000.00 B3 3,062,000.00 3,062,000.00 0.00 13,833.44 13,833.44 0.00 0.00 3,062,000.00 N 13,200,000.00 7,518,716.58 731,984.70 36,221.28 768,205.98 0.00 0.00 6,786,731.88 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 254,274,100.00 204,669,898.81 8,622,209.28 457,558.97 9,079,768.25 0.00 0.00 196,047,689.53 AXA 102,171,000.00 58,248,182.23 0.00 14,562.05 14,562.05 0.00 0.00 50,357,957.65 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 ---------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- 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 570.10484609 77.22567637 1.04012460 78.26580096 492.87916973 A1A 2.052500 % A1B 881561FL3 1,000.00000000 0.00000000 2.04666670 2.04666670 1,000.00000000 A1B 2.302500 % M1 881561FE9 1,000.00000000 0.00000000 2.20666689 2.20666689 1,000.00000000 M1 2.482500 % M2 881561FF6 1,000.00000000 0.00000000 2.78444410 2.78444410 1,000.00000000 M2 3.132500 % M3 881561FG4 1,000.00000000 0.00000000 2.96222077 2.96222077 1,000.00000000 M3 3.332500 % B1 881561FH2 1,000.00000000 0.00000000 3.22888980 3.22888980 1,000.00000000 B1 3.632500 % B2 881561FJ8 1,000.00000000 0.00000000 3.40666558 3.40666558 1,000.00000000 B2 3.832500 % B3 881561FK5 1,000.00000000 0.00000000 4.51777923 4.51777923 1,000.00000000 B3 5.082500 % N 881561FT6 569.59974091 55.45338636 2.74403636 58.19742273 514.14635455 N 6.000000 % R 881561FS8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 2.052500 % TOTALS 804.91838850 33.90911335 1.79947140 35.70858475 771.00927515 AXA 881561FA7 570.10484609 0.00000000 0.14252626 0.14252626 492.87916973 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 % ---------------------------------------------------------------------------------------------------- -------------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Patrick B. Okas JPMorgan Chase Bank, N.A. - ITS - Global Debt 4 NYP, 6th Floor, , New York, New York 10004 Tel: (212) 623-4469 Fax: (212) 623-5858 Principal Remittance Amount 7,890,224.58 Scheduled Principal Payments 172,135.71 Principal Prepayments 7,718,088.87 Curtailments (Current) 13,170.84 Curtailments (Cumulative) 325,205.62 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 1,216,070.44 Prepayment Premiums (Current) Number of Loans with Respect to which Prepayment Premiums were Collected 16.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 3,411,972.46 Amount of Prepayment Premiums Collected 83,279.01 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 123.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 23,418,078.48 Amount of Prepayment Premiums Collected 706,515.05 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 83,842.30 Master Servicing Fees 1,676.85 Back-Up Servicing Fees 589.72 Credit Risk Manager Fees 2,515.27 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 1,001 Beginning Aggregate Loan Balance 201,221,523.10 Ending Number of Loans Outstanding 966 Ending Aggregate Loan Balance 193,331,298.52 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 893 175,676,702.43 90.87 % 30-59 days 34 7,242,899.17 3.75 % 60-89 days 12 2,758,402.00 1.43 % 90-119 days 0 0.00 0.00 % 120+days 1 439,088.12 0.23 % Total 940 186,117,091.72 96.28 % Bankruptcies Group Totals Principal Number Balance Percentage 2 313,687.62 0.16 % Number of Bankruptcies (Current) 1.00 Balance of Bankruptcies (Current) 203,565.46 Number of Bankruptcies delinquent 30 to 59 days 0.00 Balance of Bankruptcies delinquent 30 to 59 days 0.00 Number of Bankruptcies delinquent 60 to 89 days 0.00 Balance of Bankruptcies delinquent 60 to 89 days 0.00 Number of Bankruptcies delinquent 90 to 119 days 1.00 Balance of Bankruptcies delinquent 90 to 119 days 110,122.16 Number of Bankruptcies delinquent 120+ days 0.00 Balance of Bankruptcies delinquent 120+ days 0.00 Foreclosures Group Totals Principal Number Balance Percentage 23 6,667,113.48 3.45 % Number of Foreclosures (Current) 4.00 Balance of Foreclosures (Current) 678,277.38 Number of Foreclosures 30 to 59 days 1.00 Balance of Foreclosures 30 to 59 days 286,888.81 Number of Foreclosures 60 to 89 days 0.00 Balance of Foreclosures 60 to 89 days 0.00 Number of Foreclosures 90 to 119 days 2.00 Balance of Foreclosures 90 to 119 days 758,303.55 Number of Foreclosures 120+ days 16.00 Balance of Foreclosures 120+ days 4,943,643.74 REO Properties Group Totals Principal Number Balance Percentage 1 233,405.70 0.12 % Number of REO Properties (Current) 0.00 Balance of REO Properties (Current) 0.00 Number of REO Properties 30 to 59 days 0.00 Balance of REO Properties 30 to 59 days 0.00 Number of REO Properties 60 to 89 days 0.00 Balance of REO Properties 60 to 89 days 0.00 Number of REO Properties 90 to 119 days 0.00 Balance of REO Properties 90 to 119 days 0.00 Number of REO Properties 120+ days 1.00 Balance of REO Properties 120+ days 233,405.70 Book Value of REO Properties 0.00 Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Gross Weighted Average Coupon 7.2521 % Net Weighted Average Coupon 6.7236 % Weighted Average Remaining Term (Prior Month) 340 Weighted Average Remaining Term (Current Month) 339 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 43% of Required Pct? NO Rolling 3 Month Delinquency Rate 4.8743 % 43% of Required Pct 8.2228 % 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 684,926.97 Net Excess Spread 3.83 % Payment to Class X 0.00 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

Exhibit 99.3 Monthly Certificateholder Statement on December 27, 2004 Terwin Mortgage Asset-Backed Certificates Series 2004-3HE Statement To Certificateholders Revised Foreclosure and REO Reporting ----------------------------------------------------------------------------------------------------------------------------------- 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 50,357,957.65 8,650,854.63 99,736.73 8,750,591.36 0.00 0.00 41,707,103.02 A1B 98,113,000.00 98,113,000.00 0.00 215,439.80 215,439.80 0.00 0.00 98,113,000.00 M1 15,067,000.00 15,067,000.00 0.00 35,420.01 35,420.01 0.00 0.00 15,067,000.00 M2 12,862,000.00 12,862,000.00 0.00 37,435.57 37,435.57 0.00 0.00 12,862,000.00 M3 3,062,000.00 3,062,000.00 0.00 9,439.47 9,439.47 0.00 0.00 3,062,000.00 B1 3,675,000.00 3,675,000.00 0.00 12,278.58 12,278.58 0.00 0.00 3,675,000.00 B2 3,062,000.00 3,062,000.00 0.00 10,757.83 10,757.83 0.00 0.00 3,062,000.00 B3 3,062,000.00 3,062,000.00 0.00 14,053.73 14,053.73 0.00 0.00 3,062,000.00 N 13,200,000.00 6,786,731.88 683,732.59 33,933.66 717,666.25 0.00 0.00 6,102,999.29 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 254,274,100.00 196,047,689.53 9,334,587.22 468,495.38 9,803,082.60 0.00 0.00 186,713,102.31 AXA 102,171,000.00 50,357,957.65 0.00 12,589.49 12,589.49 0.00 0.00 41,707,103.02 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 492.87916973 84.67035294 0.97617455 85.64652749 408.20881679 A1A 2.300000 % A1B 881561FL3 1,000.00000000 0.00000000 2.19583338 2.19583338 1,000.00000000 A1B 2.550000 % M1 881561FE9 1,000.00000000 0.00000000 2.35083361 2.35083361 1,000.00000000 M1 2.730000 % M2 881561FF6 1,000.00000000 0.00000000 2.91055590 2.91055590 1,000.00000000 M2 3.380000 % M3 881561FG4 1,000.00000000 0.00000000 3.08277923 3.08277923 1,000.00000000 M3 3.580000 % B1 881561FH2 1,000.00000000 0.00000000 3.34111020 3.34111020 1,000.00000000 B1 3.880000 % B2 881561FJ8 1,000.00000000 0.00000000 3.51333442 3.51333442 1,000.00000000 B2 4.080000 % B3 881561FK5 1,000.00000000 0.00000000 4.58972240 4.58972240 1,000.00000000 B3 5.330000 % N 881561FT6 514.14635455 51.79792348 2.57073182 54.36865530 462.34843106 N 6.000000 % R 881561FS8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 2.300000 % TOTALS 771.00927515 36.71072760 1.84248172 38.55320931 734.29854755 AXA 881561FA7 492.87916973 0.00000000 0.12321980 0.12321980 408.20881679 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 % ---------------------------------------------------------------------------------------------------- -------------------------- IF THERE, ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Patrick B. Okas JPMorgan Chase Bank, N.A. - ITS - Global Debt 4 NYP, 6th Floor, , New York, New York 10004 Tel: (212) 623-4469 Fax: (212) 623-5858 Principal Remittance Amount 8,650,854.63 Scheduled Principal Payments 166,181.97 Principal Prepayments 8,484,672.66 Curtailments (Current) 10,568.81 Curtailments (Cumulative) 335,774.43 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 1,169,423.87 Prepayment Premiums (Current) Number of Loans with Respect to which Prepayment Premiums were Collected 20.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 3,540,719.14 Revised Foreclosure and REO Reporting Amount of Prepayment Premiums Collected 87,145.69 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 143.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 26,958,797.62 Amount of Prepayment Premiums Collected 793,660.74 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 80,554.71 Master Servicing Fees 1,611.09 Back-Up Servicing Fees 550.08 Credit Risk Manager Fees 2,416.64 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 Revised Foreclosure and REO Reporting Beginning Number of Loans Outstanding 966 Beginning Aggregate Loan Balance 193,331,298.52 Ending Number of Loans Outstanding 924 Ending Aggregate Loan Balance 184,680,443.89 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 849 167,434,101.81 90.66 % 30-59 days 28 5,466,517.20 2.96 % 60-89 days 19 4,051,515.08 2.19 % 90-119 days 0 0.00 0.00 % 120+days 0 0.00 0.00 % Total 896 176,952,134.09 95.81 % Bankruptcies Group Totals Principal Number Balance Percentage 2 272,584.41 0.15 % Number of Bankruptcies (Current) 1.00 Balance of Bankruptcies (Current) 203,457.47 Revised Foreclosure and REO Reporting Number of Bankruptcies delinquent 30 to 59 days 0.00 Balance of Bankruptcies delinquent 30 to 59 days 0.00 Number of Bankruptcies delinquent 60 to 89 days 0.00 Balance of Bankruptcies delinquent 60 to 89 days 0.00 Number of Bankruptcies delinquent 90 to 119 days 0.00 Balance of Bankruptcies delinquent 90 to 119 days 0.00 Number of Bankruptcies delinquent 120+ days 1.00 Balance of Bankruptcies delinquent 120+ days 69,126.94 Foreclosures Group Totals Principal Number Balance Percentage 21 6,738,193.40 3.65 % Number of Foreclosures (Current) 1.00 Balance of Foreclosures (Current) 990,697.81 Number of Foreclosures 30 to 59 days 1.00 Balance of Foreclosures 30 to 59 days 301,484.57 Number of Foreclosures 60 to 89 days 0.00 Balance of Foreclosures 60 to 89 days 0.00 Number of Foreclosures 90 to 119 days 7.00 Balance of Foreclosures 90 to 119 days 1,495,558.23 Revised Foreclosure and REO Reporting Number of Foreclosures 120+ days 12.00 Balance of Foreclosures 120+ days 3,950,452.79 REO Properties Group Totals Principal Number Balance Percentage 5 717,531.99 0.39 % Number of REO Properties (Current) 1.00 Balance of REO Properties (Current) 102,269.87 Number of REO Properties 30 to 59 days 0.00 Balance of REO Properties 30 to 59 days 0.00 Number of REO Properties 60 to 89 days 0.00 Balance of REO Properties 60 to 89 days 0.00 Number of REO Properties 90 to 119 days 0.00 Balance of REO Properties 90 to 119 days 0.00 Number of REO Properties 120+ days 4.00 Balance of REO Properties 120+ days 615,262.12 Book Value of REO Properties 0.00 Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Revised Foreclosure and REO Reporting Gross Weighted Average Coupon 7.2586 % Net Weighted Average Coupon 6.7302 % Weighted Average Remaining Term (Prior Month) 339 Weighted Average Remaining Term (Current Month) 338 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 43% of Required Pct? NO Rolling 3 Month Delinquency Rate 5.5804 % 43% of Required Pct 8.4308 % 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 630,520.56 Net Excess Spread 3.79 % Payment to Class X 0.00 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

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