8-K 1 terwin5he_4qtr.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 333-112231-12 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 2004-5HE pursuant to the terms of the Pooling and Servicing Agreement, dated as of June 1, 2004 among Merrill Lynch Mortgage Investors, Inc., as Depositor, Countrywide Home Loans Servicing LP, as Servicer, GreenPoint Mortgage Funding Inc., 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 is 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 99.2 hereto. Terwin Mortgage Trust Asset-Backed Certificates, Series TNTS 2004-5HE ----------------------------------------------------- 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 2004-5HE 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 140,956,000.00 121,565,396.82 9,322,716.59 186,265.20 9,508,981.79 0.00 0.00 112,242,680.23 A1B 122,457,000.00 122,457,000.00 0.00 215,252.19 215,252.19 0.00 0.00 122,457,000.00 M1 20,963,000.00 20,963,000.00 0.00 39,620.07 39,620.07 0.00 0.00 20,963,000.00 M2 16,738,000.00 16,738,000.00 0.00 40,226.99 40,226.99 0.00 0.00 16,738,000.00 M3 4,550,000.00 4,550,000.00 0.00 11,819.89 11,819.89 0.00 0.00 4,550,000.00 R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B1 4,713,000.00 4,713,000.00 0.00 13,709.59 13,709.59 0.00 0.00 4,713,000.00 B2 4,388,000.00 4,388,000.00 0.00 13,105.49 13,105.49 0.00 0.00 4,388,000.00 B3 3,900,000.00 3,900,000.00 0.00 14,681.33 14,681.33 0.00 0.00 3,900,000.00 N 18,000,000.00 14,181,838.16 1,210,034.61 55,151.59 1,265,186.20 0.00 0.00 12,971,803.55 TOTALS 336,665,100.00 313,456,234.98 10,532,751.20 589,832.34 11,122,583.54 0.00 0.00 302,923,483.78 AXA 140,956,000.00 121,565,396.82 0.00 32,417.44 32,417.44 0.00 0.00 112,242,680.23 AXB 122,457,000.00 122,457,000.00 0.00 3,061.43 3,061.43 0.00 0.00 122,457,000.00 M1X 20,963,000.00 20,963,000.00 0.00 1,048.15 1,048.15 0.00 0.00 20,963,000.00 M2X 16,738,000.00 16,738,000.00 0.00 697.42 697.42 0.00 0.00 16,738,000.00 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ----------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- --------------------------- 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 881561HK3 862.43506357 66.13919656 1.32144215 67.46063871 796.29586701 A1A 1.970000 % A1B 881561FN9 1,000.00000000 0.00000000 1.75777775 1.75777775 1,000.00000000 A1B 2.260000 % M1 881561FP4 1,000.00000000 0.00000000 1.89000000 1.89000000 1,000.00000000 M1 2.430000 % M2 881561FQ2 1,000.00000000 0.00000000 2.40333313 2.40333313 1,000.00000000 M2 3.090000 % M3 881561FR0 1,000.00000000 0.00000000 2.59777802 2.59777802 1,000.00000000 M3 3.340000 % R 881561HU1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 1.970000 % B1 881561HV9 1,000.00000000 0.00000000 2.90888818 2.90888818 1,000.00000000 B1 3.740000 % B2 881561HW7 1,000.00000000 0.00000000 2.98666591 2.98666591 1,000.00000000 B2 3.840000 % B3 881561HX5 1,000.00000000 0.00000000 3.76444359 3.76444359 1,000.00000000 B3 4.840000 % N 881561HY3 787.87989778 67.22414500 3.06397722 70.28812222 720.65575278 N 5.000000 % TOTALS 931.06245637 31.28554519 1.75198540 33.03753059 899.77691118 AXA 881561HL1 862.43506357 0.00000000 0.22998269 0.22998269 796.29586701 AXA 0.320000 % AXB 881561HM9 1,000.00000000 0.00000000 0.02500004 0.02500004 1,000.00000000 AXB 0.030000 % M1X 881561HP2 1,000.00000000 0.00000000 0.05000000 0.05000000 1,000.00000000 M1X 0.060000 % M2X 881561HR8 1,000.00000000 0.00000000 0.04166687 0.04166687 1,000.00000000 M2X 0.050000 % ----------------------------------------------------------------------------------------------------- -------------------------- Principal Remittance Amount 9,322,716.59 Scheduled Principal Payments 249,758.00 Principal Prepayments 9,072,958.59 Curtailments (Current) 15,140.59 Curtailments (Cumulative) 71,546.89 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 1,869,099.88 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 3,919,226.56 Amount of Prepayment Premiums Collected 107,996.41 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 75.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 14,220,647.19 Amount of Prepayment Premiums Collected 411,542.73 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) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Current) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Cumulative) 0.00 Servicing Fees 127,338.29 Master Servicing Fees 2,546.77 PMI Fees 6,299.68 Credit Risk Manager Fees 3,820.15 Current Monthly Advances N/A Total Outstanding Advances N/A Initial Number of Loans Outstanding 1,772 Initial Aggregate Loan Balance 307,501,924.44 Beginning Number of Loans Outstanding 1,812 Beginning Aggregate Loan Balance 305,611,896.83 Ending Number of Loans Outstanding 1,766 Ending Aggregate Loan Balance 296,289,180.24 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 1,667 280,681,253.71 94.73 % 30-59 days 58 9,053,750.22 3.06 % 60-89 days 20 2,693,939.40 0.91 % 90-119 days 13 2,568,941.39 0.87 % 120+days 8 1,291,295.52 0.44 % Total 1,766 296,289,180.24 100.01 % * Delinquent Bankruptcies and Foreclosures are included in the table above. Bankruptcies Group Totals Principal Number Balance Percentage 7 847,901.37 0.29 % Foreclosures Group Totals Principal Number Balance Percentage 26 3,957,553.03 1.34 % 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 7.3391 % Net Weighted Average Coupon 6.7894 % Weighted Average Remaining Term (Prior Month) 346 Weighted Average Remaining Term (Current Month) 345 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 42% of Required Pct? NO Rolling 3 Month Delinquency Rate 2.3342 % 42% of Required Pct (Effective After Stepdown Date) 7.4090 % 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 July 2007) 3.2500 % O/C Reporting Minimum Required Overcollateralization Amount 1,625,000.00 Percentage of Initial Aggregate Loan Balance 0.50 % Targeted Overcollateralization Amount 6,337,500.01 Percentage of Initial Aggregate Loan Balance 1.95 % Ending Overcollateralization Amount 6,337,500.01 Percentage of Initial Aggregate Loan Balance 1.95 % Ending Overcollateralization Deficiency 0.00 Monthly Excess Interest 1,157,189.79 Net Excess Spread 4.87 % Payment to Class X 0.00 Beginning Balance Capitalized Interest Account 65,562.54 Required Withdrawal 0.00 Ending Balance Capitalized Interest Account 65,562.54 Beginning Notional Balance Cap Contract Account 305,791,500.00 Withdrawals 0.00 Ending Notional Balance Cap Contract Account 300,187,941.00 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 2004-5HE 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 140,956,000.00 112,242,680.23 10,726,097.10 205,778.25 10,931,875.35 0.00 0.00 101,516,583.13 A1B 122,457,000.00 122,457,000.00 0.00 256,071.19 256,071.19 0.00 0.00 122,457,000.00 M1 20,963,000.00 20,963,000.00 0.00 47,003.70 47,003.70 0.00 0.00 20,963,000.00 M2 16,738,000.00 16,738,000.00 0.00 47,349.94 47,349.94 0.00 0.00 16,738,000.00 M3 4,550,000.00 4,550,000.00 0.00 13,882.56 13,882.56 0.00 0.00 4,550,000.00 R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B1 4,713,000.00 4,713,000.00 0.00 16,055.62 16,055.62 0.00 0.00 4,713,000.00 B2 4,388,000.00 4,388,000.00 0.00 15,338.50 15,338.50 0.00 0.00 4,388,000.00 B3 3,900,000.00 3,900,000.00 0.00 17,099.33 17,099.33 0.00 0.00 3,900,000.00 N 18,000,000.00 12,971,803.55 1,134,894.74 48,982.92 1,183,877.66 0.00 0.00 11,836,908.81 TOTALS 336,665,100.00 302,923,483.78 11,860,991.84 667,562.01 12,528,553.85 0.00 0.00 291,062,491.94 AXA 140,956,000.00 112,242,680.23 0.00 29,931.38 29,931.38 0.00 0.00 101,516,583.13 AXB 122,457,000.00 122,457,000.00 0.00 3,061.43 3,061.43 0.00 0.00 122,457,000.00 M1X 20,963,000.00 20,963,000.00 0.00 1,048.15 1,048.15 0.00 0.00 20,963,000.00 M2X 16,738,000.00 16,738,000.00 0.00 697.42 697.42 0.00 0.00 16,738,000.00 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------- --------------------------- 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 881561HK3 796.29586701 76.09535671 1.45987578 77.55523248 720.20051030 A1A 2.062500 % A1B 881561FN9 1,000.00000000 0.00000000 2.09111108 2.09111108 1,000.00000000 A1B 2.352500 % M1 881561FP4 1,000.00000000 0.00000000 2.24222201 2.24222201 1,000.00000000 M1 2.522500 % M2 881561FQ2 1,000.00000000 0.00000000 2.82888876 2.82888876 1,000.00000000 M2 3.182500 % M3 881561FR0 1,000.00000000 0.00000000 3.05111209 3.05111209 1,000.00000000 M3 3.432500 % R 881561HU1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 2.062500 % B1 881561HV9 1,000.00000000 0.00000000 3.40666667 3.40666667 1,000.00000000 B1 3.832500 % B2 881561HW7 1,000.00000000 0.00000000 3.49555606 3.49555606 1,000.00000000 B2 3.932500 % B3 881561HX5 1,000.00000000 0.00000000 4.38444359 4.38444359 1,000.00000000 B3 4.932500 % N 881561HY3 720.65575278 63.04970778 2.72127333 65.77098111 657.60604500 N 5.000000 % TOTALS 899.77691118 35.23083278 1.98286668 37.21369946 864.54607840 AXA 881561HL1 796.29586701 0.00000000 0.21234555 0.21234555 720.20051030 AXA 0.320000 % AXB 881561HM9 1,000.00000000 0.00000000 0.02500004 0.02500004 1,000.00000000 AXB 0.030000 % M1X 881561HP2 1,000.00000000 0.00000000 0.05000000 0.05000000 1,000.00000000 M1X 0.060000 % M2X 881561HR8 1,000.00000000 0.00000000 0.04166687 0.04166687 1,000.00000000 M2X 0.050000 % ----------------------------------------------------------------------------------------------------- -------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Yanilka Fernandez JPMorgan Chase Bank, N.A. - Structured Finance Services 15th Floor, 4 NYP, New York, New York 10004 Tel: (212) 623-4506 Fax: (212) 623-6214 Email: yanilka.x.fernandez@chase.com Principal Remittance Amount 10,726,097.10 Scheduled Principal Payments 244,040.95 Principal Prepayments 10,482,056.15 Curtailments (Current) 18,860.28 Curtailments (Cumulative) 90,407.17 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 Non-Supported Interest Shortfalls 227.30 Class R 0.00 Class A-1-A 0.00 Class A-1-B 0.00 Class A-X-A 0.00 Class A-X-B 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class M-1-X 0.00 Class M-2-X 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class N 0.00 Other Principal 0.00 Gross Interest 1,811,869.41 Prepayment Premiums (Current) Number of Loans with Respect to which Prepayment Premiums were Collected 33.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 6,306,125.50 Amount of Prepayment Premiums Collected 161,282.18 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 108.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 20,526,772.69 Amount of Prepayment Premiums Collected 572,824.91 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) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Current) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Cumulative) 0.00 Servicing Fees 123,453.83 Master Servicing Fees 2,469.08 PMI Fees 6,102.64 Credit Risk Manager Fees 3,703.61 Current Monthly Advances N/A Total Outstanding Advances N/A Initial Number of Loans Outstanding 1,772 Initial Aggregate Loan Balance 307,501,924.44 Beginning Number of Loans Outstanding 1,766 Beginning Aggregate Loan Balance 296,289,180.24 Ending Number of Loans Outstanding 1,712 Ending Aggregate Loan Balance 285,563,083.14 Delinquent Mortgage Loans Group Totals Principal Period Number Balance Percentage 0-29 days 1,602 268,202,531.06 93.92 % 30-59 days 53 8,416,323.68 2.95 % 60-89 days 18 2,948,203.78 1.03 % 90-119 days 1 90,823.77 0.03 % 120+days 0 0.00 0.00 % Total 1,674 279,657,882.29 97.93 % Bankruptcies Group Totals Principal Number Balance Percentage 9 1,150,731.10 0.40 % Number of Bankruptcies (Current) 2.00 Balance of Bankruptcies (Current) 266,157.04 Number of Bankruptcies delinquent 30 to 59 days 1.00 Balance of Bankruptcies delinquent 30 to 59 days 54,007.01 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 2.00 Balance of Bankruptcies delinquent 90 to 119 days 388,503.61 Number of Bankruptcies delinquent 120+ days 4.00 Balance of Bankruptcies delinquent 120+ days 442,063.44 Foreclosures Group Totals Principal Number Balance Percentage 29 4,754,469.75 1.66 % Number of Foreclosures (Current) 8.00 Balance of Foreclosures (Current) 1,048,444.40 Number of Foreclosures 30 to 59 days 0.00 Balance of Foreclosures 30 to 59 days 0.00 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 8.00 Balance of Foreclosures 90 to 119 days 1,007,768.22 Number of Foreclosures 120+ days 13.00 Balance of Foreclosures 120+ days 2,698,257.13 REO Properties Group Totals Principal Number Balance Percentage 0 0.00 0.00 % 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 0.00 Balance of REO Properties 120+ days 0.00 Book Value of REO Properties 0.00 Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Gross Weighted Average Coupon 7.3382 % Net Weighted Average Coupon 6.7885 % Weighted Average Remaining Term (Prior Month) 345 Weighted Average Remaining Term (Current Month) 344 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 42% of Required Pct? NO Rolling 3 Month Delinquency Rate 2.5153 % 42% of Required Pct (Effective After Stepdown Date) 7.4809 % 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 July 2007) 3.2500 % O/C Reporting Minimum Required Overcollateralization Amount 1,625,000.00 Percentage of Initial Aggregate Loan Balance 0.50 % Targeted Overcollateralization Amount 6,337,500.01 Percentage of Initial Aggregate Loan Balance 1.95 % Ending Overcollateralization Amount 6,337,500.01 Percentage of Initial Aggregate Loan Balance 1.95 % Ending Overcollateralization Deficiency 0.00 Monthly Excess Interest 1,022,595.48 Net Excess Spread 3.88 % Payment to Class X 0.00 Beginning Balance Capitalized Interest Account 65,562.54 Required Withdrawal 0.00 Ending Balance Capitalized Interest Account 65,562.54 Beginning Notional Balance Cap Contract Account 300,187,941.00 Withdrawals 0.00 Ending Notional Balance Cap Contract Account 293,957,880.00 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 2004-5HE Statement To Certificateholders December 27, 2004 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 140,956,000.00 101,516,583.13 12,788,278.35 201,933.40 12,990,211.75 0.00 0.00 88,728,304.78 A1B 122,457,000.00 122,457,000.00 0.00 274,167.62 274,167.62 0.00 0.00 122,457,000.00 M1 20,963,000.00 20,963,000.00 0.00 50,002.58 50,002.58 0.00 0.00 20,963,000.00 M2 16,738,000.00 16,738,000.00 0.00 49,437.54 49,437.54 0.00 0.00 16,738,000.00 M3 4,550,000.00 4,550,000.00 0.00 14,418.44 14,418.44 0.00 0.00 4,550,000.00 R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B1 4,713,000.00 4,713,000.00 0.00 16,558.34 16,558.34 0.00 0.00 4,713,000.00 B2 4,388,000.00 4,388,000.00 0.00 15,794.36 15,794.36 0.00 0.00 4,388,000.00 B3 3,900,000.00 3,900,000.00 0.00 17,396.17 17,396.17 0.00 0.00 3,900,000.00 N 18,000,000.00 11,836,908.81 1,002,610.77 49,320.45 1,051,931.22 0.00 0.00 10,834,298.04 TOTALS 336,665,100.00 291,062,491.94 13,790,889.12 689,028.90 14,479,918.02 0.00 0.00 277,271,602.82 AXA 140,956,000.00 101,516,583.13 0.00 27,071.09 27,071.09 0.00 0.00 88,728,304.78 AXB 122,457,000.00 122,457,000.00 0.00 3,061.43 3,061.43 0.00 0.00 122,457,000.00 M1X 20,963,000.00 20,963,000.00 0.00 1,048.15 1,048.15 0.00 0.00 20,963,000.00 M2X 16,738,000.00 16,738,000.00 0.00 697.42 697.42 0.00 0.00 16,738,000.00 X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------- --------------------------- 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 881561HK3 720.20051030 90.72532102 1.43259883 92.15791985 629.47518928 A1A 2.310000 % A1B 881561FN9 1,000.00000000 0.00000000 2.23888892 2.23888892 1,000.00000000 A1B 2.600000 % M1 881561FP4 1,000.00000000 0.00000000 2.38527787 2.38527787 1,000.00000000 M1 2.770000 % M2 881561FQ2 1,000.00000000 0.00000000 2.95361095 2.95361095 1,000.00000000 M2 3.430000 % M3 881561FR0 1,000.00000000 0.00000000 3.16888791 3.16888791 1,000.00000000 M3 3.680000 % R 881561HU1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 2.310000 % B1 881561HV9 1,000.00000000 0.00000000 3.51333333 3.51333333 1,000.00000000 B1 4.080000 % B2 881561HW7 1,000.00000000 0.00000000 3.59944394 3.59944394 1,000.00000000 B2 4.180000 % B3 881561HX5 1,000.00000000 0.00000000 4.46055641 4.46055641 1,000.00000000 B3 5.180000 % N 881561HY3 657.60604500 55.70059833 2.74002500 58.44062333 601.90544667 N 5.000000 % TOTALS 864.54607840 40.96322761 2.04663002 43.00985763 823.58285079 AXA 881561HL1 720.20051030 0.00000000 0.19205348 0.19205348 629.47518928 AXA 0.320000 % AXB 881561HM9 1,000.00000000 0.00000000 0.02500004 0.02500004 1,000.00000000 AXB 0.030000 % M1X 881561HP2 1,000.00000000 0.00000000 0.05000000 0.05000000 1,000.00000000 M1X 0.060000 % M2X 881561HR8 1,000.00000000 0.00000000 0.04166687 0.04166687 1,000.00000000 M2X 0.050000 % ----------------------------------------------------------------------------------------------------- -------------------------- 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 12,788,278.35 Scheduled Principal Payments 238,218.72 Principal Prepayments 12,550,059.63 Curtailments (Current) 9,616.65 Curtailments (Cumulative) 100,023.82 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 Non-Supported Interest Shortfalls 4,613.43 Class R 0.00 Class A-1-A 0.00 Class A-1-B 0.00 Class A-X-A 0.00 Class A-X-B 0.00 Class M-1 0.00 Class M-2 0.00 Revised Foreclosure and REO Reporting Class M-3 0.00 Class M-1-X 0.00 Class M-2-X 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class N 0.00 Other Principal 0.00 Gross Interest 1,746,119.17 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 4,313,351.89 Amount of Prepayment Premiums Collected 112,691.64 Prepayment Premiums (Cumulative) Number of Loans with Respect to which Prepayment Premiums were Collected 131.00 Balance of Loans with Respect to which Prepayment Premiums were Collected 24,840,124.58 Amount of Prepayment Premiums Collected 685,516.55 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) 0.00 Revised Foreclosure and REO Reporting Recovery of Reimbursements Previously Deemed Non-Recoverable (Current) 0.00 Recovery of Reimbursements Previously Deemed Non-Recoverable (Cumulative) 0.00 Servicing Fees 118,984.62 Master Servicing Fees 2,379.69 PMI Fees 5,745.77 Credit Risk Manager Fees 3,569.54 Current Monthly Advances N/A Total Outstanding Advances N/A Initial Number of Loans Outstanding 1,772 Initial Aggregate Loan Balance 307,501,924.44 Beginning Number of Loans Outstanding 1,712 Beginning Aggregate Loan Balance 285,563,083.14 Ending Number of Loans Outstanding 1,651 Ending Aggregate Loan Balance 272,774,804.79 Delinquent Mortgage Loans Revised Foreclosure and REO Reporting Group Totals Principal Period Number Balance Percentage 0-29 days 1,541 256,293,541.22 93.96 % 30-59 days 41 5,393,018.21 1.98 % 60-89 days 29 4,357,960.35 1.60 % 90-119 days 1 330,166.12 0.12 % 120+days 0 0.00 0.00 % Total 1,612 266,374,685.90 97.66 % Bankruptcies Group Totals Principal Number Balance Percentage 12 1,457,342.41 0.53 % Number of Bankruptcies (Current) 2.00 Balance of Bankruptcies (Current) 265,996.01 Number of Bankruptcies delinquent 30 to 59 days 1.00 Balance of Bankruptcies delinquent 30 to 59 days 53,966.30 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 9.00 Balance of Bankruptcies delinquent 120+ days 1,137,380.10 Revised Foreclosure and REO Reporting Foreclosures Group Totals Principal Number Balance Percentage 24 4,638,618.53 1.70 % Number of Foreclosures (Current) 0.00 Balance of Foreclosures (Current) 0.00 Number of Foreclosures 30 to 59 days 0.00 Balance of Foreclosures 30 to 59 days 0.00 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 12.00 Balance of Foreclosures 90 to 119 days 1,922,418.10 Number of Foreclosures 120+ days 12.00 Balance of Foreclosures 120+ days 2,716,200.43 REO Properties Group Totals Principal Number Balance Percentage 3 304,157.95 0.11 % Revised Foreclosure and REO Reporting 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 3.00 Balance of REO Properties 120+ days 304,157.95 Book Value of REO Properties 0.00 Current Realized Losses 0.00 Cumulative Realized Losses 0.00 Gross Weighted Average Coupon 7.3376 % Net Weighted Average Coupon 6.7884 % Weighted Average Remaining Term (Prior Month) 344 Weighted Average Remaining Term (Current Month) 343 Trigger Event Occurrence NO Does Rolling 3 Mo Delinq Rate equal or exceed 42% of Required Pct? NO Revised Foreclosure and REO Reporting Rolling 3 Month Delinquency Rate 3.2119 % 42% of Required Pct (Effective After Stepdown Date) 7.5141 % 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 July 2007) 3.2500 % O/C Reporting Minimum Required Overcollateralization Amount 1,625,000.00 Percentage of Initial Aggregate Loan Balance 0.50 % Targeted Overcollateralization Amount 6,337,500.01 Percentage of Initial Aggregate Loan Balance 1.95 % Ending Overcollateralization Amount 6,337,500.01 Percentage of Initial Aggregate Loan Balance 1.95 % Ending Overcollateralization Deficiency 0.00 Monthly Excess Interest 939,239.58 Net Excess Spread 3.82 % Payment to Class X 0.00 Beginning Balance Capitalized Interest Account 65,562.54 Required Withdrawal 0.00 Ending Balance Capitalized Interest Account 65,562.54 Beginning Notional Balance Cap Contract Account 293,957,880.00 Withdrawals 0.00 Ending Notional Balance Cap Contract Account 287,277,709.00 Copyright 2001 J.P. Morgan Chase & Co. All rights reserved.

MERRILL LYNCH MORT INV INC ASST BACK CERTS SER TMTS 2004 5HE 8-K