8-K 1 ace04op1.txt AUGUST 8-K 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): August 25, 2004 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-OP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-110039-07 54-2151906 Pooling and Servicing Agreement) (Commission 54-2151907 (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (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 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 On August 25, 2004 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2004-OP1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-OP1 Trust, relating to the August 25, 2004 distribution. 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. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2004-OP1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 8/26/04 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2004-OP1 Trust, relating to the August 25, 2004 distribution. EX-99.1

ACE Securities Corporation Home Equity Loan Trust Asset- Backed Pass-Through Certificates Record Date: 67/3031/04 Distribution Date: 78/2625/04 ACE Series: 2004-OP1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 004421ES8 SEN 1.~~51000~~66000% 1,~~025~~000,~~274~~671,~~991~~400.5912 1,~~333~~384,~~142~~262.2910 2427,~~603~~950,~~591~~241.4767 A-2A 004421ET6 SEN 1.~~41000~~56000% 9793,~~792~~193,~~769~~196.2546 ~~118~~121,~~736~~151.7216 46,~~599~~136,~~572~~725.7966 A-2B 004421EU3 SEN 1.~~52000~~67000% 41,704,000.00 5458,~~585~~038.9007 0.00 A-2C 004421EV1 SEN 1.~~75000~~90000% 30,083,000.00 4547,~~333~~631.4142 0.00 M-1 004421EW9 MEZ 1.~~82000~~97000% 103,682,000.00 ~~162~~170,~~492~~211.7328 0.00 M-2 004421EX7 MEZ 2.~~35000~~50000% 82,791,000.00 ~~167~~172,~~536~~481.7925 0.00 M-3 004421EY5 MEZ 2.~~55000~~70000% 22,439,000.00 4950,~~272~~487.3075 0.00 M-4 004421EZ2 MEZ 3.~~30000~~45000% 19,344,000.00 5455,~~969~~614.2000 0.00 M-5 004421FA6 MEZ 3.~~55000~~70000% 21,665,000.00 66,~~228~~800.7042 0.00 M-6 004421FB4 MEZ 4.~~80000~~95000% 20,117,000.00 8382,~~150~~982.2763 0.00 B 004421FC2 SUB 4.~~80000~~95000% 27,855,000.00 ~~115~~114,~~134~~901.0087 0.00 P ACE04OP1P SEN 0.00000% 100.00 ~~395~~471,~~548~~091.2528 0.00 CE ACE4OP1CE JUN 0.00000% 15,474,950.59 6,~~475~~215,~~589~~803.9464 0.00 Totals 1,~~508~~479,~~222~~019,~~811~~647.4317 9,~~121~~011,~~720~~456.5087 2934,~~203~~086,~~164~~967.2633

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 1972,~~000~~721,~~671,400~~158.1245 2529,~~936~~334,~~733~~503.7677 0.00 A-2A 0.00 9387,~~193~~056,~~196~~470.4680 46,~~718~~257,~~309~~876.5182 0.00 A-2B 0.00 41,704,000.00 5458,~~585~~038.9007 0.00 A-2C 0.00 30,083,000.00 4547,~~333~~631.4142 0.00 M-1 0.00 103,682,000.00 ~~162~~170,~~492~~211.7328 0.00 M-2 0.00 82,791,000.00 ~~167~~172,~~536~~481.7925 0.00 M-3 0.00 22,439,000.00 4950,~~272~~487.3075 0.00 M-4 0.00 19,344,000.00 5455,~~969~~614.2000 0.00 M-5 0.00 21,665,000.00 66,~~228~~800.7042 0.00 M-6 0.00 20,117,000.00 8382,~~150~~982.2763 0.00 B 0.00 27,855,000.00 ~~115~~114,~~134~~901.0087 0.00 P 0.00 100.00 ~~395~~471,~~548~~091.2528 0.00 CE 0.00 15,474,950.59 6,~~475~~215,~~589~~803.9464 0.00 Totals 0.00 1,~~479~~444,~~019~~932,~~647~~679.1784 3843,~~324~~098,~~884~~424.7620 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 1,057,332,000.00 1,~~025~~000,~~274~~671,~~991~~400.5912 0.00 2427,~~603~~950,~~591~~241.4767 0.00 0.00 A-2A 105,009,000.00 9793,~~792~~193,~~769~~196.2546 0.00 46,~~599~~136,~~572~~725.7966 0.00 0.00 A-2B 41,704,000.00 41,704,000.00 0.00 0.00 0.00 0.00 A-2C 30,083,000.00 30,083,000.00 0.00 0.00 0.00 0.00 M-1 103,682,000.00 103,682,000.00 0.00 0.00 0.00 0.00 M-2 82,791,000.00 82,791,000.00 0.00 0.00 0.00 0.00 M-3 22,439,000.00 22,439,000.00 0.00 0.00 0.00 0.00 M-4 19,344,000.00 19,344,000.00 0.00 0.00 0.00 0.00 M-5 21,665,000.00 21,665,000.00 0.00 0.00 0.00 0.00 M-6 20,117,000.00 20,117,000.00 0.00 0.00 0.00 0.00 B 27,855,000.00 27,855,000.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 CE 15,473,959.66 15,474,950.59 0.00 0.00 0.00 0.00 Totals 1,547,495,059.66 1,~~508~~479,~~222~~019,~~811~~647.4317 0.00 2934,~~203~~086,~~164~~967.2633 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 2427,~~603~~950,~~591~~241.4767 1972,~~000~~721,~~671,400~~158.1245 0.~~94641172~~91997704 2427,~~603~~950,~~591~~241.4767 A-2A 46,~~599~~136,~~572~~725.7966 9387,~~193~~056,~~196~~470.4680 0.~~88747818~~82903819 46,~~599~~136,~~572~~725.7966 A-2B 0.00 41,704,000.00 1.00000000 0.00 A-2C 0.00 30,083,000.00 1.00000000 0.00 M-1 0.00 103,682,000.00 1.00000000 0.00 M-2 0.00 82,791,000.00 1.00000000 0.00 M-3 0.00 22,439,000.00 1.00000000 0.00 M-4 0.00 19,344,000.00 1.00000000 0.00 M-5 0.00 21,665,000.00 1.00000000 0.00 M-6 0.00 20,117,000.00 1.00000000 0.00 B 0.00 27,855,000.00 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 CE 0.00 15,474,950.59 1.00006404 0.00 Totals 2934,~~203~~086,~~164~~967.2633 1,~~479~~444,~~019~~932,~~647~~679.1784 0.~~95575080~~93372361 2934,~~203~~086,~~164~~967.2633

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 1,057,332,000.00 ~~969~~946.~~68122746~~41172321 0.00000000 2326.~~26950425~~43468813 0.00000000 A-2A 105,009,000.00 ~~931~~887.~~27988315~~47818244 0.00000000 4358.~~80170071~~43999714 0.00000000 A-2B 41,704,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-2C 30,083,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 103,682,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 82,791,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 22,439,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 19,344,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 21,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 20,117,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 27,855,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 15,473,959.66 1000.06403855 0.00000000 0.00000000 0.00000000

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 2326.~~26950425~~43468813 ~~946~~919.~~41172321~~97703508 0.~~94641172~~91997704 2326.~~26950425~~43468813 A-2A 0.00000000 4358.~~80170071~~43999714 ~~887~~829.~~47818244~~03818530 0.~~88747818~~82903819 4358.~~80170071~~43999714 A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 1,000.06403855 1.00006404 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 1,057,332,000.00 1.~~51000~~66000% 1,~~025~~000,~~274~~671,~~991~~400.5912 1,~~333~~384,~~142~~262.2910 0.00 0.00 A-2A 105,009,000.00 1.~~41000~~56000% 9793,~~792~~193,~~769~~196.2546 ~~118~~121,~~736~~151.7216 0.00 0.00 A-2B 41,704,000.00 1.~~52000~~67000% 41,704,000.00 5458,~~585~~038.9007 0.00 0.00 A-2C 30,083,000.00 1.~~75000~~90000% 30,083,000.00 4547,~~333~~631.4142 0.00 0.00 M-1 103,682,000.00 1.~~82000~~97000% 103,682,000.00 ~~162~~170,~~492~~211.7328 0.00 0.00 M-2 82,791,000.00 2.~~35000~~50000% 82,791,000.00 ~~167~~172,~~536~~481.7925 0.00 0.00 M-3 22,439,000.00 2.~~55000~~70000% 22,439,000.00 4950,~~272~~487.3075 0.00 0.00 M-4 19,344,000.00 3.~~30000~~45000% 19,344,000.00 5455,~~969~~614.2000 0.00 0.00 M-5 21,665,000.00 3.~~55000~~70000% 21,665,000.00 66,~~228~~800.7042 0.00 0.00 M-6 20,117,000.00 4.~~80000~~95000% 20,117,000.00 8382,~~150~~982.2763 0.00 0.00 B 27,855,000.00 4.~~80000~~95000% 27,855,000.00 ~~115~~114,~~134~~901.0088 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 CE 15,473,959.66 0.00000% 15,474,950.59 0.00 0.00 0.00 Totals 1,547,495,059.66 2,~~250~~324,~~582~~561.3196 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 1,~~333~~384,~~142~~262.2910 0.00 1972,~~000~~721,~~671,400~~158.1245 A-2A 0.00 0.00 ~~118~~121,~~736~~151.7216 0.00 9387,~~193~~056,~~196~~470.4680 A-2B 0.00 0.00 5458,~~585~~038.9007 0.00 41,704,000.00 A-2C 0.00 0.00 4547,~~333~~631.4142 0.00 30,083,000.00 M-1 0.00 0.00 ~~162~~170,~~492~~211.7328 0.00 103,682,000.00 M-2 0.00 0.00 ~~167~~172,~~536~~481.7925 0.00 82,791,000.00 M-3 0.00 0.00 4950,~~272~~487.3075 0.00 22,439,000.00 M-4 0.00 0.00 5455,~~969~~614.2000 0.00 19,344,000.00 M-5 0.00 0.00 66,~~228~~800.7042 0.00 21,665,000.00 M-6 0.00 0.00 8382,~~150~~982.2763 0.00 20,117,000.00 B 0.00 0.00 ~~115~~114,~~134~~901.0087 0.00 27,855,000.00 P 0.00 0.00 ~~395~~471,~~548~~091.2528 0.00 100.00 CE 0.00 0.00 6,~~475~~215,~~589~~803.9464 0.00 15,474,950.59 Totals 0.00 0.00 9,~~121~~011,~~720~~456.5087 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 1,057,332,000.00 1.~~51000~~66000% ~~969~~946.~~68122746~~41172321 1.~~26085495~~30920288 0.00000000 0.00000000 A-2A 105,009,000.00 1.~~41000~~56000% ~~931~~887.~~27988315~~47818244 1.~~13072899~~15372168 0.00000000 0.00000000 A-2B 41,704,000.00 1.~~52000~~67000% 1000.00000000 1.~~30888884~~39166675 0.00000000 0.00000000 A-2C 30,083,000.00 1.~~75000~~90000% 1000.00000000 1.~~50694445~~58333344 0.00000000 0.00000000 M-1 103,682,000.00 1.~~82000~~97000% 1000.00000000 1.~~56722218~~64166663 0.00000000 0.00000000 M-2 82,791,000.00 2.~~35000~~50000% 1000.00000000 2.~~02361114~~08333333 0.00000000 0.00000000 M-3 22,439,000.00 2.~~55000~~70000% 1000.00000000 2.~~19583315~~25000000 0.00000000 0.00000000 M-4 19,344,000.00 3.~~30000~~45000% 1000.00000000 2.~~84166667~~87500000 0.00000000 0.00000000 M-5 21,665,000.00 3.~~55000~~70000% 1000.00000000 3.~~05694438~~08333349 0.00000000 0.00000000 M-6 20,117,000.00 4.~~80000~~95000% 1000.00000000 4.~~13333350~~12500025 0.00000000 0.00000000 B 27,855,000.00 4.~~80000~~95000% 1000.00000000 4.~~13333333~~12500018 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 CE 15,473,959.66 0.00000% 1000.06403855 0.00000000 0.00000000 0.00000000 (5) Per $1 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 1.~~26085495~~30920288 0.00000000 ~~946~~919.~~41172321~~97703508 A-2A 0.00000000 0.00000000 1.~~13072899~~15372168 0.00000000 ~~887~~829.~~47818244~~03818530 A-2B 0.00000000 0.00000000 1.~~30888884~~39166675 0.00000000 1000.00000000 A-2C 0.00000000 0.00000000 1.~~50694445~~58333344 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 1.~~56722218~~64166663 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~02361114~~08333333 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~19583315~~25000000 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.~~84166667~~87500000 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 3.~~05694438~~08333349 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 4.~~13333350~~12500025 0.00000000 1000.00000000 B 0.00000000 0.00000000 4.~~13333333~~12499982 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~3955482~~4710912.~~50000000~~80000000 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~418~~401.~~48305684~~69444516 0.00000000 1000.06403855 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 3842,~~161~~973,~~716~~851.2241 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~174~~216,~~684~~408.1123 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~395~~471,~~548~~091.2528 Total Deposits 3843,~~731~~661,~~948~~350.5892 Withdrawals Reimbursement for Servicer Advances 17174,~~559~~684.5611 Payment of Service Fee ~~389~~388,~~504~~242.2661 Payment of Interest and Principal 3843,~~324~~098,~~884~~424.7620 Total Withdrawals (Pool Distribution Amount) 3843,~~731~~661,~~948~~350.5892 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~377~~369,~~055~~754.7193 Credit Risk Manager Fee: The Murrayhill Company 915,~~306~~406.4344 Master Servicing Fee: Wells Fargo 3,~~142~~081.1224 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~389~~388,~~504~~242.2661

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.4664 0.4664 1,000.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 1216 0 0 1216 12,~~858~~503,~~126~~547.1895 0.00 0.00 12,~~858~~503,~~126~~547.1895 30 Days ~~123~~87 32 241 0 ~~150~~90 1814,~~911~~157,~~120~~316.9487 ~~620~~318,~~533~~601.0825 3327,~~365,761~~530.0782 0.00 2214,~~897~~803,~~415~~448.0994 60 Days 549 26 344 0 1099 ~~935~~7,~~349~~721,425.9387 ~~130~~1,~~430~~006,131.5834 ~~645~~6,~~905~~190,635.0061 0.00 114,~~711~~918,~~685~~192.5182 90 Days 1 01 04 0 16 74131,~~400~~927.0075 072,152.0053 0716,804.0083 0.00 74920,~~400~~885.0011 120 Days 0 0 01 0 01 0.00 0.00 074,400.00 0.00 074,400.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals ~~129~~137 1725 2750 0 ~~173~~212 1922,~~920~~010,~~870~~670.8749 23,~~609~~900,~~089~~433.8407 47,~~011~~309,~~666~~371.0726 0.00 2633,~~541~~220,~~626~~474.7882 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~123279~~167662% 0.000000% 0.000000% 0.~~123279~~167662% 0.~~125598~~173199% 0.000000% 0.000000% 0.~~125598~~173199% 30 Days 10.~~263612~~911663% 0.~~030820~~020958% 0.~~246558~~010479% 0.000000% 10.~~540990~~943100% 10.~~278274~~979422% 0.~~041944~~022041% 0.~~227504~~022659% 0.000000% 1.~~547722~~024123% 60 Days 0.~~051366~~513465% 0.~~020547~~062873% 0.~~030820~~461071% 0.000000% 01.~~102733~~037410% 0.~~063224~~534179% 0.~~008816~~069606% 0.~~043659~~428277% 0.000000% 01.~~115699~~032061% 90 Days 0.~~010273~~010479% 0.~~000000~~010479% 0.~~000000~~041916% 0.000000% 0.~~010273~~062873% 0.~~005029~~009127% 0.~~000000~~004992% 0.~~000000~~049590% 0.000000% 0.~~005029~~063708% 120 Days 0.000000% 0.000000% 0.~~000000~~010479% 0.000000% 0.~~000000~~010479% 0.000000% 0.000000% 0.~~000000~~005147% 0.000000% 0.~~000000~~005147% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~325252~~435607% 0.~~174646~~261972% 0.~~277378~~523944% 0.000000% 12.~~777276~~221524% 1.~~346527~~522728% 0.~~176358~~269837% 0.~~271164~~505672% 0.000000% 12.~~794048~~298238%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp I, Sub Grp I No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 2 0 0 2 379,~~932~~378.5423 0.00 0.00 379,~~932~~378.5423 30 Days 1411 0 20 0 1611 21,~~038~~379,~~697~~965.9690 0.00 ~~379,159~~0.2100 0.00 21,~~417~~379,~~857~~965.1790 60 Days 07 1 04 0 112 01,166,870.0060 58,~~278~~253.0503 0726,001.0059 0.00 581,~~278~~951,125.0522 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 1418 3 24 0 1925 2,~~038~~546,~~697~~836.9650 ~~438~~437,~~210~~631.5926 ~~379~~726,~~159~~001.2159 0.00 23,~~856~~710,~~067~~469.7635 0-29 Days 0.~~082474~~083542% 0.000000% 0.000000% 0.~~082474~~083542% 0.~~116158~~117656% 0.000000% 0.000000% 0.~~116158~~117656% 30 Days 0.~~577320~~459482% 0.000000% 0.~~082474~~000000% 0.000000% 0.~~659794~~459482% 0.~~623299~~427968% 0.000000% 0.~~115922~~000000% 0.000000% 0.~~739221~~427968% 60 Days 0.~~000000~~292398% 0.~~041237~~041771% 0.~~000000~~167084% 0.000000% 0.~~041237~~501253% 0.~~000000~~361881% 0.~~017818~~018066% 0.~~000000~~225154% 0.000000% 0.~~017818~~605101% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~577320~~751880% 0.~~123711~~125313% 0.~~082474~~167084% 0.000000% 01.~~783505~~044277% 0.~~623299~~789849% 0.~~133976~~135722% 0.~~115922~~225154% 0.000000% 01.~~873197~~150725% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp I, Sub Grp II No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 912 0 0 912 1,~~296~~808,~~244~~313.5155 0.00 0.00 1,~~296~~808,~~244~~313.5155 30 Days 8464 32 221 0 ~~109~~67 1210,~~767~~082,~~057~~758.6567 ~~620~~318,~~533~~601.0825 2327,~~986,601~~530.8682 0.00 1610,~~374~~728,~~192~~890.5974 60 Days 536 1 3 34 0 973 ~~935~~5,~~349~~254,681.9300 72501,~~152~~579.5357 ~~645~~4,~~905~~861,044.0017 0.00 110,~~653~~617,~~407~~304.4674 90 Days 01 01 04 0 06 0131,927.0075 072,152.0053 0716,804.0083 0.00 0920,885.0011 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 89101 1318 2539 0 ~~127~~158 1315,~~702~~469,~~407~~367.5842 12,~~988~~700,~~930~~646.1290 35,~~632~~905,~~506~~379.8682 0.00 1924,~~323~~075,~~844~~394.5614 0-29 Days 0.~~141688~~193112% 0.000000% 0.000000% 0.~~141688~~193112% 0.~~137546~~196724% 0.000000% 0.000000% 0.~~137546~~196724% 30 Days 1.~~322418~~029932% 0.~~047229~~032185% 0.~~346348~~016093% 0.000000% 1.~~715995~~078210% 1.~~354726~~096889% 0.~~065845~~034660% 0.~~316912~~035632% 0.000000% 1.~~737483~~167181% 60 Days 0.~~078715~~579337% 0.~~015743~~048278% 0.~~047229~~547152% 0.000000% 01.~~141688~~174767% 0.~~099251~~571649% 0.~~007656~~054566% 0.~~068538~~528826% 0.000000% 01.~~175445~~155042% 90 Days 0.~~000000~~016093% 0.~~000000~~016093% 0.~~000000~~064371% 0.000000% 0.~~000000~~096556% 0.~~000000~~014352% 0.~~000000~~007849% 0.~~000000~~077980% 0.000000% 0.~~000000~~100182% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~401134~~625362% 0.~~204660~~289668% 0.~~393577~~627615% 0.000000% 12.~~999370~~542646% 1.~~453977~~682891% 0.~~211048~~293800% 0.~~385449~~642438% 0.000000% 2.~~050474~~619129% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp II, Sub Grp I No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 21 0 0 0 21 ~~376~~463,~~104~~894.4928 0.00 0.00 0.00 ~~376~~463,~~104~~894.4928 60 Days 01 0 01 0 02 052,663.0018 0.00 0323,441.0031 0.00 0376,104.0049 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2 0 01 0 23 ~~376~~516,~~104~~557.4946 0.00 0323,441.0031 0.00 ~~376~~839,~~104~~998.4977 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.~~819672~~414938% 0.000000% 0.000000% 0.000000% 0.~~819672~~414938% 0.~~721228~~899143% 0.000000% 0.000000% 0.000000% 0.~~721228~~899143% 60 Days 0.~~000000~~414938% 0.000000% 0.~~000000~~414938% 0.000000% 0.~~000000~~829876% 0.~~000000~~102074% 0.000000% 0.~~000000~~626910% 0.000000% 0.~~000000~~728984% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.~~819672~~829876% 0.000000% 0.~~000000~~414938% 0.000000% 01.~~819672~~244813% 01.~~721228~~001217% 0.000000% 0.~~000000~~626910% 0.000000% 01.~~721228~~628127% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Grp II, Sub Grp II No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 12 0 0 12 ~~181~~315,~~949~~856.1317 0.00 0.00 ~~181~~315,~~949~~856.1317 30 Days 2311 0 0 0 2311 32,~~729~~230,~~260~~698.8402 0.00 0.00 0.00 32,~~729~~230,~~260~~698.8402 60 Days 05 02 05 0 012 01,247,211.0009 0446,298.0074 0280,148.0054 0.00 01,973,658.0037 90 Days 10 0 0 0 10 ~~74,400~~0.00 0.00 0.00 0.00 ~~74,400~~0.00 120 Days 0 0 01 0 01 0.00 0.00 074,400.00 0.00 074,400.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2416 14 06 0 2526 3,~~803~~477,~~660~~909.8411 ~~181~~762,~~949~~154.1391 0354,548.0054 0.00 34,~~985~~594,~~609~~612.9756 0-29 Days 0.~~140252~~288184% 0.000000% 0.000000% 0.~~140252~~288184% 0.~~115312~~207495% 0.000000% 0.000000% 0.~~115312~~207495% 30 Days 31.~~225806~~585014% 0.000000% 0.000000% 0.000000% 31.~~225806~~585014% 21.~~363455~~465413% 0.000000% 0.000000% 0.000000% 21.~~363455~~465413% 60 Days 0.~~000000~~720461% 0.~~000000~~288184% 0.~~000000~~720461% 0.000000% 01.~~000000~~729107% 0.~~000000~~819331% 0.~~000000~~293187% 0.~~000000~~184038% 0.000000% 01.~~000000~~296556% 90 Days 0.~~140252~~000000% 0.000000% 0.000000% 0.000000% 0.~~140252~~000000% 0.~~047152~~000000% 0.000000% 0.000000% 0.000000% 0.~~047152~~000000% 120 Days 0.000000% 0.000000% 0.~~000000~~144092% 0.000000% 0.~~000000~~144092% 0.000000% 0.000000% 0.~~000000~~048876% 0.000000% 0.~~000000~~048876% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 32.~~366059~~305476% 0.~~140252~~576369% 0.~~000000~~864553% 0.000000% 3.~~506311~~746398% 2.~~410607~~284743% 0.~~115312~~500683% 0.~~000000~~232914% 0.000000% 23.~~525919~~018340%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~174~~216,~~684~~408.1123

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~257878~~244210% Weighted Average Net Coupon 6.~~957878~~944210% Weighted Average Pass-Through Rate 6.~~942878~~929210% Weighted Average Maturity(Stepdown Calculation ) ~~352~~351 Beginning Scheduled Collateral Loan Count 9,~~886~~734 Number Of Loans Paid In Full ~~152~~191 Ending Scheduled Collateral Loan Count 9,~~734~~543 Beginning Scheduled Collateral Balance 1,~~508~~479,~~222~~019,~~811~~647.4317 Ending Scheduled Collateral Balance 1,~~479~~444,~~019~~932,~~647~~679.1784 Ending Actual Collateral Balance at 3031-~~Jun~~Jul-2004 1,~~479~~445,~~426~~476,~~437~~132.6371 Monthly P &I Constant 10,~~421~~221,~~449~~859.9591 Special Servicing Fee 0.00 Prepayment Penalties ~~395~~471,~~548~~091.2528 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 1,~~479~~444,~~019~~932,~~647~~679.1784 Scheduled Principal 1,~~306~~292,~~220~~876.8324 Unscheduled Principal 2732,~~896~~794,~~943~~091.4309 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 6,~~475~~215,~~589~~803.4800 Overcollateralized reduction Amount 0.00 Specified O/C Amount 15,474,950.59 Overcollateralized Amount 15,474,950.59 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 7,737,475.30 Extra principal distribution Amount 0.00 Excess Cash Amount 6,~~475~~215,~~589~~803.4800

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~257878~~244210% Weighted Average Net Rate 6.~~957878~~944210% Weighted Average Pass Through Rate 6.~~942878~~929210% Weighted Average Maturity ~~352~~351 Record Date 0607/3031/2004 Principal and Interest Constant 10,~~421~~221,~~449~~859.9591 Beginning Loan Count 9,~~886~~734 Loans Paid in Full ~~152~~191 Ending Loan Count 9,~~734~~543 Beginning Scheduled Balance 1,~~508~~479,~~222~~019,~~811~~647.4317 Ending Scheduled Balance 1,~~479~~444,~~019~~932,~~647~~679.1784 Ending Actual Balance at 3031-~~Jun~~Jul-2004 1,~~479~~445,~~426~~476,~~437~~132.6371 Scheduled Principal 1,~~306~~292,~~220~~876.8324 Unscheduled Principal 2732,~~896~~794,~~943~~091.4309 Scheduled Interest 98,~~115~~928,~~229~~983.1267 Servicing Fee ~~377~~369,~~055~~754.7193 Master Servicing Fee 3,~~142~~081.1224 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 15,~~710~~406.6644 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 8,~~719~~540,~~320~~741.6306 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Percentage of Cumulative Losses 0.0000 Special Servicing Fee 0.00 Prepayment Penalties ~~395~~471,~~548~~091.2528 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 6,~~475~~215,~~589~~803.4800 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 15,474,950.59 Overcollateralized Amount 15,474,950.59 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 7,737,475.30

Miscellaneous Reporting Required Overcollateralization Amount: 15,474,950.59 ~~Overcollateralization Increase Amount: 6,475,589.48 Overcollateralization Reduction Amount: 0.00~~ Credit Enhancement Percentage: 21.~~187552~~687381%

Group Level Collateral Statement Group Grp I, Sub Grp I Grp I, Sub Grp II Grp II, Sub Grp I Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~259622~~252733 7.~~284582~~278045 6.~~836054~~836128 Weighted Average Net Rate 6.~~959622~~952733 6.~~984582~~978045 6.~~536054~~536128 Weighted Average Maturity ~~341~~340 ~~355~~354 ~~348~~347 Beginning Loan Count 2,~~446~~425 6,~~471~~352 244 Loans Paid In Full 2131 ~~119~~138 03 Ending Loan Count 2,~~425~~394 6,~~352~~214 ~~244~~241 Beginning Scheduled Balance ~~329~~327,~~945~~020,~~595~~344.2171 ~~963~~942,~~805~~127,~~909~~568.1114 52,~~192~~139,~~222~~864.7363 Ending scheduled Balance ~~327~~322,~~020~~352,~~344~~759.7135 ~~942~~918,~~127~~844,~~568~~911.1483 5251,~~139~~580,~~864~~271.6350 Record Date 0607/3031/2004 0607/3031/2004 0607/3031/2004 Principal And Interest Constant 2,~~325~~305,~~291~~936.8002 6,~~641~~493,~~633~~729.7843 348,166.64 Scheduled Principal 329,~~224~~443.8637 ~~790~~779,~~864~~314.40 5051,~~842~~137.6066 Unscheduled Principal 24,~~596~~338,~~025~~141.6499 2022,~~887~~503,~~476~~341.5791 1508,~~515~~455.5047 Scheduled Interest 1,~~996~~976,~~066~~492.9465 5,~~850~~714,~~769~~415.3803 297,~~324~~028.0498 Servicing Fees 8281,~~486~~755.4010 ~~240~~235,~~951~~531.4889 13,~~048~~034.0697 Master Servicing Fees ~~687~~681.3727 21,~~007~~962.9476 108.7362 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 3,~~436~~406.9346 109,~~039~~813.6683 543.6612 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 1,~~909~~890,~~456~~649.2482 5,~~597~~467,~~770~~106.3055 283,~~623~~342.5927 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.~~944622~~937733 6.~~969582~~963045 6.~~521054~~521128

Group Level Collateral Statement Group Grp II, Sub Grp II Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~180731~~159342 7.~~257878~~244210 Weighted Average Net Rate 6.~~880731~~859342 6.~~957878~~944210 Weighted Average Maturity ~~356~~355 ~~352~~351 Beginning Loan Count ~~725~~713 9,~~886~~734 Loans Paid In Full 1219 ~~152~~191 Ending Loan Count ~~713~~694 9,~~734~~543 Beginning Scheduled Balance ~~162~~157,~~279~~731,~~084~~869.3869 1,~~508~~479,~~222~~019,~~811~~647.4317 Ending scheduled Balance ~~157~~152,~~731~~154,~~869~~737.6916 1,~~479~~444,~~019~~932,~~647~~679.1784 Record Date 0607/3031/2004 0607/3031/2004 Principal And Interest Constant 1,~~106~~074,~~357~~027.7382 10,~~421~~221,~~449~~859.9591 Scheduled Principal ~~135~~132,~~288~~980.9781 1,~~306~~292,~~220~~876.8324 Unscheduled Principal 45,~~411~~444,~~925~~151.72 2732,~~896~~794,~~943~~091.4309 Scheduled Interest ~~971~~941,~~068~~047.7601 98,~~115~~928,~~229~~983.1267 Servicing Fees 4039,~~569~~432.7797 ~~377~~369,~~055~~754.7193 Master Servicing Fees ~~338~~328.0859 3,~~142~~081.1224 Trustee Fee 0.00 0.00 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 1,~~690~~643.4103 15,~~710~~406.6644 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 0.00 0.00 Net Interest ~~928~~899,~~470~~642.5042 8,~~719~~540,~~320~~741.6306 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of Cumulative Losses 0.0000 0.0000 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 6.~~865731~~844342 6.~~942878~~929210

Filing Compare · ACE SECURITIES CORP HOME EQUITY LOAN TRUST SERIES 2004-OP1