8-K 1 sab04op1_sep.txt SEPTEMBER 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): September 27, 2004 SECURITIZED ASSET BACKED RECEVABLES TRUST Mortgage Pass-Through Certificates, Series 2004-OP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-108395-01 54-2150446 Pooling and Servicing Agreement) (Commission 54-2150447 (State or other File Number) 54-6612462 jurisdiction IRS EIN 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 September 27, 2004 a distribution was made to holders of SECURITIZED ASSET BACKED RECEVABLES TRUST, Mortgage 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 Mortgage Pass-Through Certificates, Series 2004-OP1 Trust, relating to the September 27, 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. SECURITIZED ASSET BACKED RECEVABLES TRUST Mortgage Pass-Through Certificates, Series 2004-OP1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 10/1/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-OP1 Trust, relating to the September 27, 2004 distribution. EX-99.1

Securitized Asset Backed Receivables Mortgage Pass-Through Certificates Record Date: 78/31/2004 Distribution Date: 89/2527/2004 SABR 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 81375WAH9 SEN 12.~~85250~~01750% ~~896~~858,~~751~~455,~~107~~263.8012 1,~~384~~587,~~359~~605.5372 3847,~~295~~622,~~844~~549.68 A-2 81375WAA4 SEN 1.~~70000~~86500% ~~376~~360,~~605~~603,~~157~~300.7385 ~~533~~616,~~523~~481.9840 1617,~~001~~551,~~856~~983.8811 M-1 81375WAB2 MEZ 12.~~96000~~12500% 117,211,000.00 ~~191~~228,~~444~~317.6326 0.00 M-2 81375WAC0 MEZ 2.~~55000~~71500% 96,632,000.00 ~~205~~240,~~343~~492.0089 0.00 M-3 81375WAD8 MEZ 2.~~80000~~96500% 25,948,000.00 6070,~~545~~524.3350 0.00 B-1 81375WAE6 JUN 3.~~05000~~21500% 26,843,000.00 6879,~~225~~108.9656 0.00 B-2 81375WAF3 JUN 3.~~20000~~36500% 20,579,000.00 5463,~~877~~477.3364 0.00 B-3 81375WAG1 JUN 4.~~20000~~36500% 23,263,000.00 8193,~~420~~081.5008 0.00 X SAB04OP1X OC 0.00000% 38,473,940.86 76,~~227~~488,~~670~~596.3687 0.00 P SAB04OP1P Pre_Pay 0.00000% 0.01 1,~~057~~181,~~760~~960.9906 0.00 R SAB04P1R1 RES 0.00000% 0.00 0.00 0.00 Totals 1,~~622~~568,~~306~~008,~~206~~504.4084 10,~~865~~649,~~171~~645.6198 5465,~~297~~174,~~701~~532.5679

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~858~~810,~~455~~832,~~263~~713.1244 3949,~~680~~210,~~204~~155.2140 0.00 A-2 0.00 ~~360~~343,~~603~~051,~~300~~317.8574 1618,~~535~~168,~~380~~464.8651 0.00 M-1 0.00 117,211,000.00 ~~191~~228,~~444~~317.6326 0.00 M-2 0.00 96,632,000.00 ~~205~~240,~~343~~492.0089 0.00 M-3 0.00 25,948,000.00 6070,~~545~~524.3350 0.00 B-1 0.00 26,843,000.00 6879,~~225~~108.9656 0.00 B-2 0.00 20,579,000.00 5463,~~877~~477.3364 0.00 B-3 0.00 23,263,000.00 8193,~~420~~081.5008 0.00 X 0.00 38,473,940.86 76,~~227~~488,~~670~~596.3687 0.00 P 0.00 0.01 1,~~057~~181,~~760~~960.9906 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,~~568~~502,~~008~~833,~~504~~972.8405 6575,~~162~~824,~~873~~178.1777 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 1,025,017,000.00 ~~896~~858,~~751~~455,~~107~~263.8012 0.00 3847,~~295~~622,~~844~~549.68 0.00 0.00 A-2 415,518,000.00 ~~376~~360,~~605~~603,~~157~~300.7385 0.00 1617,~~001~~551,~~856~~983.8811 0.00 0.00 M-1 117,211,000.00 117,211,000.00 0.00 0.00 0.00 0.00 M-2 96,632,000.00 96,632,000.00 0.00 0.00 0.00 0.00 M-3 25,948,000.00 25,948,000.00 0.00 0.00 0.00 0.00 B-1 26,843,000.00 26,843,000.00 0.00 0.00 0.00 0.00 B-2 20,579,000.00 20,579,000.00 0.00 0.00 0.00 0.00 B-3 23,263,000.00 23,263,000.00 0.00 0.00 0.00 0.00 X 38,474,622.00 38,473,940.86 0.00 0.00 0.00 0.00 P 0.00 0.01 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,789,485,622.00 1,~~622~~568,~~306~~008,~~206~~504.4084 0.00 5465,~~297~~174,~~701~~532.5679 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 3847,~~295~~622,~~844~~549.68 ~~858~~810,~~455~~832,~~263~~713.1244 0.~~83750344~~79104319 3847,~~295~~622,~~844~~549.68 A-2 1617,~~001~~551,~~856~~983.8811 ~~360~~343,~~603~~051,~~300~~317.8574 0.~~86784038~~82559917 1617,~~001~~551,~~856~~983.8811 M-1 0.00 117,211,000.00 1.00000000 0.00 M-2 0.00 96,632,000.00 1.00000000 0.00 M-3 0.00 25,948,000.00 1.00000000 0.00 B-1 0.00 26,843,000.00 1.00000000 0.00 B-2 0.00 20,579,000.00 1.00000000 0.00 B-3 0.00 23,263,000.00 1.00000000 0.00 X 0.00 38,473,940.86 0.99998230 0.00 P 0.00 0.01 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 5465,~~297~~174,~~701~~532.5679 1,~~568~~502,~~008~~833,~~504~~972.8405 0.~~87623420~~83981338 5465,~~297~~174,~~701~~532.5679

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 1,025,017,000.00 ~~874~~837.~~86461961~~50343957 0.00000000 3746.~~36118004~~46025352 0.00000000 A-2 415,518,000.00 ~~906~~867.~~35100701~~84038441 0.00000000 3842.~~51062260~~24121003 0.00000000 M-1 117,211,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 96,632,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 25,948,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 26,843,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 20,579,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 23,263,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 38,474,622.00 999.98229638 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1,000 denomination.

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 3746.~~36118004~~46025352 ~~837~~791.~~50343957~~04318605 0.~~83750344~~79104319 3746.~~36118004~~46025352 A-2 0.00000000 3842.~~51062260~~24121003 ~~867~~825.~~84038441~~59917438 0.~~86784038~~82559917 3842.~~51062260~~24121003 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 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 0.00000000 0.00000000 999.98229638 0.99998230 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 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 1,025,017,000.00 12.~~85250~~01750% ~~896~~858,~~751~~455,~~107~~263.8012 1,~~384~~587,~~359~~605.5270 0.00 0.00 A-2 415,518,000.00 1.~~70000~~86500% ~~376~~360,~~605~~603,~~157~~300.7385 ~~533~~616,~~523~~481.9739 0.00 0.00 M-1 117,211,000.00 12.~~96000~~12500% 117,211,000.00 ~~191~~228,~~444~~317.6326 0.00 0.00 M-2 96,632,000.00 2.~~55000~~71500% 96,632,000.00 ~~205~~240,~~343~~492.0089 0.00 0.00 M-3 25,948,000.00 2.~~80000~~96500% 25,948,000.00 6070,~~545~~524.3350 0.00 0.00 B-1 26,843,000.00 3.~~05000~~21500% 26,843,000.00 6879,~~225~~108.9656 0.00 0.00 B-2 20,579,000.00 3.~~20000~~36500% 20,579,000.00 5463,~~877~~477.3364 0.00 0.00 B-3 23,263,000.00 4.~~20000~~36500% 23,263,000.00 8193,~~420~~081.5008 0.00 0.00 X 38,474,622.00 0.00000% 38,473,940.86 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,789,485,622.00 2,~~579~~979,~~740~~089.2402 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,~~384~~587,~~359~~605.5372 0.00 ~~858~~810,~~455~~832,~~263~~713.1244 A-2 0.00 0.00 ~~533~~616,~~523~~481.9840 0.00 ~~360~~343,~~603~~051,~~300~~317.8574 M-1 0.00 0.00 ~~191~~228,~~444~~317.6326 0.00 117,211,000.00 M-2 0.00 0.00 ~~205~~240,~~343~~492.0089 0.00 96,632,000.00 M-3 0.00 0.00 6070,~~545~~524.3350 0.00 25,948,000.00 B-1 0.00 0.00 6879,~~225~~108.9656 0.00 26,843,000.00 B-2 0.00 0.00 5463,~~877~~477.3364 0.00 20,579,000.00 B-3 0.00 0.00 8193,~~420~~081.5008 0.00 23,263,000.00 X 0.00 0.00 76,~~227~~488,~~670~~596.3687 0.00 38,473,940.86 P 0.00 0.00 1,~~057~~181,~~760~~960.9906 0.00 0.01 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 10,~~865~~649,~~171~~645.6198 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 1,025,017,000.00 12.~~85250~~01750% ~~874~~837.~~86461961~~50343957 1.~~35057225~~54885792 0.00000000 0.00000000 A-2 415,518,000.00 1.~~70000~~86500% ~~906~~867.~~35100701~~84038441 1.~~28399725~~48364545 0.00000000 0.00000000 M-1 117,211,000.00 12.~~96000~~12500% 1000.00000000 1.~~63333330~~94791666 0.00000000 0.00000000 M-2 96,632,000.00 2.~~55000~~71500% 1000.00000000 2.~~12500000~~48875000 0.00000000 0.00000000 M-3 25,948,000.00 2.~~80000~~96500% 1000.00000000 2.~~33333320~~71791660 0.00000000 0.00000000 B-1 26,843,000.00 3.~~05000~~21500% 1000.00000000 2.~~54166673~~94708341 0.00000000 0.00000000 B-2 20,579,000.00 3.~~20000~~36500% 1000.00000000 23.~~66666650~~08458331 0.00000000 0.00000000 B-3 23,263,000.00 4.~~20000~~36500% 1000.00000000 34.~~50000000~~00125005 0.00000000 0.00000000 X 38,474,622.00 0.00000% 999.98229638 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1,000 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.~~35057226~~54885794 0.00000000 ~~837~~791.~~50343957~~04318605 A-2 0.00000000 0.00000000 1.~~28399728~~48364547 0.00000000 ~~867~~825.~~84038441~~59917438 M-1 0.00000000 0.00000000 1.~~63333330~~94791666 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 2.~~12500000~~48875000 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 2.~~33333320~~71791660 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 2.~~54166673~~94708341 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 23.~~66666650~~08458331 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 34.~~50000000~~00125005 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~187~~168.~~85552617~~64614992 0.00000000 999.98229638 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (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 6475,~~513~~036,~~392~~834.6422 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 1,~~057~~181,~~760~~960.9906 Total Deposits 6576,~~571~~218,~~153~~794.6328 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~408~~394,~~280~~615.4651 Payment of Interest and Principal 6575,~~162~~824,~~873~~178.1777 Total Withdrawals (Pool Distribution Amount) 6576,~~571~~218,~~153~~794.6328 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~405~~392,~~576~~002.5514 Wells Fargo 2,~~703~~613.9137 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~408~~394,~~280~~615.4651

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 1516 0 0 1516 2,~~178~~311,~~457~~143.3973 0.00 0.00 2,~~178~~311,~~457~~143.3973 30 Days ~~152~~196 34 10 0 ~~156~~200 2328,~~214~~330,~~549~~306.1562 ~~401~~357,~~977~~317.0824 ~~167,174~~0.5500 0.00 2328,~~783~~687,~~700~~623.7886 60 Days 4044 3 1223 0 5570 75,~~924~~885,~~461~~593.4410 ~~283~~444,~~891~~839.1764 13,~~784~~352,~~399~~176.0052 0.00 9,~~992~~682,~~751~~609.6126 90 Days 2025 1015 5771 36 90117 24,~~782~~437,~~316~~220.5140 1,~~173~~822,~~458~~137.2185 810,~~623~~578,~~312~~058.4063 ~~641~~873,~~850~~024.2576 1317,~~220~~710,~~937~~441.3764 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 ~~212~~265 3138 7094 36 ~~316~~403 3338,~~921~~653,~~327~~120.1012 4,~~037~~935,~~783~~438.8546 1013,~~574~~930,~~885~~235.9515 ~~641~~873,~~850~~024.2576 4958,~~175~~391,~~847~~818.1549 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.~~146728~~162206% 0.000000% 0.000000% 0.~~146728~~162206% 0.~~138877~~153728% 0.000000% 0.000000% 0.~~138877~~153728% 30 Days 1.~~486843~~987024% 0.~~029346~~040552% 0.~~009782~~000000% 0.000000% 12.~~525971~~027575% 1.~~479936~~884417% 0.~~025626~~023767% 0.~~010657~~000000% 0.000000% 1.~~516220~~908184% 60 Days 0.~~391275~~446067% 0.~~029346~~030414% 0.~~117382~~233171% 0.000000% 0.~~538003~~709651% 0.~~505187~~391486% 0.~~018098~~029589% 0.~~113756~~222973% 0.000000% 0.~~637042~~644048% 90 Days 0.~~195637~~253447% 0.~~097819~~152068% 0.~~557566~~719789% 0.~~029346~~060827% 01.~~880368~~186131% 0.~~177374~~295146% 0.~~074808~~121201% 0.~~549739~~703609% 0.~~040918~~058070% 01.~~842840~~178026% 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 2.~~073755~~686537% 0.~~303238~~385239% 0.~~684731~~952960% 0.~~029346~~060827% 34.~~091069~~085564% 2.~~162497~~571048% 0.~~257410~~328285% 0.~~674153~~926583% 0.~~040918~~058070% 3.~~134978~~883986% (7) Delinquencies are stratified according to the information the Servicer has provided. All 90+ deliquencies are reported in the 90 day deliquency field.

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~684~~756,~~417~~209.7753

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~556587~~547773% Weighted Average Net Coupon 7.~~256587~~247773% Weighted Average Pass-Through Rate 7.~~254587~~245773% Weighted Average Maturity(Stepdown Calculation ) ~~349~~348 Beginning Scheduled Collateral Loan Count 10,~~516~~223 Number Of Loans Paid In Full ~~293~~359 Ending Scheduled Collateral Loan Count 109,~~223~~864 Beginning Scheduled Collateral Balance 1,~~622~~568,~~306~~008,~~206~~504.4084 Ending Scheduled Collateral Balance 1,~~568~~502,~~008~~833,~~504~~972.8405 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 1,~~568~~503,~~618~~399,~~384~~273.6764 Monthly P &I Constant 11,~~541~~144,~~316~~985.3816 Special Servicing Fee 0.00 Prepayment Penalties 1,~~057~~181,~~760~~960.9906 Realized Loss Amount 0.00 Cumulative Realized Loss 4,236.91 Ending Scheduled Balance for Premium Loans 1,~~568~~502,~~008~~833,~~504~~972.8405 Scheduled Principal 1,~~325~~282,~~401~~507.3775 Unscheduled Principal 5263,~~972~~892,~~300~~025.1904

Miscellaneous Reporting Credit Enhancement Percentage 2223.~~254340~~219461% Delinquency Trigger Event NO Cumulative Loss Trigger Event NO Trigger Event NO Stepdown NO Total Monthly Excess Spread 76,~~227~~488,~~670~~596.3890 Specified Subordinated Amount 38,473,940.87 Subordinated Deficiency 0.00 Extra Principal Distribution Amount 0.00 Subordinated Increase Amount 0.00 Excess Subordinated Amount 0.00 Subordinated Reduction Amount 0.00 Subordinated Amount 38,473,940.87 Cap Agreement Payment (Class A-2) 0.00 Cap Agreement Payment (Class M) 0.00 Cap Agreement Payment (Class B) 0.00

Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.~~420470~~414645 7.~~590761~~581131 7.~~444743~~434136 Weighted Average Net Rate 7.~~120470~~114645 7.~~290761~~281131 7.~~144743~~134136 Weighted Average Maturity ~~349~~348 ~~349~~348 ~~349~~348 Beginning Loan Count 2,~~085~~041 5,~~771~~593 ~~748~~735 Loans Paid In Full 4434 ~~178~~250 1316 Ending Loan Count 2,~~041~~007 5,~~593~~343 ~~735~~719 Beginning Scheduled Balance ~~296~~289,~~129~~198,~~862~~975.5705 ~~848~~817,~~968~~603,~~678~~720.0993 ~~132~~129,~~690~~951,~~520~~044.5377 Ending scheduled Balance ~~289~~283,~~198~~698,~~975~~980.0500 ~~817~~775,~~603~~481,~~720~~166.9330 ~~129~~127,~~951~~418,~~044~~908.7751 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant 2,~~122~~075,~~411~~493.0149 65,~~019~~786,~~714~~590.7493 ~~945~~925,~~489~~816.9609 Scheduled Principal ~~291~~288,~~225~~570.4844 ~~649~~621,~~449~~289.2391 ~~122~~120,~~284~~754.3266 Unscheduled Principal 65,~~639~~211,~~662~~424.0461 3041,~~715~~501,~~507~~264.9372 2,~~617~~411,~~191~~381.4460 Scheduled Interest 1,~~831~~786,~~185~~923.5305 5,~~370~~165,~~265~~301.5102 ~~823~~805,~~205~~061.6443 Servicing Fees 7472,~~032~~299.4674 ~~212~~204,~~242~~400.1694 3332,~~172~~487.6376 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~493~~482.5600 1,~~414~~362.9865 ~~221~~216.1558 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 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,~~756~~714,~~659~~141.5131 54,~~156~~959,~~608~~537.3743 ~~789~~772,~~811~~357.8609 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 4,236.91 0.00 Percentage of Cumulative Losses 0.0000 0.0004 0.0000 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 7.~~118470~~112645 7.~~288761~~279131 7.~~142743~~132136

Group Level Collateral Statement Group Group 4 Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~632450~~626246 7.~~556587~~547773 Weighted Average Net Rate 7.~~332450~~326246 7.~~256587~~247773 Weighted Average Maturity ~~349~~348 ~~349~~348 Beginning Loan Count 1,~~912~~854 10,~~516~~223 Loans Paid In Full 5859 ~~293~~359 Ending Loan Count 1,~~854~~795 109,~~223~~864 Beginning Scheduled Balance ~~344~~331,~~517~~254,~~145~~764.2109 1,~~622~~568,~~306~~008,~~206~~504.4084 Ending scheduled Balance ~~331~~316,~~254~~234,~~764~~917.0924 1,~~568~~502,~~008~~833,~~504~~972.8405 Record Date 0708/31/2004 0708/31/2004 Principal And Interest Constant 2,~~453~~357,~~700~~084.6765 11,~~541~~144,~~316~~985.3816 Scheduled Principal ~~262~~251,~~442~~892.3474 1,~~325~~282,~~401~~507.3775 Unscheduled Principal 1214,~~999~~767,~~938~~954.7811 5263,~~972~~892,~~300~~025.1904 Scheduled Interest 2,~~191~~105,~~258~~191.3391 109,~~215~~862,~~915~~477.0141 Servicing Fees 8682,~~129~~813.3070 ~~405~~392,~~576~~002.5514 Master Servicing Fees 0.00 0.00 Trustee Fee ~~574~~552.2214 2,~~703~~613.9137 FRY Amount 0.00 0.00 Special Hazard Fee 0.00 0.00 Other Fee 0.00 0.00 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 2,~~104~~021,~~554~~826.8107 9,~~807~~467,~~634~~861.5590 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 4,236.91 Percentage of Cumulative Losses 0.0000 0.0002 Prepayment Penalties 0.00 0.00 Special Servicing Fee 0.00 0.00 Pass-Through Rate 7.~~330450~~324246 7.~~254587~~245773

Filing Compare · SECURITIZED ASSET BACKED RECEIVABLES LLC TRUST 2004-OP1