8-K 1 mlm04he1_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 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-HE1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-112231-14 54-2157853 Pooling and Servicing Agreement) (Commission 54-2157854 (State or other File Number) 54-2157855 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, Maryland 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 MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certificates, Series 2004-HE1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2004-HE1 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. MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-HE1 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 Loan Asset-Backed Certificates, Series 2004-HE1 Trust, relating to the September 27, 2004 distribution. EX-99.1

Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed Certificates Record Date: 78/31/042004 Distribution Date: 89/2527/042004 MLM Series: 2004-HE1 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 R MLM04HE1R RES 12.~~81625~~00500% ~~100~~0.00 0.1700 ~~100~~0.00 A1 59020UFF7 SEN 12.~~81625~~00500% ~~155~~153,~~745~~522,~~000~~128.0028 ~~267~~282,~~156~~160.7588 23,~~222~~996,~~871~~919.7234 A2 59020UFG5 SEN 12.~~81625~~00500% ~~100~~99,~~902~~890,~~000~~356.0083 ~~173~~183,~~081~~590.9715 14,~~011~~181,~~643~~009.1792 S 59020UFH3 SUB 0.~~57375~~38500% 0.00 ~~162~~104,~~663~~799.3413 0.00 M1 59020UFJ9 SUB 2.~~12625~~31500% 22,151,000.00 4447,~~481~~006.9827 0.00 M2 59020UFK6 SUB 23.~~92625~~11500% 10,694,000.00 2930,~~554~~535.8083 0.00 B1 59020UFL4 SUB 3.~~80125~~99000% 3,819,000.00 13,~~710~~967.4899 0.00 B2 59020UFM2 SUB 4.~~42625~~61500% 4,583,000.00 19,~~158~~388.5300 0.00 B3 59020UFN0 SUB 5.~~17625~~36500% 2,292,000.00 11,~~204~~271.8687 0.00 C MLM04HE1C SUB 0.00000% 5,346,~~592~~822.4400 ~~903~~912,~~427~~743.9193 0.00 P MLM04HE1P SUB 0.00000% 0.00 59205,~~347~~133.8951 0.00 Totals ~~305~~302,~~532~~298,~~692~~307.4411 1,~~683~~810,~~788~~597.6856 38,~~234~~177,~~614~~929.8926

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 ~~100~~0.1700 0.00 A1 0.00 ~~153~~149,~~522~~525,~~128~~208.2894 24,~~490~~279,~~028~~080.4722 0.00 A2 0.00 9995,~~890~~709,~~356~~346.8391 14,~~184~~364,~~725~~600.1407 0.00 S 0.00 0.00 ~~162~~104,~~663~~799.3413 0.00 M1 0.00 22,151,000.00 4447,~~481~~006.9827 0.00 M2 0.00 10,694,000.00 2930,~~554~~535.8083 0.00 B1 0.00 3,819,000.00 13,~~710~~967.4899 0.00 B2 0.00 4,583,000.00 19,~~158~~388.5300 0.00 B3 0.00 2,292,000.00 11,~~204~~271.8687 0.00 C 0.00 5,346,822.00 ~~903~~912,~~427~~743.9193 0.00 P 0.00 0.00 59205,~~347~~133.8951 0.00 Totals 0.00 ~~302~~294,~~298~~120,~~307~~377.1185 49,~~918~~988,~~403~~526.5782 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) R 100.00 ~~100.00~~ 0.00 ~~100.00~~ 0.00 0.00 ~~100.00 100.00~~ 0.00 ~~100.00~~ 0.00 ~~0.00~~ A1 155,745,000.00 ~~155~~153,~~745~~522,~~000~~128.0028 0.00 23,~~222~~996,~~871~~919.7234 0.00 0.00 A2 100,902,000.00 ~~100~~99,~~902~~890,~~000~~356.0083 0.00 14,~~011~~181,~~643~~009.1792 0.00 0.00 S 0.00 0.00 0.00 0.00 0.00 0.00 ~~0.00 0.00 0.00 0.00 0.00 0.00~~ M1 22,151,000.00 22,151,000.00 0.00 0.00 0.00 0.00 M2 10,694,000.00 10,694,000.00 0.00 0.00 0.00 0.00 B1 3,819,000.00 3,819,000.00 0.00 0.00 0.00 0.00 B2 4,583,000.00 4,583,000.00 0.00 0.00 0.00 0.00 B3 2,292,000.00 2,292,000.00 0.00 0.00 0.00 0.00 C 5,346,592.44 5,346,~~592~~822.4400 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 305,532,~~792~~692.44 ~~305~~302,~~532~~298,~~792~~307.4411 0.00 38,~~234~~177,~~714~~929.8926 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 R ~~100~~0.00 0.00 0.00000000 ~~100.00 R 100.00~~ 0.00 ~~0.00000000 100.00~~ A1 23,~~222~~996,~~871~~919.7234 ~~153~~149,~~522~~525,~~128~~208.2894 0.~~98572749~~96006426 23,~~222~~996,~~871~~919.7234 A2 14,~~011~~181,~~643~~009.1792 9995,~~890~~709,~~356~~346.8391 0.~~98997400~~94853766 14,~~011~~181,~~643~~009.1792 S 0.00 0.00 0.00000000 0.00 ~~S 0.00 0.00 0.00000000 0.00~~ M1 0.00 22,151,000.00 1.00000000 0.00 M2 0.00 10,694,000.00 1.00000000 0.00 B1 0.00 3,819,000.00 1.00000000 0.00 B2 0.00 4,583,000.00 1.00000000 0.00 B3 0.00 2,292,000.00 1.00000000 0.00 C 0.00 5,346,822.00 1.00004294 0.00 P 0.00 0.00 0.00000000 0.00 Totals 38,~~234~~177,~~714~~929.8926 ~~302~~294,~~298~~120,~~307~~377.1185 0.~~98941362~~96264781 38,~~234~~177,~~714~~929.8926

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 100.00 ~~1000~~0.00000000 0.00000000 ~~1000~~0.00000000 0.00000000 A1 155,745,000.00 ~~1000~~985.~~00000000~~72749225 0.00000000 1425.~~27250775~~66322733 0.00000000 A2 100,902,000.00 ~~1000~~989.~~00000000~~97400279 0.00000000 1041.~~02599721~~43634338 0.00000000 S 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M1 22,151,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 10,694,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 3,819,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 4,583,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B3 2,292,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 5,346,592.44 1000.~~00000000~~04293576 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 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 R 0.00000000 ~~1,000~~0.00000000 0.00000000 0.00000000 ~~1,000~~0.00000000 A1 0.00000000 1425.~~27250775~~66322733 ~~985~~960.~~72749225~~06426492 0.~~98572749~~96006426 1425.~~27250775~~66322733 A2 0.00000000 1041.~~02599721~~43634338 ~~989~~948.~~97400279~~53765941 0.~~98997400~~94853766 1041.~~02599721~~43634338 S 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 1,000.04293576 1.00004294 0.00000000 P 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 R 100.00 12.~~81625~~00500% ~~100~~0.00 0.1700 0.00 0.00 A1 155,745,000.00 12.~~81625~~00500% ~~155~~153,~~745~~522,~~000~~128.0028 ~~267~~282,~~156~~160.7588 0.00 0.00 A2 100,902,000.00 12.~~81625~~00500% ~~100~~99,~~902~~890,~~000~~356.0083 ~~173~~183,~~081~~590.9715 0.00 0.00 S 0.00 0.~~57375~~38500% ~~300~~296,~~186~~951,~~100~~485.0011 ~~162~~104,~~663~~799.3413 0.00 0.00 M1 22,151,000.00 2.~~12625~~31500% 22,151,000.00 4447,~~481~~006.9827 0.00 0.00 M2 10,694,000.00 23.~~92625~~11500% 10,694,000.00 2930,~~554~~535.8083 0.00 0.00 B1 3,819,000.00 3.~~80125~~99000% 3,819,000.00 13,~~710~~967.4899 0.00 0.00 B2 4,583,000.00 4.~~42625~~61500% 4,583,000.00 19,~~158~~388.5300 0.00 0.00 B3 2,292,000.00 5.~~17625~~36500% 2,292,000.00 11,~~204~~271.8687 0.00 0.00 C 5,346,592.44 0.00000% 5,346,~~592~~822.4400 0.00 0.00 0.00 P 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 305,532,692.44 ~~721~~692,~~012~~720.8812 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 R 0.00 0.00 0.1700 0.00 0.00 A1 0.00 0.00 ~~267~~282,~~156~~160.7588 0.00 ~~153~~149,~~522~~525,~~128~~208.2894 A2 0.00 0.00 ~~173~~183,~~081~~590.9715 0.00 9995,~~890~~709,~~356~~346.8391 S 0.00 0.00 ~~162~~104,~~663~~799.3413 0.00 ~~296~~288,~~951~~773,~~485~~555.1185 M1 0.00 0.00 4447,~~481~~006.9827 0.00 22,151,000.00 M2 0.00 0.00 2930,~~554~~535.8083 0.00 10,694,000.00 B1 0.00 0.00 13,~~710~~967.4899 0.00 3,819,000.00 B2 0.00 0.00 19,~~158~~388.5300 0.00 4,583,000.00 B3 0.00 0.00 11,~~204~~271.8687 0.00 2,292,000.00 C 0.00 0.00 ~~903~~912,~~427~~743.9193 0.00 5,346,822.00 P 0.00 0.00 59205,~~347~~133.8951 0.00 0.00 Totals 0.00 0.00 1,~~683~~810,~~788~~597.6856 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 R 100.00 12.~~81625~~00500% ~~1000~~0.00000000 10.~~70000000~~00000000 0.00000000 0.00000000 A1 155,745,000.00 12.~~81625~~00500% ~~1000~~985.~~00000000~~72749225 1.~~71534720~~81168500 0.00000000 0.00000000 A2 100,902,000.00 12.~~81625~~00500% ~~1000~~989.~~00000000~~97400279 1.~~71534727~~81948970 0.00000000 0.00000000 S 0.00 0.~~57375~~38500% ~~1000~~989.~~00000000~~22463468 0.~~54187499~~34911387 0.00000000 0.00000000 M1 22,151,000.00 2.~~12625~~31500% 1000.00000000 2.~~00812514~~12208343 0.00000000 0.00000000 M2 10,694,000.00 23.~~92625~~11500% 1000.00000000 2.~~76368057~~85541706 0.00000000 0.00000000 B1 3,819,000.00 3.~~80125~~99000% 1000.00000000 3.~~59007070~~65749935 0.00000000 0.00000000 B2 4,583,000.00 4.~~42625~~61500% 1000.00000000 4.~~18034693~~23041676 0.00000000 0.00000000 B3 2,292,000.00 5.~~17625~~36500% 1000.00000000 4.~~88868237~~91791885 0.00000000 0.00000000 C 5,346,592.44 0.00000% 1000.~~00000000~~04293576 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 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 R 0.00000000 0.00000000 10.~~70000000~~00000000 0.00000000 0.00000000 A1 0.00000000 0.00000000 1.~~71534720~~81168500 0.00000000 ~~985~~960.~~72749225~~06426492 A2 0.00000000 0.00000000 1.~~71534727~~81948970 0.00000000 ~~989~~948.~~97400279~~53765941 S 0.00000000 0.00000000 0.~~54187499~~34911387 0.00000000 ~~989~~961.~~22463468~~98177014 M1 0.00000000 0.00000000 2.~~00812514~~12208343 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~76368057~~85541706 0.00000000 1000.00000000 B1 0.00000000 0.00000000 3.~~59007070~~65749935 0.00000000 1000.00000000 B2 0.00000000 0.00000000 4.~~18034693~~23041676 0.00000000 1000.00000000 B3 0.00000000 0.00000000 4.~~88868237~~91791885 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~168~~170.~~97265317~~71507511 0.00000000 1000.04293576 P 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 49,~~946~~906,~~474~~483.9571 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 3942,~~886~~651.0252 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 59205,~~347~~133.8951 Total Deposits 510,~~045~~154,~~708~~268.8674 Withdrawals Reimbursement for Servicer Advances 039,886.0002 Payment of Service Fee ~~127~~125,~~305~~855.2990 Payment of Interest and Principal 49,~~918~~988,~~403~~526.5782 Total Withdrawals (Pool Distribution Amount) 510,~~045~~154,~~708~~268.8674 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~127~~125,~~305~~855.2990 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~127~~125,~~305~~855.2990

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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 3629 0 0 0 3629 4,~~758~~126,~~421~~744.1028 0.00 0.00 0.00 4,~~758~~126,~~421~~744.1028 60 Days 412 0 0 0 412 ~~438~~1,~~551~~501,780.0068 0.00 0.00 0.00 ~~438~~1,~~551~~501,780.0068 90 Days 03 0 0 0 03 0337,555.0076 0.00 0.00 0.00 0337,555.0076 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 4044 0 0 0 4044 5,~~196~~966,~~972~~080.1072 0.00 0.00 0.00 5,~~196~~966,~~972~~080.1072 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.~~897733~~559978% 0.000000% 0.000000% 0.000000% 1.~~897733~~559978% 1.~~573381~~402431% 0.000000% 0.000000% 0.000000% 1.~~573381~~402431% 60 Days 0.~~210859~~645508% 0.000000% 0.000000% 0.000000% 0.~~210859~~645508% 0.~~145008~~510364% 0.000000% 0.000000% 0.000000% 0.~~145008~~510364% 90 Days 0.~~000000~~161377% 0.000000% 0.000000% 0.000000% 0.~~000000~~161377% 0.~~000000~~114715% 0.000000% 0.000000% 0.000000% 0.~~000000~~114715% 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.~~108593~~366864% 0.000000% 0.000000% 0.000000% 2.~~108593~~366864% 12.~~718389~~027510% 0.000000% 0.000000% 0.000000% 12.~~718389~~027510%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 3942,~~886~~651.0252

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 6.~~881000~~873032% Weighted Average Net Coupon 6.~~381000~~373032% Weighted Average Pass-Through Rate 6.~~381000~~373032% Weighted Average Maturity(Stepdown Calculation ) ~~340~~339 Beginning Scheduled Collateral Loan Count 1,~~915~~897 Number Of Loans Paid In Full 1838 Ending Scheduled Collateral Loan Count 1,~~897~~859 Beginning Scheduled Collateral Balance ~~305~~302,~~532~~298,~~692~~307.4411 Ending Scheduled Collateral Balance ~~302~~294,~~298~~120,~~307~~377.1185 Ending Actual Collateral Balance at 31-~~Jul~~Aug-2004 ~~302~~294,~~432~~256,~~816~~519.8577 Monthly P &I Constant 1,~~935~~912,~~690~~788.7605 Special Servicing Fee 0.00 Prepayment Penalties 59205,~~347~~133.8951 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~183~~181,~~715~~468.3219 Unscheduled Principal 37,~~050~~996,~~670~~461.0107 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 5,346,822.12 Overcollateralized Amount 5,346,822.00 Overcollateralized Deficiency Amount 0.12 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~229~~0.5600 Excess Cash Amount ~~903~~912,~~657~~743.4793

Miscellaneous Reporting Did a Trigger Event occur? NO Cap payment 0.00 Number of loans with PPP 1636 Cumulative PPP 59264,~~347~~481.8940

Group Level Collateral Statement Group Group A Group A Group B Collateral Description Mixed Fixed Mixed Fixed Mixed ARM Weighted Average Coupon Rate 8.~~169006~~128557 6.~~562286~~557272 8.~~692845~~646581 Weighted Average Net Rate 7.~~669006~~630095 6.~~062286~~057272 8.~~192845~~149186 Weighted Average Maturity ~~344~~343 ~~344~~343 ~~333~~332 Beginning Loan Count ~~405~~402 ~~902~~891 ~~277~~276 Loans Paid In Full 39 1114 14 Ending Loan Count ~~402~~393 ~~891~~877 ~~276~~272 Beginning Scheduled Balance 31,~~826~~694,~~038~~170.5495 ~~153~~151,~~584~~493,~~630~~683.0669 28,~~236~~139,~~586~~638.7580 Ending scheduled Balance 31,~~694~~044,~~170~~889.9576 ~~151~~148,~~493~~146,~~683~~045.6954 2827,~~139~~831,~~638~~219.8008 Record Date 0708/31/2004 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~237~~235,~~138~~230.0709 ~~937~~923,~~838~~886.7635 ~~220~~218,~~693~~920.9743 Scheduled Principal 20,~~482~~540.1620 9796,~~950~~065.2228 16,~~147~~160.0772 Unscheduled Principal ~~111~~628,~~385~~740.4399 13,~~992~~251,~~996~~572.1587 80292,~~800~~259.8800 Scheduled Interest ~~216~~214,~~655~~689.9189 ~~839~~827,~~888~~821.5407 ~~204~~202,~~546~~759.9071 Servicing Fees 13,~~260~~165.8528 63,~~993~~122.6037 11,~~765~~663.2474 Master Servicing Fees 0.00 0.00 0.00 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 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 ~~203~~201,~~395~~524.0661 ~~775~~764,~~894~~698.9470 ~~192~~191,~~781~~095.6697 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 7.~~669006~~630095 6.~~062286~~057272 8.~~192845~~149186

Group Level Collateral Statement Group Group B Total Collateral Description Mixed ARM Mixed & ARM & Balloon Weighted Average Coupon Rate 6.~~410819~~411496 6.~~881000~~873032 Weighted Average Net Rate 5.~~910819~~911496 6.~~381000~~373032 Weighted Average Maturity ~~333~~332 ~~340~~339 Beginning Loan Count ~~331~~328 1,~~915~~897 Loans Paid In Full 311 1838 Ending Loan Count ~~328~~317 1,~~897~~859 Beginning Scheduled Balance 9190,~~885~~970,~~437~~813.0967 ~~305~~302,~~532~~298,~~692~~307.4411 Ending scheduled Balance 9087,~~970~~098,~~813~~223.6747 ~~302~~294,~~298~~120,~~307~~377.1185 Record Date 0708/31/2004 0708/31/2004 Principal And Interest Constant ~~540~~534,~~019~~751.9618 1,~~935~~912,~~690~~788.7605 Scheduled Principal 4948,~~135~~701.8799 ~~183~~181,~~715~~468.3219 Unscheduled Principal ~~865~~3,~~487~~823,888.5521 37,~~050~~996,~~670~~461.0107 Scheduled Interest ~~490~~486,~~884~~049.0919 1,~~751~~731,~~975~~319.4486 Servicing Fees 3837,~~285~~904.6051 ~~127~~125,~~305~~855.2990 Master Servicing Fees 0.00 0.00 Trustee Fee 0.00 0.00 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 ~~452~~448,~~598~~144.4968 1,~~624~~605,~~670~~463.1596 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 5.~~910819~~911496 6.~~381000~~373032

Filing Compare · MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES 2004-HE1