8-K 1 arc04001_dec.txt DECEMBER 8K 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): December 27, 2004 AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2004-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-115858-23 54-2161163 Pooling and Servicing Agreement) (Commission 54-2161164 (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 December 27, 2004 a distribution was made to holders of AMORTIZING RESIDENTIAL COLLATERAL TRUST, Mortgage Pass-Through Certificates, Series 2004-1 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 2004-1 Trust, relating to the December 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report 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. AMORTIZING RESIDENTIAL COLLATERAL TRUST Mortgage Pass-Through Certificates, Series 2004-1 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: 12/27/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 2004-1 Trust, relating to the December 27, 2004 distribution. EX-99.2 Murrayhill Credit Risk Manager Report EX-99.1

Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~ARC~~Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates Series: 2004-1 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 031733AA6 SEN 2.~~18250~~43000% ~~113~~110,~~091~~325,~~600~~109.3828 ~~219~~230,~~397~~855.7029 21,~~766~~838,~~491~~818.1081 A-2 031733AB4 SEN 2.~~35250~~60000% 24,755,000.00 5155,~~765~~423.4669 0.00 A-3 031733AC2 SEN 2.~~10250~~35000% ~~221~~218,~~792~~062,~~959~~691.1230 ~~414~~441,~~506~~274.4009 38,~~730~~947,~~267~~348.8256 A-4 031733AD0 SEN 2.~~25250~~50000% 63,565,000.00 ~~127~~136,~~271~~841.2632 0.00 A-5 031733AE8 SEN 2.~~43250~~68000% 60,498,000.00 ~~130~~139,~~810~~615.1294 0.00 M1 031733AF5 MEZ 2.~~60250~~85000% 34,697,000.00 8085,~~265~~152.7322 0.00 M2 031733AG3 MEZ 2.~~63250~~88000% 10,170,000.00 2325,~~797~~221.8060 0.00 M3 031733AH1 MEZ 23.~~93250~~18000% 5,982,000.00 1516,~~593~~380.0871 0.00 M4 031733AJ7 MEZ 23.~~98250~~23000% 11,665,000.00 3032,~~925~~444.2190 0.00 M5 031733AK4 MEZ 3.~~18250~~43000% 8,076,000.00 2223,~~846~~853.1136 0.00 M6 031733AL2 MEZ 3.~~58250~~83000% 6,580,000.00 2021,~~953~~701.6421 0.00 M7 031733AM0 MEZ 3.~~68250~~93000% 5,982,000.00 1920,~~581~~244.0809 0.00 M8 031733AN8 MEZ 4.~~43250~~68000% 4,487,000.00 1718,~~678~~082.7861 0.00 M9 031733AP3 MEZ 4.~~43250~~68000% 10,469,000.00 4142,~~247~~190.8607 0.00 B1 031733AQ1 SUB 5.00000% 6,580,000.00 27,416.67 0.00 B2 031733AR9 SUB 5.00000% 2,393,000.00 9,970.83 0.00 X ARC04001X SEN 0.00000% 2,991,254.20 2,~~024~~000,~~890~~956.9084 0.00 P ARC04001P SEN 0.00000% 100.00 62121,~~760~~092.7771 0.00 Totals ~~593~~587,~~774~~278,~~913~~154.7078 3,~~341~~448,~~679~~718.4015 610,~~496~~786,~~758~~167.9237

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~110~~108,~~325~~486,~~109~~290.2847 2,~~985~~069,~~888~~674.8010 0.00 A-2 0.00 24,755,000.00 5155,~~765~~423.4669 0.00 A-3 0.00 ~~218~~209,~~062~~115,~~691~~342.3074 49,~~144~~388,~~774~~622.2265 0.00 A-4 0.00 63,565,000.00 ~~127~~136,~~271~~841.2632 0.00 A-5 0.00 60,498,000.00 ~~130~~139,~~810~~615.1294 0.00 M1 0.00 34,697,000.00 8085,~~265~~152.7322 0.00 M2 0.00 10,170,000.00 2325,~~797~~221.8060 0.00 M3 0.00 5,982,000.00 1516,~~593~~380.0871 0.00 M4 0.00 11,665,000.00 3032,~~925~~444.2190 0.00 M5 0.00 8,076,000.00 2223,~~846~~853.1136 0.00 M6 0.00 6,580,000.00 2021,~~953~~701.6421 0.00 M7 0.00 5,982,000.00 1920,~~581~~244.0809 0.00 M8 0.00 4,487,000.00 1718,~~678~~082.7861 0.00 M9 0.00 10,469,000.00 4142,~~247~~190.8607 0.00 B1 0.00 6,580,000.00 27,416.67 0.00 B2 0.00 2,393,000.00 9,970.83 0.00 X 0.00 2,991,254.20 2,~~024~~000,~~890~~956.9084 0.00 P 0.00 100.00 62121,~~760~~092.7771 0.00 Totals 0.00 ~~587~~576,~~278~~491,~~154~~987.7841 914,~~838~~234,~~438~~885.3252 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-1 113,824,000.00 ~~113~~110,~~091~~325,~~600~~109.3828 0.00 21,~~766~~838,~~491~~818.1081 0.00 0.00 A-2 24,755,000.00 24,755,000.00 0.00 0.00 0.00 0.00 A-3 225,508,000.00 ~~221~~218,~~792~~062,~~959~~691.1230 0.00 38,~~730~~947,~~267~~348.8256 0.00 0.00 A-4 63,565,000.00 63,565,000.00 0.00 0.00 0.00 0.00 A-5 60,498,000.00 60,498,000.00 0.00 0.00 0.00 0.00 M1 34,697,000.00 34,697,000.00 0.00 0.00 0.00 0.00 M2 10,170,000.00 10,170,000.00 0.00 0.00 0.00 0.00 M3 5,982,000.00 5,982,000.00 0.00 0.00 0.00 0.00 M4 11,665,000.00 11,665,000.00 0.00 0.00 0.00 0.00 M5 8,076,000.00 8,076,000.00 0.00 0.00 0.00 0.00 M6 6,580,000.00 6,580,000.00 0.00 0.00 0.00 0.00 M7 5,982,000.00 5,982,000.00 0.00 0.00 0.00 0.00 M8 4,487,000.00 4,487,000.00 0.00 0.00 0.00 0.00 M9 10,469,000.00 10,469,000.00 0.00 0.00 0.00 0.00 B1 6,580,000.00 6,580,000.00 0.00 0.00 0.00 0.00 B2 2,393,000.00 2,393,000.00 0.00 0.00 0.00 0.00 X 2,991,254.20 2,991,254.20 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 Totals 598,222,354.20 ~~593~~587,~~774~~278,~~913~~154.7078 0.00 610,~~496~~786,~~758~~167.9237 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 21,~~766~~838,~~491~~818.1081 ~~110~~108,~~325~~486,~~109~~290.2847 0.~~96926052~~95310559 21,~~766~~838,~~491~~818.1081 A-2 0.00 24,755,000.00 1.00000000 0.00 A-3 38,~~730~~947,~~267~~348.8256 ~~218~~209,~~062~~115,~~691~~342.3074 0.~~96698428~~92730787 38,~~730~~947,~~267~~348.8256 A-4 0.00 63,565,000.00 1.00000000 0.00 A-5 0.00 60,498,000.00 1.00000000 0.00 M1 0.00 34,697,000.00 1.00000000 0.00 M2 0.00 10,170,000.00 1.00000000 0.00 M3 0.00 5,982,000.00 1.00000000 0.00 M4 0.00 11,665,000.00 1.00000000 0.00 M5 0.00 8,076,000.00 1.00000000 0.00 M6 0.00 6,580,000.00 1.00000000 0.00 M7 0.00 5,982,000.00 1.00000000 0.00 M8 0.00 4,487,000.00 1.00000000 0.00 M9 0.00 10,469,000.00 1.00000000 0.00 B1 0.00 6,580,000.00 1.00000000 0.00 B2 0.00 2,393,000.00 1.00000000 0.00 X 0.00 2,991,254.20 1.00000000 0.00 P 0.00 100.00 1.00000000 0.00 Totals 610,~~496~~786,~~758~~167.9237 ~~587~~576,~~278~~491,~~154~~987.7841 0.~~98170547~~96367510 610,~~496~~786,~~758~~167.9237

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 113,824,000.00 ~~993~~969.~~56550798~~26051870 0.00000000 2416.~~30498928~~15493051 0.00000000 A-2 24,755,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 225,508,000.00 ~~983~~966.~~52590205~~98428127 0.00000000 1639.~~54162079~~67641308 0.00000000 A-4 63,565,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 60,498,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 34,697,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 10,170,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 5,982,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M4 11,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M5 8,076,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M6 6,580,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M7 5,982,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M8 4,487,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M9 10,469,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 6,580,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 2,393,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 2,991,254.20 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 100.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes 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 2416.~~30498928~~15493051 ~~969~~953.~~26051870~~10558819 0.~~96926052~~95310559 2416.~~30498928~~15493051 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 1639.~~54162079~~67641308 ~~966~~927.~~98428127~~30786819 0.~~96698428~~92730787 1639.~~54162079~~67641308 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 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 M3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M9 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 X 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 P 0.00000000 0.00000000 100.00000000 1.00000000 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-1 113,824,000.00 2.~~18250~~43000% ~~113~~110,~~091~~325,~~600~~109.3828 ~~219~~230,~~397~~855.7029 0.00 0.00 A-2 24,755,000.00 2.~~35250~~60000% 24,755,000.00 5155,~~765~~423.4669 0.00 0.00 A-3 225,508,000.00 2.~~10250~~35000% ~~221~~218,~~792~~062,~~959~~691.1230 ~~414~~441,~~506~~274.4009 0.00 0.00 A-4 63,565,000.00 2.~~25250~~50000% 63,565,000.00 ~~127~~136,~~271~~841.2632 0.00 0.00 A-5 60,498,000.00 2.~~43250~~68000% 60,498,000.00 ~~130~~139,~~810~~615.1294 0.00 0.00 M1 34,697,000.00 2.~~60250~~85000% 34,697,000.00 8085,~~265~~152.7322 0.00 0.00 M2 10,170,000.00 2.~~63250~~88000% 10,170,000.00 2325,~~797~~221.8060 0.00 0.00 M3 5,982,000.00 23.~~93250~~18000% 5,982,000.00 1516,~~593~~380.0871 0.00 0.00 M4 11,665,000.00 23.~~98250~~23000% 11,665,000.00 3032,~~925~~444.2190 0.00 0.00 M5 8,076,000.00 3.~~18250~~43000% 8,076,000.00 2223,~~846~~853.1136 0.00 0.00 M6 6,580,000.00 3.~~58250~~83000% 6,580,000.00 2021,~~953~~701.6421 0.00 0.00 M7 5,982,000.00 3.~~68250~~93000% 5,982,000.00 1920,~~581~~244.0809 0.00 0.00 M8 4,487,000.00 4.~~43250~~68000% 4,487,000.00 1718,~~678~~082.7861 0.00 0.00 M9 10,469,000.00 4.~~43250~~68000% 10,469,000.00 4142,~~247~~190.8607 0.00 0.00 B1 6,580,000.00 5.00000% 6,580,000.00 27,416.67 0.00 0.00 B2 2,393,000.00 5.00000% 2,393,000.00 9,970.83 0.00 0.00 X 2,991,254.20 0.00000% 2,991,254.20 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 Totals 598,222,354.20 1,~~254~~326,~~027~~668.7360 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 ~~219~~230,~~397~~855.7029 0.00 ~~110~~108,~~325~~486,~~109~~290.2847 A-2 0.00 0.00 5155,~~765~~423.4669 0.00 24,755,000.00 A-3 0.00 0.00 ~~414~~441,~~506~~274.4009 0.00 ~~218~~209,~~062~~115,~~691~~342.3074 A-4 0.00 0.00 ~~127~~136,~~271~~841.2632 0.00 63,565,000.00 A-5 0.00 0.00 ~~130~~139,~~810~~615.1294 0.00 60,498,000.00 M1 0.00 0.00 8085,~~265~~152.7322 0.00 34,697,000.00 M2 0.00 0.00 2325,~~797~~221.8060 0.00 10,170,000.00 M3 0.00 0.00 1516,~~593~~380.0871 0.00 5,982,000.00 M4 0.00 0.00 3032,~~925~~444.2190 0.00 11,665,000.00 M5 0.00 0.00 2223,~~846~~853.1136 0.00 8,076,000.00 M6 0.00 0.00 2021,~~953~~701.6421 0.00 6,580,000.00 M7 0.00 0.00 1920,~~581~~244.0809 0.00 5,982,000.00 M8 0.00 0.00 1718,~~678~~082.7861 0.00 4,487,000.00 M9 0.00 0.00 4142,~~247~~190.8607 0.00 10,469,000.00 B1 0.00 0.00 27,416.67 0.00 6,580,000.00 B2 0.00 0.00 9,970.83 0.00 2,393,000.00 X 0.00 0.00 2,~~024~~000,~~890~~956.9084 0.00 2,991,254.20 P 0.00 0.00 62121,~~760~~092.7771 0.00 100.00 Totals 0.00 0.00 3,~~341~~448,~~679~~718.4015 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-1 113,824,000.00 2.~~18250~~43000% ~~993~~969.~~56550798~~26051870 12.~~92751704~~02817763 0.00000000 0.00000000 A-2 24,755,000.00 2.~~35250~~60000% 1000.00000000 2.~~09111129~~23888871 0.00000000 0.00000000 A-3 225,508,000.00 2.~~10250~~35000% ~~983~~966.~~52590205~~98428127 1.~~83810064~~95680016 0.00000000 0.00000000 A-4 63,565,000.00 2.~~25250~~50000% 1000.00000000 2.~~00222229~~15277779 0.00000000 0.00000000 A-5 60,498,000.00 2.~~43250~~68000% 1000.00000000 2.~~16222222~~30777778 0.00000000 0.00000000 M1 34,697,000.00 2.~~60250~~85000% 1000.00000000 2.~~31333343~~45416664 0.00000000 0.00000000 M2 10,170,000.00 2.~~63250~~88000% 1000.00000000 2.~~34000000~~48000000 0.00000000 0.00000000 M3 5,982,000.00 23.~~93250~~18000% 1000.00000000 2.~~60666667~~73833333 0.00000000 0.00000000 M4 11,665,000.00 23.~~98250~~23000% 1000.00000000 2.~~65111102~~78138877 0.00000000 0.00000000 M5 8,076,000.00 3.~~18250~~43000% 1000.00000000 2.~~82888930~~95361070 0.00000000 0.00000000 M6 6,580,000.00 3.~~58250~~83000% 1000.00000000 3.~~18444377~~29805623 0.00000000 0.00000000 M7 5,982,000.00 3.~~68250~~93000% 1000.00000000 3.~~27333333~~38416750 0.00000000 0.00000000 M8 4,487,000.00 4.~~43250~~68000% 1000.00000000 34.~~94000000~~03000000 0.00000000 0.00000000 M9 10,469,000.00 4.~~43250~~68000% 1000.00000000 34.~~94000000~~03000000 0.00000000 0.00000000 B1 6,580,000.00 5.00000% 1000.00000000 4.16666717 0.00000000 0.00000000 B2 2,393,000.00 5.00000% 1000.00000000 4.16666527 0.00000000 0.00000000 X 2,991,254.20 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 100.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes 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 12.~~92751704~~02817763 0.00000000 ~~969~~953.~~26051870~~10558819 A-2 0.00000000 0.00000000 2.~~09111129~~23888871 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 1.~~83810064~~95680016 0.00000000 ~~966~~927.~~98428127~~30786819 A-4 0.00000000 0.00000000 2.~~00222229~~15277779 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 2.~~16222222~~30777778 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~31333343~~45416664 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~34000000~~48000000 0.00000000 1000.00000000 M3 0.00000000 0.00000000 2.~~60666667~~73833333 0.00000000 1000.00000000 M4 0.00000000 0.00000000 2.~~65111102~~78138877 0.00000000 1000.00000000 M5 0.00000000 0.00000000 2.~~82888930~~95361070 0.00000000 1000.00000000 M6 0.00000000 0.00000000 3.~~18444377~~29805623 0.00000000 1000.00000000 M7 0.00000000 0.00000000 3.~~27333333~~38416750 0.00000000 1000.00000000 M8 0.00000000 0.00000000 34.~~94000000~~03000000 0.00000000 1000.00000000 M9 0.00000000 0.00000000 34.~~94000000~~03000000 0.00000000 1000.00000000 B1 0.00000000 0.00000000 4.16666717 0.00000000 1000.00000000 B2 0.00000000 0.00000000 4.16666527 0.00000000 1000.00000000 X 0.00000000 0.00000000 ~~676~~668.~~93708545~~93573940 0.00000000 1000.00000000 P 0.00000000 0.00000000 ~~62760~~121092.~~77000000~~71000000 0.00000000 100.00000000 (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 1014,~~092~~486,~~442~~129.9041 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 0.00 Total Deposits 1014,~~092~~486,~~442~~129.9041 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~254~~251,~~004~~243.5889 Payment of Interest and Principal 914,~~838~~234,~~438~~885.3252 Total Withdrawals (Pool Distribution Amount) 1014,~~092~~486,~~442~~129.9041 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~247~~244,~~406~~699.3161 Credit Risk Manager Fee 4,~~453~~404.3159 MBIA Insurance Premium 1,650.33 Wells Fargo Bank, N.A. ~~494~~489.6236 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~254~~251,~~004~~243.5889

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 087,439.0064 087,439.0064 1,000.00 Financial Guaranty 0.00 0.00 0.00 0.00 Financial Guaranty 0.00 0.00 0.00 0.00

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 29 0 0 29 ~~480~~1,~~307~~543,971.82 0.00 0.00 ~~480~~1,~~307~~543,971.82 30 Days 2375 0 01 0 2376 312,~~180~~643,~~333~~537.4560 0.00 0175,899.0004 0.00 312,~~180~~819,~~333~~436.4564 60 Days 220 0 0 0 220 ~~278~~3,~~289~~649,419.0027 0.00 0.00 0.00 ~~278~~3,~~289~~649,419.0027 90 Days 12 0 10 0 2 ~~419~~278,~~655~~289.0400 0.00 ~~320,000~~0.00 0.00 ~~739~~278,~~655~~289.0400 120 Days 01 0 01 0 02 0419,655.0004 0.00 0320,000.00 0.00 0739,655.0004 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 2698 9 2 1 0 29109 316,~~878~~990,~~277~~900.4991 ~~480~~1,~~307~~543,971.82 ~~320~~495,~~000~~899.0004 0.00 419,~~678~~030,~~585~~771.3177 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.~~058089~~264706% 0.000000% 0.000000% 0.~~058089~~264706% 0.~~081735~~267645% 0.000000% 0.000000% 0.~~081735~~267645% 30 Days 02.~~668022~~205882% 0.000000% 0.~~000000~~029412% 0.000000% 02.~~668022~~235294% 02.~~541207~~191740% 0.000000% 0.~~000000~~030492% 0.000000% 02.~~541207~~222232% 60 Days 0.~~058089~~588235% 0.000000% 0.000000% 0.000000% 0.~~058089~~588235% 0.~~047357~~632622% 0.000000% 0.000000% 0.000000% 0.~~047357~~632622% 90 Days 0.~~029044~~058824% 0.000000% 0.~~029044~~000000% 0.000000% 0.~~058089~~058824% 0.~~071414~~048241% 0.000000% 0.~~054455~~000000% 0.000000% 0.~~125869~~048241% 120 Days 0.~~000000~~029412% 0.000000% 0.~~000000~~029412% 0.000000% 0.~~000000~~058824% 0.~~000000~~072747% 0.000000% 0.~~000000~~055472% 0.000000% 0.~~000000~~128218% 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 02.~~755155~~882353% 0.~~058089~~264706% 0.~~029044~~058824% 0.000000% 03.~~842289~~205882% 02.~~659978~~945349% 0.~~081735~~267645% 0.~~054455~~085963% 0.000000% 03.~~796169~~298958%

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1(A) 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 6 0 0 0 6 ~~679~~563,~~349~~360.6928 0.00 0.00 0.00 ~~679~~563,~~349~~360.6928 60 Days 02 0 0 0 02 0358,044.0065 0.00 0.00 0.00 0358,044.0065 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 68 0 0 0 68 ~~679~~921,~~349~~404.6993 0.00 0.00 0.00 ~~679~~921,~~349~~404.6993 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.764706% 0.000000% 0.000000% 0.000000% 1.764706% 1.~~805047~~498225% 0.000000% 0.000000% 0.000000% 1.~~805047~~498225% 60 Days 0.~~000000~~588235% 0.000000% 0.000000% 0.000000% 0.~~000000~~588235% 0.~~000000~~952199% 0.000000% 0.000000% 0.000000% 0.~~000000~~952199% 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 12.~~764706~~352941% 0.000000% 0.000000% 0.000000% 12.~~764706~~352941% 12.~~805047~~450424% 0.000000% 0.000000% 0.000000% 12.~~805047~~450424% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 1(B) 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 03 0 0 03 0520,404.0064 0.00 0.00 0520,404.0064 30 Days 19 0 0 0 19 ~~198~~1,~~000~~747,609.0046 0.00 0.00 0.00 ~~198~~1,~~000~~747,609.0046 60 Days 05 0 0 0 05 01,024,244.0048 0.00 0.00 0.00 01,024,244.0048 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 114 03 0 0 117 ~~198~~2,~~000~~771,853.0094 0520,404.0064 0.00 0.00 ~~198~~3,~~000~~292,258.0058 0-29 Days 0.~~000000~~396825% 0.000000% 0.000000% 0.~~000000~~396825% 0.~~000000~~409704% 0.000000% 0.000000% 0.~~000000~~409704% 30 Days 01.~~130890~~190476% 0.000000% 0.000000% 0.000000% 01.~~130890~~190476% 01.~~153706~~375857% 0.000000% 0.000000% 0.000000% 01.~~153706~~375857% 60 Days 0.~~000000~~661376% 0.000000% 0.000000% 0.000000% 0.~~000000~~661376% 0.~~000000~~806366% 0.000000% 0.000000% 0.000000% 0.~~000000~~806366% 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 01.~~130890~~851852% 0.~~000000~~396825% 0.000000% 0.000000% 02.~~130890~~248677% 02.~~153706~~182223% 0.~~000000~~409704% 0.000000% 0.000000% 02.~~153706~~591927% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2(A) 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 01 0 0 01 056,768.0038 0.00 0.00 056,768.0038 30 Days 13 0 0 0 13 65308,~~800~~782.0049 0.00 0.00 0.00 65308,~~800~~782.0049 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 3 1 0 0 04 ~~1 65~~308,~~800~~782.0049 056,768.0038 0.00 0.00 65365,~~800~~550.0087 0-29 Days 0.~~000000~~169779% 0.000000% 0.000000% 0.~~000000~~169779% 0.~~000000~~054345% 0.000000% 0.000000% 0.~~000000~~054345% 30 Days 0.~~169205~~509338% 0.000000% 0.000000% 0.000000% 0.~~169205~~509338% 0.~~062629~~295601% 0.000000% 0.000000% 0.000000% 0.~~062629~~295601% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 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.~~169205~~509338% 0.~~000000~~169779% 0.000000% 0.000000% 0.~~169205~~679117% 0.~~062629~~295601% 0.~~000000~~054345% 0.000000% 0.000000% 0.~~062629~~349946% DELINQUENT BANKRUPTCY FORECLOSURE REO Total 2(B) 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 25 0 0 25 ~~480~~966,~~307~~798.8280 0.00 0.00 ~~480~~966,~~307~~798.8280 30 Days 1557 0 01 0 1558 210,~~237~~023,~~183~~785.7637 0.00 0175,899.0004 0.00 210,~~237~~199,~~183~~684.7641 60 Days 213 0 0 0 213 ~~278~~2,~~289~~267,130.0014 0.00 0.00 0.00 ~~278~~2,~~289~~267,130.0014 90 Days 12 0 10 0 2 ~~419~~278,~~655~~289.0400 0.00 ~~320,000~~0.00 0.00 ~~739~~278,~~655~~289.0400 120 Days 01 0 01 0 02 0419,655.0004 0.00 0320,000.00 0.00 0739,655.0004 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 1873 5 2 1 0 2180 212,~~935~~988,~~127~~859.8055 ~~480~~966,~~307~~798.8280 ~~320~~495,~~000~~899.0004 0.00 314,~~735~~451,~~435~~557.6239 0-29 Days 0.~~114416~~291545% 0.000000% 0.000000% 0.~~114416~~291545% 0.~~151938~~314108% 0.000000% 0.000000% 0.~~151938~~314108% 30 Days 03.~~858124~~323615% 0.000000% 0.~~000000~~058309% 0.000000% 03.~~858124~~381924% 03.~~707700~~256682% 0.000000% 0.~~000000~~057149% 0.000000% 03.~~707700~~313831% 60 Days 0.~~114416~~758017% 0.000000% 0.000000% 0.000000% 0.~~114416~~758017% 0.~~088033~~736580% 0.000000% 0.000000% 0.000000% 0.~~088033~~736580% 90 Days 0.~~057208~~116618% 0.000000% 0.~~057208~~000000% 0.000000% 0.~~114416~~116618% 0.~~132752~~090415% 0.000000% 0.~~101227~~000000% 0.000000% 0.~~233979~~090415% 120 Days 0.~~000000~~058309% 0.000000% 0.~~000000~~058309% 0.000000% 0.~~000000~~116618% 0.~~000000~~136344% 0.000000% 0.~~000000~~103967% 0.000000% 0.~~000000~~240311% 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 14.~~029748~~256560% 0.~~114416~~291545% 0.~~057208~~116618% 0.000000% 14.~~201373~~664723% 04.~~928485~~220021% 0.~~151938~~314108% 0.~~101227~~161115% 0.000000% 14.~~181650~~695245%

COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 7.~~139924~~134124% Weighted Average Net Coupon 6.~~639924~~634124% Weighted Average Pass-Through Rate 6.~~638924~~633124% Weighted Average Maturity(Stepdown Calculation ) ~~352~~351 Beginning Scheduled Collateral Loan Count 3,~~472~~443 Number Of Loans Paid In Full 2943 Ending Scheduled Collateral Loan Count 3,~~443~~400 Beginning Scheduled Collateral Balance ~~593~~587,~~774~~278,~~913~~154.7078 Ending Scheduled Collateral Balance ~~587~~576,~~278~~491,~~154~~987.7841 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~587~~576,~~637~~872,~~058~~203.7727 Monthly P &I Constant 3,~~918~~876,~~795~~013.68 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~385~~384,~~872~~584.5033 Unscheduled Principal 610,~~110~~401,~~886~~583.4204

Miscellaneous Reporting Overcollateralization Amount 2,991,354.20 Overcollateralization Deficiency Amount 0.00 Target Overcollateralization Amount 2,991,354.20 Amounts received under Cap Agreement 087,439.0064

Group Level Collateral Statement Group 1(A) 1(B) 2(A) Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~881697~~891535 7.~~014232~~009132 6.~~304250~~300342 Weighted Average Net Rate 7.~~381697~~391535 6.~~514232~~509132 5.~~804250~~800342 Weighted Average Maturity ~~349~~348 ~~349~~348 ~~352~~351 Beginning Loan Count ~~345~~340 ~~772~~764 ~~593~~591 Loans Paid In Full 50 8 2 Ending Loan Count 340 ~~764~~756 ~~591~~589 Beginning Scheduled Balance 3837,~~652~~608,~~040~~387.5764 ~~130~~128,~~442~~719,~~654~~816.6952 ~~105~~104,~~200~~970,~~195~~217.5383 Ending scheduled Balance 37,~~608~~573,~~387~~733.6430 ~~128~~126,~~719~~915,~~816~~652.5205 104,~~970~~362,~~217~~748.8358 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~285~~278,~~150~~036.3958 ~~864~~853,~~583~~322.1990 ~~665~~664,~~064~~059.5189 Scheduled Principal 3130,~~280~~713.6533 ~~102~~101,~~120~~477.6373 112,~~390~~936.9130 Unscheduled Principal 13,~~012,372~~941.2801 1,~~620~~702,~~717~~686.5474 ~~117~~494,~~586~~532.7995 Scheduled Interest ~~253~~247,~~869~~323.7425 ~~762~~751,~~462~~845.5617 ~~552~~551,~~673~~123.6059 Servicing Fees 1615,~~105~~670.0216 5453,~~351~~633.1126 43,~~833~~737.4159 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 3231.2134 ~~108~~107.7027 87.6748 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 ~~237~~231,~~732~~621.5175 ~~708~~698,~~002~~104.7564 ~~508~~507,~~752~~298.52 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.~~380697~~390535 6.~~513232~~508132 5.~~803250~~799342

Group Level Collateral Statement Group 2(B) Fixed Total Collateral Description Fixed 15/30 & ARM ~~Fixed~~ Mixed & ARM & Balloon Weighted Average Coupon Rate 7.~~376676~~371880 7.~~139924~~134124 Weighted Average Net Rate 6.~~876676~~871880 6.~~639924~~634124 Weighted Average Maturity ~~352~~351 ~~352~~351 Beginning Loan Count 1,~~762~~748 3,~~472~~443 Loans Paid In Full 1433 2943 Ending Loan Count 1,~~748~~715 3,~~443~~400 Beginning Scheduled Balance ~~319~~315,~~480~~979,~~022~~732.9179 ~~593~~587,~~774~~278,~~913~~154.7078 Ending scheduled Balance ~~315~~307,~~979~~639,~~732~~853.7948 ~~587~~576,~~278~~491,~~154~~987.7841 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant 2,~~103~~080,~~997~~594.5931 3,~~918~~876,~~795~~013.68 Scheduled Principal ~~140~~139,~~080~~456.3197 ~~385~~384,~~872~~584.5033 Unscheduled Principal 38,~~360~~200,~~209~~422.8134 610,~~110~~401,~~886~~583.4204 Scheduled Interest 1,~~963~~941,~~917~~137.2834 3,~~532~~491,~~923~~429.1835 Servicing Fees ~~133~~131,~~116~~658.6822 ~~247~~244,~~406~~699.2223 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 ~~266~~263.2332 ~~494~~489.8141 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 1,~~830~~809,~~534~~215.3780 3,~~285~~246,~~022~~240.1571 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.~~875676~~870880 6.~~638924~~633124

Ex 99.2

theMurrayhillcompany Credit Risk Manager Report October 2004 ARC 2004-1 The information contained in this Report is based upon a specific point in time and reflects performance solely through that point in time. It does not forecast the performance of the portfolio in the future. The information in this Report is not investment advice concerning a particular portfolio or security, and no mention of a particular security in this Report constitutes a recommendation to buy, sell, or hold that or any other security. The Report is based upon information provided to The Murrayhill Company by third parties and therefore The Murrayhill Company cannot, and does not, warrant that the information contained in this Report is accurate or complete. c 2004 The Murrayhill Company. All Rights Reserved. Section One Transaction Summary Table of Contents Section One Transaction Summary Section Two Prepayment Premium Analysis Section Three Analytics ARC 2004-1 Transaction Summary October 2004 Transaction Summary Closing Date: 9/30/2004 Depositor: Structured Asset Securities Corporation Trustee: LaSalle Bank National Association Securities Administrator: Wells Fargo Bank, N.A. Master Servicer: Aurora Loan Serving Inc. Aurora Loan Services, Chase Manhattan Mortgage Corp., Servicer(s): Option One Mortgage Corp., Wells Fargo Home Mortgage, Ocwen Financial Services. Delinquency Reporting Method: OTS1 Collateral Summary 9/30/2004 as a Percentage Closing Date 9/30/20042 of Closing Date2 Collateral Balance $ 598,778,486 $ 30,4000,862 4.93 % Loan Count 3,491 209 5.99 % Collateral Statistics Loan Count2 Summed Balance2 Repurchases3 0 $ 0 First Payment Defaults 2 $ 740,000 Early Payment Defaults 4 0 $ 0 Multiple Loans to One Borrower 0 $ 0 Second Lien Statistics Loan Count2 Summed Balance2 Outstanding Second Lien Loans 0 $ 0 30 Days Delinquent 0 $ 0 60 Days Delinquent 0 $ 0 90+ Days Delinquent 0 $ 0 1 OTS Method: A current loan becomes 30 days delinquent if the scheduled payment is not made by the close of business on the corresponding day of the following month. Similarly for 60 days delinquent and the second immediately succeeding month and 90 days delinquent and the third immediately succeeding month. 2 These figures are based upon information provided to Murrayhill by the servicers on a monthly basis; however, Murrayhill only received data for one servicer this month. 3 Refers to loans repurchased in the current month 4 A default that occurs on the second or third scheduled payment c 2004 The Murrayhill Company. All Rights Reserved. Section Two Prepayment Premium Analysis Reconciliation of Prepayment Premiums for ARC 2004-1 Mortgage Data Through: September 30, 2004 Section 1: Prepayment premiums collected by the servicers and remitted to the trustee. This information is reported to Murrayhill by the servicers each month. Trustee Remittance Date 25-Oct-04 TOTAL $11,344 Section 2: Prepayment premiums remitted to the P Class by the trustee. This information is taken from the statement to Certificateholders prepared by the trustee. Trustee Remittance Date Class 25-Oct-04 P Class $39,889 Section 3: Reconciliation of the amounts remitted by the servicer to the trustee, and the amount remitted to the P Class by the trustee. Amount remitted by servicer: $11,344 Amount remitted to the P Class: $39,889 Difference*: ($28,546) *Murrayhill only received data from one servicer this month; however, the amount reported by the master servicer is the same amount that was reported in the remittance Aggregate Paid Off Loans Report for ARC 2004-1 Mortgage Data Through: September 30, 2004 Trustee Remittance Date 25-Oct-04 Loans with Active Prepayment Flags that Remitted 2 Premiums ( A ) Loans without Prepayment Flags that Remitted Premiums 0 Total Loans that Remitted Premiums ( B ) 2 Loans with Active Prepayment Flags ( C ) 2 Loans without Prepayment Flags that Remitted Premiums 0 Subtotal ( D ) 2 Premiums Remitted with Active Prepayment Flags (A/C) 100.0% Total Loans that Remitted Premiums to the Subtotal (B/D ) 100.0% Total Paid Off Loans ( E ) 4 Total Loans that Remitted Premiums to the Total Paid Off 50.0% Loans ( B/E ) Paid Off Loans Exception Report for ARC 2004-1 Mortgage Data Through: September 30, 2004 Total Total Paid Off Loans with Flags 2 Less Exceptions: Loans with Expired Prepayment Clauses (as stated in the Note)* 0 Loans that Contained a Clause Allowing Prepayment Premiums to be Waived at the Time of Liquidation* 0 Repurchased/Service Transferred Loans* 0 Loans that Liquidated from REO* 0 Loans with Discrepancies between the Data File and the Note* 0 Defaulted Liquidated Loans that Could Not Have Collected Premiums because of the Acceleration of the Debt* 0 Loans that Liquidated Through Loss Mitigation Efforts* 0 Total Paid Off Loans with Active Prepayment Flags (C) 2 Other Exceptions: Paid Off Loans that Did Not Collect Premiums because of State Statutes 0 Paid Off Loans with Active Prepayment Flags that Have Not Remitted Premiums 0 * These categories are mutually exclusive. Paid off Loans With Prepayment Flags for ARC 2004-1 Mortgage Data Through: September 30, 2004 % of No Premium PPP Delinquency Origination PPP Payoff PPP Premium to Loan Number Exp. Date Collected, w/ Collected, Comments String Date Flag Balance Remitted Payoff Flag No Flag Balance 5618736 0 5/12/2004 2 5/12/2006 $62,938 $2,389 4% 5618603 0 1/2/2004 3 1/2/2007 $288,900 $8,955 3% c 2004 The Murrayhill Company. All Rights Reserved. Section Three Analytics ARC 2004-1 FICO Distribution by Status Mortgage Data Through: September 30, 2004 FICO Delinquency Percentage 520 Current 0.005 530 Current 0.059 540 Current 0.079 550 Current 0.084 560 Current 0.079 560 Delinquent 0.333 570 Current 0.074 570 Paid Off 0.25 580 Current 0.064 590 Current 0.084 600 Current 0.074 600 Paid Off 0.5 610 Current 0.074 620 Current 0.05 630 Current 0.05 630 Delinquent 0.333 640 Current 0.05 650 Current 0.054 650 Delinquent 0.333 660 Current 0.04 660 Paid Off 0.25 670 Current 0.01 680 Current 0.02 690 Current 0.02 700 Current 0.015 720 Current 0.005 770 Current 0.005 780 Current 0.005 Status # of Loans Average Std. Deviation Current 202 596 48.337 Delinquent 3 612 47.014 Paid Off 4 604 37.903 Total: 209 ARC 2004-1 Loan-to-Value Distribution by Status Mortgage Data Through: September 30, 2004 LTV Delinquency Percentage 0.6 Current 0.005 0.7 Current 0.01 0.8 Delinquent 0.333 0.8 Current 0.203 0.9 Paid Off 0.5 0.9 Current 0.515 1 Delinquent 0.667 1 Paid Off 0.5 1 Current 0.267 Status # of Loans Average Std. Deviation Current 202 0.891 0.068 Delinquent 3 0.916 0.105 Paid Off 4 0.938 0.048 Total: 209 ARC 2004-1 Balance Distribution by Status Mortgage Data Through: September 30, 2004 Balance Delinquency Percentage 30000 Current 0.01 40000 Current 0.025 50000 Current 0.079 60000 Current 0.054 70000 Current 0.064 80000 Current 0.069 90000 Current 0.025 100000 Current 0.045 110000 Current 0.079 120000 Current 0.045 130000 Current 0.059 140000 Current 0.05 150000 Current 0.03 160000 Current 0.054 160000 Delinquent 0.333 170000 Current 0.03 180000 Current 0.054 190000 Current 0.025 200000 Current 0.015 210000 Current 0.025 220000 Current 0.015 230000 Current 0.01 240000 Current 0.005 250000 Current 0.015 260000 Current 0.02 270000 Current 0.005 280000 Current 0.005 290000 Current 0.02 300000 Current 0.005 310000 Current 0.015 320000 Delinquent 0.333 340000 Current 0.005 350000 Current 0.005 360000 Current 0.005 380000 Current 0.01 400000 Current 0.005 410000 Current 0.005 420000 Delinquent 0.333 470000 Current 0.005 540000 Current 0.005 620000 Current 0.005 Status # of Loans Average Std. Deviation Current 202 146,037.49 93,603.25 Delinquent 3 300,429.67 130,461.08 Total: 205 ARC 2004-1 Mortgage Type Distribution by Status Mortgage Data Through: September 30, 2004 Mortgage Type Delinquency Percentage Investment Home Current 0.05 Primary Home Current 0.946 Primary Home Delinquent 0.667 Primary Home Paid Off 1 Second Home Current 0.005 Second Home Delinquent 0.333 Mortgage Type Loan Count Total Balance Avg. Balance Std. Deviation ARM 186 26,984,928.00 145,080.26 91,453.79 Fixed 23 3,415,934.00 148,518.87 135,566.09 Total: 209 30,400,862.00 ARC 2004-1 Mortgage Term Distribution by Status Mortgage Data Through: September 30, 2004 Mortgage Term Delinquency Percentage 180 Current 0.01 360 Current 0.99 360 Delinquent 1 360 Paid Off 1 # of Loans Other 120 180 240 360 209 0 0 2 0 207 ARC 2004-1 Mortgage Purpose Distribution Mortgage Data Through: September 30, 2004 Origination Statistics Current Loans Number of Loans: 3,491 Number of Loans: 202 Purpose Number Percentage Purpose Number Percentage Cash-out refinance 1,664 47.7% Cash-out refinance 140 69.3% Purchase 1,448 41.5% Purchase 48 23.8% Rate/term 319 9.1% Rate/term 14 6.9% Home 6 0.2% Home 0 0.0% Other 54 1.5% Other 0 0.0% Total 3,491 100% Total 202 100% Delinquent Loans Paid Off Loans Number of Loans: 3 Number of Loans: 4 Purpose Number Percentage Purpose Number Percentage Cash-out refinance 1 33.3% Cash-out refinance 4 100.0% Purchase 2 66.7% Purchase 0 0.0% Rate/term 0 0.0% Rate/term 0 0.0% Home 0 0.0% Home 0 0.0% Other 0 0.0% Other 0 0.0% Total 3 100% Total 4 100% ARC 2004-1 Ownership Distribution by Status Mortgage Data Through: September 30, 2004 Ownership Type Delinquency Percentage Investment Home Current 0.05 Primary Home Current 0.946 Primary Home Delinquent 0.667 Primary Home Paid Off 1 Second Home Current 0.005 Second Home Delinquent 0.333 Title # of Loans Investment Home 10 Primary Home 197 Second Home 2 Total: 209 ARC 2004-1 Delinquent Count Over Time Mortgage Data Through: September 30, 2004 Total Count in Status AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 9/30/2004 1 1 1 0 0 ARC 2004-1 Delinquent Balance Over Time Mortgage Data Through: September 30, 2004 Total Balance in Status AsOfDate 30 Days 60 Days 90 Days Foreclosure REO 9/30/2004 $161,289 $320,000 $420,000 - - ARC 2004-1 Historical SDA Performance Mortgage Data Through: September 30, 2004 Weighted Monthly Date Average Age Default Amt Default Rate CDR (F-R) SDA Curve SDA % 30-Sep-04 4.44 $0 0.00% 0.00% 0.09% 0% Averages: 4.44 $0 0.00% 0.00% 0.09% 0% c 2004 The Murrayhill Company. 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Filing Compare · Amortizing Residential Collateral Trust, Series 2004-1