8-K 1 mlm04fm1_dec.txt DECEMBER 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): December 27, 2004 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-FM1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-112231-16 54-6636565 Pooling and Servicing Agreement) (Commission 54-6636566 (State or other File Number) 54-6637661 jurisdiction 54-6637662 of Incorporation) IRS EIN 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 December 27, 2004 a distribution was made to holders of MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certificates, Series 2004-FM1 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-FM1 Trust, relating to the December 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-FM1 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: 12/29/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2004-FM1 Trust, relating to the December 27, 2004 distribution. EX-99.1

Merrill Lynch Mortgage Loans, Inc. Mortgage ~~Pass~~Loan Asset-~~Through~~Backed Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~MLM~~Merrill Lynch Mortgage Loans, Inc. Mortgage Loan Asset-Backed Certificates Series: 2004-FM1 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 59020UGC3 RES 2.~~23250~~48000% 0.00 0.00 0.00 A-1 59020UFS9 SEN 2.~~23250~~48000% ~~136~~130,~~594~~428,~~780~~400.5305 ~~271~~278,~~064~~537.7509 67,~~166~~425,~~380~~091.4827 A2A 59020UFT7 SEN 2.~~22250~~47000% ~~100~~96,~~042~~390,~~941~~044.6558 ~~197~~205,~~640~~016.3927 36,~~652~~422,~~897~~353.0706 A2B 59020UFU4 SEN 2.~~45250~~70000% 11,987,000.00 2627,~~131~~869.6678 0.00 M1 59020UFV2 SUB 2.~~55250~~80000% 25,079,000.00 5660,~~901~~468.4626 0.00 M2 59020UFW0 SUB 3.~~08250~~33000% 18,544,000.00 5053,~~810~~174.5692 0.00 M3 59020UFX8 SUB 3.~~28250~~53000% 6,181,000.00 18,~~034~~788.7852 0.00 B1 59020UFY6 SUB 3.~~73250~~98000% 6,181,000.00 2021,~~507~~183.1866 0.00 B2 59020UFZ3 SUB 34.~~88250~~13000% 5,298,000.00 18,~~283~~841.9975 0.00 B3 59020UGA7 SUB 5.~~68250~~93000% 4,415,000.00 22,~~300~~544.6671 0.00 B4 59020UGB5 SUB 5.~~68250~~93000% 6,181,000.00 31,~~220~~562.9259 0.00 C 59020UGE9 SUB 0.00000% 5,~~830~~828,~~565~~223.5500 1,~~111~~027,~~501~~333.6564 0.00 P 59020UGD1 SUB 0.00000% 0.00 ~~214~~326,~~701~~745.1721 0.00 Totals ~~326~~316,~~334~~512,~~287~~667.7363 2,~~039~~092,~~099~~066.1740 913,~~819~~847,~~277~~444.5533

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 0.00 0.00 A-1 0.00 ~~130~~123,~~428~~003,~~400~~308.05 67,~~437~~703,~~445~~628.2336 0.00 A2A 0.00 9689,~~390~~967,~~044~~691.5893 36,~~850~~627,~~537~~369.4633 0.00 A2B 0.00 11,987,000.00 2627,~~131~~869.6678 0.00 M1 0.00 25,079,000.00 5660,~~901~~468.4626 0.00 M2 0.00 18,544,000.00 5053,~~810~~174.5692 0.00 M3 0.00 6,181,000.00 18,~~034~~788.7852 0.00 B1 0.00 6,181,000.00 2021,~~507~~183.1866 0.00 B2 0.00 5,298,000.00 18,~~283~~841.9975 0.00 B3 0.00 4,415,000.00 22,~~300~~544.6671 0.00 B4 0.00 6,181,000.00 31,~~220~~562.9259 0.00 C 0.00 5,828,223.00 1,~~111~~027,~~501~~333.6564 0.00 P 0.00 0.00 ~~214~~326,~~701~~745.1721 0.00 Totals 0.00 ~~316~~302,~~512~~665,~~667~~222.6398 1115,~~858~~939,~~376~~510.7273 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 0.00 0.00 0.00 0.00 0.00 A-1 150,598,000.00 ~~136~~130,~~594~~428,~~780~~400.5305 0.00 67,~~166~~425,~~380~~091.4827 0.00 0.00 A2A 112,931,000.00 ~~100~~96,~~042~~390,~~941~~044.6558 0.00 36,~~652~~422,~~897~~353.0706 0.00 0.00 A2B 11,987,000.00 11,987,000.00 0.00 0.00 0.00 0.00 M1 25,079,000.00 25,079,000.00 0.00 0.00 0.00 0.00 M2 18,544,000.00 18,544,000.00 0.00 0.00 0.00 0.00 M3 6,181,000.00 6,181,000.00 0.00 0.00 0.00 0.00 B1 6,181,000.00 6,181,000.00 0.00 0.00 0.00 0.00 B2 5,298,000.00 5,298,000.00 0.00 0.00 0.00 0.00 B3 4,415,000.00 4,415,000.00 0.00 0.00 0.00 0.00 B4 6,181,000.00 6,181,000.00 0.00 0.00 0.00 0.00 C 5,830,566.55 5,~~830~~828,~~565~~223.5500 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 353,225,666.55 ~~326~~316,~~334~~512,~~287~~667.7363 0.00 913,~~819~~847,~~277~~444.5533 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 0.00 0.00 0.00000000 0.00 A-1 67,~~166~~425,~~380~~091.4827 ~~130~~123,~~428~~003,~~400~~308.05 0.~~86606993~~81676588 67,~~166~~425,~~380~~091.4827 A2A 36,~~652~~422,~~897~~353.0706 9689,~~390~~967,~~044~~691.5893 0.~~85353043~~79666072 36,~~652~~422,~~897~~353.0706 A2B 0.00 11,987,000.00 1.00000000 0.00 M1 0.00 25,079,000.00 1.00000000 0.00 M2 0.00 18,544,000.00 1.00000000 0.00 M3 0.00 6,181,000.00 1.00000000 0.00 B1 0.00 6,181,000.00 1.00000000 0.00 B2 0.00 5,298,000.00 1.00000000 0.00 B3 0.00 4,415,000.00 1.00000000 0.00 B4 0.00 6,181,000.00 1.00000000 0.00 C 0.00 5,828,223.00 0.99959806 0.00 P 0.00 0.00 0.00000000 0.00 Totals 913,~~819~~847,~~277~~444.5533 ~~316~~302,~~512~~665,~~667~~222.6398 0.~~89606361~~85686079 913,~~819~~847,~~277~~444.5533

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 A-1 150,598,000.00 ~~907~~866.~~01590014~~06993486 0.00000000 4049.~~94596529~~30404966 0.00000000 A2A 112,931,000.00 ~~885~~853.~~87670037~~53042637 0.00000000 3256.~~34627401~~86970858 0.00000000 A2B 11,987,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M1 25,079,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M2 18,544,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M3 6,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B1 6,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B2 5,298,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B3 4,415,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B4 6,181,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 5,830,566.55 999.~~99982849~~59805793 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 0.00000000 0.00000000 0.00000000 0.00000000 A-1 0.00000000 4049.~~94596529~~30404966 ~~866~~816.~~06993486~~76588036 0.~~86606993~~81676588 4049.~~94596529~~30404966 A2A 0.00000000 3256.~~34627401~~86970858 ~~853~~796.~~53042637~~66072141 0.~~85353043~~79666072 3256.~~34627401~~86970858 A2B 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 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 B4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 999.59805793 0.99959806 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 2.~~23250~~48000% 0.00 0.00 0.00 0.00 A-1 150,598,000.00 2.~~23250~~48000% ~~136~~130,~~594~~428,~~780~~400.5305 ~~271~~278,~~064~~537.7509 0.00 0.00 A2A 112,931,000.00 2.~~22250~~47000% ~~100~~96,~~042~~390,~~941~~044.6558 ~~197~~205,~~640~~016.3927 0.00 0.00 A2B 11,987,000.00 2.~~45250~~70000% 11,987,000.00 2627,~~131~~869.6678 0.00 0.00 M1 25,079,000.00 2.~~55250~~80000% 25,079,000.00 5660,~~901~~468.4626 0.00 0.00 M2 18,544,000.00 3.~~08250~~33000% 18,544,000.00 5053,~~810~~174.5692 0.00 0.00 M3 6,181,000.00 3.~~28250~~53000% 6,181,000.00 18,~~034~~788.7852 0.00 0.00 B1 6,181,000.00 3.~~73250~~98000% 6,181,000.00 2021,~~507~~183.1866 0.00 0.00 B2 5,298,000.00 34.~~88250~~13000% 5,298,000.00 18,~~283~~841.9975 0.00 0.00 B3 4,415,000.00 5.~~68250~~93000% 4,415,000.00 22,~~300~~544.6671 0.00 0.00 B4 6,181,000.00 5.~~68250~~93000% 6,181,000.00 31,~~220~~562.9259 0.00 0.00 C 5,830,566.55 0.00000% 5,~~830~~828,~~565~~223.5500 0.00 0.00 0.00 P 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 353,225,666.55 ~~712~~737,~~896~~987.3555 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 0.00 0.00 0.00 A-1 0.00 0.00 ~~271~~278,~~064~~537.7509 0.00 ~~130~~123,~~428~~003,~~400~~308.05 A2A 0.00 0.00 ~~197~~205,~~640~~016.3927 0.00 9689,~~390~~967,~~044~~691.5893 A2B 0.00 0.00 2627,~~131~~869.6678 0.00 11,987,000.00 M1 0.00 0.00 5660,~~901~~468.4626 0.00 25,079,000.00 M2 0.00 0.00 5053,~~810~~174.5692 0.00 18,544,000.00 M3 0.00 0.00 18,~~034~~788.7852 0.00 6,181,000.00 B1 0.00 0.00 2021,~~507~~183.1866 0.00 6,181,000.00 B2 0.00 0.00 18,~~283~~841.9975 0.00 5,298,000.00 B3 0.00 0.00 22,~~300~~544.6671 0.00 4,415,000.00 B4 0.00 0.00 31,~~220~~562.9259 0.00 6,181,000.00 C 0.00 0.00 1,~~111~~027,~~501~~333.6564 0.00 5,828,223.00 P 0.00 0.00 ~~214~~326,~~701~~745.1721 0.00 0.00 Totals 0.00 0.00 2,~~039~~092,~~099~~066.1740 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 2.~~23250~~48000% 0.00000000 0.00000000 0.00000000 0.00000000 A-1 150,598,000.00 2.~~23250~~48000% ~~907~~866.~~01590014~~06993486 1.~~79992264~~84954043 0.00000000 0.00000000 A2A 112,931,000.00 2.~~22250~~47000% ~~885~~853.~~87670037~~53042637 1.~~75009864~~81541180 0.00000000 0.00000000 A2B 11,987,000.00 2.~~45250~~70000% 1000.00000000 2.~~18000000~~32500042 0.00000000 0.00000000 M1 25,079,000.00 2.~~55250~~80000% 1000.00000000 2.~~26888871~~41111129 0.00000000 0.00000000 M2 18,544,000.00 3.~~08250~~33000% 1000.00000000 2.~~74000000~~86750000 0.00000000 0.00000000 M3 6,181,000.00 3.~~28250~~53000% 1000.00000000 23.~~91777706~~03972173 0.00000000 0.00000000 B1 6,181,000.00 3.~~73250~~98000% 1000.00000000 3.~~31777706~~42722213 0.00000000 0.00000000 B2 5,298,000.00 34.~~88250~~13000% 1000.00000000 3.~~45111174~~55638920 0.00000000 0.00000000 B3 4,415,000.00 5.~~68250~~93000% 1000.00000000 5.~~05111212~~10638958 0.00000000 0.00000000 B4 6,181,000.00 5.~~68250~~93000% 1000.00000000 5.~~05111147~~10638893 0.00000000 0.00000000 C 5,830,566.55 0.00000% 999.~~99982849~~59805793 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 0.00000000 0.00000000 0.00000000 A-1 0.00000000 0.00000000 1.~~79992264~~84954043 0.00000000 ~~866~~816.~~06993486~~76588036 A2A 0.00000000 0.00000000 1.~~75009864~~81541180 0.00000000 ~~853~~796.~~53042637~~66072141 A2B 0.00000000 0.00000000 2.~~18000000~~32500042 0.00000000 1000.00000000 M1 0.00000000 0.00000000 2.~~26888871~~41111129 0.00000000 1000.00000000 M2 0.00000000 0.00000000 2.~~74000000~~86750000 0.00000000 1000.00000000 M3 0.00000000 0.00000000 23.~~91777706~~03972173 0.00000000 1000.00000000 B1 0.00000000 0.00000000 3.~~31777706~~42722213 0.00000000 1000.00000000 B2 0.00000000 0.00000000 3.~~45111174~~55638920 0.00000000 1000.00000000 B3 0.00000000 0.00000000 5.~~05111212~~10638958 0.00000000 1000.00000000 B4 0.00000000 0.00000000 5.~~05111147~~10638893 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~190~~176.~~63355859~~19790996 0.00000000 999.59805793 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 1116,~~762~~057,~~171~~724.9971 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~100~~113,~~015~~681.1544 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~214,701~~0.1700 Total Deposits 1216,~~076~~171,~~888~~406.3115 Withdrawals Reimbursement for Servicer Advances 82100,~~538~~015.9715 Payment of Service Fee ~~135~~131,~~972~~880.6227 Payment of Interest and Principal 1115,~~858~~939,~~376~~510.7273 Total Withdrawals (Pool Distribution Amount) 1216,~~076~~171,~~888~~406.3115 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~135~~131,~~972~~880.6227 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~135~~131,~~972~~880.6227

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 75 0 0 75 ~~853~~671,~~453~~559.3427 0.00 0.00 ~~853~~671,~~453~~559.3427 30 Days 5654 1 0 0 5755 98,~~479~~132,~~499~~853.3004 ~~395~~394,~~098~~668.6692 0.00 0.00 98,~~874~~527,~~597~~521.96 60 Days 2119 01 0 0 2120 32,~~243~~669,~~002~~623.9848 027,798.0075 0.00 0.00 32,~~243~~697,~~002~~422.9823 90 Days 15 0 70 0 85 28462,~~238~~926.1789 0.00 ~~1,248,674~~0.9400 0.00 1462,~~276,913~~926.1189 120 Days 2 1 0 2 0 43 ~~100~~115,~~766~~920.7140 134,589.42 0.00 ~~190,809.25~~ 0.00 ~~291~~250,~~575~~509.9682 150 Days 1 0 0 2 0 21 5,966.71 0.00 0.00 ~~502,918.72~~ 0.00 ~~502~~5,~~918~~966.7271 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 8081 8 110 0 9989 1211,~~851~~387,~~507~~290.1652 1,~~248~~228,~~552~~616.0036 ~~1,942,402~~0.9100 0.00 1612,~~042~~615,~~462~~906.0788 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.~~377358~~282008% 0.000000% 0.000000% 0.~~377358~~282008% 0.~~269428~~221696% 0.000000% 0.000000% 0.~~269428~~221696% 30 Days 3.~~018868~~045685% 0.~~053908~~056402% 0.000000% 0.000000% 3.~~072776~~102087% 2.~~992594~~684823% 0.~~124729~~130288% 0.000000% 0.000000% 32.~~117324~~815111% 60 Days 1.~~132075~~071630% 0.~~000000~~056402% 0.000000% 0.000000% 1.~~132075~~128032% 10.~~023787~~881298% 0.~~000000~~009177% 0.000000% 0.000000% 10.~~023787~~890475% 90 Days 0.~~053908~~282008% 0.000000% 0.~~377358~~000000% 0.000000% 0.~~431267~~282008% 0.~~008915~~152822% 0.000000% 0.~~394196~~000000% 0.000000% 0.~~403110~~152822% 120 Days 0.~~107817~~112803% 0.~~000000~~056402% 0.~~107817~~000000% 0.000000% 0.~~215633~~169205% 0.~~031811~~038268% 0.~~000000~~044431% 0.~~060237~~000000% 0.000000% 0.~~092048~~082698% 150 Days 0.~~000000~~056402% 0.000000% 0.~~107817~~000000% 0.000000% 0.~~107817~~056402% 0.~~000000~~001970% 0.000000% 0.~~158767~~000000% 0.000000% 0.~~158767~~001970% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 4.~~312668~~568528% 0.~~431267~~451213% 0.~~592992~~000000% 0.000000% 5.~~336927~~019741% 43.~~057108~~759180% 0.~~394157~~405592% 0.~~613199~~000000% 0.000000% 54.~~064464~~164771%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~100~~113,~~015~~681.1544

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~200174~~193024% Weighted Average Net Coupon 6.~~700174~~693024% Weighted Average Pass-Through Rate 6.~~700082~~693024% Weighted Average Maturity (Stepdown Calculation) ~~341~~340 Beginning Scheduled Collateral Loan Count 1,~~917~~855 Number Of Loans Paid In Full 6282 Ending Scheduled Collateral Loan Count 1,~~855~~773 Beginning Scheduled Collateral Balance ~~326~~316,~~334~~512,~~287~~667.7363 Ending Scheduled Collateral Balance ~~316~~302,~~512~~665,~~667~~222.6398 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~316~~302,~~765~~919,~~257~~573.4979 Monthly P &I Constant 2,~~198~~131,~~931~~515.9442 Special Servicing Fee 0.00 Prepayment Penalties ~~214,701~~0.1700 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~240~~234,~~878~~279.9838 Unscheduled Principal 913,~~580~~613,~~741~~165.1227 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount ~~2,342~~0.0700 Specified O/C Amount 5,828,223.48 Overcollateralized Amount 5,828,223.00 Overcollateralized Deficiency Amount 0.48 Base Overcollateralized Amount 0.00 Extra principal distribution Amount (~~2,342~~0.5532) Excess Cash Amount 1,~~109~~027,~~159~~333.1032

Group Level Collateral Statement Group Group A Group A Group B Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Fixed 15/30 & ARM Weighted Average Coupon Rate 7.~~692746~~676189 7.~~197490~~204834 7.~~788158~~780437 Weighted Average Net Rate 7.~~192746~~176189 6.~~697490~~704834 7.~~288158~~280438 Weighted Average Maturity ~~341~~340 ~~341~~340 ~~343~~342 Beginning Loan Count ~~549~~529 ~~659~~637 ~~210~~201 Loans Paid In Full 2019 2231 97 Ending Loan Count ~~529~~510 ~~637~~606 ~~201~~194 Beginning Scheduled Balance 5351,~~173~~578,~~559~~471.4785 ~~125~~121,~~897~~324,~~234~~470.0106 3129,~~383~~984,~~193~~955.5014 Ending scheduled Balance 5150,~~578~~600,~~471~~171.8522 ~~121~~114,~~324~~877,~~470~~679.0625 29,~~984~~484,~~955~~010.1497 Record Date 1011/3130/2004 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~404~~391,~~033~~662.5405 ~~844~~814,~~009~~580.3303 ~~237~~227,~~962~~100.8050 Scheduled Principal 6361,~~157~~723.9862 8886,~~889~~144.2649 3432,~~281~~687.7511 Unscheduled Principal 1916,~~531,929~~577.6401 46,~~483~~360,~~874~~646.6932 1468,~~363,956~~257.6106 Scheduled Interest ~~340~~329,~~875~~938.5643 ~~755~~728,~~120~~435.0754 ~~203~~194,~~681~~413.0539 Servicing Fees 2221,~~155~~491.6503 5250,~~457~~551.1886 1312,~~076~~493.3373 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 ~~318~~308,~~719~~447.9140 ~~702~~677,~~662~~883.8968 ~~190~~181,~~604~~919.7266 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.~~192746~~176189 6.~~697490~~704834 7.~~288158~~280437

Group Level Collateral Statement Group Group B Total Collateral Description Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.~~817824~~806072 7.~~200174~~193024 Weighted Average Net Rate 6.~~317824~~306072 6.~~700174~~693024 Weighted Average Maturity ~~343~~342 ~~341~~340 Beginning Loan Count ~~499~~488 1,~~917~~855 Loans Paid In Full 1125 6282 Ending Loan Count ~~488~~463 1,~~855~~773 Beginning Scheduled Balance ~~115~~113,~~880~~624,~~300~~770.7558 ~~326~~316,~~334~~512,~~287~~667.7363 Ending scheduled Balance ~~113~~107,~~624~~703,~~770~~361.5854 ~~316~~302,~~512~~665,~~667~~222.6398 Record Date 1011/3130/2004 1011/3130/2004 Principal And Interest Constant ~~712~~698,~~926~~172.2784 2,~~198~~131,~~931~~515.9442 Scheduled Principal 5453,~~549~~724.9916 ~~240~~234,~~878~~279.9838 Unscheduled Principal 25,~~200~~867,~~980~~684.1888 913,~~580~~613,~~741~~165.1227 Scheduled Interest ~~658~~644,~~376~~448.2868 1,~~958~~897,~~052~~236.9604 Servicing Fees 4847,~~283~~343.4665 ~~135~~131,~~972~~880.6227 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 ~~610~~597,~~092~~105.8203 1,~~822~~765,~~080~~355.3477 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.~~317824~~306072 6.~~700082~~693024

Filing Compare · MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES 2004-FM1