8-K 1 mlm04op1_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-OP1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-112231-24 54-2162614 Pooling and Servicing Agreement) (Commission 54-2162615 (State or other File Number) 54-6643821 jurisdiction 54-6643822 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-OP1 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-OP1 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-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: 1/5/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2004-OP1 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: 1011/3130/042004 Distribution Date: 1112/2627/042004 ~~MLM~~Merrill Lynch Mortgage Loans, Inc. Mortgage Loan Asset-Backed Certificates 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 R 59020ULJ2 SEN 2.~~15000~~44000% ~~100~~0.00 0.2300 ~~100~~0.00 A-1A 59020UKL8 SEN 2.~~15000~~44000% ~~495~~480,~~682~~924,~~000~~751.0027 1,~~124~~010,~~922~~476.7634 1415,~~757~~132,~~248~~871.7354 A-1B 59020ULH6 SEN 2.~~32000~~61000% 2625,~~088~~311,~~000~~318.0037 6356,~~886~~887.6119 ~~776~~796,~~681~~450.6385 A-2A 59020UKM6 SEN 2.~~25000~~54000% ~~130~~127,~~878~~186,~~000~~339.0027 ~~310~~278,~~835~~184.2579 35,~~691~~820,~~660~~687.7322 A-2B 59020UKN4 SEN 2.~~34000~~63000% 8,~~854~~604,~~000~~256.0024 2119,~~869~~486.3825 ~~249~~393,~~743~~774.7608 M-1 59020UKP9 MEZ 2.~~64000~~93000% 30,979,000.00 8678,~~328~~161.1574 0.00 M-2 59020UKQ7 MEZ 3.~~24000~~53000% 16,401,000.00 5649,~~091~~854.4248 0.00 M-3 59020UKR5 MEZ 3.~~54000~~83000% 3,645,000.00 1312,~~620~~021.1541 0.00 B-1 59020UKS3 SUB 34.~~99000~~28000% 3,645,000.00 1513,~~351~~433.5385 0.00 B-2 59020UKT1 SUB 45.~~89000~~18000% 3,645,000.00 1816,~~814~~258.2873 0.00 B-3 59020ULG8 SUB 5.~~64000~~93000% 3,645,000.00 2118,~~699~~612.9079 0.00 P 59020ULK9 SUB 0.00000% 0.01 ~~284~~331,~~807~~283.3256 0.00 C 59020ULL7 SUB 0.00000% 5,~~465~~466,~~683~~958.6600 1,~~792~~875,~~115~~004.1535 0.00 Totals ~~728~~709,~~927~~453,~~783~~623.6716 3,~~810~~759,~~342~~665.1348 1922,~~475~~143,~~434~~783.8569

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses R 0.00 0.00 ~~100~~0.2300 0.00 A-1A 0.00 ~~480~~465,~~924~~791,~~751~~879.2774 1516,~~882~~143,~~171~~347.4988 0.00 A-1B 0.00 2524,~~311~~514,~~318~~867.3751 ~~840~~853,~~568~~338.2404 0.00 A-2A 0.00 ~~127~~121,~~186~~365,~~339~~652.2706 46,~~002~~098,~~495~~872.9801 0.00 A-2B 0.00 8,~~604~~210,~~256~~482.2415 ~~271~~413,~~613~~260.1433 0.00 M-1 0.00 30,979,000.00 8678,~~328~~161.1574 0.00 M-2 0.00 16,401,000.00 5649,~~091~~854.4248 0.00 M-3 0.00 3,645,000.00 1312,~~620~~021.1541 0.00 B-1 0.00 3,645,000.00 1513,~~351~~433.5385 0.00 B-2 0.00 3,645,000.00 1816,~~814~~258.2873 0.00 B-3 0.00 3,645,000.00 2118,~~699~~612.9079 0.00 P 0.00 0.01 ~~284~~331,~~807~~283.3256 0.00 C 0.00 5,466,958.00 1,~~792~~875,~~115~~004.1535 0.00 Totals 0.00 ~~709~~687,~~453~~309,~~623~~839.1647 2325,~~285~~903,~~776~~449.9817 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~~0.00 0.00 ~~100~~0.00 0.00 0.00 A-1A 495,682,000.00 ~~495~~480,~~682~~924,~~000~~751.0027 0.00 1415,~~757~~132,~~248~~871.7354 0.00 0.00 A-1B 26,088,000.00 2625,~~088~~311,~~000~~318.0037 0.00 ~~776~~796,~~681~~450.6385 0.00 0.00 A-2A 130,878,000.00 ~~130~~127,~~878~~186,~~000~~339.0027 0.00 35,~~691~~820,~~660~~687.7322 0.00 0.00 A-2B 8,854,000.00 8,~~854~~604,~~000~~256.0024 0.00 ~~249~~393,~~743~~774.7608 0.00 0.00 M-1 30,979,000.00 30,979,000.00 0.00 0.00 0.00 0.00 M-2 16,401,000.00 16,401,000.00 0.00 0.00 0.00 0.00 M-3 3,645,000.00 3,645,000.00 0.00 0.00 0.00 0.00 B-1 3,645,000.00 3,645,000.00 0.00 0.00 0.00 0.00 B-2 3,645,000.00 3,645,000.00 0.00 0.00 0.00 0.00 B-3 3,645,000.00 3,645,000.00 0.00 0.00 0.00 0.00 P 0.01 0.01 0.00 0.00 0.00 0.00 C 5,465,683.66 5,~~465~~466,~~683~~958.6600 0.00 0.00 0.00 0.00 Totals 728,927,783.67 ~~728~~709,~~927~~453,~~783~~623.6716 0.00 1922,~~475~~143,~~434~~783.8569 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~~0.00 A-1A 1415,~~757~~132,~~248~~871.7354 ~~480~~465,~~924~~791,~~751~~879.2774 0.~~97022839~~93969900 1415,~~757~~132,~~248~~871.7354 A-1B ~~776~~796,~~681~~450.6385 2524,~~311~~514,~~318~~867.3751 0.~~97022840~~93969900 ~~776~~796,~~681~~450.6385 A-2A 35,~~691~~820,~~660~~687.7322 ~~127~~121,~~186~~365,~~339~~652.2706 0.~~97179311~~92731897 35,~~691~~820,~~660~~687.7322 A-2B ~~249~~393,~~743~~774.7608 8,~~604~~210,~~256~~482.2415 0.~~97179311~~92731897 ~~249~~393,~~743~~774.7608 M-1 0.00 30,979,000.00 1.00000000 0.00 M-2 0.00 16,401,000.00 1.00000000 0.00 M-3 0.00 3,645,000.00 1.00000000 0.00 B-1 0.00 3,645,000.00 1.00000000 0.00 B-2 0.00 3,645,000.00 1.00000000 0.00 B-3 0.00 3,645,000.00 1.00000000 0.00 P 0.00 0.01 1.00000000 0.00 C 0.00 5,466,958.00 1.00023315 0.00 Totals 1922,~~475~~143,~~434~~783.8569 ~~709~~687,~~453~~309,~~623~~839.1647 0.~~97328383~~94290526 1922,~~475~~143,~~434~~783.8569

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 A-1A 495,682,000.00 ~~1000~~970.~~00000000~~22839496 0.00000000 2930.~~77160504~~52939493 0.00000000 A-1B 26,088,000.00 ~~1000~~970.~~00000000~~22839505 0.00000000 2930.~~77160495~~52939474 0.00000000 A-2A 130,878,000.00 ~~1000~~971.~~00000000~~79311473 0.00000000 2844.~~20688527~~47414554 0.00000000 A-2B 8,854,000.00 ~~1000~~971.~~00000000~~79311498 0.00000000 2844.~~20688502~~47414502 0.00000000 M-1 30,979,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 16,401,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 3,645,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 3,645,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 3,645,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 3,645,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 0.01 0.00000000 0.00000000 0.00000000 0.00000000 C 5,465,683.66 1000.~~00000000~~23315290 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 A-1A 0.00000000 2930.~~77160504~~52939493 ~~970~~939.~~22839496~~69900004 0.~~97022839~~93969900 2930.~~77160504~~52939493 A-1B 0.00000000 2930.~~77160495~~52939474 ~~970~~939.~~22839505~~69899992 0.~~97022840~~93969900 2930.~~77160495~~52939474 A-2A 0.00000000 2844.~~20688527~~47414554 ~~971~~927.~~79311473~~31896927 0.~~97179311~~92731897 2844.~~20688527~~47414554 A-2B 0.00000000 2844.~~20688502~~47414502 ~~971~~927.~~79311498~~31896883 0.~~97179311~~92731897 2844.~~20688502~~47414502 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 P 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 1,000.23315290 1.00023315 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.~~15000~~44000% ~~100~~0.00 0.2300 0.00 0.00 A-1A 495,682,000.00 2.~~15000~~44000% ~~495~~480,~~682~~924,~~000~~751.0027 1,~~124~~010,~~922~~476.7634 0.00 0.00 A-1B 26,088,000.00 2.~~32000~~61000% 2625,~~088~~311,~~000~~318.0037 6356,~~886~~887.6119 0.00 0.00 A-2A 130,878,000.00 2.~~25000~~54000% ~~130~~127,~~878~~186,~~000~~339.0027 ~~310~~278,~~835~~184.2579 0.00 0.00 A-2B 8,854,000.00 2.~~34000~~63000% 8,~~854~~604,~~000~~256.0024 2119,~~869~~486.3825 0.00 0.00 M-1 30,979,000.00 2.~~64000~~93000% 30,979,000.00 8678,~~328~~161.1574 0.00 0.00 M-2 16,401,000.00 3.~~24000~~53000% 16,401,000.00 5649,~~091~~854.4248 0.00 0.00 M-3 3,645,000.00 3.~~54000~~83000% 3,645,000.00 1312,~~620~~021.1541 0.00 0.00 B-1 3,645,000.00 34.~~99000~~28000% 3,645,000.00 1513,~~351~~433.5385 0.00 0.00 B-2 3,645,000.00 45.~~89000~~18000% 3,645,000.00 1816,~~814~~258.2873 0.00 0.00 B-3 3,645,000.00 5.~~64000~~93000% 3,645,000.00 2118,~~699~~612.9079 0.00 0.00 P 0.01 0.00000% 0.01 0.00 0.00 0.00 C 5,465,683.66 0.00000% 5,~~465~~466,~~683~~958.6600 0.00 0.00 0.00 Totals 728,927,783.67 1,~~733~~553,~~419~~377.6657 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 0.2300 0.00 0.00 A-1A 0.00 0.00 1,~~124~~010,~~922~~476.7634 0.00 ~~480~~465,~~924~~791,~~751~~879.2774 A-1B 0.00 0.00 6356,~~886~~887.6119 0.00 2524,~~311~~514,~~318~~867.3751 A-2A 0.00 0.00 ~~310~~278,~~835~~184.2579 0.00 ~~127~~121,~~186~~365,~~339~~652.2706 A-2B 0.00 0.00 2119,~~869~~486.3825 0.00 8,~~604~~210,~~256~~482.2415 M-1 0.00 0.00 8678,~~328~~161.1574 0.00 30,979,000.00 M-2 0.00 0.00 5649,~~091~~854.4248 0.00 16,401,000.00 M-3 0.00 0.00 1312,~~620~~021.1541 0.00 3,645,000.00 B-1 0.00 0.00 1513,~~351~~433.5385 0.00 3,645,000.00 B-2 0.00 0.00 1816,~~814~~258.2873 0.00 3,645,000.00 B-3 0.00 0.00 2118,~~699~~612.9079 0.00 3,645,000.00 P 0.00 0.00 ~~284~~331,~~807~~283.3256 0.00 0.01 C 0.00 0.00 1,~~792~~875,~~115~~004.1535 0.00 5,466,958.00 Totals 0.00 0.00 3,~~810~~759,~~342~~665.1348 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.~~15000~~44000% ~~1000~~0.00000000 20.~~30000000~~00000000 0.00000000 0.00000000 A-1A 495,682,000.00 2.~~15000~~44000% ~~1000~~970.~~00000000~~22839496 2.~~26944444~~03855766 0.00000000 0.00000000 A-1B 26,088,000.00 2.~~32000~~61000% ~~1000~~970.~~00000000~~22839505 2.~~44888876~~18058839 0.00000000 0.00000000 A-2A 130,878,000.00 2.~~25000~~54000% ~~1000~~971.~~00000000~~79311473 2.~~37500000~~12552751 0.00000000 0.00000000 A-2B 8,854,000.00 2.~~34000~~63000% ~~1000~~971.~~00000000~~79311498 2.~~47000000~~20084143 0.00000000 0.00000000 M-1 30,979,000.00 2.~~64000~~93000% 1000.00000000 2.~~78666677~~52305562 0.00000000 0.00000000 M-2 16,401,000.00 3.~~24000~~53000% 1000.00000000 3.~~42000000~~03972197 0.00000000 0.00000000 M-3 3,645,000.00 3.~~54000~~83000% 1000.00000000 3.~~73666667~~29805487 0.00000000 0.00000000 B-1 3,645,000.00 34.~~99000~~28000% 1000.00000000 43.~~21166804~~68555556 0.00000000 0.00000000 B-2 3,645,000.00 45.~~89000~~18000% 1000.00000000 54.~~16166804~~46055693 0.00000000 0.00000000 B-3 3,645,000.00 5.~~64000~~93000% 1000.00000000 5.~~95333333~~10638957 0.00000000 0.00000000 P 0.01 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 C 5,465,683.66 0.00000% 1000.~~00000000~~23315290 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 20.~~30000000~~00000000 0.00000000 0.00000000 A-1A 0.00000000 0.00000000 2.~~26944444~~03855766 0.00000000 ~~970~~939.~~22839496~~69900004 A-1B 0.00000000 0.00000000 2.~~44888876~~18058839 0.00000000 ~~970~~939.~~22839505~~69899992 A-2A 0.00000000 0.00000000 2.~~37500000~~12552751 0.00000000 ~~971~~927.~~79311473~~31896927 A-2B 0.00000000 0.00000000 2.~~47000000~~20084143 0.00000000 ~~971~~927.~~79311498~~31896883 M-1 0.00000000 0.00000000 2.~~78666677~~52305562 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~42000000~~03972197 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~73666667~~29805487 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 43.~~21166804~~68555556 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 54.~~16166804~~46055693 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 5.~~95333333~~10638957 0.00000000 1000.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 C 0.00000000 0.00000000 ~~327~~343.~~88490178~~05028733 0.00000000 1000.23315290 (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 2326,~~700~~247,~~734~~056.8584 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 08,826.0036 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~284~~331,~~807~~283.3256 Total Deposits 2326,~~985~~587,~~542~~166.1776 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~699~~683,~~765~~717.1959 Payment of Interest and Principal 2325,~~285~~903,~~776~~449.9817 Total Withdrawals (Pool Distribution Amount) 2326,~~985~~587,~~542~~166.1776 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~182~~177,~~231~~363.9441 PMI Fee ~~262~~255,~~077~~523.9347 Pool Insurance Fee 0.00 Radian Fee ~~255~~250,~~455~~830.3271 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~699~~683,~~765~~717.1959

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 47 0 0 47 ~~789~~1,~~408~~641,494.3157 0.00 0.00 ~~789~~1,~~408~~641,494.3157 30 Days 6455 0 0 0 6455 9,~~957~~467,~~571~~599.4090 0.00 0.00 0.00 9,~~957~~467,~~571~~599.4090 60 Days 2217 12 3 0 2622 42,~~004~~382,~~272~~129.7399 ~~164~~316,~~430~~314.7848 ~~451~~341,~~239~~181.3468 0.00 43,~~619~~039,~~942~~626.8515 90 Days 09 01 07 0 017 01,332,594.0060 0164,430.0078 01,490,559.0017 0.00 02,987,584.0055 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 8681 510 310 0 94101 13,~~961~~182,~~844~~324.1349 ~~953~~2,~~839~~122,239.0983 ~~451~~1,~~239~~831,740.3485 0.00 1517,~~366~~136,~~922~~305.5617 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.~~090293~~162187% 0.000000% 0.000000% 0.~~090293~~162187% 0.~~111179~~238615% 0.000000% 0.000000% 0.~~111179~~238615% 30 Days 1.~~444695~~274328% 0.000000% 0.000000% 0.000000% 1.~~444695~~274328% 1.~~402403~~376251% 0.000000% 0.000000% 0.000000% 1.~~402403~~376251% 60 Days 0.~~496614~~393883% 0.~~022573~~046339% 0.~~067720~~069509% 0.000000% 0.~~586907~~509731% 0.~~563953~~346277% 0.~~023158~~045981% 0.~~063552~~049596% 0.000000% 0.~~650663~~441853% 90 Days 0.~~000000~~208526% 0.~~000000~~023170% 0.~~000000~~162187% 0.000000% 0.~~000000~~393883% 0.~~000000~~193712% 0.~~000000~~023902% 0.~~000000~~216674% 0.000000% 0.~~000000~~434288% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.~~941309~~876738% 0.~~112867~~231696% 0.~~067720~~231696% 0.000000% 2.~~121896~~340130% 1.~~966357~~916240% 0.~~134337~~308498% 0.~~063552~~266270% 0.000000% 2.~~164245~~491007% Delinquencies are stratified according to the information the servicer has provided.

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 08,826.0036

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 6.~~958013~~955380% Weighted Average Net Coupon 6.~~658013~~655380% Weighted Average Pass-Through Rate 5.~~806022~~798911% Weighted Average Maturity(Stepdown Calculation ) ~~349~~348 Beginning Scheduled Collateral Loan Count 4,~~526~~430 Number Of Loans Paid In Full 96114 Ending Scheduled Collateral Loan Count 4,~~430~~316 Beginning Scheduled Collateral Balance ~~728~~709,~~927~~453,~~783~~623.4815 Ending Scheduled Collateral Balance ~~709~~687,~~453~~309,~~623~~839.1546 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~710~~687,~~036~~926,~~123~~761.2676 Monthly P &I Constant 4,~~891~~762,~~899~~012.1190 Special Servicing Fee 0.00 Prepayment Penalties ~~284~~331,~~807~~283.3256 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~665~~649,~~324~~913.7223 Unscheduled Principal 1821,~~808~~493,~~835~~870.5946 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 5,466,958.00 Overcollateralized Amount 5,~~465~~466,~~683~~958.4600 Overcollateralized Deficiency Amount ~~1,274~~0.5400 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~1,274~~0.5400 Excess Cash Amount 1,~~797~~876,~~357~~002.7494

~~Group~~Miscellaneous ~~Level~~Reporting Collateral Statement Group Group 1 Group 1 Total Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM Mixed Fixed & Arm Weighted Average Coupon Rate 7.136114 6.934082 6.958013 Weighted Average Net Rate 6.836115 6.634082 6.658013 Weighted Average Maturity 349 349 349 Beginning Loan Count 1,005 2,806 3,811 Loans ~~Paid~~with InPre-payment ~~Full~~Penalties 1271 72Cumulative 84Pre-payment ~~Ending~~penalities ~~Loan Count 993 2,734 3,727 Beginning Scheduled Balance 143,737,734~~331283.~~93 431,214,856.~~56 ~~574,952,591.49 Ending scheduled Balance 141,568,959.04 417,850,618.69 559,419,577.73 Record Date 10~~Loans/~~31/2004~~Prin ~~10/31/2004~~balance 10/31/2004 Principal And Interest Constant 1,003,821.41 2,863,468.41 3,867,289.82 Scheduled Principal 149,047.30 371,735.88 520,783.18 Unscheduled Principal 2,019,728.59 12,992,501.99 15,012,230.58 Scheduled Interest 854,774.11 2,491,732.53 3,346,506.64 Servicing Fees 35,934.43 107,803.71 143,738.14 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 51,993.72 153,036.61 205,030.33 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 29,460.11 183,267.90 212,728.01 Net Interest 737,385.85 2,047,624.31 2,785,010.16 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of ~~Cumulative~~Repurchased ~~Losses~~loans 0.~~0000 0.0000 0.0000 Prepayment Penalties 0.~~00 ~~0.00~~Has ~~0.00~~a ~~Special~~Trigger ~~Servicing~~Event ~~Fee~~occured? ~~0.00 0.00 0.00 Pass-Through Rate 6.156094 5.698202 5.806022~~NO

~~Miscellaneous~~Group ~~Reporting~~Level Collateral Statement Group Group 1 ~~Loans~~- ~~with~~Fixed ~~Pre-payment~~Group ~~Penalties~~1 65- ~~Group~~ARM Group 12 ~~Cumulative Pre~~-~~payment~~ ~~penalities~~Fixed ~~$284,807~~Collateral Description Mixed Fixed Mixed ARM Mixed Fixed Weighted Average Coupon Rate 7.32129955 ~~Group~~6.932057 ~~Group~~7.031915 Weighted Average Net Rate 6.829955 6.632057 6.731915 Weighted Average Maturity 348 348 347 Beginning Loan Count 993 2,734 324 Loans Paid In Full 12 83 5 Ending Loan Count 981 2,651 319 Beginning Scheduled Balance 141,568,959.04 417,850,618.69 53,000,902.92 Ending scheduled Balance 139,577,873.92 403,912,381.42 52,283,758.25 Record Date 11/~~Prin~~30/2004 ~~balance~~11/30/2004 11/30/2004 Principal And Interest Constant 989,608.74 2,775,659.17 365,640.53 Scheduled Principal 148,458.51 361,855.46 55,059.01 Unscheduled Principal 1,842,626.61 13,576,381.81 662,085.66 Scheduled Interest 841,150.23 2,413,803.71 310,581.52 Servicing Fees 35,392.24 104,462.65 13,250.23 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 51,842.48 149,542.96 19,642.47 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 28,470.40 178,522.69 9,971.53 Net Interest 725,445.11 1,981,275.41 267,717.29 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of ~~REO~~Cumulative ~~Properties~~Losses 0.0000 0.0000 0.0000 Prepayment Penalties 331,283.56 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00 Pass-Through Rate 6.149188 5.689905 6.061420

~~Miscellaneous~~Group ~~Reporting~~Level Collateral Statement Group Group 2 - ARM Total Collateral Description Mixed ARM Mixed Fixed & Arm Weighted Average Coupon Rate 6.759310 6.955380 Weighted Average Net Rate 6.459310 6.655380 Weighted Average Maturity 347 348 Beginning Loan Count 379 4,430 Loans Paid In Full 14 114 Ending Loan Count 365 4,316 Beginning Scheduled Balance 97,033,142.50 709,453,623.15 Ending scheduled Balance 91,535,825.87 687,309,839.46 Record Date 11/~~Prin~~30/2004 ~~balance~~11/30/2004 Principal And Interest Constant 631,104.46 4,762,012.90 Scheduled Principal 84,540.25 649,913.23 Unscheduled Principal 5,412,776.38 21,493,870.46 Scheduled Interest 546,564.21 4,112,099.67 Servicing Fees 24,258.29 177,363.41 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 29,802.75 250,830.66 Pool Insurance Fee 0.00 0.00 Spread Fee 1 0.00 0.00 Spread Fee 2 0.00 0.00 Spread Fee 3 38,558.95 255,523.57 Net Interest 453,944.22 3,428,382.03 Realized Loss Amount 0.00 0.00 Cumulative Realized Loss 0.00 0.00 Percentage of ~~Repurchased~~Cumulative ~~loans~~Losses 0.0000 0.0000 Prepayment Penalties 0.00 331,283.56 Special Servicing Fee 0.00 0.00 Pass-Through Rate 5.613887 5.798911

Filing Compare · MERRILL LYNCH MORTGAGE INVESTORS TRUST, SERIES 2004-OPT1