8-K 1 mlm04he2_10505.txt 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): May 25, 2005 MERRILL LYNCH MORTGAGE INVESTORS, INC. Mortgage Loan Asset-Backed Certificates, Series 2004-HE2 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-112231-25 Pooling and Servicing Agreement) (Commission 54-2162609 (State or other File Number) 54-2162610 jurisdiction 54-6643819 of Incorporation) 54-6643820 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 May 25, 2005 a distribution was made to holders of MERRILL LYNCH MORTGAGE INVESTORS, INC., Mortgage Loan Asset-Backed Certificates, Series 2004-HE2 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-HE2 Trust, relating to the May 25, 2005 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-HE2 Trust (Registrant) By: Wells Fargo Bank, N.A. as Trustee By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 5/31/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Asset-Backed Certificates, Series 2004-HE2 Trust , relating to the May 25, 2005 distribution. EX-99.1

Merrill Lynch Mortgage Loans, Inc. Mortgage Loan Asset-Backed Certificates Record Date: 14/3129/2005 Distribution Date: 25/25/2005 Merrill Lynch Mortgage Loans, Inc. Mortgage Loan Asset-Backed Certificates Series 2004-HE2 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-1A 59020UKU8 SEN 23.~~93000~~42000% ~~175~~154,~~139~~028,~~967~~636.7395 ~~441~~438,~~887~~981.8762 6,~~298~~385,~~477~~825.9473 A-1B 59020UKV6 SEN 3.~~00000~~49000% 1110,~~598~~200,~~829~~709.6846 29,~~963~~667.6406 ~~417~~422,~~123~~908.3707 A-2A 59020UKW4 SEN 23.~~73000~~22000% 9471,~~021~~512,~~706~~266.6257 ~~221~~191,~~029~~891.3625 6,~~715~~808,~~598~~730.0449 A-2B 59020UKX2 SEN 23.~~91000~~40000% 69,225,000.00 ~~173~~196,~~466~~137.3150 0.00 A-2C 59020UKY0 SEN 3.~~11000~~60000% 23,492,000.00 6270,~~912~~476.8800 0.00 M-1 59020UKZ7 MEZ 3.~~33000~~82000% 35,772,000.00 ~~102~~113,~~576~~874.2120 0.00 M-2 59020ULA1 MEZ 34.~~93000~~42000% 21,718,000.00 7379,~~497~~994.3363 0.00 M-3 59020ULB9 MEZ 4.~~13000~~62000% 7,665,000.00 2729,~~259~~510.7225 0.00 B-1 59020ULC7 SUB 45.~~58000~~07000% 7,665,000.00 3032,~~229~~384.9163 0.00 B-2 59020ULD5 SUB 5.~~43000~~92000% 7,665,000.00 3537,~~840~~814.2600 0.00 B-3 59020ULE3 SUB 6.~~03000~~52000% 5,110,000.00 2627,~~533~~764.6733 0.00 B-4 59020ULF0 SUB 6.~~28000~~77000% 5,110,000.00 2728,~~633~~828.7492 0.00 C 59020ULP8 SUB 0.00000% 8,943,098.58 1955,~~304,102~~433.9755 0.00 P 59020ULN3 SEN 0.00000% 0.00 ~~244~~314,~~174~~828.2897 0.00 R 59020ULM5 SEN 23.~~93000~~42000% 0.00 0.00 0.00 Totals ~~473~~428,~~125~~106,~~602~~711.6156 2,~~801~~547,~~108~~586.1591 13,~~431~~617,~~199~~464.3529

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1A 0.00 ~~168~~147,~~841~~642,~~489~~811.7922 6,~~740~~824,~~365~~807.8135 0.00 A-1B 0.00 119,~~181~~777,~~706~~801.3140 ~~447~~452,~~087~~575.0113 0.00 A-2A 0.00 8764,~~306~~703,~~108~~536.5808 67,~~936~~000,~~627~~621.4074 0.00 A-2B 0.00 69,225,000.00 ~~173~~196,~~466~~137.3150 0.00 A-2C 0.00 23,492,000.00 6270,~~912~~476.8800 0.00 M-1 0.00 35,772,000.00 ~~102~~113,~~576~~874.2120 0.00 M-2 0.00 21,718,000.00 7379,~~497~~994.3363 0.00 M-3 0.00 7,665,000.00 2729,~~259~~510.7225 0.00 B-1 0.00 7,665,000.00 3032,~~229~~384.9163 0.00 B-2 0.00 7,665,000.00 3537,~~840~~814.2600 0.00 B-3 0.00 5,110,000.00 2627,~~533~~764.6733 0.00 B-4 0.00 5,110,000.00 2728,~~633~~828.7492 0.00 C 0.00 8,943,098.58 1955,~~304,102~~433.9755 0.00 P 0.00 0.00 ~~244~~314,~~174~~828.2897 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 ~~459~~414,~~694~~489,~~403~~247.2628 16,~~232~~165,~~307~~051.5020 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-1A 192,915,000.00 ~~175~~154,~~139~~028,~~967~~636.7395 0.00 6,~~298~~385,~~477~~825.9473 0.00 0.00 A-1B 12,776,000.00 1110,~~598~~200,~~829~~709.6846 0.00 ~~417~~422,~~123~~908.3707 0.00 0.00 A-2A 112,974,000.00 9471,~~021~~512,~~706~~266.6257 0.00 6,~~715~~808,~~598~~730.0449 0.00 0.00 A-2B 69,225,000.00 69,225,000.00 0.00 0.00 0.00 0.00 A-2C 23,492,000.00 23,492,000.00 0.00 0.00 0.00 0.00 M-1 35,772,000.00 35,772,000.00 0.00 0.00 0.00 0.00 M-2 21,718,000.00 21,718,000.00 0.00 0.00 0.00 0.00 M-3 7,665,000.00 7,665,000.00 0.00 0.00 0.00 0.00 B-1 7,665,000.00 7,665,000.00 0.00 0.00 0.00 0.00 B-2 7,665,000.00 7,665,000.00 0.00 0.00 0.00 0.00 B-3 5,110,000.00 5,110,000.00 0.00 0.00 0.00 0.00 B-4 5,110,000.00 5,110,000.00 0.00 0.00 0.00 0.00 C 8,947,104.29 8,943,098.58 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 R 100.00 0.00 0.00 0.00 0.00 0.00 Totals 511,034,204.29 ~~473~~428,~~125~~106,~~602~~711.6156 0.00 13,~~431~~617,~~199~~464.3529 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-1A 6,~~298~~385,~~477~~825.9473 ~~168~~147,~~841~~642,~~489~~811.7922 0.~~87521183~~76532572 6,~~298~~385,~~477~~825.9473 A-1B ~~417~~422,~~123~~908.3707 119,~~181~~777,~~706~~801.3140 0.~~87521183~~76532572 ~~417~~422,~~123~~908.3707 A-2A 6,~~715~~808,~~598~~730.0449 8764,~~306~~703,~~108~~536.5808 0.~~77279824~~57272944 6,~~715~~808,~~598~~730.0449 A-2B 0.00 69,225,000.00 1.00000000 0.00 A-2C 0.00 23,492,000.00 1.00000000 0.00 M-1 0.00 35,772,000.00 1.00000000 0.00 M-2 0.00 21,718,000.00 1.00000000 0.00 M-3 0.00 7,665,000.00 1.00000000 0.00 B-1 0.00 7,665,000.00 1.00000000 0.00 B-2 0.00 7,665,000.00 1.00000000 0.00 B-3 0.00 5,110,000.00 1.00000000 0.00 B-4 0.00 5,110,000.00 1.00000000 0.00 C 0.00 8,943,098.58 0.99955229 0.00 P 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 13,~~431~~617,~~199~~464.3529 ~~459~~414,~~694~~489,~~403~~247.2628 0.~~89953745~~81107927 13,~~431~~617,~~199~~464.3529

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1A 192,915,000.00 ~~907~~798.~~86080777~~42747816 0.00000000 3233.~~64897981~~10175844 0.00000000 A-1B 12,776,000.00 ~~907~~798.~~86080776~~42747808 0.00000000 3233.~~64898012~~10175877 0.00000000 A-2A 112,974,000.00 ~~832~~632.~~24199037~~99756201 0.00000000 5960.~~44374847~~26811912 0.00000000 A-2B 69,225,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-2C 23,492,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 35,772,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 21,718,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 7,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 7,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 7,665,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-3 5,110,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-4 5,110,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 8,947,104.29 999.55228978 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1A 0.00000000 3233.~~64897981~~10175844 ~~875~~765.~~21182796~~32571972 0.~~87521183~~76532572 3233.~~64897981~~10175844 A-1B 0.00000000 3233.~~64898012~~10175877 ~~875~~765.~~21182765~~32572010 0.~~87521183~~76532572 3233.~~64898012~~10175877 A-2A 0.00000000 5960.~~44374847~~26811912 ~~772~~572.~~79824190~~72944288 0.~~77279824~~57272944 5960.~~44374847~~26811912 A-2B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-2C 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 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 B-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 999.55228978 0.99955229 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1A 192,915,000.00 23.~~93000~~42000% ~~175~~154,~~139~~028,~~967~~636.7395 ~~441~~438,~~887~~981.8762 0.00 0.00 A-1B 12,776,000.00 3.~~00000~~49000% 1110,~~598~~200,~~829~~709.6846 29,~~963~~667.6406 0.00 0.00 A-2A 112,974,000.00 23.~~73000~~22000% 9471,~~021~~512,~~706~~266.6257 ~~221~~191,~~029~~891.3625 0.00 0.00 A-2B 69,225,000.00 23.~~91000~~40000% 69,225,000.00 ~~173~~196,~~466~~137.3150 0.00 0.00 A-2C 23,492,000.00 3.~~11000~~60000% 23,492,000.00 6270,~~912~~476.8800 0.00 0.00 M-1 35,772,000.00 3.~~33000~~82000% 35,772,000.00 ~~102~~113,~~576~~874.2120 0.00 0.00 M-2 21,718,000.00 34.~~93000~~42000% 21,718,000.00 7379,~~497~~994.3363 0.00 0.00 M-3 7,665,000.00 4.~~13000~~62000% 7,665,000.00 2729,~~259~~510.7225 0.00 0.00 B-1 7,665,000.00 45.~~58000~~07000% 7,665,000.00 3032,~~229~~384.9163 0.00 0.00 B-2 7,665,000.00 5.~~43000~~92000% 7,665,000.00 3537,~~840~~814.2600 0.00 0.00 B-3 5,110,000.00 6.~~03000~~52000% 5,110,000.00 2627,~~533~~764.6733 0.00 0.00 B-4 5,110,000.00 6.~~28000~~77000% 5,110,000.00 2728,~~633~~828.7492 0.00 0.00 C 8,947,104.29 0.00000% 8,943,098.58 0.00 0.00 0.00 P 0.00 0.00000% ~~473~~428,~~125~~106,~~602~~711.6056 0.00 0.00 0.00 R 100.00 23.~~93000~~42000% 0.00 0.00 0.00 0.00 Totals 511,034,204.29 1,~~252~~277,~~830~~324.9039 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-1A 0.00 0.00 ~~441~~438,~~887~~981.8762 0.00 ~~168~~147,~~841~~642,~~489~~811.7922 A-1B 0.00 0.00 29,~~963~~667.6406 0.00 119,~~181~~777,~~706~~801.3140 A-2A 0.00 0.00 ~~221~~191,~~029~~891.3625 0.00 8764,~~306~~703,~~108~~536.5808 A-2B 0.00 0.00 ~~173~~196,~~466~~137.3150 0.00 69,225,000.00 A-2C 0.00 0.00 6270,~~912~~476.8800 0.00 23,492,000.00 M-1 0.00 0.00 ~~102~~113,~~576~~874.2120 0.00 35,772,000.00 M-2 0.00 0.00 7379,~~497~~994.3363 0.00 21,718,000.00 M-3 0.00 0.00 2729,~~259~~510.7225 0.00 7,665,000.00 B-1 0.00 0.00 3032,~~229~~384.9163 0.00 7,665,000.00 B-2 0.00 0.00 3537,~~840~~814.2600 0.00 7,665,000.00 B-3 0.00 0.00 2627,~~533~~764.6733 0.00 5,110,000.00 B-4 0.00 0.00 2728,~~633~~828.7492 0.00 5,110,000.00 C 0.00 0.00 1955,~~304,102~~433.9755 0.00 8,943,098.58 P 0.00 0.00 ~~244~~314,~~174~~828.2897 0.00 ~~459~~414,~~694~~489,~~403~~247.2627 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 2,~~801~~547,~~108~~586.1591 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-1A 192,915,000.00 23.~~93000~~42000% ~~907~~798.~~86080777~~42747816 2.~~29058326~~27551834 0.00000000 0.00000000 A-1B 12,776,000.00 3.~~00000~~49000% ~~907~~798.~~86080776~~42747808 2.~~34530683~~32209299 0.00000000 0.00000000 A-2A 112,974,000.00 23.~~73000~~22000% ~~832~~632.~~24199037~~99756201 1.~~95646219~~69854347 0.00000000 0.00000000 A-2B 69,225,000.00 23.~~91000~~40000% 1000.00000000 2.~~50583330~~83333333 0.00000000 0.00000000 A-2C 23,492,000.00 3.~~11000~~60000% 1000.00000000 23.~~67805551~~00000000 0.00000000 0.00000000 M-1 35,772,000.00 3.~~33000~~82000% 1000.00000000 23.~~86750000~~18333333 0.00000000 0.00000000 M-2 21,718,000.00 34.~~93000~~42000% 1000.00000000 3.~~38416659~~68333318 0.00000000 0.00000000 M-3 7,665,000.00 4.~~13000~~62000% 1000.00000000 3.~~55638878~~85000000 0.00000000 0.00000000 B-1 7,665,000.00 45.~~58000~~07000% 1000.00000000 34.~~94388911~~22500065 0.00000000 0.00000000 B-2 7,665,000.00 5.~~43000~~92000% 1000.00000000 4.~~67583301~~93333333 0.00000000 0.00000000 B-3 5,110,000.00 6.~~03000~~52000% 1000.00000000 5.~~19249902~~43333268 0.00000000 0.00000000 B-4 5,110,000.00 6.~~28000~~77000% 1000.00000000 5.~~40777691~~64166732 0.00000000 0.00000000 C 8,947,104.29 0.00000% 999.55228978 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% ~~925~~837.~~81983481~~72614038 0.00000000 0.00000000 0.00000000 R 100.00 23.~~93000~~42000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1A 0.00000000 0.00000000 2.~~29058326~~27551834 0.00000000 ~~875~~765.~~21182796~~32571972 A-1B 0.00000000 0.00000000 2.~~34530683~~32209299 0.00000000 ~~875~~765.~~21182765~~32572010 A-2A 0.00000000 0.00000000 1.~~95646219~~69854347 0.00000000 ~~772~~572.~~79824190~~72944288 A-2B 0.00000000 0.00000000 2.~~50583330~~83333333 0.00000000 1000.00000000 A-2C 0.00000000 0.00000000 23.~~67805551~~00000000 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 23.~~86750000~~18333333 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 3.~~38416659~~68333318 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 3.~~55638878~~85000000 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 34.~~94388911~~22500065 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 4.~~67583301~~93333333 0.00000000 1000.00000000 B-3 0.00000000 0.00000000 5.~~19249902~~43333268 0.00000000 1000.00000000 B-4 0.00000000 0.00000000 5.~~40777691~~64166732 0.00000000 1000.00000000 C 0.00000000 0.00000000 ~~145~~106.~~75698771~~78690211 0.00000000 999.55228978 P 0.00000000 0.00000000 0.~~47780418~~61606242 0.00000000 ~~899~~811.~~53744662~~07926591 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 16,~~161~~106,~~846~~590.3462 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) ~~123~~143,~~058~~592.2192 Realized Loss (Gains, Subsequent Expenses & Recoveries) (~~642~~78,620.0055) Prepayment Penalties ~~244~~314,~~174~~828.2897 Total Deposits 16,~~528~~486,~~436~~391.8396 Withdrawals Reimbursement for Servicer Advances 98142,~~993~~972.6694 Payment of Service Fee ~~197~~178,~~135~~367.6782 Payment of Interest and Principal 16,~~232~~165,~~307~~051.5020 Total Withdrawals (Pool Distribution Amount) 16,~~528~~486,~~436~~391.8396 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee ~~197~~178,~~135~~367.6782 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~197~~178,~~135~~367.6782

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 0.00 ~~244~~314,~~174~~828.2897 ~~244~~314,~~174~~828.2897 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 313 01 0 314 ~~937~~2,~~096~~141,051.2167 0105,394.0038 0.00 ~~937~~2,~~096~~246,446.2105 30 Days 7562 1 0 0 7663 98,~~990~~920,~~152~~537.5820 ~~330~~340,~~000~~570.0025 0.00 0.00 109,~~320~~261,~~152~~107.5845 60 Days 2321 02 0 0 23 3,~~759~~489,~~555~~454.1223 0137,995.0011 0.00 0.00 3,~~759~~627,~~555~~449.1234 90 Days 8 03 1011 0 1822 ~~624~~1,~~204~~200,385.4780 0287,714.0068 1,~~084~~562,~~040~~706.6071 0.00 13,~~708~~050,~~245~~807.0719 120 Days 3 21 129 0 1713 56368,~~492~~191.3080 ~~191~~32,~~913~~771.0913 1,~~447~~299,~~585~~070.6923 0.00 1,~~695~~700,~~991~~033.0816 150 Days 1 21 9 0 1211 31149,~~326~~585.6408 ~~171~~43,~~349~~901.9707 ~~776~~1,~~783~~252,609.8965 0.00 ~~979~~1,~~460~~446,095.5080 180+ Days 02 07 118 0 127 093,585.0050 0666,485.0004 932,~~366~~079,234.2461 0.00 932,~~366~~839,305.2415 Totals ~~110~~97 828 3248 0 ~~150~~173 14,~~461~~221,~~731~~739.1161 13,~~630~~650,~~359~~488.2795 36,~~401~~299,~~776~~015.4258 0.00 1924,~~493~~171,~~866~~244.8014 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.~~106496~~507020% 0.~~000000~~039002% 0.000000% 0.~~106496~~546022% 0.~~203707~~516055% 0.~~000000~~025403% 0.000000% 0.~~203707~~541458% 30 Days 2.~~662407~~418097% 0.~~035499~~039002% 0.000000% 0.000000% 2.~~697906~~457098% 2.~~171672~~150106% 0.~~071736~~082087% 0.000000% 0.000000% 2.~~243407~~232193% 60 Days 0.~~816471~~819033% 0.~~000000~~078003% 0.000000% 0.000000% 0.~~816471~~897036% 0.~~817257~~841059% 0.~~000000~~033261% 0.000000% 0.000000% 0.~~817257~~874320% 90 Days 0.~~283990~~312012% 0.~~000000~~117005% 0.~~354988~~429017% 0.000000% 0.~~638978~~858034% 0.~~135690~~289327% 0.~~000000~~069348% 0.~~235650~~376657% 0.000000% 0.~~371340~~735332% 120 Days 0.~~106496~~117005% 0.~~070998~~039002% 0.~~425985~~351014% 0.000000% 0.~~603479~~507020% 0.~~012280~~088745% 0.~~041718~~007899% 0.~~314678~~313113% 0.000000% 0.~~368677~~409757% 150 Days 0.~~035499~~039002% 0.~~070998~~039002% 0.~~319489~~351014% 0.000000% 0.~~425985~~429017% 0.~~006810~~036054% 0.~~037248~~010581% 0.~~168858~~301915% 0.000000% 0.~~212916~~348551% 180+ Days 0.~~000000~~078003% 0.~~000000~~273011% 0.~~035499~~702028% 0.000000% 01.~~035499~~053042% 0.~~000000~~022557% 0.~~000000~~160642% 0.~~020296~~501155% 0.000000% 0.~~020296~~684354% Totals 3.~~904863~~783151% 01.~~283990~~092044% 1.~~135960~~872075% 0.000000% 56.~~324814~~747270% 3.~~143709~~427848% 0.~~354410~~879873% 01.~~739482~~518244% 0.000000% 45.~~237601~~825965%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance ~~123~~143,~~058~~592.2192

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 6.~~987068~~980689% Weighted Average Net Coupon 6.~~487068~~480717% Weighted Average Pass-Through Rate 6.~~486842~~480717% Weighted Average Maturity (Stepdown Calculation ) ~~348~~345 Beginning Scheduled Collateral Loan Count 2,~~888~~649 Number Of Loans Paid In Full 7185 Ending Scheduled Collateral Loan Count 2,~~817~~564 Beginning Scheduled Collateral Balance ~~473~~428,~~125~~106,~~602~~711.6056 Ending Scheduled Collateral Balance ~~459~~414,~~694~~489,~~403~~247.2627 Ending Actual Collateral Balance at 3129-~~Jan~~Apr-2005 ~~460~~414,~~021~~888,~~322~~278.2202 Monthly P &I Constant 32,~~083~~799,~~356~~671.2161 Special Servicing Fee 0.00 Prepayment Penalties ~~244~~314,~~174~~828.2897 Realized Loss Amount ~~642~~78,620.0055 Cumulative Realized Loss 1133,~~432~~364.5001 Scheduled Principal ~~328~~309,~~555~~271.6882 Unscheduled Principal 13,~~102~~308,~~643~~192.6647 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 8,943,098.58 Overcollateralized Amount 8,~~942~~868,~~456~~096.5819 Overcollateralized Deficiency Amount ~~642~~75,002.0039 Base Overcollateralized Amount 0.00 Extra principal distribution Amount ~~642~~75,002.0039 Excess Cash Amount 1956,~~304,113~~848.5830

Filing Compare · MERRILL LYNCH MORTGAGE INVESTORS TRUST, SERIES 2004-HE2