EX-99.1 2 v019529_ex99-1.txt Page 1 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-OPT1 Statement to Certificateholders May 25 2005

IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: Janet M Russo JPMorgan Chase Bank, N.A. - Structured Finance Services 4 New York Plaza, 6th Floor, New York, New York 10004 Tel: (212) 623-4508 Fax: (212) 623-5930 Email: janet.russo@chase.com Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 3 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-OPT1 May 25 2005 Principal Funds Scheduled Principal 281,864.49 Curtailments 19,944.25 Prepayments 12,465,555.79 Liquidations 0.00 Repurchases 0.00 Substitution principal 0.00 Extra Principal Paid 0.00 Supplied by Interest Funds 0.00 Interest Funds Remaining After Certificate Interest 720,008.55 Prepayment Penalties 182,232.68 Scheduled Interest 1,631,473.33 Adjustment to interest due to Soldiers' & Sailors' Civil Relief Act 0.00 Beginning Pool Stated Principal Balance 284,064,420.74 Ending Pool Stated Principal Balance 271,297,056.21 Servicing Fee 120,253.96 Net Mortgage Rate 6.38398586 % Interest Advances Reported From Chase Manhattan Mortgage Corp 758,255.70 Principal Advances Reported From Chase Manhattan Mortgage Corp 122,163.20 Nonrecoverable Interest Advances 0.00 Nonrecoverable Principal Advances 0.00 Current Realized Loss 0.00 Cumulative Realized Loss 1,067.66 Current Applied Realized Loss 0.00 Cumulative Applied Realized Loss 0.00 Sec. 4.05(a)(xvii) Does a Trigger Event Exist? NO

Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 4 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-OPT1 May 25 2005 Interest Carryforward Amount with respect to such Distribution Date Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 0.00 Interest Carryforward Amount Paid This Period Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 0.00 Interest Carryforward Amount Occured This Period Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 0.00

Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 5 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-OPT1 May 25 2005 Remaining Interest Carryforward Amount Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 0.00 Amount of YM w/respect to Offered Certificates 0.00 Interest Carryover Amount with respect to such Distribution Date Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 0.00 Interest Carryover Amount Occured This Period Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 387.07

Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 6 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-OPT1 May 25 2005 Interest Carryover Amount Paid This Period Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 387.07 Remaining Interest Carryover Amount Class A-1 0.00 Class A-2 0.00 Class M-1 0.00 Class M-2 0.00 Class M-3 0.00 Class B-1 0.00 Class B-2 0.00 Class B-3 0.00 Class B-4 0.00 Current Period: Number of Loans Repurchased 0 Balance of Loans Repurchased 0.00 Since the Cut-off Date: Number of Loans Repurchased 0 Balance of Loans Repurchased 0.00 Current Period: Number of Loans Modified 0 Number of Loans Subject to a Deed In Lieu of Foreclosure 0 Number of Loans For Which a Short Payoff Occurred 0

Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 7 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-OPT1 May 25 2005 Year To Date: Number of Loans Modified 0 Number of Loans Subject to a Deed In Lieu of Foreclosure 0 Number of Loans For Which a Short Payoff Occurred 0 Current Period: Number of Loans paid Prepayment Penalties 49 Prepayment Penalties Received 182,232.68 Since the Cut-off Date: Number of Loans paid Prepayment Penalties 238 Prepayment Penalties Received 1,089,501.54 Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency (exclusive of Mortgage Loans in Foreclosure) Group Totals Principal Category Number Balance Percentage 1 Month 28 4,013,955.56 1.48 % 2 Month 7 1,695,044.80 0.62 % 3 Month 7 772,101.24 0.28 % Total 42 6,481,101.60 2.38 % Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure Number of Foreclosure Loans that are 1 Month Delinquent 0 Principal Balance of Foreclosure Loans that are 1 Month Delinquent 0.00 Number of Foreclosure Loans that are 2 Months Delinquent 4 Principal Balance of Foreclosure Loans that are 2 Months Delinquent 1,134,872.90 Number of Foreclosure Loans that are 3+ Months Delinquent 14 Principal Balance of Foreclosure Loans that are 3+ Months Delinquent 1,652,412.39 Total Number of Foreclosure Loans that are Delinquent 18 Total Principal Balance of Foreclosure Loans that are Delinquent 2,787,285.29

Copyright (C) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 8 Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004-OPT1 May 25 2005 Number and Aggregate Principal Amounts of REO Loans REO PROPERTY DATE BE- LOAN PRINCIPAL COME REO NUMBER BALANCE 08/01/2004 1155819745 grp1 59,939.48 Liquidated Loans Prepays LOAN # DATE PENALTIES PREMIUMS AMOUNT GROUP # Investor Request Details of Overcollateralization Amount Ending Overcollateralization Amount 9,561,751.31 Targeted Overcollateralization Amount 9,561,751.31 Interest Shortfall Total Non-Supported Interest Shortfall 0.00 Total Interest Shortfall from Soldiers' and Sailors' Civil Relief Act (SSCRA) 0.00

Chase Funding Loan Acquisition Trust, Series 2004-OPT1 8-K