8-K 1 eq12004-1apr8k.txt FORM 8-K 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 - April 26, 2004 ------------------------------- (Date of Earliest Event Reported) EQUITY ONE ABS, INC. ---------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of December 31, 2003, providing for the issuance of Mortgage Pass-Through Certificates, Series 2004-1) (Exact Name of Registrant as specified in its charter) Delaware 333-104580-03 52-2029487 ------------------------ --------------------- ----------------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.) 103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803 ----------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (302) 478-6160 Item 5. Other Events. --------------------- Attached hereto as Annex A is a copy of the Statement to Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AF-5, AF-6, AV-1, AV-2, M-1, M-2, M-3, M-4, B-1 and B-2 Certificateholders with respect to the April 26, 2004 Distribution Date. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUITY ONE ABS, INC. By: /s/ James H. Jenkins ------------------------------------- James H. Jenkins, Executive Vice President and CFO Dated: April 27, 2004 3 Page 1 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 Statement to Certificateholders April 26, 2004 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW: RYAN VAUGHN JPMorgan Chase Bank - Structured Finance Services NY 4 NEW YORK PLAZA FLR 6, New York, New York 10004 Tel: (212) 623-4484 / Fax: (212) 623-5930 Email: Ryan.M.Vaughn@JPMorgan.com -------------------------------------------------------------------------------- JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 2 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 April 26, 2004 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 645,050.54 Group I Curtailments 26,724.66 Group I Prepayments 6,829,785.93 Group I Repurchases 0.00 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 98,803.90 Group II-A Curtailments 3,014.83 Group II-A Prepayments 2,788,820.44 Group II-A Repurchases 0.00 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 100,619.18 Group II-B Curtailments 4,282.06 Group II-B Prepayments 1,489,897.87 Group II-B Repurchases 0.00 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 3,095,194.60 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 215,530.88 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 188,109.08 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 208,652.94 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 191,638.16 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AF-5 129,217.47 Unpaid Interest - AF-5 0.00 Remaining Unpaid Interest - AF-5 0.00 Interest Distribution - AF-6 105,106.33 Unpaid Interest - AF-6 0.00 Remaining Unpaid Interest - AF-6 0.00 Interest Distribution - AV-1 150,152.26 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 3 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 April 26, 2004 -------------------------------------------------------------------------------- Unpaid Interest - AV-1 0.00 Remaining Unpaid Interest - AV-1 0.00 Interest Distribution - AV-2 148,691.21 Unpaid Interest - AV-2 0.00 Remaining Unpaid Interest - AV-2 0.00 Interest Distribution - M-1 230,059.13 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 210,956.28 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 59,164.49 Unpaid Interest - M-3 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - M-4 60,851.69 Unpaid Interest - M-4 0.00 Remaining Unpaid Interest - M-4 0.00 Interest Distribution - B-1 26,395.31 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 Interest Distribution - B-2 33,394.07 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Interest Reductions Net Prepayment Interest Shortfalls 0.00 Relief Act Reductions 381.85 Class AF-1 Interest Reduction 38.29 Class AF-2 Interest Reduction 33.42 Class AF-3 Interest Reduction 37.06 Class AF-5 Interest Reduction 22.95 Class AF-4 Interest Reduction 68.09 Class AF-6 Interest Reduction 18.67 Class AV-1 Interest Reduction 26.67 Class AV-2 Interest Reduction 26.41 Class M-1 Interest Reduction 40.87 Class M-2 Interest Reduction 37.47 Class M-3 Interest Reduction 10.51 Class M-4 Interest Reduction 10.81 Class B-1 Interest Reduction 4.69 Class B-2 Interest Reduction 5.93 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 4 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 April 26, 2004 -------------------------------------------------------------------------------- Sec. 4.03(a)(iii) Available Funds Shortfall Class AF-1 Available Funds Shortfall 0.00 Class AF-2 Available Funds Shortfall 0.00 Class AF-3 Available Funds Shortfall 0.00 Class AF-4 Available Funds Shortfall 0.00 Class AF-5 Available Funds Shortfall 0.00 Class AF-6 Available Funds Shortfall 0.00 Class AV-1 Available Funds Shortfall 0.00 Class AV-2 Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class M-3 Available Funds Shortfall 0.00 Class M-4 Available Funds Shortfall 0.00 Class B-1 Available Funds Shortfall 0.00 Class B-2 Available Funds Shortfall 0.00 Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 644,541,648.67 Group I Ending Pool Balance 637,040,087.54 Group II-A Beginning Pool Balance 122,414,490.50 Group II-A Ending Pool Balance 119,523,851.33 Group II-B Beginning Pool Balance 121,549,448.90 Group II-B Ending Pool Balance 119,954,649.79 Total Beginning Pool Balance 888,505,588.07 Total Ending Pool Balance 876,518,588.66 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 268,559.02 Group II-A Servicing Fee 51,006.04 Group II-B Servicing Fee 50,645.60 Sec. 4.03(a)(viii) Delinquency Advances Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 0.00 Group I Recouped Advances Included in Current Distribution 0.00 Group I Recouped Advances From Liquidations 0.00 Group I Aggregate Amount of Advances Outstanding 0.00 Group II-A Delinquency Advances Included in Current Distribution 0.00 Group II-A Recouped Advances Included in Current Distribution 0.00 Group II-A Recouped Advances From Liquidations 0.00 Group II-A Aggregate Amount of Advances Outstanding 0.00 Group II-B Delinquency Advances Included in Current Distribution 0.00 Group II-B Recouped Advances Included in Current Distribution 0.00 Group II-B Recouped Advances From Liquidations 0.00 Group II-B Aggregate Amount of Advances Outstanding 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 5 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 April 26, 2004 -------------------------------------------------------------------------------- Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B Loans Delinquent -------------------------------------------------------- Group 1 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 314 41,678,260.11 6.54 % 31-60 days 24 2,765,481.16 0.43 % 61-90 days 7 945,054.64 0.15 % 91+days 0 0.00 0.00 % Total 345 45,388,795.91 7.12 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 51 6,927,252.49 5.80 % 31-60 days 7 681,956.54 0.57 % 61-90 days 1 202,361.35 0.17 % 91+days 0 0.00 0.00 % Total 59 7,811,570.38 6.54 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 41 4,659,521.53 3.88 % 31-60 days 6 789,591.46 0.66 % 61-90 days 2 406,101.62 0.34 % 91+days 0 0.00 0.00 % Total 49 5,855,214.61 4.88 % -------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 4 743,283.53 0.12 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 1 140,000.00 0.12 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 6 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 April 26, 2004 -------------------------------------------------------------------------------- -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 0 0.00 0.00 % -------------------------------------------------------- Market Value of Group I REO Loans 0.00 Market Value of Group II-A REO Loans 0.00 Market Value of Group II-B REO Loans 0.00 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 1,476,400.67 Group II-A Three Largest Loans 976,348.43 Group II-B Three Largest Loans 1,404,937.70 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AV-1 Net WAC Cap Carryover Amounts Due 0.00 Class AV-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Paid 0.00 Class AV-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Paid 0.00 Class B-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Paid 0.00 Class B-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans with Original Terms <= 36 Months and 60+ Contractually Past Due Group I Aggregate Principal Balance of Balloon Loans 0.00 Group II-A Aggregate Principal Balance of Balloon Loans 0.00 Group II-B Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv),(xxii) Realized Losses Group I Current Period Realized Losses 0.00 Group I Cumulative Realized Losses 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 7 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 April 26, 2004 -------------------------------------------------------------------------------- Group II-A Current Period Realized Losses 0.00 Group II-A Cumulative Realized Losses 0.00 Group II-B Current Period Realized Losses 0.00 Group II-B Cumulative Realized Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution 0.00 Funds Deposited to Reserve Fund 0.00 Ending Balance of Reserve Fund 0.00 Sec. 4.03 (a)(xvii) Number of Loans Repurchased Group I Number of Loans Repurchased 0.00 Group II-A Number of Loans Repurchased 0.00 Group II-B Number of Loans Repurchased 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO] Page 8 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 April 26, 2004 -------------------------------------------------------------------------------- Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I Weighted Average Mortgage Rate 7.39 % Group II-A Weighted Average Mortgage Rate 7.29 % Group II-B Weighted Average Mortgage Rate 7.16 % Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 330.00 Group II-A Weighted Average Remaining Term 356.00 Group II-B Weighted Average Remaining Term 356.00 Sec. 4.03 (a)(xxi), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 8,279,140.82 Overcollateralization Target Amount 39,150,000.00 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 30,870,859.18 Sec. 4.03 (a)(xxiv) Trigger Events Has a Trigger Event Occurred and is continuing? NO Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00 % Senior Enhancement Percentage 17.97 % Senior Specified Enhancement Percentage 43.70 % Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.28 % Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00 Sec. 4.03 (a)(xxvii) Pre-Funded Amount 0.00 Sec. 4.03 (a)(xxvii) Unutilized Funding Amount Distributed 0.00 JPMORGAN Copyright(C)2001 J.P. Morgan Chase & Co. All rights reserved. [LOGO]

EQUITY ONE MORTGAGE PASS-THROUGH TRUST 2004-1 8-K