8-K 1 eq12004-1may8k.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 - May 25, 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 May 25, 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: May 28, 2004 3 Page 1 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 Statement to Certificateholders May 25, 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 [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. -------------------------------------------------------------------------------- Page 2 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 May 25, 2004 -------------------------------------------------------------------------------- Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 642,110.90 Group I Curtailments 26,973.63 Group I Prepayments 7,593,085.50 Group I Repurchases 0.00 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 97,149.15 Group II-A Curtailments 2,679.65 Group II-A Prepayments 1,210,815.24 Group II-A Repurchases 0.00 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 100,024.40 Group II-B Curtailments 3,221.73 Group II-B Prepayments 2,951,037.66 Group II-B Repurchases 0.00 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 3,092,883.53 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 186,945.39 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 188,099.91 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 208,642.76 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 191,619.46 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AF-5 129,211.16 Unpaid Interest - AF-5 0.00 Remaining Unpaid Interest - AF-5 0.00 Interest Distribution - AF-6 105,101.20 Unpaid Interest - AF-6 0.00 Remaining Unpaid Interest - AF-6 0.00 Interest Distribution - AV-1 132,961.38 [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 3 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 May 25, 2004 -------------------------------------------------------------------------------- Unpaid Interest - AV-1 0.00 Remaining Unpaid Interest - AV-1 0.00 Interest Distribution - AV-2 133,349.61 Unpaid Interest - AV-2 0.00 Remaining Unpaid Interest - AV-2 0.00 Interest Distribution - M-1 230,047.91 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 210,945.99 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 59,161.60 Unpaid Interest - M-3 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - M-4 60,848.72 Unpaid Interest - M-4 0.00 Remaining Unpaid Interest - M-4 0.00 Interest Distribution - B-1 24,010.19 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 Interest Distribution - B-2 30,352.51 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Interest Reductions Net Prepayment Interest Shortfalls 0.00 Relief Act Reductions 471.65 Class AF-1 Interest Reduction 42.33 Class AF-2 Interest Reduction 42.59 Class AF-3 Interest Reduction 47.24 Class AF-5 Interest Reduction 29.26 Class AF-4 Interest Reduction 86.79 Class AF-6 Interest Reduction 23.80 Class AV-1 Interest Reduction 30.11 Class AV-2 Interest Reduction 30.19 Class M-1 Interest Reduction 52.09 Class M-2 Interest Reduction 47.76 Class M-3 Interest Reduction 13.40 Class M-4 Interest Reduction 13.78 Class B-1 Interest Reduction 5.44 Class B-2 Interest Reduction 6.87 [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 4 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 May 25, 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 637,040,087.54 Group I Ending Pool Balance 628,777,917.51 Group II-A Beginning Pool Balance 119,523,851.33 Group II-A Ending Pool Balance 118,213,207.29 Group II-B Beginning Pool Balance 119,954,649.79 Group II-B Ending Pool Balance 116,900,366.00 Total Beginning Pool Balance 876,518,588.66 Total Ending Pool Balance 863,891,490.80 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 265,433.37 Group II-A Servicing Fee 49,801.60 Group II-B Servicing Fee 49,981.10 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 [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 5 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 May 25, 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 334 42,826,849.41 6.81 % 31-60 days 31 3,099,867.67 0.49 % 61-90 days 4 788,266.97 0.13 % 91+days 1 146,118.04 0.02 % Total 370 46,861,102.09 7.45 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 59 7,382,906.63 6.25 % 31-60 days 7 833,258.98 0.70 % 61-90 days 2 187,041.51 0.16 % 91+days 0 0.00 0.00 % Total 68 8,403,207.12 7.11 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Period Number Principal Balance Percentage 0-30 days 38 4,680,885.73 4.00 % 31-60 days 3 320,415.85 0.27 % 61-90 days 2 304,368.92 0.26 % 91+days 0 0.00 0.00 % Total 43 5,305,670.50 4.53 % -------------------------------------------------------- Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure -------------------------------------------------------- Group 1 -------------------------------------------------------- Number Principal Balance Percentage 4 654,799.39 0.10 % -------------------------------------------------------- -------------------------------------------------------- Group 2 -------------------------------------------------------- Number Principal Balance Percentage 2 342,361.35 0.29 % -------------------------------------------------------- -------------------------------------------------------- Group 3 -------------------------------------------------------- Number Principal Balance Percentage 2 406,101.62 0.35 % -------------------------------------------------------- Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 6 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 May 25, 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 1,475,007.77 Group II-A Three Largest Loans 975,805.83 Group II-B Three Largest Loans 1,403,685.50 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 [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 7 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 May 25, 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 [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved. Page 8 of 8 -------------------------------------------------------------------------------- Equity One Mortgage Pass-Through Certificates, Series 2004-1 May 25, 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 329.00 Group II-A Weighted Average Remaining Term 355.00 Group II-B Weighted Average Remaining Term 355.00 Sec. 4.03 (a)(xxi),(xxii),(xxiii) Overcollateralization Amounts Overcollateralization Amount 11,372,024.34 Overcollateralization Target Amount 39,150,000.00 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 27,777,975.66 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 18.23 % 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 0.33 % 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 [LOGO] JPMORGAN Copyright (c) 2001 J.P. Morgan Chase & Co. All rights reserved.

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