-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GLNBrhMT06QsdNpS88h3s6F2uIn8nEeE2/RR3W0Y74kAd+jBe+stjESgWrsEsFvl k1p+4I8sl6F+VHN5DEXu0w== 0001056404-05-002581.txt : 20050727 0001056404-05-002581.hdr.sgml : 20050727 20050727154554 ACCESSION NUMBER: 0001056404-05-002581 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050725 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050727 DATE AS OF CHANGE: 20050727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACE Securities Corp Home Equity Loan Trust, Series 2005-SN1 CENTRAL INDEX KEY: 0001321978 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-119047-08 FILM NUMBER: 05977228 BUSINESS ADDRESS: STREET 1: 6525 MORRISON BLVD STREET 2: SUITE 318 CITY: CHARLOTTE STATE: NC ZIP: 28211 BUSINESS PHONE: 7043650569 MAIL ADDRESS: STREET 1: 6525 MORRISON BLVD STREET 2: SUITE 318 CITY: CHARLOTTE STATE: NC ZIP: 28211 8-K 1 ace05sn1_10507.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): July 25, 2005 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-119047-08 Pooling and Servicing Agreement) (Commission 54-2169419 (State or other File Number) 54-2169420 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 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 July 25, 2005 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust, relating to the July 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. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 7/27/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust, relating to the July 25, 2005 distribution. EX-99.1
ACE Securities Corporation Asset Backed Pass-Through Certificates Record Date: 6/30/2005 Distribution Date: 7/25/2005 ACE Securities Corporation Asset Backed Pass-Through Certificates Series ACE 2005-SN1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution A-1 004421MQ3 SEN 4.25000% 83,040,074.15 294,100.26 A-2 004421MV2 SEN 5.13000% 58,680,000.00 250,857.00 M-1 004421MR1 MEZ 5.52000% 4,543,000.00 20,897.80 M-2 004421MS9 MEZ 5.77000% 2,478,000.00 11,915.05 M-3 004421MT7 MEZ 6.00000% 1,239,000.00 6,195.00 M-4 004421MU4 MEZ 6.00000% 1,239,000.00 6,195.00 CE-1 A05SN1CE1 SEN 0.00000% 826,050.35 274,448.87 CE-2 A05SN1CE2 SEN 0.00000% 0.00 8,153.40 R ACE05SN1R SEN 0.00000% 0.00 0.00 Totals 152,045,124.50 872,762.38
Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 4,012,177.49 0.00 79,027,896.66 4,306,277.75 0.00 A-2 0.00 0.00 58,680,000.00 250,857.00 0.00 M-1 0.00 0.00 4,543,000.00 20,897.80 0.00 M-2 0.00 0.00 2,478,000.00 11,915.05 0.00 M-3 0.00 0.00 1,239,000.00 6,195.00 0.00 M-4 0.00 0.00 1,239,000.00 6,195.00 0.00 CE-1 0.00 0.00 826,050.35 274,448.87 0.00 CE-2 0.00 0.00 0.00 8,153.40 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 4,012,177.49 0.00 148,032,947.01 4,884,939.87 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-1 97,031,000.00 83,040,074.15 0.00 4,012,177.49 0.00 0.00 A-2 58,680,000.00 58,680,000.00 0.00 0.00 0.00 0.00 M-1 4,543,000.00 4,543,000.00 0.00 0.00 0.00 0.00 M-2 2,478,000.00 2,478,000.00 0.00 0.00 0.00 0.00 M-3 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00 M-4 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00 CE-1 69.19 826,050.35 0.00 0.00 0.00 0.00 CE-2 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 165,210,069.19 152,045,124.50 0.00 4,012,177.49 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-1 4,012,177.49 79,027,896.66 0.81446029 4,012,177.49 A-2 0.00 58,680,000.00 1.00000000 0.00 M-1 0.00 4,543,000.00 1.00000000 0.00 M-2 0.00 2,478,000.00 1.00000000 0.00 M-3 0.00 1,239,000.00 1.00000000 0.00 M-4 0.00 1,239,000.00 1.00000000 0.00 CE-1 0.00 826,050.35 11,938.86905622 0.00 CE-2 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 4,012,177.49 148,032,947.01 0.89602860 4,012,177.49
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 97,031,000.00 855.80973246 0.00000000 41.34943977 0.00000000 A-2 58,680,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 4,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 2,478,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE-1 69.19 11938869.05622200 0.00000000 0.00000000 0.00000000 CE-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 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-1 0.00000000 41.34943977 814.46029269 0.81446029 41.34943977 A-2 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 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE-1 0.00000000 0.00000000 11,938,869.05622200 11938.86905622 0.00000000 CE-2 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-1 97,031,000.00 4.25000% 83,040,074.15 294,100.26 0.00 0.00 A-2 58,680,000.00 5.13000% 58,680,000.00 250,857.00 0.00 0.00 M-1 4,543,000.00 5.52000% 4,543,000.00 20,897.80 0.00 0.00 M-2 2,478,000.00 5.77000% 2,478,000.00 11,915.05 0.00 0.00 M-3 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00 M-4 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00 CE-1 69.19 0.00000% 826,050.35 0.00 0.00 0.00 CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 165,210,069.19 590,160.11 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-1 0.00 0.00 294,100.26 0.00 79,027,896.66 A-2 0.00 0.00 250,857.00 0.00 58,680,000.00 M-1 0.00 0.00 20,897.80 0.00 4,543,000.00 M-2 0.00 0.00 11,915.05 0.00 2,478,000.00 M-3 0.00 0.00 6,195.00 0.00 1,239,000.00 M-4 0.00 0.00 6,195.00 0.00 1,239,000.00 CE-1 0.00 0.00 274,448.87 0.00 826,050.35 CE-2 0.00 0.00 8,153.40 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 872,762.38 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-1 97,031,000.00 4.25000% 855.80973246 3.03099278 0.00000000 0.00000000 A-2 58,680,000.00 5.13000% 1000.00000000 4.27500000 0.00000000 0.00000000 M-1 4,543,000.00 5.52000% 1000.00000000 4.60000000 0.00000000 0.00000000 M-2 2,478,000.00 5.77000% 1000.00000000 4.80833333 0.00000000 0.00000000 M-3 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 M-4 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 CE-1 69.19 0.00000% 11938869.05622200 0.00000000 0.00000000 0.00000000 CE-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 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-1 0.00000000 0.00000000 3.03099278 0.00000000 814.46029269 A-2 0.00000000 0.00000000 4.27500000 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 4.60000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.80833333 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 CE-1 0.00000000 0.00000000 3966597.34065616 0.00000000 11938869.05622200 CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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 4,950,634.09 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 62,417.11 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 5,013,051.20 Withdrawals Reimbursement for Servicer Advances 58,439.26 Payment of Service Fee 69,672.07 Payment of Interest and Principal 4,884,939.87 Total Withdrawals (Pool Distribution Amount) 5,013,051.20 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 51,478.12 Credit Risk Manager Fee- Risk Management Group, LLC 3,167.61 FGIC Insurance 4,890.00 Master Servicing Fee 10,136.34 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 69,672.07
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 1,000.00 0.00 0.00 1,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT 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 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 75 1 0 0 76 4,479,090.93 70,576.15 0.00 0.00 4,549,667.08 60 Days 25 0 0 0 25 1,469,072.68 0.00 0.00 0.00 1,469,072.68 90 Days 9 0 0 0 9 352,930.03 0.00 0.00 0.00 352,930.03 120 Days 4 0 0 0 4 119,280.62 0.00 0.00 0.00 119,280.62 150 Days 2 0 0 0 2 190,533.68 0.00 0.00 0.00 190,533.68 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 115 1 0 0 116 6,610,907.94 70,576.15 0.00 0.00 6,681,484.09 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 4.501801% 0.060024% 0.000000% 0.000000% 4.561825% 3.021763% 0.047613% 0.000000% 0.000000% 3.069376% 60 Days 1.500600% 0.000000% 0.000000% 0.000000% 1.500600% 0.991092% 0.000000% 0.000000% 0.000000% 0.991092% 90 Days 0.540216% 0.000000% 0.000000% 0.000000% 0.540216% 0.238100% 0.000000% 0.000000% 0.000000% 0.238100% 120 Days 0.240096% 0.000000% 0.000000% 0.000000% 0.240096% 0.080471% 0.000000% 0.000000% 0.000000% 0.080471% 150 Days 0.120048% 0.000000% 0.000000% 0.000000% 0.120048% 0.128541% 0.000000% 0.000000% 0.000000% 0.128541% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 6.902761% 0.060024% 0.000000% 0.000000% 6.962785% 4.459967% 0.047613% 0.000000% 0.000000% 4.507580%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 62,417.11
REO Detail - All Mortgage Loans in REO during Current Period
Summary 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current REO Total Dec-04 0.000% Loans in REO 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.
REO Loan Detail - All Mortgage Loans in REO during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number REO Date State Origination Balance No REO loans this period.
REO Loan Detail - All Mortgage Loans in REO during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No REO loans this period.
Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period
Summary 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 0 Aug-04 0.000% Original Principal Balance 0.00 Sep-04 0.000% Current Principal Balance 0.00 Oct-04 0.000% Nov-04 0.000% Current Foreclosure Total Dec-04 0.000% Loans in Foreclosure 0 Jan-05 0.000% Original Principal Balance 0.00 Feb-05 0.000% Current Principal Balance 0.00 Mar-05 0.000% Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number FC Date State Origination Balance No Foreclosure loans this period.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest No Foreclosure loans this period.
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.432380% Weighted Average Net Coupon 7.026095% Weighted Average Pass-Through Rate 6.921094% Weighted Average Maturity(Stepdown Calculation) 263 Beginning Scheduled Collateral Loan Count 1,698 Number Of Loans Paid In Full 32 Ending Scheduled Collateral Loan Count 1,666 Beginning Scheduled Collateral Balance 152,045,124.50 Ending Scheduled Collateral Balance 148,032,947.01 Ending Actual Collateral Balance at 30-Jun-2005 148,227,742.77 Monthly P&I Constant 1,275,182.82 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 2,151.90 Scheduled Principal 333,335.33 Unscheduled Principal 3,678,842.16 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 826,050.35 Overcollateralized Amount 826,050.35 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.432380% Weighted Average Net Rate 7.026095% Weighted Average Pass Through Rate 6.921094% Weighted Average Maturity 263 Record Date 06/30/2005 Principal and Interest Constant 1,275,182.82 Beginning Loan Count 1,698 Loans Paid in Full 32 Ending Loan Count 1,666 Beginning Scheduled Balance 152,045,124.50 Ending Scheduled Balance 148,032,947.01 Ending Actual Balance at 30-Jun-2005 148,227,742.77 Scheduled Principal 333,335.33 Unscheduled Principal 3,678,842.16 Scheduled Interest 941,847.49 Servicing Fee 51,478.12 Master Servicing Fee 10,136.34 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 3,167.61 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 877,065.42 Realized Loss Amount 0.00 Cumulative Realized Loss 2,151.90 Percentage of Cumulative Losses 0.0013 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 826,050.35 Overcollateralized Amount 826,050.35 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00
Miscellaneous Reporting Overcollateralization Amount 826,050.35 Overcollateralization Increase Amount 0.00 Overcollateralization Reduction Amount 0.00 Overcollateralization Target Amount 826,050.35 Ocwen 0.00 Ocwen Servicing Fee 0.00 Specified Overcollateralization Amount 826,050.35 Ocwen Service Fee Strip 8153.40
Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Principal Principal Principal Group Count Balance Balance Count Balance Balance Total 32 3,968,236.00 3,610,290.98 0 0.00 0.00
Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Principal Principal Principal Curtailment Group Count Balance Balance Count Balance Balance Amount Total 0 0.00 0.00 0 0.00 0.00 69,948.18
Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Summary 0000260327 MD 75.00 22-Nov-1997 90,000.00 83,817.60 Summary 0000260487 MD 78.79 01-Apr-1999 260,000.00 238,067.40 Summary 0000260515 CA 77.42 01-Feb-1998 240,000.00 217,574.37 Summary 0000260629 FL 90.00 01-Dec-1993 261,000.00 216,051.91 Summary 0000367731 IA 95.55 25-Jan-2001 90,776.00 88,733.80 Summary 0000367750 KS 100.00 05-Feb-2001 16,512.00 11,779.27 Summary 0000367756 OH 100.00 14-Jan-2001 45,621.00 41,485.12 Summary 0000367789 MI 100.00 20-Dec-2000 15,629.00 11,284.28 Summary 0000367944 IN 90.32 05-Oct-2000 73,162.00 72,527.21 Summary 0000368094 IN 89.63 05-Jan-2000 61,845.00 60,749.63 Summary 0000368245 IN 92.56 10-Oct-1998 57,853.00 40,948.55 Summary 0000368302 IN 74.63 05-Mar-2000 61,568.00 60,150.84 Summary 0000368312 IN 83.22 02-Apr-1999 37,447.00 33,262.88 Summary 0000368322 IN 73.34 02-Aug-1998 99,011.00 93,740.93 Summary 0000368425 PA 100.00 22-Apr-1999 20,737.00 16,215.76 Summary 0000368793 NE 100.00 15-Apr-1999 11,368.00 6,173.10 Summary 0000369071 NE 100.00 07-Jun-1998 16,820.00 9,262.25 Summary 0000369104 OH 88.17 10-Dec-1997 57,309.00 48,218.94 Summary 0000369297 OH 103.42 05-Aug-1996 51,711.00 33,310.40 Summary 0000369454 OH 90.51 10-Feb-2000 59,739.00 59,933.73 Summary 0000369676 OH 74.74 01-Feb-2001 95,672.00 95,176.86 Summary 0000369756 KY 80.80 14-Aug-2000 31,431.00 30,976.21 Summary 0000369841 OH 86.00 01-Feb-2000 103,200.00 101,069.79 Summary 0000416917 DC 60.02 01-Oct-2003 152,000.00 148,071.18 Summary 0000417073 NJ 60.00 01-Aug-2003 150,000.00 135,609.31 Summary 0000417093 CA 88.69 01-Sep-2003 290,000.00 249,172.16 Summary 0000417212 NH 89.90 01-Jan-2003 172,600.00 164,725.06 Summary 0000417341 OR 101.10 01-Dec-2002 217,375.00 209,546.07 Summary 0000417343 CA 97.67 01-Jul-2002 131,850.00 126,702.51 Summary 0000417445 PA 80.00 01-Oct-1998 284,000.00 255,616.16 Summary 0000417450 NY 80.00 01-Jan-1999 372,000.00 340,109.23 Summary 0000417462 MD 80.00 01-Jan-1999 340,000.00 308,831.47
Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Summary 0000260327 Loan Paid in Full 2 9.790% 360 91 Summary 0000260487 Loan Paid in Full 0 6.875% 360 75 Summary 0000260515 Loan Paid in Full 0 7.450% 360 89 Summary 0000260629 Loan Paid in Full 0 7.250% 360 139 Summary 0000367731 Loan Paid in Full 0 10.000% 360 53 Summary 0000367750 Loan Paid in Full 0 12.990% 120 53 Summary 0000367756 Loan Paid in Full 0 13.650% 180 54 Summary 0000367789 Loan Paid in Full 0 13.600% 120 54 Summary 0000367944 Loan Paid in Full 0 8.500% 392 57 Summary 0000368094 Loan Paid in Full 0 6.500% 360 66 Summary 0000368245 Loan Paid in Full 0 9.000% 180 81 Summary 0000368302 Loan Paid in Full 0 10.250% 360 64 Summary 0000368312 Loan Paid in Full 0 6.250% 240 75 Summary 0000368322 Loan Paid in Full 0 7.750% 360 83 Summary 0000368425 Loan Paid in Full 0 11.740% 180 74 Summary 0000368793 Loan Paid in Full 0 12.250% 120 75 Summary 0000369071 Loan Paid in Full 0 15.250% 180 85 Summary 0000369104 Loan Paid in Full 0 6.125% 240 91 Summary 0000369297 Loan Paid in Full 0 8.250% 180 107 Summary 0000369454 Loan Paid in Full 0 11.000% 300 65 Summary 0000369676 Loan Paid in Full 0 11.990% 360 53 Summary 0000369756 Loan Paid in Full 0 6.750% 360 59 Summary 0000369841 Loan Paid in Full (1) 6.625% 360 65 Summary 0000416917 Loan Paid in Full 0 5.375% 360 21 Summary 0000417073 Loan Paid in Full 0 4.875% 180 23 Summary 0000417093 Loan Paid in Full (3) 5.925% 360 22 Summary 0000417212 Loan Paid in Full (1) 6.875% 360 30 Summary 0000417341 Loan Paid in Full 0 5.750% 360 31 Summary 0000417343 Loan Paid in Full 0 6.875% 360 36 Summary 0000417445 Loan Paid in Full 0 7.500% 360 81 Summary 0000417450 Loan Paid in Full 0 6.875% 359 78 Summary 0000417462 Loan Paid in Full 0 7.625% 360 78
Prepayment - Voluntary Prepayments
Summary SMM CPR PSA Current Month 2.425% Current Month 25.515% Current Month 425.250% 3 Month Average 2.501% 3 Month Average 26.205% 3 Month Average 436.749% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 25.822% N/A Apr-2005 430.359% N/A May-2005 25.376% N/A May-2005 422.931% N/A Jun-2005 27.724% N/A Jun-2005 462.065% N/A Jul-2005 25.515% N/A Jul-2005 425.250% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))
Realized Loss Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Principal Loss/(Gain) Loss Group Losses Balance Amount Percentage Total 0 0.00 0.00 0.000%
Realized Loss Loan Detail Report - Loans With Losses during Current Period Original Current Loan Principal Note LTV at Original Group Number Balance Rate State Origination Term No losses this period.
Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued) Prior Cumulative Loan Principal Realized Realized Group Number Balance Loss/(Gain) Loss/(Gain) No losses this period.
Realized Loss Report - Collateral Summary
MDR SDA Current Month 0.000% Current Month 0.000% 3 Month Average 0.010% 3 Month Average 0.195% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.029% N/A May-2005 0.585% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.000% Current Month 0.000% 3 Month Average 0.117% 3 Month Average 1.524% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. Aug-2004 N/A N/A Aug-2004 N/A N/A Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.351% N/A May-2005 4.571% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 - ((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
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