-----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, G1q5DNzVO58IMXhdzi6ZnQs+eWBBx+N/KdCOrnprmdAiJ5CSzmqgcTkmFMR1r17g Rx44TvVDldAuC2kATmlsYw== 0001056404-05-003050.txt : 20050901 0001056404-05-003050.hdr.sgml : 20050901 20050901160314 ACCESSION NUMBER: 0001056404-05-003050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050825 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050901 DATE AS OF CHANGE: 20050901 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: 051064881 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_10508.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): August 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 August 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 August 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: 8/25/2005 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 August 25, 2005 distribution. EX-99.1
ACE Securities Corporation Asset Backed Pass-Through Certificates Record Date: 7/29/2005 Distribution Date: 8/25/2005 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% 79,027,896.66 279,890.47 A-2 004421MV2 SEN 5.23000% 58,680,000.00 275,307.00 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% 826,050.35 262,869.85 CE-2 A05SN1CE2 SEN 0.00000% 0.00 7,926.03 R ACE05SN1R SEN 0.00000% 0.00 0.00 Totals 148,032,947.01 871,196.20
Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 4,313,693.96 0.00 74,714,202.70 4,593,584.43 0.00 A-2 0.00 0.00 58,680,000.00 275,307.00 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 0.00 826,050.35 262,869.85 0.00 CE-2 0.00 0.00 0.00 7,926.03 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 4,313,693.96 0.00 143,719,253.05 5,184,890.16 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 79,027,896.66 0.00 4,313,693.96 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 165,210,069.19 148,032,947.01 0.00 4,313,693.96 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 4,313,693.96 74,714,202.70 0.77000343 4,313,693.96 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 4,313,693.96 143,719,253.05 0.86991824 4,313,693.96
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 97,031,000.00 814.46029269 0.00000000 44.45686389 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 44.45686389 770.00342880 0.77000343 44.45686389 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% 79,027,896.66 279,890.47 0.00 0.00 A-2 58,680,000.00 5.23000% 58,680,000.00 255,747.00 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 165,210,069.19 580,840.32 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 0.00 279,890.47 0.00 74,714,202.70 A-2 0.00 0.00 275,307.00 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 0.00 262,869.85 0.00 826,050.35 CE-2 0.00 0.00 7,926.03 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 871,196.20 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% 814.46029269 2.88454690 0.00000000 0.00000000 A-2 58,680,000.00 5.23000% 1000.00000000 4.35833333 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 2.88454690 0.00000000 770.00342880 A-2 0.00000000 0.00000000 4.69166667 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 3799246.27836393 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 5,242,873.94 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 71,545.77 Realized Loss (Gains, Subsequent Expenses & Recoveries) (3,867.40) Prepayment Penalties 0.00 Total Deposits 5,310,552.31 Withdrawals Reimbursement for Servicer Advances 62,417.11 Payment of Service Fee 63,245.04 Payment of Interest and Principal 5,184,890.16 Total Withdrawals (Pool Distribution Amount) 5,310,552.31 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 50,292.16 Credit Risk Manager Fee- Risk Management Group, LLC 3,084.02 Master Servicing Fee 9,868.86 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 63,245.04
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 10 0 0 10 509,410.17 0.00 0.00 509,410.17 30 Days 87 3 0 0 90 5,466,302.64 109,344.66 0.00 0.00 5,575,647.30 60 Days 23 0 0 0 23 1,196,008.42 0.00 0.00 0.00 1,196,008.42 90 Days 12 2 1 0 15 792,532.60 49,443.25 42,874.64 0.00 884,850.49 120 Days 3 0 3 0 6 59,685.62 0.00 165,633.67 0.00 225,319.29 150 Days 3 0 1 0 4 64,233.23 0.00 55,047.39 0.00 119,280.62 180+ Days 0 0 2 0 2 0.00 0.00 190,533.68 0.00 190,533.68 Totals 128 15 7 0 150 7,578,762.51 668,198.08 454,089.38 0.00 8,701,049.97 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 0.616523% 0.000000% 0.000000% 0.616523% 0.353960% 0.000000% 0.000000% 0.353960% 30 Days 5.363748% 0.184957% 0.000000% 0.000000% 5.548705% 3.798218% 0.075977% 0.000000% 0.000000% 3.874196% 60 Days 1.418002% 0.000000% 0.000000% 0.000000% 1.418002% 0.831037% 0.000000% 0.000000% 0.000000% 0.831037% 90 Days 0.739827% 0.123305% 0.061652% 0.000000% 0.924784% 0.550685% 0.034355% 0.029791% 0.000000% 0.614832% 120 Days 0.184957% 0.000000% 0.184957% 0.000000% 0.369914% 0.041472% 0.000000% 0.115089% 0.000000% 0.156561% 150 Days 0.184957% 0.000000% 0.061652% 0.000000% 0.246609% 0.044632% 0.000000% 0.038249% 0.000000% 0.082881% 180+ Days 0.000000% 0.000000% 0.123305% 0.000000% 0.123305% 0.000000% 0.000000% 0.132391% 0.000000% 0.132391% Totals 7.891492% 0.924784% 0.431566% 0.000000% 9.247842% 5.266045% 0.464292% 0.315521% 0.000000% 6.045858%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 71,545.77
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 Sep-04 0.000% Original Principal Balance 0.00 Oct-04 0.000% Current Principal Balance 0.00 Nov-04 0.000% Dec-04 0.000% Current REO Total Jan-05 0.000% Loans in REO 0 Feb-05 0.000% Original Principal Balance 0.00 Mar-05 0.000% Current Principal Balance 0.00 Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% Aug-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 5 Sep-04 0.000% Original Principal Balance 338,838.00 Oct-04 0.000% Current Principal Balance 304,427.22 Nov-04 0.000% Dec-04 0.000% Current Foreclosure Total Jan-05 0.000% Loans in Foreclosure 7 Feb-05 0.000% Original Principal Balance 484,883.00 Mar-05 0.000% Current Principal Balance 454,089.38 Apr-05 0.000% May-05 0.000% Jun-05 0.000% Jul-05 0.000% Aug-05 0.316% *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 Summary 0000368035 Jul-2005 13-Jul-2000 IA 88.21 74,093.00 Summary 0000368252 Aug-2005 15-Jun-1998 IN 86.61 118,650.00 Summary 0000368461 Aug-2005 13-May-1999 PA 96.08 61,012.00 Summary 0000369422 Jul-2005 05-Jan-1999 OH 89.94 71,952.00 Summary 0000369663 Aug-2005 20-Jan-2000 PA 46.75 32,492.00 Summary 0000369734 Aug-2005 10-Sep-2000 KS 90.01 72,008.00 Summary 0000369890 Aug-2005 01-Jun-1999 MI 94.27 54,676.00
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 Summary 0000368035 72,906.95 13-Feb-2005 4 9.500% 2,775.62 Summary 0000368252 113,778.47 15-Dec-2004 6 10.000% 5,485.01 Summary 0000368461 55,047.39 13-Jan-2005 5 11.500% 3,066.95 Summary 0000369422 76,755.21 05-Dec-2004 6 7.500% 2,278.24 Summary 0000369663 20,931.02 20-Feb-2005 4 11.750% 1,191.95 Summary 0000369734 71,795.70 10-Feb-2005 4 12.750% 4,449.78 Summary 0000369890 42,874.64 01-Mar-2005 3 10.400% 1,794.92
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.447654% Weighted Average Net Coupon 7.039970% Weighted Average Pass-Through Rate 6.934970% Weighted Average Maturity(Stepdown Calculation) 262 Beginning Scheduled Collateral Loan Count 1,666 Number Of Loans Paid In Full 44 Ending Scheduled Collateral Loan Count 1,622 Beginning Scheduled Collateral Balance 148,032,947.01 Ending Scheduled Collateral Balance 143,719,253.05 Ending Actual Collateral Balance at 29-Jul-2005 143,917,542.83 Monthly P&I Constant 1,246,782.82 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 3,867.40 Cumulative Realized Loss 6,019.30 Scheduled Principal 329,518.58 Unscheduled Principal 3,984,175.38 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 3,867.40 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 Extra principal distribution Amount 3,867.40 Excess Cash Amount 0.00
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.447654% Weighted Average Net Rate 7.039970% Weighted Average Pass Through Rate 6.934970% Weighted Average Maturity 262 Record Date 07/29/2005 Principal and Interest Constant 1,246,782.82 Beginning Loan Count 1,666 Loans Paid in Full 44 Ending Loan Count 1,622 Beginning Scheduled Balance 148,032,947.01 Ending Scheduled Balance 143,719,253.05 Ending Actual Balance at 29-Jul-2005 143,917,542.83 Scheduled Principal 329,518.58 Unscheduled Principal 3,984,175.38 Scheduled Interest 917,264.24 Servicing Fee 50,292.16 Master Servicing Fee 9,868.86 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 3,084.02 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 854,019.20 Realized Loss Amount 3,867.40 Cumulative Realized Loss 6,019.30 Percentage of Cumulative Losses 0.0036 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 3,867.40 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 3,867.40 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 7926.03
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 42 4,595,832.00 3,885,143.30 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 2 88,515.00 80,815.10 28,680.25
Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Summary 0000260154 CA 53.68 01-Feb-1999 510,000.00 334,537.19 Summary 0000367753 PA 114.87 05-Jan-2001 41,353.00 30,115.32 Summary 0000367798 PA 100.00 11-Dec-2000 5,596.00 707.00 Summary 0000367843 OH 52.91 05-Dec-2000 11,111.00 7,720.49 Summary 0000367924 OH 94.60 06-Nov-2000 77,574.00 76,878.87 Summary 0000367938 KS 100.00 17-Oct-2000 74,692.00 69,140.75 Summary 0000368013 KY 91.18 10-Jul-2000 32,826.00 26,103.93 Summary 0000368042 OH 100.00 22-Jun-2000 12,617.00 8,427.00 Summary 0000368122 IN 89.45 20-Mar-2000 42,040.00 33,626.40 Summary 0000368220 IN 100.00 03-Oct-1999 10,470.00 6,324.69 Summary 0000368228 IN 100.09 15-Sep-1999 71,564.00 58,256.84 Summary 0000368233 IN 90.72 05-May-1999 58,062.00 50,952.48 Summary 0000368251 IN 100.00 15-Jun-1998 45,151.00 30,360.71 Summary 0000368259 IN 90.71 15-Mar-1998 59,869.00 51,761.64 Summary 0000368388 IN 100.00 05-Aug-1997 45,665.00 30,147.56 Summary 0000368607 KY 90.86 05-Apr-1998 59,061.00 30,765.46 Summary 0000368663 KY 81.59 30-Dec-1999 44,060.00 40,516.60 Summary 0000368674 KY 25.45 02-Feb-1999 19,085.00 11,001.67 Summary 0000368827 MI 95.32 05-Aug-1999 33,362.00 17,657.05 Summary 0000369012 OH 97.55 23-Nov-1998 82,919.00 80,108.10 Summary 0000369045 OH 95.12 15-Dec-1998 65,632.00 63,097.02 Summary 0000369105 OH 94.02 15-Oct-1997 55,474.00 55,036.75 Summary 0000369142 OH 75.78 15-May-1998 71,994.00 50,118.77 Summary 0000369147 OH 100.00 15-Jan-1998 8,713.00 799.11 Summary 0000369323 OH 90.45 11-Sep-1996 80,497.00 1,673.55 Summary 0000369397 OH 94.20 04-Apr-1997 70,652.00 65,347.02 Summary 0000369505 OH 100.00 11-Sep-1998 13,341.00 2,866.64 Summary 0000369752 LA 9.70 21-Aug-2000 19,906.00 13,240.91 Summary 0000369877 IN 96.33 01-Aug-1999 72,248.00 64,212.33 Summary 0000369896 MI 63.23 01-May-1999 55,008.00 46,768.14 Summary 0000416965 WA 87.27 01-Aug-2004 144,000.00 139,579.92 Summary 0000417036 WA 89.90 01-Aug-2003 105,632.00 102,736.43 Summary 0000417097 NY 89.88 01-Aug-2003 260,200.00 253,000.28 Summary 0000417147 MD 99.21 01-Nov-2002 77,883.00 73,900.04 Summary 0000417153 FL 90.76 01-Jul-2003 215,095.00 208,752.42 Summary 0000417210 KY 89.89 01-Feb-2003 169,000.00 156,928.94 Summary 0000417324 FL 90.64 01-Oct-2001 59,370.00 52,558.10 Summary 0000417335 CA 89.96 01-Sep-2003 311,600.00 300,128.23 Summary 0000417336 CA 90.00 01-Sep-2003 237,825.00 230,627.83 Summary 0000417357 PA 79.96 01-Jun-2004 409,000.00 402,674.00 Summary 0000417384 FL 80.00 01-Jul-2003 147,200.00 143,049.41 Summary 0000417473 VA 80.00 01-Jan-1999 172,000.00 159,598.22 Summary 0000417507 CA 70.00 01-Feb-1998 245,000.00 153,613.24 Summary 0000417515 NY 82.35 01-Jan-1998 280,000.00 220,078.08
Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Summary 0000260154 Loan Paid in Full 0 7.000% 180 78 Summary 0000367753 Loan Paid in Full 1 13.500% 120 55 Summary 0000367798 Liquidation 0 15.740% 60 56 Summary 0000367843 Loan Paid in Full 0 13.250% 120 56 Summary 0000367924 Loan Paid in Full 0 6.875% 360 57 Summary 0000367938 Loan Paid in Full 0 11.750% 240 57 Summary 0000368013 Loan Paid in Full 0 10.000% 180 61 Summary 0000368042 Loan Paid in Full 0 14.250% 120 61 Summary 0000368122 Loan Paid in Full 0 10.250% 180 64 Summary 0000368220 Loan Paid in Full 0 13.500% 120 70 Summary 0000368228 Loan Paid in Full (1) 10.000% 360 71 Summary 0000368233 Loan Paid in Full 0 10.500% 240 75 Summary 0000368251 Loan Paid in Full 0 10.250% 180 86 Summary 0000368259 Loan Paid in Full 0 10.990% 240 89 Summary 0000368388 Loan Paid in Full 0 10.250% 180 96 Summary 0000368607 Loan Paid in Full 0 8.500% 144 88 Summary 0000368663 Loan Paid in Full 0 13.000% 240 67 Summary 0000368674 Loan Paid in Full 0 12.000% 123 78 Summary 0000368827 Loan Paid in Full 0 10.750% 120 72 Summary 0000369012 Liquidation 3 9.490% 360 80 Summary 0000369045 Loan Paid in Full 0 6.875% 360 80 Summary 0000369105 Loan Paid in Full 0 10.250% 365 94 Summary 0000369142 Loan Paid in Full 0 9.250% 180 87 Summary 0000369147 Loan Paid in Full 0 12.750% 96 91 Summary 0000369323 Loan Paid in Full 0 10.240% 120 107 Summary 0000369397 Loan Paid in Full 0 12.490% 244 100 Summary 0000369505 Loan Paid in Full 2 15.250% 120 83 Summary 0000369752 Loan Paid in Full 0 11.990% 120 59 Summary 0000369877 Loan Paid in Full 0 6.500% 240 72 Summary 0000369896 Loan Paid in Full 0 6.750% 240 75 Summary 0000416965 Loan Paid in Full 0 5.925% 240 12 Summary 0000417036 Loan Paid in Full 0 5.800% 360 24 Summary 0000417097 Loan Paid in Full (1) 5.800% 360 24 Summary 0000417147 Loan Paid in Full 1 6.750% 360 33 Summary 0000417153 Loan Paid in Full (1) 5.625% 360 25 Summary 0000417210 Loan Paid in Full 0 6.125% 240 30 Summary 0000417324 Loan Paid in Full 0 7.500% 240 46 Summary 0000417335 Loan Paid in Full 0 5.000% 360 23 Summary 0000417336 Loan Paid in Full 0 5.000% 360 23 Summary 0000417357 Loan Paid in Full 0 6.000% 360 14 Summary 0000417384 Loan Paid in Full 0 5.875% 360 25 Summary 0000417473 Loan Paid in Full 0 7.875% 360 79 Summary 0000417507 Loan Paid in Full 0 7.250% 180 90 Summary 0000417515 Loan Paid in Full 0 7.625% 360 91
Prepayment - Voluntary Prepayments
Summary SMM CPR PSA Current Month 2.697% Current Month 27.973% Current Month 466.224% 3 Month Average 2.597% 3 Month Average 27.071% 3 Month Average 451.180% 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. 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 Aug-2005 27.973% N/A Aug-2005 466.224% 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 2 80,815.10 3,867.40 0.003%
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 Summary 0000367798 5,596.00 15.7400% PA 100.00 60 Summary 0000369012 82,919.00 9.4900% OH 97.55 360
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) Summary 0000367798 707.00 9.27 9.27 Summary 0000369012 80,108.10 3,858.13 3,858.13
Realized Loss Report - Collateral Summary
MDR SDA Current Month 0.055% Current Month 1.089% 3 Month Average 0.018% 3 Month Average 0.363% 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. 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 Aug-2005 0.055% N/A Aug-2005 1.089% 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 0.653% Current Month 4.785% 3 Month Average 0.218% 3 Month Average 1.595% 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. 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 Aug-2005 0.653% N/A Aug-2005 4.785% 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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