8-K 1 ace05sn1_10510.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): October 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 October 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 October 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: 10/28/2005 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 October 25, 2005 distribution. EX-99.1
ACE Securities Corporation Asset Backed Pass-Through Certificates Record Date: 9/30/2005 Distribution Date: 10/25/2005 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% 71,617,653.04 253,645.85 A-2 004421MV2 SEN 5.23000% 58,680,000.00 255,747.00 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% 826,050.35 246,150.01 CE-2 A05SN1CE2 SEN 0.00000% 0.00 7,558.54 R ACE05SN1R SEN 0.00000% 0.00 0.00 Totals 140,622,703.39 808,304.25
Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 3,279,782.36 0.00 68,337,870.68 3,533,428.21 0.00 A-2 0.00 0.00 58,680,000.00 255,747.00 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 0.00 826,050.35 246,150.01 0.00 CE-2 0.00 0.00 0.00 7,558.54 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 3,279,782.36 0.00 137,342,921.03 4,088,086.61 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 71,617,653.04 0.00 3,279,782.36 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 165,210,069.19 140,622,703.39 0.00 3,279,782.36 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 3,279,782.36 68,337,870.68 0.70428905 3,279,782.36 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 3,279,782.36 137,342,921.03 0.83132294 3,279,782.36
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 97,031,000.00 738.09043543 0.00000000 33.80138677 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 33.80138677 704.28904865 0.70428905 33.80138677 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% 71,617,653.04 253,645.85 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 165,210,069.19 554,595.70 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 0.00 253,645.85 0.00 68,337,870.68 A-2 0.00 0.00 255,747.00 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 0.00 246,150.01 0.00 826,050.35 CE-2 0.00 0.00 7,558.54 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 808,304.25 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% 738.09043543 2.61407025 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 2.61407025 0.00000000 704.28904865 A-2 0.00000000 0.00000000 4.35833333 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 3557595.17271282 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 4,143,259.42 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 78,471.45 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 4,221,730.87 Withdrawals Reimbursement for Servicer Advances 73,546.91 Payment of Service Fee 60,097.35 Payment of Interest and Principal 4,088,086.61 Total Withdrawals (Pool Distribution Amount) 4,221,730.87 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 47,792.86 Credit Risk Manager Fee- Risk Management Group, LLC 2,929.64 Master Servicing Fee 9,374.85 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 60,097.35
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 10 481,938.88 0.00 0.00 481,938.88 30 Days 80 4 0 0 84 5,111,139.10 228,538.43 0.00 0.00 5,339,677.53 60 Days 23 2 0 0 25 1,029,639.37 34,996.66 0.00 0.00 1,064,636.03 90 Days 13 2 1 0 16 1,022,278.17 60,728.05 62,785.41 0.00 1,145,791.63 120 Days 5 1 1 0 7 203,708.35 35,659.78 64,986.77 0.00 304,354.90 150 Days 7 3 1 0 11 470,403.34 92,317.89 75,933.07 0.00 638,654.30 180+ Days 2 1 4 0 7 21,231.76 55,047.39 266,595.79 0.00 342,874.94 Totals 130 23 7 0 160 7,858,400.09 989,227.08 470,301.04 0.00 9,317,928.21 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 0.643501% 0.000000% 0.000000% 0.643501% 0.350401% 0.000000% 0.000000% 0.350401% 30 Days 5.148005% 0.257400% 0.000000% 0.000000% 5.405405% 3.716137% 0.166163% 0.000000% 0.000000% 3.882299% 60 Days 1.480051% 0.128700% 0.000000% 0.000000% 1.608752% 0.748616% 0.025445% 0.000000% 0.000000% 0.774061% 90 Days 0.836551% 0.128700% 0.064350% 0.000000% 1.029601% 0.743264% 0.044153% 0.045649% 0.000000% 0.833066% 120 Days 0.321750% 0.064350% 0.064350% 0.000000% 0.450450% 0.148109% 0.025927% 0.047250% 0.000000% 0.221286% 150 Days 0.450450% 0.193050% 0.064350% 0.000000% 0.707851% 0.342014% 0.067121% 0.055208% 0.000000% 0.464344% 180+ Days 0.128700% 0.064350% 0.257400% 0.000000% 0.450450% 0.015437% 0.040023% 0.193833% 0.000000% 0.249293% Totals 8.365508% 1.480051% 0.450450% 0.000000% 10.296010% 5.713578% 0.719234% 0.341940% 0.000000% 6.774751%
OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 78,471.45
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 Nov-04 0.000% Original Principal Balance 0.00 Dec-04 0.000% Current Principal Balance 0.00 Jan-05 0.000% Feb-05 0.000% Current REO Total Mar-05 0.000% Loans in REO 0 Apr-05 0.000% Original Principal Balance 0.00 May-05 0.000% Current Principal Balance 0.00 Jun-05 0.000% Jul-05 0.000% Aug-05 0.000% Sep-05 0.000% Oct-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 2 Nov-04 0.000% Original Principal Balance 118,063.00 Dec-04 0.000% Current Principal Balance 105,786.88 Jan-05 0.000% Feb-05 0.000% Current Foreclosure Total Mar-05 0.000% Loans in Foreclosure 7 Apr-05 0.000% Original Principal Balance 497,038.00 May-05 0.000% Current Principal Balance 470,301.04 Jun-05 0.000% Jul-05 0.000% Aug-05 0.316% Sep-05 0.389% Oct-05 0.342% *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 0000367997 Sep-2005 01-Jul-2000 IN 79.82 66,248.00 Summary 0000368252 Aug-2005 15-Jun-1998 IN 86.61 118,650.00 Summary 0000368666 Sep-2005 01-Nov-1999 KY 90.90 78,171.00 Summary 0000369035 Sep-2005 05-Aug-1999 OH 95.55 43,954.00 Summary 0000369422 Jul-2005 05-Jan-1999 OH 89.94 71,952.00 Summary 0000369730 Oct-2005 01-Sep-2000 OH 84.32 72,516.00 Summary 0000369929 Oct-2005 23-Sep-2000 PA 87.59 45,547.00
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 0000367997 64,986.77 01-Apr-2005 4 12.250% 3,865.74 Summary 0000368252 113,778.47 15-Dec-2004 8 10.000% 7,314.37 Summary 0000368666 75,933.07 01-Mar-2005 5 11.000% 4,716.64 Summary 0000369035 33,060.64 05-Feb-2005 6 12.000% 2,567.04 Summary 0000369422 76,755.21 05-Dec-2004 8 7.500% 3,186.87 Summary 0000369730 62,785.41 01-May-2005 3 10.750% 2,724.73 Summary 0000369929 43,001.47 23-Jan-2005 7 11.500% 3,195.06
COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.418139% Weighted Average Net Coupon 7.010300% Weighted Average Pass-Through Rate 6.905300% Weighted Average Maturity(Stepdown Calculation) 260 Beginning Scheduled Collateral Loan Count 1,584 Number Of Loans Paid In Full 30 Ending Scheduled Collateral Loan Count 1,554 Beginning Scheduled Collateral Balance 140,622,703.39 Ending Scheduled Collateral Balance 137,342,921.03 Ending Actual Collateral Balance at 30-Sep-2005 137,539,046.93 Monthly P&I Constant 1,180,208.84 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 5,707.36 Scheduled Principal 310,909.87 Unscheduled Principal 2,968,872.49 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 7.418139% Weighted Average Net Rate 7.010300% Weighted Average Pass Through Rate 6.905300% Weighted Average Maturity 260 Record Date 09/30/2005 Principal and Interest Constant 1,180,208.84 Beginning Loan Count 1,584 Loans Paid in Full 30 Ending Loan Count 1,554 Beginning Scheduled Balance 140,622,703.39 Ending Scheduled Balance 137,342,921.03 Ending Actual Balance at 30-Sep-2005 137,539,046.93 Scheduled Principal 310,909.87 Unscheduled Principal 2,968,872.49 Scheduled Interest 869,298.97 Servicing Fee 47,792.86 Master Servicing Fee 9,374.85 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 2,929.64 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest 809,201.62 Realized Loss Amount 0.00 Cumulative Realized Loss 5,707.36 Percentage of Cumulative Losses 0.0035 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 7558.54
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 30 3,419,165.53 2,959,891.95 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 14,449.41
Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Summary 0000260426 NJ 65.70 02-Sep-1994 72,270.00 54,816.84 Summary 0000260531 NY 75.00 01-Feb-1996 240,000.00 209,335.37 Summary 0000260572 MD 87.14 01-Feb-1994 210,000.00 174,005.73 Summary 0000367721 KY 100.00 28-Jan-2001 11,339.00 8,068.94 Summary 0000367910 PA 89.44 11-Dec-2000 47,401.00 39,932.39 Summary 0000367970 IA 100.00 07-Oct-2000 18,728.00 16,225.77 Summary 0000368219 IN 84.81 15-Dec-1999 34,771.00 4,357.38 Summary 0000368253 IN 90.62 10-Jun-1998 125,964.00 123,001.74 Summary 0000368262 IN 100.00 10-Jan-1998 18,714.00 13,966.59 Summary 0000368283 IN 95.64 05-Jun-1999 66,467.00 51,051.78 Summary 0000368335 IN 87.44 10-Mar-2000 113,673.00 103,838.96 Summary 0000368411 PA 100.00 15-Nov-1999 24,414.00 20,184.48 Summary 0000368546 KY 79.36 03-Jul-1998 58,730.00 40,268.33 Summary 0000368667 KY 95.89 03-Oct-1999 52,738.00 47,273.26 Summary 0000368979 OH 87.35 12-Dec-1999 60,269.00 47,781.92 Summary 0000369195 OH 100.00 25-Oct-1997 15,790.00 5,389.67 Summary 0000369321 OH 81.16 14-Feb-1997 45,449.00 29,017.98 Summary 0000369411 OH 90.65 24-Aug-1999 113,315.00 99,934.77 Summary 0000369502 OH 100.00 04-Jan-1999 19,102.00 7,779.88 Summary 0000369593 SC 78.72 22-Aug-1997 44,084.00 40,388.48 Summary 0000369670 IN 63.67 18-Nov-1999 47,113.00 40,095.11 Summary 0000369727 NC 100.00 31-Aug-2000 16,500.00 14,824.05 Summary 0000416994 AZ 66.42 01-Apr-2004 176,000.00 172,436.12 Summary 0000416998 WA 89.88 01-Feb-2004 151,900.00 148,882.83 Summary 0000417204 NV 89.44 01-May-2003 161,000.00 155,467.12 Summary 0000417310 NJ 49.68 01-Jul-2002 154,500.00 60,192.40 Summary 0000417349 WA 49.90 01-Dec-2001 498,984.53 469,250.69 Summary 0000417371 HI 70.00 01-Jul-2004 99,750.00 99,521.93 Summary 0000417449 OH 67.31 01-Aug-1998 370,200.00 339,201.87 Summary 0000417476 CA 70.71 01-Dec-1998 350,000.00 317,930.70
Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Summary 0000260426 Loan Paid in Full 0 10.090% 240 133 Summary 0000260531 Loan Paid in Full 0 7.500% 360 116 Summary 0000260572 Loan Paid in Full 0 7.375% 360 140 Summary 0000367721 Loan Paid in Full 0 13.990% 120 56 Summary 0000367910 Loan Paid in Full 0 7.500% 180 58 Summary 0000367970 Loan Paid in Full 1 12.990% 180 60 Summary 0000368219 Loan Paid in Full (6) 9.000% 180 70 Summary 0000368253 Loan Paid in Full 1 9.250% 389 88 Summary 0000368262 Loan Paid in Full 0 13.490% 180 93 Summary 0000368283 Loan Paid in Full 1 9.750% 180 76 Summary 0000368335 Loan Paid in Full 0 9.750% 242 67 Summary 0000368411 Loan Paid in Full 0 11.240% 182 71 Summary 0000368546 Loan Paid in Full 0 9.500% 180 87 Summary 0000368667 Loan Paid in Full 0 10.750% 242 72 Summary 0000368979 Loan Paid in Full 0 7.000% 180 70 Summary 0000369195 Loan Paid in Full 5 15.500% 122 95 Summary 0000369321 Loan Paid in Full 0 11.990% 180 104 Summary 0000369411 Loan Paid in Full 0 7.625% 240 73 Summary 0000369502 Loan Paid in Full 0 9.500% 120 81 Summary 0000369593 Loan Paid in Full 2 9.700% 265 97 Summary 0000369670 Loan Paid in Full 0 12.250% 182 70 Summary 0000369727 Loan Paid in Full 0 15.250% 180 61 Summary 0000416994 Loan Paid in Full 0 5.875% 360 18 Summary 0000416998 Loan Paid in Full (1) 6.550% 360 20 Summary 0000417204 Loan Paid in Full 0 5.625% 360 29 Summary 0000417310 Loan Paid in Full 0 6.375% 180 39 Summary 0000417349 Loan Paid in Full 0 6.500% 337 46 Summary 0000417371 Loan Paid in Full 0 6.375% 360 15 Summary 0000417449 Loan Paid in Full 0 7.625% 360 86 Summary 0000417476 Loan Paid in Full 0 7.250% 360 82
Prepayment - Voluntary Prepayments
Summary SMM CPR PSA Current Month 2.116% Current Month 22.635% Current Month 377.248% 3 Month Average 2.248% 3 Month Average 23.824% 3 Month Average 397.074% 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. 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 Sep-2005 20.865% N/A Sep-2005 347.748% N/A Oct-2005 22.635% N/A Oct-2005 377.248% 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 0.018% 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. 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 Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-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 0.218% 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. 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 Sep-2005 0.000% N/A Sep-2005 0.000% N/A Oct-2005 0.000% N/A Oct-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)