8-K 1 d258707.txt FINANCIAL ASSET SECURITIES CORP 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): September 2, 2004 Financial Asset Securities Corp. (Exact name of registrant as specified in its charter) Delaware 333-111379 06-1442101 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 600 Steamboat Road, Greenwich, Connecticut 06830 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (203) 625-2700 (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)) -2- SECTION 2 - COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS On July 29, 2004, a single series of certificates, entitled First Franklin Mortgage Loan Trust 2004- FF5, Asset-Backed Certificates, Series 2004-FF5 (the "Certificates"), were issued pursuant to a pooling and servicing agreement, dated as of July 1, 2004 (the "Agreement"), among Financial Asset Securities Corp. (the "Depositor"), Saxon Mortgage Services, Inc., as servicer ("Saxon") and Deutsche Bank National Trust Company (the "Trustee"). On August 27, 2004, following the closing of the initial issuance of the Certificates, the Trustee purchased from the Depositor certain Subsequent Mortgage Loans, as defined in the Agreement, with an aggregate Stated Principal Balance equal to $219,999,998.82 with funds on deposit in the pre-funding accounts (the "Group I Pre-Funding Account" and the "Group II Pre-Funding Account"; together the "Pre- Funding Accounts") established pursuant to the Agreement at a purchase price equal to the Stated Principal Balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated August 27, 2004 (the "Instrument"), between the Depositor and the Trustee. Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument. SECTION 8 - OTHER EVENTS ITEM 8.01. OTHER EVENTS Description of the Mortgage Pool The Certificates, issued pursuant to the Agreement, evidence in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a segregated pool (the "Mortgage Pool") of conventional, one- to four- family, first lien and second lien, adjustable-rate and fixed- rate mortgage loans having original terms to maturity of not greater than 30 years (the "Mortgage Loans"). After the Subsequent Transfer Date, the Trust Fund primarily consisted of the Mortgage Pool, which consisted of Group I Mortgage Loans having an aggregate Stated Principal Balance of approximately $720,849,645, and Group II Mortgage Loans having an aggregate Stated Principal Balance of approximately $379,150,354. The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of the respective applicable Subsequent Cut-off Date. SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable -3- (b) Not applicable (c) Exhibits -4- Exhibit No. Description ----------- ----------- 4.2 Subsequent Transfer Instrument, dated as August 27, 2004 between Financial Asset Securities Corp. as seller and Wells Fargo Bank, N.A., as trustee. 99.1 Characteristics of the Mortgage Pool as of the Subsequent Cut-off Date relating to First Franklin Mortgage Loan Trust 2004-FF5, Asset-Backed Certificates, Series 2004-FF5. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf the undersigned thereunto duly authorized. Dated: September 2, 2004 FINANCIAL ASSET SECURITIES CORP. By: /s/ Frank Skibo ---------------------------- Name: Frank Skibo Title: Senior Vice President Index to Exhibits -----------------

~~First~~Sequentially ~~Franklin~~Exhibit ~~Mortgage~~No. ~~Loan~~Description ~~Trust~~Numbered ~~Asset~~Page ~~Backed Certificates Record Date: 7/31/04 Distribution Date: 8/25/04 FFM Series: 2004~~-~~FF5 Contact: Customer Service~~ - ~~CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815~~-~~6600 Fax: (301) 815~~-~~6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass~~-~~Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A~~-~~1 32027NJT9 SEN 1.83000% 625,700,000.00 858,773.25 1,079,461.87 A~~-~~2 32027NJU6 SEN 1.85000% 50,000,000.00 69,375.00 178,632.05 A~~-~~3A 32027NKS9 SEN 1.68000% 87,000,000.00 109,620.00 997,124.10 A~~-~~3B 32027NKT7 SEN 1.83000% 160,300,000.00 220,011.75 0.00 A~~-~~3C 32027NKU4 SEN 1.97000% 31,800,000.00 46,984.50 0.00 M~~-1 ~~32027NJV4 MEZ 2.07000% 44,000,000.00 68,310.00 0.00 M~~-~~2 32027NJW2 MEZ 2.17000% 24,750,000.00 40,280.63 0.00 M~~-3--------- ~~32027NJX0 MEZ 2.27000% 11,000,000.00 18,727.50 0.00 M~~-4------------ ~~32027NJY8 MEZ 2~~4.~~77000%~~2 ~~11,000,000.00~~Subsequent ~~22,852.50~~Transfer ~~0.00 M-5 32027NJZ5 MEZ 2.87000% 11~~Instrument,~~000,000.00~~ ~~23,677.50~~dated ~~0.00~~as ~~M-6~~August ~~32027NKA8 MEZ 3.07000% 7~~27,~~150,000.00~~ 162004,~~462.88~~ ~~0.00~~between ~~M-7~~Financial ~~32027NKB6~~Asset ~~MEZ~~Securities 3Corp.~~97000%~~ ~~7,700,000.00~~as ~~22,926.75~~seller ~~0.00~~and ~~M-8~~Wells ~~32027NKC4~~Fargo ~~MEZ 4.47000% 7~~Bank,~~150,000.00~~ ~~23,970~~N.~~38 0~~A.00 ~~M-9~~as ~~32027NKD2 MEZ 4~~trustee.~~47000%~~ ~~5,500,000~~99.001 ~~18,438.75~~Characteristics ~~0.00~~of Bthe ~~32027NKE0~~Mortgage ~~SUB~~Pool ~~4.47000%~~as ~~5,500,000.00~~of ~~18,438.75~~the ~~0.00~~Subsequent CCut-off ~~FFM04FF5C SEN 0.00000% 10~~Date,~~449,900.00~~ ~~2,772,215.12~~relating ~~0.00~~to PFirst ~~FFM04FF5P~~Franklin ~~SEN~~Mortgage ~~0.00000%~~Loan ~~100.00~~Trust 82004-FF5,~~435.55~~ ~~0.00~~Asset-Backed ~~R SEN 0.00000% 0.00 0.00 0.00 Totals 1~~Certificates,~~100,000,000.00~~ ~~4,359,500.81~~Series ~~2,255,218~~2004-FF5.02

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 624,620,538.13 1,938,235.12 0.00 A-2 0.00 49,821,367.95 248,007.05 0.00 A-3A 0.00 86,002,875.90 1,106,744.10 0.00 A-3B 0.00 160,300,000.00 220,011.75 0.00 A-3C 0.00 31,800,000.00 46,984.50 0.00 M-1 0.00 44,000,000.00 68,310.00 0.00 M-2 0.00 24,750,000.00 40,280.63 0.00 M-3 0.00 11,000,000.00 18,727.50 0.00 M-4 0.00 11,000,000.00 22,852.50 0.00 M-5 0.00 11,000,000.00 23,677.50 0.00 M-6 0.00 7,150,000.00 16,462.88 0.00 M-7 0.00 7,700,000.00 22,926.75 0.00 M-8 0.00 7,150,000.00 23,970.38 0.00 M-9 0.00 5,500,000.00 18,438.75 0.00 B 0.00 5,500,000.00 18,438.75 0.00 C 0.00 10,450,000.00 2,772,215.12 0.00 P 0.00 100.00 8,435.55 0.00 R 0.00 0.00 0.00 0.00 Totals 0.00 1,097,744,881.98 6,614,718.83 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-1 625,700,000.00 625,700,000.00 269,467.62 809,994.25 0.00 0.00 A-2 50,000,000.00 50,000,000.00 14,737.31 163,894.74 0.00 0.00 A-3A 87,000,000.00 87,000,000.00 82,263.66 914,860.44 0.00 0.00 A-3B 160,300,000.00 160,300,000.00 0.00 0.00 0.00 0.00 A-3C 31,800,000.00 31,800,000.00 0.00 0.00 0.00 0.00 M-1 44,000,000.00 44,000,000.00 0.00 0.00 0.00 0.00 M-2 24,750,000.00 24,750,000.00 0.00 0.00 0.00 0.00 M-3 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M-4 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M-5 11,000,000.00 11,000,000.00 0.00 0.00 0.00 0.00 M-6 7,150,000.00 7,150,000.00 0.00 0.00 0.00 0.00 M-7 7,700,000.00 7,700,000.00 0.00 0.00 0.00 0.00 M-8 7,150,000.00 7,150,000.00 0.00 0.00 0.00 0.00 M-9 5,500,000.00 5,500,000.00 0.00 0.00 0.00 0.00 B 5,500,000.00 5,500,000.00 0.00 0.00 0.00 0.00 C 10,449,900.00 10,449,900.00 0.00 0.00 0.00 0.00 P 100.00 100.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 1,100,000,000.00 1,100,000,000.00 366,468.59 1,888,749.43 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 1,079,461.87 624,620,538.13 0.99827479 1,079,461.87 A-2 178,632.05 49,821,367.95 0.99642736 178,632.05 A-3A 997,124.10 86,002,875.90 0.98853880 997,124.10 A-3B 0.00 160,300,000.00 1.00000000 0.00 A-3C 0.00 31,800,000.00 1.00000000 0.00 M-1 0.00 44,000,000.00 1.00000000 0.00 M-2 0.00 24,750,000.00 1.00000000 0.00 M-3 0.00 11,000,000.00 1.00000000 0.00 M-4 0.00 11,000,000.00 1.00000000 0.00 M-5 0.00 11,000,000.00 1.00000000 0.00 M-6 0.00 7,150,000.00 1.00000000 0.00 M-7 0.00 7,700,000.00 1.00000000 0.00 M-8 0.00 7,150,000.00 1.00000000 0.00 M-9 0.00 5,500,000.00 1.00000000 0.00 B 0.00 5,500,000.00 1.00000000 0.00 C 0.00 10,450,000.00 1.00000957 0.00 P 0.00 100.00 1.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 2,255,218.02 1,097,744,881.98 0.99794989 2,255,218.02

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 625,700,000.00 1000.00000000 0.43066585 1.29454091 0.00000000 A-2 50,000,000.00 1000.00000000 0.29474620 3.27789480 0.00000000 A-3A 87,000,000.00 1000.00000000 0.94555931 10.51563724 0.00000000 A-3B 160,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3C 31,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 44,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 24,750,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 11,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 7,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 7,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 7,150,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 5,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 5,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 C 10,449,900.00 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 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 1.72520676 998.27479324 0.99827479 1.72520676 A-2 0.00000000 3.57264100 996.42735900 0.99642736 3.57264100 A-3A 0.00000000 11.46119655 988.53880345 0.98853880 11.46119655 A-3B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3C 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 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 C 0.00000000 0.00000000 1,000.00956947 1.00000957 0.00000000 P 0.00000000 0.00000000 1,000.00000000 1.00000000 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-1 625,700,000.00 1.83000% 625,700,000.00 858,773.25 0.00 0.00 A-2 50,000,000.00 1.85000% 50,000,000.00 69,375.00 0.00 0.00 A-3A 87,000,000.00 1.68000% 87,000,000.00 109,620.00 0.00 0.00 A-3B 160,300,000.00 1.83000% 160,300,000.00 220,011.75 0.00 0.00 A-3C 31,800,000.00 1.97000% 31,800,000.00 46,984.50 0.00 0.00 M-1 44,000,000.00 2.07000% 44,000,000.00 68,310.00 0.00 0.00 M-2 24,750,000.00 2.17000% 24,750,000.00 40,280.63 0.00 0.00 M-3 11,000,000.00 2.27000% 11,000,000.00 18,727.50 0.00 0.00 M-4 11,000,000.00 2.77000% 11,000,000.00 22,852.50 0.00 0.00 M-5 11,000,000.00 2.87000% 11,000,000.00 23,677.50 0.00 0.00 M-6 7,150,000.00 3.07000% 7,150,000.00 16,462.88 0.00 0.00 M-7 7,700,000.00 3.97000% 7,700,000.00 22,926.75 0.00 0.00 M-8 7,150,000.00 4.47000% 7,150,000.00 23,970.38 0.00 0.00 M-9 5,500,000.00 4.47000% 5,500,000.00 18,438.75 0.00 0.00 B 5,500,000.00 4.47000% 5,500,000.00 18,438.75 0.00 0.00 C 10,449,900.00 0.00000% 10,449,900.00 0.00 0.00 0.00 P 100.00 0.00000% 100.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 1,100,000,000.00 1,578,850.14 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 0.00 858,773.25 0.00 624,620,538.13 A-2 0.00 0.00 69,375.00 0.00 49,821,367.95 A-3A 0.00 0.00 109,620.00 0.00 86,002,875.90 A-3B 0.00 0.00 220,011.75 0.00 160,300,000.00 A-3C 0.00 0.00 46,984.50 0.00 31,800,000.00 M-1 0.00 0.00 68,310.00 0.00 44,000,000.00 M-2 0.00 0.00 40,280.63 0.00 24,750,000.00 M-3 0.00 0.00 18,727.50 0.00 11,000,000.00 M-4 0.00 0.00 22,852.50 0.00 11,000,000.00 M-5 0.00 0.00 23,677.50 0.00 11,000,000.00 M-6 0.00 0.00 16,462.88 0.00 7,150,000.00 M-7 0.00 0.00 22,926.75 0.00 7,700,000.00 M-8 0.00 0.00 23,970.38 0.00 7,150,000.00 M-9 0.00 0.00 18,438.75 0.00 5,500,000.00 B 0.00 0.00 18,438.75 0.00 5,500,000.00 C 0.00 0.00 2,772,215.12 0.00 10,450,000.00 P 0.00 0.00 8,435.55 0.00 100.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 4,359,500.81 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-1 625,700,000.00 1.83000% 1000.00000000 1.37250000 0.00000000 0.00000000 A-2 50,000,000.00 1.85000% 1000.00000000 1.38750000 0.00000000 0.00000000 A-3A 87,000,000.00 1.68000% 1000.00000000 1.26000000 0.00000000 0.00000000 A-3B 160,300,000.00 1.83000% 1000.00000000 1.37250000 0.00000000 0.00000000 A-3C 31,800,000.00 1.97000% 1000.00000000 1.47750000 0.00000000 0.00000000 M-1 44,000,000.00 2.07000% 1000.00000000 1.55250000 0.00000000 0.00000000 M-2 24,750,000.00 2.17000% 1000.00000000 1.62750020 0.00000000 0.00000000 M-3 11,000,000.00 2.27000% 1000.00000000 1.70250000 0.00000000 0.00000000 M-4 11,000,000.00 2.77000% 1000.00000000 2.07750000 0.00000000 0.00000000 M-5 11,000,000.00 2.87000% 1000.00000000 2.15250000 0.00000000 0.00000000 M-6 7,150,000.00 3.07000% 1000.00000000 2.30250070 0.00000000 0.00000000 M-7 7,700,000.00 3.97000% 1000.00000000 2.97750000 0.00000000 0.00000000 M-8 7,150,000.00 4.47000% 1000.00000000 3.35250070 0.00000000 0.00000000 M-9 5,500,000.00 4.47000% 1000.00000000 3.35250000 0.00000000 0.00000000 B 5,500,000.00 4.47000% 1000.00000000 3.35250000 0.00000000 0.00000000 C 10,449,900.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 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 1.37250000 0.00000000 998.27479324 A-2 0.00000000 0.00000000 1.38750000 0.00000000 996.42735900 A-3A 0.00000000 0.00000000 1.26000000 0.00000000 988.53880345 A-3B 0.00000000 0.00000000 1.37250000 0.00000000 1000.00000000 A-3C 0.00000000 0.00000000 1.47750000 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 1.55250000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 1.62750020 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 1.70250000 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 2.07750000 0.00000000 1000.00000000 M-5 0.00000000 0.00000000 2.15250000 0.00000000 1000.00000000 M-6 0.00000000 0.00000000 2.30250070 0.00000000 1000.00000000 M-7 0.00000000 0.00000000 2.97750000 0.00000000 1000.00000000 M-8 0.00000000 0.00000000 3.35250070 0.00000000 1000.00000000 M-9 0.00000000 0.00000000 3.35250000 0.00000000 1000.00000000 B 0.00000000 0.00000000 3.35250000 0.00000000 1000.00000000 C 0.00000000 0.00000000 265.28628217 0.00000000 1000.00956947 P 0.00000000 0.00000000 84355.50000000 0.00000000 1000.00000000 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 6,976,252.17 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 8,435.55 Total Deposits 6,984,687.72 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 369,968.89 Payment of Interest and Principal 6,614,718.83 Total Withdrawals (Pool Distribution Amount) 6,984,687.72 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 366,667.61 Wells Fargo Bank, NA 3,301.28 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 369,968.89

OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Reserve Fund 0.00 0.00 0.00 0.00

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS 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 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 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 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 6.438059% Weighted Average Net Coupon 6.038059% Weighted Average Pass-Through Rate 5.933559% Weighted Average Maturity(Stepdown Calculation ) 356 Beginning Scheduled Collateral Loan Count 4,259 Number Of Loans Paid In Full 7 Ending Scheduled Collateral Loan Count 4,252 Beginning Scheduled Collateral Balance 1,100,000,000.00 Ending Scheduled Collateral Balance 877,744,882.34 Ending Actual Collateral Balance at 31-Jul-2004 877,821,915.34 Monthly P &I Constant 5,087,712.15 Special Servicing Fee 0.00 Prepayment Penalties 8,435.55 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 877,744,882.34 Scheduled Principal 366,468.59 Unscheduled Principal 1,888,649.44 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 99.98 Overcollateralized reduction Amount 0.00 Specified O/C Amount 10,450,000.00 Overcollateralized Amount 10,450,000.00 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 99.98 Excess Cash Amount 0.00

Group 1 Pre-Funding Account Balance 144,169,918.30 Group 2 Pre-funding Account Balance 75,830,081.33

Miscellaneous Reporting Credit Enhancement 13.2271% Extra Principal Amount 0.00 Accumulated Loss 0.000000% Overcollateralization Amount 10,450,000.00 Overcollateralization Deficiency Amount 0.00 Overcollateralization Release Amount 0.00 Target Overcollateralization Amount 10,450,000.00 Specified Overcollateralization Amount 10,450,000.00 Stepdown Do Not Stepdown Trigger Event Not In Trigger

Filing Compare · FIRST FRANKLIN MORTGAGE LOAN TRUST 2004-FF5