8-K 1 d289163.txt AMERIQUEST MORTGAGE SECURITIES INC. ================================================================================ 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): December 8, 2004 AMERIQUEST MORTGAGE SECURITIES INC. (as depositor under the Pooling and Servicing Agreement, dated as of October 1, 2004, providing for the issuance of Asset-Backed Pass-Through Certificates, Series 2004-R10) Ameriquest Mortgage Securities Inc. (Exact name of registrant as specified in its charter) -------------------------------------------------------------------------------- Delaware 333-112237-03 77-0599834 ---------------------------- ------------- ---------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification Number) 1100 Town & Country Road, Suite 1100 Orange, California 92868 ------------------------------------- ----- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (714) 564-9960 ================================================================================ 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(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] 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)) SECTION 2 - FINANCIAL INFORMATION ITEM 2.01 - COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS On December 8, 2004, a single series of certificates, entitled Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-R10 (the "Certificates"), was issued pursuant to a pooling and servicing agreement, dated as of October 1, 2004 (the "Agreement"), among Ameriquest Mortgage Securities Inc. as depositor (the "Depositor"), Ameriquest Mortgage Company as master servicer (the "Master Servicer") and Deutsche Bank National Trust Company as trustee (the "Trustee"). Upon the closing of the initial issuance of the Certificates, (i) Ameriquest Mortgage Securities, Inc. purchased from Ameriquest Mortgage Company certain Initial Mortgage Loans with an aggregate principal balance equal to $1,299,999,703 and transferred such mortgage loans to the Trustee, and (ii) the Trustee deposited funds in the Pre-Funding Accounts, which were established pursuant to the Agreement, in an amount equal to $400,000,297. On December 8, 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 principal balance equal to $399,991,067 with funds on deposit in the pre-funding accounts (the "Pre-Funding Accounts") established pursuant to the Agreement at a purchase price equal to the principal balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated December 8, 2004, between the Depositor and the Trustee (the "Instrument"). Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. SECTION 8 - OTHER EVENTS ITEM 8.01 OTHER EVENTS. Description of the Certificates and the Mortgage Pool The Certificates designated as the Series 2004-R10 Certificates represent in the aggregate the entire beneficial ownership interest in a trust fund (the "Trust Fund") consisting primarily of a pool (the "Mortgage Pool") of conventional, one- to four-family, first lien adjustable-rate and fixed-rate mortgage loans having original terms to maturity up to 30 years (the "Mortgage Loans"). As of the Subsequent Transfer Date, the Trust Fund primarily consisted of (i) the Mortgage Pool, which consisted of Mortgage Loans having an aggregate principal balance of $1,299,999,703 and (ii) the Pre-Funding Accounts, which contained $400,000,297. The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of December 1, 2004. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. 1. Not applicable 2. Not applicable 3. Exhibits EXHIBIT NO. ITEM 601(A) OF DESCRIPTION REGULATION S K EXHIBIT NO 1 99 Subsequent Transfer Instrument, dated as of December 8, 2004, between Ameriquest Mortgage Securities Inc., as seller and Deutsche Bank National Trust Company, as trustee. 2 99 Characteristics of the Mortgage Pool as of December 1, 2004, relating to Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2004-R10. 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 by the undersigned thereunto duly authorized. Dated: January 4, 2005 AMERIQUEST MORTGAGE SECURITIES INC. By: /s/ John P. Grazer -------------------------------- Name: John P. Grazer Title: CFO Index to Exhibits

~~UNITED~~EXHIBIT ~~STATES SECURITIES AND EXCHANGE COMMISSION Washington, D~~NO.C. ~~20549~~ITEM ~~FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15~~601(dA) ofOF ~~the~~DESCRIPTION ~~Securities~~SEQUENTIALLY ~~Exchange~~REGULATION Act of 1934 Date of Report (Date of earliest event reported): December 27, 2004 (Date of earliest event reported) Ameriquest Mortgage Securities Inc (as Depositor under the Trust Agreement, dated as October 1, 2004, providing for the issuance of Asset-Backed Pass-Through Certificates, Series 2004-R10) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-118137-03 33-0885129 (Commission File Number) (I.R.S. Employer Identification No.) 1100 TOWN & COUNTRY ROAD, SUITE 1100 ORANGE, CALIFORNIA 92868 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (714) 541-9960 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K ~~filing~~NUMBERED isPAGE ~~intended~~EXHIBIT ~~to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A~~NO.2. ~~below):~~1 [99 ]Subsequent ~~Written~~Transfer ~~communications~~Instrument pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2~~(b)~~ ~~under~~99 ~~the~~Characteristics ~~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 Attached hereto is a copy~~ of the ~~Monthly~~Mortgage ~~Remittance~~Pool Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. Description 99.1 Monthly Remittance Statement to the Certificateholders dated as of December 271, 2004~~. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934~~, ~~the~~relating ~~Registrant has duly caused this report~~ to ~~be signed on its behalf by the undersigned, hereunto duly authorized. Deutsche Bank National Trust Company, in its capacity as Trustee under the Pooling and Servicing Agreement on behalf of~~ Ameriquest Mortgage Securities Inc.,~~Registrant~~ ~~Date:~~Asset-Backed ~~Dec~~Pass-Through 30Certificates, ~~2004~~Series ~~By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of December 27,~~ 2004.-R10

Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
				External Parties					Table of Contents
												Page
				Seller
									1. Certificate Payment Report					2
				Ameriquest Mortgage Corp
									2. Collection Account Report					6
									3. Credit Enhancement Report					8
									4. Collateral Report					9
				Certificate Insurer(s)					5. Delinquency Report					12
									6. REO Report					15
									7. Foreclosure Report					16
									8. Prepayment Report					17
									9. Prepayment Detail Report					20
									10. Realized Loss Report					23
									11. Realized Loss Detail Report					26
				Servicer(s)
									12. Triggers and Adj. Cert. Report					27
				Ameriquest Mortgage Corp
									13. Additional Certificate Report					28
				Underwriter(s)
				Deutsche Bank
									Total Number of Pages					28
				Dates					Contacts
				Cut-Off Date:		October 01, 2004			Nicholas Gisler
				Close Date:		October 07, 2004			Administrator
				First Distribution Date:		November 26, 2004			(714) 247-6268
									Nicholas.Gisler@db.com
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		December 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		November 30, 2004
									Main Phone Number:			(714) 247-6000
						December 24, 2004
									https://www.tss.db.com/invr
Page 1 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC III
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance
					(1)	(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)
A-1	FLT, STEP	$	1,128,240,000.00		1,117,413,433.54	2,415,164.98		12,530,378.92		14,945,543.90		0.00		0.00		1,104,883,054.62
A-2	FLT, STEP	$	28,830,000.00		26,914,366.95	54,464.21		2,278,012.61		2,332,476.82		0.00		0.00		24,636,354.34
A-3	FLT, STEP	$	90,350,000.00		90,350,000.00	196,837.51		0.00		196,837.51		0.00		0.00		90,350,000.00
A-4	FLT, STEP	$	5,820,000.00		5,820,000.00	13,782.08		0.00		13,782.08		0.00		0.00		5,820,000.00
A-5	FLT, STEP	$	156,910,000.00		154,505,344.14	341,928.91		2,859,543.68		3,201,472.59		0.00		0.00		151,645,800.46
M-1	MEZ, FLT, S	$	53,550,000.00		53,550,000.00	132,804.00		0.00		132,804.00		0.00		0.00		53,550,000.00
M-2	MEZ, FLT, S	$	45,900,000.00		45,900,000.00	115,808.25		0.00		115,808.25		0.00		0.00		45,900,000.00
M-3	MEZ, FLT, S	$	29,750,000.00		29,750,000.00	76,341.81		0.00		76,341.81		0.00		0.00		29,750,000.00
M-4	MEZ, FLT, S	$	21,250,000.00		21,250,000.00	60,019.44		0.00		60,019.44		0.00		0.00		21,250,000.00
M-5	MEZ, FLT, S	$	25,500,000.00		25,500,000.00	73,121.25		0.00		73,121.25		0.00		0.00		25,500,000.00
M-6	MEZ, FLT, S	$	21,250,000.00		21,250,000.00	64,960.07		0.00		64,960.07		0.00		0.00		21,250,000.00
M-7	MEZ, FLT, S	$	17,000,000.00		17,000,000.00	58,262.78		0.00		58,262.78		0.00		0.00		17,000,000.00
M-8	MEZ, FLT, S	$	15,300,000.00		15,300,000.00	55,071.50		0.00		55,071.50		0.00		0.00		15,300,000.00
M-9	MEZ, FLT, S	$	14,450,000.00		14,450,000.00	70,676.56		0.00		70,676.56		0.00		0.00		14,450,000.00
M-10	MEZ, FLT, S	$	17,000,000.00		17,000,000.00	68,510.00		0.00		68,510.00		0.00		0.00		17,000,000.00
CE	SUB	$	28,899,900.00		28,900,000.00	3,824,636.58		0.00		3,824,636.58		0.00		0.00		28,900,000.00
P	EXE	$	100.00		100.00	177,426.75		0.00		177,426.75		0.00		0.00		100.00
R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-X	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Total			1,700,000,000.00		1,684,853,244.63	7,799,816.68		17,667,935.21		25,467,751.89		0.00		0.00		1,667,185,309.42
Page 2 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face-
								Orig. Principal		Prior							Current
	Period		Period					(with Notional)		Principal						Total	Principal
Class	Starting		Ending		Method	Cusip		Balance		Balance		Interest		Principal		Distribution	Balance
								(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	11/26/04		12/26/04		A-Act/360	03072SVL6		1,128,240,000.00		990.404022		2.140648		11.106129		13.246777	979.297893
A-2	11/26/04		12/26/04		A-Act/360	03072SVM4		28,830,000.00		933.554178		1.889151		79.015352		80.904503	854.538826
A-3	11/26/04		12/26/04		A-Act/360	03072SVN2		90,350,000.00		1,000.000000		2.178611		0.000000		2.178611	1,000.000000
A-4	11/26/04		12/26/04		A-Act/360	03072SVP7		5,820,000.00		1,000.000000		2.368055		0.000000		2.368055	1,000.000000
A-5	11/26/04		12/26/04		A-Act/360	03072SVQ5		156,910,000.00		984.674936		2.179140		18.224101		20.403241	966.450835
M-1	11/26/04		12/26/04		A-Act/360	03072SVR3		53,550,000.00		1,000.000000		2.480000		0.000000		2.480000	1,000.000000
M-2	11/26/04		12/26/04		A-Act/360	03072SVS1		45,900,000.00		1,000.000000		2.523056		0.000000		2.523056	1,000.000000
M-3	11/26/04		12/26/04		A-Act/360	03072SVT9		29,750,000.00		1,000.000000		2.566111		0.000000		2.566111	1,000.000000
M-4	11/26/04		12/26/04		A-Act/360	03072SVU6		21,250,000.00		1,000.000000		2.824444		0.000000		2.824444	1,000.000000
M-5	11/26/04		12/26/04		A-Act/360	03072SVV4		25,500,000.00		1,000.000000		2.867500		0.000000		2.867500	1,000.000000
M-6	11/26/04		12/26/04		A-Act/360	03072SVW2		21,250,000.00		1,000.000000		3.056944		0.000000		3.056944	1,000.000000
M-7	11/26/04		12/26/04		A-Act/360	03072SVX0		17,000,000.00		1,000.000000		3.427222		0.000000		3.427222	1,000.000000
M-8	11/26/04		12/26/04		A-Act/360	03072SVY8		15,300,000.00		1,000.000000		3.599444		0.000000		3.599444	1,000.000000
M-9	11/26/04		12/26/04		A-Act/360	03072SVZ5		14,450,000.00		1,000.000000		4.891111		0.000000		4.891111	1,000.000000
M-10	11/26/04		12/26/04		A-Act/360	03072SWA9		17,000,000.00		1,000.000000		4.030000		0.000000		4.030000	1,000.000000
CE	11/01/04		11/30/04		A-30/360			28,899,900.00		1,000.003460		132.340824		0.000000		132.340824	1,000.003460
P	11/01/04		11/30/04			100.00		1,000.000000		1,774,267.500000		0.000000		1,774,267.500000		1,000.000000
R	11/01/04		11/30/04			0.00		0.000000		0.000000		0.000000		0.000000		0.000000
R-X	11/01/04		11/30/04			0.00		0.000000		0.000000		0.000000		0.000000		0.000000
Page 3 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Distribution to Date - REMIC III
																Current
	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal
Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	1,128,240,000.00		5,815,554.98		21,613,579.63	1,743,365.75		23,356,945.38		29,172,500.36		0.00		0.00		1,104,883,054.62
A-2	28,830,000.00		134,947.96		4,006,632.96	187,012.70		4,193,645.66		4,328,593.62		0.00		0.00		24,636,354.34
A-3	90,350,000.00		471,652.09		0.00	0.00		0.00		471,652.09		0.00		0.00		90,350,000.00
A-4	5,820,000.00		33,262.91		0.00	0.00		0.00		33,262.91		0.00		0.00		5,820,000.00
A-5	156,910,000.00		827,914.05		5,029,446.24	234,753.30		5,264,199.54		6,092,113.59		0.00		0.00		151,645,800.46
M-1	53,550,000.00		321,716.50		0.00	0.00		0.00		321,716.50		0.00		0.00		53,550,000.00
M-2	45,900,000.00		280,920.75		0.00	0.00		0.00		280,920.75		0.00		0.00		45,900,000.00
M-3	29,750,000.00		185,425.14		0.00	0.00		0.00		185,425.14		0.00		0.00		29,750,000.00
M-4	21,250,000.00		146,790.27		0.00	0.00		0.00		146,790.27		0.00		0.00		21,250,000.00
M-5	25,500,000.00		179,017.08		0.00	0.00		0.00		179,017.08		0.00		0.00		25,500,000.00
M-6	21,250,000.00		159,699.65		0.00	0.00		0.00		159,699.65		0.00		0.00		21,250,000.00
M-7	17,000,000.00		144,207.22		0.00	0.00		0.00		144,207.22		0.00		0.00		17,000,000.00
M-8	15,300,000.00		136,671.50		0.00	0.00		0.00		136,671.50		0.00		0.00		15,300,000.00
M-9	14,450,000.00		177,847.39		0.00	0.00		0.00		177,847.39		0.00		0.00		14,450,000.00
M-10	17,000,000.00		170,982.22		0.00	0.00		0.00		170,982.22		0.00		0.00		17,000,000.00
CE	28,899,900.00		6,127,667.27		0.00	0.00		0.00		6,127,667.27		0.00		100.00		28,900,000.00
P	100.00		355,495.33		0.00	0.00		0.00		355,495.33		0.00		0.00		100.00
R	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Total	1,700,000,000.00		15,669,772.31		30,649,658.83	2,165,131.75		32,814,790.58		48,484,562.89		0.00		100.00		1,667,185,309.42
Page 4 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Interest Detail - REMIC III
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or		Current
	Through		(with Notional)		Accrued	Supported		Unpaid		Interest		Optimal		Deferred		Unpaid
Class	Rate		Balance		Interest	Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	2.51000%		1,117,413,433.54		2,415,164.98	0.00		0.00		0.00		2,415,164.98		2,415,164.98		0.00
A-2	2.35000%		26,914,366.95		54,464.21	0.00		0.00		0.00		54,464.21		54,464.21		0.00
A-3	2.53000%		90,350,000.00		196,837.51	0.00		0.00		0.00		196,837.51		196,837.51		0.00
A-4	2.75000%		5,820,000.00		13,782.08	0.00		0.00		0.00		13,782.08		13,782.08		0.00
A-5	2.57000%		154,505,344.14		341,928.91	0.00		0.00		0.00		341,928.91		341,928.91		0.00
M-1	2.88000%		53,550,000.00		132,804.00	0.00		0.00		0.00		132,804.00		132,804.00		0.00
M-2	2.93000%		45,900,000.00		115,808.25	0.00		0.00		0.00		115,808.25		115,808.25		0.00
M-3	2.98000%		29,750,000.00		76,341.81	0.00		0.00		0.00		76,341.81		76,341.81		0.00
M-4	3.28000%		21,250,000.00		60,019.44	0.00		0.00		0.00		60,019.44		60,019.44		0.00
M-5	3.33000%		25,500,000.00		73,121.25	0.00		0.00		0.00		73,121.25		73,121.25		0.00
M-6	3.55000%		21,250,000.00		64,960.07	0.00		0.00		0.00		64,960.07		64,960.07		0.00
M-7	3.98000%		17,000,000.00		58,262.78	0.00		0.00		0.00		58,262.78		58,262.78		0.00
M-8	4.18000%		15,300,000.00		55,071.50	0.00		0.00		0.00		55,071.50		55,071.50		0.00
M-9	5.68000%		14,450,000.00		70,676.56	0.00		0.00		0.00		70,676.56		70,676.56		0.00
M-10	4.68000%		17,000,000.00		68,510.00	0.00		0.00		0.00		68,510.00		68,510.00		0.00
CE	158.80844%		28,900,000.00		0.00	0.00		0.00		0.00		0.00		3,824,636.58		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		177,426.75		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
R-X	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Total			1,684,853,244.63		3,797,753.35	0.00		0.00		0.00		3,797,753.35		7,799,816.68		0.00
Page 5 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Collection Account Report
SUMMARY
									Group 2		Group 1		Total
Principal Collections									5,137,556.29		12,530,378.92		17,667,935.21
Principal Withdrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									5,137,556.29		12,530,378.92		17,667,935.21
Interest Collections									1,484,339.66		6,280,050.14		7,764,389.80
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Fees									-17,095.24		-125,077.45		-142,172.69
Interest Other Accounts													177,426.75
TOTAL NET INTEREST									1,467,244.42		6,154,972.69		7,799,643.86
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION													25,467,579.07
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										209,956.52		871,237.01		1,081,193.53
Curtailments										142,330.81		64,042.30		206,373.11
Prepayments In Full										4,785,268.96		11,448,345.65		16,233,614.61
Repurchased/Substitutions										0.00		146,753.96		146,753.96
Liquidations										0.00		0.00		0.00
Insurance Principal										0.00		0.00		0.00
Other Additional Principal										0.00		0.00		0.00
Delinquent Principal										-178,276.78		-679,299.27		-857,576.05
Realized Losses										-0.00		-0.00		-0.00
Advanced Principal										178,276.78		679,299.27		857,576.05
TOTAL PRINCIPAL COLLECTED										5,137,556.29		12,530,378.92		17,667,935.21
PRINCIPAL - WITHDRAWALS
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
									Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS									0.00		0.00		0.00
Page 6 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									1,574,078.89		6,621,335.55		8,195,414.44
Repurchased/Substitution Interest									0.00		1,160.23		1,160.23
Liquidation Interest									0.00		0.00		0.00
Insurance Interest									0.00		0.00		0.00
Other Additional Interest									0.00		0.00		0.00
Prepayment Interest Shortfalls									-6,700.40		-14,381.37		-21,081.77
Delinquent Interest									-1,323,110.93		-5,308,835.04		-6,631,945.97
Compensating Interest									6,700.40		14,381.37		21,081.77
Civil Relief Act Shortfalls									-0.00		-0.00		-0.00
Interest Advanced									1,233,371.70		4,966,389.39		6,199,761.10
TOTAL INTEREST COLLECTED									1,484,339.66		6,280,050.14		7,764,389.80
INTEREST - WITHDRAWALS
									Group 2		Group 1		Total
Non-Recoverable Advances									0.00		0.00		0.00
Reimbursements to Master Servicer									0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS									0.00		0.00		0.00
INTEREST - OTHER ACCOUNTS
									Group 2		Group 1		Total
Prepayment Charges													177,426.75
Net WAC Investment Income													0.00
TOTAL INTEREST OTHER ACCOUNTS													177,426.75
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									16,745.73		86,424.79		103,170.52
Trustee Fees									349.51		1,405.55		1,755.06
TOTAL INTEREST FEES									17,095.24		125,077.45		142,172.69
Page 7 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
									Group 2		Group 1		Total
Certificate Insurance Policy Payment ( Class A-1)											37,247.11		37,247.11
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralized Amount													28,900,000.00
Overcollateralization Reduction Amount													0.00
Overcollateralization Deficiency Amount													0.00
Overcollateralization Target Amount													28,900,000.00
Class A Certificate Defiency Amount													0.00
Page 8 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Collateral Report
COLLATERAL
										Group 2		Group 1		Total
Loan Count:
Original									757		7,158		7,915
Prior									747		7,098		7,845
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-11		-68		-79
Repurchases									-0		-2		-2
Liquidations									-0		-0		-0
Current									736		7,028		7,764
Principal Balance:
Original									259,884,162.09		1,040,115,541.14		1,299,999,703.23
Prior									255,563,901.70		1,029,289,046.16		1,284,852,947.86
Prefunding									79,965,250.82		320,035,045.95		400,000,296.77
Scheduled Principal									-209,956.52		-871,237.01		-1,081,193.53
Partial Prepayments									-142,330.81		-64,042.30		-206,373.11
Full Voluntary Prepayments									-4,785,268.96		-11,448,345.65		-16,233,614.61
Repurchases									-0.00		-146,753.96		-146,753.96
Liquidations									-0.00		-0.00		-0.00
Current									330,391,596.23		1,336,793,713.19		1,667,185,309.42
PREFUNDING
									Group 2		Group 1		Total
Prefunding Account Original Balance									79,965,250.82		320,035,045.95		400,000,296.77
Prefunding Account Beginning Balance									79,965,250.82		320,035,045.95		400,000,296.77
Subsequent Loans Added to the Pool									0.00		0.00		0.00
Prefund Release to Certificate Holders									0.00		0.00		0.00
Prefunding Account Ending Balance									79,965,250.82		320,035,045.95		400,000,296.77
Page 9 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									7.39846%		7.72509%		7.65979%
Weighted Average Coupon Prior									7.39846%		7.72509%		7.65979%
Weighted Average Coupon Current									7.39109%		7.72086%		7.65526%
Weighted Average Months to Maturity Original									353		348		349
Weighted Average Months to Maturity Prior									353		348		349
Weighted Average Months to Maturity Current									352		347		348
Weighted Avg Remaining Amortization Term Original									353		348		349
Weighted Avg Remaining Amortization Term Prior									353		348		349
Weighted Avg Remaining Amortization Term Current									352		347		348
Weighted Average Seasoning Original									2.10		2.11		2.11
Weighted Average Seasoning Prior									2.10		2.11		2.11
Weighted Average Seasoning Current									3.09		3.11		3.11
Page 10 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.95459%		6.13494%		6.09889%
Weighted Average Margin Prior									5.95459%		6.13494%		6.09889%
Weighted Average Margin Current									5.94990%		6.13635%		6.09934%
Weighted Average Max Rate Original									13.26630%		13.82651%		13.71452%
Weighted Average Max Rate Prior									13.26630%		13.82651%		13.71452%
Weighted Average Max Rate Current									13.25542%		13.82275%		13.71014%
Weighted Average Min Rate Original									7.26630%		7.82651%		7.71452%
Weighted Average Min Rate Prior									7.26630%		7.82651%		7.71452%
Weighted Average Min Rate Current									7.25542%		7.82275%		7.71014%
Weighted Average Cap Up Original									1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Prior									1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Current									1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Original									1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Prior									1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Current									1.00000%		1.00000%		1.00000%
SERVICING FEES & ADVANCES
										Group 2		Group 1		Total
Current Servicing Fees									16,745.73		86,424.79		103,170.52
Delinquent Servicing Fees									89,739.23		342,445.65		432,184.87
TOTAL SERVICING FEES									106,484.96		428,870.45		535,355.41
Total Servicing Fees									106,484.96		428,870.45		535,355.41
Compensating Interest									-6,700.40		-14,381.37		-21,081.77
Delinquent Servicing Fees									-89,739.23		-342,445.65		-432,184.87
COLLECTED SERVICING FEES									16,745.73		86,424.79		82,088.76
Total Advanced Interest									1,233,371.70		4,966,389.39		6,199,761.10
Total Advanced Principal									178,276.78		679,299.27		857,576.05
Aggregate Advances with respect to this Distribution									1,411,648.48		5,645,688.66		7,057,337.15
ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)									6,700.40		14,381.37		21,081.77
Compensating Interest									-6,700.40		-14,381.37		-21,081.77
Net Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00
Ending Pool Stated Principal Balance									330,391,596.23		1,336,793,713.19		1,667,185,309.42
Weighted Average Net Mortgage Rate									6.889444%		7.219421%		7.153787%
Page 11 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Delinquency Report
	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			6,540,941.11		0.00		0.00		6,540,941.11
			% Balance			0.52%		0.00%		0.00%		0.52%
			# Loans			40		0		0		40
			% # Loans			0.52%		0.00%		0.00%		0.52%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,148,026.12	220,953.23		0.00		0.00		1,368,979.35
			% Balance		0.09%	0.02%		0.00%		0.00%		0.11%
			# Loans		8	2		0		0		10
			% # Loans		0.10%	0.03%		0.00%		0.00%		0.13%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,148,026.12	6,761,894.34		0.00		0.00		7,909,920.46
			% Balance		0.09%	0.53%		0.00%		0.00%		0.62%
			# Loans		8	42		0		0		50
			% # Loans		0.10%	0.54%		0.00%		0.00%		0.64%
Page 12 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			5,704,606.31		0.00		0.00		5,704,606.31
			% Balance			0.56%		0.00%		0.00%		0.56%
			# Loans			37		0		0		37
			% # Loans			0.53%		0.00%		0.00%		0.53%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,148,026.12	220,953.23		0.00		0.00		1,368,979.35
			% Balance		0.11%	0.02%		0.00%		0.00%		0.13%
			# Loans		8	2		0		0		10
			% # Loans		0.11%	0.03%		0.00%		0.00%		0.14%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,148,026.12	5,925,559.54		0.00		0.00		7,073,585.66
			% Balance		0.11%	0.58%		0.00%		0.00%		0.70%
			# Loans		8	39		0		0		47
			% # Loans		0.11%	0.55%		0.00%		0.00%		0.67%
Page 13 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			836,334.80		0.00		0.00		836,334.80
			% Balance			0.33%		0.00%		0.00%		0.33%
			# Loans			3		0		0		3
			% # Loans			0.41%		0.00%		0.00%		0.41%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0.00	836,334.80		0.00		0.00		836,334.80
			% Balance		0.00%	0.33%		0.00%		0.00%		0.33%
			# Loans		0	3		0		0		3
			% # Loans		0.00%	0.41%		0.00%		0.00%		0.41%
Page 14 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
REO Report
Loan Number			Original		Stated			Current		State &
													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
TOTAL
Page 15 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated			Current		State &
													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
TOTAL
Page 16 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Prepayment Report
VOLUNTARY PREPAYMENTS
										Group 2		Group 1		Total
Current
Number of Paid in Full Loans									11		68		79
Number of Repurchased Loans									0		2		2
Total Number of Loans Prepaid in Full									11		70		81
Curtailments Amount									142,330.81		64,042.30		206,373.11
Paid in Full Balance									4,785,268.96		11,448,345.65		16,233,614.61
Repurchased Loans Balance									0.00		146,753.96		146,753.96
Total Prepayment Amount									4,927,599.77		11,659,141.91		16,586,741.68
Cumulative
Number of Paid in Full Loans									19		108		127
Number of Repurchased Loans									2		22		24
Total Number of Loans Prepaid in Full									21		130		151
Paid in Full Balance									8,131,463.35		19,029,897.46		27,161,360.81
Repurchased Loans Balance									734,342.16		2,362,815.17		3,097,157.33
Curtailments Amount									170,245.17		220,795.52		391,040.69
Total Prepayment Amount									9,036,050.68		21,613,508.15		30,649,558.83
Page 17 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
VOLUNTARY PREPAYMENTS RATES
										Group 2		Group 1		Total
SMM									1.93%		1.13%		1.29%
3 Months Avg SMM									1.76%		1.05%		1.19%
12 Months Avg SMM									1.76%		1.05%		1.19%
Avg SMM Since Cut-off									1.76%		1.05%		1.19%
CPR									20.85%		12.79%		14.45%
3 Months Avg CPR									19.15%		11.85%		13.35%
12 Months Avg CPR									19.15%		11.85%		13.35%
Avg CPR Since Cut-off									19.15%		11.85%		13.35%
PSA									3,368.69%		2,054.56%		2,324.04%
3 Months Avg PSA Approximation									3,688.23%		2,267.91%		2,558.48%
12 Months Avg PSA Approximation									3,688.23%		2,267.91%		2,558.48%
Avg PSA Since Cut-off Approximation									3,688.23%		2,267.91%		2,558.48%
Page 18 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
PREPAYMENT CALCULATION METHODOLOGY
	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)
	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)
	Weighted Average Seasoning (WAS)
	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.
Page 19 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date
71313522 1			259,000.00		257,197.99		17-Nov-2004		6.800%		CA - 43.17%		Paid Off - 360		4/1/2004
73892747 1			92,500.00		92,072.93		15-Nov-2004		8.250%		CA - 66.07%		Paid Off - 360		5/1/2004
78725587 1			129,000.00		128,615.62		16-Nov-2004		8.650%		MI - 64.50%		Paid Off - 360		7/1/2004
78744182 2			446,000.00		444,121.54		30-Nov-2004		6.950%		MA - 74.33%		Paid Off - 360		7/1/2004
79882221 1			225,000.00		224,076.09		24-Nov-2004		7.050%		CA - 90.00%		Paid Off - 360		7/1/2004
80256704 1			255,000.00		254,240.20		01-Dec-2004		8.650%		NY - 68.00%		Paid Off - 360		7/1/2004
84471044 1			153,000.00		152,672.19		19-Nov-2004		7.500%		AL - 75.00%		Paid Off - 360		10/1/2004
85387181 2			483,941.00		483,437.28		11-Nov-2004		9.250%		CA - 90.00%		Paid Off - 360		10/1/2004
86501608 2			409,000.00		408,326.20		30-Nov-2004		6.990%		CA - 71.13%		Paid Off - 360		10/1/2004
86575248 1			167,000.00		166,728.12		11-Nov-2004		7.050%		ME - 66.53%		Paid Off - 360		10/1/2004
86598646 1			184,500.00		184,297.25		08-Dec-2004		8.990%		MA - 56.77%		Paid Off - 360		10/1/2004
87026068 1			397,000.00		396,443.42		10-Dec-2004		7.800%		NY - 65.08%		Paid Off - 360		10/1/2004
87086583 2			402,000.00		401,212.80		12-Nov-2004		6.100%		CA - 78.82%		Paid Off - 360		10/1/2004
87251823 1			69,633.00		69,546.56		23-Nov-2004		8.400%		AZ - 73.30%		Paid Off - 360		10/1/2004
87336665 1			78,677.00		78,592.21		18-Nov-2004		9.100%		TX - 74.93%		Paid Off - 360		10/1/2004
87379681 1			60,000.00		59,968.42		09-Dec-2004		12.400%		NY - 80.00%		Paid Off - 360		10/1/2004
87412706 2			599,999.00		599,367.93		01-Dec-2004		9.200%		CA - 66.67%		Paid Off - 360		10/1/2004
87413563 1			202,000.00		201,427.51		02-Dec-2004		6.300%		IL - 81.45%		Paid Off - 360		9/1/2004
87474805 1			86,000.00		85,927.56		30-Nov-2004		10.250%		WI - 81.91%		Paid Off - 360		10/1/2004
87527420 1			104,000.00		103,933.20		02-Dec-2004		11.500%		FL - 67.10%		Paid Off - 360		10/1/2004
87551420 1			221,000.00		220,769.95		11-Nov-2004		9.250%		MN - 85.00%		Paid Off - 360		10/1/2004
87582946 2			64,000.00		63,974.30		30-Nov-2004		13.600%		IL - 80.00%		Paid Off - 360		10/1/2004
87611489 1			120,000.00		119,826.61		10-Dec-2004		7.650%		CA - 80.00%		Paid Off - 360		10/1/2004
87747606 1			88,000.00		87,901.47		08-Dec-2004		8.900%		MI - 72.73%		Paid Off - 360		10/1/2004
87779583 1			116,000.00		115,850.03		06-Dec-2004		8.200%		CA - 80.00%		Paid Off - 360		10/1/2004
87793444 1			243,900.00		243,646.13		24-Nov-2004		9.250%		GA - 90.00%		Paid Off - 360		10/1/2004
87801049 1			78,000.00		77,882.70		03-Dec-2004		7.450%		CA - 26.00%		Paid Off - 360		10/1/2004
87804969 1			225,500.00		225,125.56		02-Dec-2004		6.950%		CT - 82.00%		Paid Off - 360		10/1/2004
87897484 1			72,000.00		71,933.25		07-Dec-2004		9.800%		WI - 78.26%		Paid Off - 360		10/1/2004
87963369 1			262,500.00		262,206.11		03-Dec-2004		8.900%		CA - 74.57%		Paid Off - 360		10/1/2004
87987525 2			380,000.00		379,248.71		02-Dec-2004		6.050%		NY - 69.98%		Paid Off - 360		10/1/2004
88018528 1			257,000.00		256,597.81		24-Nov-2004		7.250%		NY - 79.08%		Paid Off - 360		10/1/2004
88023742 1			100,000.00		99,820.45		18-Nov-2004		6.550%		CA - 83.33%		Paid Off - 360		10/1/2004
88057203 1			100,000.00		99,863.14		30-Nov-2004		8.250%		ME - 64.52%		Paid Off - 360		10/1/2004
88129580 1			286,000.00		285,676.45		06-Dec-2004		8.850%		AL - 79.89%		Paid Off - 360		10/1/2004
88235700 1			151,000.00		150,751.23		08-Dec-2004		6.990%		WI - 75.50%		Paid Off - 360		10/1/2004
88390844 1			216,000.00		215,807.68		24-Nov-2004		9.990%		PA - 60.00%		Paid Off - 360		10/1/2004
Page 20 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date
88454608 1			323,500.00		323,013.49		01-Dec-2004		7.450%		CA - 86.27%		Paid Off - 360		10/1/2004
88502984 1			226,000.00		225,627.68		03-Dec-2004		6.990%		NY - 75.33%		Paid Off - 360		10/1/2004
88565106 1			154,000.00		153,773.67		02-Dec-2004		7.990%		NJ - 74.40%		Paid Off - 360		10/1/2004
88582408 1			267,000.00		266,713.24		01-Dec-2004		9.100%		NJ - 71.20%		Paid Off - 360		10/1/2004
88634605 1			176,650.00		176,437.39		10-Dec-2004		8.550%		NJ - 58.88%		Paid Off - 360		10/1/2004
88653902 1			120,000.00		119,876.38		30-Nov-2004		9.300%		NJ - 79.87%		Paid Off - 360		10/1/2004
88654181 1			147,000.00		146,801.67		15-Nov-2004		7.990%		CA - 75.00%		Paid Off - 360		10/1/2004
88678883 1			135,000.00		134,877.48		16-Nov-2004		9.900%		IL - 74.18%		Paid Off - 360		10/1/2004
88695986 1			221,250.00		220,980.97		01-Dec-2004		8.500%		CT - 75.00%		Paid Off - 360		10/1/2004
88791249 1			133,470.00		133,299.19		03-Dec-2004		8.250%		CA - 90.00%		Paid Off - 360		10/1/2004
88796388 1			188,000.00		187,810.06		11-Nov-2004		9.400%		NY - 60.65%		Paid Off - 360		10/1/2004
88796842 2			576,000.00		575,299.63		22-Nov-2004		8.500%		NJ - 90.00%		Paid Off - 360		10/1/2004
88891940 1			61,500.00		61,444.49		09-Dec-2004		9.990%		MI - 75.00%		Paid Off - 360		10/1/2004
89017909 1			198,450.00		198,302.20		18-Nov-2004		11.250%		NJ - 90.00%		Paid Off - 360		10/1/2004
89035125 1			225,250.00		224,924.52		03-Dec-2004		7.650%		CA - 85.00%		Paid Off - 360		10/1/2004
89047989 1			130,000.00		129,804.36		30-Nov-2004		7.550%		CA - 60.75%		Paid Off - 360		10/1/2004
89154108 1			192,500.00		192,219.05		12-Nov-2004		7.600%		RI - 77.94%		Paid Off - 360		10/1/2004
89189849 1			180,000.00		179,798.48		01-Dec-2004		8.900%		MD - 58.07%		Paid Off - 360		10/1/2004
89222509 1			254,600.00		254,314.95		19-Nov-2004		8.900%		NJ - 70.72%		Paid Off - 360		10/1/2004
89378368 2			345,000.00		344,438.31		08-Dec-2004		7.050%		CA - 83.74%		Paid Off - 360		10/1/2004
89464028 1			83,250.00		83,172.82		22-Nov-2004		9.800%		WI - 75.00%		Paid Off - 360		10/1/2004
89479604 1			165,974.00		165,709.71		03-Dec-2004		7.990%		NJ - 55.33%		Paid Off - 360		10/1/2004
89493209 1			84,070.00		83,952.13		15-Nov-2004		7.800%		IL - 54.95%		Paid Off - 360		10/1/2004
89498042 1			220,378.00		220,029.70		10-Dec-2004		7.200%		CT - 86.42%		Paid Off - 360		10/1/2004
89562342 1			123,300.00		123,159.26		02-Dec-2004		8.990%		IL - 90.00%		Paid Off - 360		10/1/2004
89634588 1			88,500.00		88,420.51		24-Nov-2004		9.950%		WI - 60.00%		Paid Off - 360		10/1/2004
89689244 1			266,250.00		265,957.42		26-Nov-2004		8.990%		NY - 75.00%		Paid Off - 360		10/1/2004
89850424 1			199,300.00		198,998.19		22-Nov-2004		7.450%		WI - 82.70%		Paid Off - 360		10/1/2004
89985469 1			88,500.00		88,430.10		18-Nov-2004		10.550%		IL - 75.00%		Paid Off - 360		10/1/2004
90024027 1			311,250.00		310,786.56		03-Dec-2004		7.500%		CO - 75.00%		Paid Off - 360		10/1/2004
90043605 1			160,000.00		159,865.22		29-Nov-2004		10.250%		NJ - 80.00%		Paid Off - 360		10/1/2004
90108861 1			194,750.00		194,448.24		09-Dec-2004		7.300%		MD - 95.00%		Paid Off - 360		10/1/2004
90116864 2			338,000.00		337,543.98		24-Nov-2004		7.990%		MN - 76.82%		Paid Off - 360		10/1/2004
90151044 1			65,000.00		64,871.66		02-Dec-2004		8.900%		WI - 65.00%		Paid Off - 360		10/1/2004
90376542 2			749,000.00		748,298.28		24-Nov-2004		9.750%		IL - 83.22%		Paid Off - 360		10/1/2004
90516089 1			65,000.00		64,907.95		22-Nov-2004		7.750%		NJ - 39.32%		Paid Off - 360		10/1/2004
90559188 1			129,050.00		128,879.72		08-Dec-2004		8.100%		RI - 64.53%		Paid Off - 360		10/1/2004
90902123 1			260,000.00		259,714.30		03-Dec-2004		8.990%		NJ - 84.06%		Paid Off - 360		10/1/2004
Page 21 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date
90939729 1			212,500.00		212,262.08		18-Nov-2004		8.900%		NH - 85.00%		Paid Off - 360		10/1/2004
91057083 1			126,000.00		125,941.83		16-Nov-2004		9.800%		WI - 90.00%		Paid Off - 360		11/1/2004
91488965 1			72,000.00		71,973.76		18-Nov-2004		10.900%		IL - 90.00%		Paid Off - 360		11/1/2004
91733683 1			217,500.00		217,447.38		11-Nov-2004		12.750%		FL - 71.31%		Paid Off - 360		11/1/2004
88405683 1			83,000.00		82,910.86		11-Nov-2004		9.100%		NE - 63.85%		Repur/Subs - 360		10/1/2004
90548868 1			63,900.00		63,843.10		26-Nov-2004		9.990%		NC - 90.00%		Repur/Subs - 360		10/1/2004
TOTAL			16,405,792.00		16,380,368.57
Page 22 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Realized Loss Report
COLLATERAL REALIZED LOSSES
										Group 2		Group 1		Total
Current
Number of Loans Liquidated									0		0		0
Collateral Principal Realized Loss/(Gain) Amount									0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00
Cumulative
Number of Loans Liquidated									0		0		0
Collateral Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00
Page 23 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
DEFAULT SPEEDS
										Group 2		Group 1		Total
MDR									0.00%		0.00%		0.00%
3 Months Avg MDR									0.00%		0.00%		0.00%
12 Months Avg MDR									0.00%		0.00%		0.00%
Avg MDR Since Cut-off									0.00%		0.00%		0.00%
CDR									0.00%		0.00%		0.00%
3 Months Avg CDR									0.00%		0.00%		0.00%
12 Months Avg CDR									0.00%		0.00%		0.00%
Avg CDR Since Cut-off									0.00%		0.00%		0.00%
SDA									0.00%		0.00%		0.00%
3 Months Avg SDA Approximation									0.00%		0.00%		0.00%
12 Months Avg SDA Approximation									0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation									0.00%		0.00%		0.00%
Loss Severity Approximation for Current Period									0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off									0.00%		0.00%		0.00%
Page 24 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
	Conditional Default Rate (CDR): 1-((1-MDR)^12)
	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.
Page 25 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &			Prior		Realized				Cumulative
&		Loan	Note		LTV at	Original		Principal		Loss/(Gain)		Realized		Realized
Loan Group		Status	Rate		Origination	Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
TOTAL
Page 26 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
									Group 2		Group 1		Total
Does a Trigger Event Exist? (0=No,1=Yes)													0
Has a Stepdown Date Occurred? (0=No,1=Yes)													0
Balances 60+ days includes REO, Bankruptcy and Foreclosure													1,368,979.35
Delinquency Percentage													0.0800%
Balance of Mezzanine and C Class													289,850,000.00
Ending Balance													1,267,185,012.65
Credit Enhancement Percentage													17.3900%
ADJUSTABLE RATE CERTIFICATE INFORMATION
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current LIBOR Rate													2.180000%
Next LIBOR Rate													2.416880%
Page 27 of 28
Ameriquest Mortgage Securities, Inc. 2004-R10
Mortgage Pass-Through Certificates
2004-R10
December 27, 2004 Distribution
Additional Certificate Report
ADDITIONAL CERTIFICATE REPORT
									Next Pass Through Rate			NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS
			A-1						2.75%			$0.00		$0.00
			A-2						2.59%			$0.00		$0.00
			A-3						2.77%			$0.00		$0.00
			A-4						2.99%			$0.00		$0.00
			A-5						2.81%			$0.00		$0.00
			M-1						3.12%			$0.00		$0.00
			M-2						3.17%			$0.00		$0.00
			M-3						3.22%			$0.00		$0.00
			M-4						3.52%			$0.00		$0.00
			M-5						3.57%			$0.00		$0.00
			M-6						3.79%			$0.00		$0.00
			M-7						4.22%			$0.00		$0.00
			M-8						4.42%			$0.00		$0.00
			M-9						5.92%			$0.00		$0.00
			M-10						4.92%			$0.00		$0.00
			CE						0.00%			$0.00		$0.00
			P						0.00%			$0.00		$0.00
			R						0.00%			$0.00		$0.00
			R-X						0.00%			$0.00		$0.00
Page 28 of 28

Filing Compare · AMERIQUEST MORTGAGE SECURITIES INC. ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 2004-R10