~~Sequentially~~SECURITIES ~~Exhibit~~AND ~~No.~~EXCHANGE ~~Description~~COMMISSION ~~Numbered~~Washington, ~~Page~~D.C. ~~-----------~~20549 ~~-----------~~FORM 8-~~------------~~K ~~4.1~~Current ~~Pooling~~Report ~~and~~Pursuant ~~Servicing~~To ~~Agreement,~~Section ~~dated~~13 asor 15(d) of 7the ~~February~~Securities ~~15,~~Exchange ~~2004,~~Act byof ~~and~~1934 ~~among~~Date of Report (Date of earliest event reported): April 26, 2004 Financial Asset Securities Corp., (as ~~Depositor~~depositor, ~~HomEq~~HomeQ Servicing Corporation, as Servicer, and Deutsche Bank National Trust Company, as Trustee). FINANCIAL ASSET SEC CORP ASSET-BACKED CERTS SERIES 2004-1 (Exact name of Registrant as specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-111379-02 06-1442101 (Commission File Number) (I.R.S. Employer Identification No.) 600 Steamboat Road Greenwich, ~~relating~~Connecticut 06830 (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (203) 625-2700 Item 5. Other Events Attached hereto is a copy of the Monthly Remittance Statements to the ~~Series~~Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 7. Financial Statement and Exhibits Exhibits: (as noted in Item 5 above) Monthly Remittance Statement to the Certificateholders dated as of April 26, 2004-1. ~~Certificates~~SIGNATURE 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. Deutsche Bank National Trust Company, not in its individual capacity, but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of February 15,2004. Date: Apr 26, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT Monthly Remittance Statement to the Certificateholders dated as of April 26, 2004.


	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates


	April 26, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				16
			10.	Prepayment Detail Report				19
			11.	Realized Loss Report				20
			12.	Realized Loss Detail Report				23
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				24
			14.	Additional Certificate Report				25



				Total Number of Pages				25



			CONTACTS

				Administrator: Alan Sueda
				Direct Phone Number: (714)247-6315
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

				Web Site: https://www.corporatetrust.db.com/invr
				Factor Information: (800) 735-7777
				Main Phone Number: (714) 247-6000



ISSUANCE INFORMATION

	Seller:		Financial Asset Securites Corp.					Cut-Off Date: February 15, 2004
	Certificate Insurer(s):							Closing Date: March 15, 2004
								First Payment Date: March 25, 2004
	Servicer(s):		HomeQ Servicing Corp. Master Servicer


								Distribution Date: April 26, 2004
	Underwriter(s):		Greenwich Capital Markets					Record Date: April 23, 2004
								March 31, 2004






						Page 1 of 25					© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for April 26, 2004 Distribution


	Distribution in Dollars - Current Period
					Prior						Current
	Class	Original			Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value			Balance	Interest	Principal	Distribution	Losses	Interest	Balance
					(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)

I-A1		139,740,000.00			139,097,979.39	164,444.72	880,915.50	1,045,360.22	-	-	138,217,063.89
II-A1		69,000,000.00			68,505,216.65	72,463.30	1,118,172.04	1,190,635.34	-	-	67,387,044.61
II-A2		57,000,000.00			57,000,000.00	66,373.33	-	66,373.33	-	-	57,000,000.00
II-A3		13,730,000.00			13,730,000.00	18,184.62	-	18,184.62	-	-	13,730,000.00
M-1		23,720,000.00			23,720,000.00	33,524.27	-	33,524.27	-	-	23,720,000.00
M-2		10,700,000.00			10,700,000.00	19,402.67	-	19,402.67	-	-	10,700,000.00
M-3		9,270,000.00			9,270,000.00	18,045.60	-	18,045.60	-	-	9,270,000.00
M-4		6,060,000.00			6,060,000.00	13,412.80	-	13,412.80	-	-	6,060,000.00
M-5		5,170,000.00			5,170,000.00	12,821.60	-	12,821.60	-	-	5,170,000.00
M-6		5,170,000.00			5,170,000.00	13,051.38	-	13,051.38	-	-	5,170,000.00
M-7		5,530,000.00			5,530,000.00	19,858.84	-	19,858.84	-	-	5,530,000.00
B-1		3,570,000.00			3,570,000.00	14,565.60	-	14,565.60	-	-	3,570,000.00
C		8,030,100.00			8,025,529.65	1,538,494.51	-	1,538,494.51	-	-	8,025,529.65
P		100.00			100.00	42,054.61	-	42,054.61	-	-	100.00
R		-			-	-	-	-	-	-	-


Total		356,690,200.00			355,548,825.69	2,046,697.85	1,999,087.54	4,045,785.39	-	-	353,549,738.15


	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)	(2)	(3)	(4)=(2)+(3)	(5)

I-A1				A-30/360	29445FAR9	139,740,000.00	995.405606	1.176791	6.303961	7.480752	989.101645
II-A1				F-30/360	29445FAS7	69,000,000.00	992.829227	1.050193	16.205392	17.255585	976.623835
II-A2				F-30/360	29445FAT5	57,000,000.00	1,000.000000	1.164444	-	1.164444	1,000.000000
II-A3				A-30/360	29445FAU2	13,730,000.00	1,000.000000	1.324444	-	1.324444	1,000.000000
M-1	03/25/04	04/25/04		A-Act/360	29445FAV0	23,720,000.00	1,000.000000	1.413333	-	1.413333	1,000.000000
M-2	03/25/04	04/25/04		A-Act/360	29445FAW8	10,700,000.00	1,000.000000	1.813334	-	1.813334	1,000.000000
M-3	03/25/04	04/25/04		A-Act/360	29445FAX6	9,270,000.00	1,000.000000	1.946667	-	1.946667	1,000.000000
M-4	03/25/04	04/25/04		A-Act/360	29445FAY4	6,060,000.00	1,000.000000	2.213333	-	2.213333	1,000.000000
M-5	03/25/04	04/25/04		A-Act/360	29445FAZ1	5,170,000.00	1,000.000000	2.480000	-	2.480000	1,000.000000
M-6	03/25/04	04/25/04		A-Act/360	29445FBA5	5,170,000.00	1,000.000000	2.524445	-	2.524445	1,000.000000
M-7				A-Act/360	29445FBB3	5,530,000.00	1,000.000000	3.591110	-	3.591110	1,000.000000
B-1				A-30/360	29445FBC1	3,570,000.00	1,000.000000	4.080000	-	4.080000	1,000.000000
C				A-30/360		364,720,300.00	996.858018	4.218286	-	4.218286	991.376866
P				-		100.00	1,000.000000	420,546.100000	-	420,546.100000	1,000.000000
R				-		-	-	-	-	-	-


							Page 2 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates
	Series 2004-1
	Certificate Payment Report for April 26, 2004 Distribution


	Distribution in Dollars - to Date
											Current
	Original				Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value		Interest		Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)		(2)		(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)

I-A1	139,740,000.00		216,070.89		1,213,631.99	309,304.12	1,522,936.11	1,739,007.00	-	-	138,217,063.89
II-A1	69,000,000.00		95,271.63		1,304,028.96	308,926.43	1,612,955.39	1,708,227.02	-	-	67,387,044.61
II-A2	57,000,000.00		87,115.00		-	-	-	87,115.00	-	-	57,000,000.00
II-A3	13,730,000.00		23,867.31		-	-	-	23,867.31	-	-	13,730,000.00
M-1	23,720,000.00		44,000.60		-	-	-	44,000.60	-	-	23,720,000.00
M-2	10,700,000.00		25,466.00		-	-	-	25,466.00	-	-	10,700,000.00
M-3	9,270,000.00		23,684.85		-	-	-	23,684.85	-	-	9,270,000.00
M-4	6,060,000.00		17,604.30		-	-	-	17,604.30	-	-	6,060,000.00
M-5	5,170,000.00		16,828.35		-	-	-	16,828.35	-	-	5,170,000.00
M-6	5,170,000.00		17,129.94		-	-	-	17,129.94	-	-	5,170,000.00
M-7	5,530,000.00		26,064.73		-	-	-	26,064.73	-	-	5,530,000.00
B-1	3,570,000.00		19,117.35		-	-	-	19,117.35	-	-	3,570,000.00
C	8,030,100.00		3,404,131.41		4,570.35	-	4,570.35	3,408,701.76	-	-	8,025,529.65
P	100.00		42,054.61		-	-	-	42,054.61	-	-	100.00
R	-		-		-	-	-	-	-	-	-


Total	356,690,200.00		4,058,406.97		2,522,231.30	618,230.55	3,140,461.85	7,198,868.82	-	-	353,549,738.15


	Interest Detail
	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	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

I-A1	1.33000%	139,097,979.39			164,444.72	-	-	-	164,444.72	164,444.72	-
II-A1	1.19000%	68,505,216.65			72,463.30	-	-	-	72,463.30	72,463.30	-
II-A2	1.31000%	57,000,000.00			66,373.33	-	-	-	66,373.33	66,373.33	-
II-A3	1.49000%	13,730,000.00			18,184.62	-	-	-	18,184.62	18,184.62	-
M-1	1.59000%	23,720,000.00			33,524.27	-	-	-	33,524.27	33,524.27	-
M-2	2.04000%	10,700,000.00			19,402.67	-	-	-	19,402.67	19,402.67	-
M-3	2.19000%	9,270,000.00			18,045.60	-	-	-	18,045.60	18,045.60	-
M-4	2.49000%	6,060,000.00			13,412.80	-	-	-	13,412.80	13,412.80	-
M-5	2.79000%	5,170,000.00			12,821.60	-	-	-	12,821.60	12,821.60	-
M-6	2.84000%	5,170,000.00			13,051.38	-	-	-	13,051.38	13,051.38	-
M-7	4.04000%	5,530,000.00			19,858.84	-	-	-	19,858.84	19,858.84	-
B-1	4.59000%	3,570,000.00			14,565.60	-	-	-	14,565.60	14,565.60	-
C	5.19252%	363,574,355.34			1,538,494.51	-	0.04	-	1,538,494.51	1,538,494.51	0.04
P		100.00			42,054.61	-	-	-	42,054.61	42,054.61	-
R		-			-	-	-	-	-	-	-


Total		711,097,651.38			2,046,697.85	-	0.04	-	2,046,697.85	2,046,697.85	0.04


							Page 3 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for April 26, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP II	GROUP I	TOTAL

	Principal Collections					1,118,172.04	880,915.50	1,999,087.54
	Principal Withdrawals					0.00	0.00	0.00
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					1,118,172.04	880,915.50	1,999,087.54

	Interest Collections					1,048,867.19	1,072,997.14	2,121,864.33
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(38,146.69)	(37,019.79)	(75,166.48)
	TOTAL NET INTEREST					1,010,720.50	1,035,977.35	2,046,697.85

	TOTAL AVAILABLE FUNDS TO BONDHOLDERS					2,128,892.54	1,916,892.85	4,045,785.39


PRINCIPAL - COLLECTIONS						GROUP II	GROUP I	TOTAL

	Scheduled Principal					154,412.21	154,572.24	308,984.45
	Curtailments					14,494.04	14,059.87	28,553.91
	Prepayments in Full					949,265.79	712,283.39	1,661,549.18
	Repurchases/Substitutions Shortfalls					0.00	0.00	0.00
	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					(77,277.46)	(79,239.58)	(156,517.04)
	Advanced Principal					77,277.46	79,239.58	156,517.04
	Realized Losses					0.00	0.00	0.00


	TOTAL PRINCIPAL COLLECTED					1,118,172.04	880,915.50	1,999,087.54


				Page 4 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for April 26, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS						GROUP II	GROUP I	TOTAL



	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00


INTEREST - COLLECTIONS						GROUP II	GROUP I	TOTAL

	Scheduled Interest					1,066,620.55	1,088,330.96	2,154,951.51
	Repurchases/Substitutions					0.00	0.00	0.00
	Liquidations					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Additional Interest					0.00	0.00	0.00
	Month End Interest (PPIS)					(468.87)	(113.75)	(582.62)
	Delinquent Interest					(534,264.53)	(560,633.33)	(1,094,897.86)
	Realized Losses					0.00	0.00	0.00
	Compensating Month End Interest					468.87	113.75	582.62
	Other Interest Shortfall (Relief Act)					0.00	0.00	0.00
	Interest Advanced					497,363.48	522,392.59	1,019,756.07
	Prepayment Penalties					19,147.69	22,906.92	42,054.61

	TOTAL INTEREST COLLECTED					1,048,867.19	1,072,997.14	2,121,864.33


				Page 5 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collection Account Report for April 26, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - OTHER ACCOUNTS						GROUP II	GROUP I	TOTAL



	TOTAL OTHER ACCOUNT INTEREST					0.00	0.00	0.00


INTEREST - FEES						GROUP II	GROUP I	TOTAL

	Current Servicing Fees					37,066.76	35,936.80	73,003.56
	Trustee Fee					1,079.93	1,082.99	2,162.92
	PMI Insurance Premium Fees					0.00	0.00	0.00

	TOTAL INTEREST OTHER FEES					38,146.69	37,019.79	75,166.48


				Page 6 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for April 26, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP II	GROUP I	TOTAL

	Net WAC Rate Carryover Reserve Fund Beginning Balance							1,000.00
	Amount paid to maintain $1,000 balance							0.00
	Net WAC Rate Carryover Amount							0.00
	Net WAC Rate Carryover Reserve Fund Ending Balance							1,000.00

	Int Earnings paid to Class C							0.00


INSURANCE						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP II	GROUP I	TOTAL

	Overcollateralization Target Amount							8,025,529.49
	Overcollateralized Amount							8,025,529.49
	Excess Overcollateralized Amount							0.00
	Overcollateralization Release Amount					0.00	0.00	0.00
	Overcollateralization Deficiency Amount							0.00
	Extra Principal Distribution Amt					0.00	0.00	0.00


				Page 7 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for April 26, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP II	GROUP I	TOTAL
	Loan Count:
	*Original*					1328	1441	2769
	Prior					1,325	1,437	2,762
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(7)	(7)	(14)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,318	1,430	2,748

	*Principal Balance:*
	Original					178,019,510.71	178,670,689.13	356,690,199.84
	Prior					177,522,738.16	178,026,087.37	355,548,825.53
	Prefunding					-	-	-
	Scheduled Principal					(154,412.21)	(154,572.24)	(308,984.45)
	Partial and Full Voluntary Prepayments					(963,759.83)	(726,343.26)	(1,690,103.09)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					176,404,566.12	177,145,171.87	353,549,737.99

PREFUNDING						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


	Group I
	Group II
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for April 26, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP II	GROUP I	TOTAL

	Weighted Average Coupon Original					7.211837%	7.338373%	7.275221%
	Weighted Average Coupon Prior					7.211837%	7.338373%	7.275221%
	Weighted Average Coupon Current					7.210032%	7.335987%	7.273099%
	Weighted Average Months to Maturity Original					351	349	350
	Weighted Average Months to Maturity Prior					351	349	350
	Weighted Average Months to Maturity Current					350	348	349
	Weighted Avg Remaining Amortization Term Original					351	350	350
	Weighted Avg Remaining Amortization Term Prior					351	350	350
	Weighted Avg Remaining Amortization Term Current					350	348	349
	Weighted Average Seasoning Original					4.51	4.44	4.48
	Weighted Average Seasoning Prior					4.51	4.44	4.48
	Weighted Average Seasoning Current					5.53	5.46	5.49

Note: Original information refers to deal issue.


	Group I
	Group II
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Collateral Report for April 26, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP II	GROUP I	TOTAL

	Weighted Average Margin Original					4.799%	4.810%
	Weighted Average Margin Prior					4.799%	4.810%
	Weighted Average Margin Current					4.801%	4.814%
	Weighted Average Max Rate Original					9.117%	9.111%
	Weighted Average Max Rate Prior					9.117%	9.111%
	Weighted Average Max Rate Current					11.387%	11.477%
	Weighted Average Min Rate Original					4.941%	4.974%
	Weighted Average Min Rate Prior					4.941%	4.974%
	Weighted Average Min Rate Current					7.209%	7.336%
	Weighted Average Cap Up Original					0.696%	0.689%
	Weighted Average Cap Up Prior					0.696%	0.689%
	Weighted Average Cap Up Current					0.696%	0.690%
	Weighted Average Cap Down Original					0.696%	0.689%
	Weighted Average Cap Down Prior					0.696%	0.689%
	Weighted Average Cap Down Current					0.696%	0.690%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP II	GROUP I	TOTAL

	Current Servicing Fees					37,066.76	35,936.80	73,003.56
	Delinquent Servicing Fees					36,901.05	38,240.74	75,141.79
	TOTAL SERVICING FEES					73,967.81	74,177.54	148,145.35


	Total Servicing Fees					73,967.81	74,177.54	148,145.35
	Compensating Month End Interest					468.87	113.75	582.62
	Delinquent Servicing Fees					(36,901.05)	(38,240.74)	(75,141.79)

	COLLECTED SERVICING FEES					37,535.63	36,050.55	73,586.18

	Prepayment Interest Shortfall					468.87	113.75	582.62

	Total Advanced Interest					497,363.48	522,392.59	1,019,756.07


ADDITIONAL COLLATERAL INFORMATION						GROUP II	GROUP I	TOTAL

	Next One-Month LIBOR							1.100000%
	Current One-Month LIBOR							1.090000%


				Page 10 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Delinquency Report for April 26, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,534,560.85	754,137.18	923,653.73	8,212,351.76
		% Balance			1.85%	0.21%	0.26%	2.32%
		# Loans			54	5	6	65
		% # Loans			1.97%	0.18%	0.22%	2.37%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	6,534,560.85	754,137.18	923,653.73	8,212,351.76
		% Balance		0.00%	1.85%	0.21%	0.26%	2.32%
		# Loans		-	54	5	6	65
		% # Loans		0.00%	1.97%	0.18%	0.22%	2.37%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Delinquency Report for April 26, 2004 Distribution


	Delinquency Report - Group I Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			2,954,131.92	275,254.42	462,746.34	3,692,132.68
		% Balance			1.67%	0.16%	0.26%	2.08%
		# Loans			28	2	4	34
		% # Loans			1.96%	0.14%	0.28%	2.38%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	2,954,131.92	275,254.42	462,746.34	3,692,132.68
		% Balance		0.00%	1.67%	0.16%	0.26%	2.08%
		# Loans		-	28	2	4	34
		% # Loans		0.00%	1.96%	0.14%	0.28%	2.38%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
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	Delinquency Report for April 26, 2004 Distribution


	Delinquency Report - Group II Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,580,428.93	478,882.76	460,907.39	4,520,219.08
		% Balance			2.03%	0.27%	0.26%	2.56%
		# Loans			26	3	2	31
		% # Loans			1.97%	0.23%	0.15%	2.35%
FORECLOSURE		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%
REO		Balance		-	-	-	-	-
		% Balance		0.00%	0.00%	0.00%	0.00%	0.00%
		# Loans		-	-	-	-	-
		% # Loans		0.00%	0.00%	0.00%	0.00%	0.00%

TOTAL		Balance		-	3,580,428.93	478,882.76	460,907.39	4,520,219.08
		% Balance		0.00%	2.03%	0.27%	0.26%	2.56%
		# Loans		-	26	3	2	31
		% # Loans		0.00%	1.97%	0.23%	0.15%	2.35%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	REO Report for April 26, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group I; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group II; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00

REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 14 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Foreclosure Report for April 26, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group I
Total Original Principal Balance = 000.00				Loan Group 2 = Group II
Total Current Balance = 000.00


Loan Number		Original	Stated		Current	State &
&		Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group		Balance	Balance	Date	Rate	Origination	Term	Date
SPACE INTENTIONALLY LEFT BLANK


				Page 15 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for April 26, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP II	GROUP I	TOTAL

	*Current*
	Number of Paid in Full Loans					7	7	14
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					7	7	14

	Paid in Full Balance					949,265.79	712,283.39	1,661,549.18
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					14,494.04	14,059.87	28,553.91
	Total Prepayment Amount					963,759.83	726,343.26	1,690,103.09

	*Cumulative*
	Number of Paid in Full Loans					10	11	21
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					10	11	21

	Paid in Full Balance					1,335,524.40	1,247,289.46	2,582,813.86
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					(29,506.24)	(31,076.32)	(60,582.56)
	Total Prepayment Amount					1,306,018.16	1,216,213.14	2,522,231.30

SPACE INTENTIONALLY LEFT BLANK


Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)


				Page 16 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for April 26, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP II	GROUP I	TOTAL

	SMM					0.54%	0.41%	0.48%
	3 Months Avg SMM
	12 Months Avg SMM
	Avg SMM Since Cut-off					0.37%	0.34%	0.35%

	CPR					6.33%	4.79%	5.56%
	3 Months Avg CPR
	12 Months Avg CPR
	Avg CPR Since Cut-off					4.33%	4.02%	4.17%

	PSA					572.11%	439.04%	506.20%
	3 Months Avg PSA Approximation
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					430.97%	406.17%	418.65%



	Group I
	Group II


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Report for April 26, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group I
	Group II

CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*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/(0.02*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 and repurchases.
Dates correspond to distribution dates.

				Page 18 of 25				© COPYRIGHT 2004 Deutsche Bank


	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for April 26, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 14						Loan Group 1 = Group I
Total Original Principal Balance = 1,668,950.00						Loan Group 2 = Group II
Total Prepayment Amount = 1,661,549.18


Loan Number			Original			Current	State &	Type Prepayment
&		Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group		Status	Balance	Amount	Date	Rate	Origination	Original Term	Date

321037186 1			123,000.00	121,601.00	Apr-06-04	8.300%	AL - 100.00%	Paid Off - 180	Oct-01-03
321046377 1			176,000.00	174,904.93	Mar-23-04	5.850%	NJ - 80.00%	Paid Off - 360	Aug-07-03
321047763 1			94,500.00	94,183.29	Feb-20-04	8.900%	GA - 90.00%	Paid Off - 360	Aug-25-03
321049033 1			51,000.00	50,870.17	Mar-25-04	8.550%	PA - 85.00%	Paid Off - 360	Sep-30-03
321050775 1			62,100.00	61,686.77	Mar-31-04	9.350%	SC - 90.00%	Paid Off - 360	Sep-18-03
321050882 1			80,000.00	79,697.08	Apr-07-04	8.750%	PA - 62.50%	Paid Off - 360	Sep-25-03
321055881 1			130,000.00	129,340.15	Apr-15-04	5.950%	MI - 94.89%	Paid Off - 360	Sep-22-03
321046237 2			189,650.00	188,854.18	Apr-05-04	6.950%	MI - 89.46%	Paid Off - 360	Aug-29-03
321048084 2			62,100.00	61,852.40	Mar-25-04	7.200%	SC - 90.00%	Paid Off - 360	Sep-24-03
321048621 2			189,000.00	188,540.54	Apr-02-04	9.700%	GA - 90.00%	Paid Off - 360	Sep-09-03
321049520 2			62,800.00	62,506.15	Mar-16-04	7.400%	NC - 80.00%	Paid Off - 360	Sep-15-03
321053985 2			143,200.00	142,654.85	Mar-25-04	6.275%	MD - 80.00%	Paid Off - 360	Oct-09-03
321054538 2			125,600.00	125,159.52	Apr-06-04	6.700%	MN - 79.49%	Paid Off - 360	Oct-09-03
321177941 2			180,000.00	179,698.15	Apr-12-04	6.900%	RI - 100.00%	Paid Off - 360	Dec-15-03


					Page 19 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for April 26, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP II	GROUP I	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	*Cumulative*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	-	-
	Net Liquidation Proceeds					-	-	-

	Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.

SPACE INTENTIONALLY LEFT BLANK


	Group I						3 Months Moving Average
	Group II

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 20 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for April 26, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP II	GROUP I	TOTAL

	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.00%	0.00%	0.00%

	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.00%	0.00%

	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.00%	0.00%

	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off

	Group I
	Group II
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 21 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Report for April 26, 2004 Distribution


	Realized Loss Report - Collateral

	Group I
	Group II

CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


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 22 of 25				© COPYRIGHT 2004 Deutsche Bank


	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for April 26, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0						Loan Group 1 = Group I
Total Prior Principal Balance = 0.00						Loan Group 2 = Group II
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

Loan Number			Current	State &		Prior	Realized		Cumulative
&		Loan	Note	LTV at	Original	Principal	Loss/(Gain)	Realized	Realized
Loan Group		Status	Rate	Origination	Term	Balance	Revisions	Loss/(Gain)	Loss/(Gain)
SPACE INTENTIONALLY LEFT BLANK


					Page 23 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for April 26, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP II	GROUP I	TOTAL

	Step Down Date?							No
	Trigger Event Occuring?							No
	Delinquency Percentage							0.471888%
	Beginning Credit Enhancement Percentage							21.717279%
	Ending Credit Enhancement Percentage							21.840075%


ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION						GROUP II	GROUP I	TOTAL
SPACE INTENTIONALLY LEFT BLANK


				Page 24 of 25				© COPYRIGHT 2004 Deutsche Bank
	Equifirst Mortgage Loan Trust 2004-1
	Mortgage Pass-Through Certificates

	Additional Certificate Report for April 26, 2004 Distribution


	Additional Certificate Report


	CLASS					Net WAC Rate Carryover Amt	Unpaid Realized Loss Amt	Interest Carry Forward Amt

	I-A1					0.00	0.00	0.00
	II-A1					0.00	0.00	0.00
	II-A2					0.00	0.00	0.00
	II-A3					0.00	0.00	0.00
	M-1					0.00	0.00	0.00
	M-2					0.00	0.00	0.00
	M-3					0.00	0.00	0.00
	M-4					0.00	0.00	0.00
	M-5					0.00	0.00	0.00
	M-6					0.00	0.00	0.00
	M-7					0.00	0.00	0.00
	B-1					0.00	0.00	0.00
	C					0.00	0.00	0.04
	P					0.00	0.00	0.00


				Page 25 of 25				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · FINANCIAL ASSET SEC CORP ASSET-BACKED CERTS SERIES 2004-1