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): ~~AMERIQUEST~~(Date ~~MORTGAGE~~of ~~SECURITIES~~earliest ~~INC.~~event ~~(as~~reported) ~~depositor,~~ Ameriquest Mortgage ~~Company,~~Securities ~~Master~~Inc ~~Servicer,~~(as ~~and~~Depositor ~~Deutsche~~under ~~Bank~~the ~~National~~Pooling ~~Trust~~and ~~Company~~Servicing Agreement, dated as ~~Trustee).~~June ~~ASSET~~1, 2004, providing for the issuance of Asset-~~BACKED~~Backed ~~PASS~~Pass-~~THROUGH~~Through ~~CERTIFICATES~~Certificates, ~~SERIES~~Series 2004-R5) (Exact name of ~~Registrant~~registrant as specified in ~~its Charter~~charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-112203-01 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 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)) Item 58.01 Other Events Attached hereto is a copy of the Monthly Remittance Statements to the Certificateholders which was derived from the monthly information submitted by the Master Servicer of the Trust to the Trustee. Item 79.01 Financial ~~Statement~~Statements and Exhibits (c) Exhibits: ~~(as~~Exhibit ~~noted~~No. inDescription ~~Item~~99.1 ~~5 above)~~ Monthly Remittance Statement to the Certificateholders dated as of . ~~SIGNATURE~~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, hereunto duly authorized. Deutsche Bank National Trust Company, ~~not~~ in its ~~individual~~ capacity, ~~but solely~~ as aTrustee ~~duly~~under ~~authorized agent of~~ the ~~Registrant pursuant to the~~ Pooling and Servicing Agreement, ~~dated~~on asbehalf of ~~June~~Ameriquest ~~1,2004~~Mortgage Securities Inc.,Registrant Date: Aug 0431, 2004 By: /s/ Katherine M. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.1 Monthly Remittance Statement to the Certificateholders dated as of .

Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
				External Parties					Table of Contents
												Page
				Seller
									1. Certificate Payment Report					2
				Ameriquest Mortgage Corp
									2. Collection Account Report					4
									3. Credit Enhancement Report					6
									4. Collateral Report					7
				Certificate Insurer(s)					5. Delinquency Report					10
									6. REO Report					13
									7. Foreclosure Report					14
									8. Prepayment Report					15
									9. Prepayment Detail Report					18
									10. Realized Loss Report					20
									11. Realized Loss Detail Report					23
				Servicer(s)
									12. Triggers and Adj. Cert. Report					24
				Ameriquest Mortgage Corp
									13. Additional Certificate Report					25
									14. Other Related Information					26
				Underwriter(s)
				CS First Boston
									Total Number of Pages					26
				Dates					Contacts
				Cut-Off Date:		June 01, 2004			Valerie Delgado
				Close Date:		June 04, 2004			Administrator
				First Distribution Date:		July 26, 2004			(714) 247-6273
									valerie.m.delgado@db.com
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		~~July~~August 2625, 2004
									Factor Information:			(800) 735-7777
				Record Date:		~~June~~July 30, 2004
									Main Phone Number:			(714) 247-6000
						July 23, 2004
						August 24, 2004
									https://www.corporatetrust.db.com/invr
Page 1 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Certificate Payment Report
Current Period Distribution - MASTER REMIC
					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-1A	SNR	$	619,000,000.00		~~619~~610,~~000~~933,~~000~~450.0094	1875,~~252,873~~671.1928		8,~~066~~644,~~549~~383.0684		9,~~319~~520,~~422~~055.2512		0.00		0.00		~~610~~602,~~933~~289,~~450~~067.9410
A-1B	SNR	$	68,770,000.00		6867,~~770~~873,~~000~~818.0013	~~149~~102,~~125~~941.8396		~~896~~960,~~181~~378.8748		1,~~045~~063,~~307~~320.7044		0.00		0.00		6766,~~873~~913,~~818~~439.1365
A-2	SNR	$	76,200,000.00		7671,~~200~~275,~~000~~937.0087	~~136~~92,~~620~~658.2572		43,~~924~~359,~~062~~030.1301		53,~~060~~451,~~682~~688.3873		0.00		0.00		7167,~~275~~916,~~937~~907.8786
A-3	SNR	$	37,800,000.00		37,800,000.00	7654,~~508~~180.2500		0.00		7654,~~508~~180.2500		0.00		0.00		37,800,000.00
A-4	SNR	$	29,230,000.00		29,230,000.00	6947,~~295~~742.4033		0.00		6947,~~295~~742.4033		0.00		0.00		29,230,000.00
M-1	SUB,MEZ	$	57,500,000.00		57,500,000.00	~~142~~97,~~128~~270.8283		0.00		~~142~~97,~~128~~270.8283		0.00		0.00		57,500,000.00
M-2	SUB,MEZ	$	47,500,000.00		47,500,000.00	~~163~~106,~~380~~875.2100		0.00		~~163~~106,~~380~~875.2100		0.00		0.00		47,500,000.00
M-3	SUB,MEZ	$	10,000,000.00		10,000,000.00	3825,~~729~~000.1700		0.00		3825,~~729~~000.1700		0.00		0.00		10,000,000.00
M-4	SUB,MEZ	$	12,500,000.00		12,500,000.00	6138,~~411~~750.4600		0.00		6138,~~411~~750.4600		0.00		0.00		12,500,000.00
M-5	SUB,MEZ	$	9,000,000.00		9,000,000.00	4629,~~556~~250.2500		0.00		4629,~~556~~250.2500		0.00		0.00		9,000,000.00
M-6	SUB,MEZ	$	7,500,000.00		7,500,000.00	6338,~~713~~750.5400		0.00		6338,~~713~~750.5400		0.00		0.00		7,500,000.00
M-7	SUB,MEZ	$	10,000,000.00		10,000,000.00	3020,~~784~~416.7267		0.00		3020,~~784~~416.7267		0.00		0.00		10,000,000.00
CE	OC	$	15,000,472.05		15,000,~~472~~008.0558	34,~~491~~107,~~783~~375.0248		~~463~~0.4700		34,~~492~~107,~~246~~375.4948		0.00		0.00		15,000,008.58
P	P	$	100.00		100.00	~~136~~144,~~933~~690.1114		0.00		~~136~~144,~~933~~690.1114		0.00		0.00		100.00
R	R	$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Total			1,000,000,572.05		1986,~~000~~113,~~000,572~~315.0552	5,~~859~~781,~~843~~572.2241		1312,~~887~~963,~~256~~792.5333		1918,~~747~~745,~~099~~364.7574		0.00		0.00		~~986~~973,~~113~~149,~~315~~523.5219
Interest Accrual Detail Current Period Factor Information per $1,0000 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-1A	0607/0426/04		0708/2524/04		A-Act/360	03072SRS6		619,000,000.00		~~1,000~~986.~~000000~~968418		21.~~024028~~414655		13.~~031582~~965079		15.~~055609~~379734	~~986~~973.~~968418~~003339
A-1B	0607/0426/04		0708/2524/04		A-Act/360	03072SRT4		68,770,000.00		~~1,000~~986.~~000000~~968418		21.~~168472~~496902		13.~~031582~~965079		15.~~200054~~461981	~~986~~973.~~968418~~003339
A-2	0607/0426/04		0708/2524/04		A-Act/360	03072SRU1		76,200,000.00		~~1,000~~935.~~000000~~379762		1.~~792917~~215994		6444.~~620238~~081759		6645.~~413155~~297752	~~935~~891.~~379762~~298003
A-3	0607/0426/04		0708/2524/04		A-Act/360	03072SRV9		37,800,000.00		1,000.000000		21.~~024028~~433333		0.000000		21.~~024028~~433333	1,000.000000
A-4	0607/0426/04		0708/2524/04		A-Act/360	03072SRW7		29,230,000.00		1,000.000000		21.~~370694~~633333		0.000000		21.~~370694~~633333	1,000.000000
M-1	0607/0426/04		0708/2524/04		A-Act/360	03072SRX5		57,500,000.00		1,000.000000		21.~~471806~~691667		0.000000		21.~~471806~~691667	1,000.000000
M-2	0607/0426/04		0708/2524/04		A-Act/360	03072SRY3		47,500,000.00		1,000.000000		32.~~439583~~250000		0.000000		32.~~439583~~250000	1,000.000000
M-3	0607/0426/04		0708/2524/04		A-Act/360	03072SRZ0		10,000,000.00		1,000.000000		32.~~872917~~500000		0.000000		32.~~872917~~500000	1,000.000000
M-4	0607/0426/04		0708/2524/04		A-Act/360	03072SSA4		12,500,000.00		1,000.000000		43.~~912917~~100000		0.000000		43.~~912917~~100000	1,000.000000
M-5	0607/0426/04		0708/2524/04		A-Act/360	03072SSB2		9,000,000.00		1,000.000000		53.~~172917~~250000		0.000000		53.~~172917~~250000	1,000.000000
M-6	0607/0426/04		0708/2524/04		A-Act/360	03072SSC0		7,500,000.00		1,000.000000		85.~~495139~~166667		0.000000		85.~~495139~~166667	1,000.000000
M-7	0607/0426/04		0708/2524/04		A-Act/360	03072SSG1		10,000,000.00		1,000.000000		32.~~078472~~041667		0.000000		32.~~078472~~041667	1,000.000000
CE	0607/0401/04		0607/30/04		F-30/360			1,015,000,881.05		14.~~778777~~778321		34.~~440177~~046672		0.~~000457~~000000		34.~~440634~~046672	14.778321
P	0607/0401/04		0607/30/04		F-30/360			100.00		1,000.000000		1,~~369~~446,~~331~~901.~~100000~~400000		0.000000		1,~~369~~446,~~331~~901.~~100000~~400000	1,000.000000
R	0607/0401/04		0607/30/04		F-30/360			0.00		0.000000		0.000000		0.000000		0.000000	0.000000
Page 2 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Distribution to Date - MASTER REMIC
																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-1A	619,000,000.00		12,~~252~~128,~~873~~544.1947		715,~~423~~426,~~073~~431.4446	~~643~~1,~~475~~284,501.6145		816,~~066~~710,~~549~~932.0690		918,~~319~~839,~~422~~477.2537		0.00		0.00		~~610~~602,~~933~~289,~~450~~067.9410
A-1B	68,770,000.00		~~149~~252,~~125~~067.8379		~~824~~1,~~692~~713,854.6711	71142,~~489~~706.2124		~~896~~1,~~181~~856,560.8735		12,~~045~~108,~~307~~628.7013		0.00		0.00		6766,~~873~~913,~~818~~439.1365
A-2	76,200,000.00		~~136~~229,~~620~~278.2597		47,~~779~~994,~~381~~617.0367	~~144~~288,~~681~~474.1047		48,~~924~~283,~~062~~092.1314		58,~~060~~512,~~682~~371.3811		0.00		0.00		7167,~~275~~916,~~937~~907.8786
A-3	37,800,000.00		76130,~~508~~688.25		0.00	0.00		0.00		76130,~~508~~688.25		0.00		0.00		37,800,000.00
A-4	29,230,000.00		69117,~~295~~037.4073		0.00	0.00		0.00		69117,~~295~~037.4073		0.00		0.00		29,230,000.00
M-1	57,500,000.00		~~142~~239,~~128~~399.8265		0.00	0.00		0.00		~~142~~239,~~128~~399.8265		0.00		0.00		57,500,000.00
M-2	47,500,000.00		~~163~~270,~~380~~255.21		0.00	0.00		0.00		~~163~~270,~~380~~255.21		0.00		0.00		47,500,000.00
M-3	10,000,000.00		3863,729.17		0.00	0.00		0.00		3863,729.17		0.00		0.00		10,000,000.00
M-4	12,500,000.00		61100,~~411~~161.46		0.00	0.00		0.00		61100,~~411~~161.46		0.00		0.00		12,500,000.00
M-5	9,000,000.00		4675,~~556~~806.25		0.00	0.00		0.00		4675,~~556~~806.25		0.00		0.00		9,000,000.00
M-6	7,500,000.00		63102,~~713~~463.54		0.00	0.00		0.00		63102,~~713~~463.54		0.00		0.00		7,500,000.00
M-7	10,000,000.00		3051,~~784~~201.7239		0.00	0.00		0.00		3051,~~784~~201.7239		0.00		0.00		10,000,000.00
CE	15,000,472.05		37,~~491~~599,~~783~~158.0250		0.00	0.00		463.47		37,~~492~~599,~~246~~621.4997		0.00		0.00		15,000,008.58
P	100.00		~~136~~281,~~933~~623.1125		0.00	0.00		0.00		~~136~~281,~~933~~623.1125		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
Total	1,000,000,572.05		511,~~859~~641,~~843~~415.2263		1325,~~027~~134,~~147~~903.1424	~~859~~1,~~645~~715,682.9216		1326,~~887~~851,~~256~~048.5386		1938,~~747~~492,~~099~~464.7548		0.00		0.00		~~986~~973,~~113~~149,~~315~~523.5219
Interest Detail - MASTER REMIC
	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-1A	1.~~40125~~72000%		~~619~~610,~~000~~933,~~000~~450.0094		1875,~~252,873~~671.1928	0.00		0.00		0.00		1875,~~252,873~~671.1928		1875,~~252,873~~671.1928		0.00
A-1B	1.~~50125~~82000%		6867,~~770~~873,~~000~~818.0013		~~149~~102,~~125~~941.8396	0.00		0.00		0.00		~~149~~102,~~125~~941.8396		~~149~~102,~~125~~941.8396		0.00
A-2	1.~~24125~~56000%		7671,~~200~~275,~~000~~937.0087		~~136~~92,~~620~~658.2572	0.00		0.00		0.00		~~136~~92,~~620~~658.2572		~~136~~92,~~620~~658.2572		0.00
A-3	1.~~40125~~72000%		37,800,000.00		7654,~~508~~180.2500	0.00		0.00		0.00		7654,~~508~~180.2500		7654,~~508~~180.2500		0.00
A-4	1.~~64125~~96000%		29,230,000.00		6947,~~295~~742.4033	0.00		0.00		0.00		6947,~~295~~742.4033		6947,~~295~~742.4033		0.00
M-1	12.~~71125~~03000%		57,500,000.00		~~142~~97,~~128~~270.8283	0.00		0.00		0.00		~~142~~97,~~128~~270.8283		~~142~~97,~~128~~270.8283		0.00
M-2	2.~~38125~~70000%		47,500,000.00		~~163~~106,~~380~~875.2100	0.00		0.00		0.00		~~163~~106,~~380~~875.2100		~~163~~106,~~380~~875.2100		0.00
M-3	23.~~68125~~00000%		10,000,000.00		3825,~~729~~000.1700	0.00		0.00		0.00		3825,~~729~~000.1700		3825,~~729~~000.1700		0.00
M-4	3.~~40125~~72000%		12,500,000.00		6138,~~411~~750.4600	0.00		0.00		0.00		6138,~~411~~750.4600		6138,~~411~~750.4600		0.00
M-5	3.~~58125~~90000%		9,000,000.00		4629,~~556~~250.2500	0.00		0.00		0.00		4629,~~556~~250.2500		4629,~~556~~250.2500		0.00
M-6	36.~~95973~~20000%		7,500,000.00		4238,~~897~~750.1100	0.00		0.00		0.00		4238,~~897~~750.1100		6338,~~713~~750.5400		0.00
M-7	2.~~13125~~45000%		10,000,000.00		3020,~~784~~416.7267	0.00		0.00		0.00		3020,~~784~~416.7267		3020,~~784~~416.7267		0.00
CE	~~310~~328.~~37095~~58985%		15,000,~~472~~008.0558		0.00	0.00		0.00		0.00		0.00		34,~~491~~107,~~783~~375.0248		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		~~136~~144,~~933~~690.1114		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00
Total			1986,~~000~~113,~~000,572~~315.0552		21,~~210~~529,~~310~~506.6679	0.00		0.00		0.00		21,~~210~~529,~~310~~506.6679		5,~~859~~781,~~843~~572.2241		0.00
Page 3 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Collection Account Report
SUMMARY
									Group 2		Group 1		Total
Principal Collections									43,~~924~~359,~~226~~030.4701		89,~~963~~604,~~030~~762.0632		1312,~~887~~963,~~256~~792.5333
Principal Withrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									43,~~924~~359,~~226~~030.4701		89,~~963~~604,~~030~~762.0632		1312,~~887~~963,~~256~~792.5333
Interest Collections									~~967~~934,~~611~~646.9629		4,~~855~~791,~~072~~145.5782		5,~~822~~725,~~684~~792.5311
Interest Withdrawals									~~-0.00~~		~~-0.00~~		-0.00
Interest Other Accounts									0.00		0.00		~~136~~144,~~933~~690.1114
Interest Fees									-1512,~~207~~294.6071		-8476,~~566~~615.8213		-9988,~~774~~909.4284
TOTAL NET INTEREST									~~952~~922,~~404~~351.3658		4,~~770~~714,~~505~~530.7569		5,~~859~~781,~~843~~572.2241
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION									54,~~876~~281,~~630~~381.8359		1314,~~733~~319,~~535~~293.8101		1918,~~747~~745,~~099~~364.7574
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										~~144~~143,~~681~~793.1037		~~714~~712,~~964~~242.8287		~~859~~856,~~645~~036.9224
Curtailments										12461,~~222~~277.5046		7762,~~839~~278.0637		90523,~~061~~555.5683
Prepayments In Full										2,~~903~~753,~~350~~959.5018		57,~~144~~987,~~072~~118.0464		810,~~047~~741,~~422~~077.5482
Repurchased/Substitutions										~~1,863,972~~0.3700		3843,~~026,154~~122.1444		4843,~~890,126~~122.5144
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										-~~116~~119,~~207~~310.8392		-~~530~~541,~~794~~979.8797		-~~647~~661,~~002~~290.7089
Realized Losses										-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal										~~116~~119,~~207~~310.8392		~~530~~541,~~794~~979.8797		~~647~~661,~~002~~290.7089
TOTAL PRINCIPAL COLLECTED										43,~~924~~359,~~226~~030.4701		89,~~963~~604,~~030~~762.0632		1312,~~887~~963,~~256~~792.5333
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 4 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									1992,~~013,413~~421.6987		5,~~097~~051,~~054~~575.8571		6,~~110~~043,~~468~~997.5458
Repurchased/Substitution Interest									~~11,121~~0.7400		195,~~820~~573.0712		305,~~941~~573.8112
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									-73,~~105~~819.1930		-157,~~790~~292.6724		-2211,~~895~~111.8654
Delinquent Interest									-~~816~~822,~~159~~789.0580		-3,~~910~~969,~~584~~264.6058		-4,~~726~~792,~~743~~054.6538
Compensating Interest									73,~~105~~819.1930		157,~~790~~292.6724		2211,~~895~~111.8654
Civil Relief Act Shortfalls									-0.00		-0.00		-0.00
Interest Advanced									~~759~~765,~~235~~014.5822		3,~~648~~703,~~782~~261.2658		4,~~408~~468,~~017~~275.8380
TOTAL INTEREST COLLECTED									~~967~~934,~~611~~646.9629		4,~~855~~791,~~072~~145.5782		5,~~822~~725,~~684~~792.5311
INTEREST - WITHDRAWALS
									Group 2		Group 1		Total
Trust Fund Expenses									0.00		0.00		0.00
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									0.00		0.00		~~136~~144,~~933~~690.1114
Net Wac Investment Income									0.00		0.00		0.00
TOTAL INTEREST OTHER ACCOUNTS									0.00		0.00		~~136~~144,~~933~~690.1114
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									1411,~~891~~987.6175		8375,~~049~~114.4721		9787,~~941~~101.0997
Trustee Fees									~~315~~306.9996		1,~~517~~500.3592		1,~~833~~807.3387
TOTAL INTEREST FEES									1512,~~207~~294.6071		8476,~~566~~615.8213		9988,~~774~~909.4284
Page 5 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Credit Enhancement Report
ACCOUNTS
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralized Amount													15,000,~~472~~008.0558
Overcollateralization Release Amount													~~463~~0.4700
Overcollateralization Deficiency Amount													0.00
Overcollateralization Target Amount													15,000,008.58
Page 6 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Collateral Report
COLLATERAL
										Group 2		Group 1		Total
Loan Count:
Original									623		5,658		6,281
Prior									~~623~~609		5,~~658~~602		6,~~281~~211
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-8		-3245		-4053
Repurchases									-60		-246		-306
Liquidations									-0		-0		-0
Current									~~609~~601		5,~~602~~551		6,~~211~~152
Principal Balance:
Original									172,356,218.93		827,644,353.12		1,000,000,572.05
Prior									~~172~~167,~~356~~431,~~218~~992.9346		~~827~~818,~~644~~681,~~353~~323.1206		1986,~~000~~113,~~000,572~~315.0552
Prefunding									0.00		0.00		0.00
Scheduled Principal									-~~144~~143,~~681~~793.1037		-~~714~~712,~~964~~242.8287		-~~859~~856,~~645~~036.9224
Partial Prepayments									-12461,~~222~~277.5046		-7762,~~839~~278.0637		-90523,~~061~~555.5683
Full Voluntary Prepayments									-2,~~903~~753,~~350~~959.5018		-57,~~144~~987,~~072~~118.0464		-810,~~047~~741,~~422~~077.5482
Repurchases									-~~1,863,972~~0.3700		-3843,~~026,154~~122.1444		-4843,~~890,126~~122.5144
Liquidations									-0.00		-0.00		-0.00
Current									~~167~~164,~~431~~072,~~992~~962.4645		~~818~~809,~~681~~076,~~323~~560.0674		~~986~~973,~~113~~149,~~315~~523.5219
PREFUNDING
SPACE INTENTIONALLY LEFT BLANK
Page 7 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									7.13315%		7.41895%		7.36969%
Weighted Average Coupon Prior									7.13315%		7.41895%		7.36969%
Weighted Average Coupon Current									7.~~13315~~11278%		7.~~41895~~41263%		7.~~36969~~36171%
Weighted Average Months to Maturity Original									355		350		351
Weighted Average Months to Maturity Prior									355		350		351
Weighted Average Months to Maturity Current									~~355~~353		~~350~~349		~~351~~350
Weighted Avg Remaining Amortization Term Original									355		350		351
Weighted Avg Remaining Amortization Term Prior									355		350		351
Weighted Avg Remaining Amortization Term Current									~~355~~353		~~350~~349		~~351~~350
Weighted Average Seasoning Original									2.10		2.11		2.11
Weighted Average Seasoning Prior									2.10		2.11		2.11
Weighted Average Seasoning Current									23.10		23.1110		23.1110
Page 8 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.92535%		6.04064%		6.02050%
Weighted Average Margin Prior									5.92535%		6.04064%		6.02050%
Weighted Average Margin Current									5.~~92535~~92208%		6.~~04064~~04072%		6.~~02050~~02022%
Weighted Average Max Rate Original									13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Prior									13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Current									13.~~21667~~19374%		13.~~51457~~50732%		13.~~46252~~45313%
Weighted Average Min Rate Original									7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Prior									7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Current									7.~~21667~~19374%		7.~~51457~~50732%		7.~~46252~~45313%
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									1411,~~891~~987.6175		8375,~~049~~114.4721		9787,~~941~~101.0997
Delinquent Servicing Fees									5657,~~923~~775.4858		~~261~~266,~~802~~003.3400		~~318~~323,~~725~~778.8258
TOTAL SERVICING FEES									7169,~~815~~763.0933		~~344~~341,~~851~~117.8223		~~416~~410,~~666~~880.9256
Total Servicing Fees									7169,~~815~~763.0933		~~344~~341,~~851~~117.8223		~~416~~410,~~666~~880.9256
Compensating Interest									-73,~~105~~819.1930		-157,~~790~~292.6724		-2211,~~895~~111.8654
Delinquent Servicing Fees									-5657,~~923~~775.4858		-~~261~~266,~~802~~003.3400		-~~318~~323,~~725~~778.8258
COLLECTED SERVICING FEES									1411,~~891~~987.6175		8375,~~049~~114.4721		75,~~045~~990.2444
Total Advaced Interest									~~759~~765,~~235~~014.5822		3,~~648~~703,~~782~~261.2658		4,~~408~~468,~~017~~275.8380
Total Advaced Principal									~~116~~119,~~207~~310.8392		~~530~~541,~~794~~979.8797		~~647~~661,~~002~~290.7089
Aggregate Advances with respect to this Distribution									~~875~~884,~~443~~325.4114		4,~~179~~245,~~577~~241.1355		5,~~055~~129,~~020~~566.5369
ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)									73,~~105~~819.1930		157,~~790~~292.6724		2211,~~895~~111.8654
Compensating Interest									-73,~~105~~819.1930		-157,~~790~~292.6724		-2211,~~895~~111.8654
Net Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00
Page 9 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Delinquency Report
	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			~~513~~4,~~938~~364,368.9481		0102,596.0029		0.00		~~513~~4,~~938~~466,965.9410
			% Balance			0.0545%		0.0001%		0.00%		0.0546%
			# Loans			228		01		0		229
			% # Loans			0.0346%		0.0002%		0.00%		0.0347%
	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		~~199~~504,~~275~~484.8049	0.00		0.00		0.00		~~199~~504,~~275~~484.8049
			% Balance		0.0205%	0.00%		0.00%		0.00%		0.0205%
			# Loans		25	0		0		0		25
			% # Loans		0.0308%	0.00%		0.00%		0.00%		0.0308%
	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		~~199~~504,~~275~~484.8049	~~513~~4,~~938~~364,368.9481		0102,596.0029		0.00		~~713~~4,~~214~~971,449.7459
			% Balance		0.0205%	0.0545%		0.0001%		0.00%		0.0751%
			# Loans		25	228		01		0		434
			% # Loans		0.0308%	0.0346%		0.0002%		0.00%		0.0655%
Page 10 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			~~102~~3,~~655~~029,584.2630		0102,596.0029		0.00		~~102~~3,~~655~~132,180.2659
			% Balance			0.0137%		0.0001%		0.00%		0.0139%
			# Loans			124		01		0		125
			% # Loans			0.0243%		0.0002%		0.00%		0.0245%
	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		~~199~~504,~~275~~484.8049	0.00		0.00		0.00		~~199~~504,~~275~~484.8049
			% Balance		0.0206%	0.00%		0.00%		0.00%		0.0206%
			# Loans		25	0		0		0		25
			% # Loans		0.0409%	0.00%		0.00%		0.00%		0.0409%
	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		~~199~~504,~~275~~484.8049	~~102~~3,~~655~~029,584.2630		0102,596.0029		0.00		~~301~~3,~~931~~636,665.0608
			% Balance		0.0206%	0.0137%		0.0001%		0.00%		0.0445%
			# Loans		25	124		01		0		330
			% # Loans		0.0409%	0.0243%		0.0002%		0.00%		0.0554%
Page 11 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			~~411~~1,~~283~~334,784.6851		0.00		0.00		~~411~~1,~~283~~334,784.6851
			% Balance			0.2581%		0.00%		0.00%		0.2581%
			# Loans			14		0		0		14
			% # Loans			0.1667%		0.00%		0.00%		0.1667%
	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	~~411~~1,~~283~~334,784.6851		0.00		0.00		~~411~~1,~~283~~334,784.6851
			% Balance		0.00%	0.2581%		0.00%		0.00%		0.2581%
			# Loans		0	14		0		0		14
			% # Loans		0.00%	0.1667%		0.00%		0.00%		0.1667%
Page 12 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 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 13 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 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 14 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Prepayment Report
VOLUNTARY PREPAYMENTS
										Group 2		Group 1		Total
Current
Number of Paid in Full Loans									8		3245		4053
Number of Repurchased Loans									60		246		306
Total Number of Loans Prepaid in Full									148		5651		7059
Curtailments Amount									12461,~~222~~277.5046		7762,~~839~~278.0637		90523,~~061~~555.5683
Paid in Full Balance									2,~~903~~753,~~350~~959.5018		57,~~144~~987,~~072~~118.0464		810,~~047~~741,~~422~~077.5482
Repurchased Loans Balance									~~1,863,972~~0.3700		3843,~~026,154~~122.1444		4843,~~890,126~~122.5144
Total Prepayment Amount									43,~~779~~215,~~545~~236.3764		8,~~248~~892,~~065~~519.2445		1312,~~027~~107,~~610~~756.6109
Cumulative
Number of Paid in Full Loans									816		3277		4093
Number of Repurchased Loans									6		2430		3036
Total Number of Loans Prepaid in Full									1422		56107		70129
Paid in Full Balance									25,~~903~~657,~~350~~309.5068		513,~~144~~131,~~072~~190.0468		818,~~047~~788,~~422~~500.5436
Repurchased Loans Balance									1,863,972.37		3,~~026~~869,~~154~~276.1458		45,~~890~~733,~~126~~248.5195
Curtailments Amount									12473,~~222~~499.5096		77140,~~839~~117.0643		90613,~~061~~617.5639
Total Prepayment Amount									47,~~779~~994,~~545~~782.3701		817,~~248~~140,~~065~~584.2469		1325,~~027~~135,~~610~~366.6170
Page 15 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
VOLUNTARY PREPAYMENTS RATES
										Group 2		Group 1		Total
SMM									21.7892%		1.0009%		1.3023%
3 Months Avg SMM									2.7835%		1.0004%		1.3027%
12 Months Avg SMM									2.7835%		1.0004%		1.3027%
Avg SMM Since Cut-off									2.7835%		1.0004%		1.3027%
CPR									2820.6678%		1112.3329%		1413.5779%
3 Months Avg CPR									2824.6682%		11.3381%		14.5718%
12 Months Avg CPR									2824.6682%		11.3381%		14.5718%
Avg CPR Since Cut-off									2824.6682%		11.3381%		14.5718%
PSA									63,~~819~~347.9619%		21,~~683~~980.4975%		32,~~453~~221.0184%
3 Months Avg PSA Approximation									64,~~819~~769.9616%		2,~~683~~265.4958%		32,~~453~~720.0132%
12 Months Avg PSA Approximation									64,~~819~~769.9616%		2,~~683~~265.4958%		32,~~453~~720.0132%
Avg PSA Since Cut-off Approximation									64,~~819~~769.9616%		2,~~683~~265.4958%		32,~~453~~720.0132%
Page 16 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 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 17 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original					~~Current~~	Current	~~State &~~	State &	~~Type Prepayment~~	Type Prepayment	~~First~~	First
&		Loan	Principal		Prepayment	~~Prepayment~~	Prepayment	~~Note~~	Note	~~LTV at~~	LTV at	&	&	~~Payment~~	Payment
Loan Group		Status	Balance		Amount	~~Date~~	Date	~~Rate~~	Rate	~~Origination~~	Origination	~~Original Term~~	Original Term	~~Date~~	Date
60550365 1		176,000.00		175,411.03		23-Jun-2004		8.990%		FL - 78.22%		Paid Off - 360		01-Jan-2004
57431983 1			322,000.00		321,128.27		30-Jul-2004		10.750%		NY - 84.74%		Paid Off - 360		01-Jan-2004
60843943 1		260,000.00		259,192.42		21-Jun-2004		9.350%		MA - 66.67%		Paid Off - 360		01-Jan-2004
61987681 1			208,250.00		207,655.23		16-Jul-2004		10.500%		RI - 85.00%		Paid Off - 360		01-Jan-2004
61309480 1		113,000.00		112,621.81		07-Jul-2004		8.990%		FL - 83.70%		Paid Off - 360		01-Jan-2004
62140140 1			186,000.00		185,408.15		31-Jul-2004		9.990%		SC - 71.54%		Paid Off - 360		01-Jan-2004
61894481 1		124,000.00		123,704.18		10-Jun-2004		10.600%		IL - 71.68%		Paid Off - 360		01-Jan-2004
62200282 1			60,000.00		59,755.49		09-Aug-2004		8.800%		CA - 14.56%		Paid Off - 360		01-Jan-2004
62084561 1		62,000.00		61,888.95		04-Jun-2004		11.950%		WI - 84.93%		Paid Off - 360		01-Jan-2004
62301387 1			95,250.00		94,876.72		02-Aug-2004		8.990%		FL - 75.00%		Paid Off - 360		01-Jan-2004
62349949 2		445,000.00		443,728.73		01-Jul-2004		9.750%		CA - 84.76%		Paid Off - 360		01-Jan-2004
62547781 1			70,000.00		69,695.97		15-Jul-2004		8.500%		IL - 78.65%		Paid Off - 360		01-Jan-2004
62383120 2		70,000.00		69,846.41		08-Jul-2004		10.990%		MD - 53.85%		Paid Off - 360		01-Jan-2004
63050306 1			120,000.00		119,505.95		19-Jul-2004		8.750%		NY - 52.17%		Paid Off - 360		01-Jan-2004
63240782 1		139,500.00		137,195.32		08-Jul-2004		8.750%		WI - 88.85%		Paid Off - 180		01-Jan-2004
64093701 1			211,500.00		211,011.38		10-Aug-2004		10.750%		NY - 75.00%		Paid Off - 360		01-Feb-2004
63564223 2		78,000.00		77,787.97		21-Jun-2004		9.990%		IL - 60.00%		Paid Off - 360		01-Jan-2004
65709784 1			255,000.00		254,378.51		26-Jul-2004		10.500%		NY - 85.00%		Paid Off - 360		01-Feb-2004
64650989 1		76,500.00		76,239.37		10-Jun-2004		7.990%		FL - 82.26%		Paid Off - 360		01-Feb-2004
65740060 1			227,500.00		226,249.16		31-Jul-2004		6.500%		CA - 70.00%		Paid Off - 360		01-Feb-2004
65427304 1		180,000.00		179,635.98		16-Jun-2004		10.500%		NY - 69.23%		Paid Off - 360		01-Feb-2004
74034505 1			67,830.00		67,478.15		30-Jul-2004		9.250%		ID - 52.18%		Paid Off - 180		01-Jun-2004
73240327 1		255,000.00		254,680.26		23-Jun-2004		8.350%		NY - 75.00%		Paid Off - 360		01-May-2004
74074501 1			153,000.00		152,449.05		29-Jul-2004		7.550%		WI - 72.86%		Paid Off - 240		01-Jun-2004
73772220 2		500,000.00		#######		07-Jul-2004		7.100%		CA - 80.00%		Paid Off - 360		01-May-2004
74672106 1			157,000.00		156,754.30		#######		7.250%		MD - 52.33%		Paid Off - 360		01-Jun-2004
74337106 1		148,750.00		148,638.49		29-Jun-2004		7.450%		HI - 85.00%		Paid Off - 360		01-Jun-2004
74939844 1			195,000.00		194,673.00		10-Aug-2004		6.900%		CA - 43.82%		Paid Off - 360		01-Jun-2004
74697301 2		549,999.00		549,655.39		29-Jun-2004		8.350%		AZ - 87.30%		Paid Off - 360		01-Jun-2004
75004283 1			140,300.00		140,145.83		31-Jul-2004		8.990%		WA - 86.93%		Paid Off - 360		01-Jun-2004
74769381 1		75,000.00		74,958.95		01-Jul-2004		8.990%		MN - 55.56%		Paid Off - 360		01-Jun-2004
75007203 1			249,300.00		248,905.98		03-Aug-2004		7.200%		CA - 90.00%		Paid Off - 360		01-Jun-2004
74875949 1		95,000.00		94,937.53		02-Jul-2004		8.100%		WI - 95.00%		Paid Off - 360		01-Jun-2004
75216721 1			196,000.00		195,784.61		28-Jul-2004		8.990%		CA - 89.91%		Paid Off - 360		01-Jun-2004
75063941 1		243,000.00		242,863.06		24-Jun-2004		8.850%		CA - 90.00%		Paid Off - 360		01-Jun-2004
75283226 2			391,500.00		390,934.33		28-Jul-2004		7.650%		MA - 88.98%		Paid Off - 360		01-Jun-2004
75125526 1		171,000.00		170,885.03		29-Jun-2004		7.990%		MN - 67.06%		Paid Off - 360		01-Jun-2004
75460006 1			112,500.00		112,323.95		29-Jul-2004		7.250%		MD - 90.73%		Paid Off - 360		01-Jun-2004
75129809 1		138,330.00		138,219.92		01-Jul-2004		7.150%		IL - 90.00%		Paid Off - 360		01-Jun-2004
75543181 1			130,000.00		129,771.08		23-Jul-2004		6.650%		CA - 87.84%		Paid Off - 360		01-Jun-2004
75325688 1		137,700.00		137,566.80		09-Jul-2004		6.150%		OH - 90.00%		Paid Off - 360		01-Jun-2004
75565408 1			198,000.00		197,808.52		23-Jul-2004		9.600%		CA - 89.59%		Paid Off - 360		01-Jun-2004
75411363 1		73,500.00		73,449.15		30-Jun-2004		7.850%		FL - 63.36%		Paid Off - 360		01-Jun-2004
75816249 1			165,500.00		165,296.68		03-Aug-2004		8.450%		IL - 72.27%		Paid Off - 360		01-Jun-2004
75542381 1		191,250.00		191,202.67		28-Jun-2004		12.650%		WA - 75.00%		Paid Off - 360		01-Jun-2004
75891226 1			172,500.00		172,248.25		09-Aug-2004		7.600%		MD - 75.00%		Paid Off - 360		01-Jun-2004
75595462 1		143,000.00		142,882.55		30-Jun-2004		6.990%		ME - 71.50%		Paid Off - 360		01-Jun-2004
75956946 1			176,250.00		176,037.87		03-Aug-2004		8.550%		RI - 75.00%		Paid Off - 360		01-Jun-2004
75596783 1		102,000.00		101,949.82		02-Jul-2004		9.500%		FL - 85.00%		Paid Off - 360		01-Jun-2004
76042225 1			87,300.00		87,147.76		06-Aug-2004		6.700%		MD - 90.00%		Paid Off - 360		01-Jun-2004
75701862 1		157,500.00		157,375.90		04-Jun-2004		7.200%		MD - 90.00%		Paid Off - 360		01-Jun-2004
76138940 1			326,000.00		324,298.95		23-Jul-2004		5.500%		CA - 71.65%		Paid Off - 240		01-Jun-2004
75712802 1		263,000.00		262,830.57		30-Jun-2004		8.200%		MD - 83.49%		Paid Off - 360		01-Jun-2004
76191402 1			180,000.00		179,335.60		29-Jul-2004		7.600%		CT - 72.00%		Paid Off - 360		01-Jun-2004
75785725 1		247,000.00		246,737.18		07-Jul-2004		5.650%		MA - 85.17%		Paid Off - 360		01-Jun-2004
76195247 1			87,750.00		87,308.10		20-Jul-2004		7.950%		OH - 75.00%		Paid Off - 360		01-Jun-2004
76000561 1		67,500.00		67,434.71		11-Jun-2004		6.150%		FL - 90.00%		Paid Off - 360		01-Jun-2004
76282284 1			108,000.00		107,776.46		06-Aug-2004		5.850%		TX - 80.00%		Paid Off - 360		01-Jun-2004
76056423 1		192,000.00		191,881.27		15-Jun-2004		8.400%		WA - 60.00%		Paid Off - 360		01-Jun-2004
76362649 1			265,919.00		265,502.85		03-Aug-2004		7.250%		IL - 69.43%		Paid Off - 360		01-Jun-2004
76097369 1		206,000.00		205,817.36		07-Jul-2004		6.600%		CA - 82.40%		Paid Off - 360		01-Jun-2004
76371020 2			378,000.00		377,583.38		06-Aug-2004		8.990%		CA - 90.00%		Paid Off - 360		01-Jun-2004
76194224 1		89,250.00		89,218.10		02-Jul-2004		10.990%		PA - 75.00%		Paid Off - 360		01-Jun-2004
76440080 1			207,000.00		206,613.68		27-Jul-2004		6.350%		CA - 67.87%		Paid Off - 360		01-Jun-2004
76625045 1		261,000.00		260,823.09		02-Jun-2004		7.950%		CA - 58.65%		Paid Off - 360		01-Jun-2004
76470285 2			375,000.00		374,804.89		21-Jul-2004		12.450%		CA - 70.09%		Paid Off - 360		01-Jun-2004
76648401 1		116,000.00		115,949.76		23-Jun-2004		10.100%		IL - 77.33%		Paid Off - 360		01-Jun-2004
76485085 1			390,000.00		389,264.84		06-Aug-2004		6.700%		IL - 82.11%		Paid Off - 360		01-Jun-2004
76651728 1		128,400.00		128,279.33		23-Jun-2004		6.300%		WI - 82.84%		Paid Off - 360		01-Jun-2004
76519743 2			428,000.00		427,446.67		15-Jul-2004		8.200%		CA - 85.60%		Paid Off - 360		01-Jun-2004
77335784 1		420,000.00		419,601.48		02-Jun-2004		6.250%		MA - 76.64%		Paid Off - 360		01-Jun-2004
76578608 1			119,850.00		119,738.88		10-Aug-2004		9.800%		GA - 85.00%		Paid Off - 360		01-Jun-2004
77531085 2		375,000.00		374,805.59		01-Jul-2004		9.250%		CA - 58.59%		Paid Off - 360		01-Jun-2004
76595982 1			139,500.00		138,558.44		28-Jul-2004		6.250%		MD - 90.00%		Paid Off - 180		01-Jun-2004
Page 18 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original					~~Current~~	Current	~~State &~~	State &	~~Type Prepayment~~	Type Prepayment	~~First~~	First
&		Loan	Principal		Prepayment	~~Prepayment~~	Prepayment	~~Note~~	Note	~~LTV at~~	LTV at	&	&	~~Payment~~	Payment
Loan Group		Status	Balance		Amount	~~Date~~	Date	~~Rate~~	Rate	~~Origination~~	Origination	~~Original Term~~	Original Term	~~Date~~	Date
77688240 2		550,000.00		549,627.19		04-Jun-2004		7.950%		CO - 61.11%		Paid Off - 360		01-Jun-2004
76670629 1			87,000.00		86,913.15		10-Aug-2004		9.450%		IL - 66.92%		Paid Off - 360		01-Jun-2004
78002466 2		339,000.00		338,705.25		02-Jul-2004		6.700%		CA - 88.05%		Paid Off - 360		01-Jun-2004
76698588 1			324,900.00		324,364.75		04-Aug-2004		6.990%		CA - 75.56%		Paid Off - 360		01-Jun-2004
78781184 1		100,000.00		100,000.00		04-Jun-2004		7.700%		FL - 54.05%		Paid Off - 360		01-Jul-2004
76928647 1			70,000.00		69,879.12		10-Aug-2004		6.750%		IL - 58.33%		Paid Off - 360		01-Jun-2004
67910604 2		60,000.00		59,833.27		08-Jul-2004		8.990%		MO - 61.22%		Repur/Subs - 360		01-Mar-2004
76967280 1			202,500.00		202,248.66		29-Jul-2004		8.400%		GA - 90.00%		Paid Off - 360		01-Jun-2004
72481245 1		106,250.00		105,378.06		07-Jul-2004		6.500%		MO - 85.00%		Repur/Subs - 360		01-Jun-2004
77119345 1			170,000.00		169,616.36		02-Aug-2004		5.350%		CA - 59.01%		Paid Off - 360		01-Jun-2004
74469040 2		348,500.00		347,843.28		10-Jun-2004		6.300%		CA - 83.98%		Repur/Subs - 360		01-Jun-2004
77224202 2			89,250.00		89,135.77		03-Aug-2004		8.250%		FL - 85.00%		Paid Off - 360		01-Jun-2004
74914920 1		128,605.00		127,982.11		21-Jun-2004		9.990%		WI - 83.35%		Repur/Subs - 360		01-Jun-2004
77382422 1			129,996.00		129,820.61		02-Aug-2004		7.990%		WI - 66.32%		Paid Off - 360		01-Jun-2004
74976960 1		148,470.00		148,269.68		06-Jul-2004		7.990%		MO - 89.98%		Repur/Subs - 360		01-Jun-2004
77386068 1			310,000.00		309,392.94		03-Aug-2004		6.100%		CA - 77.50%		Paid Off - 360		01-Jun-2004
75002147 1		144,000.00		142,747.96		23-Jun-2004		7.800%		MI - 93.51%		Repur/Subs - 360		01-Jun-2004
77510345 2			343,000.00		342,463.23		21-Jul-2004		7.250%		MO - 45.73%		Paid Off - 360		01-Jun-2004
75149807 1		72,000.00		71,928.12		28-Jun-2004		9.450%		KS - 53.33%		Repur/Subs - 360		01-Jun-2004
77623965 1			243,023.00		242,431.00		28-Jul-2004		6.500%		CA - 60.01%		Paid Off - 360		01-Jun-2004
75271460 1		63,500.00		63,453.00		21-Jun-2004		10.850%		WI - 74.71%		Repur/Subs - 360		01-Jun-2004
77809804 1			81,125.00		81,048.72		04-Aug-2004		9.990%		IL - 55.00%		Paid Off - 360		01-Jun-2004
75315929 1		87,750.00		86,901.48		07-Jul-2004		9.750%		MI - 75.00%		Repur/Subs - 360		01-Jun-2004
77816726 1			218,500.00		218,220.38		16-Jul-2004		8.250%		CA - 74.57%		Paid Off - 360		01-Jun-2004
75360446 1		76,633.00		76,529.59		21-Jun-2004		7.990%		MO - 72.30%		Repur/Subs - 360		01-Jun-2004
78035144 2			400,000.00		399,178.46		27-Jul-2004		5.850%		CA - 72.73%		Paid Off - 360		01-Jun-2004
75479501 1		140,000.00		139,778.72		09-Jul-2004		7.200%		MA - 42.17%		Repur/Subs - 360		01-Jun-2004
78064201 1			148,750.00		148,663.49		15-Jul-2004		11.950%		FL - 85.00%		Paid Off - 360		01-Jun-2004
75528687 2		150,000.00		149,866.45		16-Jun-2004		9.990%		IA - 75.00%		Repur/Subs - 360		01-Jun-2004
78231180 2			352,750.00		352,412.45		09-Aug-2004		9.650%		CA - 85.00%		Paid Off - 360		01-Jun-2004
75552422 1		302,000.00		301,367.85		21-Jun-2004		5.750%		MD - 69.11%		Repur/Subs - 360		01-Jun-2004
78493087 1			240,000.00		239,631.80		03-Aug-2004		7.350%		MA - 80.00%		Paid Off - 360		01-Jun-2004
75557462 1		67,500.00		67,124.89		07-Jul-2004		6.950%		OK - 88.82%		Repur/Subs - 360		01-Jun-2004
74001504 1			85,500.00		85,379.35		09-Jul-2004		9.750%		LA - 77.73%		Repur/Subs - 360		01-Jun-2004
75764027 1		165,300.00		165,006.07		21-Jun-2004		6.600%		KS - 95.00%		Repur/Subs - 360		01-Jun-2004
74671769 1			89,250.00		89,072.76		09-Jul-2004		8.100%		FL - 85.00%		Repur/Subs - 360		01-Jun-2004
75940809 2		480,000.00		477,184.00		23-Jun-2004		6.350%		NY - 68.57%		Repur/Subs - 360		01-Jun-2004
75422428 1			214,000.00		213,416.47		06-Aug-2004		6.500%		MA - 47.35%		Repur/Subs - 360		01-Jun-2004
75996843 1		88,000.00		87,354.89		07-Jul-2004		7.200%		TX - 80.00%		Repur/Subs - 360		01-Jun-2004
76545102 1			207,500.00		206,960.99		28-Jul-2004		6.750%		WA - 74.11%		Repur/Subs - 360		01-Jun-2004
76106905 1		80,000.00		79,926.62		14-Jun-2004		9.850%		GA - 72.73%		Repur/Subs - 360		01-Jun-2004
77931186 1			136,000.00		135,821.83		09-Jul-2004		10.100%		SC - 85.00%		Repur/Subs - 360		01-Jun-2004
76267921 1		76,000.00		75,897.44		14-Jun-2004		7.990%		FL - 76.00%		Repur/Subs - 360		01-Jun-2004
79461166 1			112,000.00		111,869.31		26-Jul-2004		8.700%		FL - 80.00%		Repur/Subs - 360		01-Jul-2004
76292903 1		65,450.00		65,394.87		09-Jul-2004		10.250%		MO - 85.00%		Repur/Subs - 360		01-Jun-2004
TOTAL			11,607,543.00		11,583,598.53
76322700 2		406,000.00		405,249.55		21-Jun-2004		6.400%		CA - 85.47%		Repur/Subs - 360		01-Jun-2004
76429646 1		153,750.00		153,209.51		07-Jul-2004		10.100%		IL - 75.00%		Repur/Subs - 360		01-Jun-2004
76651363 1		134,250.00		134,141.65		10-Jun-2004		10.450%		GA - 74.58%		Repur/Subs - 360		01-Jun-2004
76686641 2		423,000.00		422,458.68		28-Jun-2004		8.250%		FL - 74.87%		Repur/Subs - 360		01-Jun-2004
76984186 1		230,000.00		229,689.69		10-Jun-2004		7.990%		CA - 76.67%		Repur/Subs - 360		01-Jun-2004
76988443 1		198,000.00		196,369.43		07-Jul-2004		6.600%		FL - 90.00%		Repur/Subs - 360		01-Jun-2004
77515401 1		125,000.00		123,962.08		07-Jul-2004		6.800%		MA - 47.17%		Repur/Subs - 360		01-Jun-2004
77781888 1		140,000.00		139,834.94		21-Jun-2004		8.650%		WA - 82.35%		Repur/Subs - 360		01-Jun-2004
77940401 1		109,000.00		108,790.60		23-Jun-2004		6.200%		CA - 48.44%		Repur/Subs - 360		01-Jun-2004
80128085 1		133,000.00		132,765.40		21-Jun-2004		6.650%		FL - 75.78%		Repur/Subs - 360		01-Jul-2004
TOTAL			12,961,137.00		12,933,662.42
Page 19 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Realized Loss Report
COLLATERAL REALIZED LOSSES
										Group 2		Group 1		Total
Current
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
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 20 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 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 21 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 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 22 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Realized Loss Detail Report
Loan Number			Original		Prior			Current		State &
													First
&			Principal		Principal	Realized		Note		LTV at		Original		Payment
Loan Group			Balance		Balance	Loss/(Gain)		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
TOTAL
Page 23 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
									Group 2		Group 1		Total
Is there a TRIGGER in effect (0=No,1=Yes)													0
Has Stepdown Condition Occurred (0=No,1=Yes)													0
60 + Day Delinquent Balance
Ending Principal Balance									~~167~~164,~~431~~072,~~992~~962.4645		~~818~~809,~~681~~076,~~323~~560.0674		~~986~~973,~~113~~149,~~315~~523.5219
Delinquency Percentage													0.~~020000~~060000%
Certificate Balances OF MEZZANINE and C Certs													169,000,~~472~~008.0558
Credit Enhancement Percentage													0.170000%
ADJUSTABLE RATE CERTIFICATE INFORMATION
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current LIBOR													1.~~130000~~450000%
Page 24 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Additional Certificate Report
ADDITIONAL CERTIFICATE REPORT
									NEXT PTR		~~NEXT PTR~~	CarryOver	~~CarryOver~~	CarryOver Paid	~~CarryOver Paid~~
CLASS
			A-1A						0.02%		~~0.003%~~	0.00	~~0.00~~	0.00	~~0.00~~
			R-III								0.000%		0.00		0.00
			A-1B						0.02%			0.00		0.00
			R-IV								0.000%		0.00		0.00
			A-2						0.04%			0.00		0.00
			A-1B								0.004%		0.00		0.00
			A-4						0.02%			0.00		0.00
			R-X								0.000%		0.00		0.00
			M-1						0.02%			0.00		0.00
			A-2								0.001%		0.00		0.00
			M-2						0.03%			0.00		0.00
			A-3								0.003%		0.00		0.00
			M-3						0.03%			0.00		0.00
			A-4								0.005%		0.00		0.00
			M-4						0.04%			0.00		0.00
			M-1								0.006%		0.00		0.00
			M-5						0.04%			0.00		0.00
			M-2								0.013%		0.00		0.00
			M-6						0.06%			0.00		0.00
			M-3								0.016%		0.00		0.00
			M-7						0.06%			0.00		0.00
			M-4								0.023%		0.00		0.00
			CE						0.00%			0.00		0.00
			M-5								0.025%		0.00		0.00
			P						0.00%			0.00		0.00
			M-6								0.040%		0.00		#######
			R						0.00%			0.00		0.00
			M-7								0.040%		0.00		0.00
			CE								0.000%		0.00		0.00
			P								0.000%		0.00		0.00
			R								0.000%		0.00		0.00
Page 25 of 26
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
REMIC 2004-R5
July 26, 2004 Distribution
August 25, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
SPACE INTENTIONALLY LEFT BLANK
Page 26 of 26

Filing Compare · ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2004-R5