~~Initial~~UNITED ~~Certificate~~STATES ~~Pass-Through~~SECURITIES ~~Initial~~AND ~~Certificate~~EXCHANGE ~~Pass~~COMMISSION Washington, D.C. 20549 FORM 8-~~Through~~K ~~Class~~Current ~~Principal~~Report ~~Balance~~Pursuant To Section 13 or 15(1d) ~~Rate~~of ~~Class~~the ~~Principal~~Securities ~~Balance~~Exchange Act of 1934 Date of Report (1Date of earliest event reported): ~~Rate~~September ~~-----~~27, ~~--------------------~~2004 (Date of earliest event reported) Ameriquest Mortgage Securities Inc (as Depositor under the Pooling and Servicing Agreement, dated as April 1, 2004, providing for the issuance of Asset-~~---~~Backed Pass-~~----~~Through Certificates, Series 2004-~~-------------------~~R2) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-105982---09 A33-~~1A.............~~0885129 $(Commission ~~404,820,000~~File ~~Variable(2~~Number) ~~M-3~~(I.R.S. Employer Identification No.~~.........~~) $1100 10TOWN & COUNTRY ROAD,~~000~~ SUITE 1100 ORANGE,~~000~~ ~~Variable~~CALIFORNIA 92868 (2Address of principal executive offices) ~~A-1B.............~~(Zip $Code) 44Registrant's Telephone Number,~~980,000~~ ~~Variable~~Including Area Code: (2714) M541-~~4.............~~9960 $Registrant's 12Telephone Number,~~000,000~~ ~~Variable~~Including Area Code: (2714) A564-~~2..............~~0660 $(Former ~~117~~name or former address,~~860,000~~ ~~Variable(2~~if changed since last report.) MCheck the appropriate box below if the Form 8-~~5.............~~K $filing ~~10,000,000~~is ~~Variable~~intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (2)see General Instruction A-3.2.~~............~~ $below): ~~66,120,000~~[ ~~Variable~~] Written communications pursuant to Rule 425 under the Securities Act (217 CFR 230.425) M[ ] Soliciting material pursuant to Rule 14a-~~6.............~~12(b) $under ~~9,200,000~~the ~~Variable~~Exchange Act (217 CFR 240.14a-12(b)) A[ ] Pre-~~4..............~~commencement $communications ~~58,220,000~~pursuant ~~Variable(~~to Rule 14d-2(b) ~~M-7.............~~under $the ~~8,000,000~~Exchange ~~Variable~~Act (17 CFR 240.14d-2(b)) M[ ] Pre-~~1..............~~commencement $communications ~~20,000,000~~pursuant ~~Variable~~to Rule 13e-4(2c) Munder the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 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 9.01 Financial Statements and Exhibits (c) Exhibits: Exhibit No. Description 99.1 Monthly Remittance Statement to the Certificateholders dated as of September 27, 2004.~~.......~~ $Signatures 8Pursuant to the requirements of the Securities Exchange Act of 1934,~~000~~ the Registrant has duly caused this report to be signed on its behalf by the undersigned,~~000~~ ~~Variable(2)~~hereunto ~~M-2~~duly authorized.~~.............~~ $Deutsche 18Bank National Trust Company,~~000~~ in its capacity as Trustee under the Pooling and Servicing Agreement on behalf of Ameriquest Mortgage Securities Inc.,~~000~~Registrant ~~Variable(2)~~Date: Sep 27, 2004 By: /s/ Katherine M-9. Wannenmacher Katherine M. Wannenmacher Vice President EXHIBIT INDEX DOCUMENT 99.~~..........~~1 $Monthly 8Remittance Statement to the Certificateholders dated as of September 27,~~000,000~~ ~~Variable(2)~~2004.

Sequentially Exhibit No. Description Numbered Page ----------- ----------- ------------- 4.1 Pooling and Servicing Agreement, dated as of April 7 1, 2004, by and among Ameriquest Mortgage Securities Inc. as Depositor, Ameriquest Mortgage Company as Master Servicer and Deutsche Bank National Trust Company as Trustee relating to the Series 2004-R2 Certificates.


	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates


	September 27, 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				22
			12.	Realized Loss Detail Report				25
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				26




				Total Number of Pages				26



			CONTACTS

				Administrator: Ronaldo Reyes
				Direct Phone Number: (714)247-6320
				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:		Ameriquest Mortgage Corp					Cut-Off Date: April 1, 2004
	Certificate Insurer(s):							Closing Date: April 5, 2004
								First Payment Date: May 25, 2004
	Servicer(s):		Ameriquest Mortgage Corp Master Servicer


								Distribution Date: September 27, 2004
	Underwriter(s):		RBS Greenwich Capital Underwriter					Record Date: September 24, 2004
			Banc of America Securities LLC					August 31, 2004






						Page 1 of 26					© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for September 27, 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)

A-1A		404,820,000.00			360,906,297.81	648,428.32	15,893,148.82	16,541,577.14	-	-	345,013,148.99
A-1B		44,980,000.00			40,100,699.76	70,761.03	1,765,905.42	1,836,666.45	-	-	38,334,794.34
A-2		117,860,000.00			86,772,355.41	135,617.96	10,767,086.00	10,902,703.96	-	-	76,005,269.41
A-3		66,120,000.00			66,120,000.00	110,007.15	-	110,007.15	-	-	66,120,000.00
A-4		58,220,000.00			58,220,000.00	107,003.51	-	107,003.51	-	-	58,220,000.00
M-1		20,000,000.00			20,000,000.00	37,491.67	-	37,491.67	-	-	20,000,000.00
M-2		18,000,000.00			18,000,000.00	34,567.50	-	34,567.50	-	-	18,000,000.00
M-3		10,000,000.00			10,000,000.00	19,845.83	-	19,845.83	-	-	10,000,000.00
M-4		12,000,000.00			12,000,000.00	29,315.00	-	29,315.00	-	-	12,000,000.00
M-5		10,000,000.00			10,000,000.00	25,070.83	-	25,070.83	-	-	10,000,000.00
M-6		9,200,000.00			9,200,000.00	25,426.50	-	25,426.50	-	-	9,200,000.00
M-7		8,000,000.00			8,000,000.00	24,310.00	-	24,310.00	-	-	8,000,000.00
M-8		8,000,000.00			8,000,000.00	25,043.33	-	25,043.33	-	-	8,000,000.00
M-9		8,000,000.00			8,000,000.00	33,843.33	-	33,843.33	-	-	8,000,000.00
CE		4,800,485.32			4,800,003.51	2,538,878.15	-	2,538,878.15	-	-	4,800,003.51
P		100.00			100.00	636,991.51	-	636,991.51	-	-	100.00
R		-			-	-	-	-	-	-	-


Total		800,000,585.32			720,119,456.49	4,502,601.62	28,426,140.24	32,928,741.86	-	-	691,693,316.25


	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)

A-1A	08/25/04	09/24/04		A-Act/360	03072SPX7	404,820,000.00	891.522894	1.601769	39.259792	40.861561	852.263102
A-1B	08/25/04	09/24/04		A-Act/360	03072SPD1	44,980,000.00	891.522894	1.573167	39.259791	40.832958	852.263102
A-2	08/25/04	09/24/04		A-Act/360	03072SPE9	117,860,000.00	736.232440	1.150670	91.354879	92.505549	644.877562
A-3	08/25/04	09/24/04		A-Act/360	03072SPF6	66,120,000.00	1,000.000000	1.663750	-	1.663750	1,000.000000
A-4	08/25/04	09/24/04		A-Act/360	03072SPG4	58,220,000.00	1,000.000000	1.837917	-	1.837917	1,000.000000
M-1	08/25/04	09/24/04		A-Act/360	03072SPH2	20,000,000.00	1,000.000000	1.874584	-	1.874584	1,000.000000
M-2	08/25/04	09/24/04		A-Act/360	03072SPJ8	18,000,000.00	1,000.000000	1.920417	-	1.920417	1,000.000000
M-3	08/25/04	09/24/04		A-Act/360	03072SPK5	10,000,000.00	1,000.000000	1.984583	-	1.984583	1,000.000000
M-4	08/25/04	09/24/04		A-Act/360	03072SPL3	12,000,000.00	1,000.000000	2.442917	-	2.442917	1,000.000000
M-5	08/25/04	09/24/04		A-Act/360	03072SPM1	10,000,000.00	1,000.000000	2.507083	-	2.507083	1,000.000000
M-6	08/25/04	09/24/04		A-Act/360	03072SPN9	9,200,000.00	1,000.000000	2.763750	-	2.763750	1,000.000000
M-7	08/25/04	09/24/04		A-Act/360	03072SPP4	8,000,000.00	1,000.000000	3.038750	-	3.038750	1,000.000000
M-8	08/25/04	09/24/04		A-Act/360	03072SPQ2	8,000,000.00	1,000.000000	3.130416	-	3.130416	1,000.000000
M-9	08/25/04	09/24/04		A-Act/360	03072SPR0	8,000,000.00	1,000.000000	4.230416	-	4.230416	1,000.000000
CE	07/31/04	08/31/04		F-30/360	AQ04R2101	4,800,485.32	999.899633	528.879474	-	528.879474	999.899633
P				A-Act/360	AQ04R2102	100.00	1,000.000000	6,369,915.100000	-	6,369,915.100000	1,000.000000
R				A-Act/360	AQ04R2103	-	-	-	-	-	-


							Page 2 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates
	REMIC I
	Certificate Payment Report for September 27, 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)

A-1A	404,820,000.00		3,063,635.64		57,949,963.55	1,856,887.46	59,806,851.01	62,870,486.65	-	-	345,013,148.99
A-1B	44,980,000.00		333,076.36		6,438,884.84	206,320.82	6,645,205.66	6,978,282.02	-	-	38,334,794.34
A-2	117,860,000.00		691,393.95		40,532,322.89	1,322,407.70	41,854,730.59	42,546,124.54	-	-	76,005,269.41
A-3	66,120,000.00		478,809.82		-	-	-	478,809.82	-	-	66,120,000.00
A-4	58,220,000.00		475,374.38		-	-	-	475,374.38	-	-	58,220,000.00
M-1	20,000,000.00		167,191.66		-	-	-	167,191.66	-	-	20,000,000.00
M-2	18,000,000.00		154,847.50		-	-	-	154,847.50	-	-	18,000,000.00
M-3	10,000,000.00		89,429.17		-	-	-	89,429.17	-	-	10,000,000.00
M-4	12,000,000.00		136,481.67		-	-	-	136,481.67	-	-	12,000,000.00
M-5	10,000,000.00		117,137.50		-	-	-	117,137.50	-	-	10,000,000.00
M-6	9,200,000.00		120,288.73		-	-	-	120,288.73	-	-	9,200,000.00
M-7	8,000,000.00		116,265.56		-	-	-	116,265.56	-	-	8,000,000.00
M-8	8,000,000.00		120,154.45		-	-	-	120,154.45	-	-	8,000,000.00
M-9	8,000,000.00		166,821.10		-	-	-	166,821.10	-	-	8,000,000.00
CE	4,800,485.32		14,399,211.54		446.52	35.29	481.81	14,399,693.35	-	-	4,800,003.51
P	100.00		2,102,096.63		-	-	-	2,102,096.63	-	-	100.00
R	-		-		-	-	-	-	-	-	-


Total	800,000,585.32		22,732,215.66		104,921,617.80	3,385,651.27	108,307,269.07	131,039,484.73	-	-	691,693,316.25


	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)

A-1A	1.96000%	360,906,297.81			648,428.32	-	-	-	648,428.32	648,428.32	-
A-1B	1.92500%	40,100,699.76			70,761.03	-	-	-	70,761.03	70,761.03	-
A-2	1.70500%	86,772,355.41			135,617.96	-	-	-	135,617.96	135,617.96	-
A-3	1.81500%	66,120,000.00			110,007.15	-	-	-	110,007.15	110,007.15	-
A-4	2.00500%	58,220,000.00			107,003.51	-	-	-	107,003.51	107,003.51	-
M-1	2.04500%	20,000,000.00			37,491.67	-	-	-	37,491.67	37,491.67	-
M-2	2.09500%	18,000,000.00			34,567.50	-	-	-	34,567.50	34,567.50	-
M-3	2.16500%	10,000,000.00			19,845.83	-	-	-	19,845.83	19,845.83	-
M-4	2.66500%	12,000,000.00			29,315.00	-	-	-	29,315.00	29,315.00	-
M-5	2.73500%	10,000,000.00			25,070.83	-	-	-	25,070.83	25,070.83	-
M-6	3.01500%	9,200,000.00			25,426.50	-	-	-	25,426.50	25,426.50	-
M-7	3.31500%	8,000,000.00			24,310.00	-	-	-	24,310.00	24,310.00	-
M-8	3.41500%	8,000,000.00			25,043.33	-	-	-	25,043.33	25,043.33	-
M-9	4.61500%	8,000,000.00			33,843.33	-	-	-	33,843.33	33,843.33	-
CE	4.23155%	4,800,003.51			2,538,878.15	-	-	-	2,538,878.15	2,538,878.15	-
P		100.00			636,991.51	-	-	-	636,991.51	636,991.51	-
R		-			-	-	-	-	-	-	-


Total		720,119,456.49			4,502,601.62	-	-	-	4,502,601.62	4,502,601.62	-


							Page 3 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					10,766,906.08	17,658,759.16	28,425,665.24
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					10,766,906.08	17,658,759.16	28,425,665.24

	Interest Collections					1,457,706.37	2,772,720.43	4,230,426.80
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	636,992.64
	Interest Fees					(107,406.15)	(256,936.67)	(364,342.82)
	TOTAL NET INTEREST					1,350,300.22	2,515,783.76	4,503,076.62

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION					12,117,206.30	20,174,542.92	32,928,741.86


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					221,165.59	427,449.01	648,614.60
	Prepayments In Full					10,490,651.59	17,201,002.36	27,691,653.95
	Curtailments					55,088.90	30,782.79	85,871.69
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Total Realized Loss Of Principal					0.00	(475.00)	(475.00)
	Delinquent Principal					(180,369.02)	(356,471.39)	(536,840.41)
	Advanced Principal					180,369.02	356,471.39	536,840.41

	TOTAL PRINCIPAL COLLECTED					10,766,906.08	17,658,759.16	28,425,665.24


				Page 4 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL



	TOTAL OTHER ACCOUNTS PRINCIPAL					0.00	0.00	0.00


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					1,541,114.40	2,935,988.42	4,477,102.82
	Liquidation Interest					0.00	0.00	0.00
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Capitalized Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Prepayment Interest Shortfalls					(7,351.85)	(11,896.63)	(19,248.48)
	Compensating Interest					7,351.85	11,896.63	19,248.48
	Delinquent Interest					(1,249,348.79)	(2,468,091.93)	(3,717,440.72)
	Interest Advanced					1,165,940.76	2,304,823.94	3,470,764.70

	TOTAL INTEREST COLLECTED					1,457,706.37	2,772,720.43	4,230,426.80


				Page 5 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Collection Account Report for September 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL


	Nonrecoverable Advances							0.00


	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Prepayment Charges							636,991.51
	Interest Earnings							1.13


	TOTAL INTEREST OTHER ACCOUNTS							636,992.64


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					20,309.89	33,063.87	53,373.76

	Trustee Fee					622.31	1,177.99	1,800.30

	PMI Premium					86,473.95	222,694.81	309,168.76

	TOTAL INTEREST OTHER FEES					107,406.15	256,936.67	364,342.82


				Page 6 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for September 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL

	Beginning Overcollateralized Amount							4,800,485.32
	Overcollateralization Reduction Amount							0.00
	Overcollateralization Deficiency Amount							475.00
	Overcollateralization Target Amount							4,800,003.51
	Excess Overcollateralization Amount							0.00
	Overcollateralization Increase Amount							475.00
	Ending Overcollateralized Amount							4,800,003.50


				Page 7 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					1582	3341	4923
	Prior					1,444	3,075	4,519
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(51)	(96)	(147)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					1,393	2,979	4,372

	*Principal Balance:*
	Original					280,000,720.55	519,999,864.77	800,000,585.32
	Prior					248,922,988.49	471,196,468.00	720,119,456.49
	Prefunding					-	-	-
	Scheduled Principal					(221,165.59)	(427,449.01)	(648,614.60)
	Partial and Full Voluntary Prepayments					(10,545,740.49)	(17,231,785.15)	(27,777,525.64)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					238,156,082.41	453,537,233.84	691,693,316.25

PREFUNDING						GROUP 2	GROUP 1	TOTAL

	Original Pre-funding Account Balance					0.00	0.00	0.00

	Beginning Pre-funding Account Balance					0.00	0.00	0.00
	LESS: Subsequent Loans Added					0.00	0.00	0.00
	LESS: Unused Pre-Funding Balance Released to Deal					0.00	0.00	0.00
	Ending Pre-funding Account Balance					0.00	0.00	0.00

	Initial Deposit in Capitalized Interest Account							0.00

	Capitalized Interest Account release					0.00	0.00	0.00


	Group 1
	Group 2
Current Prin Balance by Groups (in millions of dollars)					Total Current Principal Balance (in millions of dollars)


				Page 8 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.507671%	7.546660%	7.533014%
	Weighted Average Coupon Prior					7.453576%	7.493262%	7.479503%
	Weighted Average Coupon Current					7.429355%	7.477106%	7.460600%
	Weighted Average Months to Maturity Original					349	347	348
	Weighted Average Months to Maturity Prior					346	344	345
	Weighted Average Months to Maturity Current					345	342	343
	Weighted Avg Remaining Amortization Term Original					349	347	348
	Weighted Avg Remaining Amortization Term Prior					345	343	344
	Weighted Avg Remaining Amortization Term Current					344	342	343
	Weighted Average Seasoning Original					3.27	3.22	3.24
	Weighted Average Seasoning Prior					6.23	6.16	6.18
	Weighted Average Seasoning Current					7.20	7.15	7.16

Note: Original information refers to deal issue.


	Group 1
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Collateral Report for September 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.929%	3.939%
	Weighted Average Margin Prior					3.805%	3.884%
	Weighted Average Margin Current					3.760%	3.844%
	Weighted Average Max Rate Original					9.105%	9.144%
	Weighted Average Max Rate Prior					8.786%	8.996%
	Weighted Average Max Rate Current					8.673%	8.899%
	Weighted Average Min Rate Original					5.335%	5.391%
	Weighted Average Min Rate Prior					5.154%	5.303%
	Weighted Average Min Rate Current					5.080%	5.251%
	Weighted Average Cap Up Original					0.650%	0.650%
	Weighted Average Cap Up Prior					0.628%	0.641%
	Weighted Average Cap Up Current					0.621%	0.635%
	Weighted Average Cap Down Original					0.650%	0.650%
	Weighted Average Cap Down Prior					0.628%	0.641%
	Weighted Average Cap Down Current					0.621%	0.635%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					20,309.89	33,063.87	53,373.76
	Delinquent Servicing Fees					83,408.03	163,267.99	246,676.02
	TOTAL SERVICING FEES					103,717.92	196,331.86	300,049.78


	Compensating Interest					(7,351.85)	(11,896.63)	(19,248.48)
	Delinquent Servicing Fees					(83,408.03)	(163,267.99)	(246,676.02)
	COLLECTED SERVICING FEES					12,958.04	21,167.24	34,125.28
	Aggregate Advances with respect to this Distribution					1,346,309.78	2,661,295.33	4,007,605.11
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall					0.00	0.00	0.00


				Page 10 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			9,444,949.99	5,514,755.39	6,160,567.62	21,120,273.00
		% Balance			1.37%	0.80%	0.89%	3.05%
		# Loans			69	36	35	140
		% # Loans			1.58%	0.82%	0.80%	3.20%
FORECLOSURE		Balance		-	-	160,832.15	2,544,922.17	2,705,754.32
		% Balance		0.00%	0.00%	0.02%	0.37%	0.39%
		# Loans		-	-	1	23	24
		% # Loans		0.00%	0.00%	0.02%	0.53%	0.55%
BANKRUPTCY		Balance		1,901,830.45	160,208.06	85,987.42	230,988.62	2,379,014.55
		% Balance		0.27%	0.02%	0.01%	0.03%	0.34%
		# Loans		14	2	1	1	18
		% # Loans		0.32%	0.05%	0.02%	0.02%	0.41%
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		1,901,830.45	9,605,158.05	5,761,574.96	8,936,478.41	26,205,041.87
		% Balance		0.27%	1.39%	0.83%	1.29%	3.79%
		# Loans		14	71	38	59	182
		% # Loans		0.32%	1.62%	0.87%	1.35%	4.16%
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 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,085,207.34	3,977,825.41	3,735,081.59	13,798,114.34
		% Balance			1.34%	0.88%	0.82%	3.04%
		# Loans			45	26	23	94
		% # Loans			1.51%	0.87%	0.77%	3.16%
FORECLOSURE		Balance		-	-	160,832.15	1,996,179.34	2,157,011.49
		% Balance		0.00%	0.00%	0.04%	0.44%	0.48%
		# Loans		-	-	1	15	16
		% # Loans		0.00%	0.00%	0.03%	0.50%	0.54%
BANKRUPTCY		Balance		900,841.46	160,208.06	85,987.42	230,988.62	1,378,025.56
		% Balance		0.20%	0.04%	0.02%	0.05%	0.30%
		# Loans		8	2	1	1	12
		% # Loans		0.27%	0.07%	0.03%	0.03%	0.40%
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		900,841.46	6,245,415.40	4,224,644.98	5,962,249.55	17,333,151.39
		% Balance		0.20%	1.38%	0.93%	1.31%	3.82%
		# Loans		8	47	28	39	122
		% # Loans		0.27%	1.58%	0.94%	1.31%	4.10%
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 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Delinquency Report for September 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			3,359,742.65	1,536,929.98	2,425,486.03	7,322,158.66
		% Balance			1.41%	0.65%	1.02%	3.07%
		# Loans			24	10	12	46
		% # Loans			1.72%	0.72%	0.86%	3.30%
FORECLOSURE		Balance		-	-	-	548,742.83	548,742.83
		% Balance		0.00%	0.00%	0.00%	0.23%	0.23%
		# Loans		-	-	-	8	8
		% # Loans		0.00%	0.00%	0.00%	0.57%	0.57%
BANKRUPTCY		Balance		1,000,988.99	-	-	-	1,000,988.99
		% Balance		0.42%	0.00%	0.00%	0.00%	0.42%
		# Loans		6	-	-	-	6
		% # Loans		0.43%	0.00%	0.00%	0.00%	0.43%
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		1,000,988.99	3,359,742.65	1,536,929.98	2,974,228.86	8,871,890.48
		% Balance		0.42%	1.41%	0.65%	1.25%	3.73%
		# Loans		6	24	10	20	60
		% # Loans		0.43%	1.72%	0.72%	1.44%	4.31%
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 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	REO Report for September 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Original Principal Balance = 000.00				Loan Group 2 = Group 2; 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 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Foreclosure Report for September 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 18				Loan Group 1 = Group 1
Total Original Principal Balance = 2,026,450.00				Loan Group 2 = Group 2
Total Current Balance = 2,016,195.71


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

53467940 1		156,500.00	155,386.67	Mar-01-04	9.250%	CO - 84.60%	360	Aug-20-03
60538006 1		60,000.00	59,769.67	Apr-01-04	10.850%	AR - 75.00%	360	Oct-31-03
60949823 1		300,000.00	297,709.82	Mar-01-04	7.500%	CO - 84.75%	360	Oct-31-03
65691727 1		161,100.00	160,673.06	Apr-01-04	10.850%	GA - 90.00%	360	Jan-30-04
66269002 1		92,000.00	91,639.42	Mar-01-04	8.990%	CA - 79.65%	360	Jan-20-04
67330381 1		112,500.00	112,059.08	Mar-01-04	8.990%	UT - 90.00%	360	Jan-30-04
67373282 1		191,250.00	190,484.79	Mar-01-04	8.900%	CT - 85.00%	360	Jan-29-04
67552364 1		89,600.00	89,125.69	Apr-01-04	7.500%	CO - 74.67%	360	Jan-22-04
68182161 1		162,000.00	160,832.15	May-01-04	5.900%	TN - 90.00%	360	Jan-31-04
68494764 1		120,000.00	119,532.90	Mar-01-04	8.250%	MO - 83.92%	360	Jan-31-04
68643485 1		85,500.00	85,255.74	Mar-01-04	9.750%	IA - 75.00%	360	Feb-05-04
68748763 1		77,900.00	77,444.21	Mar-01-04	6.990%	MO - 89.99%	360	Jan-30-04
51172112 2		71,250.00	70,761.68	Mar-01-04	8.990%	IL - 75.00%	360	Aug-15-03
67594283 2		60,000.00	59,711.84	Mar-01-04	7.990%	FL - 75.00%	360	Jan-20-04
67720441 2		74,750.00	74,529.60	Mar-01-04	10.350%	AR - 65.00%	360	Jan-31-04
67961102 2		63,700.00	63,480.02	Apr-01-04	9.600%	MI - 74.94%	360	Jan-20-04
67965566 2		80,000.00	79,638.11	Apr-01-04	7.500%	CA - 47.06%	360	Feb-04-04
68552884 2		68,400.00	68,161.26	Mar-01-04	9.550%	FL - 88.83%	360	Jan-31-04


				Page 15 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					51	96	147
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					51	96	147

	Paid in Full Balance					10,490,651.59	17,201,002.36	27,691,653.95
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					55,088.90	30,782.79	85,871.69
	Total Prepayment Amount					10,545,740.49	17,231,785.15	27,777,525.64

	*Cumulative*
	Number of Paid in Full Loans					186	357	543
	Number of Repurchased Loans					3	4	7
	Total Number of Loans Prepaid in Full					189	361	550

	Paid in Full Balance					40,318,825.70	63,494,115.72	103,812,941.42
	Repurchased Loans Balance					196,309.26	476,873.00	673,182.26
	Curtailments Amount					168,849.34	147,840.61	316,689.95
	Total Prepayment Amount					40,683,984.30	64,118,829.33	104,802,813.63

SPACE INTENTIONALLY LEFT BLANK


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


				Page 16 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					4.24%	3.66%	3.86%
	3 Months Avg SMM					3.40%	3.28%	3.32%
	12 Months Avg SMM
	Avg SMM Since Cut-off					3.10%	2.61%	2.78%

	CPR					40.54%	36.08%	37.65%
	3 Months Avg CPR					33.98%	33.01%	33.35%
	12 Months Avg CPR
	Avg CPR Since Cut-off					31.48%	27.16%	28.69%

	PSA					2816.24%	2524.17%	2627.99%
	3 Months Avg PSA Approximation					2731.71%	2679.44%	2697.69%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					3006.70%	2620.31%	2758.22%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 17 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Prepayment Report for September 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

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/(0.002*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 and repurchases.
Dates correspond to distribution dates.

				Page 18 of 26				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 147						Loan Group 1 = Group 1
Total Original Principal Balance = 27,871,745.00						Loan Group 2 = Group 2
Total Prepayment Amount = 27,691,653.95


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

50753987 1			198,000.00	196,245.70	Aug-31-04	7.250%	CA - 90.00%	Paid Off - 360	Aug-21-03
52751229 1			166,500.00	165,120.29	Aug-30-04	8.200%	NY - 90.00%	Paid Off - 360	Aug-29-03
52815263 1			161,250.00	160,225.77	Sep-01-04	9.250%	MI - 75.00%	Paid Off - 360	Aug-26-03
53547204 1			139,000.00	138,010.80	Sep-10-04	8.350%	FL - 86.88%	Paid Off - 360	Aug-29-03
54294228 1			217,000.00	215,778.24	Sep-03-04	9.500%	MO - 34.94%	Paid Off - 360	Aug-29-03
54693809 1			190,000.00	188,701.15	Aug-19-04	8.550%	MA - 60.51%	Paid Off - 360	Aug-30-03
55107122 1			187,000.00	185,891.46	Aug-26-04	9.250%	CA - 70.57%	Paid Off - 360	Aug-27-03
55194401 1			180,000.00	178,378.44	Aug-25-04	7.750%	WA - 76.60%	Paid Off - 360	Aug-28-03
58590969 1			166,000.00	164,938.41	Aug-31-04	8.500%	FL - 89.73%	Paid Off - 360	Oct-09-03
58972241 1			102,000.00	101,649.28	Aug-31-04	10.850%	IL - 82.93%	Paid Off - 360	Oct-31-03
60318763 1			126,000.00	125,149.73	Aug-12-04	9.450%	WI - 88.11%	Paid Off - 360	Oct-29-03
60472925 1			181,900.00	180,976.58	Aug-24-04	8.990%	IL - 84.61%	Paid Off - 360	Oct-31-03
61271029 1			217,000.00	215,377.01	Aug-24-04	7.050%	IL - 73.88%	Paid Off - 360	Oct-31-03
63079149 1			167,000.00	165,620.16	Sep-01-04	5.990%	CA - 83.50%	Paid Off - 360	Nov-30-03
63362206 1			270,000.00	268,176.53	Sep-03-04	7.250%	MA - 87.10%	Paid Off - 360	Dec-10-03
63643449 1			318,000.00	315,854.53	Aug-13-04	6.250%	CA - 92.44%	Paid Off - 360	Dec-22-03
63783682 1			93,750.00	93,364.01	Aug-12-04	8.750%	CA - 75.00%	Paid Off - 360	Dec-31-03
63857684 1			154,000.00	153,490.00	Aug-20-04	9.800%	WI - 72.71%	Paid Off - 360	Dec-09-03
64217441 1			142,125.00	141,442.53	Aug-13-04	7.990%	MS - 69.67%	Paid Off - 360	Dec-16-03
64617806 1			208,000.00	206,982.87	Aug-31-04	7.900%	CA - 74.29%	Paid Off - 360	Dec-16-03
65186363 1			203,220.00	202,030.99	Aug-17-04	6.990%	MA - 90.00%	Paid Off - 360	Dec-29-03
65806184 1			217,000.00	215,647.37	Aug-20-04	9.250%	CA - 57.11%	Paid Off - 360	Dec-31-03
65890089 1			202,500.00	201,788.09	Sep-02-04	8.750%	CA - 86.17%	Paid Off - 360	Jan-27-04
66052549 1			106,500.00	106,125.38	Aug-26-04	8.750%	MI - 75.00%	Paid Off - 360	Jan-08-04
66099441 1			135,850.00	135,170.67	Aug-19-04	6.990%	MI - 95.00%	Paid Off - 360	Jan-12-04
66136045 1			160,000.00	156,823.15	Aug-13-04	8.850%	CA - 71.11%	Paid Off - 360	Jan-20-04
66170283 1			284,000.00	281,770.13	Aug-31-04	6.250%	CA - 94.67%	Paid Off - 360	Dec-31-03
66352204 1			159,600.00	158,787.82	Sep-02-04	6.900%	MN - 95.00%	Paid Off - 360	Jan-09-04
66395146 1			102,000.00	101,581.61	Aug-27-04	7.990%	MN - 85.00%	Paid Off - 360	Jan-14-04
66419664 1			155,000.00	154,187.93	Aug-24-04	6.750%	RI - 83.78%	Paid Off - 360	Jan-06-04
66590647 1			151,500.00	151,167.62	Aug-11-04	10.990%	FL - 72.84%	Paid Off - 360	Jan-22-04
66627100 1			250,000.00	249,121.07	Aug-25-04	8.750%	CA - 74.85%	Paid Off - 360	Jan-20-04
66708884 1			89,250.00	89,107.76	Aug-19-04	12.450%	GA - 85.00%	Paid Off - 360	Jan-15-04
66764184 1			135,000.00	134,354.34	Aug-20-04	7.250%	ME - 52.94%	Paid Off - 360	Jan-30-04
66798661 1			191,250.00	190,512.32	Aug-13-04	8.500%	MI - 85.00%	Paid Off - 360	Jan-15-04
66884263 1			169,000.00	168,363.95	Sep-01-04	7.500%	CO - 65.00%	Paid Off - 360	Feb-06-04
66884941 1			166,500.00	166,039.12	Aug-11-04	9.900%	WA - 89.04%	Paid Off - 360	Jan-26-04
66929449 1			169,400.00	168,740.60	Aug-31-04	8.250%	NC - 87.77%	Paid Off - 360	Jan-23-04
66973884 1			308,000.00	306,606.85	Aug-16-04	7.500%	CA - 78.97%	Paid Off - 360	Jan-20-04
67045765 1			126,000.00	125,578.35	Aug-25-04	8.990%	CO - 75.00%	Paid Off - 360	Jan-16-04
67090688 1			191,000.00	189,789.04	Sep-07-04	5.750%	WI - 88.84%	Paid Off - 360	Jan-29-04
67093161 1			199,500.00	198,400.61	Aug-16-04	6.500%	WA - 95.00%	Paid Off - 360	Jan-13-04
67125021 1			101,250.00	100,894.02	Sep-08-04	8.750%	MA - 75.00%	Paid Off - 360	Jan-26-04
67144428 1			126,650.00	126,260.66	Aug-25-04	9.400%	MI - 85.00%	Paid Off - 360	Jan-20-04

					Page 19 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



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

67189449 1			134,085.00	133,697.89	Sep-09-04	9.700%	IL - 79.96%	Paid Off - 360	Jan-27-04
67194183 1			234,000.00	233,022.66	Aug-12-04	7.900%	FL - 90.00%	Paid Off - 360	Jan-15-04
67241141 1			295,000.00	293,908.53	Aug-17-04	8.500%	MA - 77.43%	Paid Off - 360	Jan-23-04
67253948 1			153,000.00	152,433.92	Sep-02-04	8.500%	MN - 90.00%	Paid Off - 360	Jan-21-04
67271528 1			101,000.00	100,453.88	Sep-02-04	7.850%	FL - 74.81%	Paid Off - 360	Jan-23-04
67285825 1			229,500.00	228,299.43	Aug-12-04	6.990%	CA - 89.25%	Paid Off - 360	Jan-16-04
67295865 1			171,000.00	170,501.10	Aug-26-04	9.650%	CA - 87.69%	Paid Off - 360	Jan-16-04
67341628 1			237,000.00	235,552.93	Aug-30-04	5.950%	CA - 70.75%	Paid Off - 360	Jan-20-04
67435586 1			300,000.00	298,098.02	Aug-30-04	5.750%	CA - 55.05%	Paid Off - 360	Jan-26-04
67458364 1			83,000.00	82,516.83	Aug-24-04	6.500%	RI - 51.88%	Paid Off - 360	Jan-21-04
67498923 1			245,000.00	244,277.69	Aug-26-04	9.600%	CA - 70.00%	Paid Off - 360	Jan-23-04
67531681 1			238,000.00	236,742.81	Aug-27-04	6.750%	MA - 50.56%	Paid Off - 360	Jan-30-04
67598607 1			88,999.00	87,592.05	Aug-20-04	9.250%	WI - 74.17%	Paid Off - 180	Jan-27-04
67634964 1			221,000.00	220,156.98	Aug-19-04	8.350%	CA - 85.00%	Paid Off - 360	Jan-21-04
67660266 1			136,500.00	136,043.21	Aug-18-04	8.990%	CA - 65.00%	Paid Off - 360	Jan-23-04
67660845 1			215,000.00	214,204.51	Sep-02-04	8.500%	CA - 84.31%	Paid Off - 360	Jan-20-04
67671602 1			230,000.00	229,451.30	Aug-11-04	10.600%	NY - 69.70%	Paid Off - 360	Jan-31-04
67796383 1			148,000.00	147,330.37	Aug-27-04	7.500%	RI - 80.00%	Paid Off - 360	Jan-21-04
67881524 1			181,350.00	180,362.99	Aug-18-04	8.500%	MD - 90.00%	Paid Off - 360	Jan-29-04
67914085 1			161,250.00	160,789.34	Sep-10-04	9.750%	CO - 75.00%	Paid Off - 360	Jan-27-04
68043009 1			230,200.00	229,255.72	Aug-19-04	7.990%	MI - 93.96%	Paid Off - 360	Jan-30-04
68054089 1			252,999.00	251,939.58	Aug-20-04	6.950%	CA - 62.47%	Paid Off - 360	Feb-05-04
68079904 1			124,000.00	123,491.34	Aug-31-04	7.990%	MI - 87.94%	Paid Off - 360	Jan-28-04
68155423 1			165,000.00	164,253.65	Sep-01-04	7.500%	CA - 64.71%	Paid Off - 360	Jan-29-04
68177484 1			171,000.00	170,457.70	Aug-13-04	9.250%	RI - 75.00%	Paid Off - 360	Jan-28-04
68228303 1			228,000.00	227,052.73	Sep-10-04	6.990%	MA - 76.25%	Paid Off - 360	Feb-02-04
68245885 1			217,000.00	215,101.13	Aug-25-04	5.990%	NY - 77.19%	Paid Off - 360	Jan-31-04
68358563 1			122,519.00	121,959.13	Sep-02-04	6.500%	NH - 81.14%	Paid Off - 360	Feb-06-04
68491281 1			310,000.00	308,597.83	Aug-31-04	7.500%	CA - 78.88%	Paid Off - 360	Jan-28-04
68491802 1			127,000.00	126,530.07	Aug-17-04	8.500%	MA - 38.48%	Paid Off - 360	Jan-30-04
68523703 1			106,100.00	105,544.08	Aug-25-04	6.750%	MN - 68.45%	Paid Off - 360	Jan-28-04
68549922 1			309,500.00	308,081.96	Aug-27-04	6.500%	CA - 89.71%	Paid Off - 360	Feb-05-04
68638121 1			216,000.00	215,070.34	Aug-31-04	7.750%	FL - 90.00%	Paid Off - 360	Jan-28-04
68638964 1			178,500.00	177,968.18	Sep-07-04	9.550%	CA - 83.02%	Paid Off - 360	Jan-31-04
68678127 1			234,000.00	232,821.29	Aug-11-04	5.990%	CA - 90.00%	Paid Off - 360	Feb-06-04
68702943 1			140,250.00	139,674.69	Aug-31-04	7.990%	IL - 85.00%	Paid Off - 360	Jan-30-04
68771666 1			303,900.00	302,524.71	Sep-01-04	6.550%	MD - 84.42%	Paid Off - 360	Feb-05-04
68800002 1			130,000.00	129,326.44	Aug-17-04	5.850%	WA - 89.66%	Paid Off - 360	Feb-04-04
68865567 1			238,500.00	237,002.05	Sep-02-04	5.800%	MA - 87.68%	Paid Off - 360	Jan-31-04
68933860 1			81,500.00	81,198.43	Sep-10-04	8.500%	FL - 84.02%	Paid Off - 360	Jan-30-04
68990068 1			254,500.00	253,667.46	Sep-01-04	9.100%	NV - 84.83%	Paid Off - 360	Jan-30-04
69018687 1			172,500.00	171,779.54	Sep-09-04	7.900%	CA - 75.00%	Paid Off - 360	Feb-04-04
69078343 1			137,000.00	135,411.87	Sep-02-04	5.500%	RI - 34.25%	Paid Off - 240	Feb-04-04
69246080 1			127,500.00	127,112.25	Aug-31-04	8.550%	CA - 75.00%	Paid Off - 360	Feb-05-04
69274322 1			272,000.00	270,915.51	Sep-01-04	7.200%	CA - 76.62%	Paid Off - 360	Feb-05-04
70912209 1			136,500.00	136,099.01	Sep-02-04	7.600%	CA - 75.00%	Paid Off - 360	Mar-05-04
71469209 1			144,800.00	144,582.68	Sep-02-04	10.850%	CA - 80.00%	Paid Off - 360	Mar-08-04
72100225 1			60,000.00	59,918.70	Aug-19-04	11.300%	CA - 11.88%	Paid Off - 360	Mar-03-04
72743941 1			79,000.00	78,872.75	Aug-12-04	10.500%	MD - 79.00%	Paid Off - 360	Mar-11-04
73687022 1			235,800.00	234,189.31	Aug-16-04	7.550%	NV - 90.00%	Paid Off - 360	Mar-26-04
73756629 1			92,000.00	91,762.89	Sep-02-04	8.250%	AZ - 78.23%	Paid Off - 360	Mar-30-04
73914921 1			204,000.00	203,179.96	Aug-26-04	5.990%	AZ - 75.56%	Paid Off - 360	Mar-29-04

					Page 20 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for September 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution



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

53159125 2			84,000.00	82,784.51	Sep-01-04	10.250%	MI - 54.19%	Paid Off - 360	Aug-26-03
53465027 2			195,000.00	192,943.68	Sep-08-04	6.500%	MA - 78.00%	Paid Off - 360	Aug-26-03
53495842 2			222,000.00	220,871.16	Aug-27-04	9.990%	CA - 75.00%	Paid Off - 360	Aug-27-03
53767067 2			433,500.00	430,352.47	Sep-08-04	8.250%	MA - 85.00%	Paid Off - 360	Aug-25-03
54279302 2			68,000.00	36,802.28	Aug-30-04	12.050%	CA - 85.00%	Paid Off - 360	Aug-29-03
54949243 2			427,500.00	423,718.68	Aug-26-04	7.250%	CA - 75.00%	Paid Off - 360	Aug-29-03
55221147 2			60,000.00	59,678.52	Aug-18-04	9.990%	FL - 63.16%	Paid Off - 360	Aug-31-03
55356661 2			454,500.00	450,272.12	Aug-17-04	6.990%	PA - 87.40%	Paid Off - 360	Aug-30-03
58559246 2			369,000.00	367,703.92	Aug-27-04	10.750%	NH - 90.00%	Paid Off - 360	Oct-30-03
58746322 2			89,300.00	88,717.60	Aug-12-04	7.750%	OK - 55.81%	Paid Off - 360	Oct-31-03
59161802 2			185,000.00	184,341.95	Aug-17-04	10.700%	NY - 62.29%	Paid Off - 360	Oct-10-03
59815266 2			60,001.00	59,715.23	Sep-01-04	9.300%	OK - 72.29%	Paid Off - 360	Oct-29-03
62686902 2			60,000.00	59,221.91	Sep-01-04	7.500%	OH - 27.91%	Paid Off - 360	Nov-20-03
63369060 2			599,999.00	595,746.58	Sep-01-04	5.990%	MA - 74.07%	Paid Off - 360	Dec-31-03
64012388 2			109,000.00	108,506.95	Aug-17-04	7.500%	CA - 87.20%	Paid Off - 360	Jan-13-04
64678246 2			111,750.00	111,336.48	Sep-09-04	8.500%	NH - 75.00%	Paid Off - 360	Jan-14-04
64863764 2			75,250.00	74,940.17	Aug-18-04	8.750%	MI - 48.55%	Paid Off - 360	Dec-18-03
64917842 2			60,000.00	59,853.88	Sep-03-04	11.250%	IN - 75.00%	Paid Off - 360	Dec-19-03
65908725 2			173,500.00	172,890.02	Sep-03-04	8.750%	CA - 43.38%	Paid Off - 360	Jan-29-04
65911604 2			149,500.00	148,884.56	Sep-01-04	8.750%	PA - 63.35%	Paid Off - 360	Dec-30-03
66435025 2			215,900.00	215,177.51	Aug-26-04	8.990%	AZ - 85.00%	Paid Off - 360	Jan-22-04
66512161 2			60,000.00	59,856.83	Aug-23-04	10.600%	FL - 80.00%	Paid Off - 360	Jan-28-04
66552001 2			70,500.00	70,182.65	Sep-08-04	7.990%	FL - 82.94%	Paid Off - 360	Feb-06-04
66800061 2			225,000.00	224,322.63	Aug-19-04	9.500%	NY - 54.61%	Paid Off - 360	Jan-30-04
66879321 2			170,000.00	168,991.04	Aug-20-04	6.100%	CA - 79.07%	Paid Off - 360	Jan-27-04
66901968 2			221,250.00	220,249.23	Sep-07-04	7.500%	CA - 76.29%	Paid Off - 360	Jan-31-04
66919242 2			206,646.00	205,167.65	Aug-12-04	6.900%	IL - 88.16%	Paid Off - 360	Jan-14-04
67202366 2			84,000.00	82,937.97	Aug-13-04	8.500%	ME - 60.00%	Paid Off - 360	Feb-02-04
67257584 2			364,000.00	361,794.24	Sep-08-04	5.990%	CA - 48.53%	Paid Off - 360	Jan-20-04
67381202 2			60,000.00	59,780.84	Sep-03-04	8.990%	FL - 75.00%	Paid Off - 360	Jan-27-04
67401968 2			551,250.00	548,630.53	Aug-25-04	7.250%	CA - 76.56%	Paid Off - 360	Jan-26-04
67463885 2			256,000.00	255,143.30	Aug-27-04	8.990%	CA - 80.00%	Paid Off - 360	Jan-26-04
67686642 2			60,000.00	59,828.54	Aug-17-04	9.750%	WI - 45.11%	Paid Off - 360	Jan-26-04
67725887 2			495,000.00	492,670.84	Aug-24-04	7.300%	MA - 49.50%	Paid Off - 360	Jan-31-04
67737304 2			86,700.00	85,736.85	Aug-23-04	7.750%	AZ - 85.00%	Paid Off - 240	Jan-31-04
67917526 2			138,000.00	137,405.55	Sep-03-04	7.750%	CA - 81.18%	Paid Off - 360	Jan-23-04
68017409 2			465,000.00	461,996.18	Sep-03-04	5.650%	CA - 66.43%	Paid Off - 360	Feb-05-04
68024603 2			217,202.00	216,461.52	Aug-20-04	8.900%	MA - 40.98%	Paid Off - 360	Jan-23-04
68032945 2			70,500.00	70,244.42	Sep-07-04	8.600%	MI - 47.96%	Paid Off - 360	Jan-30-04
68217249 2			530,500.00	523,612.00	Aug-31-04	5.990%	NY - 81.62%	Paid Off - 360	Jan-31-04
68288703 2			60,000.00	59,777.99	Aug-25-04	8.500%	FL - 45.80%	Paid Off - 360	Jan-28-04
68536523 2			85,500.00	85,242.59	Aug-24-04	8.600%	FL - 74.35%	Paid Off - 360	Feb-03-04
68599786 2			170,000.00	169,120.72	Aug-24-04	5.850%	MA - 78.52%	Paid Off - 360	Feb-05-04
68633627 2			416,000.00	413,623.42	Sep-07-04	6.300%	CA - 86.67%	Paid Off - 360	Jan-28-04
68642123 2			114,750.00	114,386.05	Aug-26-04	9.250%	FL - 81.96%	Paid Off - 360	Jan-31-04
68806546 2			248,000.00	247,170.11	Aug-27-04	8.990%	MA - 80.00%	Paid Off - 360	Jan-30-04
69343242 2			71,250.00	71,007.23	Aug-17-04	7.990%	FL - 75.00%	Paid Off - 360	Feb-06-04
69455681 2			248,000.00	246,930.72	Sep-02-04	6.800%	MA - 73.49%	Paid Off - 360	Feb-04-04
72384282 2			369,000.00	367,997.66	Aug-12-04	7.990%	CA - 90.00%	Paid Off - 360	Mar-09-04
72700669 2			60,000.00	59,912.28	Aug-27-04	10.950%	MS - 55.56%	Paid Off - 360	Mar-11-04
72754120 2			206,250.00	206,009.83	Sep-01-04	11.990%	MA - 75.00%	Paid Off - 360	Mar-30-04


					Page 21 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					-	475.00	475.00
	Net Liquidation Proceeds					-	(475.00)	(475.00)

	*Cumulative*
	Number of Loans Liquidated					-	1	1
	Collateral Realized Loss/(Gain) Amount					-	27,175.53	27,175.53
	Net Liquidation Proceeds					-	91,628.63	91,628.63

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

SPACE INTENTIONALLY LEFT BLANK


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 22 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL

	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.00%	0.01%	0.01%
	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					0.00%	0.10%	0.06%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.00%	0.06%	0.04%

	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					0.00%	0.79%	0.52%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.00%	0.57%	0.37%

	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 1
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 23 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Realized Loss Report for September 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1
	Group 2

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 24 of 26				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for September 27, 2004 Distribution


	Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY							LOAN GROUP
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 1						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 475.00
Total Realized Loss Amount = 475.00
Total Net Liquidation Proceeds = -475.00
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)

68035468 1				OK - 85.00%	360		Revision	475.00


					Page 25 of 26				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R2
	Mortgage Pass-Through Certificates

	Triggers, Adj. Rate Cert. and Miscellaneous Report for September 27, 2004 Distribution


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS						GROUP 2	GROUP 1	TOTAL

	Trigger Event in effect							No
	Stepdown Date has occurred							No

	Balances 60+ days							16,282,907.78
	Ending Balance							691,693,316.25
	Delinquency Percentage							2.35%

	Balance of Mezzanine and C Class							108,000,003.51
	Ending Balance							691,693,316.25
	Credit Enhancement Percentage							15.61%


ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net WAC Rate Carryover Amt: Class A							0.00
	Net WAC Rate Carryover Amt: Class M-1							0.00
	Net WAC Rate Carryover Amt: Class M-2							0.00
	Net WAC Rate Carryover Amt: Class M-3							0.00
	Net WAC Rate Carryover Amt: Class M-4							0.00
	Net WAC Rate Carryover Amt: Class M-5							0.00
	Net WAC Rate Carryover Amt: Class M-6							0.00
	Net WAC Rate Carryover Amt: Class M-7							0.00
	Net WAC Rate Carryover Amt: Class M-8							0.00
	Net WAC Rate Carryover Amt: Class M-9							0.00
	Net WAC Rate Carryover Amt: Class A unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-1 unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-2 unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-3 unpaid							0.00
	*Net WAC Rate Carryover Amt: Class M-4 unpaid*							0.00

ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Libor for Current Period							1.615000%

	Current Period loan level losses							475.00
	Current Recoveries or Losses from Prior periods							0.00
	Total Current Losses							475.00

	Net WAC Rate Carryover Reserve Account							1,000.00


				Page 26 of 26				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 2004-R2