

                                       UNITED STATES
                            SECURITIES AND EXCHANGE COMMISSION
                                 Washington, D.C. 20549

                                         FORM 8-K

                                     CURRENT REPORT
      Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

              Date of Report (Date of earliest event reported):
                           (Date of earliest event reported)

         Ameriquest Mortgage Securities Inc (as Depositor under the Trust
         Agreement, dated as July 1, 2004, providing for the issuance of
          Asset-Backed Pass-Through Certificates, Series 2004-R7)
                 (Exact name of registrant as specified in charter)

                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-112203-03                          33-0885129
          (Commission File Number)        (I.R.S. Employer Identification No.)


          1100 TOWN & COUNTRY ROAD, SUITE 1100
          ORANGE, CALIFORNIA                              92868
          (Address of principal executive offices)     (Zip Code)


          Registrant's Telephone Number, Including Area Code:  (714) 564-0660

            (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 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
     .

                                    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,
                                  in its capacity as Trustee under the
                                  Pooling and Servicing Agreement on
                                  behalf of Ameriquest Mortgage
                                  Securities Inc.,Registrant


          Date:  Sep 27, 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-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution

				External Parties					Table of Contents

												Page
				Seller								Page
				Seller					1. Certificate Payment Report					2
				Ameriquest Mortgage Corp					1. Certificate Payment Report					2
				Ameriquest Mortgage Corp					2. Collection Account Report					6
									2. Collection Account Report					6
									3. Credit Enhancement Report					8
									4. Collateral Report					9
				Certificate Insurer(s)					5. Delinquency Report					12
				Certificate Insurer(s)					5. Delinquency Report					12
									6. REO Report					15

				Financial Security Assurance					7. Foreclosure Report					16
									8. Prepayment Report					17
									9. Prepayment Detail Report					20
									9. Prepayment Detail Report					20
									10. Realized Loss Report					24
									11. Realized Loss Detail Report					27
				Servicer(s)					11. Realized Loss Detail Report					27
				Servicer(s)					12. Triggers and Adj. Cert. Report					28
				Ameriquest Mortgage Corp					12. Triggers and Adj. Cert. Report					28
				Ameriquest Mortgage Corp					13. Additional Certificate Report					29
									13. Additional Certificate Report					29


				Underwriter(s)
				Citigroup


									Total Number of Pages					29
									Total Number of Pages

				Dates					Contacts

				Cut-Off Date:		July 01, 2004			Valerie Delgado
				Close Date:		July 07, 2004			Administrator
				First Distribution Date:		August 25, 2004			(714) 247-6273
									valerie.m.delgado@db.com
									valerie.m.delgado@db.com
									Address:
									1761 East St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:		September 27, 2004
									Factor Information:			(800) 735-7777
				Record Date:		August 31, 2004			Factor Information:			(800) 735-7777
									Main Phone Number:			(714) 247-6000

						September 24, 2004
						September 24, 2004

									https://www.corporatetrust.db.com/invr



Page 1 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - REMIC I
					Prior											Current
	Class		Original		Principal					Total		Realized		Deferred		Principal
	Class		Original		Principal					Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance	Interest		Principal		Distribution		Loss		Interest		Balance


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

A-1		$	1,588,146,000.00		1,567,010,499.41	2,635,842.24		20,492,157.13		23,127,999.37		0.00		0.00		1,546,518,342.28
A-1		$	1,588,146,000.00		1,567,010,499.41	2,635,842.24		20,492,157.13		23,127,999.37		0.00		0.00		1,546,518,342.28
A-2		$	99,339,000.00		94,241,655.61	150,747.38		4,873,036.68		5,023,784.06		0.00		0.00		89,368,618.93
A-3		$	141,544,000.00		141,544,000.00	244,576.24		0.00		244,576.24		0.00		0.00		141,544,000.00
A-4		$	81,370,000.00		81,370,000.00	159,247.87		0.00		159,247.87		0.00		0.00		81,370,000.00
A-5		$	41,800,000.00		39,161,585.32	62,283.24		2,522,311.72		2,584,594.96		0.00		0.00		36,639,273.60
A-6		$	125,000,000.00		125,000,000.00	227,447.92		0.00		227,447.92		0.00		0.00		125,000,000.00
M-1		$	45,600,000.00		45,600,000.00	89,243.00		0.00		89,243.00		0.00		0.00		45,600,000.00
M-2		$	18,000,000.00		18,000,000.00	37,042.50		0.00		37,042.50		0.00		0.00		18,000,000.00
M-3		$	57,600,000.00		57,600,000.00	121,176.00		0.00		121,176.00		0.00		0.00		57,600,000.00
M-4		$	28,800,000.00		28,800,000.00	62,436.00		0.00		62,436.00		0.00		0.00		28,800,000.00
M-5		$	26,400,000.00		26,400,000.00	66,913.00		0.00		66,913.00		0.00		0.00		26,400,000.00
M-6		$	30,000,000.00		30,000,000.00	81,537.50		0.00		81,537.50		0.00		0.00		30,000,000.00
M-7		$	22,800,000.00		22,800,000.00	69,283.50		0.00		69,283.50		0.00		0.00		22,800,000.00
M-8		$	20,400,000.00		20,400,000.00	67,600.50		0.00		67,600.50		0.00		0.00		20,400,000.00
M-9		$	20,400,000.00		20,400,000.00	70,405.50		0.00		70,405.50		0.00		0.00		20,400,000.00
M-10		$	16,800,000.00		16,800,000.00	74,921.00		0.00		74,921.00		0.00		0.00		16,800,000.00
M-11		$	12,000,000.00		12,000,000.00	45,265.00		0.00		45,265.00		0.00		0.00		12,000,000.00
CE		$	23,998,448.29		23,999,975.48	8,085,292.41		0.00		8,085,292.41		0.00		0.00		23,999,975.48
P		$	100.00		100.00	255,258.73		0.00		255,258.73		0.00		0.00		100.00
R		$	0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			2,399,997,548.29		2,371,127,815.82	12,606,519.53		27,887,505.53		40,494,025.06		0.00		0.00		2,343,240,310.29
Total





Page 2 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution

Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
								Orig. Principal		Prior							Current
								Orig. Principal		Prior							Current
	Period		Period					(with Notional)		Principal						Total	Principal
	Period		Period
Class	Starting		Ending		Method	Cusip		Balance		Balance		Interest		Principal		Distribution	Balance

								(1)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1	08/25/04		09/26/04		A-Act/360	03072STB1		1,588,146,000.00		986.691714		1.659698		12.903195		14.562892	973.788520
A-2	08/25/04		09/26/04		A-Act/360	03072STC9		99,339,000.00		948.687380		1.517505		49.054618		50.572122	899.632762
A-3	08/25/04		09/26/04		A-Act/360	03072STD7		141,544,000.00		1,000.000000		1.727917		0.000000		1.727917	1,000.000000
A-4	08/25/04		09/26/04		A-Act/360	03072STE5		81,370,000.00		1,000.000000		1.957083		0.000000		1.957083	1,000.000000
A-5	08/25/04		09/26/04		A-Act/360	03072STF2		41,800,000.00		936.880032		1.490030		60.342386		61.832415	876.537646
A-6	08/25/04		09/26/04		A-Act/360	03072STT2		125,000,000.00		1,000.000000		1.819583		0.000000		1.819583	1,000.000000
M-1	08/25/04		09/26/04		A-Act/360	03072STG0		45,600,000.00		1,000.000000		1.957083		0.000000		1.957083	1,000.000000
M-2	08/25/04		09/26/04		A-Act/360	03072STH8		18,000,000.00		1,000.000000		2.057917		0.000000		2.057917	1,000.000000
M-3	08/25/04		09/26/04		A-Act/360	03072STJ4		57,600,000.00		1,000.000000		2.103750		0.000000		2.103750	1,000.000000
M-4	08/25/04		09/26/04		A-Act/360	03072STK1		28,800,000.00		1,000.000000		2.167917		0.000000		2.167917	1,000.000000
M-5	08/25/04		09/26/04		A-Act/360	03072STL9		26,400,000.00		1,000.000000		2.534583		0.000000		2.534583	1,000.000000
M-6	08/25/04		09/26/04		A-Act/360	03072STM7		30,000,000.00		1,000.000000		2.717917		0.000000		2.717917	1,000.000000
M-7	08/25/04		09/26/04		A-Act/360	03072STN5		22,800,000.00		1,000.000000		3.038750		0.000000		3.038750	1,000.000000
M-8	08/25/04		09/26/04		A-Act/360	03072STP0		20,400,000.00		1,000.000000		3.313750		0.000000		3.313750	1,000.000000
M-9	08/25/04		09/26/04		A-Act/360	03072STQ8		20,400,000.00		1,000.000000		3.451250		0.000000		3.451250	1,000.000000
M-10	08/25/04		09/26/04		A-Act/360	03072STR6		16,800,000.00		1,000.000000		4.459583		0.000000		4.459583	1,000.000000
M-11	08/25/04		09/26/04		A-Act/360	03072STS4		12,000,000.00		1,000.000000		3.772083		0.000000		3.772083	1,000.000000
CE	08/01/04		08/30/04		F-30/360	AQ04R7201		23,998,448.29		1,000.063637		336.908966		0.000000		336.908966	1,000.063637
P	08/01/04		08/30/04		A-30/360	AQ04R7202		100.00		1,000.000000		2,552,587.300000		0.000000		2,552,587.300000	1,000.000000
R	08/01/04		08/30/04		A-30/360	AQ04R7203		0.00		0.000000		0.000000		0.000000		0.000000	0.000000




Page 3 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution

Distribution to Date - REMIC I
																Current


	Original				Unscheduled	Scheduled		Total		Total		Realized		Deferred		Principal

Class	Face Value		Interest		Principal	Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1	1,588,146,000.00		6,051,238.44		38,311,552.74	3,316,104.98		41,627,657.72		47,678,896.16		0.00		0.00		1,546,518,342.28
A-2	99,339,000.00		352,212.39		9,327,451.97	642,929.10		9,970,381.07		10,322,593.46		0.00		0.00		89,368,618.93
A-3	141,544,000.00		558,607.33		0.00	0.00		0.00		558,607.33		0.00		0.00		141,544,000.00
A-4	81,370,000.00		367,464.66		0.00	0.00		0.00		367,464.66		0.00		0.00		81,370,000.00
A-5	41,800,000.00		146,487.02		4,827,942.62	332,783.78		5,160,726.40		5,307,213.42		0.00		0.00		36,639,273.60
A-6	125,000,000.00		521,788.20		0.00	0.00		0.00		521,788.20		0.00		0.00		125,000,000.00
M-1	45,600,000.00		205,928.33		0.00	0.00		0.00		205,928.33		0.00		0.00		45,600,000.00
M-2	18,000,000.00		85,797.50		0.00	0.00		0.00		85,797.50		0.00		0.00		18,000,000.00
M-3	57,600,000.00		281,112.00		0.00	0.00		0.00		281,112.00		0.00		0.00		57,600,000.00
M-4	28,800,000.00		145,148.00		0.00	0.00		0.00		145,148.00		0.00		0.00		28,800,000.00
M-5	26,400,000.00		157,105.67		0.00	0.00		0.00		157,105.67		0.00		0.00		26,400,000.00
M-6	30,000,000.00		192,195.83		0.00	0.00		0.00		192,195.83		0.00		0.00		30,000,000.00
M-7	22,800,000.00		164,245.50		0.00	0.00		0.00		164,245.50		0.00		0.00		22,800,000.00
M-8	20,400,000.00		160,896.50		0.00	0.00		0.00		160,896.50		0.00		0.00		20,400,000.00
M-9	20,400,000.00		167,866.50		0.00	0.00		0.00		167,866.50		0.00		0.00		20,400,000.00
M-10	16,800,000.00		180,336.34		0.00	0.00		0.00		180,336.34		0.00		0.00		16,800,000.00
M-11	12,000,000.00		108,311.66		0.00	0.00		0.00		108,311.66		0.00		0.00		12,000,000.00
CE	23,998,448.29		14,975,853.04		0.00	0.00		0.00		14,975,853.04		0.00		1,527.19		23,999,975.48
P	100.00		401,080.02		0.00	0.00		0.00		401,080.02		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	2,399,997,548.29		25,223,674.93		52,466,947.33	4,291,817.86		56,758,765.19		81,982,440.12		0.00		1,527.19		2,343,240,310.29



Page 4 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution

Interest Detail - REMIC I
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or		Current
	Pass		Prior Principal			Non-		Prior		Unscheduled				Paid or

	Through		(with Notional)		Accrued	Supported		Unpaid		Interest		Optimal		Deferred		Unpaid

Class	Rate		Balance		Interest	Interest SF		Interest		Adjustment		Interest		Interest		Interest
					(1)	(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1	1.83500%		1,567,010,499.41		2,635,842.24	0.00		0.00		0.00		2,635,842.24		2,635,842.24		0.00
A-2	1.74500%		94,241,655.61		150,747.38	0.00		0.00		0.00		150,747.38		150,747.38		0.00
A-3	1.88500%		141,544,000.00		244,576.24	0.00		0.00		0.00		244,576.24		244,576.24		0.00
A-4	2.13500%		81,370,000.00		159,247.87	0.00		0.00		0.00		159,247.87		159,247.87		0.00
A-5	1.73500%		39,161,585.32		62,283.24	0.00		0.00		0.00		62,283.24		62,283.24		0.00
A-6	1.98500%		125,000,000.00		227,447.92	0.00		0.00		0.00		227,447.92		227,447.92		0.00
M-1	2.13500%		45,600,000.00		89,243.00	0.00		0.00		0.00		89,243.00		89,243.00		0.00
M-2	2.24500%		18,000,000.00		37,042.50	0.00		0.00		0.00		37,042.50		37,042.50		0.00
M-3	2.29500%		57,600,000.00		121,176.00	0.00		0.00		0.00		121,176.00		121,176.00		0.00
M-4	2.36500%		28,800,000.00		62,436.00	0.00		0.00		0.00		62,436.00		62,436.00		0.00
M-5	2.76500%		26,400,000.00		66,913.00	0.00		0.00		0.00		66,913.00		66,913.00		0.00
M-6	2.96500%		30,000,000.00		81,537.50	0.00		0.00		0.00		81,537.50		81,537.50		0.00
M-7	3.31500%		22,800,000.00		69,283.50	0.00		0.00		0.00		69,283.50		69,283.50		0.00
M-8	3.61500%		20,400,000.00		67,600.50	0.00		0.00		0.00		67,600.50		67,600.50		0.00
M-9	3.76500%		20,400,000.00		70,405.50	0.00		0.00		0.00		70,405.50		70,405.50		0.00
M-10	4.86500%		16,800,000.00		74,921.00	0.00		0.00		0.00		74,921.00		74,921.00		0.00
M-11	4.11500%		12,000,000.00		45,265.00	0.00		0.00		0.00		45,265.00		45,265.00		0.00
CE	404.26503%		23,999,975.48		0.00	0.00		0.00		0.00		0.00		8,085,292.41		0.00
P	0.00000%		100.00		0.00	0.00		0.00		0.00		0.00		255,258.73		0.00
R	0.00000%		0.00		0.00	0.00		0.00		0.00		0.00		0.00		0.00


Total			2,371,127,815.82		4,265,968.39	0.00		0.00		0.00		4,265,968.39		12,606,519.53		0.00



Page 5 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
Collection Account Report
SUMMARY
SUMMARY
									Group 2		Group 1		Total
Principal Collections									7,395,348.40		20,492,157.14		27,887,505.54
Principal Withdrawals									0.00		0.00		0.00
Principal Other Accounts									0.00		0.00		0.00
TOTAL NET PRINCIPAL									7,395,348.40		20,492,157.14		27,887,505.54
Interest Collections									3,147,992.78		10,800,110.26		13,948,103.04
Interest Withdrawals									-0.00		-0.00		-0.00
Interest Fees									-368,337.16		-1,228,506.21		-1,596,843.37
Interest Other Accounts													255,259.86
TOTAL NET INTEREST									2,779,655.62		9,571,604.05		12,606,519.53
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION													40,494,025.07



PRINCIPAL - COLLECTIONS
PRINCIPAL - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Principal Received										486,565.66		1,656,349.09		2,142,914.75
Curtailments										25,576.93		204,937.52		230,514.45
Prepayments In Full										6,757,342.65		15,360,471.19		22,117,813.84
Repurchased/Substitutions										125,863.16		3,270,399.34		3,396,262.50
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										-230,493.14		-680,834.29		-911,327.43
Realized Losses										-0.00		-0.00		-0.00
Advanced Principal										230,493.14		680,834.29		911,327.43
TOTAL PRINCIPAL COLLECTED										7,395,348.40		20,492,157.14		27,887,505.54


PRINCIPAL - WITHDRAWALS

SPACE INTENTIONALLY LEFT BLANK



PRINCIPAL - OTHER ACCOUNTS
PRINCIPAL - OTHER ACCOUNTS
									Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS									0.00		0.00		0.00





Page 6 of 29
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REMIC 2004-R7

September 27, 2004 Distribution

INTEREST - COLLECTIONS
INTEREST - COLLECTIONS
									Group 2		Group 1		Total
Scheduled Interest									3,260,088.85		11,113,153.67		14,373,242.51
Repurchased/Substitution Interest									948.97		20,368.57		21,317.54
Liquidation Interest									0.00		0.00		0.00
Insurance Interest									0.00		0.00		0.00
Other Additional Interest									0.00		0.00		0.00
Prepayment Interest Shortfalls									-6,883.50		-13,413.01		-20,296.51
Delinquent Interest									-1,624,256.87		-5,041,396.71		-6,665,653.58
Compensating Interest									6,883.50		13,413.01		20,296.51
Civil Relief Act Shortfalls									-0.00		-0.00		-0.00
Interest Advanced									1,511,211.83		4,707,984.73		6,219,196.56
TOTAL INTEREST COLLECTED									3,147,992.78		10,800,110.26		13,948,103.04


INTEREST - WITHDRAWALS
INTEREST - WITHDRAWALS
									Group 2		Group 1		Total
Non-Recoverable Advances									0.00		0.00		0.00
Reimbursements to Master Servicer									0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS									0.00		0.00		0.00



INTEREST - OTHER ACCOUNTS
INTEREST - OTHER ACCOUNTS
									Group 2		Group 1		Total
Prepayment Charges													255,258.73
Net WAC Investment Income													1.13
TOTAL INTEREST OTHER ACCOUNTS													255,259.86



INTEREST - FEES
INTEREST - FEES
									Group 2		Group 1		Total
Current Servicing Fees									119,169.62		422,343.29		541,512.91
Trustee Fees									417.99		1,360.36		1,778.35
PMI									248,749.56		726,452.03		975,201.59
Certificate Insurance Policy Payment ( Class A-1)											78,350.52		78,350.52
TOTAL INTEREST FEES									368,337.16		1,228,506.21		1,596,843.37




Page 7 of 29
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September 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS


SPACE INTENTIONALLY LEFT BLANK





INSURANCE

SPACE INTENTIONALLY LEFT BLANK



STRUCTURAL FEATURES
STRUCTURAL FEATURES
									Group 2		Group 1		Total
Overcollateralized Amount													23,999,975.47
Overcollateralization Reduction Amount													0.01
Overcollateralization Deficiency Amount													0.00
Overcollateralization Target Amount													23,999,975.48

Senior Enhancement Percentage													13.78%
Class A Certificate Defiency Amount													0.00



Page 8 of 29
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REMIC 2004-R7

September 27, 2004 Distribution
Collateral Report


COLLATERAL



										Group 2		Group 1		Total



*Loan Count:*


Original									2,298		12,946		15,244
Prior									2,273		12,823		15,096
Prefunding									0		0		0
Scheduled Paid Offs									-0		-0		-0
Full Voluntary Prepayments									-23		-93		-116
Repurchases									-2		-21		-23
Liquidations									-0		-0		-0
Current									2,248		12,709		14,957
*Principal Balance:*


Original									565,050,513.03		1,834,947,035.26		2,399,997,548.29
Prior									557,315,163.16		1,813,812,652.67		2,371,127,815.83
Prefunding									0.00		0.00		0.00
Scheduled Principal									-486,565.66		-1,656,349.09		-2,142,914.75
Partial Prepayments									-25,576.93		-204,937.52		-230,514.45
Full Voluntary Prepayments									-6,757,342.65		-15,360,471.19		-22,117,813.84
Repurchases									-125,863.16		-3,270,399.34		-3,396,262.50
Liquidations									-0.00		-0.00		-0.00
Current									549,919,814.76		1,793,320,495.53		2,343,240,310.29





PREFUNDING

SPACE INTENTIONALLY LEFT BLANK






Page 9 of 29
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REMIC 2004-R7

September 27, 2004 Distribution

CHARACTERISTICS
CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Coupon Original									7.03206%		7.37214%		7.29207%
Weighted Average Coupon Prior									7.03206%		7.37214%		7.29207%
Weighted Average Coupon Current									7.02160%		7.36583%		7.28492%
Weighted Average Months to Maturity Original									355		347		349
Weighted Average Months to Maturity Prior									355		347		349
Weighted Average Months to Maturity Current									354		346		348
Weighted Avg Remaining Amortization Term Original									355		347		349
Weighted Avg Remaining Amortization Term Prior									355		347		349
Weighted Avg Remaining Amortization Term Current									354		346		348
Weighted Average Seasoning Original									2.08		2.13		2.12
Weighted Average Seasoning Prior									2.08		2.13		2.12
Weighted Average Seasoning Current									3.08		3.12		3.11









Page 10 of 29
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REMIC 2004-R7

September 27, 2004 Distribution

ARM CHARACTERISTICS
ARM CHARACTERISTICS
									Group 2		Group 1		Total
Weighted Average Margin Original									5.88406%		6.00664%		5.97403%
Weighted Average Margin Prior									5.88406%		6.00664%		5.97403%
Weighted Average Margin Current									5.88346%		6.00684%		5.97404%
Weighted Average Max Rate Original									13.10038%		13.38875%		13.31203%
Weighted Average Max Rate Prior									13.10038%		13.38875%		13.31203%
Weighted Average Max Rate Current									13.08814%		13.38123%		13.30331%
Weighted Average Min Rate Original									7.10038%		7.38875%		7.31203%
Weighted Average Min Rate Prior									7.10038%		7.38875%		7.31203%
Weighted Average Min Rate Current									7.08814%		7.38123%		7.30331%
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									119,169.62		422,343.29		541,512.91
Delinquent Servicing Fees									113,045.03		333,411.98		446,457.01
TOTAL SERVICING FEES									232,214.65		755,755.29		987,969.94


Total Servicing Fees									232,214.65		755,755.29		987,969.94
Compensating Interest									-6,883.50		-13,413.01		-20,296.51
Delinquent Servicing Fees									-113,045.03		-333,411.98		-446,457.01
COLLECTED SERVICING FEES									119,169.62		422,343.29		521,216.42


Total Advanced Interest									1,511,211.83		4,707,984.73		6,219,196.56
Total Advanced Principal									230,493.14		680,834.29		911,327.43
Aggregate Advances with respect to this Distribution									1,741,704.97		5,388,819.02		7,130,523.99





ADDITIONAL COLLATERAL INFORMATION
									Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)									6,883.50		13,413.01		20,296.51
Compensating Interest									-6,883.50		-13,413.01		-20,296.51
Net Prepayment Interest Shortfall (PPIS)									0.00		0.00		0.00


Ending Pool Stated Principal Balance									549,919,814.76		1,793,320,495.53		2,343,240,310.29
Weighted Average Net Mortgage Rate									5.985100%		6.384312%		6.290480%




Page 11 of 29
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REMIC 2004-R7

September 27, 2004 Distribution
Delinquency Report

	TOTAL
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			10,805,716.14		335,134.55		0.00		11,140,850.69
			% Balance			0.46%		0.01%		0.00%		0.48%
			# Loans			78		2		0		80
			% # Loans			0.52%		0.01%		0.00%		0.53%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,436,195.90	276,578.94		0.00		0.00		1,712,774.84
			% Balance		0.06%	0.01%		0.00%		0.00%		0.07%
			# Loans		10	1		0		0		11
			% # Loans		0.07%	0.01%		0.00%		0.00%		0.07%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,436,195.90	11,082,295.08		335,134.55		0.00		12,853,625.53
			% Balance		0.06%	0.47%		0.01%		0.00%		0.55%
			# Loans		10	79		2		0		91
			% # Loans		0.07%	0.53%		0.01%		0.00%		0.61%









Page 12 of 29
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REMIC 2004-R7

September 27, 2004 Distribution


	GROUP 1
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			8,121,785.01		335,134.55		0.00		8,456,919.56
			% Balance			0.45%		0.02%		0.00%		0.47%
			# Loans			65		2		0		67
			% # Loans			0.51%		0.02%		0.00%		0.53%
	FORECLOSURE		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	BANKRUPTCY		Balance		1,270,072.67	276,578.94		0.00		0.00		1,546,651.61
			% Balance		0.07%	0.02%		0.00%		0.00%		0.09%
			# Loans		9	1		0		0		10
			% # Loans		0.07%	0.01%		0.00%		0.00%		0.08%
	REO		Balance		0.00	0.00		0.00		0.00		0.00
			% Balance		0.00%	0.00%		0.00%		0.00%		0.00%
			# Loans		0	0		0		0		0
			% # Loans		0.00%	0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,270,072.67	8,398,363.95		335,134.55		0.00		10,003,571.17
			% Balance		0.07%	0.47%		0.02%		0.00%		0.56%
			# Loans		9	66		2		0		77
			% # Loans		0.07%	0.52%		0.02%		0.00%		0.61%










Page 13 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

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REMIC 2004-R7

September 27, 2004 Distribution

	GROUP 2
					< 1 PAYMENT	1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance			2,683,931.13		0.00		0.00		2,683,931.13
			% Balance			0.49%		0.00%		0.00%		0.49%
			# Loans			13		0		0		13
			% # Loans			0.58%		0.00%		0.00%		0.58%
	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		166,123.23	0.00		0.00		0.00		166,123.23
			% Balance		0.03%	0.00%		0.00%		0.00%		0.03%
			# Loans		1	0		0		0		1
			% # Loans		0.04%	0.00%		0.00%		0.00%		0.04%
	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		166,123.23	2,683,931.13		0.00		0.00		2,850,054.36
			% Balance		0.03%	0.49%		0.00%		0.00%		0.52%
			# Loans		1	13		0		0		14
			% # Loans		0.04%	0.58%		0.00%		0.00%		0.62%









Page 14 of 29
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Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
REO Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 15 of 29
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Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated			Current		State &

													First
&			Principal		Principal	Paid to		Note		LTV at		Original		Payment

Loan Group			Balance		Balance	Date		Rate		Origination		Term		Date




TOTAL



Page 16 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

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REMIC 2004-R7

September 27, 2004 Distribution
Prepayment Report

VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS

										Group 2		Group 1		Total




*Current*


Number of Paid in Full Loans									23		93		116
Number of Repurchased Loans									2		21		23
Total Number of Loans Prepaid in Full									25		114		139
Curtailments Amount									25,576.93		204,937.52		230,514.45
Paid in Full Balance									6,757,342.65		15,360,471.19		22,117,813.84
Repurchased Loans Balance									125,863.16		3,270,399.34		3,396,262.50
Total Prepayment Amount									6,908,782.74		18,835,808.05		25,744,590.79

*Cumulative*


Number of Paid in Full Loans									41		150		191
Number of Repurchased Loans									9		87		96
Total Number of Loans Prepaid in Full									50		237		287
Paid in Full Balance									11,256,270.89		25,268,022.48		36,524,293.37
Repurchased Loans Balance									2,823,674.39		12,604,798.10		15,428,472.49
Curtailments Amount									75,040.11		437,614.17		512,654.28
Total Prepayment Amount									14,154,985.39		38,310,434.75		52,465,420.14










Page 17 of 29
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REMIC 2004-R7

September 27, 2004 Distribution

VOLUNTARY PREPAYMENTS RATES
VOLUNTARY PREPAYMENTS RATES

										Group 2		Group 1		Total



SMM									1.24%		1.04%		1.09%
3 Months Avg SMM									1.26%		1.05%		1.10%
12 Months Avg SMM									1.26%		1.05%		1.10%
Avg SMM Since Cut-off									1.26%		1.05%		1.10%


CPR									13.91%		11.78%		12.29%
3 Months Avg CPR									14.14%		11.91%		12.44%
12 Months Avg CPR									14.14%		11.91%		12.44%
Avg CPR Since Cut-off									14.14%		11.91%		12.44%


PSA									2,262.26%		1,886.74%		1,974.65%
3 Months Avg PSA Approximation									2,739.69%		2,268.44%		2,378.77%
12 Months Avg PSA Approximation									2,739.69%		2,268.44%		2,378.77%
Avg PSA Since Cut-off Approximation									2,739.69%		2,268.44%		2,378.77%










Page 18 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
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REMIC 2004-R7

September 27, 2004 Distribution






PREPAYMENT CALCULATION METHODOLOGY

	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)

	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)

	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)

	Weighted Average Seasoning (WAS)

	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.




Page 19 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

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Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

64114200 1			131,000.00		130,431.60		26-Aug-2004		8.500%		MN - 74.01%		Paid Off - 360		01-Feb-2004
64114200 1			131,000.00		130,431.60		26-Aug-2004		8.500%		MN - 74.01%		Paid Off - 360		01-Feb-2004
64123540 1			288,750.00		287,561.34		25-Aug-2004		8.750%		CA - 87.50%		Paid Off - 360		01-Feb-2004
64191141 1			247,500.00		246,051.91		24-Aug-2004		6.990%		MA - 90.00%		Paid Off - 360		01-Feb-2004
64260128 1			115,000.00		114,606.96		01-Sep-2004		9.650%		WI - 69.70%		Paid Off - 360		01-Feb-2004
64356025 1			68,000.00		66,673.42		03-Sep-2004		8.650%		AL - 85.00%		Paid Off - 180		01-Feb-2004
64458920 1			275,000.00		273,746.84		31-Aug-2004		8.250%		CA - 72.37%		Paid Off - 360		01-Feb-2004
64658883 2			486,000.00		482,721.15		03-Sep-2004		6.250%		MD - 82.37%		Paid Off - 360		01-Feb-2004
65045007 1			144,000.00		143,153.56		18-Aug-2004		6.990%		MD - 90.00%		Paid Off - 360		01-Feb-2004
65680704 2			486,000.00		483,666.48		31-Aug-2004		7.990%		CA - 90.00%		Paid Off - 360		01-Feb-2004
69881043 1			351,000.00		349,803.88		08-Sep-2004		7.990%		CA - 90.00%		Paid Off - 360		01-Apr-2004
71275168 2			533,000.00		531,130.73		17-Aug-2004		6.700%		IL - 64.22%		Paid Off - 360		01-May-2004
73337305 1			60,000.00		59,695.72		20-Aug-2004		9.500%		TX - 23.08%		Paid Off - 180		01-Jul-2004
74464785 1			70,000.00		69,877.88		03-Sep-2004		10.150%		IL - 63.64%		Paid Off - 360		01-Jun-2004
75300426 2			260,000.00		259,271.49		31-Aug-2004		6.400%		CA - 85.25%		Paid Off - 360		01-Jun-2004
75421040 1			96,300.00		96,104.45		08-Sep-2004		7.990%		OH - 90.00%		Paid Off - 360		01-Jun-2004
75873448 1			135,000.00		134,817.84		25-Aug-2004		7.990%		IL - 87.10%		Paid Off - 360		01-Jul-2004
75982025 1			79,000.00		78,948.13		03-Sep-2004		11.400%		MN - 67.52%		Paid Off - 360		01-Jul-2004
76565126 1			316,800.00		316,117.83		27-Aug-2004		5.600%		CA - 90.00%		Paid Off - 360		01-Jul-2004
76903285 1			287,000.00		286,382.00		08-Sep-2004		5.600%		CA - 88.31%		Paid Off - 360		01-Jul-2004
76934249 1			249,950.00		249,764.99		02-Sep-2004		10.850%		CA - 62.49%		Paid Off - 360		01-Jul-2004
76955525 1			228,000.00		227,384.27		13-Aug-2004		6.550%		MN - 78.62%		Paid Off - 360		01-Jun-2004
76990084 1			158,505.00		158,097.27		09-Sep-2004		6.800%		MD - 83.42%		Paid Off - 360		01-Jun-2004
77069789 1			192,250.00		191,898.06		03-Sep-2004		6.450%		MD - 64.08%		Paid Off - 360		01-Jul-2004
77170728 2			543,000.00		541,905.78		25-Aug-2004		5.950%		IL - 77.57%		Paid Off - 360		01-Jul-2004
77299220 1			118,800.00		118,682.66		30-Aug-2004		9.500%		IL - 90.00%		Paid Off - 360		01-Jul-2004
77366466 1			306,000.00		305,400.78		03-Sep-2004		6.100%		MA - 90.00%		Paid Off - 360		01-Jul-2004
77617520 1			171,000.00		170,501.22		08-Sep-2004		6.150%		IL - 95.00%		Paid Off - 360		01-Jun-2004
77635720 2			60,000.00		59,949.45		17-Aug-2004		10.250%		CA - 9.30%		Paid Off - 360		01-Jul-2004
77674083 2			160,000.00		159,720.99		02-Sep-2004		6.700%		MD - 59.26%		Paid Off - 360		01-Jul-2004
77737567 1			101,000.00		100,860.44		11-Aug-2004		9.850%		CO - 56.11%		Paid Off - 360		01-Jun-2004
77749125 1			90,000.00		89,741.59		18-Aug-2004		6.050%		CA - 38.30%		Paid Off - 300		01-Jul-2004
77780245 1			141,750.00		141,516.47		07-Sep-2004		6.990%		MN - 87.50%		Paid Off - 360		01-Jul-2004
77797660 1			80,000.00		79,906.64		02-Sep-2004		8.700%		IL - 81.63%		Paid Off - 360		01-Jul-2004
77915221 2			103,140.00		103,032.65		12-Aug-2004		9.250%		SC - 90.00%		Paid Off - 360		01-Jul-2004
77989580 1			229,500.00		229,295.65		12-Aug-2004		9.990%		CT - 90.00%		Paid Off - 360		01-Jul-2004
78037843 1			297,500.00		297,295.95		02-Sep-2004		11.200%		CO - 85.00%		Paid Off - 360		01-Jul-2004
78064227 1			93,750.00		93,668.46		07-Sep-2004		10.100%		GA - 75.00%		Paid Off - 360		01-Jul-2004
78064227 1			93,750.00		93,668.46		07-Sep-2004		10.100%		GA - 75.00%		Paid Off - 360		01-Jul-2004



Page 20 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

78192580 1			142,000.00		141,798.90		26-Aug-2004		7.750%		IL - 89.53%		Paid Off - 360		01-Jul-2004
78192580 1			142,000.00		141,798.90		26-Aug-2004		7.750%		IL - 89.53%		Paid Off - 360		01-Jul-2004
78226206 1			206,500.00		206,121.98		02-Sep-2004		6.450%		CA - 74.82%		Paid Off - 360		01-Jul-2004
78278942 1			215,600.00		215,312.64		07-Sep-2004		8.050%		MN - 82.92%		Paid Off - 360		01-Jul-2004
78323581 2			396,000.00		395,316.18		13-Aug-2004		6.750%		CA - 90.00%		Paid Off - 360		01-Jul-2004
78358363 1			178,018.00		177,777.81		08-Sep-2004		7.990%		NY - 90.00%		Paid Off - 360		01-Jul-2004
78399185 1			78,000.00		77,904.16		07-Sep-2004		8.450%		MI - 75.00%		Paid Off - 360		01-Jul-2004
78448347 1			122,536.00		122,346.12		24-Aug-2004		7.300%		FL - 86.55%		Paid Off - 360		01-Jul-2004
78459344 1			101,700.00		101,547.04		20-Aug-2004		7.450%		WI - 90.00%		Paid Off - 360		01-Jul-2004
78466026 1			223,000.00		222,579.78		31-Aug-2004		6.300%		RI - 87.45%		Paid Off - 360		01-Jul-2004
78546389 1			327,250.00		326,710.88		31-Aug-2004		6.990%		NY - 85.00%		Paid Off - 360		01-Jul-2004
78577905 2			340,000.00		339,560.43		27-Aug-2004		8.200%		CA - 89.95%		Paid Off - 360		01-Jul-2004
78658341 1			88,000.00		87,925.06		07-Sep-2004		10.200%		WI - 74.58%		Paid Off - 360		01-Jul-2004
78675303 1			99,000.00		98,891.21		27-Aug-2004		8.990%		FL - 75.00%		Paid Off - 360		01-Jul-2004
78678869 1			313,000.00		312,336.94		31-Aug-2004		6.100%		CA - 42.59%		Paid Off - 360		01-Jul-2004
78713468 1			155,500.00		155,243.81		18-Aug-2004		6.990%		CA - 62.70%		Paid Off - 360		01-Jul-2004
78732161 1			60,000.00		59,948.90		18-Aug-2004		10.200%		FL - 44.44%		Paid Off - 360		01-Jul-2004
78746542 2			242,250.00		242,056.53		30-Aug-2004		10.500%		IL - 85.00%		Paid Off - 360		01-Jul-2004
78802287 2			410,000.00		409,446.84		18-Aug-2004		7.990%		MN - 78.85%		Paid Off - 360		01-Jul-2004
78832342 1			100,000.00		99,858.37		20-Aug-2004		7.750%		GA - 71.86%		Paid Off - 360		01-Jul-2004
78845021 1			202,000.00		201,536.61		31-Aug-2004		6.350%		RI - 84.87%		Paid Off - 360		01-Jul-2004
78968385 1			125,000.00		124,538.65		09-Sep-2004		8.250%		NY - 50.00%		Paid Off - 360		01-Jul-2004
79106522 2			102,000.00		101,792.73		02-Sep-2004		6.300%		CA - 79.84%		Paid Off - 360		01-Jul-2004
79194940 1			224,500.00		224,203.80		09-Sep-2004		8.100%		MD - 84.08%		Paid Off - 360		01-Jul-2004
79204525 1			227,000.00		226,559.73		17-Aug-2004		6.150%		CA - 66.76%		Paid Off - 360		01-Jul-2004
79206645 1			213,750.00		213,515.07		08-Sep-2004		8.990%		CO - 95.00%		Paid Off - 360		01-Jul-2004
79249827 1			97,000.00		96,698.46		02-Sep-2004		6.550%		ME - 62.58%		Paid Off - 360		01-Jul-2004
79294625 1			120,000.00		119,887.57		08-Sep-2004		9.750%		IL - 80.00%		Paid Off - 360		01-Jul-2004
79320362 1			70,400.00		70,314.79		02-Sep-2004		8.750%		FL - 80.00%		Paid Off - 360		01-Jul-2004
79328068 1			100,000.00		98,988.55		09-Sep-2004		9.450%		MA - 36.76%		Paid Off - 120		01-Jul-2004
79384368 1			270,000.00		269,555.19		08-Sep-2004		6.990%		MN - 90.00%		Paid Off - 360		01-Jul-2004
79403044 1			186,000.00		185,773.84		02-Sep-2004		8.500%		CA - 60.00%		Paid Off - 360		01-Jul-2004
79416129 1			110,750.00		110,637.12		16-Aug-2004		9.350%		WI - 83.90%		Paid Off - 360		01-Jul-2004
79435947 2			196,000.00		195,766.52		10-Sep-2004		8.600%		FL - 83.40%		Paid Off - 360		01-Jul-2004
79438388 1			126,000.00		125,778.13		24-Aug-2004		6.650%		CA - 70.91%		Paid Off - 360		01-Jul-2004
79441366 1			205,000.00		204,685.49		03-Sep-2004		7.350%		CA - 82.00%		Paid Off - 360		01-Jul-2004
79500948 1			240,000.00		239,835.40		17-Aug-2004		11.200%		ME - 80.00%		Paid Off - 360		01-Jul-2004
79541066 2			387,000.00		386,263.67		10-Sep-2004		6.250%		CA - 90.00%		Paid Off - 360		01-Jul-2004
79548624 1			165,000.00		164,728.17		31-Aug-2004		6.990%		ME - 82.50%		Paid Off - 360		01-Jul-2004
79548624 1			165,000.00		164,728.17		31-Aug-2004		6.990%		ME - 82.50%		Paid Off - 360		01-Jul-2004



Page 21 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

79561361 1			80,000.00		79,914.07		31-Aug-2004		9.100%		IL - 51.61%		Paid Off - 360		01-Jul-2004
79561361 1			80,000.00		79,914.07		31-Aug-2004		9.100%		IL - 51.61%		Paid Off - 360		01-Jul-2004
79597027 1			180,500.00		180,179.06		26-Aug-2004		6.600%		MD - 86.39%		Paid Off - 360		01-Jul-2004
79657128 1			83,000.00		82,914.49		30-Aug-2004		9.300%		GA - 55.33%		Paid Off - 360		01-Jul-2004
79664587 1			303,000.00		302,570.90		26-Aug-2004		7.750%		CA - 87.83%		Paid Off - 360		01-Jul-2004
79690723 1			120,000.00		119,891.09		31-Aug-2004		9.900%		NY - 83.92%		Paid Off - 360		01-Jul-2004
79698569 1			105,000.00		104,865.46		01-Sep-2004		8.250%		MA - 21.00%		Paid Off - 360		01-Jul-2004
79724928 1			107,100.00		107,041.73		11-Aug-2004		12.250%		FL - 85.00%		Paid Off - 360		01-Jul-2004
79727889 2			400,002.00		399,180.46		27-Aug-2004		5.850%		CA - 80.00%		Paid Off - 360		01-Jul-2004
79735882 1			135,000.00		134,764.58		02-Sep-2004		6.700%		NY - 90.00%		Paid Off - 360		01-Jul-2004
79774428 1			60,000.00		59,919.03		03-Sep-2004		7.990%		FL - 73.17%		Paid Off - 360		01-Jul-2004
79774840 1			95,000.00		94,952.78		09-Sep-2004		9.450%		WI - 73.64%		Paid Off - 360		01-Aug-2004
79782645 1			273,750.00		273,313.03		02-Sep-2004		7.150%		CA - 75.00%		Paid Off - 360		01-Jul-2004
79825568 1			252,000.00		251,635.88		26-Aug-2004		7.650%		CA - 61.46%		Paid Off - 360		01-Jul-2004
79836243 1			140,250.00		140,074.15		20-Aug-2004		8.350%		RI - 85.00%		Paid Off - 360		01-Jul-2004
79842944 1			137,000.00		136,715.93		24-Aug-2004		5.800%		MI - 86.71%		Paid Off - 360		01-Jul-2004
79889606 1			313,000.00		312,807.63		23-Aug-2004		11.700%		CA - 84.82%		Paid Off - 360		01-Jul-2004
79912580 1			196,000.00		195,735.55		02-Sep-2004		7.990%		CA - 75.38%		Paid Off - 360		01-Jul-2004
79925343 1			144,200.00		143,962.45		09-Sep-2004		6.990%		MD - 87.39%		Paid Off - 360		01-Jul-2004
79972063 1			80,100.00		79,935.48		27-Aug-2004		5.850%		CA - 59.96%		Paid Off - 360		01-Jul-2004
80020589 1			315,000.00		314,346.87		10-Sep-2004		5.800%		CA - 90.00%		Paid Off - 360		01-Jul-2004
80048846 2			388,800.00		388,159.48		31-Aug-2004		6.990%		CA - 90.00%		Paid Off - 360		01-Jul-2004
80179203 2			60,000.00		59,920.01		30-Aug-2004		8.050%		MD - 31.58%		Paid Off - 360		01-Jul-2004
80219561 2			315,000.00		313,243.67		07-Sep-2004		6.250%		IL - 75.36%		Paid Off - 360		01-Jul-2004
80292188 1			214,000.00		213,627.42		19-Aug-2004		6.950%		CA - 53.50%		Paid Off - 360		01-Jul-2004
80341902 1			285,000.00		284,615.47		20-Aug-2004		7.990%		MN - 75.00%		Paid Off - 360		01-Jul-2004
80388689 1			95,000.00		94,861.34		31-Aug-2004		7.600%		MO - 56.72%		Paid Off - 360		01-Jul-2004
80389489 1			91,875.00		91,790.72		01-Sep-2004		9.850%		FL - 75.00%		Paid Off - 360		01-Jul-2004
80428485 1			60,000.00		59,905.16		12-Aug-2004		7.500%		CA - 18.46%		Paid Off - 360		01-Jul-2004
80448061 1			60,000.00		59,376.07		08-Sep-2004		12.650%		IN - 75.00%		Paid Off - 360		01-Jul-2004
80587546 2			520,000.00		519,248.65		20-Aug-2004		7.650%		CA - 80.00%		Paid Off - 360		01-Jul-2004
80607708 1			173,000.00		172,634.43		30-Aug-2004		5.700%		CA - 66.59%		Paid Off - 360		01-Jul-2004
80612369 1			216,300.00		215,929.39		18-Aug-2004		6.900%		IL - 86.52%		Paid Off - 360		01-Jul-2004
80646367 1			77,925.00		77,431.43		27-Aug-2004		6.990%		CO - 79.52%		Paid Off - 180		01-Jul-2004
80683543 2			183,000.00		182,598.46		25-Aug-2004		5.500%		CA - 45.75%		Paid Off - 360		01-Jul-2004
80717143 2			72,250.00		72,212.15		23-Aug-2004		9.200%		FL - 80.28%		Paid Off - 360		01-Aug-2004
80788763 1			214,000.00		213,711.27		26-Aug-2004		7.990%		CA - 63.88%		Paid Off - 360		01-Jul-2004
81049322 2			131,250.00		131,178.15		30-Aug-2004		8.990%		MD - 75.00%		Paid Off - 360		01-Aug-2004
81126781 1			130,000.00		129,904.48		17-Aug-2004		7.550%		MD - 74.93%		Paid Off - 360		01-Aug-2004
81126781 1			130,000.00		129,904.48		17-Aug-2004		7.550%		MD - 74.93%		Paid Off - 360		01-Aug-2004



Page 22 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution

Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original						Current		State &		Type Prepayment		First
Loan Number			Original						Current		State &		Type Prepayment

&		Loan	Principal		Prepayment		Prepayment		Note		LTV at		&		Payment

Loan Group		Status	Balance		Amount		Date		Rate		Origination		Original Term		Date

81260887 1			168,000.00		167,709.89		01-Sep-2004		6.750%		PA - 80.00%		Paid Off - 360		01-Jul-2004
81260887 1			168,000.00		167,709.89		01-Sep-2004		6.750%		PA - 80.00%		Paid Off - 360		01-Jul-2004
82384223 1			201,000.00		200,932.14		26-Aug-2004		11.250%		FL - 72.22%		Paid Off - 360		01-Aug-2004
82709304 1			71,000.00		70,973.84		23-Aug-2004		10.850%		FL - 74.74%		Paid Off - 360		01-Aug-2004
76540244 1			166,500.00		166,123.23		13-Aug-2004		7.450%		NE - 90.00%		Repur/Subs - 360		01-Jul-2004
77214021 1			236,250.00		235,902.27		03-Sep-2004		9.550%		CA - 72.69%		Repur/Subs - 360		01-Jul-2004
78013182 1			268,000.00		267,349.05		23-Aug-2004		7.100%		CA - 41.23%		Repur/Subs - 360		01-Jul-2004
78478401 2			66,000.00		65,893.26		03-Sep-2004		9.100%		CA - 77.65%		Repur/Subs - 360		01-Jul-2004
78491487 1			78,000.00		77,873.85		03-Sep-2004		9.100%		CA - 70.91%		Repur/Subs - 360		01-Jul-2004
78830486 2			60,000.00		59,900.71		24-Aug-2004		8.990%		MO - 75.00%		Repur/Subs - 360		01-Jul-2004
79067161 1			213,500.00		213,128.79		23-Aug-2004		8.750%		GA - 83.73%		Repur/Subs - 360		01-Jul-2004
79440707 1			99,000.00		98,754.63		23-Aug-2004		6.990%		FL - 94.29%		Repur/Subs - 360		01-Jul-2004
79526224 1			60,000.00		59,931.62		03-Sep-2004		10.750%		CO - 60.00%		Repur/Subs - 360		01-Jul-2004
79533949 1			108,500.00		108,256.92		13-Aug-2004		7.500%		WA - 72.33%		Repur/Subs - 360		01-Jul-2004
79661120 1			166,026.00		165,572.67		16-Aug-2004		6.500%		FL - 73.46%		Repur/Subs - 360		01-Jul-2004
79823720 1			245,000.00		244,191.79		11-Aug-2004		5.500%		CA - 68.26%		Repur/Subs - 360		01-Jul-2004
79834768 1			60,900.00		60,770.20		01-Sep-2004		7.750%		LA - 70.34%		Repur/Subs - 360		01-Jul-2004
80045784 1			210,000.00		209,490.69		30-Aug-2004		7.100%		MN - 75.00%		Repur/Subs - 360		01-Jul-2004
80283245 1			227,000.00		226,317.34		01-Sep-2004		5.990%		CA - 67.76%		Repur/Subs - 360		01-Jul-2004
80291289 1			60,450.00		60,326.25		01-Sep-2004		7.950%		MO - 65.00%		Repur/Subs - 360		01-Jul-2004
80313745 1			181,500.00		181,167.79		26-Aug-2004		8.500%		FL - 88.54%		Repur/Subs - 360		01-Jul-2004
80358088 1			280,000.00		279,143.44		08-Sep-2004		5.900%		CA - 71.98%		Repur/Subs - 360		01-Jul-2004
80443104 1			230,000.00		229,532.98		19-Aug-2004		7.990%		IL - 53.24%		Repur/Subs - 360		01-Jul-2004
80746647 1			123,750.00		123,565.94		30-Aug-2004		9.500%		FL - 74.55%		Repur/Subs - 360		01-Jul-2004
80826449 1			111,000.00		110,711.67		16-Aug-2004		6.750%		FL - 80.46%		Repur/Subs - 360		01-Jul-2004
80858921 1			60,000.00		59,875.92		01-Sep-2004		7.900%		FL - 80.00%		Repur/Subs - 360		01-Jul-2004
82473828 1			90,000.00		89,869.95		01-Sep-2004		7.650%		CA - 85.71%		Repur/Subs - 360		01-Aug-2004


TOTAL			25,567,927.00		25,511,464.80
TOTAL


Page 23 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
Realized Loss Report

COLLATERAL REALIZED LOSSES



										Group 2		Group 1		Total


*Current*
*Current*



Number of Loans Liquidated									0		0		0
Collateral Principal Realized Loss/(Gain) Amount									0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount									0.00		0.00		0.00
Net Liquidation Proceeds									0.00		0.00		0.00

*Cumulative*
*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 24 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution


DEFAULT SPEEDS



										Group 2		Group 1		Total



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


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


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


Loss Severity Approximation for Current Period									0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation									0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off									0.00%		0.00%		0.00%












Page 25 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution





COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)



	Conditional Default Rate (CDR): 1-((1-MDR)^12)

	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))

	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)

	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))

	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)

	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.




Page 26 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 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
SPACE INTENTIONALLY LEFT BLANK



TOTAL



Page 27 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
TRIGGER EVENTS
									Group 2		Group 1		Total
Does a Trigger Event Exist? (0=No,1=Yes)													0
Has a Stepdown Date Occurred? (0=No,1=Yes)													0



ADJUSTABLE RATE CERTIFICATE INFORMATION

SPACE INTENTIONALLY LEFT BLANK



ADDITIONAL INFORMATION
ADDITIONAL INFORMATION
									Group 2		Group 1		Total
Current LIBOR Rate													1.615000%
Next LIBOR Rate													1.840000%




Page 28 of 29
Ameriquest Mortgage Securities, Inc. 2004-R7

Mortgage Pass-Through Certificates
Mortgage Pass-Through Certificates
REMIC 2004-R7

September 27, 2004 Distribution
Additional Certificate Report

ADDITIONAL CERTIFICATE REPORT

									Next Pass Through Rate			NET WAC Shortfall CarryOver		NET WAC Shortfall Paid
CLASS

			A-1						2.05%			$0.00		$0.00
									2.05%			$0.00		$0.00
			A-2						1.98%			$0.00		$0.00
									1.98%			$0.00		$0.00
			A-3						2.11%			$0.00		$0.00
									2.11%			$0.00		$0.00
			A-4						2.29%			$0.00		$0.00
									2.29%			$0.00		$0.00
			A-5						2.29%			$0.00		$0.00
									2.29%			$0.00		$0.00
			A-6						2.29%			$0.00		$0.00
									2.29%			$0.00		$0.00
			M-1						3.24%			$0.00		$0.00
									3.24%			$0.00		$0.00
			M-2						3.74%			$0.00		$0.00
									3.74%			$0.00		$0.00
			M-3						3.99%			$0.00		$0.00
									3.99%			$0.00		$0.00
			M-4						5.34%			$0.00		$0.00
									5.34%			$0.00		$0.00
			M-5						4.34%			$0.00		$0.00
									4.34%			$0.00		$0.00
			M-6						4.34%			$0.00		$0.00
									4.34%			$0.00		$0.00
			M-7						4.34%			$0.00		$0.00
									4.34%			$0.00		$0.00
			M-8						4.34%			$0.00		$0.00
									4.34%			$0.00		$0.00
			M-9						4.34%			$0.00		$0.00
									4.34%			$0.00		$0.00
			M-10						4.34%			$0.00		$0.00
									4.34%			$0.00		$0.00
			M-11						4.34%			$0.00		$0.00
									4.34%			$0.00		$0.00






Page 29 of 29

AMERIQUEST MORTGAGE SECURITIES INC ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 2004-R7 8-K