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


                                        FORM 8-K


                     Current Report Pursuant To Section 13 or 15(d) of
                            the Securities Exchange Act of 1934

           Date of Report (Date of earliest event reported):  December 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-FR1)
                 (Exact name of registrant as specified in charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-105982-11                          33-0885129
          (Commission File Number)        (I.R.S. Employer Identification No.)


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


          Registrant's Telephone Number, Including Area Code:  (714) 541-9960


(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
(17 CFR 240.14a-12(b))

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))


     Item 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
     December 27, 2004.

                                    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:  Dec 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 December 27, 2004.


	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates


	December 27, 2004 Distribution


	Contents



			TABLE OF CONTENTS

								Page

			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				8
			4.	Credit Enhancement Report				11
			5.	Collateral Report				12
			6.	Delinquency Report				15
			7.	REO Report				16
			8.	Foreclosure Report				17
			9.	Prepayment Report				18
			10.	Prepayment Detail Report				21
			11.	Realized Loss Report				23
			12.	Realized Loss Detail Report				26
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				27




				Total Number of Pages				27



			CONTACTS

				Administrator: Tim Avakian
				Direct Phone Number: (714)247-6279
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705

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



ISSUANCE INFORMATION

	Seller:		Ameriquest Mtg Sec Inc					Cut-Off Date: April 1, 2004
	Certificate Insurer(s):							Closing Date: April 14, 2004
								First Payment Date: May 25, 2004
	Servicer(s):		Ameriquest Mortgage Corp Master Servicer


								Distribution Date: December 27, 2004
	Underwriter(s):		RBS Greenwich Capital Underwriter					Record Date: December 24, 2004
			J. P. Morgan					November 30, 2004






						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for December 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-1		110,000,000.00			54,430,428.12	105,957.19	14,411,696.54	14,517,653.73	-	-	40,018,731.58
A-2		90,000,000.00			90,000,000.00	179,073.83	-	179,073.83	-	-	90,000,000.00
A-3		55,000,000.00			55,000,000.00	121,458.33	-	121,458.33	-	-	55,000,000.00
A-4		133,000,000.00			133,000,000.00	359,432.50	-	359,432.50	-	-	133,000,000.00
A-5		73,000,000.00			73,000,000.00	271,012.50	-	271,012.50	-	-	73,000,000.00
A-6		85,100,000.00			85,100,000.00	385,786.67	-	385,786.67	-	-	85,100,000.00
A-7		65,000,000.00			65,000,000.00	247,000.00	-	247,000.00	-	-	65,000,000.00
M-1		13,300,000.00			13,300,000.00	56,635.83	-	56,635.83	-	-	13,300,000.00
M-2		13,300,000.00			13,300,000.00	57,710.92	-	57,710.92	-	-	13,300,000.00
M-3		7,000,000.00			7,000,000.00	30,957.50	-	30,957.50	-	-	7,000,000.00
M-4		8,050,000.00			8,050,000.00	36,929.38	-	36,929.38	-	-	8,050,000.00
M-5		7,000,000.00			7,000,000.00	32,695.83	-	32,695.83	-	-	7,000,000.00
M-6		7,000,000.00			7,000,000.00	32,987.50	-	32,987.50	-	-	7,000,000.00
M-7		7,000,000.00			7,000,000.00	33,541.67	-	33,541.67	-	-	7,000,000.00
M-8		7,000,000.00			7,000,000.00	33,541.67	-	33,541.67	-	-	7,000,000.00
M-9		5,950,000.00			5,950,000.00	28,510.42	-	28,510.42	-	-	5,950,000.00
R		-			-	-	-	-	-	-	-


Total		686,700,000.00			631,130,428.12	2,013,231.74	14,411,696.54	16,424,928.28	-	-	616,718,731.58


	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-1	11/26/04	12/24/04		A-Act/360	03072SQJ7	110,000,000.00	494.822074	0.963247	131.015423	131.978670	363.806651
A-2	11/26/04	12/24/04		A-Act/360	03072SQK4	90,000,000.00	1,000.000000	1.989709	-	1.989709	1,000.000000
A-3	11/01/04	11/30/04		F-30/360	03072SQL2	55,000,000.00	1,000.000000	2.208333	-	2.208333	1,000.000000
A-4	11/01/04	11/30/04		F-30/360	03072SQM0	133,000,000.00	1,000.000000	2.702500	-	2.702500	1,000.000000
A-5	11/01/04	11/30/04		F-30/360	03072SQN8	73,000,000.00	1,000.000000	3.712500	-	3.712500	1,000.000000
A-6	11/01/04	11/30/04		F-30/360	03072SQP3	85,100,000.00	1,000.000000	4.533333	-	4.533333	1,000.000000
A-7	11/01/04	11/30/04		F-30/360	03072SQQ1	65,000,000.00	1,000.000000	3.800000	-	3.800000	1,000.000000
M-1	11/01/04	11/30/04		F-30/360	03072SQR9	13,300,000.00	1,000.000000	4.258333	-	4.258333	1,000.000000
M-2	11/01/04	11/30/04		F-30/360	03072SQS7	13,300,000.00	1,000.000000	4.339167	-	4.339167	1,000.000000
M-3	11/01/04	11/30/04		F-30/360	03072SQT5	7,000,000.00	1,000.000000	4.422500	-	4.422500	1,000.000000
M-4	11/01/04	11/30/04		F-30/360	03072SQU2	8,050,000.00	1,000.000000	4.587501	-	4.587501	1,000.000000
M-5	11/01/04	11/30/04		F-30/360	03072SQV0	7,000,000.00	1,000.000000	4.670833	-	4.670833	1,000.000000
M-6	11/01/04	11/30/04		F-30/360	03072SQW8	7,000,000.00	1,000.000000	4.712500	-	4.712500	1,000.000000
M-7	11/01/04	11/30/04		F-30/360	03072SQX6	7,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
M-8	11/01/04	11/30/04		F-30/360	03072SQY4	7,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
M-9	11/01/04	11/30/04		F-30/360	03072SQZ1	5,950,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
R				-		-	-	-	-	-	-


							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for December 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-1	110,000,000.00		979,945.17		63,854,336.37	6,126,932.05	69,981,268.42	70,961,213.59	-	-	40,018,731.58
A-2	90,000,000.00		1,076,661.33		-	-	-	1,076,661.33	-	-	90,000,000.00
A-3	55,000,000.00		971,666.64		-	-	-	971,666.64	-	-	55,000,000.00
A-4	133,000,000.00		2,875,460.00		-	-	-	2,875,460.00	-	-	133,000,000.00
A-5	73,000,000.00		2,168,100.00		-	-	-	2,168,100.00	-	-	73,000,000.00
A-6	85,100,000.00		3,086,293.36		-	-	-	3,086,293.36	-	-	85,100,000.00
A-7	65,000,000.00		1,976,000.00		-	-	-	1,976,000.00	-	-	65,000,000.00
M-1	13,300,000.00		453,086.64		-	-	-	453,086.64	-	-	13,300,000.00
M-2	13,300,000.00		461,687.36		-	-	-	461,687.36	-	-	13,300,000.00
M-3	7,000,000.00		247,660.00		-	-	-	247,660.00	-	-	7,000,000.00
M-4	8,050,000.00		295,435.04		-	-	-	295,435.04	-	-	8,050,000.00
M-5	7,000,000.00		261,566.64		-	-	-	261,566.64	-	-	7,000,000.00
M-6	7,000,000.00		263,900.00		-	-	-	263,900.00	-	-	7,000,000.00
M-7	7,000,000.00		268,333.36		-	-	-	268,333.36	-	-	7,000,000.00
M-8	7,000,000.00		268,333.36		-	-	-	268,333.36	-	-	7,000,000.00
M-9	5,950,000.00		228,083.36		-	-	-	228,083.36	-	-	5,950,000.00
R	-		-		-	-	-	-	-	-	-


Total	686,700,000.00		15,882,212.26		63,854,336.37	6,126,932.05	69,981,268.42	85,863,480.68	-	-	616,718,731.58


	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-1	2.26063%	54,430,428.12			105,957.19	-	-	-	105,957.19	105,957.19	-
A-2	2.31063%	90,000,000.00			179,073.83	-	-	-	179,073.83	179,073.83	-
A-3	2.65000%	55,000,000.00			121,458.33	-	-	-	121,458.33	121,458.33	-
A-4	3.24300%	133,000,000.00			359,432.50	-	-	-	359,432.50	359,432.50	-
A-5	4.45500%	73,000,000.00			271,012.50	-	-	-	271,012.50	271,012.50	-
A-6	5.44000%	85,100,000.00			385,786.67	-	-	-	385,786.67	385,786.67	-
A-7	4.56000%	65,000,000.00			247,000.00	-	-	-	247,000.00	247,000.00	-
M-1	5.11000%	13,300,000.00			56,635.83	-	-	-	56,635.83	56,635.83	-
M-2	5.20700%	13,300,000.00			57,710.92	-	-	-	57,710.92	57,710.92	-
M-3	5.30700%	7,000,000.00			30,957.50	-	-	-	30,957.50	30,957.50	-
M-4	5.50500%	8,050,000.00			36,929.38	-	-	-	36,929.38	36,929.38	-
M-5	5.60500%	7,000,000.00			32,695.83	-	-	-	32,695.83	32,695.83	-
M-6	5.65500%	7,000,000.00			32,987.50	-	-	-	32,987.50	32,987.50	-
M-7	5.75000%	7,000,000.00			33,541.67	-	-	-	33,541.67	33,541.67	-
M-8	5.75000%	7,000,000.00			33,541.67	-	-	-	33,541.67	33,541.67	-
M-9	5.75000%	5,950,000.00			28,510.42	-	-	-	28,510.42	28,510.42	-
R		-			-	-	-	-	-	-	-


Total		631,130,428.12			2,013,231.74	-	-	-	2,013,231.74	2,013,231.74	-


							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for December 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)

CE		13,299,766.82			13,299,997.47	1,153,476.20	-	1,153,476.20	-	-	13,299,997.47


Total		13,299,766.82			13,299,997.47	1,153,476.20	-	1,153,476.20	-	-	13,299,997.47


	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)

CE	11/01/04	11/30/04		A-Act/360		13,299,766.82	1,000.017342	86.729054	-	86.729054	1,000.017342


							Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for December 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)

CE	13,299,766.82		10,847,291.77		-	-	-	10,847,291.77	-	230.65	13,299,997.47


Total	13,299,766.82		10,847,291.77		-	-	-	10,847,291.77	-	230.65	13,299,997.47


	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)

CE	2.14790%	13,299,997.47			1,153,476.20	-	-	-	1,153,476.20	1,153,476.20	-


Total		13,299,997.47			1,153,476.20	-	-	-	1,153,476.20	1,153,476.20	-


							Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC IV
	Certificate Payment Report for December 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)

P		100.00			100.00	324,392.81	-	324,392.81	-	-	100.00


Total		100.00			100.00	324,392.81	-	324,392.81	-	-	100.00


	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)

P	11/01/04	11/30/04		-		100.00	1,000.000000	3,243,928.100000	-	3,243,928.100000	1,000.000000


							Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC IV
	Certificate Payment Report for December 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)

P	100.00		1,331,971.67		-	-	-	1,331,971.67	-	-	100.00


Total	100.00		1,331,971.67		-	-	-	1,331,971.67	-	-	100.00


	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)

P		100.00			324,392.81	-	-	-	324,392.81	324,392.81	-


Total		100.00			324,392.81	-	-	-	324,392.81	324,392.81	-


							Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY								TOTAL

	Principal Collections							14,411,696.54
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							14,411,696.54

	Interest Collections							3,312,399.46
	Interest Withdrawals							0.00
	Interest Other Accounts							324,394.30
	Interest Fees							(145,693.01)
	TOTAL NET INTEREST							3,491,100.75

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							17,902,797.29


PRINCIPAL - COLLECTIONS								TOTAL

	Scheduled Principal Received							746,476.52
	Prepayments In Full							13,451,994.18
	Curtailments							61,413.59
	Liquidations							0.00
	Insurance Principal							0.00
	Repurchased Principal Amounts							151,812.25
	Other Principal							0.00
	Total Realized Loss Of Principal							0.00
	Delinquent Principal							(600,132.36)
	Advanced Principal							600,132.36

	TOTAL PRINCIPAL COLLECTED							14,411,696.54


				Page 8 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


PRINCIPAL - WITHDRAWALS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS								TOTAL



	TOTAL OTHER ACCOUNTS PRINCIPAL							0.00


INTEREST - COLLECTIONS								TOTAL

	Scheduled Interest							3,527,479.02
	Liquidation Interest							0.00
	Repurchased Interest							790.69
	Insurance Interest							0.00
	Capitalized Interest							0.00
	Relief Act Interest Shortfalls							0.00
	Prepayment Interest Shortfalls							(13,573.08)
	Compensating Interest							13,573.08
	Delinquent Interest							(2,857,753.82)
	Interest Advanced							2,641,883.57

	TOTAL INTEREST COLLECTED							3,312,399.46


				Page 9 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS								TOTAL

	Trust Fund Expenses							0.00
	Nonrecoverable Advances							0.00
	Reimbursements to Master Servicer							0.00

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS								TOTAL

	Prepayment Charges							324,392.81
	Interest Earnings							1.49


	TOTAL INTEREST OTHER ACCOUNTS							324,394.30


INTEREST - FEES								TOTAL

	Current Servicing Fees							52,642.47

	Trustee Fee							1,879.59
	PMI Premium							91,170.95


	TOTAL INTEREST OTHER FEES							145,693.01


				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS								TOTAL
SPACE INTENTIONALLY LEFT BLANK


INSURANCE								TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES								TOTAL

	Begining OC							13,299,997.47
	Overcollateralization Reduction Amount							0.00
	Overcollateralization Deficiency Amount							0.00
	Overcollateralization Target Amount							13,299,997.47
	Excess Overcollateralization Amount							0.00
	Overcollateralization Increase Amount							0.00
	Overcollateralized Amount							13,299,997.47


				Page 11 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL								TOTAL
	Loan Count:
	*Original*							3777
	Prior							3,523
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(68)
	Repurchases							(1)
	Liquidations							-
	Current							3,454

	*Principal Balance:*
	Original							699,999,866.82
	Prior							644,430,525.59
	Prefunding							-
	Scheduled Principal							(746,476.52)
	Partial and Full Voluntary Prepayments							(13,513,407.77)
	Repurchases							(151,812.25)
	Liquidations							-
	Current							630,018,829.05

PREFUNDING								TOTAL

	Original Pre-funding Account Balance							0.00

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

	Initial Deposit in Capitalized Interest Account							0.00




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


				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS								TOTAL

	Weighted Average Coupon Original							6.603960%
	Weighted Average Coupon Prior							6.579169%
	Weighted Average Coupon Current							6.570023%
	Weighted Average Months to Maturity Original							341
	Weighted Average Months to Maturity Prior							335
	Weighted Average Months to Maturity Current							333
	Weighted Avg Remaining Amortization Term Original							341
	Weighted Avg Remaining Amortization Term Prior							334
	Weighted Avg Remaining Amortization Term Current							333
	Weighted Average Seasoning Original							(2.16)
	Weighted Average Seasoning Prior							7.81
	Weighted Average Seasoning Current							8.80

Note: Original information refers to deal issue.




WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 13 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS								TOTAL

	Weighted Average Margin Original							0.000%
	Weighted Average Margin Prior							0.000%
	Weighted Average Margin Current							0.000%
	Weighted Average Max Rate Original							0.000%
	Weighted Average Max Rate Prior							0.000%
	Weighted Average Max Rate Current							0.000%
	Weighted Average Min Rate Original							0.000%
	Weighted Average Min Rate Prior							0.000%
	Weighted Average Min Rate Current							0.000%
	Weighted Average Cap Up Original							0.000%
	Weighted Average Cap Up Prior							0.000%
	Weighted Average Cap Up Current							0.000%
	Weighted Average Cap Down Original							0.000%
	Weighted Average Cap Down Prior							0.000%
	Weighted Average Cap Down Current							0.000%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES								TOTAL

	Current Servicing Fees							52,642.47
	Delinquent Servicing Fees							215,870.25
	TOTAL SERVICING FEES							268,512.72


	Compensating Interest							(13,573.08)
	Delinquent Servicing Fees							(215,870.25)
	COLLECTED SERVICING FEES							39,069.39
	Aggregate Advances with respect to this Distribution							3,242,015.93
	Current Nonrecoverable Advances							0.00
	Cumulative Nonrecoverable Advances							0.00


ADDITIONAL COLLATERAL INFORMATION								TOTAL

	Net Prepayment Interest Shortfall							0.00


				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Total


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			6,518,377.23	2,294,482.52	1,767,689.34	10,580,549.09
		% Balance			1.03%	0.36%	0.28%	1.68%
		# Loans			42	16	14	72
		% # Loans			1.22%	0.46%	0.41%	2.08%
FORECLOSURE		Balance		-	-	-	4,485,938.79	4,485,938.79
		% Balance		0.00%	0.00%	0.00%	0.71%	0.71%
		# Loans		-	-	-	21	21
		% # Loans		0.00%	0.00%	0.00%	0.61%	0.61%
BANKRUPTCY		Balance		2,693,546.15	-	-	712,454.26	3,406,000.41
		% Balance		0.43%	0.00%	0.00%	0.11%	0.54%
		# Loans		14	-	-	5	19
		% # Loans		0.41%	0.00%	0.00%	0.14%	0.55%
REO		Balance		-	-	-	196,724.89	196,724.89
		% Balance		0.00%	0.00%	0.00%	0.03%	0.03%
		# Loans		-	-	-	2	2
		% # Loans		0.00%	0.00%	0.00%	0.06%	0.06%

TOTAL		Balance		2,693,546.15	6,518,377.23	2,294,482.52	7,162,807.28	18,669,213.18
		% Balance		0.43%	1.03%	0.36%	1.14%	2.96%
		# Loans		14	42	16	42	114
		% # Loans		0.41%	1.22%	0.46%	1.22%	3.30%
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 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	REO Report for December 27, 2004 Distribution


	REO Report - Mortgage Loans that Become REO During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 1				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 120,600.00
Total Current Balance = 117,112.27
REO Book Value = Not Available

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

65537508 1		120,600.00	117,112.27	Apr-01-04	9.500%	TX - 90.00%	180	Dec-29-03


				Page 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Foreclosure Report for December 27, 2004 Distribution


	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution


SUMMARY				LOAN GROUP

Total Loan Count = 7				Loan Group 1 = Group 1
Total Original Principal Balance = 1,126,000.00
Total Current Balance = 1,119,287.86


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

56258122 1		84,000.00	83,530.45	Jul-01-04	10.750%	TX - 80.00%	360	Sep-25-03
68371160 1		328,000.00	325,677.17	Jun-01-04	6.700%	NY - 80.00%	360	Mar-31-04
68445329 1		130,000.00	128,957.85	May-01-04	7.250%	IN - 82.80%	360	Jan-31-04
70001623 1		106,250.00	105,709.69	Apr-01-04	8.990%	MD - 85.00%	360	Feb-23-04
71008304 1		195,000.00	193,917.76	Jun-01-04	7.950%	NH - 75.00%	360	Mar-18-04
73683765 1		153,750.00	153,094.82	Jun-01-04	9.250%	WI - 75.00%	360	Mar-25-04
74556960 1		129,000.00	128,400.12	Jul-01-04	8.150%	MI - 75.00%	360	Apr-01-04


				Page 17 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS								TOTAL

	*Current*
	Number of Paid in Full Loans							68
	Number of Repurchased Loans							1
	Total Number of Loans Prepaid in Full							69

	Paid in Full Balance							13,451,994.18
	Repurchased Loans Balance							151,812.25
	Curtailments Amount							61,413.59
	Total Prepayment Amount							13,665,220.02

	*Cumulative*
	Number of Paid in Full Loans							297
	Number of Repurchased Loans							27
	Total Number of Loans Prepaid in Full							324

	Paid in Full Balance							59,059,602.48
	Repurchased Loans Balance							4,396,534.90
	Curtailments Amount							397,968.34
	Total Prepayment Amount							63,854,105.72

SPACE INTENTIONALLY LEFT BLANK


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


				Page 18 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES								TOTAL

	SMM							2.12%
	3 Months Avg SMM							1.92%
	12 Months Avg SMM
	Avg SMM Since Cut-off							1.20%

	CPR							22.70%
	3 Months Avg CPR							20.79%
	12 Months Avg CPR
	Avg CPR Since Cut-off							13.45%

	PSA							1289.30%
	3 Months Avg PSA Approximation							1331.01%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							1393.50%







CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments




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 20 of 27				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 27, 2004 Distribution


	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY						LOAN GROUP

Total Loan Count = 69						Loan Group 1 = Group 1
Total Original Principal Balance = 13,714,318.00
Total Prepayment Amount = 13,603,806.43


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

55573687 1			180,000.00	178,248.79	Nov-19-04	7.650%	WI - 90.00%	Paid Off - 360	Sep-25-03
57881708 1			190,000.00	187,456.86	Nov-17-04	7.500%	MD - 67.86%	Paid Off - 360	Oct-14-03
62966122 1			124,000.00	123,399.79	Dec-02-04	9.750%	FL - 80.00%	Paid Off - 360	Dec-31-03
63341580 1			247,500.00	245,738.62	Dec-02-04	8.350%	FL - 93.40%	Paid Off - 360	Nov-26-03
63428585 1			301,500.00	298,571.23	Dec-06-04	6.250%	FL - 88.68%	Paid Off - 360	Dec-11-03
63528285 1			140,800.00	139,363.61	Nov-30-04	5.990%	CA - 80.00%	Paid Off - 360	Dec-22-03
63974265 1			279,000.00	277,066.95	Nov-15-04	7.990%	CA - 90.00%	Paid Off - 360	Dec-18-03
64823263 1			115,300.00	114,807.93	Nov-24-04	10.350%	CA - 68.63%	Paid Off - 360	Dec-30-03
65584666 1			63,000.00	61,420.27	Nov-16-04	9.990%	OH - 84.00%	Paid Off - 180	Dec-31-03
65712226 1			211,500.00	209,632.19	Nov-17-04	6.750%	RI - 90.00%	Paid Off - 360	Dec-31-03
66996521 1			262,000.00	260,255.68	Nov-19-04	7.990%	FL - 89.73%	Paid Off - 360	Jan-20-04
67048827 1			299,000.00	296,870.23	Nov-24-04	7.300%	FL - 94.92%	Paid Off - 360	Jan-20-04
67078667 1			67,500.00	66,954.59	Dec-10-04	6.650%	CA - 55.19%	Paid Off - 360	Jan-16-04
67553727 1			60,000.00	59,753.60	Dec-09-04	9.500%	MI - 75.00%	Paid Off - 360	Feb-28-04
67885707 1			549,000.00	544,027.76	Dec-07-04	6.050%	CA - 79.34%	Paid Off - 360	Jan-31-04
67905406 1			114,000.00	113,347.45	Nov-24-04	8.400%	FL - 60.00%	Paid Off - 360	Jan-27-04
67913707 1			189,878.00	188,139.03	Dec-07-04	5.990%	NV - 92.62%	Paid Off - 360	Jan-27-04
68030386 1			333,000.00	329,869.22	Nov-30-04	5.850%	NY - 82.22%	Paid Off - 360	Jan-28-04
68039627 1			288,000.00	285,943.80	Nov-30-04	6.750%	FL - 90.00%	Paid Off - 360	Feb-12-04
68085869 1			150,000.00	149,523.72	Dec-01-04	10.650%	AL - 75.00%	Paid Off - 360	Feb-17-04
68308469 1			240,000.00	235,956.19	Nov-24-04	7.990%	NY - 71.64%	Paid Off - 360	Jan-27-04
68379684 1			599,999.00	595,043.75	Dec-09-04	5.900%	CA - 80.00%	Paid Off - 360	Feb-09-04
68392547 1			76,500.00	76,184.39	Dec-03-04	9.990%	TN - 90.00%	Paid Off - 360	Jan-31-04
68771880 1			157,600.00	156,689.71	Nov-12-04	7.750%	CA - 71.64%	Paid Off - 360	Feb-20-04
68836501 1			180,912.00	179,478.11	Nov-19-04	6.750%	FL - 79.70%	Paid Off - 360	Jan-31-04
69029924 1			117,900.00	117,212.20	Dec-07-04	7.700%	MI - 90.00%	Paid Off - 360	Feb-06-04
69061000 1			120,000.00	116,830.02	Dec-02-04	6.700%	ME - 75.71%	Paid Off - 180	Feb-09-04
69076420 1			60,000.00	59,713.79	Dec-08-04	8.700%	LA - 79.47%	Paid Off - 360	Feb-27-04
69137180 1			102,600.00	102,007.42	Nov-23-04	7.750%	AL - 72.25%	Paid Off - 360	Feb-25-04
69229029 1			92,000.00	91,252.06	Nov-23-04	5.990%	MI - 85.90%	Paid Off - 360	Feb-24-04
69268829 1			369,000.00	366,037.36	Nov-15-04	6.050%	CA - 90.00%	Paid Off - 360	Feb-09-04
69355204 1			108,500.00	107,595.46	Dec-08-04	5.850%	FL - 83.46%	Paid Off - 360	Feb-17-04
69527844 1			131,000.00	129,359.42	Dec-07-04	5.750%	RI - 74.86%	Paid Off - 360	Feb-09-04
69541282 1			148,000.00	146,990.00	Nov-17-04	6.900%	FL - 70.48%	Paid Off - 360	Feb-09-04
69555902 1			82,000.00	81,688.28	Nov-23-04	9.800%	NY - 45.56%	Paid Off - 360	Feb-27-04
69754687 1			373,000.00	370,735.50	Nov-17-04	6.800%	CA - 76.91%	Paid Off - 360	Mar-09-04
70138862 1			160,000.00	159,057.33	Nov-30-04	7.650%	RI - 74.77%	Paid Off - 360	Feb-17-04
70212261 1			540,000.00	536,526.78	Nov-23-04	6.500%	RI - 90.00%	Paid Off - 360	Mar-31-04
70281464 1			189,000.00	187,363.65	Dec-01-04	6.450%	AZ - 90.00%	Paid Off - 360	Mar-11-04
70419247 1			132,000.00	131,158.53	Dec-09-04	7.250%	FL - 84.62%	Paid Off - 360	Feb-25-04
70526264 1			74,500.00	74,098.74	Nov-19-04	8.100%	DE - 82.78%	Paid Off - 360	Feb-29-04
70600846 1			212,000.00	210,452.25	Nov-19-04	6.550%	CA - 84.29%	Paid Off - 360	Mar-01-04
70709480 1			98,000.00	97,541.96	Nov-16-04	8.800%	ME - 54.44%	Paid Off - 360	Feb-29-04
70900048 1			153,750.00	152,983.14	Dec-01-04	7.800%	WA - 74.28%	Paid Off - 360	Mar-31-04

					Page 21 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Prepayment Detail Report for December 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

70976766 1			85,750.00	85,229.58	Dec-06-04	7.500%	CA - 68.60%	Paid Off - 360	Feb-28-04
71120968 1			81,200.00	80,861.04	Dec-08-04	9.350%	GA - 73.82%	Paid Off - 360	Feb-27-04
71430102 1			151,000.00	150,160.31	Nov-23-04	7.250%	MA - 60.40%	Paid Off - 360	Mar-31-04
71449581 1			179,280.00	174,444.40	Dec-03-04	6.450%	MD - 90.00%	Paid Off - 180	Feb-28-04
71502082 1			80,250.00	79,914.98	Nov-24-04	9.350%	FL - 53.50%	Paid Off - 360	Feb-26-04
71568380 1			144,000.00	143,150.25	Nov-15-04	6.950%	CA - 87.27%	Paid Off - 360	Mar-12-04
71849483 1			122,300.00	121,505.74	Dec-02-04	6.450%	FL - 84.93%	Paid Off - 360	Mar-31-04
71934301 1			271,000.00	269,171.56	Nov-24-04	6.250%	CA - 79.71%	Paid Off - 360	Mar-02-04
72117229 1			356,400.00	351,537.49	Nov-23-04	5.990%	CA - 90.00%	Paid Off - 360	Mar-15-04
72148489 1			225,000.00	221,677.90	Nov-30-04	6.350%	MA - 90.00%	Paid Off - 240	Mar-17-04
72281843 1			143,000.00	142,286.78	Nov-30-04	7.800%	CT - 81.71%	Paid Off - 360	Mar-15-04
72330327 1			237,000.00	235,829.68	Nov-11-04	7.850%	CA - 73.37%	Paid Off - 360	Mar-15-04
72345226 1			338,000.00	335,740.96	Nov-18-04	6.300%	CA - 82.44%	Paid Off - 360	Mar-18-04
72386121 1			146,649.00	145,721.68	Nov-26-04	6.650%	FL - 75.47%	Paid Off - 360	Mar-09-04
72565823 1			80,750.00	80,230.59	Nov-24-04	6.500%	FL - 85.00%	Paid Off - 360	Mar-15-04
72639289 1			414,000.00	411,577.79	Dec-02-04	6.990%	CA - 90.00%	Paid Off - 360	Mar-31-04
73468605 1			279,000.00	277,153.24	Dec-01-04	6.350%	CA - 88.01%	Paid Off - 360	Mar-29-04
73721367 1			245,000.00	243,315.38	Nov-15-04	6.150%	MD - 87.63%	Paid Off - 360	Mar-25-04
73805624 1			199,500.00	198,061.88	Nov-16-04	5.900%	CA - 64.54%	Paid Off - 360	Mar-31-04
74432360 1			106,500.00	106,108.46	Nov-23-04	9.300%	WI - 74.48%	Paid Off - 360	Mar-29-04
74580549 1			333,000.00	330,897.28	Nov-29-04	6.600%	CA - 90.00%	Paid Off - 360	Mar-31-04
74841321 1			195,500.00	194,356.16	Nov-29-04	6.990%	CT - 81.46%	Paid Off - 360	Mar-31-04
75069229 1			124,000.00	123,210.05	Dec-01-04	6.550%	CA - 83.61%	Paid Off - 360	Mar-31-04
75075028 1			340,000.00	337,503.64	Nov-22-04	5.990%	MA - 71.58%	Paid Off - 360	Mar-31-04
69729168 1			153,000.00	151,812.25	Nov-30-04	6.250%	FL - 90.00%	Repur/Subs - 360	Feb-11-04


					Page 22 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES								TOTAL

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

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

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

SPACE INTENTIONALLY LEFT BLANK


							3 Months Moving Average


Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS								TOTAL

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

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

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

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



CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 24 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral




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 25 of 27				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

	Realized Loss Detail Report for December 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 = 0						Loan Group 1 = Group 1
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in prior periods.

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


					Page 26 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates

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


	Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS								TOTAL

	Trigger Event in effect							No
	Stepdown Date has occurred							No

	Balances 60+ days							12,150,835.95
	Ending Balance							630,018,829.05
	Delinquency Percentage							1.93%

	Balance of Mezzanine and C Class							88,899,997.47
	Ending Balance							630,018,829.05
	Credit Enhancement Percentage							14.11%


ADJUSTABLE RATE CERTIFICATE INFORMATION								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 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
	*Net WAC Rate Carryover Amt: Class M-5 unpaid*							0.00

ADDITIONAL INFORMATION								TOTAL

	Libor for Current Period							2.180630%

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

	Net WAC Rate Carryover Reserve Account							1,000.00


				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

AMERIQUEST MORTGAGE SEC INC AS BK PAS THR CERS SER 2004 FR1 8-K