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): ~~September~~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 ~~September~~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: ~~Sep~~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 ~~September~~December 27, 2004.

	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	September 27, 2004 Distribution
	December 27, 2004 Distribution
	Contents
			TABLE OF CONTENTS
								Page
			1.	Contents				1
			2.	Certificate Payment Report				2
			3.	Collection Account Report				288
			4.	Credit Enhancement Report				3111
			5.	Collateral Report				3212
			6.	Delinquency Report				3515
			7.	REO Report				3616
			8.	Foreclosure Report				3717
			9.	Prepayment Report				3818
			10.	Prepayment Detail Report				4121
			11.	Realized Loss Report				4223
			12.	Realized Loss Detail Report				4526
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				4627
				Total Number of Pages				4627
			CONTACTS
				Administrator: Valerie Delgado
				Administrator: Tim Avakian
				Direct Phone Number: (714)247-6273
				Direct Phone Number: (714)247-6279
				Address: Deutsche Bank
				1761 E. St. Andrew Place, Santa Ana, CA 92705
				Web Site: https://www.corporatetrust.db.com/invr
				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: September 27, 2004
								Distribution Date: December 27, 2004
	Underwriter(s):		RBS Greenwich Capital Underwriter					Record Date: ~~September~~December 24, 2004
			J. P. Morgan					~~August~~November 3130, 2004
						Page 1 of 46					© COPYRIGHT 2004 Deutsche Bank
						Page 1 of 27					© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for September 27, 2004 Distribution
	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			8754,~~823~~430,~~535~~428.6912	~~136~~105,~~455~~957.8219	714,~~695~~411,~~262~~696.0654	714,~~831~~517,~~717~~653.8873	-	-	8040,~~128~~018,~~273~~731.6358
A-2		90,000,000.00			90,000,000.00	~~143~~179,~~962~~073.5083	-	~~143~~179,~~962~~073.5083	-	-	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			~~664~~631,~~523~~130,~~535~~428.6912	2,~~008~~013,~~619~~231.0474	714,~~695~~411,~~262~~696.0654	916,~~703~~424,~~881~~928.1028	-	-	~~656~~616,~~828~~718,~~273~~731.6358
	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	0811/2526/04	0912/24/04		A-Act/360	03072SQJ7	110,000,000.00	~~798~~494.~~395779~~822074	10.~~240507~~963247	69131.~~956928~~015423	71131.~~197435~~978670	~~728~~363.~~438851~~806651
A-2	0811/2526/04	0912/24/04		A-Act/360	03072SQK4	90,000,000.00	1,000.000000	1.~~599583~~989709	-	1.~~599583~~989709	1,000.000000
A-3	0811/01/04	0811/3130/04		F-30/360	03072SQL2	55,000,000.00	1,000.000000	2.208333	-	2.208333	1,000.000000
A-4	0811/01/04	0811/3130/04		F-30/360	03072SQM0	133,000,000.00	1,000.000000	2.702500	-	2.702500	1,000.000000
A-5	0811/01/04	0811/3130/04		F-30/360	03072SQN8	73,000,000.00	1,000.000000	3.712500	-	3.712500	1,000.000000
A-6	0811/01/04	0811/3130/04		F-30/360	03072SQP3	85,100,000.00	1,000.000000	4.533333	-	4.533333	1,000.000000
A-7	0811/01/04	0811/3130/04		F-30/360	03072SQQ1	65,000,000.00	1,000.000000	3.800000	-	3.800000	1,000.000000
M-1	0811/01/04	0811/3130/04		F-30/360	03072SQR9	13,300,000.00	1,000.000000	4.258333	-	4.258333	1,000.000000
M-2	0811/01/04	0811/3130/04		F-30/360	03072SQS7	13,300,000.00	1,000.000000	4.339167	-	4.339167	1,000.000000
M-3	0811/01/04	0811/3130/04		F-30/360	03072SQT5	7,000,000.00	1,000.000000	4.422500	-	4.422500	1,000.000000
M-4	0811/01/04	0811/3130/04		F-30/360	03072SQU2	8,050,000.00	1,000.000000	4.587501	-	4.587501	1,000.000000
M-5	0811/01/04	0811/3130/04		F-30/360	03072SQV0	7,000,000.00	1,000.000000	4.670833	-	4.670833	1,000.000000
M-6	0811/01/04	0811/3130/04		F-30/360	03072SQW8	7,000,000.00	1,000.000000	4.712500	-	4.712500	1,000.000000
M-7	0811/01/04	0811/3130/04		F-30/360	03072SQX6	7,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
M-8	0811/01/04	0811/3130/04		F-30/360	03072SQY4	7,000,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
M-9	0811/01/04	0811/3130/04		F-30/360	03072SQZ1	5,950,000.00	1,000.000000	4.791667	-	4.791667	1,000.000000
R				-		-	-	-	-	-	-
							Page 2 of 46				© COPYRIGHT 2004 Deutsche Bank
							Page 2 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC II
	Certificate Payment Report for September 27, 2004 Distribution
	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		~~629~~979,~~715~~945.5417		2663,~~010~~854,~~961~~336.0637	36,~~860~~126,~~765~~932.3105	2969,~~871~~981,~~726~~268.3742	3070,~~501~~961,~~441~~213.9159	-	-	8040,~~128~~018,~~273~~731.6358
A-2	90,000,000.00		~~594~~1,~~687~~076,661.5033		-	-	-	~~594~~1,~~687~~076,661.5033	-	-	90,000,000.00
A-3	55,000,000.00		~~607~~971,~~291~~666.6564		-	-	-	~~607~~971,~~291~~666.6564	-	-	55,000,000.00
A-4	133,000,000.00		12,~~797~~875,~~162~~460.5000		-	-	-	12,~~797~~875,~~162~~460.5000	-	-	133,000,000.00
A-5	73,000,000.00		12,~~355~~168,~~062~~100.5000		-	-	-	12,~~355~~168,~~062~~100.5000	-	-	73,000,000.00
A-6	85,100,000.00		13,~~928~~086,~~933~~293.3536		-	-	-	13,~~928~~086,~~933~~293.3536	-	-	85,100,000.00
A-7	65,000,000.00		1,~~235~~976,000.00		-	-	-	1,~~235~~976,000.00	-	-	65,000,000.00
M-1	13,300,000.00		~~283~~453,~~179~~086.1564		-	-	-	~~283~~453,~~179~~086.1564	-	-	13,300,000.00
M-2	13,300,000.00		~~288~~461,~~554~~687.6036		-	-	-	~~288~~461,~~554~~687.6036	-	-	13,300,000.00
M-3	7,000,000.00		~~154~~247,~~787~~660.5000		-	-	-	~~154~~247,~~787~~660.5000	-	-	7,000,000.00
M-4	8,050,000.00		~~184~~295,~~646~~435.9004		-	-	-	~~184~~295,~~646~~435.9004	-	-	8,050,000.00
M-5	7,000,000.00		~~163~~261,~~479~~566.1564		-	-	-	~~163~~261,~~479~~566.1564	-	-	7,000,000.00
M-6	7,000,000.00		~~164~~263,~~937~~900.5000		-	-	-	~~164~~263,~~937~~900.5000	-	-	7,000,000.00
M-7	7,000,000.00		~~167~~268,~~708~~333.3536		-	-	-	~~167~~268,~~708~~333.3536	-	-	7,000,000.00
M-8	7,000,000.00		~~167~~268,~~708~~333.3536		-	-	-	~~167~~268,~~708~~333.3536	-	-	7,000,000.00
M-9	5,950,000.00		~~142~~228,~~552~~083.1036		-	-	-	~~142~~228,~~552~~083.1036	-	-	5,950,000.00
R	-		-		-	-	-	-	-	-	-
Total	686,700,000.00		915,~~865~~882,~~406~~212.6426		2663,~~010~~854,~~961~~336.0637	36,~~860~~126,~~765~~932.3105	2969,~~871~~981,~~726~~268.3742	3985,~~737~~863,~~133~~480.0168	-	-	~~656~~616,~~828~~718,~~273~~731.6358
	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	12.~~69500~~26063%	8754,~~823~~430,~~535~~428.6912			~~136~~105,~~455~~957.8219	-	-	-	~~136~~105,~~455~~957.8219	~~136~~105,~~455~~957.8219	-
A-2	12.~~74500~~31063%	90,000,000.00			~~143~~179,~~962~~073.5083	-	-	-	~~143~~179,~~962~~073.5083	~~143~~179,~~962~~073.5083	-
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		~~664~~631,~~523~~130,~~535~~428.6912			2,~~008~~013,~~619~~231.0474	-	-	-	2,~~008~~013,~~619~~231.0474	2,~~008~~013,~~619~~231.0474	-
							Page 3 of 46				© COPYRIGHT 2004 Deutsche Bank
							Page 3 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for September 27, 2004 Distribution
	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,~~332~~153,~~397~~476.2920	-	1,~~332~~153,~~397~~476.2920	-	-	13,299,997.47
Total		13,299,766.82			13,299,997.47	1,~~332~~153,~~397~~476.2920	-	1,~~332~~153,~~397~~476.2920	-	-	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	0811/01/04	0811/3130/04		A-Act/360		13,299,766.82	1,000.017342	~~100~~86.~~182004~~729054	-	~~100~~86.~~182004~~729054	1,000.017342
							Page 4 of 46				© COPYRIGHT 2004 Deutsche Bank
							Page 4 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC III
	Certificate Payment Report for September 27, 2004 Distribution
	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		710,~~148~~847,~~830~~291.4177		-	-	-	710,~~148~~847,~~830~~291.4177	-	230.65	13,299,997.47
Total	13,299,766.82		710,~~148~~847,~~830~~291.4177		-	-	-	710,~~148~~847,~~830~~291.4177	-	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.~~35884~~14790%	13,299,997.47			1,~~332~~153,~~397~~476.2920	-	-	-	1,~~332~~153,~~397~~476.2920	1,~~332~~153,~~397~~476.2920	-
Total		13,299,997.47			1,~~332~~153,~~397~~476.2920	-	-	-	1,~~332~~153,~~397~~476.2920	1,~~332~~153,~~397~~476.2920	-
							Page 5 of 46				© COPYRIGHT 2004 Deutsche Bank
							Page 5 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC IV
	Certificate Payment Report for September 27, 2004 Distribution
	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	~~163~~324,~~753~~392.2581	-	~~163~~324,~~753~~392.2581	-	-	100.00
Total		100.00			100.00	~~163~~324,~~753~~392.2581	-	~~163~~324,~~753~~392.2581	-	-	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	0811/01/04	0811/3130/04		-		100.00	1,000.000000	13,~~637~~243,~~532~~928.~~500000~~100000	-	13,~~637~~243,~~532~~928.~~500000~~100000	1,000.000000
							Page 6 of 46				© COPYRIGHT 2004 Deutsche Bank
							Page 6 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REMIC IV
	Certificate Payment Report for September 27, 2004 Distribution
	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		~~496~~1,~~987~~331,971.6967		-	-	-	~~496~~1,~~987~~331,971.6967	-	-	100.00
Total	100.00		~~496~~1,~~987~~331,971.6967		-	-	-	~~496~~1,~~987~~331,971.6967	-	-	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			~~163~~324,~~753~~392.2581	-	-	-	~~163~~324,~~753~~392.2581	~~163~~324,~~753~~392.2581	-
Total		100.00			~~163~~324,~~753~~392.2581	-	-	-	~~163~~324,~~753~~392.2581	~~163~~324,~~753~~392.2581	-
							Page 7 of 46				© COPYRIGHT 2004 Deutsche Bank
							Page 7 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
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	Collection Account Report for September 27, 2004 Distribution
	Collection Account Report for December 27, 2004 Distribution
	Collection Account Report
SUMMARY								TOTAL
	Principal Collections							714,~~695~~411,~~262~~696.0654
	Principal Other Accounts							0.00
	TOTAL NET PRINCIPAL							714,~~695~~411,~~262~~696.0654
	Interest Collections							3,~~500~~312,~~330~~399.8546
	Interest Withdrawals							0.00
	Interest Other Accounts							~~163~~324,~~754~~394.3830
	Interest Fees							(~~159~~145,~~315~~693.6501)
	TOTAL NET INTEREST							3,~~504~~491,~~769~~100.5875
	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							1117,~~200~~902,~~031~~797.6529
PRINCIPAL - COLLECTIONS								TOTAL
	Scheduled Principal Received							~~769~~746,~~351~~476.1452
	Prepayments In Full							613,~~857~~451,~~396~~994.0918
	Curtailments							6861,~~514~~413.8359
	Liquidations							0.00
	Insurance Principal							0.00
	Repurchased Principal Amounts							0151,812.0025
	Other Principal							0.00
	Total Realized Loss Of Principal							0.00
	Delinquent Principal							(~~587~~600,~~767~~132.2836)
	Advanced Principal							~~587~~600,~~767~~132.2836
	TOTAL PRINCIPAL COLLECTED							714,~~695~~411,~~262~~696.0654
				Page 28 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 8 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	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,~~720~~527,~~343~~479.0902
	Liquidation Interest							0.00
	Repurchased Interest							0790.0069
	Insurance Interest							0.00
	Capitalized Interest							0.00
	Relief Act Interest Shortfalls							0.00
	Prepayment Interest Shortfalls							(513,~~067~~573.2208)
	Compensating Interest							513,~~067~~573.2208
	Delinquent Interest							(2,~~925~~857,~~940~~753.6682)
	Interest Advanced							2,~~705~~641,~~928~~883.4257
	TOTAL INTEREST COLLECTED							3,~~500~~312,~~330~~399.8546
				Page 29 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 9 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Collection Account Report for September 27, 2004 Distribution
	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							~~163~~324,~~753~~392.2581
	Interest Earnings							1.1349
	TOTAL INTEREST OTHER ACCOUNTS							~~163~~324,~~754~~394.3830
INTEREST - FEES								TOTAL
	Current Servicing Fees							6252,~~414~~642.2747
	Trustee Fee							1,~~976~~879.9959
	PMI Premium							9491,~~924~~170.3995
	TOTAL INTEREST OTHER FEES							~~159~~145,~~315~~693.6501
				Page 30 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 10 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Credit Enhancement Report for September 27, 2004 Distribution
	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,~~766~~997.8247
	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 31 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 11 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
COLLATERAL								TOTAL
	Loan Count:
	Original							3777
	Prior							3,~~678~~523
	Prefunding							-
	Scheduled Paid Offs							-
	Full Voluntary Prepayments							(3568)
	Repurchases							-(1)
	Liquidations							-
	Current							3,~~643~~454
	Principal Balance:
	Original							699,999,866.82
	Prior							~~677~~644,~~823~~430,~~633~~525.1659
	Prefunding							-
	Scheduled Principal							(~~769~~746,~~351~~476.1452)
	Partial and Full Voluntary Prepayments							(613,~~925~~513,~~910~~407.9277)
	Repurchases							-(151,812.25)
	Liquidations							-
	Current							~~670~~630,~~128~~018,~~371~~829.1005
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 32 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 12 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	Collateral Report for December 27, 2004 Distribution
	Collateral Report
CHARACTERISTICS								TOTAL
	Weighted Average Coupon Original							6.603960%
	Weighted Average Coupon Prior							6.~~589164~~579169%
	Weighted Average Coupon Current							6.~~586391~~570023%
	Weighted Average Months to Maturity Original							341
	Weighted Average Months to Maturity Prior							~~338~~335
	Weighted Average Months to Maturity Current							~~337~~333
	Weighted Avg Remaining Amortization Term Original							341
	Weighted Avg Remaining Amortization Term Prior							~~338~~334
	Weighted Avg Remaining Amortization Term Current							~~337~~333
	Weighted Average Seasoning Original							(2.16)
	Weighted Average Seasoning Prior							47.8381
	Weighted Average Seasoning Current							58.8380
Note: Original information refers to deal issue.
WAC by Groups					Total WAC
WARAT by Groups					Total WARAT
Note: Dates correspond to distribution dates.
				Page 33 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 13 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Collateral Report for September 27, 2004 Distribution
	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							6252,~~414~~642.2747
	Delinquent Servicing Fees							~~220~~215,~~012~~870.2425
	TOTAL SERVICING FEES							~~282~~268,~~426~~512.5172
	Compensating Interest							(513,~~067~~573.2208)
	Delinquent Servicing Fees							(~~220~~215,~~012~~870.2425)
	COLLECTED SERVICING FEES							5739,~~347~~069.0539
	Aggregate Advances with respect to this Distribution							3,~~293~~242,~~695~~015.7093
	Current Nonrecoverable Advances							0.00
	Cumulative Nonrecoverable Advances							0.00
ADDITIONAL COLLATERAL INFORMATION								TOTAL
	Net Prepayment Interest Shortfall							0.00
				Page 34 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 14 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Delinquency Report for September 27, 2004 Distribution
	Delinquency Report for December 27, 2004 Distribution
	Delinquency Report - Total
				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			36,~~486~~518,~~540~~377.5723	2,~~505~~294,~~997~~482.0252	~~697~~1,~~591~~767,689.4234	610,~~690~~580,~~129~~549.0109
		% Balance			01.5203%	0.3736%	0.1028%	1.0068%
		# Loans			2242	1516	714	4472
		% # Loans			01.6022%	0.4146%	0.1941%	12.2108%
FORECLOSURE		Balance		-	-	-	14,~~155~~485,~~806~~938.8979	14,~~155~~485,~~806~~938.8979
		% Balance		0.00%	0.00%	0.00%	0.1771%	0.1771%
		# Loans		-	-	-	521	521
		% # Loans		0.00%	0.00%	0.00%	0.1461%	0.1461%
BANKRUPTCY		Balance		12,~~536~~693,~~325~~546.3615	~~317,563.89~~-	-	-712,454.26	13,~~853~~406,~~889~~000.2541
		% Balance		0.2343%	0.0500%	0.00%	0.0011%	0.2854%
		# Loans		814	1-	-	-5	919
		% # Loans		0.2241%	0.0300%	0.00%	0.0014%	0.2555%
REO		Balance		-	-	-	-196,724.89	-196,724.89
		% Balance		0.00%	0.00%	0.00%	0.0003%	0.0003%
		# Loans		-	-	-	-2	-2
		% # Loans		0.00%	0.00%	0.00%	0.0006%	0.0006%
TOTAL		Balance		12,~~536~~693,~~325~~546.3615	36,~~804~~518,~~104~~377.4623	2,~~505~~294,~~997~~482.0252	17,~~853~~162,~~398~~807.3128	918,~~699~~669,~~825~~213.1518
		% Balance		0.2343%	01.5703%	0.3736%	01.2814%	12.4596%
		# Loans		814	2342	1516	1242	58114
		% # Loans		0.2241%	01.6322%	0.4146%	01.3322%	13.5930%
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 35 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 15 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	REO Report for September 27, 2004 Distribution
	REO Report for December 27, 2004 Distribution
	REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 0				Loan Group 1 = Group 1; REO Book Value = 000.00
Total Loan Count = 1				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 000.00
Total Original Principal Balance = 120,600.00
Total Current Balance = 000.00
Total Current Balance = 117,112.27
REO Book Value = 000.00
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
SPACE INTENTIONALLY LEFT BLANK
65537508 1		120,600.00	117,112.27	Apr-01-04	9.500%	TX - 90.00%	180	Dec-29-03
				Page 36 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 16 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Foreclosure Report for September 27, 2004 Distribution
	Foreclosure Report for December 27, 2004 Distribution
	Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution
SUMMARY				LOAN GROUP
Total Loan Count = 4				Loan Group 1 = Group 1
Total Loan Count = 7				Loan Group 1 = Group 1
Total Original Principal Balance = 857,250.00
Total Original Principal Balance = 1,126,000.00
Total Current Balance = 853,395.61
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
62361860 1		400,000.00	397,514.00	Apr-01-04	7.990%	NH - 80.00%	360	Nov-24-03
56258122 1		84,000.00	83,530.45	Jul-01-04	10.750%	TX - 80.00%	360	Sep-25-03
70918149 1		80,000.00	79,742.75	Apr-01-04	9.300%	GA - 57.14%	360	Feb-28-04
68371160 1		328,000.00	325,677.17	Jun-01-04	6.700%	NY - 80.00%	360	Mar-31-04
71588362 1		163,500.00	163,012.83	Apr-01-04	8.650%	TX - 75.00%	360	Mar-25-04
68445329 1		130,000.00	128,957.85	May-01-04	7.250%	IN - 82.80%	360	Jan-31-04
73490781 1		213,750.00	213,126.03	Apr-01-04	8.750%	TX - 75.00%	360	Mar-31-04
70001623 1		106,250.00	105,709.69	Apr-01-04	8.990%	MD - 85.00%	360	Feb-23-04
				Page 37 of 46				© COPYRIGHT 2004 Deutsche Bank
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 September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS								TOTAL
	Current
	Number of Paid in Full Loans							3568
	Number of Repurchased Loans							-1
	Total Number of Loans Prepaid in Full							3569
	Paid in Full Balance							613,~~857~~451,~~396~~994.0918
	Repurchased Loans Balance							-151,812.25
	Curtailments Amount							6861,~~514~~413.8359
	Total Prepayment Amount							613,~~925~~665,~~910~~220.9202
	Cumulative
	Number of Paid in Full Loans							~~109~~297
	Number of Repurchased Loans							2627
	Total Number of Loans Prepaid in Full							~~135~~324
	Paid in Full Balance							2159,~~573~~059,~~385~~602.3848
	Repurchased Loans Balance							4,~~244~~396,~~722~~534.6590
	Curtailments Amount							~~192~~397,~~622~~968.3834
	Total Prepayment Amount							2663,~~010~~854,~~730~~105.4172
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars)					Total Prepayments (in thousands of dollars)
				Page 38 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 18 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	Prepayment Report for December 27, 2004 Distribution
	Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES								TOTAL
	SMM							12.0212%
	3 Months Avg SMM							01.8792%
	12 Months Avg SMM
	Avg SMM Since Cut-off							01.7620%
	CPR							1122.6170%
	3 Months Avg CPR							920.9979%
	12 Months Avg CPR
	Avg CPR Since Cut-off							813.7245%
	PSA							~~996~~1289.2430%
	3 Months Avg PSA Approximation							~~1033~~1331.9401%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation							~~1436~~1393.7950%
CPR by Groups					Total CPR
PSA by Groups					Total PSA
				Page 39 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 19 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Prepayment Report for September 27, 2004 Distribution
	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 40 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 20 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Prepayment Detail Report for September 27, 2004 Distribution
	Prepayment Detail Report for December 27, 2004 Distribution
	Prepayment Detail Report - Loans Prepaid in Full During Current Distribution
SUMMARY						LOAN GROUP
Total Loan Count = 35						Loan Group 1 = Group 1
Total Loan Count = 69						Loan Group 1 = Group 1
Total Original Principal Balance = 6,895,388.00
Total Original Principal Balance = 13,714,318.00
Total Prepayment Amount = 6,857,396.09
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
55776405 1			279,000.00	276,638.99	Sep-07-04	6.990%	CA - 90.00%	Paid Off - 360	Sep-30-03
55573687 1			180,000.00	178,248.79	Nov-19-04	7.650%	WI - 90.00%	Paid Off - 360	Sep-25-03
60668605 1			127,800.00	126,937.76	Aug-19-04	6.250%	AZ - 90.00%	Paid Off - 360	Dec-22-03
57881708 1			190,000.00	187,456.86	Nov-17-04	7.500%	MD - 67.86%	Paid Off - 360	Oct-14-03
64399868 1			599,999.00	596,363.18	Aug-27-04	5.990%	FL - 57.14%	Paid Off - 360	Jan-09-04
62966122 1			124,000.00	123,399.79	Dec-02-04	9.750%	FL - 80.00%	Paid Off - 360	Dec-31-03
65469926 1			109,000.00	108,630.53	Sep-01-04	10.200%	MI - 77.86%	Paid Off - 360	Dec-30-03
63341580 1			247,500.00	245,738.62	Dec-02-04	8.350%	FL - 93.40%	Paid Off - 360	Nov-26-03
66886508 1			599,999.00	597,067.23	Aug-31-04	6.150%	CA - 72.73%	Paid Off - 360	Feb-11-04
63428585 1			301,500.00	298,571.23	Dec-06-04	6.250%	FL - 88.68%	Paid Off - 360	Dec-11-03
67441923 1			114,000.00	113,041.52	Sep-08-04	8.850%	CA - 60.00%	Paid Off - 360	Jan-28-04
63528285 1			140,800.00	139,363.61	Nov-30-04	5.990%	CA - 80.00%	Paid Off - 360	Dec-22-03
67654129 1			126,000.00	124,827.24	Aug-19-04	5.700%	FL - 90.00%	Paid Off - 360	Feb-05-04
63974265 1			279,000.00	277,066.95	Nov-15-04	7.990%	CA - 90.00%	Paid Off - 360	Dec-18-03
67664300 1			81,000.00	80,629.85	Aug-24-04	6.500%	FL - 82.65%	Paid Off - 360	Feb-26-04
64823263 1			115,300.00	114,807.93	Nov-24-04	10.350%	CA - 68.63%	Paid Off - 360	Dec-30-03
68084227 1			145,800.00	145,312.06	Aug-31-04	8.990%	MI - 89.45%	Paid Off - 360	Jan-22-04
65584666 1			63,000.00	61,420.27	Nov-16-04	9.990%	OH - 84.00%	Paid Off - 180	Dec-31-03
68541721 1			82,000.00	81,642.95	Aug-25-04	6.750%	CT - 71.30%	Paid Off - 360	Feb-13-04
65712226 1			211,500.00	209,632.19	Nov-17-04	6.750%	RI - 90.00%	Paid Off - 360	Dec-31-03
68615947 1			247,500.00	246,484.75	Aug-27-04	7.990%	CA - 90.00%	Paid Off - 360	Jan-31-04
66996521 1			262,000.00	260,255.68	Nov-19-04	7.990%	FL - 89.73%	Paid Off - 360	Jan-20-04
68676402 1			177,000.00	175,939.33	Sep-01-04	6.050%	WA - 66.13%	Paid Off - 360	Jan-29-04
67048827 1			299,000.00	296,870.23	Nov-24-04	7.300%	FL - 94.92%	Paid Off - 360	Jan-20-04
69077105 1			127,000.00	126,230.38	Sep-08-04	5.990%	CA - 85.64%	Paid Off - 360	Jan-31-04
67078667 1			67,500.00	66,954.59	Dec-10-04	6.650%	CA - 55.19%	Paid Off - 360	Jan-16-04
69131845 1			60,000.00	59,851.61	Aug-31-04	9.550%	IN - 75.00%	Paid Off - 360	Feb-06-04
67553727 1			60,000.00	59,753.60	Dec-09-04	9.500%	MI - 75.00%	Paid Off - 360	Feb-28-04
69157741 1			84,000.00	83,581.65	Aug-30-04	6.050%	OR - 80.00%	Paid Off - 360	Feb-26-04
67885707 1			549,000.00	544,027.76	Dec-07-04	6.050%	CA - 79.34%	Paid Off - 360	Jan-31-04
69253243 1			172,520.00	171,627.65	Aug-18-04	5.850%	CA - 67.02%	Paid Off - 360	Feb-18-04
67905406 1			114,000.00	113,347.45	Nov-24-04	8.400%	FL - 60.00%	Paid Off - 360	Jan-27-04
69532786 1			162,000.00	161,448.09	Aug-31-04	7.990%	FL - 87.57%	Paid Off - 360	Feb-17-04
67913707 1			189,878.00	188,139.03	Dec-07-04	5.990%	NV - 92.62%	Paid Off - 360	Jan-27-04
69629947 1			69,000.00	68,730.24	Aug-17-04	7.300%	FL - 73.40%	Paid Off - 360	Feb-12-04
68030386 1			333,000.00	329,869.22	Nov-30-04	5.850%	NY - 82.22%	Paid Off - 360	Jan-28-04
69706109 1			284,600.00	283,334.52	Sep-10-04	6.850%	WA - 89.50%	Paid Off - 360	Feb-25-04
68039627 1			288,000.00	285,943.80	Nov-30-04	6.750%	FL - 90.00%	Paid Off - 360	Feb-12-04
70178264 1			214,000.00	212,924.46	Aug-18-04	6.050%	CA - 75.89%	Paid Off - 360	Feb-28-04
68085869 1			150,000.00	149,523.72	Dec-01-04	10.650%	AL - 75.00%	Paid Off - 360	Feb-17-04
70391743 1			207,000.00	206,391.51	Sep-10-04	7.600%	NY - 82.80%	Paid Off - 360	Mar-04-04
68308469 1			240,000.00	235,956.19	Nov-24-04	7.990%	NY - 71.64%	Paid Off - 360	Jan-27-04
70474440 1			94,000.00	92,498.45	Sep-07-04	6.990%	MD - 51.76%	Paid Off - 180	Feb-19-04
68379684 1			599,999.00	595,043.75	Dec-09-04	5.900%	CA - 80.00%	Paid Off - 360	Feb-09-04
70863543 1			191,000.00	190,160.32	Aug-30-04	6.700%	MI - 72.90%	Paid Off - 360	Feb-27-04
68392547 1			76,500.00	76,184.39	Dec-03-04	9.990%	TN - 90.00%	Paid Off - 360	Jan-31-04
71123988 1			137,700.00	137,212.60	Aug-18-04	7.800%	FL - 87.15%	Paid Off - 360	Feb-24-04
68771880 1			157,600.00	156,689.71	Nov-12-04	7.750%	CA - 71.64%	Paid Off - 360	Feb-20-04
71523864 1			317,000.00	315,523.37	Sep-03-04	6.400%	CA - 72.87%	Paid Off - 360	Feb-28-04
68836501 1			180,912.00	179,478.11	Nov-19-04	6.750%	FL - 79.70%	Paid Off - 360	Jan-31-04
72117864 1			130,000.00	129,178.62	Aug-27-04	8.800%	CA - 61.90%	Paid Off - 240	Mar-15-04
69029924 1			117,900.00	117,212.20	Dec-07-04	7.700%	MI - 90.00%	Paid Off - 360	Feb-06-04
72401045 1			101,500.00	100,134.30	Aug-16-04	6.350%	CA - 56.20%	Paid Off - 180	Mar-16-04
69061000 1			120,000.00	116,830.02	Dec-02-04	6.700%	ME - 75.71%	Paid Off - 180	Feb-09-04
72485105 1			189,000.00	188,248.89	Aug-27-04	6.050%	KS - 90.00%	Paid Off - 360	Mar-31-04
69076420 1			60,000.00	59,713.79	Dec-08-04	8.700%	LA - 79.47%	Paid Off - 360	Feb-27-04
72528169 1			125,000.00	123,407.30	Aug-31-04	6.990%	MA - 68.68%	Paid Off - 180	Mar-31-04
69137180 1			102,600.00	102,007.42	Nov-23-04	7.750%	AL - 72.25%	Paid Off - 360	Feb-25-04
72820186 1			450,000.00	448,228.63	Aug-18-04	6.100%	NH - 79.65%	Paid Off - 360	Mar-23-04
69229029 1			92,000.00	91,252.06	Nov-23-04	5.990%	MI - 85.90%	Paid Off - 360	Feb-24-04
72849029 1			246,479.00	245,536.16	Aug-13-04	6.250%	PA - 90.00%	Paid Off - 360	Mar-12-04
69268829 1			369,000.00	366,037.36	Nov-15-04	6.050%	CA - 90.00%	Paid Off - 360	Feb-09-04
73168601 1			220,000.00	218,103.45	Sep-09-04	6.100%	MA - 68.11%	Paid Off - 240	Mar-31-04
69355204 1			108,500.00	107,595.46	Dec-08-04	5.850%	FL - 83.46%	Paid Off - 360	Feb-17-04
73924946 1			120,000.00	119,013.25	Aug-12-04	6.500%	FL - 73.75%	Paid Off - 240	Mar-26-04
69527844 1			131,000.00	129,359.42	Dec-07-04	5.750%	RI - 74.86%	Paid Off - 360	Feb-09-04
74124389 1			195,191.00	194,458.56	Aug-11-04	6.350%	WA - 89.95%	Paid Off - 360	Mar-24-04
69541282 1			148,000.00	146,990.00	Nov-17-04	6.900%	FL - 70.48%	Paid Off - 360	Feb-09-04
74131145 1			309,300.00	308,056.69	Aug-31-04	5.990%	CA - 76.75%	Paid Off - 360	Mar-31-04
69555902 1			82,000.00	81,688.28	Nov-23-04	9.800%	NY - 45.56%	Paid Off - 360	Feb-27-04
					Page 41 of 46				© COPYRIGHT 2004 Deutsche Bank
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
	Realized Loss Report for September 27, 2004 Distribution
	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 42 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 23 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	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 43 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 24 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Realized Loss Report for September 27, 2004 Distribution
	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 44 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 25 of 27				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-FR1
	Mortgage Pass-Through Certificates
	Realized Loss Detail Report for September 27, 2004 Distribution
	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 45 of 46				© COPYRIGHT 2004 Deutsche Bank
					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 September 27, 2004 Distribution
	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							412,~~359~~150,~~395~~835.3395
	Ending Balance							~~670~~630,~~128~~018,~~371~~829.1005
	Delinquency Percentage							01.6593%
	Balance of Mezzanine and C Class							88,899,997.47
	Ending Balance							~~670~~630,~~128~~018,~~371~~829.1005
	Credit Enhancement Percentage							1314.2711%
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							12.~~615000~~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 46 of 46				© COPYRIGHT 2004 Deutsche Bank
				Page 27 of 27				© COPYRIGHT 2004 Deutsche Bank

Filing Compare · AMERIQUEST MORTGAGE SEC INC AS BK PAS THR CERS SER 2004 FR1