
                                    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-R3)
                 (Exact name of registrant as specified in charter)


         AMERIQUEST MORTGAGE SEC INC ASSET BAK PAS THE CERT SE 2004 R3
            (Exact name of Registrant as specified in its Charter)


                                       DELAWARE
                     (State or Other Jurisdiction of Incorporation)

               333-105982-10                          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


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

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

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

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

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

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

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


     Item 8.01  Other Events

     Attached hereto is a copy of the Monthly Remittance Statements to the
     Certificateholders which was derived from the monthly information
     submitted by the Master Servicer of the Trust to the Trustee.


     Item 9.01 Financial Statements and Exhibits

     (c) Exhibits:

     Exhibit No. Description

     99.1 Monthly Remittance Statement to the Certificateholders dated as of
     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-R3
	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				4
			4.	Credit Enhancement Report				7
			5.	Collateral Report				8
			6.	Delinquency Report				11
			7.	REO Report				14
			8.	Foreclosure Report				15
			9.	Prepayment Report				17
			10.	Prepayment Detail Report				20
			11.	Realized Loss Report				25
			12.	Realized Loss Detail Report				28
			13.	Triggers, Adj. Rate Cert. and Miscellaneous Report				29
			14.	Other Related Information				30



				Total Number of Pages				30



			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 Mortgage Corp					Cut-Off Date: April 1, 2004
	Certificate Insurer(s):							Closing Date: April 8, 2004
								First Payment Date: May 25, 2004
	Servicer(s):		Ameriquest Mortgage Corp Master Servicer


								Distribution Date: December 27, 2004
	Underwriter(s):		Citigroup Lead Underwriter					Record Date: December 24, 2004
			Merrill Lynch & Co. Co-Lead Underwriter					November 30, 2004






						Page 1 of 30					© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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-1A	FLT	497,740,000.00			386,281,632.06	840,103.86	24,249,080.96	25,089,184.82	-	-	362,032,551.10
A-1B	FLT	55,305,000.00			42,920,612.49	93,530.61	2,694,369.40	2,787,900.01	-	-	40,226,243.10
A-2	FLT	130,500,000.00			54,823,076.24	108,137.80	13,153,478.19	13,261,615.99	-	-	41,669,598.05
A-3	FLT	69,900,000.00			69,900,000.00	144,497.92	-	144,497.92	-	-	69,900,000.00
A-4	FLT	51,555,000.00			51,555,000.00	116,785.72	-	116,785.72	-	-	51,555,000.00
M-1	MEZ, FLT	67,500,000.00			67,500,000.00	156,974.12	-	156,974.12	-	-	67,500,000.00
M-2	MEZ, FLT	52,500,000.00			52,500,000.00	150,572.23	-	150,572.23	-	-	52,500,000.00
M-3	MEZ, FLT	15,000,000.00			15,000,000.00	46,249.80	-	46,249.80	-	-	15,000,000.00
M-4	MEZ, FLT	11,000,000.00			11,000,000.00	38,084.30	-	38,084.30	-	-	11,000,000.00
M-5	MEZ, FLT	10,000,000.00			10,000,000.00	34,277.65	-	34,277.65	-	-	10,000,000.00
M-6	MEZ, FLT	10,500,000.00			10,500,000.00	46,841.53	-	46,841.53	-	-	10,500,000.00
M-7	MEZ, FLT	13,500,000.00			13,500,000.00	54,412.32	-	54,412.32	-	-	13,500,000.00
CE	EXE	15,000,482.74			15,000,008.74	2,972,272.87	-	2,972,272.87	-	-	15,000,008.74
P	SUB	100.00			100.00	790,011.82	-	790,011.82	-	-	100.00
R	R	-			-	-	-	-	-	-	-


Total		1,000,000,582.74			800,480,429.54	5,592,752.55	40,096,928.55	45,689,681.10	-	-	760,383,500.99


	Interest Accrual Detail				Current Period Factor Information per $1,000 of Original Face
						Orig. Principal	Prior				Current
	Period	Period				(with Notional)	Principal			Total	Principal
Class	Starting	Ending		Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
							(1)	(2)	(3)	(4)=(2)+(3)	(5)

A-1A	11/26/04	12/26/04		A-Act/360	03072SRA5	497,740,000.00	776.071106	1.687837	48.718369	50.406206	727.352737
A-1B	11/26/04	12/26/04		A-Act/360	03072SPY5	55,305,000.00	776.071106	1.691178	48.718369	50.409547	727.352737
A-2	11/26/04	12/26/04		A-Act/360	03072SPZ2	130,500,000.00	420.100201	0.828642	100.792936	101.621578	319.307265
A-3	11/26/04	12/26/04		A-Act/360	03072SQA6	69,900,000.00	1,000.000000	2.067209	-	2.067209	1,000.000000
A-4	11/26/04	12/26/04		A-Act/360	03072SQB4	51,555,000.00	1,000.000000	2.265265	-	2.265265	1,000.000000
M-1	11/26/04	12/26/04		A-Act/360	03072SQC2	67,500,000.00	1,000.000000	2.325543	-	2.325543	1,000.000000
M-2	11/26/04	12/26/04		A-Act/360	03072SQD0	52,500,000.00	1,000.000000	2.868042	-	2.868042	1,000.000000
M-3	11/26/04	12/26/04		A-Act/360	03072SQE8	15,000,000.00	1,000.000000	3.083320	-	3.083320	1,000.000000
M-4	11/26/04	12/26/04		A-Act/360	03072SQF5	11,000,000.00	1,000.000000	3.462209	-	3.462209	1,000.000000
M-5	11/26/04	12/26/04		A-Act/360	03072SQG3	10,000,000.00	1,000.000000	3.427765	-	3.427765	1,000.000000
M-6	11/26/04	12/26/04		A-Act/360	03072SQH1	10,500,000.00	1,000.000000	4.461098	-	4.461098	1,000.000000
M-7	11/26/04	12/26/04		A-Act/360	03072SRB3	13,500,000.00	1,000.000000	4.030542	-	4.030542	1,000.000000
CE	11/26/04	12/26/04		F-30/360		15,000,482.74	999.968401	198.145148	-	198.145148	999.968401
P	11/26/04	12/26/04		-		100.00	1,000.000000	7,900,118.200000	-	7,900,118.200000	1,000.000000
R	11/26/04	12/26/04		-		-	-	-	-	-	-


							Page 2 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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-1A	497,740,000.00		6,115,045.79		132,371,599.96	3,335,848.94	135,707,448.90	141,822,494.69	-	-	362,032,551.10
A-1B	55,305,000.00		681,293.78		14,708,103.30	370,653.61	15,078,756.90	15,760,050.68	-	-	40,226,243.10
A-2	130,500,000.00		1,093,411.48		86,521,268.13	2,309,133.82	88,830,401.95	89,923,813.43	-	-	41,669,598.05
A-3	69,900,000.00		896,495.71		-	-	-	896,495.71	-	-	69,900,000.00
A-4	51,555,000.00		747,840.39		-	-	-	747,840.39	-	-	51,555,000.00
M-1	67,500,000.00		1,013,652.25		-	-	-	1,013,652.25	-	-	67,500,000.00
M-2	52,500,000.00		1,030,027.45		-	-	-	1,030,027.45	-	-	52,500,000.00
M-3	15,000,000.00		321,689.38		-	-	-	321,689.38	-	-	15,000,000.00
M-4	11,000,000.00		271,264.44		-	-	-	271,264.44	-	-	11,000,000.00
M-5	10,000,000.00		243,681.81		-	-	-	243,681.81	-	-	10,000,000.00
M-6	10,500,000.00		347,915.92		-	-	-	347,915.92	-	-	10,500,000.00
M-7	13,500,000.00		398,007.95		-	-	-	398,007.95	-	-	13,500,000.00
CE	15,000,482.74		31,101,540.48		452.97	21.03	474.00	31,102,014.48	-	-	15,000,008.74
P	100.00		4,623,047.70		-	-	-	4,623,047.70	-	-	100.00
R	-		0.01		-	-	-	0.01	-	-	-


Total	1,000,000,582.74		48,884,914.54		233,601,424.35	6,015,657.40	239,617,081.75	288,501,996.29	-	-	760,383,500.99


	Interest Detail
	Pass-	Prior Principal				Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)			Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance			Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
					(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)

A-1A	2.52563%	386,281,632.06			840,103.86	-	-	-	840,103.86	840,103.86	-
A-1B	2.53063%	42,920,612.49			93,530.61	-	-	-	93,530.61	93,530.61	-
A-2	2.29063%	54,823,076.24			108,137.80	-	-	-	108,137.80	108,137.80	-
A-3	2.40063%	69,900,000.00			144,497.92	-	-	-	144,497.92	144,497.92	-
A-4	2.63063%	51,555,000.00			116,785.72	-	-	-	116,785.72	116,785.72	-
M-1	2.70063%	67,500,000.00			156,974.12	-	-	-	156,974.12	156,974.12	-
M-2	3.33063%	52,500,000.00			150,572.23	-	-	-	150,572.23	150,572.23	-
M-3	3.58063%	15,000,000.00			46,249.80	-	-	-	46,249.80	46,249.80	-
M-4	4.02063%	11,000,000.00			38,084.30	-	-	-	38,084.30	38,084.30	-
M-5	3.98063%	10,000,000.00			34,277.65	-	-	-	34,277.65	34,277.65	-
M-6	5.18063%	10,500,000.00			46,841.53	-	-	-	46,841.53	46,841.53	-
M-7	4.68063%	13,500,000.00			54,412.32	-	-	-	54,412.32	54,412.32	-
CE	4.45575%	15,000,008.74			2,972,272.87	-	-	-	2,972,272.87	2,972,272.87	-
P		100.00			790,011.82	-	-	-	790,011.82	790,011.82	-
R		-			-	-	-	-	-	-	-


Total		800,480,429.54			5,592,752.55	-	-	-	5,592,752.55	5,592,752.55	-


							Page 3 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


SUMMARY						GROUP 2	GROUP 1	TOTAL

	Principal Collections					13,153,474.91	26,943,443.64	40,096,918.55
	Principal Other Accounts					0.00	0.00	0.00
	TOTAL NET PRINCIPAL					13,153,474.91	26,943,443.64	40,096,918.55

	Interest Collections					1,445,465.36	3,411,341.13	4,856,806.49
	Interest Withdrawals					0.00	0.00	0.00
	Interest Other Accounts					0.00	0.00	0.00
	Interest Fees					(14,534.33)	(39,521.43)	(54,055.76)
	TOTAL NET INTEREST					1,430,931.03	3,371,819.70	4,802,750.73

	TOTAL PRINCIPAL & INTEREST DISTRIBUTABLE					14,584,405.94	30,315,263.34	44,899,669.28

	Prepayment Penalties Collected							790,011.82

	TOTAL AVAILABLE FUNDS FOR DISTRIBUTION							45,689,681.10


PRINCIPAL - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Principal Received					193,061.76	491,033.18	684,094.94
	Prepayments In Full					12,949,789.63	26,426,263.85	39,376,053.48
	Curtailments					10,633.52	26,146.61	36,780.13
	Liquidations					0.00	0.00	0.00
	Insurance Principal					0.00	0.00	0.00
	Repurchased Principal Amounts					0.00	0.00	0.00
	Other Principal					0.00	0.00	0.00
	Prefunding Release					0.00	0.00	0.00
	Total Realized Loss Of Principal					(10.00)	0.00	(10.00)
	Delinquent Principal					(166,911.70)	(417,022.42)	(583,934.12)
	Advanced Principal					166,911.70	417,022.42	583,934.12

	TOTAL PRINCIPAL COLLECTED					13,153,474.91	26,943,443.64	40,096,918.55


				Page 4 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


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


PRINCIPAL - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


INTEREST - COLLECTIONS						GROUP 2	GROUP 1	TOTAL

	Scheduled Interest					1,530,241.63	3,607,508.69	5,137,750.32
	Liquidation Interest					0.00	0.00	0.00
	Repurchased Interest					0.00	0.00	0.00
	Insurance Interest					0.00	0.00	0.00
	Other Interest					0.00	0.00	0.00
	Relief Act Interest Shortfalls					0.00	0.00	0.00
	Net Prepayment Interest Shortfalls					0.00	0.00	0.00
	Delinquent Interest					(1,323,925.64)	(3,045,510.54)	(4,369,436.18)
	Interest Advanced					1,239,149.37	2,849,341.49	4,088,490.86
	Reserve Fund interest earnings					0.00	1.49	1.49

	TOTAL INTEREST COLLECTED					1,445,465.36	3,411,341.13	4,856,806.49


				Page 5 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Collection Account Report for December 27, 2004 Distribution


	Collection Account Report


INTEREST - WITHDRAWALS						GROUP 2	GROUP 1	TOTAL

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

	TOTAL INTEREST WITHDRAWALS							0.00


INTEREST - OTHER ACCOUNTS						GROUP 2	GROUP 1	TOTAL


	TOTAL INTEREST OTHER ACCOUNTS					0.00	0.00	0.00


INTEREST - FEES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					14,099.28	38,488.93	52,588.21
	Trustee Fees					435.05	1,032.50	1,467.55
	PMI Insurance Fees					0.00	(0.00)	(0.00)

	TOTAL INTEREST OTHER FEES					14,534.33	39,521.43	54,055.76


				Page 6 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Credit Enhancement Report for December 27, 2004 Distribution


	Credit Enhancement Report


ACCOUNTS						GROUP 2	GROUP 1	TOTAL

	Net WAC Rate Carryover Reserve Balance (Ending)							1,000.00


INSURANCE						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES						GROUP 2	GROUP 1	TOTAL


	Begining Overcollateralized Amount							14,999,998.74
	Overcollateralization Target Amount							15,000,008.74
	Overcollateralization Increase Amount							10.00
	Overcollateralization Reduction Amount							0.00

	Overcollateralized Amount							15,000,008.74


				Page 7 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


COLLATERAL						GROUP 2	GROUP 1	TOTAL
	Loan Count:
	*Original*					1346	4782	6128
	Prior					1,041	4,065	5,106
	Prefunding					-	-	-
	Scheduled Paid Offs					-	-	-
	Full Voluntary Prepayments					(53)	(164)	(217)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					988	3,901	4,889

	*Principal Balance:*
	Original					312,987,815.69	687,012,767.05	1,000,000,582.74
	Prior					237,301,303.18	563,179,126.36	800,480,429.54
	Prefunding					-	-	-
	Scheduled Principal					(193,061.76)	(491,033.18)	(684,094.94)
	Partial and Full Voluntary Prepayments					(12,960,423.15)	(26,452,410.46)	(39,412,833.61)
	Repurchases					-	-	-
	Liquidations					-	-	-
	Current					224,147,818.27	536,235,682.72	760,383,500.99

PREFUNDING						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


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


				Page 8 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Coupon Original					7.999641%	7.806117%	7.866687%
	Weighted Average Coupon Prior					7.782714%	7.703688%	7.727314%
	Weighted Average Coupon Current					7.738221%	7.686738%	7.702000%
	Weighted Average Months to Maturity Original					354	349	351
	Weighted Average Months to Maturity Prior					348	342	344
	Weighted Average Months to Maturity Current					346	341	342
	Weighted Avg Remaining Amortization Term Original					354	349	350
	Weighted Avg Remaining Amortization Term Prior					347	342	343
	Weighted Avg Remaining Amortization Term Current					346	340	342
	Weighted Average Seasoning Original					2.65	2.76	2.73
	Weighted Average Seasoning Prior					8.58	8.67	8.64
	Weighted Average Seasoning Current					9.56	9.66	9.63

Note: Original information refers to deal issue.


	Group 1
	Group 2
WAC by Groups					Total WAC


WARAT by Groups					Total WARAT


Note: Dates correspond to distribution dates.
				Page 9 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Collateral Report for December 27, 2004 Distribution


	Collateral Report


ARM CHARACTERISTICS						GROUP 2	GROUP 1	TOTAL

	Weighted Average Margin Original					3.999%	3.952%
	Weighted Average Margin Prior					3.656%	3.747%
	Weighted Average Margin Current					3.571%	3.694%
	Weighted Average Max Rate Original					9.752%	9.333%
	Weighted Average Max Rate Prior					11.340%	11.408%
	Weighted Average Max Rate Current					11.219%	11.343%
	Weighted Average Min Rate Original					5.854%	5.432%
	Weighted Average Min Rate Prior					5.302%	5.126%
	Weighted Average Min Rate Current					5.177%	5.059%
	Weighted Average Cap Up Original					0.650%	0.650%
	Weighted Average Cap Up Prior					0.594%	0.618%
	Weighted Average Cap Up Current					0.581%	0.610%
	Weighted Average Cap Down Original					0.650%	0.650%
	Weighted Average Cap Down Prior					0.594%	0.618%
	Weighted Average Cap Down Current					0.581%	0.610%

Note: Original information refers to deal issue.

SERVICING FEES / ADVANCES						GROUP 2	GROUP 1	TOTAL

	Current Servicing Fees					14,099.28	38,488.93	52,588.21
	Delinquent Servicing Fees					84,776.27	196,169.04	280,945.31
	TOTAL SERVICING FEES					98,875.55	234,657.97	333,533.52

	Prepayment Interest Shortfall					6,859.89	20,358.58	27,218.47
	Compensating Interest					(6,859.89)	(20,358.58)	(27,218.47)
	Delinquent Servicing Fees					(84,776.27)	(196,169.04)	(280,945.31)

	COLLECTED SERVICING FEES					14,099.28	38,488.93	52,588.21


	Aggregate Advances with respect to this Distribution					1,406,061.07	3,266,363.91	4,672,424.98
	Current Nonrecoverable Advances					0.00	0.00	0.00
	Cumulative Nonrecoverable Advances					0.00	0.00	0.00


ADDITIONAL COLLATERAL INFORMATION						GROUP 2	GROUP 1	TOTAL

	Net Prepayment Interest Shortfall							0.00


				Page 10 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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			15,605,078.95	9,253,791.21	8,999,453.03	33,858,323.19
		% Balance			2.05%	1.22%	1.18%	4.45%
		# Loans			130	77	67	274
		% # Loans			2.66%	1.57%	1.37%	5.60%
FORECLOSURE		Balance		-	-	-	18,129,431.32	18,129,431.32
		% Balance		0.00%	0.00%	0.00%	2.38%	2.38%
		# Loans		-	-	-	114	114
		% # Loans		0.00%	0.00%	0.00%	2.33%	2.33%
BANKRUPTCY		Balance		4,497,368.00	308,220.60	560,471.90	2,839,886.75	8,205,947.25
		% Balance		0.59%	0.04%	0.07%	0.37%	1.08%
		# Loans		28	2	5	20	55
		% # Loans		0.57%	0.04%	0.10%	0.41%	1.12%
REO		Balance		-	-	-	856,030.94	856,030.94
		% Balance		0.00%	0.00%	0.00%	0.11%	0.11%
		# Loans		-	-	-	7	7
		% # Loans		0.00%	0.00%	0.00%	0.14%	0.14%

TOTAL		Balance		4,497,368.00	15,913,299.55	9,814,263.11	30,824,802.04	61,049,732.70
		% Balance		0.59%	2.09%	1.29%	4.05%	8.03%
		# Loans		28	132	82	208	450
		% # Loans		0.57%	2.70%	1.68%	4.25%	9.20%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 11 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 1 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			10,937,340.75	6,968,016.47	5,518,128.15	23,423,485.37
		% Balance			2.04%	1.30%	1.03%	4.37%
		# Loans			91	58	48	197
		% # Loans			2.33%	1.49%	1.23%	5.05%
FORECLOSURE		Balance		-	-	-	10,667,360.50	10,667,360.50
		% Balance		0.00%	0.00%	0.00%	1.99%	1.99%
		# Loans		-	-	-	79	79
		% # Loans		0.00%	0.00%	0.00%	2.03%	2.03%
BANKRUPTCY		Balance		2,969,816.41	308,220.60	397,386.30	1,493,249.04	5,168,672.35
		% Balance		0.55%	0.06%	0.07%	0.28%	0.96%
		# Loans		20	2	3	13	38
		% # Loans		0.51%	0.05%	0.08%	0.33%	0.97%
REO		Balance		-	-	-	470,772.44	470,772.44
		% Balance		0.00%	0.00%	0.00%	0.09%	0.09%
		# Loans		-	-	-	4	4
		% # Loans		0.00%	0.00%	0.00%	0.10%	0.10%

TOTAL		Balance		2,969,816.41	11,245,561.35	7,365,402.77	18,149,510.13	39,730,290.66
		% Balance		0.55%	2.10%	1.37%	3.38%	7.41%
		# Loans		20	93	61	144	318
		% # Loans		0.51%	2.38%	1.56%	3.69%	8.15%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 12 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Delinquency Report for December 27, 2004 Distribution


	Delinquency Report - Group 2 Group


				<1 PAYMENT	1 PAYMENT	2 PAYMENTS	3+ PAYMENTS	TOTAL
DELINQUENT		Balance			4,667,738.20	2,285,774.74	3,481,324.88	10,434,837.82
		% Balance			2.08%	1.02%	1.55%	4.66%
		# Loans			39	19	19	77
		% # Loans			3.95%	1.92%	1.92%	7.79%
FORECLOSURE		Balance		-	-	-	7,462,070.82	7,462,070.82
		% Balance		0.00%	0.00%	0.00%	3.33%	3.33%
		# Loans		-	-	-	35	35
		% # Loans		0.00%	0.00%	0.00%	3.54%	3.54%
BANKRUPTCY		Balance		1,527,551.59	-	163,085.60	1,346,637.71	3,037,274.90
		% Balance		0.68%	0.00%	0.07%	0.60%	1.36%
		# Loans		8	-	2	7	17
		% # Loans		0.81%	0.00%	0.20%	0.71%	1.72%
REO		Balance		-	-	-	385,258.50	385,258.50
		% Balance		0.00%	0.00%	0.00%	0.17%	0.17%
		# Loans		-	-	-	3	3
		% # Loans		0.00%	0.00%	0.00%	0.30%	0.30%

TOTAL		Balance		1,527,551.59	4,667,738.20	2,448,860.34	12,675,291.91	21,319,442.04
		% Balance		0.68%	2.08%	1.09%	5.65%	9.51%
		# Loans		8	39	21	64	132
		% # Loans		0.81%	3.95%	2.13%	6.48%	13.36%
Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
								6 Months Moving Average
1 or 2 Payments Delinquent					3 or More Payments Delinquent


Total Foreclosure					Total Bankruptcy and REO


Note: Dates correspond to distribution dates.
				Page 13 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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 = 4				Loan Group 1 = Group 1; REO Book Value = Not Available
Total Original Principal Balance = 494,900.00				Loan Group 2 = Group 2; REO Book Value = Not Available
Total Current Balance = 492,580.93
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

70491485 1		144,000.00	142,901.92	Apr-01-04	6.950%	CO - 82.29%	360	Feb-27-04
71084842 1		116,250.00	115,927.98	Mar-01-04	11.850%	NC - 75.00%	360	Feb-29-04
70737721 2		108,000.00	107,545.92	May-01-04	9.900%	AL - 80.00%	360	Feb-24-04
70840442 2		126,650.00	126,205.11	May-01-04	10.750%	GA - 85.00%	360	Feb-28-04


				Page 14 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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 = 45				Loan Group 1 = Group 1
Total Original Principal Balance = 6,426,903.00				Loan Group 2 = Group 2
Total Current Balance = 6,391,453.31


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

56370240 1		78,300.00	77,508.65	Jul-01-04	9.750%	MD - 90.00%	360	Sep-22-03
57648446 1		60,000.00	59,762.35	May-01-04	11.990%	OK - 65.22%	360	Oct-20-03
60812526 1		100,000.00	99,442.86	Jul-01-04	9.990%	OK - 74.07%	360	Nov-28-03
61057865 1		97,500.00	97,056.78	Jun-01-04	10.050%	AL - 75.00%	360	Jan-15-04
61320941 1		238,500.00	237,149.62	Jun-01-04	8.990%	FL - 90.00%	360	Jan-29-04
64128788 1		81,900.00	81,334.36	Jul-01-04	8.500%	OH - 90.00%	360	Dec-29-03
64974009 1		131,250.00	130,650.15	May-01-04	9.500%	IN - 75.00%	360	Feb-06-04
65790800 1		60,000.00	59,734.44	Jul-01-04	10.250%	TX - 75.00%	360	Feb-17-04
66617168 1		116,100.00	115,520.23	May-01-04	9.600%	MO - 90.00%	360	Jan-26-04
66818360 1		155,000.00	153,914.81	Jul-01-04	7.990%	CA - 73.81%	360	Jan-30-04
66957887 1		140,625.00	139,998.96	May-01-04	10.150%	AL - 72.49%	360	Jan-30-04
67088443 1		82,450.00	82,086.54	Jun-01-04	10.200%	FL - 83.28%	360	Jan-29-04
67089243 1		273,000.00	271,692.37	Jul-01-04	9.800%	NY - 60.00%	360	Jan-23-04
67181883 1		112,000.00	111,255.28	Apr-01-04	7.650%	FL - 89.60%	360	Feb-03-04
67350900 1		74,800.00	74,521.34	Jul-01-04	10.990%	MO - 79.57%	360	Jan-29-04
67610949 1		93,750.00	93,189.05	Jul-01-04	9.500%	MI - 75.06%	360	Jan-28-04
67838789 1		63,750.00	63,456.46	Jun-01-04	9.990%	FL - 85.00%	360	Jan-29-04
68015122 1		60,000.00	59,697.97	Jun-01-04	10.990%	AL - 82.19%	360	Jan-30-04
68080746 1		290,000.00	288,527.80	Jun-01-04	8.990%	FL - 70.05%	360	Feb-26-04
68546209 1		87,300.00	86,419.38	Jul-01-04	6.050%	OH - 90.00%	360	Jan-31-04
69190064 1		131,750.00	131,047.53	Jun-01-04	8.750%	MD - 85.00%	360	Feb-28-04
69324804 1		135,150.00	134,309.99	Jul-01-04	7.990%	MI - 85.00%	360	Feb-09-04
69335925 1		140,000.00	138,099.72	May-01-04	9.990%	FL - 69.65%	360	Feb-13-04
69396182 1		225,250.00	224,252.23	Jul-01-04	9.650%	RI - 85.00%	360	Feb-27-04
69490506 1		100,000.00	99,194.47	Jul-01-04	6.750%	MO - 80.00%	360	Feb-26-04
69676328 1		257,128.00	255,714.58	Jul-01-04	8.600%	GA - 83.76%	360	Feb-13-04
69699940 1		95,200.00	94,681.99	Jun-01-04	8.650%	PA - 85.00%	360	Feb-24-04
70301668 1		96,000.00	95,540.50	May-01-04	9.350%	TX - 80.00%	360	Feb-28-04
70329685 1		156,000.00	155,030.45	Jul-01-04	7.990%	MI - 65.00%	360	Feb-24-04
70405386 1		68,000.00	67,693.86	Jul-01-04	9.800%	CO - 74.73%	360	Feb-26-04
70943840 1		112,000.00	111,431.36	May-01-04	8.990%	FL - 74.67%	360	Feb-28-04
71495287 1		85,500.00	85,193.19	Jul-01-04	10.650%	AL - 90.00%	360	Feb-28-04
71599567 1		213,750.00	212,981.45	Apr-01-04	10.650%	FL - 75.00%	360	Feb-27-04
75097964 1		96,000.00	95,612.61	Jul-01-04	11.150%	MI - 75.00%	360	Mar-31-04
55093207 2		326,250.00	324,381.36	Jun-01-04	10.990%	FL - 75.00%	360	Sep-30-03
58332362 2		440,000.00	436,198.14	Mar-01-04	8.250%	NY - 70.97%	360	Oct-30-03
59206664 2		73,950.00	73,606.50	May-01-04	11.250%	IN - 84.03%	360	Oct-21-03
61641346 2		168,750.00	167,905.31	Apr-01-04	10.500%	MI - 75.00%	360	Nov-24-03
66370040 2		77,000.00	76,645.46	Jul-01-04	9.990%	KS - 70.00%	360	Jan-21-04
67314120 2		400,500.00	398,847.72	Jul-01-04	9.990%	CT - 90.00%	360	Feb-11-04
68204064 2		60,000.00	59,711.98	Apr-01-04	11.250%	LA - 80.00%	360	Jan-29-04
68344365 2		157,500.00	156,734.14	Jul-01-04	9.200%	MA - 90.00%	360	Feb-27-04
69036366 2		244,000.00	243,178.85	May-01-04	10.950%	TX - 80.00%	360	Feb-27-04
70506100 2		76,500.00	76,294.47	May-01-04	11.990%	NC - 75.00%	360	Feb-28-04

				Page 15 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Foreclosure Report for December 27, 2004 Distribution


	Foreclosure Report - Mortage Loans that Become Foreclosure 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

70789789 2		94,500.00	94,246.05	Jun-01-04	11.990%	FL - 75.00%	360	Feb-27-04


				Page 16 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Paid in Full Loans					53	164	217
	Number of Repurchased Loans					-	-	-
	Total Number of Loans Prepaid in Full					53	164	217

	Paid in Full Balance					12,949,789.63	26,426,263.85	39,376,053.48
	Repurchased Loans Balance					-	-	-
	Curtailments Amount					10,633.52	26,146.61	36,780.13
	Total Prepayment Amount					12,960,423.15	26,452,410.46	39,412,833.61

	*Cumulative*
	Number of Paid in Full Loans					347	859	1,206
	Number of Repurchased Loans					12	23	35
	Total Number of Loans Prepaid in Full					359	882	1,241

	Paid in Full Balance					84,716,046.41	143,520,700.37	228,236,746.78
	Repurchased Loans Balance					2,583,550.30	2,764,024.52	5,347,574.82
	Curtailments Amount					(305,526.04)	204,176.08	(101,349.96)
	Total Prepayment Amount					86,994,070.67	146,488,900.97	233,482,971.64

SPACE INTENTIONALLY LEFT BLANK


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


				Page 17 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENT RATES						GROUP 2	GROUP 1	TOTAL

	SMM					5.47%	4.70%	4.93%
	3 Months Avg SMM					5.04%	4.05%	4.34%
	12 Months Avg SMM
	Avg SMM Since Cut-off					4.01%	2.97%	3.28%

	CPR					49.06%	43.89%	45.47%
	3 Months Avg CPR					46.22%	39.10%	41.32%
	12 Months Avg CPR
	Avg CPR Since Cut-off					38.78%	30.34%	33.02%

	PSA					2566.50%	2272.32%	2361.36%
	3 Months Avg PSA Approximation					2695.61%	2254.60%	2390.37%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation					3178.60%	2444.69%	2674.39%



	Group 1
	Group 2


CPR by Groups					Total CPR


PSA by Groups					Total PSA


				Page 18 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Prepayment Report for December 27, 2004 Distribution


	Prepayment Report - Voluntary Prepayments

	Group 1
	Group 2

CPR Avg since Cut-Off by Groups					Total CPR Avg since Cut-Off


PSA Avg since Cut-Off by Groups					Total PSA Avg since Cut-Off


PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) .......(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of months in the period n,m)
Weighted Average Seasoning (WAS)

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

				Page 19 of 30				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-R3
	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 = 217						Loan Group 1 = Group 1
Total Original Principal Balance = 39,651,013.00						Loan Group 2 = Group 2
Total Prepayment Amount = 39,376,053.48


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

52381522 1			70,000.00	69,623.47	Nov-17-04	11.250%	TX - 77.78%	Paid Off - 360	Sep-30-03
53160743 1			322,000.00	319,070.32	Nov-15-04	7.990%	CA - 58.55%	Paid Off - 360	Sep-09-03
54841929 1			69,300.00	68,758.31	Nov-29-04	8.750%	FL - 90.00%	Paid Off - 360	Sep-19-03
55193429 1			121,500.00	120,024.68	Nov-19-04	6.500%	CA - 90.00%	Paid Off - 360	Sep-29-03
55433908 1			79,750.00	79,416.84	Nov-16-04	11.350%	TX - 55.00%	Paid Off - 360	Oct-22-03
55701064 1			91,000.00	89,599.22	Nov-17-04	9.990%	WI - 71.65%	Paid Off - 360	Sep-05-03
55796502 1			300,000.00	297,655.22	Dec-07-04	8.750%	WA - 80.00%	Paid Off - 360	Sep-12-03
55961189 1			168,000.00	166,528.15	Nov-16-04	8.300%	CA - 76.71%	Paid Off - 360	Sep-18-03
56404528 1			173,500.00	171,761.83	Dec-07-04	7.500%	RI - 86.75%	Paid Off - 360	Sep-25-03
56520166 1			282,000.00	280,603.60	Dec-10-04	10.950%	NY - 80.57%	Paid Off - 360	Sep-30-03
56882087 1			128,204.00	126,899.10	Nov-12-04	6.990%	CA - 71.66%	Paid Off - 360	Oct-21-03
57042285 1			240,000.00	238,545.54	Dec-02-04	9.990%	CA - 80.00%	Paid Off - 360	Sep-30-03
57152621 1			223,000.00	220,699.73	Dec-07-04	7.350%	NY - 59.47%	Paid Off - 360	Sep-30-03
57281461 1			76,500.00	76,173.42	Nov-24-04	11.900%	NC - 85.00%	Paid Off - 360	Oct-29-03
57640724 1			160,000.00	158,397.02	Dec-10-04	7.500%	FL - 86.49%	Paid Off - 360	Sep-29-03
58299348 1			258,700.00	255,839.06	Nov-26-04	6.990%	FL - 76.09%	Paid Off - 360	Sep-29-03
58386004 1			140,250.00	139,175.01	Nov-22-04	8.850%	FL - 85.00%	Paid Off - 360	Sep-30-03
58541665 1			66,000.00	64,239.59	Nov-15-04	11.450%	TX - 44.00%	Paid Off - 180	Oct-22-03
59048629 1			104,000.00	103,288.02	Nov-23-04	8.990%	TX - 77.04%	Paid Off - 360	Oct-22-03
59085340 1			67,500.00	67,083.73	Dec-01-04	9.500%	NM - 66.18%	Paid Off - 360	Oct-17-03
59376780 1			116,250.00	115,680.27	Dec-07-04	10.600%	IL - 74.52%	Paid Off - 360	Oct-31-03
59655183 1			306,000.00	303,844.58	Dec-08-04	8.850%	NY - 90.00%	Paid Off - 360	Oct-27-03
59840264 1			166,567.00	164,907.25	Dec-07-04	7.100%	MD - 70.88%	Paid Off - 360	Nov-07-03
59984906 1			261,000.00	258,815.32	Dec-03-04	7.990%	CA - 90.00%	Paid Off - 360	Oct-31-03
60427069 1			97,500.00	97,028.27	Nov-16-04	10.700%	TX - 75.00%	Paid Off - 360	Oct-31-03
61951943 1			60,000.00	59,121.74	Nov-30-04	10.250%	LA - 89.55%	Paid Off - 240	Nov-12-03
62416102 1			244,800.00	243,109.55	Nov-24-04	8.500%	PA - 90.00%	Paid Off - 360	Nov-28-03
62565247 1			279,000.00	277,255.78	Nov-30-04	8.990%	NH - 90.00%	Paid Off - 360	Nov-28-03
62936786 1			79,475.00	78,926.17	Dec-06-04	8.500%	MO - 84.37%	Paid Off - 360	Nov-21-03
63422182 1			238,000.00	235,898.34	Dec-03-04	9.250%	MN - 85.00%	Paid Off - 360	Nov-30-03
63695126 1			100,000.00	96,571.98	Dec-07-04	7.500%	CA - 40.82%	Paid Off - 180	Nov-28-03
65332660 1			207,000.00	205,503.19	Nov-15-04	7.800%	FL - 90.00%	Paid Off - 360	Dec-19-03
65942781 1			198,000.00	196,709.26	Dec-07-04	7.750%	CA - 90.00%	Paid Off - 360	Jan-27-04
65947889 1			288,000.00	285,801.48	Nov-17-04	7.500%	CA - 90.00%	Paid Off - 360	Dec-31-03
65968844 1			110,500.00	110,023.36	Nov-30-04	10.300%	MO - 83.71%	Paid Off - 360	Jan-14-04
66013640 1			153,000.00	152,307.98	Dec-01-04	9.550%	NC - 88.95%	Paid Off - 360	Jan-19-04
66038100 1			88,500.00	88,003.57	Dec-09-04	8.500%	OH - 68.08%	Paid Off - 360	Jan-22-04
66148784 1			75,700.00	75,387.03	Nov-23-04	10.500%	MI - 84.11%	Paid Off - 360	Dec-30-03
66190588 1			130,500.00	129,897.42	Nov-30-04	9.450%	WI - 90.00%	Paid Off - 360	Jan-28-04
66236027 1			187,500.00	186,522.81	Dec-10-04	8.750%	CA - 75.00%	Paid Off - 360	Feb-09-04
66474784 1			99,450.00	99,152.70	Nov-24-04	11.500%	AL - 85.00%	Paid Off - 360	Jan-22-04
66496985 1			137,810.00	136,911.63	Nov-19-04	7.750%	FL - 87.50%	Paid Off - 360	Jan-14-04
66773045 1			172,000.00	171,082.92	Dec-02-04	8.750%	MA - 74.78%	Paid Off - 360	Jan-23-04
66790023 1			157,800.00	156,103.56	Dec-02-04	5.650%	ME - 78.90%	Paid Off - 360	Feb-02-04

					Page 20 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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

66898107 1			195,500.00	190,852.16	Nov-30-04	9.350%	IL - 59.42%	Paid Off - 180	Jan-20-04
66928060 1			81,000.00	80,749.89	Nov-16-04	11.350%	CA - 60.00%	Paid Off - 360	Jan-30-04
66957762 1			200,000.00	198,188.93	Dec-07-04	6.050%	CA - 82.64%	Paid Off - 360	Jan-20-04
67061481 1			140,250.00	139,671.39	Dec-01-04	9.990%	FL - 85.00%	Paid Off - 360	Jan-15-04
67065904 1			148,000.00	147,258.43	Dec-06-04	8.500%	MA - 84.57%	Paid Off - 360	Feb-11-04
67069047 1			70,125.00	69,891.01	Dec-07-04	10.990%	MI - 75.00%	Paid Off - 360	Jan-20-04
67129502 1			208,800.00	207,502.31	Nov-29-04	7.990%	MI - 90.00%	Paid Off - 360	Jan-20-04
67186049 1			155,250.00	154,516.86	Nov-17-04	8.750%	CA - 83.92%	Paid Off - 360	Feb-10-04
67239400 1			159,000.00	157,910.96	Dec-02-04	7.500%	MI - 79.50%	Paid Off - 360	Jan-14-04
67325480 1			116,000.00	115,258.68	Nov-26-04	7.850%	CA - 80.26%	Paid Off - 360	Jan-23-04
67365221 1			255,000.00	253,771.05	Nov-17-04	8.650%	CA - 85.00%	Paid Off - 360	Feb-12-04
67411769 1			82,500.00	81,991.58	Nov-16-04	8.500%	DE - 89.67%	Paid Off - 360	Jan-30-04
67579623 1			67,500.00	67,016.00	Dec-02-04	7.500%	OH - 90.00%	Paid Off - 360	Jan-28-04
67671321 1			161,250.00	160,543.15	Nov-30-04	9.700%	FL - 75.00%	Paid Off - 360	Jan-22-04
67739060 1			98,000.00	97,518.49	Nov-15-04	9.150%	MA - 72.06%	Paid Off - 360	Jan-23-04
67871020 1			535,800.00	531,032.28	Nov-17-04	5.500%	CA - 84.38%	Paid Off - 360	Feb-28-04
67916825 1			238,000.00	236,403.91	Dec-06-04	6.990%	CA - 85.00%	Paid Off - 360	Feb-10-04
68092386 1			73,400.00	72,943.75	Nov-19-04	7.990%	OH - 81.56%	Paid Off - 360	Jan-30-04
68115245 1			98,200.00	97,675.46	Nov-17-04	8.150%	CT - 89.27%	Paid Off - 360	Feb-12-04
68156926 1			225,000.00	223,601.60	Dec-03-04	7.990%	CT - 90.00%	Paid Off - 360	Jan-29-04
68164045 1			140,250.00	139,587.75	Dec-10-04	8.750%	PA - 85.00%	Paid Off - 360	Feb-11-04
68254242 1			108,000.00	107,394.18	Dec-10-04	8.500%	CA - 74.48%	Paid Off - 360	Jan-26-04
68264621 1			139,180.00	138,358.86	Dec-01-04	8.250%	FL - 83.84%	Paid Off - 360	Feb-13-04
68290121 1			124,950.00	124,493.65	Nov-30-04	9.990%	AR - 83.30%	Paid Off - 360	Feb-24-04
68307008 1			60,000.00	59,747.70	Nov-11-04	9.900%	FL - 75.00%	Paid Off - 360	Jan-29-04
68362045 1			140,400.00	139,620.34	Dec-10-04	8.550%	WI - 88.86%	Paid Off - 360	Jan-30-04
68436682 1			313,000.00	310,486.96	Nov-18-04	6.050%	CA - 84.59%	Paid Off - 360	Feb-17-04
68477827 1			144,500.00	143,967.84	Nov-18-04	9.950%	PA - 85.00%	Paid Off - 360	Feb-28-04
68522762 1			216,000.00	214,545.34	Nov-26-04	6.990%	MN - 90.00%	Paid Off - 360	Feb-27-04
68541606 1			131,950.00	131,260.44	Nov-30-04	8.250%	FL - 65.00%	Paid Off - 360	Feb-27-04
68603661 1			70,000.00	69,496.43	Nov-18-04	7.250%	RI - 29.17%	Paid Off - 360	Jan-29-04
68621341 1			169,750.00	168,348.09	Dec-01-04	5.900%	MN - 87.50%	Paid Off - 360	Feb-26-04
68674308 1			310,000.00	307,801.08	Dec-06-04	6.700%	CA - 70.45%	Paid Off - 360	Feb-10-04
68706225 1			110,000.00	109,430.86	Dec-08-04	8.300%	IL - 53.40%	Paid Off - 360	Feb-12-04
68706985 1			310,250.00	307,663.55	Nov-12-04	5.850%	NY - 85.00%	Paid Off - 360	Feb-09-04
68836121 1			130,000.00	128,992.66	Nov-23-04	6.600%	IL - 66.67%	Paid Off - 360	Feb-27-04
68843309 1			266,000.00	260,277.07	Nov-30-04	5.850%	CA - 79.40%	Paid Off - 240	Feb-06-04
68857564 1			112,500.00	112,020.64	Dec-10-04	9.250%	NY - 75.00%	Paid Off - 360	Feb-11-04
68878685 1			121,000.00	120,489.68	Dec-07-04	9.300%	IL - 77.56%	Paid Off - 360	Feb-17-04
68895267 1			264,000.00	261,349.02	Dec-01-04	5.500%	IL - 67.69%	Paid Off - 360	Jan-31-04
69071926 1			87,000.00	86,479.76	Dec-02-04	9.500%	CA - 75.00%	Paid Off - 360	Feb-23-04
69081503 1			109,000.00	108,443.21	Nov-22-04	8.750%	IL - 72.67%	Paid Off - 360	Feb-24-04
69089787 1			99,750.00	99,385.67	Nov-16-04	9.990%	IL - 75.00%	Paid Off - 360	Feb-24-04
69112308 1			179,500.00	178,652.39	Nov-19-04	8.750%	WA - 89.30%	Paid Off - 360	Feb-24-04
69174266 1			206,750.00	205,820.55	Nov-30-04	8.990%	NY - 57.43%	Paid Off - 360	Feb-19-04
69194066 1			108,000.00	107,563.00	Nov-17-04	9.500%	NC - 90.00%	Paid Off - 360	Feb-04-04
69257145 1			181,000.00	179,857.44	Dec-03-04	7.300%	CA - 82.27%	Paid Off - 360	Feb-26-04
69260586 1			208,000.00	206,311.01	Nov-15-04	5.990%	MN - 80.00%	Paid Off - 360	Feb-20-04
69278968 1			147,900.00	146,374.10	Dec-06-04	7.750%	RI - 79.95%	Paid Off - 360	Feb-17-04
69283802 1			91,000.00	90,587.51	Dec-01-04	8.950%	MI - 72.80%	Paid Off - 360	Feb-12-04
69285765 1			120,700.00	119,749.05	Nov-15-04	6.150%	OH - 73.60%	Paid Off - 360	Feb-19-04
69299683 1			270,000.00	268,295.64	Dec-01-04	7.300%	RI - 75.00%	Paid Off - 360	Feb-28-04

					Page 21 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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

69309482 1			200,300.00	199,354.13	Nov-15-04	8.750%	MA - 76.45%	Paid Off - 360	Feb-12-04
69310027 1			60,000.00	59,701.88	Dec-01-04	8.500%	MI - 43.64%	Paid Off - 360	Feb-17-04
69337806 1			243,000.00	240,776.88	Dec-08-04	5.350%	CA - 87.41%	Paid Off - 360	Feb-17-04
69430460 1			164,070.00	161,060.16	Nov-30-04	5.650%	CA - 90.00%	Paid Off - 240	Feb-12-04
69447407 1			235,890.00	234,117.53	Nov-18-04	6.400%	AZ - 90.00%	Paid Off - 360	Feb-26-04
69452761 1			232,000.00	229,921.73	Dec-03-04	5.500%	CA - 89.97%	Paid Off - 360	Feb-09-04
69474229 1			180,000.00	178,930.36	Nov-18-04	7.750%	CA - 75.00%	Paid Off - 360	Feb-17-04
69481265 1			150,450.00	149,490.94	Dec-10-04	7.250%	RI - 70.30%	Paid Off - 360	Feb-11-04
69535748 1			90,000.00	85,863.81	Nov-16-04	7.500%	AL - 69.23%	Paid Off - 120	Feb-17-04
69562007 1			110,700.00	109,957.49	Dec-01-04	6.990%	CT - 89.27%	Paid Off - 360	Feb-10-04
69580603 1			130,000.00	129,320.63	Nov-29-04	8.250%	FL - 72.22%	Paid Off - 360	Feb-28-04
69655066 1			162,000.00	161,195.12	Dec-01-04	8.500%	CA - 90.00%	Paid Off - 360	Feb-25-04
69668523 1			69,000.00	68,687.24	Nov-23-04	8.950%	FL - 87.34%	Paid Off - 360	Feb-17-04
69728723 1			215,650.00	213,898.86	Nov-16-04	5.990%	CA - 95.00%	Paid Off - 360	Feb-24-04
69733384 1			60,000.00	59,252.92	Nov-24-04	8.900%	MN - 40.54%	Paid Off - 240	Feb-13-04
69740843 1			132,393.00	131,679.95	Nov-30-04	8.100%	MA - 83.79%	Paid Off - 360	Feb-28-04
69752681 1			261,000.00	259,649.65	Nov-26-04	8.300%	CA - 84.88%	Paid Off - 360	Feb-27-04
69785905 1			84,000.00	83,622.37	Nov-23-04	8.990%	FL - 80.00%	Paid Off - 360	Feb-11-04
69859767 1			103,700.00	103,069.15	Nov-23-04	7.900%	FL - 85.00%	Paid Off - 360	Feb-17-04
69914786 1			99,000.00	98,482.59	Nov-19-04	8.250%	NV - 90.00%	Paid Off - 360	Feb-23-04
69938066 1			144,000.00	143,156.87	Dec-10-04	7.990%	IL - 84.71%	Paid Off - 360	Feb-25-04
69955300 1			66,000.00	65,805.12	Dec-02-04	10.990%	MI - 75.00%	Paid Off - 360	Feb-25-04
69969681 1			176,670.00	175,428.88	Nov-17-04	6.750%	MD - 90.00%	Paid Off - 360	Feb-13-04
69986529 1			139,000.00	137,925.28	Nov-26-04	6.250%	RI - 81.76%	Paid Off - 360	Feb-26-04
70095120 1			131,500.00	130,628.32	Nov-15-04	7.050%	RI - 73.06%	Paid Off - 360	Feb-24-04
70170048 1			112,500.00	111,450.80	Nov-23-04	7.950%	FL - 90.00%	Paid Off - 360	Feb-13-04
70189006 1			78,000.00	77,452.02	Nov-19-04	6.750%	AZ - 87.50%	Paid Off - 360	Feb-20-04
70227442 1			100,000.00	99,594.33	Nov-16-04	9.500%	WI - 76.92%	Paid Off - 360	Feb-20-04
70243464 1			357,000.00	355,207.54	Dec-01-04	8.450%	NY - 85.00%	Paid Off - 360	Feb-18-04
70258348 1			129,592.00	128,805.52	Dec-07-04	7.500%	NV - 81.00%	Paid Off - 360	Feb-17-04
70267828 1			230,400.00	229,219.95	Nov-17-04	8.350%	MD - 90.00%	Paid Off - 360	Feb-27-04
70270541 1			233,750.00	232,699.13	Nov-24-04	8.990%	MN - 85.00%	Paid Off - 360	Feb-18-04
70363866 1			180,000.00	178,792.87	Dec-02-04	6.990%	CA - 80.00%	Paid Off - 360	Feb-26-04
70379201 1			123,000.00	122,289.58	Nov-16-04	7.750%	AZ - 58.85%	Paid Off - 360	Feb-26-04
70417464 1			127,500.00	126,863.04	Nov-22-04	8.500%	NV - 82.79%	Paid Off - 360	Feb-27-04
70448568 1			115,600.00	115,001.89	Nov-30-04	8.300%	MN - 85.00%	Paid Off - 360	Feb-26-04
70453980 1			307,000.00	305,226.86	Nov-26-04	7.750%	NY - 78.72%	Paid Off - 360	Feb-29-04
70454020 1			249,390.00	247,671.48	Dec-06-04	6.850%	CA - 84.80%	Paid Off - 360	Feb-27-04
70508460 1			117,900.00	117,314.24	Nov-19-04	8.500%	MN - 90.00%	Paid Off - 360	Feb-25-04
70600440 1			172,500.00	171,256.50	Dec-01-04	8.100%	FL - 75.00%	Paid Off - 360	Feb-23-04
70612304 1			238,500.00	232,971.44	Nov-22-04	7.700%	NV - 90.00%	Paid Off - 360	Feb-26-04
70671524 1			166,500.00	165,625.34	Nov-23-04	8.350%	CA - 90.00%	Paid Off - 360	Feb-24-04
70677307 1			113,750.00	113,238.38	Nov-18-04	8.990%	FL - 63.90%	Paid Off - 360	Feb-18-04
70702006 1			270,000.00	267,852.56	Nov-24-04	6.100%	CA - 77.81%	Paid Off - 360	Feb-24-04
70732060 1			85,650.00	85,321.06	Dec-06-04	9.750%	WI - 67.98%	Paid Off - 360	Feb-25-04
70781802 1			120,000.00	119,306.88	Dec-07-04	7.750%	RI - 70.59%	Paid Off - 360	Feb-26-04
70863089 1			60,000.00	59,733.73	Nov-22-04	10.250%	IL - 64.52%	Paid Off - 360	Feb-19-04
70880307 1			259,808.00	257,779.82	Nov-29-04	6.200%	MA - 86.03%	Paid Off - 360	Feb-26-04
70917224 1			260,000.00	257,989.65	Nov-15-04	6.250%	NV - 89.66%	Paid Off - 360	Feb-27-04
70950167 1			274,500.00	273,190.55	Dec-02-04	8.700%	WI - 90.00%	Paid Off - 360	Feb-27-04
70972666 1			222,300.00	221,076.06	Nov-12-04	7.990%	LA - 65.00%	Paid Off - 360	Feb-24-04
71212468 1			240,000.00	238,667.99	Dec-06-04	7.950%	RI - 80.00%	Paid Off - 360	Feb-25-04

					Page 22 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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

71240907 1			170,000.00	168,998.42	Nov-16-04	7.650%	OH - 89.95%	Paid Off - 360	Feb-28-04
71262042 1			262,000.00	260,936.03	Dec-01-04	9.500%	NY - 77.06%	Paid Off - 360	Feb-28-04
71305148 1			216,500.00	215,078.88	Dec-01-04	7.100%	WA - 89.46%	Paid Off - 360	Feb-25-04
71329569 1			113,000.00	112,438.52	Dec-07-04	8.500%	IL - 83.09%	Paid Off - 360	Feb-27-04
71397582 1			119,000.00	118,411.26	Nov-22-04	8.700%	MD - 76.77%	Paid Off - 360	Feb-29-04
71433882 1			215,500.00	214,126.32	Nov-19-04	7.250%	CA - 86.20%	Paid Off - 360	Feb-27-04
71459960 1			64,200.00	63,904.26	Nov-26-04	8.990%	MN - 58.36%	Paid Off - 360	Feb-28-04
71699581 1			160,000.00	159,028.92	Nov-23-04	7.500%	CA - 80.00%	Paid Off - 360	Feb-29-04
71801104 1			194,500.00	192,920.62	Nov-16-04	5.990%	CA - 76.76%	Paid Off - 360	Feb-29-04
71823280 1			227,500.00	226,705.21	Nov-18-04	10.200%	NY - 64.08%	Paid Off - 360	Feb-28-04
72068265 1			106,250.00	105,808.10	Dec-02-04	8.700%	MA - 85.00%	Paid Off - 360	Mar-11-04
72654585 1			137,700.00	136,926.09	Nov-30-04	7.200%	MA - 90.00%	Paid Off - 360	Mar-31-04
73409740 1			85,000.00	84,660.63	Nov-30-04	8.900%	MT - 55.92%	Paid Off - 360	Mar-31-04
73722480 1			157,500.00	156,796.64	Dec-02-04	8.350%	NE - 90.00%	Paid Off - 360	Mar-31-04
73878126 1			100,425.00	99,827.06	Dec-01-04	7.450%	MD - 90.00%	Paid Off - 360	Mar-31-04
74821083 1			112,500.00	112,022.44	Dec-10-04	8.600%	CA - 72.58%	Paid Off - 360	Mar-31-04
54880505 2			67,500.00	67,196.29	Nov-19-04	11.400%	TX - 75.00%	Paid Off - 360	Sep-11-03
55577860 2			233,750.00	232,182.17	Nov-30-04	9.500%	MN - 85.00%	Paid Off - 360	Sep-09-03
56455280 2			97,500.00	96,845.80	Nov-23-04	9.500%	FL - 72.22%	Paid Off - 360	Sep-22-03
56775885 2			121,900.00	121,039.26	Dec-01-04	9.250%	FL - 71.71%	Paid Off - 360	Sep-24-03
56836604 2			80,700.00	80,130.21	Dec-07-04	9.250%	SC - 73.36%	Paid Off - 360	Sep-30-03
58240466 2			141,000.00	140,174.34	Nov-24-04	9.750%	MD - 75.00%	Paid Off - 360	Oct-09-03
59299628 2			120,000.00	119,156.83	Nov-15-04	9.100%	FL - 75.00%	Paid Off - 360	Oct-20-03
59677625 2			216,000.00	214,985.35	Nov-24-04	10.800%	TX - 80.00%	Paid Off - 360	Oct-31-03
60180445 2			61,750.00	61,465.70	Nov-29-04	9.990%	KY - 65.00%	Paid Off - 360	Dec-31-03
60931904 2			311,250.00	309,330.69	Dec-01-04	9.500%	CA - 75.00%	Paid Off - 360	Oct-31-03
65089807 2			531,250.00	528,091.21	Nov-15-04	8.750%	NY - 85.00%	Paid Off - 360	Dec-31-03
65282147 2			93,750.00	93,317.33	Nov-19-04	9.990%	CA - 73.24%	Paid Off - 360	Dec-22-03
65579443 2			90,250.00	89,765.51	Dec-01-04	9.250%	OH - 83.56%	Paid Off - 360	Dec-30-03
65875544 2			93,420.00	92,908.06	Nov-23-04	9.150%	WI - 90.00%	Paid Off - 360	Dec-30-03
66121443 2			349,500.00	345,606.43	Nov-30-04	7.750%	CA - 88.04%	Paid Off - 360	Dec-31-03
66264144 2			112,500.00	112,031.92	Dec-10-04	9.950%	MI - 90.00%	Paid Off - 360	Jan-14-04
66292442 2			166,500.00	165,698.71	Nov-30-04	9.250%	CT - 90.00%	Paid Off - 360	Jan-21-04
66313602 2			126,000.00	125,458.57	Dec-01-04	9.800%	OH - 75.00%	Paid Off - 360	Feb-04-04
66691320 2			82,000.00	81,715.11	Nov-17-04	10.250%	SC - 68.91%	Paid Off - 360	Feb-28-04
66788944 2			60,000.00	59,813.42	Nov-22-04	11.400%	AL - 80.00%	Paid Off - 360	Jan-30-04
66838608 2			219,000.00	217,919.94	Dec-07-04	9.350%	MI - 60.00%	Paid Off - 360	Jan-23-04
67163964 2			75,750.00	75,555.19	Dec-09-04	12.500%	LA - 75.00%	Paid Off - 360	Jan-27-04
67239442 2			315,000.00	313,893.59	Dec-03-04	10.750%	CA - 90.00%	Paid Off - 360	Jan-21-04
67397943 2			579,700.00	576,757.11	Nov-15-04	8.990%	MA - 85.00%	Paid Off - 360	Jan-31-04
67425926 2			60,000.00	59,744.30	Nov-30-04	9.250%	CA - 75.00%	Paid Off - 360	Feb-10-04
67453787 2			72,720.00	72,577.05	Dec-01-04	12.850%	AZ - 90.00%	Paid Off - 360	Feb-10-04
67585448 2			150,000.00	148,184.16	Dec-01-04	9.800%	CO - 83.33%	Paid Off - 360	Jan-29-04
67614842 2			97,750.00	97,370.64	Nov-19-04	9.700%	IL - 74.62%	Paid Off - 360	Feb-19-04
67965061 2			367,500.00	363,690.50	Nov-30-04	5.500%	CA - 91.88%	Paid Off - 360	Jan-31-04
68070549 2			432,000.00	427,784.29	Nov-11-04	5.650%	CA - 86.40%	Paid Off - 360	Jan-31-04
68166867 2			562,500.00	559,181.56	Nov-26-04	8.250%	CA - 75.00%	Paid Off - 360	Jan-27-04
68325828 2			599,999.00	594,902.59	Nov-11-04	5.750%	CA - 77.42%	Paid Off - 360	Feb-18-04
68516327 2			352,750.00	351,033.58	Nov-24-04	9.350%	MS - 85.00%	Paid Off - 360	Jan-30-04
68694363 2			400,000.00	396,440.68	Dec-07-04	5.500%	MA - 88.89%	Paid Off - 360	Feb-02-04
68738608 2			68,800.00	68,627.68	Nov-30-04	11.750%	FL - 83.90%	Paid Off - 360	Feb-02-04
69053262 2			68,000.00	67,746.94	Dec-09-04	9.900%	KS - 85.00%	Paid Off - 360	Feb-24-04

					Page 23 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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

69092765 2			395,250.00	392,223.40	Dec-02-04	6.300%	CA - 85.00%	Paid Off - 360	Feb-24-04
69407047 2			69,000.00	68,778.52	Nov-26-04	10.600%	MN - 60.00%	Paid Off - 360	Feb-09-04
69462521 2			495,000.00	492,274.60	Nov-29-04	7.990%	MD - 90.00%	Paid Off - 360	Feb-18-04
69596583 2			369,000.00	366,826.09	Dec-08-04	7.650%	CA - 90.00%	Paid Off - 360	Feb-24-04
69921641 2			292,500.00	291,266.41	Dec-01-04	9.300%	MD - 90.00%	Paid Off - 360	Feb-27-04
69966281 2			103,600.00	103,353.82	Nov-12-04	11.990%	TX - 70.00%	Paid Off - 360	Feb-17-04
69989804 2			368,500.00	366,471.08	Nov-18-04	7.990%	MD - 76.77%	Paid Off - 360	Feb-20-04
70020581 2			155,000.00	154,243.27	Dec-02-04	9.550%	MA - 71.43%	Paid Off - 360	Feb-28-04
70232103 2			467,500.00	466,427.51	Nov-29-04	12.150%	CA - 85.00%	Paid Off - 360	Feb-25-04
70381082 2			498,404.00	495,226.95	Nov-16-04	7.250%	CA - 73.84%	Paid Off - 360	Feb-24-04
70640602 2			360,000.00	358,300.05	Dec-10-04	8.750%	CA - 90.00%	Paid Off - 360	Feb-26-04
70748009 2			346,000.00	343,569.34	Nov-16-04	6.750%	FL - 83.37%	Paid Off - 360	Feb-20-04
70859848 2			425,000.00	422,223.47	Nov-15-04	7.990%	CA - 85.00%	Paid Off - 360	Feb-27-04
71201024 2			76,500.00	76,149.69	Nov-26-04	8.250%	MO - 85.00%	Paid Off - 360	Mar-17-04
71320261 2			346,871.00	344,503.83	Dec-02-04	6.900%	CA - 61.94%	Paid Off - 360	Feb-27-04
71566947 2			280,000.00	278,924.68	Nov-26-04	9.750%	CA - 62.92%	Paid Off - 360	Feb-29-04
72015506 2			403,400.00	400,704.21	Nov-12-04	6.300%	CA - 85.83%	Paid Off - 360	Mar-16-04


					Page 24 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES						GROUP 2	GROUP 1	TOTAL

	*Current*
	Number of Loans Liquidated					-	-	-
	Collateral Realized Loss/(Gain) Amount					10.00	-	10.00
	Net Liquidation Proceeds					(10.00)	-	(10.00)

	*Cumulative*
	Number of Loans Liquidated					1	-	1
	Collateral Realized Loss/(Gain) Amount					14,540.77	-	14,540.77
	Net Liquidation Proceeds					103,911.94	-	103,911.94

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


	Cumulative Loss Percentage							0.0015%


	Group 1						3 Months Moving Average
	Group 2

Collateral Loss Severity Approximation by Groups					Collateral Loss Severity Approximation


				Page 25 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral


DEFAULT SPEEDS						GROUP 2	GROUP 1	TOTAL

	MDR					0.00%	0.00%	0.00%
	3 Months Avg MDR					0.02%	0.00%	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off					0.01%	0.00%	0.00%

	CDR					0.00%	0.00%	0.00%
	3 Months Avg CDR					0.19%	0.00%	0.06%
	12 Months Avg CDR
	Avg CDR Since Cut-off					0.07%	0.00%	0.02%

	SDA					0.00%	0.00%	0.00%
	3 Months Avg SDA Approximation					1.10%	0.00%	0.33%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation					0.58%	0.00%	0.17%

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

	Group 1
	Group 2
CDR by Groups					Total CDR


SDA by Groups					Total SDA


				Page 26 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Realized Loss Report for December 27, 2004 Distribution


	Realized Loss Report - Collateral

	Group 1
	Group 2

CDR Avg since Cut-Off by Groups					Total CDR Avg since Cut-Off


SDA Avg since Cut-Off by Groups					Total SDA Avg since Cut-Off


COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) .......(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
Dates correspond to distribution dates.

				Page 27 of 30				© COPYRIGHT 2004 Deutsche Bank


	Ameriquest Mortgage Securities, Inc. 2004-R3
	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						Loan Group 2 = Group 2
Total Current Realized Loss Amount = 10.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 10.00
Total Net Liquidation Proceeds = -10.00
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 28 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	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						GROUP 2	GROUP 1	TOTAL

	Has a Stepdown Date occurred?							No

	Does Trigger Event exist?							No

	1. Does (A) exceed (B)?							No
	(A) Delinquency Percentage (quotient of (x) over (y))							5.98%
	(x) 60+ Day Delinq. Loans (incl. FCLs, REOs & BKs)							45,444,653.75
	(y) Stated Principal Balance of the Mortgage Loans							760,383,500.99
	(B) 16.50%							9.9878%

	2. Does (A) exceed (B)?							No
	(A) Realized Loss % (quotient of (x) over (y))							0.0015%
	(x) Aggregate Realized Losses to date							14,540.77
	(y) Cut-off Date Principal Bal. of the Mortgage Loans							1,000,000,582.74
	(B) Applicable Percentage							100.0000%


	Credit Enhancement Percentage							25.6450%



ADJUSTABLE RATE CERTIFICATE INFORMATION						GROUP 2	GROUP 1	TOTAL
SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL


				Page 29 of 30				© COPYRIGHT 2004 Deutsche Bank
	Ameriquest Mortgage Securities, Inc. 2004-R3
	Mortgage Pass-Through Certificates

	Other Related Information for December 27, 2004 Distribution


	Other Related Information


ADDITIONAL INFORMATION						GROUP 2	GROUP 1	TOTAL


	Net WAC Rate Carryover Amt: Class A-1							0.00
	Net WAC Rate Carryover Amt: Class A-2							0.00
	Net WAC Rate Carryover Amt: Class M-1							0.00
	Net WAC Rate Carryover Amt: Class M-2							0.00
	Net WAC Rate Carryover Amt: Class M-3							0.00
	Net WAC Rate Carryover Amt: Class M-4							0.00
	Net WAC Rate Carryover Amt: Class M-5							0.00
	Net WAC Rate Carryover Amt: Class M-6							0.00
	Net WAC Rate Carryover Amt: Class M-7							0.00
	Net WAC Rate Carryover Amt: Class M-8							0.00
	Net WAC Rate Carryover Amt: Class M-9							0.00
	Net WAC Rate Carryover Amt: Class M-10							0.00


	Net WAC Rate Carryover Amt: Class A-1 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class A-2 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
	Net WAC Rate Carryover Amt: Class M-6 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-7 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-8 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-9 Unpaid							0.00
	Net WAC Rate Carryover Amt: Class M-10 Unpaid							0.00


				Page 30 of 30				© COPYRIGHT 2004 Deutsche Bank

AMERIQUEST MORTGAGE SEC INC ASSET BK PAS THR CERT SE 2004 R3 8-K