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): ~~November~~December 2627, 2004 (Date of earliest event reported) Ameriquest Mortgage Securities Inc (as Depositor under the Pooling and Servicing Agreement, dated as June 1, 2004, providing for the issuance of Asset-Backed Pass-Through Certificates, Series 2004-R5) (Exact name of registrant as specified in charter) DELAWARE (State or Other Jurisdiction of Incorporation) 333-112203-01 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 ~~November~~December 2627, 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 0631, 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 ~~November~~December 2627, 2004.

Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
				External Parties						Table of Contents
													Page
				Seller
										1. Certificate Payment Report					2
				Ameriquest Mortgage Corp
										2. Collection Account Report					4
										3. Credit Enhancement Report					6
										4. Collateral Report					7
				Certificate Insurer(s)						5. Delinquency Report					10
										6. REO Report					13
										7. Foreclosure Report					14
										8. Prepayment Report					1516
										9. Prepayment Detail Report					1819
										10. Realized Loss Report					2426
										11. Realized Loss Detail Report					2729
				Servicer(s)
										12. Triggers and Adj. Cert. Report					2830
				Ameriquest Mortgage Corp
										13. Additional Certificate Report					2931
										14. Other Related Information					3032
				Underwriter(s)
				CS First Boston
										Total Number of Pages					3032
				Dates						Contacts
				Cut-Off Date:			June 01, 2004			~~Valerie~~Tim ~~Delgado~~Avakian
				Close Date:			June 04, 2004			Administrator
				First Distribution Date:			July 26, 2004			(714) 247-~~6273~~6279
										valerie.m.delgado@db.com
										tim.avakian@db.com
										Address:
										1761 East St. Andrew Place, Santa Ana, CA 92705
										1761 E. St. Andrew Place, Santa Ana, CA 92705
				Distribution Date:			~~November~~December 2627, 2004
										Factor Information:			(800) 735-7777
				Record Date:			~~October~~November 2930, 2004
										Main Phone Number:			(714) 247-6000
							November 24, 2004
							December 24, 2004
										https://www.tss.db.com/invr
Page 1 of 30
Page 1 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Certificate Payment Report
Current Period Distribution - MASTER REMIC
					Prior												Current
	Class		Original		Principal						Total		Realized		Deferred		Principal
Class	Type	Cur	Face Value		Balance		Interest		Principal		Distribution		Loss		Interest		Balance
					(1)		(2)		(3)		(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)
A-1A	SNR	$	619,000,000.00		~~572~~545,~~850~~034,~~176~~348.5363		1,~~121~~150,~~513~~166.3576		2731,~~815~~814,~~827~~883.9060		2832,~~937~~965,~~341~~050.2536		0.00		0.00		~~545~~513,~~034~~219,~~348~~465.6303
A-1B	SNR	$	68,770,000.00		6360,~~642~~552,~~821~~523.7167		~~130~~132,~~255~~996.6410		3,~~090~~534,~~298~~587.0431		3,~~220~~667,~~553~~583.6841		0.00		0.00		6057,~~552~~017,~~523~~936.6736
A-2	SNR	$	76,200,000.00		5752,~~973~~725,~~400~~356.7026		~~105~~104,~~253~~000.9308		511,~~248~~833,~~044~~485.4498		511,~~353~~937,~~298~~486.3706		0.00		0.00		5240,~~725~~891,~~356~~870.2628
A-3	SNR	$	37,800,000.00		37,800,000.00		7479,~~004~~768.0001		0.00		7479,~~004~~768.0001		0.00		0.00		37,800,000.00
A-4	SNR	$	29,230,000.00		29,230,000.00		6367,~~461~~723.5890		0.00		6367,~~461~~723.5890		0.00		0.00		29,230,000.00
M-1	SUB,MEZ	$	57,500,000.00		57,500,000.00		~~128~~136,~~416~~689.6753		0.00		~~128~~136,~~416~~689.6753		0.00		0.00		57,500,000.00
M-2	SUB,MEZ	$	47,500,000.00		47,500,000.00		~~134~~140,~~372~~322.2230		0.00		~~134~~140,~~372~~322.2230		0.00		0.00		47,500,000.00
M-3	SUB,MEZ	$	10,000,000.00		10,000,000.00		3032,~~955~~124.5687		0.00		3032,~~955~~124.5687		0.00		0.00		10,000,000.00
M-4	SUB,MEZ	$	12,500,000.00		12,500,000.00		4647,~~694~~906.4409		0.00		4647,~~694~~906.4409		0.00		0.00		12,500,000.00
M-5	SUB,MEZ	$	9,000,000.00		9,000,000.00		35,~~060~~887.0038		0.00		35,~~060~~887.0038		0.00		0.00		9,000,000.00
M-6	SUB,MEZ	$	7,500,000.00		7,500,000.00		44,~~550~~760.0032		0.00		44,~~550~~760.0032		0.00		0.00		7,500,000.00
M-7	SUB,MEZ	$	10,000,000.00		10,000,000.00		2627,~~066~~388.6776		0.00		2627,~~066~~388.6776		0.00		0.00		10,000,000.00
CE	OC	$	15,000,472.05		15,000,008.58		3,~~361~~092,~~480~~119.4024		0.00		3,~~361~~092,~~480~~119.4024		0.00		0.00		15,000,008.58
P	P	$	100.00		100.00		~~564~~824,~~757~~805.7962		0.00		~~564~~824,~~757~~805.7962		0.00		0.00		100.00
R	R	$	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total			1,000,000,572.05		~~930~~894,~~496~~342,~~507~~337.5214		5,~~866~~916,~~842~~658.2596		3647,~~154~~182,~~170~~956.3889		4253,~~021~~099,~~012~~615.6385		0.00		0.00		~~894~~847,~~342~~159,~~337~~380.1425
Interest Accrual Detail Current Period Factor Information per $1,0000 of Original Face-
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)		(1)		(2)		(3)		(4)=(2)+(3)	(5)
A-1A	1011/2526/04		1112/2526/04		A-Act/360		03072SRS6		619,000,000.00		~~925~~880.~~444550~~507833		1.~~811815~~858105		4451.~~936717~~397227		4653.~~748532~~255332	~~880~~829.~~507833~~110606
A-1B	1011/2526/04		1112/2526/04		A-Act/360		03072SRT4		68,770,000.00		~~925~~880.~~444550~~507833		1.~~894076~~933926		4451.~~936717~~397227		4653.~~830794~~331153	~~880~~829.~~507833~~110606
A-2	1011/2526/04		1112/2526/04		A-Act/360		03072SRU1		76,200,000.00		~~760~~691.~~805783~~933809		1.~~381285~~364830		68155.~~871974~~295092		70156.~~253259~~659922	~~691~~536.~~933809~~638718
A-3	1011/2526/04		1112/2526/04		A-Act/360		03072SRV9		37,800,000.00		1,000.000000		12.~~957778~~110265		0.000000		12.~~957778~~110265	1,000.000000
A-4	1011/2526/04		1112/2526/04		A-Act/360		03072SRW7		29,230,000.00		1,000.000000		2.~~171111~~316931		0.000000		2.~~171111~~316931	1,000.000000
M-1	1011/2526/04		1112/2526/04		A-Act/360		03072SRX5		57,500,000.00		1,000.000000		2.~~233333~~377209		0.000000		2.~~233333~~377209	1,000.000000
M-2	1011/2526/04		1112/2526/04		A-Act/360		03072SRY3		47,500,000.00		1,000.000000		2.~~828889~~954154		0.000000		2.~~828889~~954154	1,000.000000
M-3	1011/2526/04		1112/2526/04		A-Act/360		03072SRZ0		10,000,000.00		1,000.000000		3.~~095556~~212487		0.000000		3.~~095556~~212487	1,000.000000
M-4	1011/2526/04		1112/2526/04		A-Act/360		03072SSA4		12,500,000.00		1,000.000000		3.~~735555~~832487		0.000000		3.~~735555~~832487	1,000.000000
M-5	1011/2526/04		1112/2526/04		A-Act/360		03072SSB2		9,000,000.00		1,000.000000		3.~~895556~~987487		0.000000		3.~~895556~~987487	1,000.000000
M-6	1011/2526/04		1112/2526/04		A-Act/360		03072SSC0		7,500,000.00		1,000.000000		5.~~940000~~968043		0.000000		5.~~940000~~968043	1,000.000000
M-7	1011/2526/04		1112/2526/04		A-Act/360		03072SSG1		10,000,000.00		1,000.000000		2.~~606667~~738876		0.000000		2.~~606667~~738876	1,000.000000
CE	1011/01/04		1011/30/04		F-30/360				1,015,000,881.05		14.778321		3.~~311800~~046420		0.000000		3.~~311800~~046420	14.778321
P	1011/01/04		1011/30/04		F-30/360				100.00		1,000.000000		58,~~647~~248,~~577~~056.~~900000~~200000		0.000000		58,~~647~~248,~~577~~056.~~900000~~200000	1,000.000000
R	1011/01/04		1011/30/04		F-30/360				0.00		0.000000		0.000000		0.000000		0.000000	0.000000
Page 2 of 30
Page 2 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Distribution to Date - MASTER REMIC
																	Current
	Original				Unscheduled		Scheduled		Total		Total		Realized		Deferred		Principal
Class	Face Value		Interest		Principal		Principal		Principal		Distribution		Loss		Interest		Balance
	(1)		(2)		(3)		(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)
A-1A	619,000,000.00		56,~~258~~408,~~655~~821.1995		70102,~~811~~040,~~622~~426.1379		3,~~154~~740,~~029~~108.2418		73105,~~965~~780,~~651~~534.3797		79112,~~224~~189,~~306~~356.5692		0.00		0.00		~~545~~513,~~034~~219,~~348~~465.6303
A-1B	68,770,000.00		~~616~~749,~~705~~701.6878		711,~~867~~336,~~068~~543.2706		~~350~~415,~~408~~520.0658		811,~~217~~752,~~476~~063.3364		812,~~834~~501,~~182~~765.0041		0.00		0.00		6057,~~552~~017,~~523~~936.6736
A-2	76,200,000.00		~~539~~643,545.2432		2234,~~765~~471,~~376~~304.8265		~~709~~836,~~266~~825.9207		2335,~~474~~308,~~643~~129.7472		2435,~~014~~951,~~188~~675.9804		0.00		0.00		5240,~~725~~891,~~356~~870.2628
A-3	37,800,000.00		~~332~~411,~~041~~809.5051		0.00		0.00		0.00		~~332~~411,~~041~~809.5051		0.00		0.00		37,800,000.00
A-4	29,230,000.00		~~290~~358,~~862~~586.8575		0.00		0.00		0.00		~~290~~358,~~862~~586.8575		0.00		0.00		29,230,000.00
M-1	57,500,000.00		~~591~~728,~~738~~428.8942		0.00		0.00		0.00		~~591~~728,~~738~~428.8942		0.00		0.00		57,500,000.00
M-2	47,500,000.00		~~643~~783,~~532~~854.6494		0.00		0.00		0.00		~~643~~783,~~532~~854.6494		0.00		0.00		47,500,000.00
M-3	10,000,000.00		~~150~~182,~~063~~188.9077		0.00		0.00		0.00		~~150~~182,~~063~~188.9077		0.00		0.00		10,000,000.00
M-4	12,500,000.00		~~231~~279,~~329~~235.8695		0.00		0.00		0.00		~~231~~279,~~329~~235.8695		0.00		0.00		12,500,000.00
M-5	9,000,000.00		~~174~~210,~~432~~319.5088		0.00		0.00		0.00		~~174~~210,~~432~~319.5088		0.00		0.00		9,000,000.00
M-6	7,500,000.00		~~229~~273,~~214~~974.5991		0.00		0.00		0.00		~~229~~273,~~214~~974.5991		0.00		0.00		7,500,000.00
M-7	10,000,000.00		~~123~~150,~~327~~716.7854		0.00		0.00		0.00		~~123~~150,~~327~~716.7854		0.00		0.00		10,000,000.00
CE	15,000,472.05		1821,~~488~~580,~~574~~695.5006		0.00		0.00		463.47		1821,~~489~~581,~~037~~158.9753		0.00		0.00		15,000,008.58
P	100.00		12,~~535~~360,~~928~~733.0062		0.00		0.00		0.00		12,~~535~~360,~~928~~733.0062		0.00		0.00		100.00
R	0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total	1,000,000,572.05		2935,~~205~~122,~~953~~613.1240		~~101~~147,~~444~~848,~~067~~274.2250		4,~~213~~992,~~704~~453.2283		~~105~~152,~~658~~841,~~234~~191.9180		~~134~~187,~~864~~963,~~188~~805.0219		0.00		0.00		~~894~~847,~~342~~159,~~337~~380.1425
Interest Detail - MASTER REMIC
	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		Adjustment		Interest		Interest		Interest
					(1)		(2)		(3)		(4)		(5)=(1)-(2)+(3)+(4)		(6)		(7)=(5)-(6)
A-1A	2.~~20250~~45063%		~~572~~545,~~850~~034,~~176~~348.5363		1,~~121~~150,~~513~~166.3576		0.00		0.00		0.00		1,~~121~~150,~~513~~166.3576		1,~~121~~150,~~513~~166.3576		0.00
A-1B	2.~~30250~~55063%		6360,~~642~~552,~~821~~523.7167		~~130~~132,~~255~~996.6410		0.00		0.00		0.00		~~130~~132,~~255~~996.6410		~~130~~132,~~255~~996.6410		0.00
A-2	2.~~04250~~29063%		5752,~~973~~725,~~400~~356.7026		~~105~~104,~~253~~000.9308		0.00		0.00		0.00		~~105~~104,~~253~~000.9308		~~105~~104,~~253~~000.9308		0.00
A-3	2.~~20250~~45063%		37,800,000.00		7479,~~004~~768.0001		0.00		0.00		0.00		7479,~~004~~768.0001		7479,~~004~~768.0001		0.00
A-4	2.~~44250~~69063%		29,230,000.00		6367,~~461~~723.5890		0.00		0.00		0.00		6367,~~461~~723.5890		6367,~~461~~723.5890		0.00
M-1	2.~~51250~~76063%		57,500,000.00		~~128~~136,~~416~~689.6753		0.00		0.00		0.00		~~128~~136,~~416~~689.6753		~~128~~136,~~416~~689.6753		0.00
M-2	3.~~18250~~43063%		47,500,000.00		~~134~~140,~~372~~322.2230		0.00		0.00		0.00		~~134~~140,~~372~~322.2230		~~134~~140,~~372~~322.2230		0.00
M-3	3.~~48250~~73063%		10,000,000.00		3032,~~955~~124.5687		0.00		0.00		0.00		3032,~~955~~124.5687		3032,~~955~~124.5687		0.00
M-4	4.~~20250~~45063%		12,500,000.00		4647,~~694~~906.4409		0.00		0.00		0.00		4647,~~694~~906.4409		4647,~~694~~906.4409		0.00
M-5	4.~~38250~~63063%		9,000,000.00		35,~~060~~887.0038		0.00		0.00		0.00		35,~~060~~887.0038		35,~~060~~887.0038		0.00
M-6	6.~~40981~~60450%		7,500,000.00		42,~~732~~654.0408		0.00		0.00		0.00		42,~~732~~654.0408		44,~~550~~760.0032		0.00
M-7	23.~~93250~~18063%		10,000,000.00		2627,~~066~~388.6776		0.00		0.00		0.00		2627,~~066~~388.6776		2627,~~066~~388.6776		0.00
CE	~~268~~247.~~91828~~36940%		15,000,008.58		0.00		0.00		0.00		0.00		0.00		3,~~361~~092,~~480~~119.4024		0.00
P	0.00000%		100.00		0.00		0.00		0.00		0.00		0.00		~~564~~824,~~757~~805.7962		0.00
R	0.00000%		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Total			~~930~~894,~~496~~342,~~507~~337.5214		1,~~938~~997,~~786~~627.1086		0.00		0.00		0.00		1,~~938~~997,~~786~~627.1086		5,~~866~~916,~~842~~658.2596		0.00
Page 3 of 30
Page 3 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Collection Account Report
SUMMARY
										Group 2		Group 1		Total
Principal Collections										511,~~248~~833,~~044~~485.4498		3035,~~906~~349,~~125~~470.9491		3647,~~154~~182,~~170~~956.3889
Principal Withrawals										0.00		0.00		0.00
Principal Other Accounts										0.00		0.00		0.00
TOTAL NET PRINCIPAL										511,~~248~~833,~~044~~485.4498		3035,~~906~~349,~~125~~470.9491		3647,~~154~~182,~~170~~956.3889
Interest Collections										~~851~~826,~~771~~012.8668		4,~~515~~331,~~963~~252.4978		5,~~367~~157,~~735~~265.3546
Interest Withdrawals														-0.00
Interest Other Accounts										0.00		0.00		~~564~~824,~~757~~805.7962
Interest Fees										-811,~~398~~785.6017		-5753,~~252~~629.3058		-65,~~650~~414.8974
TOTAL NET INTEREST										~~843~~814,~~373~~227.2751		4,~~458~~277,~~711~~623.1920		5,~~866~~916,~~842~~656.2534
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION										612,~~091~~647,~~417~~713.7149		3539,~~364~~627,~~837~~094.1311		4253,~~021~~099,~~012~~613.6323
PRINCIPAL - COLLECTIONS
											Group 2		Group 1		Total
Scheduled Principal Received											~~136~~127,~~353~~558.8115		~~675~~651,~~777~~191.9746		~~812~~778,~~131~~749.7861
Curtailments											294,~~516~~436.1856		54-69,~~484~~619.6364		84-65,~~000~~183.8108
Prepayments In Full											511,~~082~~701,~~174~~491.4527		3034,~~175~~237,~~863~~932.3439		3545,~~258~~939,~~037~~423.7966
Repurchased/Substitutions											0.00		0529,966.0070		0529,966.0070
Liquidations											0.00		0.00		0.00
Insurance Principal											0.00		0.00		0.00
Other Additional Principal											0.00		0.00		0.00
Delinquent Principal											-~~121~~110,~~212~~810.0232		-~~566~~552,~~065~~633.3713		-~~687~~663,~~277~~443.3945
Realized Losses											-0.00		-0.00		-0.00
Principal Recoveries
Advanced Principal											~~121~~110,~~212~~810.0232		~~566~~552,~~065~~633.3713		~~687~~663,~~277~~443.3945
TOTAL PRINCIPAL COLLECTED											511,~~248~~833,~~044~~485.4498		3035,~~906~~349,~~125~~470.9491		3647,~~154~~182,~~170~~956.3889
PRINCIPAL - WITHDRAWALS
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
										Group 2		Group 1		Total
TOTAL PRINCIPAL OTHER ACCOUNTS										0.00		0.00		0.00
Page 4 of 30
Page 4 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
INTEREST - COLLECTIONS
										Group 2		Group 1		Total
Scheduled Interest										~~907,~~876,534.4438		4,~~783~~585,~~620~~503.8097		5,~~691~~462,~~497~~038.2535
Repurchased/Substitution Interest										0.00		04,094.0063		04,094.0063
Liquidation Interest										0.00		0.00		0.00
Insurance Interest										0.00		0.00		0.00
Other Additional Interest										0.00		0.00		0.00
Prepayment Interest Shortfalls										-58,~~729~~888.3185		-39,~~476~~535.4961		-4548,~~205~~424.8046
Delinquent Interest										-~~797~~717,~~720~~231.4462		-3,~~977~~841,~~346~~257.4302		-4,~~775~~558,~~066~~488.8864
Compensating Interest										58,~~729~~888.3185		39,~~476~~535.4961		4548,~~205~~424.8046
Civil Relief Act Shortfalls										-0.00		-0.00		-0.00
Interest Advanced										~~741~~666,~~615~~709.8692		3,~~709~~582,~~689~~911.1220		4,~~451~~249,~~304~~621.9812
TOTAL INTEREST COLLECTED										~~851~~826,~~771~~012.8668		4,~~515~~331,~~963~~252.4978		5,~~367~~157,~~735~~265.3546
INTEREST - WITHDRAWALS
										Group 2		Group 1		Total
Trust Fund Expenses										0.00		0.00		0.00
Non-Recoverable Advances										0.00		0.00		0.00
Reimbursements to Master Servicer										0.00		0.00		0.00
TOTAL INTEREST WITHDRAWALS														0.00
INTEREST - OTHER ACCOUNTS
										Group 2		Group 1		Total
Prepayment Charges										0.00		0.00		~~564~~824,~~757~~805.7962
Net Wac Investment Income										0.00		0.00		0.00
TOTAL INTEREST OTHER ACCOUNTS										0.00		0.00		~~564~~824,~~757~~805.7962
INTEREST - FEES
										Group 2		Group 1		Total
Current Servicing Fees										811,~~116~~512.0222		5552,~~828~~262.9690		63,~~944~~775.9811
Trustee Fees										~~282~~272.5795		1,~~423~~366.3468		1,~~705~~639.9163
TOTAL INTEREST FEES										811,~~398~~785.6017		5753,~~252~~629.3058		65,~~650~~414.8974
Page 5 of 30
Page 5 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Credit Enhancement Report
ACCOUNTS
RESERVE
Beginning Reserve Balance						1,000.00
Reserve Funds Deposited						02.0062
Amount withdrawn						0.00
Reserve Funds Distributed						02.0062
Ending Balance						1,000.00
INSURANCE
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES
										Group 2		Group 1		Total
Overcollateralized Amount														15,000,008.58
Overcollateralization Release Amount														0.00
Overcollateralization Deficiency Amount														0.00
Overcollateralization Target Amount														15,000,008.58
Page 6 of 30
Page 6 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Collateral Report
COLLATERAL
											Group 2		Group 1		Total
Loan Count:
Original										623		5,658		6,281
Prior										~~573~~555		5,~~374~~196		5,~~947~~751
Prefunding										0		0		0
Scheduled Paid Offs										-0		-0		-0
Full Voluntary Prepayments										-1836		-~~179~~189		-~~197~~225
Repurchases										-0		-02		-02
Liquidations										-0		-0		-0
Current										~~555~~519		5,~~195~~005		5,~~750~~524
Principal Balance:
Original										172,356,218.93		827,644,353.12		1,000,000,572.05
Prior										~~154~~148,~~129~~881,~~455~~410.2985		~~776~~745,~~367~~460,~~052~~926.2329		~~930~~894,~~496~~342,~~507~~337.5214
Prefunding										0.00		0.00		0.00
Scheduled Principal										-~~136~~127,~~353~~558.8115		-~~675~~651,~~777~~191.9746		-~~812~~778,~~131~~749.7861
Partial Prepayments										-294,~~516~~436.1856		~~-54~~(69,~~484~~619.6364)		~~-84~~(65,~~000~~183.8108)
Full Voluntary Prepayments										-511,~~082~~701,~~174~~491.4527		-3034,~~175~~237,~~863~~932.3439		-3545,~~258~~939,~~037~~423.7966
Repurchases										-0.00		-0529,966.0070		-0529,966.0070
Liquidations										-0.00		-0.00		-0.00
Current										~~148~~137,~~881~~047,~~410~~924.8587		~~745~~710,~~460~~111,~~926~~455.2938		~~894~~847,~~342~~159,~~337~~380.1425
PREFUNDING
SPACE INTENTIONALLY LEFT BLANK
Page 7 of 30
Page 7 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Coupon Original										7.13315%		7.41895%		7.36969%
Weighted Average Coupon Prior										7.~~07955~~06842%		7.~~40238~~39385%		7.~~34816~~33995%
Weighted Average Coupon Current										7.~~06842~~06496%		7.~~39385~~38700%		7.~~33995~~33339%
Weighted Average Months to Maturity Original										355		350		351
Weighted Average Months to Maturity Prior										~~351~~350		~~347~~346		~~348~~346
Weighted Average Months to Maturity Current										~~350~~348		~~346~~344		~~346~~345
Weighted Avg Remaining Amortization Term Original										355		350		351
Weighted Avg Remaining Amortization Term Prior										~~351~~350		~~347~~346		~~348~~346
Weighted Avg Remaining Amortization Term Current										~~350~~348		~~346~~344		~~346~~345
Weighted Average Seasoning Original										2.10		2.11		2.11
Weighted Average Seasoning Prior										56.10		56.10		56.10
Weighted Average Seasoning Current										67.10		67.1009		67.1009
Page 8 of 30
Page 8 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
ARM CHARACTERISTICS
										Group 2		Group 1		Total
Weighted Average Margin Original										5.92535%		6.04064%		6.02050%
Weighted Average Margin Prior										5.~~92053~~92603%		6.~~03852~~03563%		6.~~01830~~01716%
Weighted Average Margin Current										5.~~92603~~92707%		6.~~03563~~03313%		6.~~01716~~01519%
Weighted Average Max Rate Original										13.21667%		13.51457%		13.46252%
Weighted Average Max Rate Prior										13.~~15082~~14348%		13.~~49565~~48851%		13.~~43653~~43037%
Weighted Average Max Rate Current										13.~~14348~~14237%		13.~~48851~~48334%		13.~~43037~~42567%
Weighted Average Min Rate Original										7.21667%		7.51457%		7.46252%
Weighted Average Min Rate Prior										7.~~15082~~14348%		7.~~49565~~48851%		7.~~43653~~43037%
Weighted Average Min Rate Current										7.~~14348~~14237%		7.~~48851~~48334%		7.~~43037~~42567%
Weighted Average Cap Up Original										1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Prior										1.00000%		1.00000%		1.00000%
Weighted Average Cap Up Current										1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Original										1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Prior										1.00000%		1.00000%		1.00000%
Weighted Average Cap Down Current										1.00000%		1.00000%		1.00000%
SERVICING FEES & ADVANCES
											Group 2		Group 1		Total
Current Servicing Fees										811,~~116~~512.0222		5552,~~828~~262.9690		63,~~944~~775.9811
Delinquent Servicing Fees										5650,~~104~~521.5870		~~267~~258,~~657~~345.3182		~~323~~308,~~761~~867.8952
TOTAL SERVICING FEES										6462,~~220~~033.6192		~~323~~310,~~486~~654.2836		~~387~~372,~~706~~688.8929
Total Servicing Fees										6462,~~220~~033.6192		~~323~~310,~~486~~654.2836		~~387~~372,~~706~~688.8929
Compensating Interest										-58,~~729~~888.3185		-39,~~476~~535.4961		-4548,~~205~~424.8046
Delinquent Servicing Fees										-5650,~~104~~521.5870		-~~267~~258,~~657~~345.3182		-~~323~~308,~~761~~867.8952
COLLECTED SERVICING FEES										811,~~116~~512.0222		5552,~~828~~262.9690		1815,~~739~~396.2031
Total Advaced Interest										~~741~~666,~~615~~709.8692		3,~~709~~582,~~689~~911.1220		4,~~451~~249,~~304~~621.9812
Total Advaced Principal										~~121~~110,~~212~~810.0232		~~566~~552,~~065~~633.3713		~~687~~663,~~277~~443.3945
Aggregate Advances with respect to this Distribution										~~862~~777,~~827~~520.8824		4,~~275~~135,~~754~~544.4933		54,~~138~~913,~~582~~064.3757
ADDITIONAL COLLATERAL INFORMATION
										Group 2		Group 1		Total
Prepayment Interest Shortfall (PPIS)										58,~~729~~888.3185		39,~~476~~535.4961		4548,~~205~~424.8046
Compensating Interest										-58,~~729~~888.3185		-39,~~476~~535.4961		-4548,~~205~~424.8046
Net Prepayment Interest Shortfall (PPIS)										0.00		0.00		0.00
Page 9 of 30
Page 9 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Delinquency Report
	TOTAL
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				1815,~~354~~304,~~545~~963.0413		89,~~462~~647,~~672~~757.1342		34,~~284~~858,~~391~~965.4363		3029,~~101~~811,~~608~~686.6018
			% Balance				21.0581%		01.9514%		0.3757%		3.3752%
			# Loans				~~124~~106		5766		2737		~~208~~209
			% # Loans				21.1692%		01.9920%		0.4767%		3.6278%
	FORECLOSURE		Balance		0.00		0.00		0297,576.0090		48,~~171~~628,~~499~~164.7834		48,~~171~~925,~~499~~741.7824
			% Balance		0.00%		0.00%		0.0004%		01.4702%		01.4705%
			# Loans		0		0		02		3265		3267
			% # Loans		0.00%		0.00%		0.0004%		01.5618%		01.5621%
	BANKRUPTCY		Balance		1,~~378~~562,~~980~~606.9082		~~166~~272,~~259~~717.2840		0166,169.0038		~~369~~316,~~975~~375.4004		12,~~915~~317,~~215~~868.5864
			% Balance		0.1518%		0.0203%		0.0002%		0.04%		0.2127%
			# Loans		1113		21		02		3		1619
			% # Loans		0.1924%		0.0302%		0.0004%		0.05%		0.2834%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,~~378~~562,~~980~~606.9082		1815,~~520~~577,~~804~~680.3253		810,~~462~~111,~~672~~503.1370		713,~~825~~803,~~866~~505.6101		3641,~~188~~055,~~323~~296.9606
			% Balance		0.1518%		21.0784%		01.9519%		01.8863%		4.0585%
			# Loans		1113		~~126~~107		5770		62105		~~256~~295
			% # Loans		0.1924%		21.1994%		01.9927%		1.0890%		45.4534%
Page 10 of 30
Page 10 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
	GROUP 1
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				1412,~~536~~400,~~313~~683.1940		68,~~290~~359,~~230~~320.9950		23,~~722~~766,~~518~~329.6387		2324,~~549~~526,~~062~~333.8177
			% Balance				1.9575%		01.8418%		0.3753%		3.1645%
			# Loans				~~108~~95		4758		2330		~~178~~183
			% # Loans				21.0890%		01.9016%		0.4460%		3.4366%
	FORECLOSURE		Balance		0.00		0.00		0297,576.0090		36,~~620~~973,~~603~~971.9173		37,~~620~~271,~~603~~548.9163
			% Balance		0.00%		0.00%		0.0004%		0.4998%		01.4902%
			# Loans		0		0		02		2958		2960
			% # Loans		0.00%		0.00%		0.0004%		01.5616%		01.5620%
	BANKRUPTCY		Balance		1,~~378~~436,~~980~~353.9053		~~166~~272,~~259~~717.2840		0166,169.0038		~~369~~316,~~975~~375.4004		12,~~915~~191,~~215~~615.5835
			% Balance		0.1820%		0.0204%		0.0002%		0.0504%		0.2631%
			# Loans		1112		21		02		3		1618
			% # Loans		0.2124%		0.0402%		0.0004%		0.06%		0.3136%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		1,~~378~~436,~~980~~353.9053		1412,~~702~~673,~~572~~400.4780		68,~~290~~823,~~230~~066.9978		611,~~713~~056,~~097~~676.9464		2933,~~084~~989,~~882~~497.3075
			% Balance		0.1820%		1.9778%		01.8424%		01.9056%		34.9079%
			# Loans		1112		~~110~~96		4762		5591		~~223~~261
			% # Loans		0.2124%		21.1292%		01.9024%		1.0682%		45.2922%
Page 11 of 30
Page 11 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
	GROUP 2
					< 1 PAYMENT		1 PAYMENT		2 PAYMENTS		3+ PAYMENTS		TOTAL
	DELINQUENT		Balance				32,~~818~~904,~~231~~279.8573		21,~~172~~288,~~441~~436.1492		~~561~~1,~~872~~092,635.8076		65,~~552~~285,~~545~~352.7941
			% Balance				2.5612%		10.4694%		0.3880%		43.4086%
			# Loans				1611		108		47		3026
			% # Loans				2.8812%		1.8054%		01.7235%		5.4101%
	FORECLOSURE		Balance		0.00		0.00		0.00		~~550~~1,~~895~~654,192.8761		~~550~~1,~~895~~654,192.8761
			% Balance		0.00%		0.00%		0.00%		01.3721%		01.3721%
			# Loans		0		0		0		37		37
			% # Loans		0.00%		0.00%		0.00%		01.5435%		01.5435%
	BANKRUPTCY		Balance		0126,253.0029		0.00		0.00		0.00		0126,253.0029
			% Balance		0.0009%		0.00%		0.00%		0.00%		0.0009%
			# Loans		01		0		0		0		01
			% # Loans		0.0019%		0.00%		0.00%		0.00%		0.0019%
	REO		Balance		0.00		0.00		0.00		0.00		0.00
			% Balance		0.00%		0.00%		0.00%		0.00%		0.00%
			# Loans		0		0		0		0		0
			% # Loans		0.00%		0.00%		0.00%		0.00%		0.00%
	TOTAL		Balance		0126,253.0029		32,~~818~~904,~~231~~279.8573		21,~~172~~288,~~441~~436.1492		12,~~112~~746,~~768~~828.6737		7,~~103~~065,~~441~~798.6631
			% Balance		0.0009%		2.5612%		10.4694%		02.7500%		45.7716%
			# Loans		01		1611		108		714		3334
			% # Loans		0.0019%		2.8812%		1.8054%		12.2670%		56.9555%
Page 12 of 30
Page 12 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
REO Report
Loan Number			Original		Stated				Current		State &
														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
SPACE INTENTIONALLY LEFT BLANK
TOTAL
Page 13 of 30
Page 13 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Foreclosure Report
Loan Number			Original		Stated				Current		State &
														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
64407745 1
			103,000.00		102,~~416~~355.7195		01-Apr-2004		8.990%		ID - 79.23%		360		01-Feb-2004
65472102 1			277,500.00		275,~~381~~162.5636		01-Jun-2004		7.500%		CO - 75.00%		360		01-Feb-2004
72009707 1			114,750.00		114,311.48		01-Jun-2004		8.350%		UT - 85.00%		360		01-Jun-2004
67758748 1			60,000.00		59,689.90		01-Jul-2004		9.990%		FL - 75.00%		360		01-Mar-2004
72177124 1			66,300.00		66,147.30		01-May-2004		11.500%		FL - 83.92%		360		01-May-2004
72009707 1			114,750.00		114,236.74		01-Jun-2004		8.350%		UT - 85.00%		360		01-Jun-2004
73699423 1			79,815.00		79,647.64		01-May-2004		11.200%		MO - 83.14%		360		01-Jun-2004
72177124 1			66,300.00		66,124.64		01-May-2004		11.500%		FL - 83.92%		360		01-May-2004
73721946 1			89,250.00		89,058.79		01-May-2004		11.100%		NC - 85.00%		360		01-Jun-2004
72827249 1			72,000.00		71,770.90		01-Jul-2004		9.990%		SC - 60.00%		360		01-Jun-2004
74347980 1			221,000.00		220,113.30		01-Jun-2004		8.100%		IL - 83.40%		360		01-Jun-2004
73236200 1			227,500.00		226,608.47		01-Aug-2004		8.990%		MA - 70.00%		360		01-Jun-2004
74353723 1			108,800.00		108,367.82		01-May-2004		8.150%		PA - 85.00%		360		01-Jun-2004
73425308 1			64,000.00		63,747.11		01-Jun-2004		8.950%		IN - 80.00%		360		01-Jun-2004
74696865 1			213,750.00		212,942.90		01-Jun-2004		8.400%		MA - 75.00%		360		01-Jun-2004
73699423 1			79,815.00		79,618.83		01-May-2004		11.200%		MO - 83.14%		360		01-Jun-2004
74902883 1			107,250.00		106,869.07		01-May-2004		8.700%		MI - 77.16%		360		01-Jun-2004
73721946 1			89,250.00		89,025.88		01-May-2004		11.100%		NC - 85.00%		360		01-Jun-2004
75064584 1			132,300.00		131,815.44		01-May-2004		8.550%		IN - 90.00%		360		01-Jun-2004
74149469 1			86,400.00		86,021.85		01-Jul-2004		8.450%		GA - 90.00%		360		01-Jun-2004
75418541 1			105,000.00		104,520.31		01-Jun-2004		7.450%		NH - 64.81%		360		01-Jun-2004
74347980 1			221,000.00		219,962.00		01-Jun-2004		8.100%		IL - 83.40%		360		01-Jun-2004
75603381 1			63,000.00		62,820.02		01-Jun-2004		9.750%		PA - 58.88%		360		01-Jun-2004
74353723 1			108,800.00		108,294.07		01-May-2004		8.150%		PA - 85.00%		360		01-Jun-2004
75630186 1			63,750.00		63,587.84		01-May-2004		10.300%		GA - 75.00%		360		01-Jun-2004
74696865 1			213,750.00		212,805.07		01-Jun-2004		8.400%		MA - 75.00%		360		01-Jun-2004
75805002 1			60,000.00		59,867.21		01-May-2004		10.950%		NE - 75.00%		360		01-Jun-2004
74902883 1			107,250.00		106,803.96		01-May-2004		8.700%		MI - 77.16%		360		01-Jun-2004
75900829 1			60,000.00		59,766.47		01-May-2004		8.250%		MI - 80.00%		360		01-Jun-2004
75038448 1			68,000.00		67,788.59		01-Jul-2004		10.100%		WA - 85.00%		360		01-Jun-2004
75950568 1			97,750.00		97,473.64		01-May-2004		9.800%		FL - 85.00%		360		01-Jun-2004
75064584 1			132,300.00		131,732.66		01-May-2004		8.550%		IN - 90.00%		360		01-Jun-2004
75962506 1			84,750.00		84,466.38		01-Jun-2004		8.990%		MI - 75.00%		360		01-Jun-2004
75069948 1			117,500.00		116,913.98		01-Jul-2004		7.800%		FL - 67.14%		360		01-Jun-2004
76413020 1			332,000.00		330,422.35		01-May-2004		7.250%		MI - 89.73%		360		01-Jun-2004
75077149 1			156,000.00		155,303.30		01-Jul-2004		8.350%		FL - 89.14%		360		01-Jun-2004
76700822 1			195,000.00		194,271.15		01-Jun-2004		8.450%		FL - 60.00%		360		01-Jun-2004
75117184 1			64,125.00		63,931.83		01-Jun-2004		10.250%		AL - 75.00%		360		01-Jun-2004
76740323 1			60,000.00		59,837.04		01-May-2004		9.990%		GA - 54.55%		360		01-Jun-2004
75229781 1			89,250.00		89,023.41		01-Jul-2004		11.050%		NY - 85.00%		360		01-Jun-2004
76831783 1			96,000.00		95,626.32		01-May-2004		8.250%		PA - 73.85%		360		01-Jun-2004
75231068 1			195,500.00		194,609.12		01-Jul-2004		8.250%		IN - 85.00%		360		01-Jun-2004
76863349 1			60,000.00		59,813.63		01-Jun-2004		9.350%		MI - 66.67%		360		01-Jun-2004
75418541 1			105,000.00		104,438.62		01-Jun-2004		7.450%		NH - 64.81%		360		01-Jun-2004
76864727 1			127,800.00		127,292.40		01-May-2004		8.150%		IL - 90.00%		360		01-Jun-2004
75579045 1			91,800.00		91,576.84		01-May-2004		11.250%		GA - 90.00%		360		01-Jun-2004
76970821 1			184,984.00		184,052.36		01-Jun-2004		6.990%		CA - 61.66%		360		01-Jun-2004
75603381 1			63,000.00		62,789.16		01-Jun-2004		9.750%		PA - 58.88%		360		01-Jun-2004
77027787 1			132,000.00		131,155.25		01-Jun-2004		5.700%		UT - 81.99%		360		01-Jun-2004
75607903 1			68,850.00		68,665.52		01-Jun-2004		10.800%		FL - 83.96%		360		01-Jun-2004
77208304 1			132,000.00		131,710.42		01-Jun-2004		10.990%		GA - 83.54%		360		01-Jun-2004
75630186 1			63,750.00		63,560.00		01-May-2004		10.300%		GA - 75.00%		360		01-Jun-2004
77541282 1			208,000.00		207,104.81		01-Jun-2004		7.750%		WA - 87.47%		360		01-Jun-2004
75666180 1			198,000.00		197,309.09		01-Jul-2004		9.550%		MA - 60.00%		360		01-Jun-2004
77743607 1			60,000.00		59,744.30		01-Jun-2004		7.800%		AZ - 55.61%		360		01-Jun-2004
75805002 1			60,000.00		59,844.37		01-May-2004		10.950%		NE - 75.00%		360		01-Jun-2004
75003202 2			412,000.00		410,303.97		01-Apr-2004		8.750%		GA - 89.96%		360		01-May-2004
75900829 1			60,000.00		59,726.60		01-May-2004		8.250%		MI - 80.00%		360		01-Jun-2004
77531341 2			67,500.00		67,313.16		01-Jun-2004		9.900%		TN - 75.00%		360		01-Jun-2004
75920868 1			235,500.00		234,369.22		01-Jun-2004		7.990%		MA - 75.00%		360		01-Jun-2004
77660900 2			73,500.00		73,278.74		01-Jun-2004		9.500%		FL - 84.97%		360		01-Jun-2004
75950568 1			97,750.00		97,426.25		01-May-2004		9.800%		FL - 85.00%		360		01-Jun-2004
TOTAL			4,188,749.00		4,171,499.78
75962506 1			84,750.00		84,417.86		01-Jun-2004		8.990%		MI - 75.00%		360		01-Jun-2004
Page 14 of 30
76220342 1			94,500.00		#######		01-Jun-2004		8.600%		LA - 90.00%		360		01-Jun-2004
76234764 1			85,500.00		85,198.47		01-Jul-2004		9.500%		GA - 90.00%		360		01-Jun-2004
76413020 1			332,000.00		330,153.82		01-May-2004		7.250%		MI - 89.73%		360		01-Jun-2004
76513225 1			229,500.00		228,673.75		01-Jun-2004		9.400%		TN - 90.00%		360		01-Jun-2004
76671429 1			104,000.00		103,648.26		01-Jun-2004		9.700%		MS - 80.00%		360		01-Jun-2004
76700822 1			195,000.00		194,146.66		01-Jun-2004		8.450%		FL - 60.00%		360		01-Jun-2004
76718105 1			132,000.00		131,660.60		01-Jul-2004		10.990%		GA - 80.00%		360		01-Jun-2004
76734565 1			212,000.00		210,899.78		01-Jun-2004		7.600%		MN - 80.00%		360		01-Jun-2004
76740323 1			60,000.00		59,809.08		01-May-2004		9.990%		GA - 54.55%		360		01-Jun-2004
76831783 1			96,000.00		95,562.53		01-May-2004		8.250%		PA - 73.85%		360		01-Jun-2004
76863349 1			60,000.00		59,781.72		01-Jun-2004		9.350%		MI - 66.67%		360		01-Jun-2004
76864727 1			127,800.00		127,205.78		01-May-2004		8.150%		IL - 90.00%		360		01-Jun-2004
76912781 1			60,000.00		59,747.85		01-Jun-2004		8.650%		IN - 75.00%		360		01-Jun-2004
76984202 1			223,200.00		221,958.85		01-Jul-2004		7.250%		MN - 90.00%		360		01-Jun-2004
77027787 1			132,000.00		131,012.11		01-Jun-2004		5.700%		UT - 81.99%		360		01-Jun-2004
77208304 1			132,000.00		131,660.60		01-Jun-2004		10.990%		GA - 83.54%		360		01-Jun-2004
77288629 1			68,600.00		68,302.81		01-Jul-2004		8.500%		NC - 76.22%		360		01-Jun-2004
Page 14 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Loan Number			Original		Stated				Current		State &
														First
&			Principal		Principal		Paid to		Note		LTV at		Original		Payment
Loan Group			Balance		Balance		Date		Rate		Origination		Term		Date
77400489 1
			109,000.00		108,563.92		01-Jul-2004		8.900%		MI - 56.77%		360		01-Jun-2004
77433043 1			60,000.00		59,855.69		01-May-2004		11.300%		GA - 60.00%		360		01-Jun-2004
77493427 1			77,000.00		76,630.23		01-Jul-2004		7.990%		TN - 69.37%		360		01-Jun-2004
77528727 1			60,000.00		59,790.59		01-Jul-2004		9.550%		FL - 58.25%		360		01-Jun-2004
77541282 1			208,000.00		206,952.22		01-Jun-2004		7.750%		WA - 87.47%		360		01-Jun-2004
77566560 1			261,000.00		260,040.62		01-Jul-2004		9.300%		CA - 81.12%		360		01-Jun-2004
77595981 1			71,250.00		70,968.43		01-Aug-2004		8.950%		MI - 79.17%		360		01-Jun-2004
77727147 1			72,000.00		71,717.78		01-Jun-2004		8.990%		FL - 60.00%		360		01-Jun-2004
77743607 1			60,000.00		59,700.71		01-Jun-2004		7.800%		AZ - 55.61%		360		01-Jun-2004
79476982 1			138,750.00		138,152.80		01-Jun-2004		7.750%		FL - 86.72%		360		01-Jul-2004
73457160 2			208,000.00		207,001.21		01-Jun-2004		7.990%		TX - 80.00%		360		01-Jun-2004
75003202 2			412,000.00		410,054.56		01-Apr-2004		8.750%		GA - 89.96%		360		01-May-2004
75656926 2			202,000.00		200,876.72		01-Jul-2004		7.250%		RI - 73.45%		360		01-Jun-2004
76382704 2			149,175.00		148,620.93		01-Jun-2004		9.250%		MN - 85.00%		360		01-Jun-2004
77396968 2			550,000.00		547,117.25		01-Jul-2004		7.550%		CA - 77.46%		360		01-Jun-2004
77531341 2			67,500.00		67,281.11		01-Jun-2004		9.900%		TN - 75.00%		360		01-Jun-2004
77660900 2			73,500.00		73,240.83		01-Jun-2004		9.500%		FL - 84.97%		360		01-Jun-2004
TOTAL			8,965,665.00		8,925,741.24
Page 15 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
December 27, 2004 Distribution
Prepayment Report
VOLUNTARY PREPAYMENTS
											Group 2		Group 1		Total
Current
Number of Paid in Full Loans										1836		~~179~~189		~~197~~225
Number of Repurchased Loans										0		02		02
Total Number of Loans Prepaid in Full										1836		~~179~~191		~~197~~227
Curtailments Amount										294,~~516~~436.1856		54-69,~~484~~619.6364		84-65,~~000~~183.8108
Paid in Full Balance										511,~~082~~701,~~174~~491.4527		3034,~~175~~237,~~863~~932.3439		3545,~~258~~939,~~037~~423.7966
Repurchased Loans Balance										0.00		0529,966.0070		0529,966.0070
Total Prepayment Amount										511,~~111~~705,~~690~~927.6383		3034,~~230~~698,~~347~~279.9745		3546,~~342~~404,~~038~~207.6028
Cumulative
Number of Paid in Full Loans										6298		~~431~~620		~~493~~718
Number of Repurchased Loans										6		3234		3840
Total Number of Loans Prepaid in Full										68104		~~463~~654		~~531~~758
Paid in Full Balance										2032,~~487~~188,~~477~~969.9825		74108,~~135~~373,~~337~~269.1756		94140,~~622~~562,~~815~~238.1581
Repurchased Loans Balance										1,863,972.37		4,~~210~~740,~~643~~610.9262		6,~~074~~604,~~616~~582.2999
Curtailments Amount										~~414~~418,~~090~~527.8137		~~333~~263,~~008~~388.4480		~~747~~681,~~099~~916.2517
Total Prepayment Amount										2234,~~765~~471,~~541~~468.1699		78113,~~678~~377,~~989~~268.5398		~~101~~147,~~444~~848,~~530~~737.6997
Page 15 of 30
Page 16 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
VOLUNTARY PREPAYMENTS RATES
											Group 2		Group 1		Total
SMM										37.3287%		34.9066%		35.8019%
3 Months Avg SMM										35.1005%		23.6162%		23.6985%
12 Months Avg SMM										23.8067%		12.9844%		2.1264%
Avg SMM Since Cut-off										23.8067%		12.9844%		2.1264%
CPR										3362.3160%		3743.9459%		3747.1927%
3 Months Avg CPR										3146.4831%		2735.1773%		2737.9161%
12 Months Avg CPR										2836.8911%		2125.3861%		2227.7148%
Avg CPR Since Cut-off										2836.8911%		2125.3861%		2227.7148%
PSA										24,~~732~~406.0394%		3,~~111~~072.4962%		3,~~050~~331.3531%
3 Months Avg PSA Approximation										3,~~088~~796.4296%		2,~~665~~930.2899%		23,~~737~~084.9775%
12 Months Avg PSA Approximation										3,~~524~~925.2672%		2,~~606~~783.3277%		2,~~768~~986.2979%
Avg PSA Since Cut-off Approximation										3,~~524~~925.2572%		2,~~606~~783.3377%		2,~~768~~986.2978%
Page 16 of 30
Page 17 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
PREPAYMENT CALCULATION METHODOLOGY
	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases + Liquidations )/(Beg Principal Balance - Sched Principal)
	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.002*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn)(1-SMMn+1)...*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.002*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+...+min(30,WASm)/(number of months in the period n,m)
	Weighted Average Seasoning (WAS)
	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments, liquidations, and repurchases.
	Dates correspond to distribution dates.
Page 17 of 30
Page 18 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Prepayment Detail Report
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
61773446 1			116,250.00		115,769.35			14-Oct-2004		10.500%		CA - 75.00%		Paid Off - 360		1/1/2004
58991886 1			203,000.00		201,540.72			09-Dec-2004		8.300%		WA - 78.08%		Paid Off - 360		1/1/2004
61883385 1			64,000.00		63,625.34			04-Nov-2004		9.500%		LA - 73.56%		Paid Off - 360		1/1/2004
61426367 1			72,000.00		70,963.79			06-Dec-2004		9.300%		TX - 77.42%		Paid Off - 360		1/1/2004
62028543 2			82,400.00		81,894.86			20-Oct-2004		8.600%		TX - 80.00%		Paid Off - 360		1/1/2004
61466488 1			103,500.00		102,748.42			26-Nov-2004		8.250%		NM - 90.00%		Paid Off - 360		1/1/2004
62787726 1			78,000.00		77,311.14			02-Nov-2004		6.750%		FL - 70.91%		Paid Off - 360		1/1/2004
61681003 1			60,000.00		59,694.91			30-Nov-2004		9.990%		CA - 35.05%		Paid Off - 360		1/1/2004
62918826 1			284,390.00		282,302.90			03-Nov-2004		7.700%		NJ - 84.89%		Paid Off - 360		1/1/2004
61973186 1			190,000.00		188,620.47			03-Dec-2004		8.250%		NY - 44.71%		Paid Off - 360		1/1/2004
64622541 1			130,500.00		129,789.88			14-Oct-2004		8.650%		MD - 90.00%		Paid Off - 360		2/1/2004
62371620 2			112,500.00		112,071.27			09-Dec-2004		11.350%		TX - 75.00%		Paid Off - 360		1/1/2004
70362082 1			79,200.00		77,845.41			18-Oct-2004		8.350%		TX - 90.00%		Paid Off - 180		5/1/2004
62924626 1			329,500.00		326,035.98			30-Nov-2004		6.350%		NY - 71.63%		Paid Off - 360		1/1/2004
71148647 1			185,500.00		184,703.45			21-Oct-2004		7.050%		NY - 52.25%		Paid Off - 360		6/1/2004
63650725 1			65,600.00		65,352.62			22-Nov-2004		11.400%		MN - 50.46%		Paid Off - 360		1/1/2004
71376826 1			106,500.00		106,093.76			22-Oct-2004		8.350%		CA - 75.00%		Paid Off - 360		5/1/2004
72172109 1			180,000.00		179,091.48			10-Dec-2004		7.750%		MA - 80.00%		Paid Off - 360		5/1/2004
71471320 1			216,750.00		215,806.33			02-Nov-2004		6.750%		CA - 85.00%		Paid Off - 360		6/1/2004
72671225 2			441,000.00		439,155.72			11-Nov-2004		7.990%		CA - 90.00%		Paid Off - 360		6/1/2004
72675143 1			135,600.00		135,191.79			26-Oct-2004		8.600%		FL - 60.00%		Paid Off - 360		6/1/2004
73268401 1			121,750.00		121,067.59			08-Dec-2004		6.400%		MD - 78.55%		Paid Off - 360		6/1/2004
72684822 1			271,800.00		270,874.02			15-Oct-2004		7.990%		CA - 90.00%		Paid Off - 360		6/1/2004
73384240 1			82,750.00		82,409.46			30-Nov-2004		7.990%		AL - 75.23%		Paid Off - 360		6/1/2004
72913627 1			201,000.00		199,525.80			14-Oct-2004		6.150%		CT - 82.04%		Paid Off - 360		6/1/2004
73576142 1			142,000.00		141,524.78			18-Nov-2004		8.990%		MD - 64.55%		Paid Off - 360		6/1/2004
72920283 1			337,500.00		336,001.85			27-Oct-2004		6.650%		HI - 85.44%		Paid Off - 360		6/1/2004
73667867 1			100,000.00		99,665.34			01-Dec-2004		8.990%		IL - 47.62%		Paid Off - 360		6/1/2004
73051989 1			132,500.00		132,007.28			25-Oct-2004		8.500%		MD - 71.62%		Paid Off - 360		5/1/2004
73685240 1			90,000.00		88,544.63			24-Nov-2004		8.990%		WI - 68.70%		Paid Off - 180		6/1/2004
73183063 1			80,000.00		79,754.18			01-Nov-2004		8.500%		MI - 50.00%		Paid Off - 360		6/1/2004
73802142 1			204,000.00		203,317.30			08-Dec-2004		8.990%		TX - 80.00%		Paid Off - 360		6/1/2004
73329062 1			96,000.00		94,931.79			30-Oct-2004		9.800%		SC - 75.00%		Paid Off - 360		6/1/2004
73950982 2			504,000.00		501,324.03			02-Dec-2004		7.500%		CA - 90.00%		Paid Off - 360		6/1/2004
73347882 1			207,195.00		206,334.13			03-Nov-2004		6.990%		HI - 76.74%		Paid Off - 360		6/1/2004
74226960 1			151,100.00		150,390.74			24-Nov-2004		7.350%		FL - 71.95%		Paid Off - 360		6/1/2004
73440141 1			99,000.00		98,328.19			09-Nov-2004		9.990%		IL - 89.19%		Paid Off - 360		6/1/2004
74237660 1			180,000.00		179,193.86			18-Nov-2004		7.550%		MI - 90.00%		Paid Off - 360		6/1/2004
73664708 1			288,150.00		287,473.93			13-Oct-2004		9.800%		NC - 85.00%		Paid Off - 360		6/1/2004
74374240 1			258,750.00		257,792.63			26-Nov-2004		8.500%		CA - 75.00%		Paid Off - 360		6/1/2004
73855561 1			63,750.00		63,547.25			01-Nov-2004		11.550%		GA - 75.00%		Paid Off - 360		6/1/2004
74378308 2			119,000.00		118,487.79			22-Nov-2004		7.750%		FL - 70.00%		Paid Off - 360		6/1/2004
73891046 1			140,000.00		139,523.02			22-Oct-2004		7.990%		CA - 80.00%		Paid Off - 360		6/1/2004
74513748 1			192,000.00		191,039.91			30-Nov-2004		6.990%		NY - 86.88%		Paid Off - 360		6/1/2004
73954240 1			182,750.00		182,233.38			26-Oct-2004		9.800%		MA - 85.00%		Paid Off - 360		5/1/2004
74525403 2			440,000.00		437,949.96			02-Dec-2004		7.350%		CA - 84.62%		Paid Off - 360		6/1/2004
74205683 1			315,000.00		313,873.92			09-Nov-2004		7.750%		MA - 90.00%		Paid Off - 360		6/1/2004
74532946 1			175,500.00		174,702.59			18-Nov-2004		7.500%		ME - 90.00%		Paid Off - 360		6/1/2004
74243189 1			195,500.00		194,606.67			09-Nov-2004		6.500%		MA - 72.41%		Paid Off - 360		6/1/2004
74626300 2			103,500.00		103,250.42			06-Dec-2004		10.550%		GA - 90.00%		Paid Off - 360		6/1/2004
74361205 1			237,000.00		236,438.08			29-Oct-2004		9.750%		NY - 78.48%		Paid Off - 360		6/1/2004
74738147 1			140,500.00		139,720.01			29-Nov-2004		6.450%		MI - 82.65%		Paid Off - 360		6/1/2004
74592924 1			113,000.00		112,563.21			13-Oct-2004		7.750%		CA - 81.88%		Paid Off - 360		6/1/2004
74738683 1			144,000.00		143,130.26			07-Dec-2004		7.500%		IL - 80.00%		Paid Off - 360		6/1/2004
74639105 1			63,750.00		63,616.89			15-Oct-2004		10.350%		FL - 75.00%		Paid Off - 360		6/1/2004
74800525 1			230,000.00		228,686.03			06-Dec-2004		6.300%		CA - 43.40%		Paid Off - 360		6/1/2004
74658980 1			72,250.00		72,111.49			10-Nov-2004		10.750%		MO - 85.00%		Paid Off - 360		6/1/2004
74837188 1			98,000.00		97,641.04			30-Nov-2004		8.550%		FL - 66.67%		Paid Off - 360		6/1/2004
74676669 1			205,600.00		204,564.18			02-Nov-2004		5.990%		NV - 79.08%		Paid Off - 360		6/1/2004
74850264 1			120,000.00		119,327.43			29-Nov-2004		6.400%		AZ - 78.04%		Paid Off - 360		6/1/2004
74706300 1			333,000.00		332,319.36			18-Oct-2004		10.450%		WA - 83.25%		Paid Off - 360		6/1/2004
74863820 1			106,000.00		105,599.75			29-Nov-2004		8.400%		MI - 84.80%		Paid Off - 360		6/1/2004
74706441 1			280,000.00		279,046.10			19-Oct-2004		7.990%		CA - 80.00%		Paid Off - 360		6/1/2004
74874868 1			216,000.00		214,868.30			16-Nov-2004		6.750%		IL - 80.00%		Paid Off - 360		6/1/2004
74785809 2			565,000.00		562,652.59			21-Oct-2004		6.990%		CA - 67.26%		Paid Off - 360		6/1/2004
74878125 1			240,000.00		238,935.78			15-Nov-2004		7.600%		NY - 79.47%		Paid Off - 360		6/1/2004
74787169 1			170,000.00		169,361.22			29-Oct-2004		7.500%		IL - 72.96%		Paid Off - 360		6/1/2004
74878547 1			193,500.00		192,532.40			06-Dec-2004		6.990%		CA - 90.00%		Paid Off - 360		6/1/2004
74792441 1			89,250.00		89,089.31			09-Nov-2004		13.150%		CT - 85.00%		Paid Off - 360		6/1/2004
74902065 1			85,489.00		84,893.65			22-Nov-2004		7.500%		OK - 89.99%		Paid Off - 360		6/1/2004
74826843 1			86,400.00		86,137.23			18-Oct-2004		8.550%		NC - 90.00%		Paid Off - 360		6/1/2004
74938580 2			749,500.00		744,836.70			03-Dec-2004		5.850%		CA - 68.14%		Paid Off - 360		6/1/2004
74843962 1			279,000.00		277,951.67			18-Oct-2004		7.500%		OH - 90.00%		Paid Off - 360		6/1/2004
74956426 1			142,000.00		141,289.95			24-Nov-2004		6.990%		CA - 77.17%		Paid Off - 360		6/1/2004
Page 18 of 30
Page 19 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
74870023 1			178,000.00		177,113.54			02-Nov-2004		6.050%		CA - 75.63%		Paid Off - 360		6/1/2004
74976325 2			355,000.00		352,728.09			30-Nov-2004		5.700%		CA - 77.17%		Paid Off - 360		6/1/2004
74882069 1			78,000.00		77,396.73			14-Oct-2004		6.990%		TX - 70.91%		Paid Off - 300		6/1/2004
74984808 1			110,500.00		110,244.72			30-Nov-2004		10.750%		KS - 85.00%		Paid Off - 360		6/1/2004
74884305 1			179,500.00		178,901.87			03-Nov-2004		8.100%		MN - 89.75%		Paid Off - 360		6/1/2004
75008425 1			216,000.00		215,575.78			11-Nov-2004		11.500%		FL - 71.76%		Paid Off - 360		6/1/2004
74887480 1			250,000.00		249,208.07			22-Oct-2004		8.350%		CA - 65.79%		Paid Off - 360		6/1/2004
75065540 2			537,000.00		535,648.72			23-Nov-2004		10.350%		CA - 75.00%		Paid Off - 360		6/1/2004
74913104 1			205,000.00		204,016.94			03-Nov-2004		6.250%		MD - 89.52%		Paid Off - 360		6/1/2004
75072249 2			339,000.00		337,274.91			29-Nov-2004		6.900%		MD - 78.84%		Paid Off - 360		6/1/2004
74914565 1			188,500.00		187,596.34			09-Nov-2004		6.250%		MA - 66.74%		Paid Off - 360		6/1/2004
75083485 2			112,000.00		111,550.63			19-Nov-2004		8.100%		WI - 82.96%		Paid Off - 360		6/1/2004
74917741 1			94,500.00		94,178.04			01-Nov-2004		7.990%		MS - 90.00%		Paid Off - 360		6/1/2004
75094508 2			354,000.00		351,958.23			30-Nov-2004		6.250%		CA - 77.97%		Paid Off - 360		6/1/2004
74960949 1			220,500.00		219,695.86			19-Oct-2004		7.650%		NV - 90.00%		Paid Off - 360		6/1/2004
75133900 2			495,000.00		492,431.67			15-Nov-2004		6.800%		MI - 69.92%		Paid Off - 360		6/1/2004
74961749 1			146,999.00		146,590.62			02-Nov-2004		8.990%		NV - 60.00%		Paid Off - 360		6/1/2004
75135665 1			151,000.00		150,412.22			26-Nov-2004		8.250%		NY - 73.66%		Paid Off - 360		6/1/2004
74967365 1			83,000.00		82,655.14			11-Oct-2004		6.990%		FL - 55.33%		Paid Off - 360		6/1/2004
75147827 1			152,000.00		151,339.28			24-Nov-2004		7.700%		MI - 83.06%		Paid Off - 360		6/1/2004
75087841 2			174,250.00		173,656.21			02-Nov-2004		7.990%		RI - 85.00%		Paid Off - 360		6/1/2004
75183426 1			123,750.00		123,385.17			15-Nov-2004		9.600%		MA - 75.00%		Paid Off - 360		6/1/2004
75103267 1			104,470.00		103,992.61			21-Oct-2004		6.500%		WI - 90.00%		Paid Off - 360		6/1/2004
75192864 1			213,300.00		212,286.38			07-Dec-2004		7.250%		MN - 90.00%		Paid Off - 360		6/1/2004
75115469 1			184,944.00		184,098.89			05-Nov-2004		6.500%		FL - 82.20%		Paid Off - 360		6/1/2004
75213827 1			111,600.00		111,152.22			02-Dec-2004		8.100%		IL - 86.51%		Paid Off - 360		6/1/2004
75177162 1			295,000.00		292,579.79			19-Oct-2004		5.850%		CA - 77.63%		Paid Off - 360		6/1/2004
75222687 1			149,500.00		148,699.39			18-Nov-2004		7.750%		MN - 65.00%		Paid Off - 360		6/1/2004
75193243 1			105,000.00		104,539.13			12-Oct-2004		7.250%		FL - 70.95%		Paid Off - 360		6/1/2004
75223503 1			100,000.00		99,434.12			06-Dec-2004		6.350%		IN - 66.67%		Paid Off - 360		6/1/2004
75232629 2			77,000.00		76,774.02			21-Oct-2004		8.750%		IL - 38.12%		Paid Off - 360		6/1/2004
75234823 1			104,550.00		104,052.38			22-Nov-2004		7.250%		PA - 85.00%		Paid Off - 360		6/1/2004
75272781 1			198,000.00		197,162.78			04-Nov-2004		6.900%		CA - 88.79%		Paid Off - 360		6/1/2004
75236760 1			201,000.00		199,971.05			10-Dec-2004		6.950%		CA - 62.81%		Paid Off - 360		6/1/2004
75292201 1			160,500.00		160,016.88			19-Oct-2004		8.600%		WA - 75.00%		Paid Off - 360		6/1/2004
75238923 1			196,000.00		195,040.77			18-Nov-2004		7.100%		MN - 80.00%		Paid Off - 360		6/1/2004
75333781 1			128,000.00		127,560.37			26-Oct-2004		7.950%		MN - 60.95%		Paid Off - 360		6/1/2004
75252981 1			133,420.00		132,752.82			24-Nov-2004		6.990%		MD - 70.00%		Paid Off - 360		6/1/2004
75335687 2			126,000.00		125,649.94			27-Oct-2004		8.990%		CO - 90.00%		Paid Off - 360		6/1/2004
75254128 1			272,000.00		270,460.81			30-Nov-2004		6.350%		NV - 77.71%		Paid Off - 360		6/1/2004
75336420 1			109,500.00		109,195.77			03-Nov-2004		8.990%		CA - 60.00%		Paid Off - 360		6/1/2004
75258889 1			144,000.00		142,912.19			22-Nov-2004		5.650%		MN - 79.56%		Paid Off - 360		5/1/2004
75341800 1			204,000.00		203,404.52			02-Nov-2004		8.750%		ME - 60.00%		Paid Off - 360		6/1/2004
75274985 1			215,500.00		214,455.62			18-Nov-2004		7.150%		NV - 89.79%		Paid Off - 360		6/1/2004
75447029 1			225,250.00		224,557.96			29-Oct-2004		8.500%		IL - 83.43%		Paid Off - 360		6/1/2004
75283101 1			269,000.00		267,670.60			08-Dec-2004		7.050%		CA - 68.97%		Paid Off - 360		6/1/2004
75455907 1			158,000.00		157,457.36			03-Nov-2004		7.950%		IL - 64.49%		Paid Off - 360		6/1/2004
75292227 1			107,400.00		106,841.32			07-Dec-2004		6.990%		MO - 86.61%		Paid Off - 360		6/1/2004
75459503 1			125,000.00		124,341.15			12-Oct-2004		5.750%		FL - 89.29%		Paid Off - 360		6/1/2004
75292508 1			175,000.00		174,414.33			22-Nov-2004		8.990%		MN - 70.00%		Paid Off - 360		6/1/2004
75490623 1			261,000.00		260,019.32			15-Oct-2004		7.500%		MD - 90.00%		Paid Off - 360		6/1/2004
75295006 1			60,000.00		59,773.45			22-Nov-2004		8.990%		KS - 71.86%		Paid Off - 360		6/1/2004
75509802 1			100,000.00		99,560.39			15-Oct-2004		6.700%		CA - 25.97%		Paid Off - 360		6/1/2004
75301184 1			249,000.00		247,550.08			24-Nov-2004		6.200%		CA - 83.00%		Paid Off - 360		6/1/2004
75524967 1			96,000.00		95,765.07			21-Oct-2004		9.600%		FL - 58.18%		Paid Off - 360		6/1/2004
75348029 1			270,000.00		268,155.72			29-Nov-2004		5.350%		CA - 79.41%		Paid Off - 360		6/1/2004
75537860 1			105,000.00		104,628.34			13-Oct-2004		7.800%		MD - 75.00%		Paid Off - 360		6/1/2004
75386409 1			129,000.00		128,392.98			29-Nov-2004		7.300%		WA - 72.88%		Paid Off - 360		6/1/2004
75541888 1			110,500.00		110,158.73			08-Nov-2004		8.600%		FL - 85.00%		Paid Off - 360		6/1/2004
75407023 1			222,000.00		221,005.75			08-Dec-2004		7.550%		RI - 70.48%		Paid Off - 360		6/1/2004
75570168 1			176,000.00		173,731.50			08-Nov-2004		5.800%		CA - 44.00%		Paid Off - 300		6/1/2004
75454207 1			88,000.00		86,184.38			15-Nov-2004		6.150%		WI - 89.70%		Paid Off - 180		6/1/2004
75575126 1			102,500.00		102,168.67			30-Oct-2004		8.250%		CA - 59.59%		Paid Off - 360		6/1/2004
75455162 1			90,000.00		89,666.96			30-Nov-2004		8.500%		MD - 69.23%		Paid Off - 360		6/1/2004
75635706 1			189,000.00		188,152.88			19-Oct-2004		6.600%		MA - 70.52%		Paid Off - 360		6/1/2004
75457226 1			88,200.00		87,751.16			23-Nov-2004		6.900%		MI - 90.00%		Paid Off - 360		6/1/2004
75640045 1			210,000.00		208,942.19			27-Oct-2004		5.990%		CA - 76.36%		Paid Off - 360		6/1/2004
75476085 1			232,000.00		231,078.52			24-Nov-2004		8.150%		CA - 80.00%		Paid Off - 360		6/1/2004
75642009 1			110,000.00		109,610.67			02-Nov-2004		7.800%		CA - 57.89%		Paid Off - 360		6/1/2004
75480509 1			325,000.00		323,107.53			01-Dec-2004		6.200%		CA - 79.27%		Paid Off - 360		6/1/2004
75665364 1			289,000.00		287,997.45			04-Nov-2004		7.900%		MA - 82.34%		Paid Off - 360		6/1/2004
75482802 1			160,000.00		159,407.99			17-Nov-2004		8.500%		OK - 64.00%		Paid Off - 360		6/1/2004
75669622 1			88,000.00		87,620.55			02-Nov-2004		6.800%		CA - 73.33%		Paid Off - 360		6/1/2004
75486324 1			238,000.00		236,627.27			15-Nov-2004		6.250%		MD - 85.00%		Paid Off - 360		6/1/2004
75681122 1			82,000.00		81,774.97			04-Nov-2004		9.050%		MD - 74.55%		Paid Off - 360		6/1/2004
75488064 1			150,300.00		149,528.37			18-Nov-2004		7.990%		ME - 83.97%		Paid Off - 360		6/1/2004
Page 19 of 30
Page 20 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
75693028 1			240,000.00		239,488.08			12-Oct-2004		10.250%		NY - 78.69%		Paid Off - 360		6/1/2004
75488403 1			270,000.00		268,716.98			18-Nov-2004		7.250%		CA - 88.82%		Paid Off - 360		6/1/2004
75712901 1			109,000.00		108,629.27			27-Oct-2004		8.100%		MN - 77.30%		Paid Off - 360		6/1/2004
75515684 1			303,750.00		302,344.75			08-Dec-2004		7.400%		NV - 75.00%		Paid Off - 360		6/1/2004
75722488 2			454,700.00		452,662.00			28-Oct-2004		6.600%		CA - 84.99%		Paid Off - 360		6/1/2004
75584524 1			63,500.00		63,239.52			06-Dec-2004		7.990%		IN - 64.80%		Paid Off - 360		6/1/2004
75735340 1			80,000.00		79,667.61			30-Oct-2004		6.990%		OH - 89.89%		Paid Off - 360		6/1/2004
75593889 1			180,000.00		179,099.94			01-Dec-2004		6.990%		FL - 90.00%		Paid Off - 360		6/1/2004
75735589 1			124,200.00		123,798.49			13-Oct-2004		8.250%		NH - 60.00%		Paid Off - 360		6/1/2004
75593921 1			199,000.00		197,794.11			09-Dec-2004		5.990%		MS - 33.17%		Paid Off - 360		6/1/2004
75774802 1			163,500.00		162,820.68			18-Oct-2004		6.990%		NY - 83.85%		Paid Off - 360		6/1/2004
75614404 2			90,000.00		89,630.33			22-Nov-2004		8.100%		MI - 60.00%		Paid Off - 360		6/1/2004
75788364 1			119,200.00		118,862.62			09-Nov-2004		8.900%		CA - 59.60%		Paid Off - 360		6/1/2004
75617308 1			176,000.00		175,274.36			03-Dec-2004		8.800%		CA - 81.86%		Paid Off - 360		6/1/2004
75801068 1			144,000.00		143,485.11			11-Oct-2004		7.990%		RI - 80.00%		Paid Off - 360		6/1/2004
75633107 1			295,000.00		293,297.52			18-Nov-2004		6.250%		CA - 81.94%		Paid Off - 360		6/1/2004
75816561 1			210,000.00		209,170.88			08-Nov-2004		7.250%		IL - 84.00%		Paid Off - 360		6/1/2004
75665505 1			88,000.00		87,598.00			15-Nov-2004		7.450%		FL - 55.00%		Paid Off - 360		6/1/2004
75846428 1			123,500.00		122,973.42			18-Oct-2004		7.500%		NH - 63.33%		Paid Off - 360		6/1/2004
75676668 2			153,000.00		152,391.72			03-Dec-2004		8.150%		MD - 85.00%		Paid Off - 360		6/1/2004
75847681 2			388,000.00		387,080.07			28-Oct-2004		9.750%		NY - 71.85%		Paid Off - 360		6/1/2004
75683987 1			179,750.00		178,566.95			26-Nov-2004		5.550%		MA - 49.03%		Paid Off - 360		6/1/2004
75848267 1			93,500.00		93,218.52			21-Oct-2004		8.600%		WI - 79.24%		Paid Off - 360		6/1/2004
75687202 1			67,000.00		66,787.49			16-Nov-2004		9.250%		FL - 60.91%		Paid Off - 360		6/1/2004
75868364 1			287,500.00		286,248.34			29-Oct-2004		6.750%		CA - 78.77%		Paid Off - 360		6/1/2004
75692988 1			76,500.00		76,269.68			06-Dec-2004		9.500%		TN - 85.00%		Paid Off - 360		6/1/2004
75878140 2			372,000.00		370,025.70			02-Nov-2004		5.990%		CA - 79.32%		Paid Off - 360		6/1/2004
75700245 1			141,000.00		140,309.95			19-Nov-2004		7.100%		CA - 72.31%		Paid Off - 360		6/1/2004
75926048 1			60,000.00		59,806.06			02-Nov-2004		8.250%		HI - 73.17%		Paid Off - 360		6/1/2004
75725762 1			234,000.00		233,040.17			18-Nov-2004		7.990%		NV - 90.00%		Paid Off - 360		6/1/2004
75949826 1			229,700.00		228,956.48			02-Nov-2004		8.250%		NY - 72.92%		Paid Off - 360		6/1/2004
75728824 1			186,700.00		185,469.53			11-Nov-2004		5.600%		CA - 84.86%		Paid Off - 360		6/1/2004
76001809 1			192,500.00		191,620.38			04-Nov-2004		6.500%		CA - 76.39%		Paid Off - 360		6/1/2004
75794529 1			253,000.00		250,623.90			12-Nov-2004		6.800%		CA - 89.40%		Paid Off - 360		6/1/2004
76012541 1			300,000.00		298,280.27			25-Oct-2004		5.300%		CA - 69.77%		Paid Off - 360		6/1/2004
75825141 1			161,000.00		159,140.66			19-Nov-2004		7.100%		MD - 74.88%		Paid Off - 240		6/1/2004
76058544 1			216,000.00		214,984.16			28-Oct-2004		6.350%		CA - 84.71%		Paid Off - 360		6/1/2004
75837203 1			323,000.00		321,042.69			30-Nov-2004		5.990%		CA - 62.12%		Paid Off - 360		6/1/2004
76066844 1			165,000.00		164,410.10			30-Oct-2004		7.750%		MD - 75.00%		Paid Off - 360		6/1/2004
75838623 2			90,000.00		89,607.88			30-Nov-2004		7.700%		PA - 46.15%		Paid Off - 360		6/1/2004
76067743 1			112,456.00		111,988.78			20-Oct-2004		6.990%		FL - 72.15%		Paid Off - 360		6/1/2004
75852905 1			312,000.00		310,473.12			15-Nov-2004		7.100%		CA - 80.00%		Paid Off - 360		6/1/2004
76069244 1			110,000.00		109,694.37			09-Nov-2004		8.990%		CA - 44.00%		Paid Off - 360		6/1/2004
75858860 2			595,000.00		591,972.18			18-Nov-2004		6.900%		CA - 79.33%		Paid Off - 360		6/1/2004
76151547 1			102,000.00		101,576.19			15-Oct-2004		6.990%		IL - 57.93%		Paid Off - 360		6/1/2004
75871467 1			152,150.00		151,525.85			18-Nov-2004		7.990%		NH - 85.00%		Paid Off - 360		6/1/2004
76163021 1			289,000.00		288,156.40			02-Nov-2004		8.750%		CA - 85.00%		Paid Off - 360		6/1/2004
75907261 2			167,000.00		166,206.40			03-Dec-2004		7.250%		IL - 87.89%		Paid Off - 360		6/1/2004
76170588 1			400,000.00		398,706.99			10-Nov-2004		8.250%		NY - 78.90%		Paid Off - 360		6/1/2004
75907386 1			241,000.00		240,061.89			24-Nov-2004		8.250%		FL - 81.69%		Paid Off - 360		6/1/2004
76171982 1			88,000.00		87,737.77			04-Nov-2004		8.650%		MD - 80.00%		Paid Off - 360		6/1/2004
75915801 1			280,000.00		278,303.25			17-Nov-2004		5.990%		MI - 68.97%		Paid Off - 360		6/1/2004
76172287 1			92,250.00		91,486.13			29-Oct-2004		8.990%		MD - 75.00%		Paid Off - 360		6/1/2004
75921866 1			280,750.00		279,454.76			30-Nov-2004		7.400%		CA - 86.92%		Paid Off - 360		6/1/2004
76181684 1			114,300.00		113,741.49			13-Oct-2004		6.150%		MI - 93.69%		Paid Off - 360		6/1/2004
75925727 1			228,000.00		227,028.46			29-Nov-2004		7.800%		WI - 80.00%		Paid Off - 360		6/1/2004
76208180 1			175,000.00		174,128.47			18-Oct-2004		6.050%		CA - 87.06%		Paid Off - 360		6/1/2004
75928267 1			315,000.00		313,671.13			24-Nov-2004		7.850%		CA - 75.00%		Paid Off - 360		6/1/2004
76212026 1			162,000.00		161,223.35			21-Oct-2004		6.250%		CA - 87.57%		Paid Off - 360		6/1/2004
75929208 1			137,700.00		137,053.32			30-Nov-2004		7.700%		CA - 85.00%		Paid Off - 360		6/1/2004
76219666 1			120,000.00		119,408.01			20-Oct-2004		6.100%		CO - 75.00%		Paid Off - 360		6/1/2004
75941120 1			89,000.00		88,597.39			15-Nov-2004		7.500%		CT - 65.93%		Paid Off - 360		6/1/2004
76241728 2			68,850.00		68,570.02			08-Nov-2004		7.100%		FL - 85.00%		Paid Off - 360		6/1/2004
75943142 1			60,000.00		59,789.00			30-Nov-2004		8.750%		TN - 74.07%		Paid Off - 360		6/1/2004
76275023 1			106,200.00		105,746.52			09-Nov-2004		6.850%		PA - 90.00%		Paid Off - 360		6/1/2004
75947085 1			320,000.00		318,479.38			26-Nov-2004		7.250%		CA - 55.65%		Paid Off - 360		6/1/2004
76275569 1			192,000.00		191,233.54			19-Oct-2004		7.250%		CA - 68.57%		Paid Off - 360		6/1/2004
75949982 1			356,500.00		354,805.94			12-Nov-2004		7.250%		HI - 78.35%		Paid Off - 360		6/1/2004
76279587 1			171,000.00		170,524.92			02-Nov-2004		8.990%		MD - 84.65%		Paid Off - 360		6/1/2004
75950204 2			450,000.00		446,313.26			08-Dec-2004		7.200%		FL - 88.24%		Paid Off - 360		6/1/2004
76318187 1			537,000.00		534,639.28			02-Nov-2004		6.700%		CA - 64.31%		Paid Off - 360		6/1/2004
75954289 1			119,850.00		119,645.89			24-Nov-2004		12.150%		GA - 85.00%		Paid Off - 360		6/1/2004
76321108 1			325,000.00		323,571.25			02-Nov-2004		6.700%		CA - 69.15%		Paid Off - 360		6/1/2004
75978544 1			292,500.00		291,521.17			12-Nov-2004		8.990%		CA - 75.00%		Paid Off - 360		6/1/2004
76344845 1			139,500.00		138,201.12			13-Oct-2004		7.350%		TN - 90.00%		Paid Off - 240		6/1/2004
75999367 2			120,600.00		120,103.42			30-Nov-2004		7.990%		FL - 90.00%		Paid Off - 360		6/1/2004
Page 20 of 30
Page 21 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
76358209 1			227,000.00		225,909.04			03-Nov-2004		6.250%		WA - 74.92%		Paid Off - 360		6/1/2004
76022946 1			148,719.00		147,965.66			06-Dec-2004		7.600%		NV - 78.27%		Paid Off - 360		6/1/2004
76359843 1			119,400.00		119,101.67			08-Nov-2004		9.500%		GA - 85.90%		Paid Off - 360		6/1/2004
76059625 1			115,000.00		114,479.84			09-Dec-2004		7.500%		CT - 55.38%		Paid Off - 360		6/1/2004
76369560 1			230,400.00		229,472.31			21-Oct-2004		7.150%		NH - 90.00%		Paid Off - 360		6/1/2004
76089168 1			282,000.00		280,342.20			06-Dec-2004		6.150%		CA - 76.22%		Paid Off - 360		6/1/2004
76375666 1			151,000.00		150,403.84			11-Oct-2004		7.250%		MD - 68.64%		Paid Off - 360		6/1/2004
76180868 1			119,100.00		118,085.67			16-Nov-2004		6.700%		WI - 86.30%		Paid Off - 360		6/1/2004
76384148 1			285,000.00		284,097.25			14-Oct-2004		8.350%		NY - 75.00%		Paid Off - 360		6/1/2004
76183342 1			100,000.00		99,698.94			06-Dec-2004		9.500%		WI - 44.44%		Paid Off - 360		6/1/2004
76399567 2			575,000.00		572,136.42			09-Nov-2004		6.050%		CA - 84.56%		Paid Off - 360		6/1/2004
76212968 1			240,000.00		238,718.04			15-Nov-2004		6.650%		CA - 60.00%		Paid Off - 360		6/1/2004
76441765 1			132,000.00		131,451.54			10-Nov-2004		6.990%		AZ - 89.80%		Paid Off - 360		6/1/2004
76244805 1			240,300.00		239,143.29			12-Nov-2004		7.200%		CA - 90.00%		Paid Off - 360		6/1/2004
76452143 1			71,000.00		70,770.49			03-Nov-2004		8.250%		WI - 64.55%		Paid Off - 360		6/1/2004
76261908 1			314,950.00		313,375.16			02-Dec-2004		6.990%		CT - 89.99%		Paid Off - 360		6/1/2004
76536283 1			283,450.00		282,038.39			26-Oct-2004		6.050%		CA - 89.98%		Paid Off - 360		6/1/2004
76265149 1			124,020.00		123,351.11			06-Dec-2004		6.600%		DE - 90.00%		Paid Off - 360		6/1/2004
76537422 1			83,000.00		82,736.46			01-Nov-2004		8.350%		IL - 87.37%		Paid Off - 360		6/1/2004
76292689 1			207,000.00		205,923.36			02-Dec-2004		6.800%		CA - 90.00%		Paid Off - 360		6/1/2004
76540145 1			132,000.00		131,378.99			20-Oct-2004		6.350%		CA - 62.86%		Paid Off - 360		6/1/2004
76309103 1			141,000.00		140,499.19			15-Nov-2004		8.700%		GA - 75.00%		Paid Off - 360		6/1/2004
76582287 1			140,250.00		139,860.34			18-Oct-2004		8.990%		CT - 85.00%		Paid Off - 360		6/1/2004
76313840 1			187,500.00		186,333.40			30-Nov-2004		5.850%		CA - 74.98%		Paid Off - 360		6/1/2004
76601244 1			140,500.00		139,900.09			26-Oct-2004		6.850%		CA - 89.21%		Paid Off - 360		6/1/2004
76315027 1			157,000.00		156,331.02			01-Dec-2004		7.800%		CA - 89.71%		Paid Off - 360		6/1/2004
76614866 1			251,570.00		250,364.01			03-Nov-2004		6.250%		NH - 75.10%		Paid Off - 360		6/1/2004
76315902 1			285,000.00		283,710.89			17-Nov-2004		7.500%		CA - 81.43%		Paid Off - 360		6/1/2004
76640580 1			225,000.00		224,059.94			15-Oct-2004		6.990%		CA - 72.58%		Paid Off - 360		6/1/2004
76327105 1			280,500.00		277,564.23			10-Dec-2004		7.100%		CA - 82.50%		Paid Off - 360		6/1/2004
76644723 1			170,400.00		169,832.18			10-Nov-2004		8.100%		RI - 80.00%		Paid Off - 360		6/1/2004
76347046 1			243,000.00		240,899.58			22-Nov-2004		7.900%		MD - 81.00%		Paid Off - 360		6/1/2004
76713387 1			204,000.00		202,914.64			12-Oct-2004		5.700%		FL - 87.93%		Paid Off - 360		6/1/2004
76363548 1			232,500.00		231,458.72			07-Dec-2004		7.550%		MD - 84.55%		Paid Off - 360		6/1/2004
76719764 2			457,000.00		455,282.82			20-Oct-2004		7.500%		CA - 81.75%		Paid Off - 360		6/1/2004
76364009 1			116,100.00		115,436.73			18-Nov-2004		6.300%		IL - 90.00%		Paid Off - 360		6/1/2004
76726686 2			162,000.00		161,454.68			10-Nov-2004		8.050%		MN - 77.14%		Paid Off - 360		6/1/2004
76416882 1			141,398.00		140,690.95			30-Nov-2004		6.990%		CA - 82.50%		Paid Off - 360		6/1/2004
76752948 2			208,250.00		207,510.11			25-Oct-2004		8.100%		MD - 83.30%		Paid Off - 360		6/1/2004
76442284 1			274,500.00		272,836.57			03-Dec-2004		5.990%		CA - 83.18%		Paid Off - 360		6/1/2004
76756121 1			212,500.00		211,390.43			15-Oct-2004		5.800%		CA - 85.69%		Paid Off - 360		6/1/2004
76442466 1			60,000.00		59,771.12			19-Nov-2004		8.350%		MI - 66.67%		Paid Off - 360		6/1/2004
76756428 1			203,850.00		203,191.06			19-Oct-2004		8.250%		IL - 90.60%		Paid Off - 360		6/1/2004
76506484 1			181,500.00		180,786.33			30-Nov-2004		8.200%		MD - 72.02%		Paid Off - 360		6/1/2004
76795087 1			144,000.00		143,373.04			19-Oct-2004		6.750%		CT - 90.00%		Paid Off - 360		6/1/2004
76515147 1			101,250.00		101,030.91			24-Nov-2004		11.300%		GA - 75.00%		Paid Off - 360		6/1/2004
76825587 1			237,500.00		236,667.76			20-Oct-2004		7.850%		MA - 68.25%		Paid Off - 360		6/1/2004
76515840 1			91,500.00		91,164.85			22-Nov-2004		8.550%		NV - 75.00%		Paid Off - 360		6/1/2004
76849702 1			91,000.00		90,834.39			14-Oct-2004		10.990%		CT - 64.54%		Paid Off - 360		6/1/2004
76525500 1			281,000.00		279,527.77			17-Nov-2004		6.750%		CA - 76.99%		Paid Off - 360		6/1/2004
76863307 1			131,000.00		130,593.41			18-Oct-2004		8.450%		RI - 59.55%		Paid Off - 360		6/1/2004
76528181 1			292,500.00		291,037.42			16-Nov-2004		6.990%		CA - 90.00%		Paid Off - 360		6/1/2004
76870641 1			222,100.00		221,367.36			15-Oct-2004		8.150%		CA - 59.87%		Paid Off - 360		6/1/2004
76542422 1			248,899.00		247,230.02			07-Dec-2004		5.450%		SC - 37.04%		Paid Off - 360		6/1/2004
76894005 1			135,000.00		134,492.74			14-Oct-2004		7.500%		CA - 90.00%		Paid Off - 360		6/1/2004
76550102 2			140,250.00		139,932.85			30-Nov-2004		10.850%		FL - 85.00%		Paid Off - 360		6/1/2004
76935428 1			97,500.00		97,276.01			26-Oct-2004		9.900%		KS - 75.00%		Paid Off - 360		6/1/2004
76556687 1			310,000.00		307,862.83			29-Nov-2004		5.300%		CA - 71.26%		Paid Off - 360		6/1/2004
76936863 1			114,000.00		113,498.84			08-Nov-2004		6.700%		FL - 67.86%		Paid Off - 360		6/1/2004
76568963 1			160,000.00		159,547.67			10-Dec-2004		9.800%		FL - 81.01%		Paid Off - 360		6/1/2004
76939487 1			313,775.00		312,859.10			26-Oct-2004		8.750%		NY - 80.04%		Paid Off - 360		6/1/2004
76585165 1			124,200.00		123,721.39			30-Nov-2004		8.300%		CA - 90.00%		Paid Off - 360		6/1/2004
76949361 1			257,178.00		256,276.85			21-Oct-2004		7.850%		NY - 79.13%		Paid Off - 360		6/1/2004
76589605 1			183,000.00		182,172.24			19-Nov-2004		7.500%		PA - 88.83%		Paid Off - 360		6/1/2004
76952282 1			116,000.00		115,550.99			25-Oct-2004		7.350%		CA - 36.25%		Paid Off - 360		6/1/2004
76592583 1			89,100.00		88,847.78			07-Dec-2004		9.850%		MI - 90.00%		Paid Off - 360		6/1/2004
76977321 1			60,000.00		59,842.04			21-Oct-2004		9.250%		CA - 27.27%		Paid Off - 360		6/1/2004
76612043 1			279,000.00		277,738.06			10-Dec-2004		7.500%		CA - 87.19%		Paid Off - 360		6/1/2004
77039006 1			60,000.00		59,867.82			13-Oct-2004		10.100%		FL - 20.00%		Paid Off - 360		6/1/2004
76613546 1			193,700.00		192,797.51			30-Nov-2004		7.350%		NH - 82.43%		Paid Off - 360		6/1/2004
77058584 1			184,500.00		183,840.39			28-Oct-2004		7.750%		CA - 90.00%		Paid Off - 360		6/1/2004
76722263 1			178,500.00		177,470.45			01-Dec-2004		6.250%		CA - 79.33%		Paid Off - 360		6/1/2004
77060663 1			236,932.00		235,635.51			18-Oct-2004		5.550%		MA - 83.43%		Paid Off - 360		6/1/2004
76727023 1			140,000.00		139,425.71			07-Dec-2004		7.990%		RI - 64.81%		Paid Off - 360		6/1/2004
77119667 1			105,000.00		104,581.35			21-Oct-2004		7.200%		CA - 22.83%		Paid Off - 360		6/1/2004
76732320 1			128,000.00		127,474.95			10-Dec-2004		7.990%		FL - 85.33%		Paid Off - 360		6/1/2004
Page 21 of 30
Page 22 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
77124303 1			119,700.00		119,320.15			20-Oct-2004		11.200%		NY - 90.00%		Paid Off - 360		6/1/2004
76755743 1			212,500.00		211,320.35			18-Nov-2004		6.450%		CA - 85.00%		Paid Off - 360		6/1/2004
77150563 1			80,250.00		80,015.74			14-Oct-2004		8.750%		FL - 75.00%		Paid Off - 360		6/1/2004
76819523 1			210,000.00		209,223.04			01-Dec-2004		8.500%		NY - 61.76%		Paid Off - 360		6/1/2004
77153021 2			60,000.00		59,804.04			20-Oct-2004		8.200%		FL - 52.17%		Paid Off - 360		6/1/2004
76819788 2			516,500.00		513,786.89			02-Dec-2004		6.750%		CA - 81.98%		Paid Off - 360		6/1/2004
77173821 1			168,000.00		166,448.47			15-Oct-2004		6.300%		PA - 70.59%		Paid Off - 360		6/1/2004
76836584 1			236,500.00		235,042.11			18-Nov-2004		5.900%		CA - 54.37%		Paid Off - 360		6/1/2004
77188522 1			255,000.00		254,291.54			29-Oct-2004		8.990%		MI - 99.00%		Paid Off - 360		6/1/2004
76854967 1			272,000.00		270,028.44			02-Dec-2004		5.500%		CA - 83.69%		Paid Off - 360		6/1/2004
77198364 1			174,800.00		174,162.48			09-Nov-2004		7.650%		GA - 87.40%		Paid Off - 360		6/1/2004
76856541 1			180,000.00		179,099.94			30-Nov-2004		6.990%		FL - 90.00%		Paid Off - 360		6/1/2004
77208668 2			440,000.00		437,890.68			22-Oct-2004		6.250%		CA - 80.00%		Paid Off - 360		6/1/2004
76864560 2			408,000.00		405,841.63			29-Nov-2004		6.700%		CA - 85.00%		Paid Off - 360		6/1/2004
77216349 1			188,038.00		187,397.38			25-Oct-2004		7.990%		CA - 59.69%		Paid Off - 360		6/1/2004
76906809 2			163,200.00		162,761.48			30-Nov-2004		10.050%		GA - 85.00%		Paid Off - 360		6/1/2004
77272409 1			93,000.00		92,683.13			14-Oct-2004		7.990%		FL - 58.13%		Paid Off - 360		6/1/2004
76926385 1			146,000.00		144,643.91			10-Dec-2004		6.990%		WI - 78.92%		Paid Off - 360		6/1/2004
77294064 1			115,000.00		114,081.44			18-Oct-2004		6.800%		NH - 46.56%		Paid Off - 360		6/1/2004
76958123 1			164,500.00		163,407.16			29-Nov-2004		5.500%		MD - 79.55%		Paid Off - 360		6/1/2004
77298842 1			153,000.00		152,474.52			02-Nov-2004		7.950%		CA - 24.56%		Paid Off - 360		6/1/2004
76965326 2			180,000.00		179,255.70			02-Dec-2004		7.950%		MA - 62.07%		Paid Off - 360		6/1/2004
77299386 2			123,000.00		122,799.64			01-Nov-2004		11.500%		RI - 57.21%		Paid Off - 360		6/1/2004
76973064 1			101,250.00		100,827.07			02-Dec-2004		7.900%		AZ - 75.00%		Paid Off - 360		6/1/2004
77300366 1			252,000.00		250,859.57			22-Oct-2004		6.550%		CA - 70.00%		Paid Off - 360		6/1/2004
76989565 1			187,000.00		185,931.69			09-Dec-2004		6.300%		CA - 57.95%		Paid Off - 360		6/1/2004
77334365 1			164,000.00		163,572.73			19-Oct-2004		9.300%		WI - 82.00%		Paid Off - 360		6/1/2004
77004240 1			188,000.00		186,915.66			01-Dec-2004		6.250%		CA - 81.03%		Paid Off - 360		6/1/2004
77351104 1			75,000.00		74,822.16			04-Nov-2004		9.750%		MA - 59.52%		Paid Off - 360		6/1/2004
77010445 1			330,000.00		329,056.46			01-Dec-2004		9.750%		NY - 82.50%		Paid Off - 360		6/1/2004
77356525 1			160,000.00		159,404.74			19-Oct-2004		7.550%		RI - 64.00%		Paid Off - 360		6/1/2004
77015766 1			229,000.00		227,691.73			17-Nov-2004		6.300%		IL - 86.06%		Paid Off - 360		6/1/2004
77362283 2			369,900.00		368,034.77			19-Oct-2004		5.990%		FL - 90.00%		Paid Off - 360		6/1/2004
77025880 1			148,967.00		148,355.95			03-Dec-2004		7.990%		FL - 89.74%		Paid Off - 360		6/1/2004
77406668 2			403,000.00		398,295.88			15-Oct-2004		6.200%		CA - 94.82%		Paid Off - 360		6/1/2004
77026029 1			76,500.00		76,321.37			06-Dec-2004		10.700%		MA - 85.00%		Paid Off - 360		6/1/2004
77427904 1			244,000.00		242,895.77			28-Oct-2004		6.550%		MA - 73.49%		Paid Off - 360		6/1/2004
77026946 1			115,115.00		114,689.07			01-Dec-2004		8.500%		AL - 89.93%		Paid Off - 360		6/1/2004
77460665 1			60,000.00		59,770.03			05-Nov-2004		7.400%		FL - 37.50%		Paid Off - 360		6/1/2004
77056224 1			320,000.00		317,913.43			01-Dec-2004		5.600%		CA - 80.00%		Paid Off - 360		6/1/2004
77476380 1			236,000.00		234,751.77			30-Oct-2004		5.800%		CA - 63.37%		Paid Off - 360		6/1/2004
77084606 1			141,100.00		140,521.22			09-Dec-2004		7.990%		MD - 78.39%		Paid Off - 360		6/1/2004
77484640 1			189,350.00		188,442.24			10-Nov-2004		6.250%		MD - 90.00%		Paid Off - 360		6/1/2004
77098648 2			118,000.00		117,450.20			18-Nov-2004		7.350%		MA - 48.96%		Paid Off - 360		6/1/2004
77486728 1			130,000.00		129,297.86			28-Oct-2004		6.450%		MA - 61.03%		Paid Off - 360		6/1/2004
77102762 1			60,000.00		59,364.74			08-Dec-2004		9.100%		NC - 27.27%		Paid Off - 240		6/1/2004
77533966 1			291,000.00		288,947.30			20-Oct-2004		5.700%		MI - 63.12%		Paid Off - 360		6/1/2004
77109148 1			172,000.00		171,090.10			15-Nov-2004		6.700%		RI - 76.44%		Paid Off - 360		6/1/2004
77538767 1			319,600.00		317,958.05			15-Oct-2004		5.900%		CA - 77.95%		Paid Off - 360		6/1/2004
77116960 1			172,800.00		171,752.86			24-Nov-2004		5.990%		KS - 90.00%		Paid Off - 360		6/1/2004
77550085 1			191,250.00		190,502.35			14-Oct-2004		7.300%		CA - 75.00%		Paid Off - 360		6/1/2004
77131522 1			138,900.00		137,847.83			26-Nov-2004		6.950%		AZ - 81.71%		Paid Off - 300		6/1/2004
77589141 1			115,000.00		114,584.65			26-Oct-2004		7.700%		MA - 71.88%		Paid Off - 360		6/1/2004
77143527 1			330,000.00		328,397.07			22-Nov-2004		7.750%		CA - 75.00%		Paid Off - 360		6/1/2004
77593903 1			100,000.00		99,618.73			28-Oct-2004		7.500%		FL - 40.00%		Paid Off - 360		6/1/2004
77145381 1			125,000.00		124,472.66			15-Nov-2004		7.850%		CA - 70.22%		Paid Off - 360		6/1/2004
77597102 1			208,000.00		207,411.28			02-Nov-2004		8.900%		MD - 82.90%		Paid Off - 360		6/1/2004
77158467 1			224,000.00		222,879.93			22-Nov-2004		6.990%		CA - 89.60%		Paid Off - 360		6/1/2004
77639300 1			238,000.00		236,743.89			09-Nov-2004		6.750%		CA - 78.03%		Paid Off - 360		6/1/2004
77161305 1			125,800.00		125,017.27			22-Nov-2004		5.850%		CA - 67.57%		Paid Off - 360		6/1/2004
77648327 1			254,749.00		253,527.73			25-Oct-2004		6.250%		MD - 83.52%		Paid Off - 360		6/1/2004
77193324 1			119,000.00		118,507.93			09-Dec-2004		7.950%		IL - 85.00%		Paid Off - 360		6/1/2004
77673622 1			81,000.00		80,633.39			30-Oct-2004		6.550%		FL - 22.22%		Paid Off - 360		6/1/2004
77198968 1			229,000.00		228,014.41			12-Nov-2004		7.750%		FL - 89.80%		Paid Off - 360		6/1/2004
77681526 1			215,250.00		214,181.38			03-Nov-2004		6.990%		CA - 75.00%		Paid Off - 360		6/1/2004
77202026 1			89,896.00		89,424.99			01-Dec-2004		6.750%		CA - 90.00%		Paid Off - 360		6/1/2004
77702900 1			75,000.00		74,776.53			12-Oct-2004		8.650%		MN - 60.98%		Paid Off - 360		6/1/2004
77207827 1			283,500.00		282,014.69			16-Nov-2004		6.750%		CA - 90.00%		Paid Off - 360		6/1/2004
77747327 1			198,000.00		197,112.50			08-Nov-2004		6.600%		CA - 94.29%		Paid Off - 360		6/1/2004
77241040 1			172,477.00		171,777.96			01-Dec-2004		8.050%		CA - 74.34%		Paid Off - 360		6/1/2004
77757342 1			277,200.00		276,365.57			25-Oct-2004		8.600%		FL - 75.95%		Paid Off - 360		6/1/2004
77257400 2			364,500.00		362,232.11			03-Dec-2004		5.850%		CA - 90.00%		Paid Off - 360		6/1/2004
77801264 1			199,800.00		198,930.15			29-Oct-2004		6.750%		NY - 90.00%		Paid Off - 360		6/1/2004
77306868 1			275,000.00		274,062.51			30-Nov-2004		8.900%		NY - 70.15%		Paid Off - 360		6/1/2004
77833028 1			161,500.00		161,023.72			29-Oct-2004		8.700%		PA - 85.00%		Paid Off - 360		6/1/2004
77316560 1			140,000.00		138,180.41			10-Dec-2004		6.100%		CA - 63.64%		Paid Off - 240		6/1/2004
Page 22 of 30
Page 23 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Prepayment Detail Report - Mortgage Loans Prepaid in Full During Current Distribution
Loan Number			Original							Current		State &		Type Prepayment		First
&		Loan	Principal		Prepayment			Prepayment		Note		LTV at		&		Payment
Loan Group		Status	Balance		Amount			Date		Rate		Origination		Original Term		Date
77864049 1			76,000.00		75,684.24			05-Nov-2004		6.990%		MI - 80.00%		Paid Off - 360		6/1/2004
77334746 1			255,000.00		253,934.95			08-Dec-2004		7.900%		NY - 80.95%		Paid Off - 360		6/1/2004
77908663 1			144,300.00		143,657.42			28-Oct-2004		6.650%		MN - 82.46%		Paid Off - 360		6/1/2004
77347664 1			300,000.00		299,008.35			24-Nov-2004		9.050%		FL - 41.67%		Paid Off - 360		6/1/2004
78008380 1			100,000.00		99,609.03			15-Oct-2004		7.300%		CA - 60.24%		Paid Off - 360		6/1/2004
77363109 1			191,000.00		189,949.87			30-Nov-2004		6.500%		CA - 68.21%		Paid Off - 360		6/1/2004
78074481 1			225,000.00		224,233.43			30-Oct-2004		7.990%		NY - 75.00%		Paid Off - 360		6/1/2004
77367225 1			161,000.00		160,286.04			15-Nov-2004		7.600%		CA - 64.40%		Paid Off - 360		6/1/2004
78075546 1			191,000.00		190,419.17			29-Oct-2004		8.550%		MA - 74.90%		Paid Off - 360		6/1/2004
77368686 1			108,000.00		107,568.95			02-Dec-2004		8.750%		CA - 60.00%		Paid Off - 360		6/1/2004
79065488 1			114,750.00		114,411.82			27-Oct-2004		7.750%		WI - 85.00%		Paid Off - 360		7/1/2004
77382505 1			118,800.00		118,396.87			26-Nov-2004		8.950%		WI - 88.00%		Paid Off - 360		6/1/2004
79262580 1			243,700.00		242,969.73			27-Oct-2004		7.500%		MD - 74.98%		Paid Off - 360		7/1/2004
77387926 1			105,000.00		104,525.04			30-Nov-2004		7.500%		FL - 75.00%		Paid Off - 360		6/1/2004
79306965 1			88,000.00		87,209.65			02-Nov-2004		5.750%		IL - 80.00%		Paid Off - 240		7/1/2004
77435527 1			193,400.00		192,241.27			01-Dec-2004		6.050%		CA - 26.86%		Paid Off - 360		6/1/2004
TOTAL			35,409,446.00		35,258,037.79
77439180 1			195,378.00		194,299.22			19-Nov-2004		6.550%		CA - 79.42%		Paid Off - 360		6/1/2004
Page 23 of 30
77445963 1			112,000.00		111,493.36			02-Dec-2004		7.500%		CA - 72.73%		Paid Off - 360		6/1/2004
77467801 2			114,300.00		113,598.47			01-Dec-2004		7.400%		KS - 90.00%		Paid Off - 360		6/1/2004
77475747 1			164,000.00		162,989.15			30-Nov-2004		5.900%		MA - 82.00%		Paid Off - 360		6/1/2004
77478386 1			200,000.00		198,952.16			16-Nov-2004		6.750%		NY - 75.10%		Paid Off - 360		6/1/2004
77523603 1			121,500.00		121,001.61			23-Nov-2004		7.990%		CA - 75.00%		Paid Off - 360		6/1/2004
77565141 1			267,000.00		265,242.71			18-Nov-2004		5.550%		CA - 82.15%		Paid Off - 360		6/1/2004
77588622 1			285,000.00		283,645.68			30-Nov-2004		7.250%		CA - 75.00%		Paid Off - 360		6/1/2004
77591360 1			288,750.00		288,046.27			01-Dec-2004		10.500%		CA - 80.88%		Paid Off - 360		6/1/2004
77595908 1			60,000.00		59,743.34			07-Dec-2004		7.990%		FL - 30.30%		Paid Off - 360		6/1/2004
77646784 1			150,000.00		149,185.58			12-Nov-2004		6.650%		CA - 68.18%		Paid Off - 360		6/1/2004
77650281 2			585,000.00		582,108.95			01-Dec-2004		7.050%		NY - 78.00%		Paid Off - 360		6/1/2004
77687887 1			93,000.00		92,478.71			15-Nov-2004		6.400%		CA - 76.86%		Paid Off - 360		6/1/2004
77736262 2			480,000.00		477,360.91			24-Nov-2004		6.500%		IL - 89.72%		Paid Off - 360		6/1/2004
77756864 1			117,000.00		116,550.51			17-Nov-2004		8.350%		GA - 86.67%		Paid Off - 360		6/1/2004
77820082 1			229,000.00		228,219.32			08-Dec-2004		8.900%		NY - 71.56%		Paid Off - 360		6/1/2004
77831642 1			261,000.00		260,291.10			17-Nov-2004		9.990%		IL - 82.86%		Paid Off - 360		6/1/2004
77836526 1			287,000.00		284,510.75			06-Dec-2004		7.050%		CA - 65.98%		Paid Off - 360		6/1/2004
77892024 2			463,250.00		458,328.98			01-Dec-2004		6.800%		NY - 82.72%		Paid Off - 360		6/1/2004
77956886 1			154,000.00		153,330.58			26-Nov-2004		7.700%		ME - 66.96%		Paid Off - 360		6/1/2004
78038221 2			391,423.00		388,773.95			10-Dec-2004		5.400%		CA - 89.98%		Paid Off - 360		6/1/2004
78038908 1			252,000.00		250,735.04			01-Dec-2004		6.990%		CA - 89.05%		Paid Off - 360		6/1/2004
78039526 2			536,000.00		533,438.30			26-Nov-2004		7.250%		CA - 80.00%		Paid Off - 360		6/1/2004
78059680 1			166,410.00		165,929.21			30-Nov-2004		8.800%		MN - 89.95%		Paid Off - 360		7/1/2004
78062940 2			188,251.00		187,666.29			08-Dec-2004		9.350%		FL - 90.00%		Paid Off - 360		6/1/2004
78111788 2			427,500.00		425,468.55			29-Nov-2004		7.250%		IL - 95.00%		Paid Off - 360		6/1/2004
79911087 1			229,500.00		228,451.33			09-Dec-2004		6.500%		CA - 90.00%		Paid Off - 360		7/1/2004
80208986 2			360,000.00		358,592.68			24-Nov-2004		7.300%		CA - 88.89%		Paid Off - 360		7/1/2004
76249028 1			198,000.00		197,565.60			30-Nov-2004		10.990%		FL - 89.59%		Repur/Subs - 360		6/1/2004
77515245 1			333,700.00		332,401.10			30-Nov-2004		8.250%		FL - 87.82%		Repur/Subs - 360		6/1/2004
Page 24 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
TOTAL			46,712,862.00		46,469,390.36
Page 25 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
December 27, 2004 Distribution
Realized Loss Report
COLLATERAL REALIZED LOSSES
											Group 2		Group 1		Total
Current
Number of Loans Liquidated										0		0		0
Collateral Principal Realized Loss/(Gain) Amount										0.00		0.00		0.00
Collateral Interest Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00
Cumulative
Number of Loans Liquidated										0		0		0
Collateral Realized Loss/(Gain) Amount										0.00		0.00		0.00
Net Liquidation Proceeds										0.00		0.00		0.00
Page 24 of 30
Page 26 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
DEFAULT SPEEDS
											Group 2		Group 1		Total
MDR										0.00%		0.00%		0.00%
3 Months Avg MDR										0.00%		0.00%		0.00%
12 Months Avg MDR										0.00%		0.00%		0.00%
Avg MDR Since Cut-off										0.00%		0.00%		0.00%
CDR										0.00%		0.00%		0.00%
3 Months Avg CDR										0.00%		0.00%		0.00%
12 Months Avg CDR										0.00%		0.00%		0.00%
Avg CDR Since Cut-off										0.00%		0.00%		0.00%
SDA										0.00%		0.00%		0.00%
3 Months Avg SDA Approximation										0.00%		0.00%		0.00%
12 Months Avg SDA Approximation										0.00%		0.00%		0.00%
Avg SDA Since Cut-off Approximation										0.00%		0.00%		0.00%
Loss Severity Approximation for Current Period										0.00%		0.00%		0.00%
3 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
12 Months Avg Loss Severity Approximation										0.00%		0.00%		0.00%
Avg Loss Severity Approximation Since Cut-off										0.00%		0.00%		0.00%
Page 25 of 30
Page 27 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
	Conditional Default Rate (CDR): 1-((1-MDR)^12)
	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)0.02,MAX(0.03,MIN(30,WAS)0.02-0.0095*(WAS-60)))
	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn)(1-MDRn+1)...*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
	Average WASn,m: (WASn + WASn+1 +...+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.
Page 26 of 30
Page 28 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Realized Loss Detail Report
Loan Number			Current		State &				Prior		Realized				Cumulative
&		Loan	Note		LTV at		Original		Principal		Loss/(Gain)		Realized		Realized
Loan Group		Status	Rate		Origination		Term		Balance		Revision		Loss/(Gain)		Loss/(Gain)
TOTAL
Page 27 of 30
Page 29 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Triggers and Adj. Cert. Report
TRIGGER EVENTS
										Group 2		Group 1		Total
Is there a TRIGGER in effect (0=No,1=Yes)														0
Has Stepdown Condition Occurred (0=No,1=Yes)														0
60 + Day Delinquent Balance
Ending Principal Balance										~~148~~137,~~881~~047,~~410~~924.8587		~~745~~710,~~460~~111,~~926~~455.2938		~~894~~847,~~342~~159,~~337~~380.1425
Delinquency Percentage														13.~~990000~~040000%
Certificate Balances OF MEZZANINE and C Certs														169,000,008.58
Credit Enhancement Percentage														0.~~190000~~200000%
ADJUSTABLE RATE CERTIFICATE INFORMATION
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION
										Group 2		Group 1		Total
Current LIBOR														12.~~930000~~180000%
NEXT LIBOR														20.~~180000~~000000%
Page 28 of 30
Page 30 of 32
Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Additional Certificate Report
ADDITIONAL CERTIFICATE REPORT
										NEXT PTR			CarryOver		CarryOver Paid
CLASS
			A-1A							0.0200%			0.00		0.00
			A-1B							0.0300%			0.00		0.00
			A-2							0.0500%			0.00		0.00
			A-4							0.0301%			0.00		0.00
			M-1							0.0301%			0.00		0.00
			M-2							0.0301%			0.00		0.00
			M-3							0.0402%			0.00		0.00
			M-4							0.0402%			0.00		0.00
			M-5							0.0502%			0.00		0.00
			M-6							0.0605%			0.00		12,~~817~~106.9624
			M-7							0.0605%			0.00		0.00
			CE							0.00%			0.00		0.00
			P							0.00%			0.00		0.00
			R							0.00%			0.00		0.00
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Ameriquest Mortgage Securities, Inc. 2004-R5
Asset Backed Pass-Through Certificates
2004-R5
November 26, 2004 Distribution
December 27, 2004 Distribution
Other Related Information
ADDITIONAL INFORMATION
SPACE INTENTIONALLY LEFT BLANK
Page 30 of 30
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Filing Compare · ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2004-R5